Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Value and Fair Value of Derivative Instruments

The notional value and fair value as of March 31, 2025 and December 31, 2024 for derivative instruments (excluding derivative instruments relating to our options desk trading activities discussed below) not designated as hedging instruments were as follows:

			Fair Value
	Notional Value		Derivative Assets		Derivative Liabilities
	(in thousands)
March 31, 2025:
Exchange-traded futures	$	170,508	$	876	$	324
Currency forwards	75,686		4,811		5,268
Interest rate swaps	17,282		87		117
Credit default swaps	241,508		735		5,774
Total return swaps	192,631		1,396		7,640
Option swaps	50,522		6,399		30
Total derivatives	$	748,137	$	14,304	$	19,153
December 31, 2024:
Exchange-traded futures	$	157,787	$	2,835	$	33
Currency forwards	27,368		4,881		4,656
Interest rate swaps	17,667		367		14
Credit default swaps	199,720		4,172		9,099
Total return swaps	216,468		663		1,087
Option swaps	50,459		8,023		55
Total derivatives	$	669,469	$	20,941	$	14,944

Schedule of Gains and Losses for Derivative Instruments Recognized in Investment Gains (Losses)

The gains and losses for derivative instruments for the three months ended March 31, 2025 and 2024 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Exchange-traded futures	$	258	$	(1,579)
Currency forwards	(655)		364
Interest rate swaps	(352)		143
Credit default swaps	434		(829)
Total return swaps	(11,417)		(3,256)
Option swaps	(1,044)		207
Net (losses) on derivative instruments	$	(12,776)	$	(4,950)