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

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019 are as follows (in thousands):

	September 30, 2020		December 31, 2019
Financial instruments owned:
U.S. government securities	$	42,444	$	9,266
U.S. government agency securities		117,805		66,881
Mortgage-backed securities:
Agency		215,333		388,856
Non-agency		1,197		5,155
Asset-backed securities		44		28,385
Corporate securities:
Fixed income securities		219,734		250,783
Equity securities		71,387		64,009
Sovereign debt		3,069		12,403
State and municipal securities		143,201		137,211
Loans		5,501		9,983
	$	819,715	$	972,932
Financial instruments sold, but not yet purchased:
U.S. government securities	$	220,510	$	243,570
U.S. government agency securities		6,265		1,000
Agency mortgage-backed securities		135,005		231,909
Corporate securities:
Fixed income securities		177,744		140,100
Equity securities		42,017		32,047
Sovereign debt		18,393		13,271
Loans		—		955
	$	599,934	$	662,852

At September 30, 2020 and December 31, 2019, financial instruments owned in the amount of $167.0 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.