Disclosures About Offsetting Assets and Liabilities

6 Months Ended

Jun. 30, 2025

Offsetting [Abstract]

Disclosures About Offsetting Assets and Liabilities

NOTE 13 – Disclosures About Offsetting Assets and Liabilities

The following table provides information about financial assets and derivative assets that are subject to offset as of June 30, 2025 and December 31, 2024 (in thousands):

	As of June 30, 2025
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	342,130		$	637,530		$	82,341		$	1,062,001
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		342,130			637,530			82,341			1,062,001
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(71,445	)		(10,307	)		(14,907	)		(96,659	)
Available collateral		(257,998	)		(625,738	)		(47,953	)		(931,689	)
Net amount	$	12,687		$	1,485		$	19,481		$	33,653
	As of December 31, 2024
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	269,831		$	528,976		$	110,814		$	909,621
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		269,831			528,976			110,814			909,621
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(74,488	)		(63,771	)		(5,623	)		(143,882	)
Available collateral		(182,057	)		(461,497	)		(75,285	)		(718,839	)
Net amount	$	13,286		$	3,708		$	29,906		$	46,900

(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 $636.0 million and $524.7 million at June 30, 2025 and December 31, 2024, 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 $58.9 million and $70.3 million at June 30, 2025 and December 31, 2024, respectively.

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of June 30, 2025 and December 31, 2024 (in thousands):

	As of June 30, 2025
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(400,000	)	$	(719,432	)	$	(82,353	)	$	(1,201,785	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(400,000	)		(719,432	)		(82,353	)		(1,201,785	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		71,445			10,307			14,907			96,659
Collateral pledged		328,495			709,125			10,797			1,048,417
Net amount	$	(60	)	$	—		$	(56,649	)	$	(56,709	)
	As of December 31, 2024
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(178,928	)	$	(580,170	)	$	(110,825	)	$	(869,923	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(178,928	)		(580,170	)		(110,825	)		(869,923	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		74,488			63,771			5,623			143,882
Collateral pledged		104,434			516,399			30,726			651,559
Net amount	$	(6	)	$	—		$	(74,476	)	$	(74,482	)

(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 $756.2 million and $596.5 million at June 30, 2025 and December 31, 2024, respectively.

(6)Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $16.7 million and $21.3 million at June 30, 2025 and December 31, 2024, respectively.