v3.26.1
Derivatives
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The following table shows the gross and net amounts of recognized derivative assets and liabilities at fair value (in thousands):

As of
June 30, 2026
Gross NotionalAssetsLiabilities
Options$304,660 $409 $349 
Futures$27,921 — 395 
Total Return Swap$3,036 — 496 
Total$409 $1,240 

For the three and six months ended June 30, 2026, the Company recognized a net derivatives gain of $1.3 million and $4.2 million, within total revenue in the condensed consolidated statements of operations, respectively. No net derivatives gain was recognized during the three and six months ended June 30, 2025.

As of June 30, 2026, exchange traded derivative contracts are classified as Level 1 and over-the-counter derivative contracts are classified as Level 2 under ASC 820.