Disclosures About Offsetting Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021 (in thousands):

	As of June 30, 2022
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	195,666		$	608,051		$	102,248		$	905,965
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		195,666			608,051			102,248			905,965
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(34,712	)		(71,980	)		(4,955	)		(111,647	)
Available collateral		(140,893	)		(535,382	)		(75,934	)		(752,209	)
Net amount	$	20,061		$	689		$	21,359		$	42,109
	As of December 31, 2021
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	260,586		$	579,866		$	52,129		$	892,581
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		260,586			579,866			52,129			892,581
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(40,259	)		(52,413	)		(25,149	)		(117,821	)
Available collateral		(208,720	)		(525,843	)		(26,980	)		(761,543	)
Net amount	$	11,607		$	1,610		$	—		$	13,217

(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 $610.3 million and $578.1 million at June 30, 2022 and December 31, 2021, 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 $47.9 million and $95.5 million at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 (in thousands):

	As of June 30, 2022
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(230,321	)	$	(350,206	)	$	(102,247	)	$	(682,774	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(230,321	)		(350,206	)		(102,247	)		(682,774	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		34,712			71,980			4,955			111,647
Collateral pledged		177,035			278,226			39,471			494,732
Net amount	$	(18,574	)	$	—		$	(57,821	)	$	(76,395	)
	As of December 31, 2021
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(149,219	)	$	(385,528	)	$	(52,147	)	$	(586,894	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(149,219	)		(385,528	)		(52,147	)		(586,894	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		40,259			52,413			25,149			117,821
Collateral pledged		108,955			333,115			26,998			469,068
Net amount	$	(5	)	$	—		$	—		$	(5	)

(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 $358.7 million and $392.7 million at June 30, 2022 and December 31, 2021, respectively.

(6)Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $14.1 million and $35.7 million at June 30, 2022 and December 31, 2021, respectively.