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Disclosures About Offsetting Assets And Liabilities (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020 (in thousands):

 

 

 

As of June 30, 2021

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Total

 

Gross amounts of recognized assets

 

$

356,551

 

 

$

622,930

 

 

$

979,481

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

356,551

 

 

 

622,930

 

 

 

979,481

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(68,274

)

 

 

(15,416

)

 

 

(83,690

)

Available collateral

 

 

(282,564

)

 

 

(600,682

)

 

 

(883,246

)

Net amount

 

$

5,713

 

 

$

6,832

 

 

$

12,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $616.0 million and $217.3 million at June 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020 (in thousands):

 

 

 

As of June 30, 2021

 

 

 

Securities lending (3)

 

 

Repurchase agreements (4)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(299,236

)

 

$

(407,246

)

 

$

(706,482

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(299,236

)

 

 

(407,246

)

 

 

(706,482

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

68,274

 

 

 

15,416

 

 

 

83,690

 

Collateral pledged

 

 

230,932

 

 

 

391,830

 

 

 

622,762

 

Net amount

 

$

(30

)

 

$

—

 

 

$

(30

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $419.7 million and $200.2 million at June 30, 2021 and December 31, 2020, respectively.