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 March 31, 2026 and December 31, 2025 are as follows (in thousands):


	March 31, 2026		December 31, 2025
Financial instruments owned:
U.S. government securities	$	8,227	$	5,196
U.S. government agency securities		321,696		174,478
Agency mortgage-backed securities		497,724		515,634
Asset-backed securities		132,752		143,723
Corporate securities:
Fixed income securities		332,056		295,570
Equity securities		60,180		55,312
State and municipal securities		222,931		174,579
Other (1)		81,783		63,343
Total financial instruments owned	$	1,657,349	$	1,427,835
Financial instruments sold, but not yet purchased:
U.S. government securities	$	603,437	$	475,449
Agency mortgage-backed securities		154,512		154,983
Corporate securities:
Fixed income securities		155,972		145,582
Equity securities		9,248		16,363
Other (2)		1,216		1,249
Total financial instruments sold, but not yet purchased	$	924,385	$	793,626

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

(2) Includes syndicated loans and state and municipal securities.

At March 31, 2026 and December 31, 2025, financial instruments owned in the amount of $738.4 million and $523.4 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.