FINANCIAL INSTRUMENTS

Investments—Trading

Investments-trading consisted of the following.

INVESTMENTS - TRADING
(Dollars in Thousands)

	September 30, 2020		December 31, 2019
U.S. government agency MBS and CMOs	$	172,865	$	196,146
U.S. government agency debt securities		4,791		14,680
RMBS		15		15
U.S. Treasury securities		9,917		11,105
ABS		1		100
SBA loans		10,104		27,634
Corporate bonds and redeemable preferred stock		28,375		38,503
Foreign government bonds		681		844
Municipal bonds		3,271		13,737
Certificates of deposit		812		841
Derivatives		6,172		3,686
Equity securities		267		561
Investments-trading	$	237,271	$	307,852

Trading Securities Sold,

Not

Yet Purchased

Trading securities sold,

not

yet purchased consisted of the following.

TRADING SECURITIES SOLD, NOT YET PURCHASED
(Dollars in Thousands)

	September 30, 2020		December 31, 2019
U.S. government agency debt securities	$	4	$	-
U.S. Treasury securities		13,172		16,827
Corporate bonds and redeemable preferred stock		33,941		58,083
Municipal bonds		20		20
Derivatives		5,227		3,017
Equity securities		2,255		-
Trading securities sold, not yet purchased	$	54,619	$	77,947

The Company manages its exposure to changes in interest rates for the interest rate sensitive securities it holds by entering into offsetting short positions for similar fixed rate securities. See note

for realized and unrealized gains recognized on investments-trading.

Other Investments, at fair value

Other investments, at fair value consisted of the following.

OTHER INVESTMENTS, AT FAIR VALUE
(Dollars in Thousands)

	September 30, 2020
	Amortized		Carrying		Unrealized
	Cost		Value		Gain / (Loss)
Equity securities	$	16,097	$	17,051	$	954
Subordinated Notes		900		900		-
RTLs		2,243		2,266		23
U.S. Insurance JV		1,224		1,391		167
SPAC Fund		646		745		99
Residential loans		121		99		(22	)
Other investments, at fair value	$	21,231	$	22,452	$	1,221

	December 31, 2019
	Amortized		Carrying		Unrealized
	Cost		Value		Gain / (Loss)
Equity securities	$	8,598	$	9,352	$	754
CLOs		2,894		2,522		(372	)
U.S. Insurance JV		2,048		2,223		175
SPAC Fund		646		668		22
Residential loans		129		99		(30	)
Other investments, at fair value	$	14,315	$	14,864	$	549