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OFFSETTING ASSETS AND LIABILITIES
9 Months Ended
Sep. 30, 2021
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES
NOTE 10: OFFSETTING ASSETS AND LIABILITIES
Certain financial instruments are eligible for offset on our unaudited condensed consolidated balance sheets under GAAP. Our securities borrowing and lending agreements are subject to master netting arrangements and collateral arrangements and meet the GAAP guidance to qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a default or bankruptcy. Our policy is to recognize amounts subject to master netting arrangements on a gross basis on the unaudited condensed consolidated balance sheets. Substantially all securities borrowing and lending agreements have an open contractual term and may be terminated upon notice by either party. One of these agreements has a contractual term of 30 days with a daily minimum commitment of $25 million.
Our assets and liabilities subject to master netting arrangements are as follows:
December 31,September 30,
(in thousands)20202021
AssetsSecurities borrowed
Gross amount of securities borrowed$372 $879 
Gross amount offset on the unaudited condensed consolidated balance sheets— — 
Amounts of assets presented on the unaudited condensed consolidated balance sheets(1)
372 879 
Gross amount of securities borrowed not offset on the unaudited condensed consolidated balance sheets:
Securities borrowed372 879 
Security collateral received(361)(816)
Net amount$11 $63 
LiabilitiesSecurities loaned
Gross amount of securities loaned$1,921,118 $3,129,650 
Gross amount of securities loaned offset on the unaudited condensed consolidated balance sheets— — 
Amounts of liabilities presented on the unaudited condensed consolidated balance sheets1,921,118 3,129,650 
Gross amount of securities loaned not offset on the unaudited condensed consolidated balance sheets:
Securities loaned1,921,118 3,129,650 
Security collateral pledged(1,787,819)(3,017,536)
Net amount$133,299 $112,114 
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(1)Securities borrowed are included in receivables from brokers, dealers and clearing organizations on the unaudited condensed consolidated balance sheets.
We also obtain securities under margin agreements on terms which permit us to pledge and/or transfer securities to others. As of December 31, 2020 and September 30, 2021, we were permitted to re-pledge securities with a fair value of $4.63 billion and $8.46 billion under the margin agreements and $0.4 million and $0.8 million under the securities lending agreements. As of September 30, 2021, we re-pledged $235.2 million of the permitted amount with clearing organizations to meet deposit requirements. Gross obligations for securities loaned transactions are pledged entirely with collateral in the form of equity and have an open contractual maturity.