v3.26.1
Derivatives
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
In the normal course of operations, the Company enters into derivative contracts to facilitate client transactions, hedge principal positions and facilitate hedging activities of affiliated companies. These derivative contracts primarily consist of FX swaps, FX/commodities options, futures, forwards and interest rate swaps.
The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):
March 31, 2026December 31, 2025
Derivative contractAssetsLiabilities
Notional
Amounts1
AssetsLiabilities
Notional
Amounts1
FX swaps$3,978 $3,464 $749,661 $1,773 $1,022 $748,874 
Interest rate swaps1,676 — 25,359,003 — — — 
Forwards247 702 138,532 655 384 249,973 
Futures— 1,020 3,423,006 — 202 7,860,240 
Total$5,901 $5,186 $29,670,202 $2,428 $1,608 $8,859,087 

1Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity, and do not represent anticipated losses.
Certain of the Company’s FX swaps are with Cantor. See Note 13—“Related Party Transactions” for additional information related to these transactions.
The replacement costs of contracts in a gain position were $5.9 million and $2.4 million as of March 31, 2026 and December 31, 2025, respectively.
The following tables present information about the offsetting of derivative instruments as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Gross
Amounts		Gross
Amounts
Offset
Net Amounts Presented in the
Statements of Financial Condition
Assets
FX swaps$4,486 $(508)$3,978 
Interest rate swaps17,779 (16,103)1,676 
Forwards273 (26)247 
Futures104,345 (104,345)— 
Total derivative assets$126,883 $(120,982)$5,901 
Liabilities
FX swaps$3,972 $(508)$3,464 
Futures105,365 (104,345)1,020 
Forwards728 (26)702 
Interest rate swaps16,103 (16,103)— 
Total derivative liabilities$126,168 $(120,982)$5,186 
December 31, 2025
Gross
Amounts		Gross
Amounts
Offset		Net Amounts Presented in the
Statements of Financial Condition
Assets
FX swaps$2,424 $(651)$1,773 
Forwards929 (274)655 
Futures44,469 (44,469)— 
Total derivative assets$47,822 $(45,394)$2,428 
Liabilities
FX swaps$1,673 $(651)$1,022 
Forwards658 (274)384 
Futures44,671 (44,469)202 
Total derivative liabilities$47,002 $(45,394)$1,608 
There were no additional balances in gross amounts not offset as of either March 31, 2026 or December 31, 2025.
The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s unaudited Condensed Consolidated Statements of Operations.
The table below summarizes gains and (losses) on derivative contracts for the three months ended March 31, 2026 and 2025 (in thousands):
Three Months Ended March 31,
Derivative contract20262025
Interest rate swaps$6,722 $2,382 
Futures1,895 4,577 
FX swaps718 821 
FX/commodities options37 94 
Gains, net$9,372 $7,874