Derivatives (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):

	December 31, 2024						December 31, 2023
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX swaps	$	4,810	$	3,679	$	635,790	$	2,674	$	5,119	$	545,669
Forwards	409		751		185,821		805		609		310,880
Futures	165		—		8,758,848		—		28		6,703,624
Interest rate swaps	—		—		534,085		128		—		34,272,592
Total	$	5,384	$	4,430	$	10,114,544	$	3,607	$	5,756	$	41,832,765

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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.

Schedule of Offsetting of Derivative Instruments

The following tables present information about the offsetting of derivative instruments as of December 31, 2024 and 2023 (in thousands):

	December 31, 2024
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	5,993	$	(1,183)	$	4,810
Forwards	465		(56)		409
Futures	37,083		(36,918)		165
Interest rate swaps	132		(132)		—
Total derivative assets	$	43,673	$	(38,289)	$	5,384
Liabilities
FX swaps	$	4,862	$	(1,183)	$	3,679
Forwards	807		(56)		751
Futures	36,918		(36,918)		—
Interest rate swaps	132		(132)		—
Total derivative liabilities	$	42,719	$	(38,289)	$	4,430

	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

Schedule of Gains and (Losses) on Derivative Contracts

The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2024, 2023 and 2022 (in thousands):

	Year Ended December 31,
Derivative contract	2024		2023		2022
Futures	$	12,371	$	13,139	$	16,388
Interest rate swaps	6,965		3,454		25
FX swaps	2,581		2,619		2,466
FX/commodities options	317		230		331
Gains, net	$	22,234	$	19,442	$	19,210