The tables below present information about derivative contracts by major product type. | | | | | | | | | | | | | | | | | | | Fair Value as of December | | 2025 | | 2024 | | $ in thousands | Derivative
Assets | Derivative
Liabilities | | Derivative
Assets | Derivative
Liabilities | | Interest rates | $ | – | | $ | 30 | | | $ | 68 | | $ | – | | | Commodities | 222 | | – | | | 292 | | 2 | | | Equities | 2,570 | | 24 | | | 344 | | – | | | Total gross fair value | $ | 2,792 | | $ | 54 | | | $ | 704 | | $ | 2 | | | Not offset in the statements of net assets available for benefits | | Counterparty netting | $ | (24) | | $ | (24) | | | $ | (2) | | $ | (2) | | | Cash collateral netting | (2,768) | | (30) | | | (702) | | – | | | Total | $ | – | | $ | – | | | $ | – | | $ | – | |
| | | | | | | | | | | | | | Notional Amounts as of December | | $ in thousands | | 2025 | 2024 | | Interest rates | | $ | 127,220 | | $ | 85,638 | | | Commodities | | 79,944 | | 117,891 | | | Equities | | 132,966 | | 128,447 | | | Total | | $ | 340,130 | | $ | 331,976 | |
The table below presents the net appreciation/(depreciation) in the fair value of derivatives (including gains and losses on derivatives bought and sold, as well as held during the year) by major product type. | | | | | | | | | | | | | | Year Ended December | | $ in thousands | | 2025 | 2024 | | Interest rates | | $ | 38 | | $ | (1,683) | | | Credit | | – | | 65 | | | Currencies | | – | | 480 | | | Commodities | | (6,206) | | (1,274) | | | Equities | | 6,113 | | (1,327) | | | Total | | $ | (55) | | $ | (3,739) | |
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