Derivatives (Tables)
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6 Months Ended |
Jun. 30, 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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Derivative contract | | Assets | | Liabilities | | Notional Amounts1 | | Assets | | Liabilities | | Notional Amounts1 | | FX swaps | | $ | 12,665 | | | $ | 10,794 | | | $ | 1,212,454 | | | $ | 1,773 | | | $ | 1,022 | | | $ | 748,874 | | | Interest rate swaps | | 1,131 | | | — | | | 14,326,810 | | | — | | | — | | | — | | | Forwards | | 512 | | | 732 | | | 269,248 | | | 655 | | | 384 | | | 249,973 | | | Futures | | — | | | 1,064 | | | 7,244,684 | | | — | | | 202 | | | 7,860,240 | | | Total | | $ | 14,308 | | | $ | 12,590 | | | $ | 23,053,196 | | | $ | 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 June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Gross
Amounts | | Gross
Amounts
Offset | | Net Amounts Presented in the Statements of Financial Condition | | Assets | | | | | | | FX swaps | $ | 37,582 | | | $ | (24,917) | | | $ | 12,665 | | | Interest rate swaps | 15,255 | | | (14,124) | | | 1,131 | | | Forwards | 1,012 | | | (500) | | | 512 | | | Futures | 60,132 | | | (60,132) | | | — | | | Total derivative assets | $ | 113,981 | | | $ | (99,673) | | | $ | 14,308 | | | Liabilities | | | | | | | FX swaps | $ | 35,711 | | | $ | (24,917) | | | $ | 10,794 | | | Futures | 61,196 | | | (60,132) | | | 1,064 | | | Forwards | 1,232 | | | (500) | | | 732 | | | Interest rate swaps | 14,124 | | | (14,124) | | | — | | | Total derivative liabilities | $ | 112,263 | | | $ | (99,673) | | | $ | 12,590 | |
| | | | | | | | | | | | | | | | | | | 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 and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Derivative contract | | 2026 | | 2025 | | 2026 | | 2025 | | Interest rate swaps | | $ | 4,620 | | | $ | 2,994 | | | $ | 11,342 | | | $ | 5,376 | | | Futures | | 1,813 | | | 5,354 | | | 3,708 | | | 9,931 | | | FX swaps | | 568 | | | 1,208 | | | 1,286 | | | 2,029 | | | FX/commodities options | | 51 | | | 141 | | | 88 | | | 235 | | | Gains, net | | $ | 7,052 | | | $ | 9,697 | | | $ | 16,424 | | | $ | 17,571 | |
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