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Financial Assets and Liabilities | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Financial Assets and Liabilities | Financial Assets and Liabilities Financial Instruments Measured at Fair Value The fair value of equities, options, on-the-run U.S. government obligations, exchange traded notes and digital assets is estimated using recently executed transactions and market price quotations in active markets and are categorized as Level 1 with the exception of inactively traded equities and certain other financial instruments, which are categorized as Level 2. The Company’s corporate bonds, derivative contracts, other U.S. and non-U.S. government obligations and receivables and payables linked to digital assets have been categorized as Level 2. Fair value of the Company’s derivative contracts is based on the indicative prices obtained from a number of banks and broker-dealers, as well as management’s own analyses. The indicative prices have been independently validated through the Company’s risk management systems, which are designed to check prices with information independently obtained from exchanges and venues where such financial instruments are listed or to compare prices of similar instruments with similar maturities for listed financial futures in foreign exchange. The Company prices certain financial instruments held for trading at fair value based on theoretical prices, which can differ from quoted market prices. The theoretical prices reflect price adjustments primarily caused by the fact that the Company continuously prices its financial instruments based on all available information. This information includes prices for identical and near-identical positions, as well as the prices for securities underlying the Company’s positions, on other exchanges that are open after the exchange on which the financial instruments is traded closes. The Company validates that all price adjustments can be substantiated with market inputs and checks the theoretical prices independently. Consequently, such financial instruments are classified as Level 2. Fair value measurements for those items measured on a recurring basis are summarized below as of March 31, 2024:
|  | March 31, 2024
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 886,249 |  |  | $ | 2,080,349 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,966,598 |
U.S. and Non-U.S. government obligations |  | 343,333 |  |  | 454,903 |  |  | — |  |  | — |  |  | 798,236 |
Corporate Bonds |  | — |  |  | 1,187,960 |  |  | — |  |  | — |  |  | 1,187,960 |
Exchange traded notes |  | 11 |  |  | 20,309 |  |  | — |  |  | — |  |  | 20,320 |
Currency forwards |  | — |  |  | 290,659 |  |  | — |  |  | (268,583) |  |  | 22,076 |
Options |  | 2,888 |  |  | — |  |  | — |  |  | — |  |  | 2,888 |
|  | $ | 1,232,481 |  |  | $ | 4,034,180 |  |  | $ | — |  |  | $ | (268,583) |  |  | $ | 4,998,078 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 886,435 |  |  | $ | 555,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,441,851 |
Exchange traded notes |  | 3 |  |  | 7,200 |  |  | — |  |  | — |  |  | 7,203 |
|  | $ | 886,438 |  |  | $ | 562,616 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,449,054 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 84,587 |  |  | $ | — |  |  | $ | 84,587 |
Digital assets |  | 79,982 |  |  |  |  | — |  |  | — |  |  | 79,982 |
Exchange stock |  | 2,815 |  |  | — |  |  | — |  |  | — |  |  | 2,815 |
|  | $ | 82,797 |  |  | $ | — |  |  | $ | 84,587 |  |  | $ | — |  |  | $ | 167,384 |
Receivables from broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 5,753 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,753 |
Receivables linked to digital assets |  |  |  | 17,048 |  |  |  |  |  |  | 17,048 |
|  | $ | — |  |  | $ | 22,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,801 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,888,070 |  |  | $ | 1,430,974 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,319,044 |
U.S. and Non-U.S. government obligations |  | 209,193 |  |  | 965,945 |  |  | — |  |  | — |  |  | 1,175,138 |
Corporate Bonds |  | — |  |  | 1,166,408 |  |  | — |  |  | — |  |  | 1,166,408 |
Exchange traded notes |  | — |  |  | 31,280 |  |  | — |  |  | — |  |  | 31,280 |
Currency forwards |  | — |  |  | 253,151 |  |  | — |  |  | (253,146) |  |  | 5 |
Options |  | 3,122 |  |  | — |  |  | — |  |  | — |  |  | 3,122 |
|  | $ | 2,100,385 |  |  | $ | 3,847,758 |  |  | $ | — |  |  | $ | (253,146) |  |  | $ | 5,694,997 |
Payables to broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Payables linked to digital assets |  | $ | — |  |  | $ | 90,271 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,271 |
|  | $ | — |  |  | $ | 90,271 |  |  | $ | — |  |  | $ | — |  |  | $ | 90,271 |
Fair value measurements for those items measured on a recurring basis are summarized below as of December 31, 2023:
|  | December 31, 2023
(in thousands) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Counterparty and Cash Collateral Netting |  | Total Fair Value
Assets |  |  |  |  |  |  |  |  |  |
Financial instruments owned, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 710,699 |  |  | $ | 1,844,106 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,554,805 |
U.S. and Non-U.S. government obligations |  | 521,542 |  |  | 1,775,177 |  |  | — |  |  | — |  |  | 2,296,719 |
Corporate Bonds |  | — |  |  | 1,232,097 |  |  | — |  |  | — |  |  | 1,232,097 |
Exchange traded notes |  | 10 |  |  | 18,055 |  |  | — |  |  | — |  |  | 18,065 |
Currency forwards |  | — |  |  | 377,279 |  |  | — |  |  | (354,698) |  |  | 22,581 |
Options |  | 3,485 |  |  | — |  |  | — |  |  | — |  |  | 3,485 |
|  | $ | 1,235,736 |  |  | $ | 5,246,714 |  |  | $ | — |  |  | $ | (354,698) |  |  | $ | 6,127,752 |
Financial instruments owned, pledged as collateral: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 871,237 |  |  | $ | 351,322 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,222,559 |
Exchange traded notes |  | 3 |  |  | 8,297 |  |  | — |  |  | — |  |  | 8,300 |
|  | $ | 871,240 |  |  | $ | 359,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,230,859 |
Other Assets |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | — |  |  | $ | — |  |  | $ | 81,805 |  |  | $ | — |  |  | $ | 81,805 |
Exchange stock |  | 2,716 |  |  | — |  |  | — |  |  | — |  |  | 2,716 |
|  | $ | 2,716 |  |  | $ | — |  |  | $ | 81,805 |  |  | $ | — |  |  | $ | 84,521 |
Liabilities |  |  |  |  |  |  |  |  |  |
Financial instruments sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,447,726 |  |  | $ | 1,165,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,612,817 |
U.S. and Non-U.S. government obligations |  | 181,393 |  |  | 1,891,556 |  |  | — |  |  | — |  |  | 2,072,949 |
Corporate Bonds |  | — |  |  | 1,358,522 |  |  | — |  |  | — |  |  | 1,358,522 |
Exchange traded notes |  | — |  |  | 21,104 |  |  | — |  |  | — |  |  | 21,104 |
Currency forwards |  | — |  |  | 339,085 |  |  |  |  | (336,311) |  |  | 2,774 |
Options |  | 3,186 |  |  | — |  |  |  |  |  |  | 3,186 |
|  | $ | 1,632,305 |  |  | $ | 4,775,358 |  |  | $ | — |  |  | $ | (336,311) |  |  | $ | 6,071,352 |
Payables to broker dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | — |  |  | $ | 7,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,661 |
|  | $ | — |  |  | $ | 7,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,661 |
JNX Investment The Company has a minority investment (the “JNX Investment”) in Japannext Co., Ltd. (“JNX”), formerly known as SBI Japannext Co., Ltd., a proprietary trading system based in Tokyo. In connection with the JNX Investment, the Company issued the SBI Bonds (as described in Note 8 “Borrowings”) and used the proceeds to partially finance the transaction. The JNX Investment is included within Level 3 of the fair value hierarchy. As of March 31, 2024 and December 31, 2023, the fair value of the JNX Investment was determined using a weighted average of valuations using 1) the discounted cash flow method, an income approach; 2) a market approach based on average enterprise value/EBITDA ratios of comparable companies; and to a lesser extent 3) a transaction approach based on transaction values of comparable companies. The fair value measurement is highly sensitive to significant changes in the unobservable inputs, and significant increases (decreases) in discount rate or decreases (increases) in enterprise value/EBITDA multiples would result in a significantly lower (higher) fair value measurement. The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the JNX Investment:
|  | March 31, 2024
(in thousands) |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average
Equity investment |  | $ | 84,587 |  |  | Discounted cash flow |  | Estimated revenue growth |  | 5.0% - 10.2% |  | 6.6 | %
|  |  |  |  |  | Discount rate |  | 16.0% - 16.0% |  | 16.0 | %
|  |  |  | Market |  | Future enterprise value/ EBIDTA ratio |  | 9.5x - 17.7x |  | 14.4x
|  | December 31, 2023
(in thousands) |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average
Equity investment |  | $ | 81,805 |  |  | Discounted cash flow |  | Estimated revenue growth |  | 5.0% - 6.8% |  | 5.8 | %
|  |  |  |  |  | Discount rate |  | 15.6% - 15.6% |  | 15.6 | %
|  |  |  | Market |  | Future enterprise value/ EBIDTA ratio |  | 8.7x - 17.8x |  | 12.9x
Changes in the fair value of the JNX Investment are included within Other, net in the Consolidated Statements of Comprehensive Income. The following presents the changes in the Company's Level 3 financial instruments measured at fair value on a recurring basis:
|  | Three Months Ended March 31, 2024
(in thousands) |  | Balance at December 31, 2023 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) (1) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | Balance at March 31, 2024 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2024
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 81,805 |  |  | $ | — |  |  | $ | 2,782 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,587 |  |  | $ | 2,782 |
Total |  | $ | 81,805 |  |  | $ | — |  |  | $ | 2,782 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,587 |  |  | $ | 2,782 |
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
|  | Three Months Ended March 31, 2023
(in thousands) |  | Balance at December 31, 2022 |  | Purchases |  | Total Realized and Unrealized Gains / (Losses) (1) |  | Net Transfers into (out of) Level 3 |  | Settlement |  | Balance at March 31, 2023 |  | Change in Net Unrealized Gains / (Losses) on Investments still held at March 31, 2023
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity investment |  | $ | 76,613 |  |  | $ | — |  |  | $ | 3,113 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,726 |  |  | $ | 3,113 |
Total |  | $ | 76,613 |  |  | $ | — |  |  | $ | 3,113 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,726 |  |  | $ | 3,113 |
(1) Total realized and unrealized gains/(losses) includes gains and losses due to fluctuations in currency rates as well as gains and losses recognized on changes in the fair value of the JNX Investment.
Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the Condensed Consolidated Statements of Financial Condition. The table below excludes non-financial assets and liabilities. The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 and Level 2 approximates fair value due to the relatively short-term nature of the underlying assets. The fair value of the Company’s long-term borrowings is based on quoted prices from the market for similar instruments, and is categorized as Level 2 in the fair value hierarchy. The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of March 31, 2024:
|  | March 31, 2024
|  | Carrying Value |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(in thousands) |  |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 399,585 |  |  | $ | 399,585 |  |  | $ | 399,585 |  |  | $ | — |  |  | $ | — |
Cash restricted or segregated under regulations and other |  | 29,821 |  |  | 29,821 |  |  | 29,821 |  |  | — |  |  | — |
Securities borrowed |  | 1,782,982 |  |  | 1,782,982 |  |  | — |  |  | 1,782,982 |  |  | — |
Securities purchased under agreements to resell |  | 502,470 |  |  | 502,470 |  |  | — |  |  | 502,470 |  |  | — |
Receivables from broker-dealers and clearing organizations |  | 1,247,603 |  |  | 1,247,603 |  |  | — |  |  | 1,247,603 |  |  | — |
Receivables from customers |  | 118,680 |  |  | 118,680 |  |  | — |  |  | 118,680 |  |  | — |
Other assets (1) |  | 29,430 |  |  | 29,430 |  |  | 9,604 |  |  | 19,826 |  |  | — |
Total Assets |  | $ | 4,110,571 |  |  | $ | 4,110,571 |  |  | $ | 439,010 |  |  | $ | 3,671,561 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | 138,202 |  |  | $ | 140,000 |  |  | $ | — |  |  | $ | 140,000 |  |  | $ | — |
Long-term borrowings |  | 1,726,657 |  |  | 1,749,054 |  |  | — |  |  | 1,749,054 |  |  | — |
Securities loaned |  | 1,640,521 |  |  | 1,640,521 |  |  | — |  |  | 1,640,521 |  |  | — |
Securities sold under agreements to repurchase |  | 836,433 |  |  | 836,433 |  |  | — |  |  | 836,433 |  |  | — |
Payables to broker-dealers and clearing organizations |  | 382,624 |  |  | 382,624 |  |  | — |  |  | 382,624 |  |  | — |
Payables to customers |  | 33,485 |  |  | 33,485 |  |  | — |  |  | 33,485 |  |  | — |
Other liabilities (2) |  | 29,229 |  |  | 29,229 |  |  | — |  |  | 29,229 |  |  | — |
Total Liabilities |  | $ | 4,787,151 |  |  | $ | 4,811,346 |  |  | $ | — |  |  | $ | 4,811,346 |  |  | $ | — |
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.
The table below summarizes financial assets and liabilities not carried at fair value on a recurring basis as of December 31, 2023:
|  | December 31, 2023
|  | Carrying Value |  |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
(in thousands) |  |  | Fair Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 820,436 |  |  | $ | 820,436 |  |  | $ | 820,436 |  |  | $ | — |  |  | $ | — |
Cash restricted or segregated under regulations and other |  | 35,024 |  |  | 35,024 |  |  | 35,024 |  |  | — |  |  | — |
Securities borrowed |  | 1,722,440 |  |  | 1,722,440 |  |  | — |  |  | 1,722,440 |  |  | — |
Securities purchased under agreements to resell |  | 1,512,114 |  |  | 1,512,114 |  |  | — |  |  | 1,512,114 |  |  | — |
Receivables from broker-dealers and clearing organizations |  | 737,724 |  |  | 737,724 |  |  | — |  |  | 737,724 |  |  | — |
Receivables from customers |  | 106,245 |  |  | 106,245 |  |  | — |  |  | 106,245 |  |  | — |
Other assets (1) |  | 31,022 |  |  | 31,022 |  |  | 10,444 |  |  | 20,578 |  |  | — |
Total Assets |  | $ | 4,965,005 |  |  | $ | 4,965,005 |  |  | $ | 865,904 |  |  | $ | 4,099,101 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term borrowings |  | 1,727,205 |  |  | 1,758,292 |  |  | — |  |  | 1,758,292 |  |  | — |
Securities loaned |  | 1,329,446 |  |  | 1,329,446 |  |  | — |  |  | 1,329,446 |  |  | — |
Securities sold under agreements to repurchase |  | 1,795,994 |  |  | 1,795,994 |  |  | — |  |  | 1,795,994 |  |  | — |
Payables to broker-dealers and clearing organizations |  | 1,160,051 |  |  | 1,160,051 |  |  | — |  |  | 1,160,051 |  |  | — |
Payables to customers |  | 23,229 |  |  | 23,229 |  |  | — |  |  | 23,229 |  |  | — |
Other liabilities (2) |  | 19,300 |  |  | 19,300 |  |  | — |  |  | 19,300 |  |  | — |
Total Liabilities |  | $ | 6,055,225 |  |  | $ | 6,086,312 |  |  | $ | — |  |  | $ | 6,086,312 |  |  | $ | — |
(1) Includes cash collateral and deposits, and interest and dividends receivables.
(2) Includes deposits, interest and dividends payable.
Offsetting of Financial Assets and Liabilities The Company does not net securities borrowed and securities loaned, or securities purchased under agreements to resell and securities sold under agreements to repurchase. These financial instruments are presented on a gross basis in the Condensed Consolidated Statements of Financial Condition. In the tables below, the amounts of financial instruments owned that are not offset in the Condensed Consolidated Statements of Financial Condition, but could be netted against financial liabilities with specific counterparties under legally enforceable master netting agreements in the event of default, are presented to provide financial statement readers with the Company’s estimate of its net exposure to counterparties for these financial instruments. The following tables set forth the gross and net presentation of certain financial assets and financial liabilities as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024
|  | Gross Amounts of Recognized Assets |  | Amounts Offset in the Condensed Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 1,782,982 |  |  | $ | — |  |  | $ | 1,782,982 |  |  | $ | (1,739,045) |  |  | $ | (22,685) |  |  | $ | 21,252 |
Securities purchased under agreements to resell |  | 502,470 |  |  | — |  |  | 502,470 |  |  | (502,470) |  |  |  |  | — |
Receivables from broker-dealers and clearing organizations: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 5,753 |  |  | — |  |  | 5,753 |  |  | — |  |  | — |  |  | 5,753 |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 290,659 |  |  | (268,583) |  |  | 22,076 |  |  | — |  |  | — |  |  | 22,076 |
Options |  | 2,888 |  |  | — |  |  | 2,888 |  |  | — |  |  | (2,104) |  |  | 784 |
Total |  | $ | 2,584,752 |  |  | $ | (268,583) |  |  | $ | 2,316,169 |  |  | $ | (2,241,515) |  |  | $ | (24,789) |  |  | $ | 49,865 |
|  | Gross Amounts of Recognized Liabilities |  | Amounts Offset in the Condensed Consolidated Statement of Financial Condition |  | Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition |  | Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 1,640,521 |  |  | $ | — |  |  | $ | 1,640,521 |  |  | $ | (1,609,815) |  |  | $ | (27,275) |  |  | $ | 3,431 |
Securities sold under agreements to repurchase |  | 836,433 |  |  | — |  |  | 836,433 |  |  | (836,429) |  |  |  |  | 4 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 253,151 |  |  | (253,146) |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Options |  | 3,122 |  |  | — |  |  | 3,122 |  |  | — |  |  | (3,122) |  |  | — |
Total |  | $ | 2,733,227 |  |  | $ | (253,146) |  |  | $ | 2,480,081 |  |  | $ | (2,446,244) |  |  | $ | (30,397) |  |  | $ | 3,440 |
|  | December 31, 2023
|  | Gross Amounts of Recognized Assets |  | Amounts Offset in the Condensed Consolidated Statement of Financial Condition |  | Net Amounts of Assets Presented in the Condensed Consolidated Statements of Financial Condition |  | Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities borrowed |  | $ | 1,722,440 |  |  | $ | — |  |  | $ | 1,722,440 |  |  | $ | (1,665,860) |  |  | $ | (27,538) |  |  | $ | 29,042 |
Securities purchased under agreements to resell |  | 1,512,114 |  |  | — |  |  | 1,512,114 |  |  | (1,512,114) |  |  |  |  | — |
Trading assets, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 377,279 |  |  | (354,698) |  |  | 22,581 |  |  | — |  |  | — |  |  | 22,581 |
Options |  | 3,485 |  |  | — |  |  | 3,485 |  |  | — |  |  | (2,914) |  |  | 571 |
Total |  | $ | 3,615,318 |  |  | $ | (354,698) |  |  | $ | 3,260,620 |  |  | $ | (3,177,974) |  |  | $ | (30,452) |  |  | $ | 52,194 |
|  | Gross Amounts of Recognized Liabilities |  | Amounts Offset in the Condensed Consolidated Statement of Financial Condition |  | Net Amounts of Liabilities Presented in the Consolidated Statement of Financial Condition |  | Amounts Not Offset in the Condensed Consolidated Statements of Financial Condition |  |
(in thousands) |  |  |  |  | Financial Instrument Collateral |  | Counterparty Netting/ Cash Collateral |  | Net Amount
Offsetting of Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Securities loaned |  | $ | 1,329,446 |  |  | $ | — |  |  | $ | 1,329,446 |  |  | $ | (1,291,376) |  |  | $ | (31,509) |  |  | $ | 6,561 |
Securities sold under agreements to repurchase |  | 1,795,994 |  |  | — |  |  | 1,795,994 |  |  | (1,795,994) |  |  |  |  | — |
Interest rate swaps |  | 7,661 |  |  | — |  |  | 7,661 |  |  | — |  |  | — |  |  | 7,661 |
Trading liabilities, at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Currency forwards |  | 339,085 |  |  | (336,311) |  |  | 2,774 |  |  | — |  |  | — |  |  | 2,774 |
Options |  | 3,186 |  |  | — |  |  | 3,186 |  |  | — |  |  | (2,914) |  |  | 272 |
Total |  | $ | 3,475,372 |  |  | $ | (336,311) |  |  | $ | 3,139,061 |  |  | $ | (3,087,370) |  |  | $ | (34,423) |  |  | $ | 17,268 |
The following table presents gross obligations for securities sold under agreements to repurchase and for securities lending transactions by remaining contractual maturity and the class of collateral pledged as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Greater than 90 days |  | Total
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 140,000 |  |  | $ | 185,000 |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | 400,000 |
U.S. and Non-U.S. government obligations |  | 436,433 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 436,433 |
Total |  | $ | 436,433 |  |  | $ | 140,000 |  |  | $ | 185,000 |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | 836,433 |
Securities loaned: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 1,640,521 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,640,521 |
Total |  | $ | 1,640,521 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,640,521 |
|  | December 31, 2023
|  | Remaining Contractual Maturity
(in thousands) |  | Overnight and Continuous |  | Less than 30 days |  | 30 - 60 days |  | 61 - 90 Days |  | Greater than 90 days |  | Total
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | — |  |  | $ | 140,000 |  |  | $ | 185,000 |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | 400,000 |
U.S. and Non-U.S. government obligations |  | 1,395,994 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,395,994 |
Total |  | $ | 1,395,994 |  |  | $ | 140,000 |  |  | $ | 185,000 |  |  | $ | 75,000 |  |  | $ | — |  |  | $ | 1,795,994 |
Securities loaned: |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 1,329,446 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,329,446 |
Total |  | $ | 1,329,446 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,329,446 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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