v3.26.1
Fair Value of Financial Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance
The following tables set forth by level within the fair value hierarchy financial assets and liabilities accounted for at fair value under U.S. GAAP guidance (in thousands):
Assets at Fair Value at March 31, 2026
Level 1Level 2Level 3Netting and
Collateral		Total
Financial instruments owned, at fair value—Domestic government debt$71,259 $— $— $— $71,259 
Financial instruments owned, at fair value—Foreign government debt— 25,477 — — 25,477 
Financial instruments owned, at fair value—Equities670 — — — 670 
FX swaps— 4,486 — (508)3,978 
Interest rate swaps— 17,779 — (16,103)1,676 
Forwards— 273 — (26)247 
Futures104,345 — — (104,345)— 
Total$176,274 $48,015 $— $(120,982)$103,307 
Liabilities at Fair Value at March 31, 2026
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $3,972 $— $(508)$3,464 
Futures105,365 — — (104,345)1,020 
Forwards— 728 — (26)702 
Interest rate swaps— 16,103 — (16,103)— 
Contingent consideration— — 18,414 — 18,414 
Total$105,365 $20,803 $18,414 $(120,982)$23,600 
Assets at Fair Value at December 31, 2025
Level 1Level 2Level 3Netting and
Collateral		Total
Financial instruments owned, at fair value—Domestic government debt$97,546 $— $— $— $97,546 
Financial instruments owned, at fair value—Foreign government debt— 29,054 — — 29,054 
Financial instruments owned, at fair value—Equities955 — — — 955 
Financial instruments owned, at fair value—Corporate bonds— 59 — — 59 
FX swaps— 2,424 — (651)1,773 
Forwards— 929 — (274)655 
Futures44,469 — — (44,469)— 
Total$142,970 $32,466 $— $(45,394)$130,042 
Liabilities at Fair Value at December 31, 2025
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $1,673 $— $(651)$1,022 
Forwards— 658 — (274)384 
Futures44,671 — — (44,469)202 
Contingent consideration— — 22,662 — 22,662 
Total$44,671 $2,331 $22,662 $(45,394)$24,270 
Schedule of Changes in Level 3 Financial Liabilities Measured at Fair Value on Recurring Basis
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026 were as follows (in thousands):
Unrealized gains (losses)
for the period included in:
Opening Balance at January 1, 2026Total realized and unrealized (gains) losses included in Net income (loss)¹Sales/
Settlements		Closing Balance at March 31, 2026Net (income) loss on Level 3 Assets/Liabilities Outstanding at March 31, 2026Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at March 31, 2026
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$22,662 $1,169 $(5,417)$18,414 $1,203 $— 
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1Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations.
Changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025 were as follows (in thousands):
Unrealized gains (losses)
for the period included in:
Opening Balance at January 1, 2025Total realized and unrealized (gains) losses included in Net income (loss)¹Sales/
Settlements		Closing Balance at March 31, 2025Net (income) loss on Level 3 Assets/Liabilities Outstanding at March 31, 2025Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at March 31, 2025
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$21,768 $1,423 $(1,523)$21,668 $1,423 $— 
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1Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations.
Schedule of Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (dollar amounts in thousands):
Fair Value as of March 31, 2026
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.5%-7.5%
7.5%
Contingent consideration$— $18,414 Present value of
expected payments		Probability
of meeting earnout
and contingencies
70%-100%
86.2%2
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1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2025
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.5%-9.2%
7.5%
Contingent consideration$— $22,662 Present value of
expected payments		Probability
of meeting earnout
and contingencies
50%-100%
85.0%2
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1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.