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Disclosures About Offsetting Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
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 December 31, 2023 and 2022 (in thousands):

 

 

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

 

 

 

 

As of December 31, 2022

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

219,052

 

 

$

348,162

 

 

$

142,042

 

 

$

709,256

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

219,052

 

 

 

348,162

 

 

 

142,042

 

 

 

709,256

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(46,647

)

 

 

(12,028

)

 

 

(1,959

)

 

 

(60,634

)

Available collateral

 

 

(160,139

)

 

 

(334,537

)

 

 

(55,568

)

 

 

(550,244

)

Net amount

 

$

12,266

 

 

$

1,597

 

 

$

84,515

 

 

$

98,378

 
(1)
Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 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 $350.2 million and $346.5 million at December 31, 2023 and 2022, 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 $84.1 million and $50.0 million at December 31, 2023 and 2022, 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 December 31, 2023 and 2022 (in thousands):

 

 

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

)

 

 

 

As of December 31, 2022

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(68,105

)

 

$

(212,011

)

 

$

(142,028

)

 

$

(422,144

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(68,105

)

 

 

(212,011

)

 

 

(142,028

)

 

 

(422,144

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

46,647

 

 

 

12,028

 

 

 

1,959

 

 

 

60,634

 

Collateral pledged

 

 

21,448

 

 

 

199,983

 

 

 

25,850

 

 

 

247,281

 

Net amount

 

$

(10

)

 

$

—

 

 

$

(114,219

)

 

$

(114,229

)

(4)
Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition. See Note 4 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 $425.9 million and $218.3 million at December 31, 2023 and 2022, respectively.
(6)
Collateral pledged includes the fair value of securities pledged to the counterparty. The fair value of securities pledged as collateral was $19.1 million and $24.1 million at December 31, 2023 and 2022, respectively.