Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased

6 Months Ended

Jun. 30, 2020

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, 2020 and December 31, 2019 are as follows (in thousands):

	June 30, 2020		December 31, 2019
Financial instruments owned:
U.S. government securities	$	27,722	$	9,266
U.S. government agency securities		122,160		66,881
Mortgage-backed securities:
Agency		222,722		388,856
Non-agency		1,510		5,155
Asset-backed securities		7,843		28,385
Corporate securities:
Fixed income securities		232,618		250,783
Equity securities		78,510		64,009
Sovereign debt		19,976		12,403
State and municipal securities		123,546		137,211
Loans		9,611		9,983
	$	846,218	$	972,932
Financial instruments sold, but not yet purchased:
U.S. government securities	$	208,591	$	243,570
U.S. government agency securities		28,361		1,000
Agency mortgage-backed securities		114,673		231,909
Asset-backed securities		675		—
Corporate securities:
Fixed income securities		197,111		140,100
Equity securities		26,680		32,047
Sovereign debt		22,231		13,271
Loans		—		955
	$	598,322	$	662,852

At June 30, 2020 and December 31, 2019, financial instruments owned in the amount of $234.0 million and $511.2 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.