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
Jun. 30, 2026
Dec. 31, 2025
Net amounts of recognized assets    
Financial instruments owned, at fair value—Domestic government debt $ 66,688 $ 97,546
Financial instruments owned, at fair value—Foreign government debt 26,731 29,054
Financial instruments owned, at fair value—Equities 1,096 955
Financial instruments owned, at fair value—Corporate bonds 35 59
Netting and Collateral (99,673) (45,394)
Net amounts presented in the statements of financial condition, assets 14,308 2,428
Total 108,858 130,042
Net amounts of recognized liabilities    
Netting and Collateral (99,673) (45,394)
Net amounts presented in the statements of financial condition, liabilities 12,590 1,608
Contingent consideration 18,874 22,662
Total 31,464 24,270
FX swaps    
Net amounts of recognized assets    
Netting and Collateral (24,917) (651)
Net amounts presented in the statements of financial condition, assets 12,665 1,773
Net amounts of recognized liabilities    
Netting and Collateral (24,917) (651)
Net amounts presented in the statements of financial condition, liabilities 10,794 1,022
Interest rate swaps    
Net amounts of recognized assets    
Netting and Collateral (14,124)  
Net amounts presented in the statements of financial condition, assets 1,131  
Net amounts of recognized liabilities    
Netting and Collateral (14,124)  
Net amounts presented in the statements of financial condition, liabilities 0  
Forwards    
Net amounts of recognized assets    
Netting and Collateral (500) (274)
Net amounts presented in the statements of financial condition, assets 512 655
Net amounts of recognized liabilities    
Netting and Collateral (500) (274)
Net amounts presented in the statements of financial condition, liabilities 732 384
Futures    
Net amounts of recognized assets    
Netting and Collateral (60,132) (44,469)
Net amounts presented in the statements of financial condition, assets 0 0
Net amounts of recognized liabilities    
Netting and Collateral (60,132) (44,469)
Net amounts presented in the statements of financial condition, liabilities 1,064 202
Level 1    
Net amounts of recognized assets    
Financial instruments owned, at fair value—Domestic government debt 66,688 97,546
Financial instruments owned, at fair value—Foreign government debt 0 0
Financial instruments owned, at fair value—Equities 1,096 955
Financial instruments owned, at fair value—Corporate bonds 0 0
Total 127,916 142,970
Net amounts of recognized liabilities    
Contingent consideration 0 0
Total 61,196 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 60,132 44,469
Net amounts of recognized liabilities    
Derivative liability 61,196 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 26,731 29,054
Financial instruments owned, at fair value—Equities 0 0
Financial instruments owned, at fair value—Corporate bonds 35 59
Total 80,615 32,466
Net amounts of recognized liabilities    
Contingent consideration 0 0
Total 51,067 2,331
Level 2 | FX swaps    
Net amounts of recognized assets    
Derivative asset 37,582 2,424
Net amounts of recognized liabilities    
Derivative liability 35,711 1,673
Level 2 | Interest rate swaps    
Net amounts of recognized assets    
Derivative asset 15,255  
Net amounts of recognized liabilities    
Derivative liability 14,124  
Level 2 | Forwards    
Net amounts of recognized assets    
Derivative asset 1,012 929
Net amounts of recognized liabilities    
Derivative liability 1,232 658
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 0
Total 0 0
Net amounts of recognized liabilities    
Contingent consideration 18,874 22,662
Total 18,874 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