Derivative Instruments (Tables)

9 Months Ended

Sep. 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 September 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)
September 30, 2025:
Exchange-traded futures	$	193,619	$	75	$	1,568
Currency forwards	83,410		5,060		5,082
Interest rate swaps	7,540		83		72
Credit default swaps	375,539		744		9,870
Total return swaps	187,081		2,864		585
Option swaps	50,048		5,188		435
Total derivatives	$	897,237	$	14,014	$	17,612
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 nine months ended September 30, 2025 and 2024 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Exchange-traded futures	$	(3,782)	$	(5,443)	$	(7,415)	$	(7,893)
Currency forwards	809		(460)		(4,966)		(105)
Interest rate swaps	9		(1,298)		(301)		(873)
Credit default swaps	(1,445)		(920)		(3,932)		(1,840)
Total return swaps	168		(5,295)		(9,209)		(9,233)
Option swaps	(638)		(1,869)		(2,906)		(1,921)
Net (losses) on derivative instruments	$	(4,879)	$	(15,285)	$	(28,729)	$	(21,865)