Derivatives (Tables)

12 Months Ended

Dec. 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):

	December 31, 2025						December 31, 2024
Derivative contract	Assets		Liabilities		Notional Amounts1		Assets		Liabilities		Notional Amounts1
FX swaps	$	1,773	$	1,022	$	748,874	$	4,810	$	3,679	$	635,790
Forwards	655		384		249,973		409		751		185,821
Futures	—		202		7,860,240		165		—		8,758,848
Interest rate swaps	—		—		—		—		—		534,085
Total	$	2,428	$	1,608	$	8,859,087	$	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 December 31, 2025 and 2024 (in thousands):

	December 31, 2025
	Gross Amounts		Gross Amounts Offset		Net Amounts Presented in the Statements of Financial Condition
Assets
FX swaps	$	2,424	$	(651)	$	1,773
Forwards	929		(274)		655
Futures	44,469		(44,469)		—
Total derivative assets	$	47,822	$	(45,394)	$	2,428
Liabilities
FX swaps	$	1,673	$	(651)	$	1,022
Forwards	658		(274)		384
Futures	44,671		(44,469)		202
Total derivative liabilities	$	47,002	$	(45,394)	$	1,608

	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 years ended December 31, 2025, 2024 and 2023 (in thousands):

	Year Ended December 31,
Derivative contract	2025		2024		2023
Futures	$	14,524	$	12,371	$	13,139
Interest rate swaps	12,055		6,965		3,454
FX swaps	3,625		2,581		2,619
FX/commodities options	382		317		230
Gains, net	$	30,586	$	22,234	$	19,442