Balance Sheet Offsetting (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of the assets subject to an enforceable master netting arrangement or repurchase agreements

The following tables present the assets and liabilities subject to enforceable master netting arrangements, repurchase agreements, or similar agreements with offsetting rights (in thousands).


											Gross Amounts Not Offset in
								Net Amounts			the Balance Sheet
		Gross Amounts			Gross Amounts			of Assets						Cash
		of Recognized			Offset in the			Presented in the			Financial			Collateral			Net
		Assets			Balance Sheet			Balance Sheet			Instruments			Pledged			Amount
September 30, 2026
Securities borrowed:
Institutional counterparties		$	1,492,907		$	—		$	1,492,907		$	(1,413,824)		$	—		$	79,083

Interest rate swaps:
Institutional counterparties			45,721			—			45,721			—			(35,560)			10,161

Credit default swaps:
Institutional counterparties			87			—			87			—			—			87

Reverse repurchase agreements:
Institutional counterparties			119,534			—			119,534			(117,341)			—			2,193

Forward MBS derivatives:
Institutional counterparties			37,577			—			37,577			(3)			—			37,574
		$	1,695,826		$	—		$	1,695,826		$	(1,531,168)		$	(35,560)		$	129,098
December 31, 2025
Securities borrowed:
Institutional counterparties		$	1,501,548		$	—		$	1,501,548		$	(1,425,084)		$	—		$	76,464

Interest rate swaps:
Institutional counterparties			27,370			—			27,370			—			(24,380)			2,990

Credit default swaps:
Institutional counterparties			7			—			7			—			—			7

Reverse repurchase agreements:
Institutional counterparties			55,977			—			55,977			(55,601)			—			376

Forward MBS derivatives:
Institutional counterparties			7,852			—			7,852			(253)			—			7,599
		$	1,592,754		$	—		$	1,592,754		$	(1,480,938)		$	(24,380)		$	87,436

Schedule of the liabilities subject to an enforceable master netting arrangement or repurchase agreements


											Gross Amounts Not Offset in
								Net Amounts			the Balance Sheet
		Gross Amounts			Gross Amounts			of Liabilities						Cash
		of Recognized			Offset in the			Presented in the			Financial			Collateral			Net
		Liabilities			Balance Sheet			Balance Sheet			Instruments			Pledged			Amount
September 30, 2026
Securities loaned:
Institutional counterparties		$	1,484,563		$	—		$	1,484,563		$	(1,404,774)		$	—		$	79,789

Interest rate swaps:
Institutional counterparties			1,522			—			1,522			—			—			1,522

Repurchase agreements:
Institutional counterparties			288,643			—			288,643			(288,643)			—			—

Forward MBS derivatives:
Institutional counterparties			39,153			—			39,153			(3)			—			39,150
		$	1,813,881		$	—		$	1,813,881		$	(1,693,420)		$	—		$	120,461
December 31, 2025
Securities loaned:
Institutional counterparties		$	1,495,133		$	—		$	1,495,133		$	(1,418,288)		$	—		$	76,845

Interest rate swaps:
Institutional counterparties			2,943			—			2,943			—			—			2,943

Repurchase agreements:
Institutional counterparties			268,805			—			268,805			(268,805)			—			—

Forward MBS derivatives:
Institutional counterparties			6,885			—			6,885			(253)			(1,795)			4,837
		$	1,773,766		$	—		$	1,773,766		$	(1,687,346)		$	(1,795)		$	84,625

Schedule of contractual maturities of repurchase agreements and secured borrowing transactions

The following tables present the remaining contractual maturities of repurchase agreement and securities lending transactions accounted for as secured borrowings (in thousands). The Company had no repurchase-to-maturity transactions outstanding at both September 30, 2026 and December 31, 2025.


	Remaining Contractual Maturities
	Overnight and						Greater Than
September 30, 2026	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase agreement transactions:
Asset-backed securities	$	79,505	$	193,314	$	—	$	—	$	272,819
Other		15,824		—		—		—		15,824

Securities lending transactions:
Corporate securities		52		—		—		—		52
Equity securities		1,484,511		—		—		—		1,484,511
Total	$	1,579,892	$	193,314	$	—	$	—	$	1,773,206

Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above									$	1,773,206
Amount related to agreements not included in offsetting disclosure above									$	—

	Remaining Contractual Maturities
	Overnight and						Greater Than
December 31, 2025	Continuous		Up to 30 Days		30-90 Days		90 Days		Total
Repurchase agreement transactions:
Asset-backed securities	$	61,704	$	204,993	$	—	$	—	$	266,697
Other		2,108		—		—		—		2,108

Securities lending transactions:
Corporate securities		52		—		—		—		52
Equity securities		1,495,081		—		—		—		1,495,081
Total	$	1,558,945	$	204,993	$	—	$	—	$	1,763,938

Gross amount of recognized liabilities for repurchase agreement and securities lending transactions in offsetting disclosure above									$	1,763,938
Amount related to agreements not included in offsetting disclosure above									$	—

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details