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Disclosures About Offsetting Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025 and December 31, 2024 (in thousands):

 

 

As of September 30, 2025

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

430,032

 

 

$

525,621

 

 

$

76,114

 

 

$

1,031,767

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

430,032

 

 

 

525,621

 

 

 

76,114

 

 

 

1,031,767

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(82,786

)

 

 

(5,450

)

 

 

(15,958

)

 

 

(104,194

)

Available collateral

 

 

(332,519

)

 

 

(518,110

)

 

 

(27,131

)

 

 

(877,760

)

Net amount

 

$

14,727

 

 

$

2,061

 

 

$

33,025

 

 

$

49,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

Securities borrowing (1)

 

 

Reverse repurchase agreements (2)

 

 

Interest rate contracts (3)

 

 

Total

 

Gross amounts of recognized assets

 

$

269,831

 

 

$

528,976

 

 

$

110,814

 

 

$

909,621

 

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

269,831

 

 

 

528,976

 

 

 

110,814

 

 

 

909,621

 

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

(74,488

)

 

 

(63,771

)

 

 

(5,623

)

 

 

(143,882

)

Available collateral

 

 

(182,057

)

 

 

(461,497

)

 

 

(75,285

)

 

 

(718,839

)

Net amount

 

$

13,286

 

 

$

3,708

 

 

$

29,906

 

 

$

46,900

 
(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)
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 $523.5 million and $524.7 million at September 30, 2025 and December 31, 2024, 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 $22.5 million and $70.3 million at September 30, 2025 and December 31, 2024, 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 September 30, 2025 and December 31, 2024 (in thousands):

 

 

 

As of September 30, 2025

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(320,161

)

 

$

(747,301

)

 

$

(76,125

)

 

$

(1,143,587

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(320,161

)

 

 

(747,301

)

 

 

(76,125

)

 

 

(1,143,587

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

82,786

 

 

 

5,450

 

 

 

15,958

 

 

 

104,194

 

Collateral pledged

 

 

237,373

 

 

 

741,851

 

 

 

39,290

 

 

 

1,018,514

 

Net amount

 

$

(2

)

 

$

—

 

 

$

(20,877

)

 

$

(20,879

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

Securities lending (4)

 

 

Repurchase agreements (5)

 

 

Interest rate contracts (6)

 

 

Total

 

Gross amounts of recognized liabilities

 

$

(178,928

)

 

$

(580,170

)

 

$

(110,825

)

 

$

(869,923

)

Gross amounts offset in the statement of financial condition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net amounts presented in the statement of financial condition

 

 

(178,928

)

 

 

(580,170

)

 

 

(110,825

)

 

 

(869,923

)

Gross amounts not offset in the statement of financial condition:

 

 

 

 

 

 

 

 

 

 

 

 

Amounts available for offset

 

 

74,488

 

 

 

63,771

 

 

 

5,623

 

 

 

143,882

 

Collateral pledged

 

 

104,434

 

 

 

516,399

 

 

 

30,726

 

 

 

651,559

 

Net amount

 

$

(6

)

 

$

—

 

 

$

(74,476

)

 

$

(74,482

)

 

(4)
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.
(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 $781.7 million and $596.5 million at September 30, 2025 and December 31, 2024, respectively.
(6)
Collateral pledged includes the fair value of securities pledged to the counterparty. There were no securities pledged as collateral at September 30, 2025. The fair value of securities pledged as collateral was $21.3 million at December 31, 2024.