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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

NOTE 5 – Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

The components of financial instruments owned and financial instruments sold, but not yet purchased, at June 30, 2024 and December 31, 2023 are as follows (in thousands):

 

 

June 30,
2024

 

 

December 31,
2023

 

Financial instruments owned:

 

 

 

 

 

 

U.S. government securities

 

$

10,901

 

 

$

32,411

 

U.S. government agency securities

 

 

194,979

 

 

 

106,634

 

Agency mortgage-backed securities

 

 

259,206

 

 

 

159,903

 

Asset-backed securities

 

 

89,007

 

 

 

19,604

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

293,994

 

 

 

237,671

 

Equity securities

 

 

69,216

 

 

 

52,520

 

State and municipal securities

 

 

271,417

 

 

 

223,155

 

Other (1)

 

 

72,496

 

 

 

86,843

 

 

 

$

1,261,216

 

 

$

918,741

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

U.S. government securities

 

$

392,431

 

 

$

273,653

 

Agency mortgage-backed securities

 

 

74,742

 

 

 

52,664

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

133,943

 

 

 

138,359

 

Equity securities

 

 

29,122

 

 

 

21,576

 

Other (2)

 

 

4,073

 

 

 

11,489

 

 

 

$

634,311

 

 

$

497,741

 

(1) Includes syndicated loans, non-agency mortgage-backed securities, and sovereign debt.

(2) Includes syndicated loans, sovereign debt, state and municipal securities, and asset-backed securities.

At June 30, 2024 and December 31, 2023, financial instruments owned in the amount of $516.8 million and $303.2 million, respectively, were pledged as collateral for our repurchase agreements and short-term borrowings. Our financial instruments owned are presented on a trade-date basis in the consolidated statements of financial condition.

Financial instruments sold, but not yet purchased, represent obligations of our company to deliver the specified security at the contracted price, thereby creating a liability to purchase the security in the market at prevailing prices in future periods. We are obligated to acquire the securities sold short at prevailing market prices in future periods, which may exceed the amount reflected in the consolidated statements of financial condition.