XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 are as follows (in thousands):

 

 

 

March 31, 2021

 

 

December 31,

2020

 

Financial instruments owned:

 

 

 

 

 

 

 

 

U.S. government securities

 

$

61,918

 

 

$

46,900

 

U.S. government agency securities

 

 

166,501

 

 

 

56,450

 

Agency mortgage-backed securities

 

 

254,203

 

 

 

216,434

 

Corporate securities:

 

 

 

 

 

 

 

 

Fixed income securities

 

 

223,545

 

 

 

194,575

 

Equity securities

 

 

82,402

 

 

 

67,593

 

State and municipal securities

 

 

162,083

 

 

 

96,150

 

Other (1)

 

 

30,630

 

 

 

15,926

 

 

 

$

981,282

 

 

$

694,028

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

U.S. government securities

 

$

287,820

 

 

$

91,974

 

Agency mortgage-backed securities

 

 

121,648

 

 

 

141,227

 

Corporate securities:

 

 

 

 

 

 

 

 

Fixed income securities

 

 

185,728

 

 

 

162,626

 

Equity securities

 

 

34,443

 

 

 

30,848

 

Other (2)

 

 

15,123

 

 

 

11,303

 

 

 

$

644,762

 

 

$

437,978

 

 

(1)

Includes loans, asset-backed securities, sovereign debt, and non-agency mortgage-backed securities.

(2)

Includes U.S. government agency securities, sovereign debt, and state and municipal securities.

At March 31, 2021 and December 31, 2020, financial instruments owned in the amount of $180.5 million and $194.0 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.