Balance Sheet Offsetting (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Offsetting

Schedule of the assets subject to an enforceable master netting arrangement or repurchase agreements

The following tables present the assets and liabilities subject to enforceable master netting arrangements, repurchase agreements, or similar agreements with offsetting rights (in thousands).

							Gross Amounts Not Offset in
					Net Amounts		the Balance Sheet
	Gross Amounts		Gross Amounts		of Assets				Cash
	of Recognized		Offset in the		Presented in the		Financial		Collateral		Net
	Assets		Balance Sheet		Balance Sheet		Instruments		Pledged		Amount
December 31, 2024
Securities borrowed:
Institutional counterparties	$	1,292,365	$	—	$	1,292,365	$	(1,214,081)	$	—	$	78,284
Interest rate swaps:
Institutional counterparties		45,243		—		45,243		—		(44,155)		1,088
Credit default swaps:
Institutional counterparties		3		—		3		—		—		3
Reverse repurchase agreements:
Institutional counterparties		88,728		—		88,728		(86,371)		—		2,357
Forward MBS derivatives:
Institutional counterparties		14,719		—		14,719		(61)		(4,325)		10,333
	$	1,441,058	$	—	$	1,441,058	$	(1,300,513)	$	(48,480)	$	92,065
December 31, 2023
Securities borrowed:
Institutional counterparties	$	1,406,937	$	—	$	1,406,937	$	(1,332,856)	$	—	$	74,081
Interest rate swaps:
Institutional counterparties		49,253		—		49,253		—		(49,253)		—
Reverse repurchase agreements:
Institutional counterparties		80,011		—		80,011		(80,011)		—		—
Forward MBS derivatives:
Institutional counterparties		16,755		—		16,755		(194)		—		16,561
Treasury futures and options derivatives:
Institutional counterparties		430		—		430		—		—		430
	$	1,553,386	$	—	$	1,553,386	$	(1,413,061)	$	(49,253)	$	91,072

Schedule of the liabilities subject to an enforceable master netting arrangement or repurchase agreements

							Gross Amounts Not Offset in
					Net Amounts		the Balance Sheet
	Gross Amounts		Gross Amounts		of Liabilities				Cash
	of Recognized		Offset in the		Presented in the		Financial		Collateral		Net
	Liabilities		Balance Sheet		Balance Sheet		Instruments		Pledged		Amount
December 31, 2024
Securities loaned:
Institutional counterparties	$	1,291,725	$	—	$	1,291,725	$	(1,211,426)	$	—	$	80,299
Interest rate swaps:
Institutional counterparties		514		—		514		—		—		514
Repurchase agreements:
Institutional counterparties		198,174		—		198,174		(198,174)		—		—
Forward MBS derivatives:
Institutional counterparties		5,862		—		5,862		(61)		—		5,801
	$	1,496,275	$	—	$	1,496,275	$	(1,409,661)	$	—	$	86,614
December 31, 2023
Securities loaned:
Institutional counterparties	$	1,371,896	$	—	$	1,371,896	$	(1,296,828)	$	—	$	75,068
Interest rate swaps:
Institutional counterparties		5,349		—		5,349		(5,349)		—		—
Repurchase agreements:
Institutional counterparties		239,103		—		239,103		(239,103)		—		—
Forward MBS derivatives:
Institutional counterparties		18,958		—		18,958		(194)		(10,515)		8,249
	$	1,635,306	$	—	$	1,635,306	$	(1,541,474)	$	(10,515)	$	83,317

Schedule of contractual maturities of repurchase agreements and secured borrowing transactions

The following tables present the remaining contractual maturities of repurchase agreement and securities lending transactions accounted for as secured borrowings (in thousands). The Company had no repurchase-to-maturity transactions outstanding at both December 31, 2024 and 2023.

	Remaining Contractual Maturities
	Overnight and						Greater Than
December 31, 2024	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase agreement transactions:
Asset-backed securities	$	117,847	$	80,327	$	—	$	—	$	198,174
Securities lending transactions:
Corporate securities		52		—		—		—		52
Equity securities		1,291,673		—		—		—		1,291,673
Total	$	1,409,572	$	80,327	$	—	$	—	$	1,489,899
Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above									$	1,489,899
Amount related to agreements not included in offsetting disclosure above									$	—
	Remaining Contractual Maturities
	Overnight and						Greater Than
December 31, 2023	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase agreement transactions:
U.S. Treasury and agency securities	$	8,389	$	—	$	—	$	—	$	8,389
Asset-backed securities		81,419		149,295		—		—		230,714
Securities lending transactions:
Corporate securities		52		—		—		—		52
Equity securities		1,371,844		—		—		—		1,371,844
Total	$	1,461,704	$	149,295	$	—	$	—	$	1,610,999
Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above									$	1,610,999
Amount related to agreements not included in offsetting disclosure above									$	—