Offsetting Assets and Liabilities

Offsetting of assets as of March 31, 2016 and December 31, 2015 was as follows:



	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Received			Net Amount
	(in thousands)
March 31, 2016:
Securities borrowed	$	25,855	$	—	$	25,855	$	—	$	(25,855	)	$	—
Derivatives	$	9,155	$	—	$	9,155	$	—	$	(1,788	)	$	7,367
Derivatives held by consolidated VIEs	$	66,227	$	—	$	66,227	$	—	$	(1,460	)	$	64,767
Long exchange-traded options	$	4,709	$	—	$	4,709	$	—	$	—		$	4,709
December 31, 2015:
Securities borrowed	$	75,274	$	—	$	75,274	$	—	$	(75,274	)	$	—
Derivatives	$	12,588	$	—	$	12,588	$	—	$	(1,518	)	$	11,070
Long exchange-traded options	$	5,910	$	—	$	5,910	$	—	$	—		$	5,910

Offsetting of liabilities as of March 31, 2016 and December 31, 2015 was as follows:



	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Liabilities Presented in the Statement of Financial Position		Financial Instruments		Cash Collateral Pledged			Net Amount
	(in thousands)
March 31, 2016:
Securities loaned	$	17,386	$	—	$	17,386	$	—	$	(17,386	)	$	—
Derivatives	$	15,385	$	—	$	15,385	$	—	$	(11,171	)	$	4,214
Derivatives held by consolidated VIEs	$	66,812	$	—	$	66,812	$	—	$	(9,391	)	$	57,421
Short exchange-traded options	$	3,328	$	—	$	3,328	$	—	$	—		$	3,328
December 31, 2015:
Securities loaned	$	9,518	$	—	$	9,518	$	—	$	(9,518	)	$	—
Derivatives	$	12,221	$	—	$	12,221	$	—	$	(12,221	)	$	—
Short exchange-traded options	$	843	$	—	$	843	$	—	$	—		$	843

Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.