Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):

	December 31, 2023						December 31, 2022
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX swaps	$	2,674	$	5,119	$	545,669	$	3,134	$	5,796	$	586,020
Forwards	805		609		310,880		603		569		197,278
Interest rate swaps	128		—		34,272,592		25		—		2,114,412
Futures	—		28		6,703,624		—		1,268		4,253,088
Total	$	3,607	$	5,756	$	41,832,765	$	3,762	$	7,633	$	7,150,798

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1.Notional 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.

Summary of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments as of December 31, 2023 and 2022 (in thousands):

	December 31, 2023
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	3,467	$	(793)	$	2,674
Forwards	855		(50)		805
Interest rate swaps	12,310		(12,182)		128
Futures	62,693		(62,693)		—
Total derivative assets	$	79,325	$	(75,718)	$	3,607
Liabilities
FX swaps	$	5,912	$	(793)	$	5,119
Forwards	659		(50)		609
Futures	62,721		(62,693)		28
Interest rate swaps	12,182		(12,182)		—
Total derivative liabilities	$	81,474	$	(75,718)	$	5,756

	December 31, 2022
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	3,623	$	(489)	$	3,134
Forwards	746		(143)		603
Interest rate swaps	895		(870)		25
Futures	64,769		(64,769)		—
Total derivative assets	$	70,033	$	(66,271)	$	3,762
Liabilities
FX swaps	$	6,285	$	(489)	$	5,796
Futures	66,037		(64,769)		1,268
Forwards	712		(143)		569
Interest rate swaps	870		(870)		—
Total derivative liabilities	$	73,904	$	(66,271)	$	7,633

Summary of Gains and (Losses) on Derivative Contracts

The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2023, 2022 and 2021 (in thousands):

	Year Ended December 31, 2023
Derivative contract	2023		2022		2021
Futures	$	13,139	$	16,388	$	10,902
Interest rate swaps	3,454		25		—
FX swaps	2,619		2,466		182
FX/commodities options	230		331		225
Forwards	—		—		(43)
Gains, net	$	19,442	$	19,210	$	11,266