Fair Value of Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis

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 December 31, 2024
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Financial instruments owned, at fair value—Domestic government debt	$	170,381	$	—	$	—	$	—	$	170,381
Financial instruments owned, at fair value—Foreign government debt	—		14,827		—		—		14,827
Financial instruments owned, at fair value—Equities	989		—		—		—		989
FX swaps	—		5,993		—		(1,183)		4,810
Forwards	—		465		—		(56)		409
Interest rate swaps	—		132		—		(132)		—
Futures	37,083		—		—		(36,918)		165
Total	$	208,453	$	21,417	$	—	$	(38,289)	$	191,581

	Liabilities at Fair Value at December 31, 2024
	Level 1		Level 2		Level 3		Netting and Collateral		Total
FX swaps	$	—	$	4,862	$	—	$	(1,183)	$	3,679
Forwards	—		807		—		(56)		751
Futures	36,918		—		—		(36,918)		—
Interest rate swaps	—		132		—		(132)		—
Contingent consideration	—		—		21,768		—		21,768
Total	$	36,918	$	5,801	$	21,768	$	(38,289)	$	26,198

	Assets at Fair Value at December 31, 2023
	Level 1		Level 2		Level 3		Netting and Collateral		Total
Financial instruments owned, at fair value—Domestic government debt	$	31,141	$	—	$	—	$	—	$	31,141
Financial instruments owned, at fair value—Foreign government debt	—		14,164		—		—		14,164
Financial instruments owned, at fair value—Equities	487		—		—		—		487
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	$	31,628	$	93,489	$	—	$	(75,718)	$	49,399

	Liabilities at Fair Value at December 31, 2023
	Level 1		Level 2		Level 3		Netting and Collateral		Total
FX swaps	$	—	$	5,912	$	—	$	(793)	$	5,119
Futures	—		659		—		(50)		609
Forwards	—		62,721		—		(62,693)		28
Interest rate swaps	—		12,182		—		(12,182)		—
Contingent consideration	—		—		11,929		—		11,929
Total	$	—	$	81,474	$	11,929	$	(75,718)	$	17,685

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 year ended December 31, 2024 were as follows (in thousands):

											Unrealized (gains) losses for the period included in:
	Opening Balance as of January 1, 2024		Total realized and unrealized (gains) losses included in Net income (loss)1		Purchases/ Issuances		Sales/ Settlements		Closing Balance at December 31, 2024		Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2024		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2024
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration	$	11,929	$	1,146	$	12,333	$	(3,640)	$	21,768	$	1,146	$	—

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1Realized and unrealized gains (losses) are reported in “Other income (loss),” in the Company’s Consolidated Statements of Operations.

Changes in Level 3 liabilities measured at fair value on a recurring basis for the year ended December 31, 2023 were as follows (in thousands):

											Unrealized (gains) Losses for the period included in:
	Opening Balance as of January 1, 2023		Total realized and unrealized (gains) losses included in Net income (loss)1		Purchases/ Issuances2		Sales/ Settlements		Closing Balance at December 31, 2023		Net income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2023		Other comprehensive income (loss) on Level 3 Assets / Liabilities Outstanding at December 31, 2023
Liabilities
Accounts payable, accrued and other liabilities:
Contingent consideration	$	24,279	$	1,442	$	7,710	$	(21,502)	$	11,929	$	835	$	—

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1Realized and unrealized gains (losses) are reported in “Other income (loss),” as applicable, in the Company’s Consolidated Statements of Operations.

2“Purchases/Issuances” includes a $2.2 million measurement period adjustment relating to the Trident Acquisition (see Note 16—“Goodwill and Other Intangible Assets, Net” for additional information).

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 (in thousands):

	Fair Value as of December 31, 2024
	Assets		Liabilities		Valuation Technique	Unobservable Inputs	Range	Weighted Average
						Discount rate1	9.1%-9.2%	9.1%
Contingent consideration	$	—	$	21,768	Present value of expected payments	Probability of meeting earnout and contingencies	20%-100%	81.9%2

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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, 2023
	Assets		Liabilities		Valuation Technique	Unobservable Inputs	Range	Weighted Average
						Discount rate1	7.2%-9.2%	8.6%
Contingent consideration	$	—	$	11,929	Present value of expected payments	Probability of meeting earnout and contingencies	20%-100%	86.5%2

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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.