OFFSETTING OF ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2014

OFFSETTING OF ASSETS AND LIABILITIES

11. OFFSETTING OF ASSETS AND LIABILITIES

The following tables present the offsetting of assets and liabilities as of March 31, 2014:

	Gross and  Net Amounts of Assets Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash  Collateral Received		Net Amount
Assets
Freestanding Derivatives	$	5,680	$	1,983	$	478	$	3,219
Reverse Repurchase Agreements		162,708		162,513		—		195
Total	$	168,388	$	164,496	$	478	$	3,414

	Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities
Freestanding Derivatives	$	12,957	$	1,983	$	10,739	$	235
Repurchase Agreements		216,861		216,252		609		—
Total	$	229,818	$	218,235	$	11,348	$	235

The following tables present the offsetting of assets and liabilities as of December 31, 2013:

	Gross and Net Amounts of Assets Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Received		Net Amount
Assets
Freestanding Derivatives	$	10,343	$	3,025	$	582	$	6,736
Reverse Repurchase Agreements		148,984		148,394		—		590
Total	$	159,327	$	151,419	$	582	$	7,326

	Gross and Net Amounts of Liabilities Presented in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
			Financial Instruments		Cash Collateral Pledged		Net Amount
Liabilities
Freestanding Derivatives	$	4,282	$	3,025	$	1,257	$	—
Repurchase Agreements		316,352		316,352		—		—
Total	$	320,634	$	319,377	$	1,257	$	—

Reverse Repurchase Agreements and Repurchase Agreements are presented separately on the Condensed Consolidated Statements of Financial Condition. Freestanding Derivative assets are included in Other Assets in the Condensed Consolidated Statements of Financial Condition. The following table presents the components of Other Assets:

	March 31, 2014		December 31, 2013
Furniture, Equipment and Leasehold Improvements, Net	$	131,715	$	137,088
Prepaid Expenses		145,098		61,226
Other Assets		65,882		75,815
Freestanding Derivatives		5,680		10,343
	$	348,375	$	284,472

Freestanding Derivative liabilities are included in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition and are not a significant component thereof.