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Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased

NOTE 6 – 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 December 31, 2024 and 2023, are as follows (in thousands):

 

 

December 31,

 

 

 

2024

 

 

2023

 

Financial instruments owned:

 

 

 

 

 

 

U.S. government securities

 

$

20,045

 

 

$

32,411

 

U.S. government agency securities

 

 

149,479

 

 

 

106,634

 

Agency mortgage-backed securities

 

 

262,629

 

 

 

159,903

 

Asset-backed securities

 

 

113,033

 

 

 

19,604

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

274,207

 

 

 

237,671

 

Equity securities

 

 

50,787

 

 

 

52,520

 

State and municipal securities

 

 

229,342

 

 

 

223,155

 

Other (1)

 

 

69,486

 

 

 

86,843

 

 

 

$

1,169,008

 

 

$

918,741

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

U.S. government securities

 

$

370,373

 

 

$

273,653

 

Agency mortgage-backed securities

 

 

65,946

 

 

 

52,664

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

174,425

 

 

 

138,359

 

Equity securities

 

 

34,437

 

 

 

21,576

 

Other (2)

 

 

1,090

 

 

 

11,489

 

 

 

$

646,271

 

 

$

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 December 31, 2024 and 2023, financial instruments owned in the amount of $597.0 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.