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, 2020 and December 31, 2019 (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 June 30, 2020: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities borrowing (1) |
|
$ |
177,470 |
|
|
$ |
— |
|
|
$ |
177,470 |
|
|
$ |
(37,123 |
) |
|
$ |
(121,255 |
) |
|
$ |
19,092 |
|
Reverse repurchase agreements (2) |
|
|
446,766 |
|
|
|
— |
|
|
|
446,766 |
|
|
|
(37,811 |
) |
|
|
(408,830 |
) |
|
|
125 |
|
|
|
$ |
624,236 |
|
|
$ |
— |
|
|
$ |
624,236 |
|
|
$ |
(74,934 |
) |
|
$ |
(530,085 |
) |
|
$ |
19,217 |
|
As of December 31, 2019: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities borrowing (1) |
|
$ |
135,373 |
|
|
$ |
— |
|
|
$ |
135,373 |
|
|
$ |
(52,319 |
) |
|
$ |
(74,760 |
) |
|
$ |
8,294 |
|
Reverse repurchase agreements (2) |
|
|
385,008 |
|
|
|
— |
|
|
|
385,008 |
|
|
|
(59,892 |
) |
|
|
(325,096 |
) |
|
|
20 |
|
Cash flow interest rate contracts |
|
|
1,086 |
|
|
|
— |
|
|
|
1,086 |
|
|
|
— |
|
|
|
— |
|
|
|
1,086 |
|
|
|
$ |
521,467 |
|
|
$ |
— |
|
|
$ |
521,467 |
|
|
$ |
(112,211 |
) |
|
$ |
(399,856 |
) |
|
$ |
9,400 |
|
(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 $447.6 million and $385.3 million at June 30, 2020 and December 31, 2019, 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, 2020 and December 31, 2019 (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 June 30, 2020: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities lending (3) |
|
$ |
(128,200 |
) |
|
$ |
— |
|
|
$ |
(128,200 |
) |
|
$ |
37,123 |
|
|
$ |
90,499 |
|
|
$ |
(578 |
) |
Repurchase agreements (4) |
|
|
(219,888 |
) |
|
|
— |
|
|
|
(219,888 |
) |
|
|
37,811 |
|
|
|
182,077 |
|
|
|
— |
|
Cash flow interest rate contracts |
|
|
(1,805 |
) |
|
|
|
|
|
|
(1,805 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,805 |
) |
|
|
$ |
(349,893 |
) |
|
$ |
— |
|
|
$ |
(349,893 |
) |
|
$ |
74,934 |
|
|
$ |
272,576 |
|
|
$ |
(2,383 |
) |
As of December 31, 2019: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities lending (3) |
|
$ |
(608,333 |
) |
|
$ |
— |
|
|
$ |
(608,333 |
) |
|
$ |
52,319 |
|
|
$ |
555,782 |
|
|
$ |
(232 |
) |
Repurchase agreements (4) |
|
|
(391,634 |
) |
|
|
— |
|
|
|
(391,634 |
) |
|
|
59,892 |
|
|
|
331,742 |
|
|
|
— |
|
|
|
$ |
(999,967 |
) |
|
$ |
— |
|
|
$ |
(999,967 |
) |
|
$ |
112,211 |
|
|
$ |
887,524 |
|
|
$ |
(232 |
) |
(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 $227.0 million and $407.3 million at June 30, 2020 and December 31, 2019, respectively. |
|