Offsetting assets and liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Offsetting assets and liabilities

Schedule of effect of offsetting recognized assets and liabilities

							Gross amounts not offset in the Consolidated Balance Sheets(1)
(in thousands)	Gross amounts of Assets / Liabilities		Gross amounts offset		Balance in Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received / Paid		Net Amount
March 31, 2024
Assets
FX forwards	$	1,011	$	—	$	1,011	$	—	$	—	$	1,011
Interest rate swaps		54,799		40,362		14,437		—		—		14,437
Total	$	55,810	$	40,362	$	15,448	$	—	$	—	$	15,448
Liabilities
FX forwards		593		—		593		—		—		593
Secured borrowings		2,198,272		—		2,198,272		2,198,272		—		—
PPPLF		28,348		—		28,348		27,364		—		984
Total	$	2,227,213	$	—	$	2,227,213	$	2,225,636	$	—	$	1,577
December 31, 2023
Assets
Interest rate swaps		36,812		34,408		2,404		—		—		2,404
Total	$	36,812	$	34,408	$	2,404	$	—	$	—	$	2,404
Liabilities
FX forwards		212		—		212		—		—		212
Secured borrowings		2,102,075		—		2,102,075		2,102,075		—		—
PPPLF		36,036		—		36,036		34,596		—		1,440
Total	$	2,138,323	$	—	$	2,138,323	$	2,136,671	$	—	$	1,652

(1) Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets the Company has pledged to a counterparty that exceed the financial liabilities subject to a master netting repurchase arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to the Company that exceeds the Company’s corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in the Company’s consolidated balance sheets as assets or liabilities, respectively.