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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 are as follows (in thousands):

 

 

September 30,
2024

 

 

December 31,
2023

 

Financial instruments owned:

 

 

 

 

 

 

U.S. government securities

 

$

19,662

 

 

$

32,411

 

U.S. government agency securities

 

 

198,038

 

 

 

106,634

 

Agency mortgage-backed securities

 

 

369,513

 

 

 

159,903

 

Asset-backed securities

 

 

96,290

 

 

 

19,604

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

302,247

 

 

 

237,671

 

Equity securities

 

 

58,526

 

 

 

52,520

 

State and municipal securities

 

 

244,491

 

 

 

223,155

 

Other (1)

 

 

62,531

 

 

 

86,843

 

 

 

$

1,351,298

 

 

$

918,741

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

U.S. government securities

 

$

441,703

 

 

$

273,653

 

Agency mortgage-backed securities

 

 

114,969

 

 

 

52,664

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

186,964

 

 

 

138,359

 

Equity securities

 

 

24,221

 

 

 

21,576

 

Other (2)

 

 

1,052

 

 

 

11,489

 

 

 

$

768,909

 

 

$

497,741

 

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

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

At September 30, 2024 and December 31, 2023, financial instruments owned in the amount of $563.1 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.