Disclosures About Offsetting Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Disclosures About Offsetting Assets and Liabilities

NOTE 12 – Disclosures About Offsetting Assets and Liabilities

The following tables provide information about financial assets that are subject to offset as of March 31, 2021 and December 31, 2020 (in thousands):

	As of March 31, 2021
	Securities borrowing ⁽¹⁾			Reverse repurchase agreements ⁽²⁾			Total
Gross amounts of recognized assets	$	285,662		$	470,025		$	755,687
Gross amounts offset in the statement of financial condition		—			—			—
Net amounts presented in the statement of financial condition		285,662			470,025			755,687
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(51,786	)		(22,733	)		(74,519	)
Available collateral		(226,199	)		(445,144	)		(671,343	)
Net amount	$	7,677		$	2,148		$	9,825

	As of December 31, 2020
	Securities borrowing ⁽¹⁾			Reverse repurchase agreements ⁽²⁾			Total
Gross amounts of recognized assets	$	313,131		$	217,930		$	531,061
Gross amounts offset in the statement of financial condition		—			—			—
Net amounts presented in the statement of financial condition		313,131			217,930			531,061
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(46,183	)		(17,992	)		(64,175	)
Available collateral		(244,578	)		(199,110	)		(443,688	)
Net amount	$	22,370		$	828		$	23,198

⁽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⁾

Collateral received includes securities received by our company 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 pledged as collateral was $467.9 million and $217.3 million at March 31, 2021 and December 31, 2020, respectively.

The following tables provide information about financial liabilities that are subject to offset as of March 31, 2021 and December 31, 2020 (in thousands):

	As of March 31, 2021
	Securities lending ⁽³⁾			Repurchase agreements ⁽⁴⁾			Total
Gross amounts of recognized liabilities	$	(231,700	)	$	(208,228	)	$	(439,928	)
Gross amounts offset in the statement of financial condition		—			—			—
Net amounts presented in the statement of financial condition		(231,700	)		(208,228	)		(439,928	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		51,786			22,733			74,519
Collateral pledged		178,055			185,495			363,550
Net amount	$	(1,859	)	$	—		$	(1,859	)

	As of December 31, 2020
	Securities lending ⁽³⁾			Repurchase agreements ⁽⁴⁾			Total
Gross amounts of recognized liabilities	$	(145,124	)	$	(190,955	)	$	(336,079	)
Gross amounts offset in the statement of financial condition		—			—			—
Net amounts presented in the statement of financial condition		(145,124	)		(190,955	)		(336,079	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		46,183			17,992			64,175
Collateral pledged		98,925			172,963			271,888
Net amount	$	(16	)	$	—		$	(16	)

⁽³⁾

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.

⁽⁴⁾

Collateral pledged includes the fair value of securities pledged by our company to the counterparty. These securities are included in 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 $218.1 million and $200.2 million at March 31, 2021 and December 31, 2020, respectively.