Offsetting Assets and Liabilities

Offsetting of assets as of June 30, 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)
June 30, 2016:
Securities borrowed	$	33,967	$	—	$	33,967	$	—	$	(33,967	)	$	—
Derivatives	$	7,007	$	—	$	7,007	$	—	$	(810	)	$	6,197
Derivatives held by consolidated VIEs	$	58,999	$	—	$	58,999	$	—	$	(422	)	$	58,577
Long exchange-traded options	$	8,045	$	—	$	8,045	$	—	$	—		$	8,045
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 June 30, 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)
June 30, 2016:
Securities loaned	$	13,200	$	—	$	13,200	$	—	$	(13,200	)	$	—
Derivatives	$	9,548	$	—	$	9,548	$	—	$	(5,905	)	$	3,643
Derivatives held by consolidated VIEs	$	57,467	$	—	$	57,467	$	—	$	(9,493	)	$	47,974
Short exchange-traded options	$	772	$	—	$	772	$	—	$	—		$	772
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.