Derivatives (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Fair Value of Derivative Contracts |
The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Derivative contract | | Assets | | Liabilities | | Notional Amounts1 | | Assets | | Liabilities | | Notional Amounts1 | | FX swaps | | $ | 3,978 | | | $ | 3,464 | | | $ | 749,661 | | | $ | 1,773 | | | $ | 1,022 | | | $ | 748,874 | | | Interest rate swaps | | 1,676 | | | — | | | 25,359,003 | | | — | | | — | | | — | | | Forwards | | 247 | | | 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.
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| Schedule of Offsetting of Derivative Instruments |
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 swaps | 17,779 | | | (16,103) | | | 1,676 | | | Forwards | 273 | | | (26) | | | 247 | | | Futures | 104,345 | | | (104,345) | | | — | | | Total derivative assets | $ | 126,883 | | | $ | (120,982) | | | $ | 5,901 | | | Liabilities | | | | | | | FX swaps | $ | 3,972 | | | $ | (508) | | | $ | 3,464 | | | Futures | 105,365 | | | (104,345) | | | 1,020 | | | Forwards | 728 | | | (26) | | | 702 | | | Interest rate swaps | 16,103 | | | (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 | | | Forwards | 929 | | | (274) | | | 655 | | | Futures | 44,469 | | | (44,469) | | | — | | | | | | | | | Total derivative assets | $ | 47,822 | | | $ | (45,394) | | | $ | 2,428 | | | Liabilities | | | | | | | FX swaps | $ | 1,673 | | | $ | (651) | | | $ | 1,022 | | | Forwards | 658 | | | (274) | | | 384 | | | Futures | 44,671 | | | (44,469) | | | 202 | | | | | | | | | Total derivative liabilities | $ | 47,002 | | | $ | (45,394) | | | $ | 1,608 | |
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| Schedule of Gains and (Losses) on Derivative Contracts |
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 contract | | 2026 | | 2025 | | | | | | Interest rate swaps | | $ | 6,722 | | | $ | 2,382 | | | | | | | Futures | | 1,895 | | | 4,577 | | | | | | | FX swaps | | 718 | | | 821 | | | | | | | FX/commodities options | | 37 | | | 94 | | | | | | | Gains, net | | $ | 9,372 | | | $ | 7,874 | | | | | |
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