Disclosures About Offsetting Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018 (in thousands):

							Gross amounts not offset in the Statement of Financial Condition
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts Presented in the Statement of Financial Condition		Amounts available for offset			Available collateral			Net Amount
As of March 31, 2019:
Securities borrowing ⁽¹⁾	$	115,223	$	—	$	115,223	$	(64,520	)	$	(47,133	)	$	3,570
Reverse repurchase agreements ⁽²⁾		568,034		—		568,034		(28,740	)		(539,121	)		173
Cash flow interest rate contracts		4,896		—		4,896		—			—			4,896
	$	688,153	$	—	$	688,153	$	(93,260	)	$	(586,254	)	$	8,639
As of December 31, 2018:
Securities borrowing ⁽¹⁾	$	109,795	$	—	$	109,795	$	(57,328	)	$	(45,005	)	$	7,462
Reverse repurchase agreements ⁽²⁾		699,900		—		699,900		(365,822	)		(329,740	)		4,338
Cash flow interest rate contracts		7,683		—		7,683		—			—			7,683
	$	817,378	$	—	$	817,378	$	(423,150	)	$	(374,745	)	$	19,483

⁽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 $568.1 million and $695.6 million at March 31, 2019 and December 31, 2018, respectively.

Financial Liabilities That Are Subject To Offset

The following table provides information about financial liabilities that are subject to offset as of March 31, 2019 and December 31, 2018 (in thousands):

									Gross amounts not offset in the Statement of Financial Condition
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Condition		Net Amounts Presented in the Statement of Financial Condition			Amounts available for offset		Collateral Pledged		Net Amount
As of March 31, 2019:
Securities lending ⁽³⁾	$	(525,115	)	$	—	$	(525,115	)	$	64,520	$	460,594	$	(1	)
Repurchase agreements ⁽⁴⁾		(466,284	)		—		(466,284	)		28,740		437,544		—
	$	(991,399	)	$	—	$	(991,399	)	$	93,260	$	898,138	$	(1	)
As of December 31, 2018:
Securities lending ⁽³⁾	$	(392,163	)	$	—	$	(392,163	)	$	57,328	$	325,110	$	(9,725	)
Repurchase agreements ⁽⁴⁾		(535,394	)		—		(535,394	)		365,822		169,572		—
	$	(927,557	)	$	—	$	(927,557	)	$	423,150	$	494,682	$	(9,725	)

⁽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 $495.0 million and $558.6 million at March 31, 2019 and December 31, 2018, respectively.