Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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)
June 30, 2025:
Exchange-traded futures	$	195,436	$	323	$	2,582
Currency forwards	82,138		4,936		7,273
Interest rate swaps	12,199		89		118
Credit default swaps	361,851		11,086		20,047
Total return swaps	183,560		4,918		(324)
Option swaps	50,194		5,698		381
Total derivatives	$	885,378	$	27,050	$	30,077
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 and six months ended June 30, 2025 and 2024 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Exchange-traded futures	$	(3,891)	$	(871)	$	(3,633)	$	(2,450)
Currency forwards	(5,120)		(9)		(5,775)		355
Interest rate swaps	42		282		(310)		425
Credit default swaps	(2,921)		(91)		(2,487)		(920)
Total return swaps	2,040		(682)		(9,377)		(3,938)
Option swaps	(1,224)		(259)		(2,268)		(52)
Net (losses) on derivative instruments	$	(11,074)	$	(1,630)	$	(23,850)	$	(6,580)