Disclosures About Offsetting Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Offsetting [Abstract]

Financial Assets and Derivative Assets that are Subject to Offset

The following table provides information about financial assets and derivative assets that are subject to offset as of June 30, 2024 and December 31, 2023 (in thousands):

	As of June 30, 2024
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	188,081		$	439,539		$	127,177		$	754,797
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		188,081			439,539			127,177			754,797
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(51,334	)		(21,904	)		(4,963	)		(78,201	)
Available collateral		(125,288	)		(415,739	)		(103,413	)		(644,440	)
Net amount	$	11,459		$	1,896		$	18,801		$	32,156
	As of December 31, 2023
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	215,368		$	349,849		$	118,668		$	683,885
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		215,368			349,849			118,668			683,885
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(23,691	)		(23,441	)		(14,556	)		(61,688	)
Available collateral		(184,689	)		(325,627	)		(82,607	)		(592,923	)
Net amount	$	6,988		$	781		$	21,505		$	29,274

(1)Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to consolidated financial statements for additional information on receivables from brokers, dealers, and clearing organizations.

(2)Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $435.7 million and $350.2 million at June 30, 2024 and December 31, 2023, respectively.

(3)Available collateral includes securities received from the counterparty. These securities are not included on the consolidated statements of financial condition unless there is an event of default. The fair value of securities received as collateral was $90.3 million and $84.1 million at June 30, 2024 and December 31, 2023, respectively.

Financial Liabilities and Derivative Liabilities that are Subject to Offset

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of June 30, 2024 and December 31, 2023 (in thousands):

	As of June 30, 2024
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(156,802	)	$	(594,820	)	$	(127,156	)	$	(878,778	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(156,802	)		(594,820	)		(127,156	)		(878,778	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		51,334			21,904			4,963			78,201
Collateral pledged		105,466			572,916			37,012			715,394
Net amount	$	(2	)	$	—		$	(85,181	)	$	(85,183	)
	As of December 31, 2023
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(135,693	)	$	(417,644	)	$	(118,651	)	$	(671,988	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(135,693	)		(417,644	)		(118,651	)		(671,988	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		23,691			23,441			14,556			61,688
Collateral pledged		111,981			394,203			22,661			528,845
Net amount	$	(21	)	$	—		$	(81,434	)	$	(81,455	)

(4)Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 3 in the notes to consolidated financial statements for additional information on payables to brokers, dealers, and clearing organizations.

(5)Collateral pledged includes the fair value of securities pledged to the counterparty. These securities are included on the consolidated statements of financial condition unless we default. Collateral pledged by our company to the counterparty includes U.S. government agency securities, U.S. government securities, and corporate fixed income securities with market values of $634.2 million and $425.9 million at June 30, 2024 and December 31, 2023, respectively.

(6)Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $19.6 million and $19.1 million at June 30, 2024 and December 31, 2023, respectively.