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

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 are as follows (in thousands):

	June 30, 2021		December 31, 2020
Financial instruments owned:
U.S. government securities	$	19,998	$	46,900
U.S. government agency securities		171,470		56,450
Agency mortgage-backed securities		389,828		216,434
Asset-backed securities		25,780		3,394
Corporate securities:
Fixed income securities		377,349		194,575
Equity securities		102,567		67,593
Sovereign debt		26,375		1,150
State and municipal securities		106,967		96,150
Loans		22,839		11,275
Other		1,840		107
	$	1,245,013	$	694,028
Financial instruments sold, but not yet purchased:
U.S. government securities	$	370,149	$	91,974
U.S. government agency securities		60,502		—
Agency mortgage-backed securities		188,946		141,227
Corporate securities:
Fixed income securities		175,477		162,626
Equity securities		40,931		30,848
Other (1)		12,905		11,303
	$	848,910	$	437,978

⁽¹⁾ Includes sovereign debt and state and municipal securities.

At June 30, 2021 and December 31, 2020, financial instruments owned in the amount of $430.0 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.