v3.26.1
Fair Value of Financial Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026
Level 1Level 2Level 3Netting and
Collateral		Total
Financial instruments owned, at fair value—Domestic government debt$66,688 $— $— $— $66,688 
Financial instruments owned, at fair value—Foreign government debt— 26,731 — — 26,731 
Financial instruments owned, at fair value—Equities1,096 — — — 1,096 
Financial instruments owned, at fair value—Corporate bonds— 35 — — 35 
FX swaps— 37,582 — (24,917)12,665 
Interest rate swaps— 15,255 — (14,124)1,131 
Forwards— 1,012 — (500)512 
Futures60,132 — — (60,132)— 
Total$127,916 $80,615 $— $(99,673)$108,858 
Liabilities at Fair Value at June 30, 2026
Level 1Level 2Level 3Netting and
Collateral		Total
FX swaps$— $35,711 $— $(24,917)$10,794 
Futures61,196 — — (60,132)1,064 
Forwards— 1,232 — (500)732 
Interest rate swaps— 14,124 — (14,124)— 
Contingent consideration— — 18,874 — 18,874 
Total$61,196 $51,067 $18,874 $(99,673)$31,464 
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 June 30, 2026 were as follows (in thousands):
Unrealized gains (losses)
for the period included in:
Opening Balance at April 1, 2026Total realized and unrealized (gains) losses
included in Net income (loss)¹		Sales/
Settlements		Closing Balance at June 30, 2026Net (income) loss on Level 3 Assets/Liabilities Outstanding at June 30, 2026Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at June 30, 2026
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$18,414 $460 $— $18,874 $460 $— 
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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 June 30, 2025 were as follows (in thousands):
Unrealized gains (losses)
for the period included in:
Opening Balance at April 1, 2025Total realized and unrealized (gains) losses
included in Net income (loss)¹		Sales/
Settlements		Closing Balance at June 30, 2025Net (income) loss on Level 3 Assets/Liabilities Outstanding at June 30, 2025Other comprehensive income (loss) on Level 3 Assets/Liabilities Outstanding at June 30, 2025
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$21,668 $2,440 $(1,000)$23,108 $2,440 $— 
____________________________
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 six months ended June 30, 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)¹		Sales/
Settlements		Closing Balance at June 30, 2026Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2026Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2026
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$22,662 $1,629 $(5,417)$18,874 $1,664 $— 
____________________________
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 six months ended June 30, 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)¹		Sales/
Settlements		Closing Balance at June 30, 2025Net income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2025Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at June 30, 2025
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration$21,768 $3,863 $(2,523)$23,108 $3,817 $— 
____________________________
1Realized and unrealized gains (losses) are reported in “Other income (loss)” in the Company’s unaudited Condensed Consolidated Statements of Operations.
Schedule of Quantitative Information about Level 3 Fair Value Measurements on Recurring Basis
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurement of Level 3 liabilities measured at fair value on a recurring basis (dollar amounts in thousands):
Fair Value as of June 30, 2026
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.5%-7.5%
7.5%
Contingent consideration$— $18,874 Present value of
expected payments		Probability
of meeting earnout
and contingencies
70%-100%
88.9%2
____________________________
1The discount rate is based on the Company’s calculated weighted-average cost of capital.
2The probability of meeting the earnout targets was based on the acquirees’ projected future financial performance, including revenues.
Fair Value as of December 31, 2025
AssetsLiabilitiesValuation TechniqueUnobservable InputsRangeWeighted
Average
Discount rate1
7.5%-9.2%
7.5%
Contingent consideration$— $22,662 Present value of
expected payments		Probability
of meeting earnout
and contingencies
50%-100%
85.0%2
____________________________
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.