10.	Offsetting Assets and Liabilities

Offsetting of assets as of March 31, 2015 and December 31, 2014 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, 2015:
Securities borrowed	$	157,916	$	—	$	157,916	$	—	$	(157,916	)	$	—
Derivatives	$	8,551	$	—	$	8,551	$	—	$	(1,078	)	$	7,473
Long exchange- traded options	$	6,767	$	—	$	6,767	$	—	$	—		$	6,767

December 31, 2014:
Securities borrowed	$	158,147	$	—	$	158,147	$	—	$	(158,147	)	$	—
Derivatives	$	6,787	$	—	$	6,787	$	—	$	(990	)	$	5,797
Long exchange- traded options	$	22,290	$	—	$	22,290	$	—	$	—		$	22,290

Offsetting of liabilities as of March 31, 2015 and December 31, 2014 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, 2015:
Securities loaned	$	2,184	$	—	$	2,184	$	—	$	(2,184	)	$	—
Derivatives	$	9,773	$	—	$	9,773	$	—	$	(9,773	)	$	—
Short exchange-traded options	$	5,602	$	—	$	5,602	$	—	$	—		$	5,602

December 31, 2014:
Securities loaned	$	33,645	$	—	$	33,645	$	—	$	(33,645	)	$	—
Derivatives	$	9,392	$	—	$	9,392	$	—	$	(9,392	)	$	—
Short exchange-traded options	$	7,118	$	—	$	7,118	$	—	$	—		$	7,118

Cash collateral pledged and received on derivative instruments are not considered material and are not disclosed by counterparty.