Derivatives (Tables)

3 Months Ended

Mar. 31, 2025

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):

	March 31, 2025						December 31, 2024
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX swaps	$	1,141	$	454	$	686,908	$	4,810	$	3,679	$	635,790
Forwards	96		160		67,710		409		751		185,821
Futures	—		43		9,181,705		165		—		8,758,848
Interest rate swaps	56		—		23,919,894		—		—		534,085
Total	$	1,293	$	657	$	33,856,217	$	5,384	$	4,430	$	10,114,544

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 March 31, 2025 and December 31, 2024 (in thousands):

	March 31, 2025
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	1,231	$	(90)	$	1,141
Forwards	124		(28)		96
Futures	37,564		(37,564)		—
Interest rate swaps	8,633		(8,577)		56
Total derivative assets	$	47,552	$	(46,259)	$	1,293
Liabilities
FX swaps	$	544	$	(90)	$	454
Forwards	188		(28)		160
Futures	37,607		(37,564)		43
Interest rate swaps	8,577		(8,577)		—
Total derivative liabilities	$	46,916	$	(46,259)	$	657

	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

Schedule of Gains and (Losses) on Derivative Contracts

The table below summarizes gains and (losses) on derivative contracts for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
Derivative contract	2025		2024
Futures	$	4,577	$	3,806
Interest rate swaps	2,382		2,096
FX swaps	821		498
FX/commodities options	94		47
Gains, net	$	7,874	$	6,447