FINANCIAL INSTRUMENTS

Investments—Trading

Investments-Trading consisted of the following.

INVESTMENTS - TRADING
(Dollars in Thousands)

	As of December 31,
	2020		2019
U.S. government agency MBS and CMOs	$	162,031	$	196,146
U.S. government agency debt securities		6,904		14,680
RMBS		14		15
U.S. Treasury securities		607		11,105
ABS		1		100
SBA loans		2,742		27,634
Corporate bonds and redeemable preferred stock		36,388		38,503
Foreign government bonds		659		844
Municipal bonds		19,400		13,737
Certificates of deposit		70		841
Derivatives		13,717		3,686
Equity securities		428		561
Investments-trading	$	242,961	$	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)

	As of December 31,
	2020		2019
U.S. Treasury securities	$	3,348	$	16,827
Corporate bonds and redeemable preferred stock		29,206		58,083
Municipal bonds		20		20
Derivatives		11,822		3,017
Equity securities		43		-
Trading securities sold, not yet purchased	$	44,439	$	77,947

The Company tries to manage 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 and trading securities sold,

not

yet purchased.

Other Investments, at Fair Value

Other investments, at fair value consisted of the following.

OTHER INVESTMENTS, AT FAIR VALUE
(Dollars in Thousands)

	As of December 31, 2020
	Cost		Carrying Value		Unrealized Gain / (Loss)
Equity securities	$	15,605	$	51,593	$	35,988
Corporate bonds and redeemable preferred stock		479		476		(3	)
Subordinated Notes		1,485		1,519		34
RTLs		2,243		2,300		57
U.S. Insurance JV		1,168		1,564		396
SPAC Funds		779		984		205
Residential loans		119		104		(15	)
Other investments, at fair value	$	21,878	$	58,540	$	36,662

OTHER INVESTMENTS SOLD, NOT YET PURCHASED
(Dollars in Thousands)

	As of December 31, 2020
	Cost		Carrying Value		Unrealized Gain / (Loss)
Derivatives	$	338	$	233		105
Equity securities		7,223		7,182		41
Other investments sold, not yet purchased	$	7,561	$	7,415	$	146

OTHER INVESTMENTS, AT FAIR VALUE
(Dollars in Thousands)

	As of December 31, 2019
	Cost		Carrying Value		Unrealized Gain / (Loss)
Equity securities	$	8,119	$	8,875	$	756
Corporate bonds and redeemable preferred stock		479		477		(2	)
CLOs		2,894		2,522		(372	)
U.S. Insurance JV		2,048		2,223		175
SPAC Funds		646		668		22
Residential loans		129		99		(30	)
Other investments, at fair value	$	14,315	$	14,864	$	549