v3.26.1
Fair Value of Financial Assets and Liabilities - Fair Value Hierarchy of Financial Assets and Liabilities under U.S. GAAP Guidance (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Net amounts of recognized assets    
Financial instruments owned, at fair value—Domestic government debt $ 71,259 $ 97,546
Financial instruments owned, at fair value—Foreign government debt 25,477 29,054
Financial instruments owned, at fair value—Equities 670 955
Financial instruments owned, at fair value—Corporate bonds   59
Netting and Collateral (120,982) (45,394)
Net amounts presented in the statements of financial condition, assets 5,901 2,428
Total 103,307 130,042
Net amounts of recognized liabilities    
Netting and Collateral (120,982) (45,394)
Net amounts presented in the statements of financial condition, liabilities 5,186 1,608
Contingent consideration 18,414 22,662
Total 23,600 24,270
FX swaps    
Net amounts of recognized assets    
Netting and Collateral (508) (651)
Net amounts presented in the statements of financial condition, assets 3,978 1,773
Net amounts of recognized liabilities    
Netting and Collateral (508) (651)
Net amounts presented in the statements of financial condition, liabilities 3,464 1,022
Interest rate swaps    
Net amounts of recognized assets    
Netting and Collateral (16,103)  
Net amounts presented in the statements of financial condition, assets 1,676  
Net amounts of recognized liabilities    
Netting and Collateral (16,103)  
Net amounts presented in the statements of financial condition, liabilities 0  
Forwards    
Net amounts of recognized assets    
Netting and Collateral (26) (274)
Net amounts presented in the statements of financial condition, assets 247 655
Net amounts of recognized liabilities    
Netting and Collateral (26) (274)
Net amounts presented in the statements of financial condition, liabilities 702 384
Futures    
Net amounts of recognized assets    
Netting and Collateral (104,345) (44,469)
Net amounts presented in the statements of financial condition, assets 0 0
Net amounts of recognized liabilities    
Netting and Collateral (104,345) (44,469)
Net amounts presented in the statements of financial condition, liabilities 1,020 202
Level 1    
Net amounts of recognized assets    
Financial instruments owned, at fair value—Domestic government debt 71,259 97,546
Financial instruments owned, at fair value—Foreign government debt 0 0
Financial instruments owned, at fair value—Equities 670 955
Financial instruments owned, at fair value—Corporate bonds   0
Total 176,274 142,970
Net amounts of recognized liabilities    
Contingent consideration 0 0
Total 105,365 44,671
Level 1 | FX swaps    
Net amounts of recognized assets    
Derivative asset 0 0
Net amounts of recognized liabilities    
Derivative liability 0 0
Level 1 | Interest rate swaps    
Net amounts of recognized assets    
Derivative asset 0  
Net amounts of recognized liabilities    
Derivative liability 0  
Level 1 | Forwards    
Net amounts of recognized assets    
Derivative asset 0 0
Net amounts of recognized liabilities    
Derivative liability 0 0
Level 1 | Futures    
Net amounts of recognized assets    
Derivative asset 104,345 44,469
Net amounts of recognized liabilities    
Derivative liability 105,365 44,671
Level 2    
Net amounts of recognized assets    
Financial instruments owned, at fair value—Domestic government debt 0 0
Financial instruments owned, at fair value—Foreign government debt 25,477 29,054
Financial instruments owned, at fair value—Equities 0 0
Financial instruments owned, at fair value—Corporate bonds   59
Total 48,015 32,466
Net amounts of recognized liabilities    
Contingent consideration 0 0
Total 20,803 2,331
Level 2 | FX swaps    
Net amounts of recognized assets    
Derivative asset 4,486 2,424
Net amounts of recognized liabilities    
Derivative liability 3,972 1,673
Level 2 | Interest rate swaps    
Net amounts of recognized assets    
Derivative asset 17,779  
Net amounts of recognized liabilities    
Derivative liability 16,103  
Level 2 | Forwards    
Net amounts of recognized assets    
Derivative asset 273 929
Net amounts of recognized liabilities    
Derivative liability 728 658
Level 2 | Futures    
Net amounts of recognized assets    
Derivative asset 0 0
Net amounts of recognized liabilities    
Derivative liability 0 0
Level 3    
Net amounts of recognized assets    
Financial instruments owned, at fair value—Domestic government debt 0 0
Financial instruments owned, at fair value—Foreign government debt 0 0
Financial instruments owned, at fair value—Equities 0 0
Financial instruments owned, at fair value—Corporate bonds   0
Total 0 0
Net amounts of recognized liabilities    
Contingent consideration 18,414 22,662
Total 18,414 22,662
Level 3 | FX swaps    
Net amounts of recognized assets    
Derivative asset 0 0
Net amounts of recognized liabilities    
Derivative liability 0 0
Level 3 | Interest rate swaps    
Net amounts of recognized assets    
Derivative asset 0  
Net amounts of recognized liabilities    
Derivative liability 0  
Level 3 | Forwards    
Net amounts of recognized assets    
Derivative asset 0 0
Net amounts of recognized liabilities    
Derivative liability 0 0
Level 3 | Futures    
Net amounts of recognized assets    
Derivative asset 0 0
Net amounts of recognized liabilities    
Derivative liability $ 0 $ 0