Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased (Tables)

3 Months Ended

Mar. 31, 2020

Financial Instruments Owned and Sold, Not yet Purchased [Abstract]

Financial Instruments and Other Inventory Positions Owned and Financial Instruments and Other Inventory Positions Sold, but Not Yet Purchased by Type

	March 31,		December 31,
(Amounts in thousands)	2020		2019
Financial instruments and other inventory positions owned:
Corporate securities:
Equity securities	$	2,827	$	3,046
Convertible securities	117,915		146,406
Fixed income securities	84,651		28,176
Municipal securities:
Taxable securities	26,260		22,570
Tax-exempt securities	214,817		222,192
Short-term securities	63,406		67,901
Mortgage-backed securities	13		13
U.S. government agency securities	68,076		51,773
U.S. government securities	407		77,303
Derivative contracts	32,971		20,382
Total financial instruments and other inventory positions owned	$	611,343	$	639,762
Financial instruments and other inventory positions sold, but not yet purchased:
Corporate securities:
Equity securities	$	50,895	$	94,036
Fixed income securities	13,995		10,311
U.S. government agency securities	881		9,935
U.S. government securities	73,207		67,090
Derivative contracts	8,140		4,053
Total financial instruments and other inventory positions sold, but not yet purchased	$	147,118	$	185,425

Schedule of Gross Fair Market Value and Total Absolute Notional Contract Amount

The following table presents the gross fair market value and the total absolute notional contract amount of the Company's outstanding derivative instruments, prior to counterparty netting, by asset or liability position:

	March 31, 2020						December 31, 2019
(Amounts in thousands)	Derivative		Derivative		Notional		Derivative		Derivative		Notional
Derivative Category	Assets (1)		Liabilities (2)		Amount		Assets (1)		Liabilities (2)		Amount
Interest rate
Customer matched-book	$	264,559	$	253,830	$	2,023,391	$	209,119	$	198,315	$	2,197,340
Trading securities	1,975		6,502		209,075		8		1,852		110,875
Equity options
Trading securities	—		1,386		16,218		—		—		—
	$	266,534	$	261,718	$	2,248,684	$	209,127	$	200,167	$	2,308,215

(1) Derivative assets are included within financial instruments and other inventory positions owned on the consolidated statements of financial condition.

(2)

Derivative liabilities are included within financial instruments and other inventory positions sold, but not yet purchased on the consolidated statements of financial condition.

Unrealized Gains/(Losses) on Derivative Instruments

The following table presents the Company's unrealized gains/(losses) on derivative instruments:

		Three Months Ended
(Amounts in thousands)		March 31,
Derivative Category	Operations Category	2020			2019
Interest rate derivative contract	Investment banking	$	(732	)	$	(617	)
Interest rate derivative contract	Institutional brokerage	(2,027		)	(249		)
Equity option derivative contracts	Institutional brokerage	(822		)	—
		$	(3,581	)	$	(866	)