v3.26.1
Derivatives and Hedging Activity (Tables)
6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Non-Designated Derivatives
The following table summarizes our non-designated derivatives as of June 30, 2026 (notional amounts in thousands):
Type of DerivativeNumber of ContractsAggregate Notional AmountNotional CurrencyMaturity
Fx contracts – Buy Euros (“EUR”)848,328 EURJuly 2026 - September 2027
Fx contracts – Buy Pounds Sterling (“GBP”)42,322 GBPJanuary 2027 - September 2027
Fx contracts – Buy Australian dollar (“AUD”)3403,454 AUDAugust 2026 - October 2029
Fx contracts – Sell EUR166482,404 EURJuly 2026 - December 2030
Fx contracts – Sell GBP240436,065 GBPJuly 2026 - November 2029
Fx contracts – Sell AUD551,233,452 AUDJuly 2026 - May 2030
Fx contracts – Sell Swiss Franc (“CHF”)411,243 CHFAugust 2026 - May 2027
Fx contracts – Sell Swedish Kronas (“SEK”)
32355,800 SEKAugust 2026 - February 2029
Interest rate swaps – Paying fixed rates251,928,695 USDJuly 2026 - September 2035
Interest rate swaps – Receiving fixed rates93,913,380 USDJanuary 2027 - June 2031
Interest rate futures
646,700 USDAugust 2026
Interest rate caps2469,500 USDMay 2027 - June 2030
Credit instruments260,000 USDDecember 2030 - July 2031
Total556
Schedule of Fair Value of Derivatives
The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 (amounts in thousands):
Fair Value of Derivatives
in an Asset Position (1) as of
Fair Value of Derivatives
in a Liability Position (2) as of
June 30,
2026
December 31, 2025
June 30,
2026
December 31, 2025
Foreign exchange contracts$22,791 $26,770 $64,972 $72,351 
Interest rate contracts1,173 18,657 25,723 10,060 
Credit instruments442 386 878 1,572 
Total derivatives$24,406 $45,813 $91,573 $83,983 
___________________________________________________
(1)Classified as derivative assets in our condensed consolidated balance sheets.
(2)Classified as derivative liabilities in our condensed consolidated balance sheets.
Schedule of Effect of Derivative Financial Instruments
The table below presents the effect of our derivative financial instruments on the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):

Derivatives Not Designated
as Hedging Instruments
Location of Gain (Loss) 
Recognized in Income
Amount of Gain (Loss)
Recognized in Income for the
Three Months Ended June 30,
Amount of Gain (Loss)
Recognized in Income for the
Six Months Ended June 30,
2026202520262025
Foreign exchange contractsLoss on derivative financial instruments, net$(5,503)$(95,317)$1,315 $(127,616)
Interest rate contractsLoss on derivative financial instruments, net2,989 (5,385)(6,637)(12,672)
Credit instrumentsLoss on derivative financial instruments, net(510)(594)(165)(697)
$(3,024)$(101,296)$(5,487)$(140,985)