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Financial Instruments Owned And Financial Instruments Sold, But Not Yet Purchased
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019, are as follows (in thousands):

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Financial instruments owned:

 

 

 

 

 

 

 

 

U.S. government securities

 

$

46,900

 

 

$

9,266

 

U.S. government agency securities

 

 

56,450

 

 

 

66,881

 

Agency mortgage-backed securities

 

 

216,434

 

 

 

388,856

 

Corporate securities:

 

 

 

 

 

 

 

 

Fixed income securities

 

 

194,575

 

 

 

250,783

 

Equity securities

 

 

67,593

 

 

 

64,009

 

State and municipal securities

 

 

96,150

 

 

 

137,211

 

Other (1)

 

 

15,926

 

 

 

55,926

 

 

 

$

694,028

 

 

$

972,932

 

Financial instruments sold, but not yet purchased:

 

 

 

 

 

 

 

 

U.S. government securities

 

$

91,974

 

 

$

243,570

 

Agency mortgage-backed securities

 

 

141,227

 

 

 

231,909

 

Corporate securities:

 

 

 

 

 

 

 

 

Fixed income securities

 

 

162,626

 

 

 

140,100

 

Equity securities

 

 

30,848

 

 

 

32,047

 

Other (2)

 

 

11,303

 

 

 

15,226

 

 

 

$

437,978

 

 

$

662,852

 

(1)

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

(2)

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

At December 31, 2020 and 2019, financial instruments owned in the amount of $194.0 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.