Disclosures About Offsetting Assets And Liabilities

9 Months Ended

Sep. 30, 2021

Disclosures About Offsetting Assets And Liabilities

NOTE 12 – Disclosures About Offsetting Assets and Liabilities

The following table provides information about financial assets and derivative assets that are subject to offset as of September 30, 2021 and December 31, 2020 (in thousands):

	As of September 30, 2021
	Securities borrowing ⁽¹⁾			Reverse repurchase agreements ⁽²⁾			Total
Gross amounts of recognized assets	$	314,154		$	598,535		$	912,689
Gross amounts offset in the statement of financial condition		—			—			—
Net amounts presented in the statement of financial condition		314,154			598,535			912,689
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(39,225	)		(10,655	)		(49,880	)
Available collateral		(260,229	)		(584,240	)		(844,469	)
Net amount	$	14,700		$	3,640		$	18,340

	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 $594.9 million and $217.3 million at September 30, 2021 and December 31, 2020, respectively.

The following table provides information about financial liabilities and derivative liabilities that are subject to offset as of September 30, 2021 and December 31, 2020 (in thousands):

	As of September 30, 2021
	Securities lending ⁽³⁾			Repurchase agreements ⁽⁴⁾			Total
Gross amounts of recognized liabilities	$	(183,564	)	$	(195,451	)	$	(379,015	)
Gross amounts offset in the statement of financial condition		—			—			—
Net amounts presented in the statement of financial condition		(183,564	)		(195,451	)		(379,015	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		39,225			10,655			49,880
Collateral pledged		144,334			184,796			329,130
Net amount	$	(5	)	$	—		$	(5	)


	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 $200.6 million and $200.2 million at September 30, 2021 and December 31, 2020, respectively.