XML 24 R17.htm IDEA: XBRL DOCUMENT v3.25.2
Financial Instruments Owned and Financial Instruments Sold, But Not Yet Purchased
 6 Months Ended
Jun. 30, 2025
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, 2025 and December 31, 2024 are as follows (in thousands):

 

 

June 30,
2025

 

 

December 31,
2024

 

Financial instruments owned:

 

 

 

 

 

 

U.S. government securities

 

$

24,466

 

 

$

20,045

 

U.S. government agency securities

 

 

122,226

 

 

 

149,479

 

Agency mortgage-backed securities

 

 

476,953

 

 

 

262,629

 

Asset-backed securities

 

 

113,938

 

 

 

113,033

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

285,451

 

 

 

274,207

 

Equity securities

 

 

59,147

 

 

 

50,787

 

State and municipal securities

 

 

213,226

 

 

 

229,342

 

Other (1)

 

 

48,106

 

 

 

69,486

 

 

 

$

1,343,513

 

 

$

1,169,008

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

U.S. government securities

 

$

477,514

 

 

$

370,373

 

Agency mortgage-backed securities

 

 

171,839

 

 

 

65,946

 

Corporate securities:

 

 

 

 

 

 

Fixed income securities

 

 

137,127

 

 

 

174,425

 

Equity securities

 

 

31,361

 

 

 

34,437

 

Other (2)

 

 

1,714

 

 

 

1,090

 

 

 

$

819,555

 

 

$

646,271

 

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

(2) Includes syndicated loans and sovereign debt.

At June 30, 2025 and December 31, 2024, financial instruments owned in the amount of $574.4 million and $597.0 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.