Disclosures About Offsetting Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	363,277		$	746,375		$	65,558		$	1,175,210
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		363,277			746,375			65,558			1,175,210
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(28,736	)		(5,463	)		(10,059	)		(44,258	)
Available collateral		(330,369	)		(738,815	)		(55,499	)		(1,124,683	)
Net amount	$	4,172		$	2,097		$	—		$	6,269

	As of December 31, 2025
	Securities borrowing (1)			Reverse repurchase agreements (2)			Interest rate contracts (3)			Total
Gross amounts of recognized assets	$	315,561		$	564,162		$	71,297		$	951,020
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		315,561			564,162			71,297			951,020
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		(36,328	)		(15,198	)		(23,207	)		(74,733	)
Available collateral		(264,980	)		(546,308	)		(22,842	)		(834,130	)
Net amount	$	14,253		$	2,656		$	25,248		$	42,157

(1)

Securities borrowing transactions are included in receivables from brokers, dealers, and clearing organizations on the consolidated statements of financial condition. Deposits paid for securities borrowed approximate the market value of the securities.

(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 $744.2 million and $561.3 million at March 31, 2026 and December 31, 2025, 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 $50.2 million and $19.0 million at March 31, 2026 and December 31, 2025, 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 March 31, 2026 and December 31, 2025 (in thousands):


	As of March 31, 2026
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(509,368	)	$	(862,954	)	$	(65,570	)	$	(1,437,892	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(509,368	)		(862,954	)		(65,570	)		(1,437,892	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		28,736			5,463			10,059			44,258
Collateral pledged		475,718			857,491			20,747			1,353,956
Net amount	$	(4,914	)	$	—		$	(34,764	)	$	(39,678	)

	As of December 31, 2025
	Securities lending (4)			Repurchase agreements (5)			Interest rate contracts (6)			Total
Gross amounts of recognized liabilities	$	(252,137	)	$	(651,236	)	$	(71,311	)	$	(974,684	)
Gross amounts offset in the statement of financial condition		—			—			—			—
Net amounts presented in the statement of financial condition		(252,137	)		(651,236	)		(71,311	)		(974,684	)
Gross amounts not offset in the statement of financial condition:
Amounts available for offset		36,328			15,198			23,207			74,733
Collateral pledged		215,809			636,038			39,619			891,466
Net amount	$	—		$	—		$	(8,485	)	$	(8,485	)

(4)

Securities lending transactions are included in payables to brokers, dealers, and clearing organizations on the consolidated statements of financial condition.

(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 $901.1 million and $687.2 million at March 31, 2026 and December 31, 2025, respectively.

(6)

Collateral pledged includes the fair value of securities pledged to the counterparty. There were no securities pledged as collateral at March 31, 2026 or December 31, 2025.