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

12 Months Ended

Dec. 31, 2019

Investments Debt And Equity Securities [Abstract]

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

NOTE 6 – 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 December 31, 2019 and 2018, are as follows (in thousands):

	December 31,
	2019		2018
Financial instruments owned:
U.S. government securities	$	9,266	$	42,121
U.S. government agency securities		66,881		72,532
Mortgage-backed securities:
Agency		388,856		564,111
Non-agency		5,155		25,727
Asset-backed securities		28,385		25,905
Corporate securities:
Fixed income securities		250,783		310,457
Equity securities		64,009		57,911
Sovereign debt		12,403		14,063
State and municipal securities		137,211		154,622
Loans		9,983		—
	$	972,932	$	1,267,449
Financial instruments sold, but not yet purchased:
U.S. government securities	$	243,570	$	534,817
U.S. government agency securities		1,000		32,755
Agency mortgage-backed securities		231,909		123,456
Corporate securities:
Fixed income securities		140,100		208,725
Equity securities		32,047		36,117
Sovereign debt		13,271		11,429
State and municipal securities		—		7
Loans		955		—
	$	662,852	$	947,306

At December 31, 2019 and 2018, financial instruments owned in the amount of $511.2 million and $669.0 million, respectively, were pledged as collateral (on a settlement-date basis) 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.