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Securities Purchased under Resale Agreements | 9 Months Ended
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Sep. 30, 2024
RESALE AND REPURCHASE AGREEMENTS [Abstract] |
Securities Purchased under Resale Agreements | Securities Purchased under Resale Agreements The Company’s resale agreements expose it to credit risk from both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for an efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of both September 30, 2024 and December 31, 2023. Total securities purchased under resale agreements were $425 million and $785 million as of September 30, 2024 and December 31, 2023, respectively. The weighted-average yields were 1.49% and 2.73% for the three months ended September 30, 2024 and 2023, respectively; and 2.34% and 2.55% for the nine months ended September 30, 2024 and 2023, respectively. Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master netting agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by third-party trustees. The following table presents the resale agreements included on the Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023:
|  | Gross Amounts of Recognized Assets |  | Gross Amounts Offset on the Consolidated Balance Sheet |  | Net Amounts of Assets Presented on the Consolidated Balance Sheet |  | Gross Amounts Not Offset on the Consolidated Balance Sheet |  |
($ in thousands) |  |  |  |  | Collateral Received (1) |  | Net Amount
Resale agreements as of September 30, 2024 |  | $ | 425,000 |  |  | $ | — |  |  | $ | 425,000 |  |  | $ | (350,183) |  |  | $ | 74,817 |
Resale agreements as of December 31, 2023 |  | $ | 785,000 |  |  | $ | — |  |  | $ | 785,000 |  |  | $ | (715,358) |  |  | $ | 69,642 |
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. In addition to the amounts included in the table above, the Company also has balance sheet netting related to derivatives. Refer to Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

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- Definition RESALE AND REPURCHASE AGREEMENTS [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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