Derivatives (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2025						December 31, 2024
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX swaps	$	901	$	1,217	$	1,332,685	$	4,810	$	3,679	$	635,790
Forwards	397		216		1,280,782		409		751		185,821
Interest rate swaps	18		—		52,266,392		—		—		534,085
Futures	—		826		7,758,139		165		—		8,758,848
Total	$	1,316	$	2,259	$	62,637,998	$	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 June 30, 2025 and December 31, 2024 (in thousands):

	June 30, 2025
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	1,042	$	(141)	$	901
Forwards	491		(94)		397
Interest rate swaps	1,602		(1,584)		18
Futures	59,242		(59,242)		—
Total derivative assets	$	62,377	$	(61,061)	$	1,316
Liabilities
FX swaps	$	1,358	$	(141)	$	1,217
Futures	60,068		(59,242)		826
Forwards	310		(94)		216
Interest rate swaps	1,584		(1,584)		—
Total derivative liabilities	$	63,320	$	(61,061)	$	2,259

	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 and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Derivative contract	2025		2024		2025		2024
Futures	$	5,354	$	2,833	$	9,931	$	6,639
Interest rate swaps	2,994		1,832		5,376		3,928
FX swaps	1,208		558		2,029		1,056
FX/commodities options	141		57		235		104
Gains, net	$	9,697	$	5,280	$	17,571	$	11,727