Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Value and Fair Value of Derivative Instruments

The notional value and fair value as of March 31, 2026 and December 31, 2025 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, 2026:
Exchange-traded futures	$	184,317	$	3,645	$	97
Currency forwards	80,275		8,110		5,276
Interest rate swaps	5,735		140		10
Credit default swaps	331,244		683		5,009
Total return swaps	151,692		2,280		3,633
Option swaps	50,193		4,860		84
Total derivatives	$	803,456	$	19,718	$	14,109
December 31, 2025:
Exchange-traded futures	$	200,332	$	832	$	366
Currency forwards	88,910		5,073		6,102
Interest rate swaps	7,185		181		12
Credit default swaps	371,581		864		10,551
Total return swaps	157,940		1,140		419
Option swaps	50,196		4,895		165
Total derivatives	$	876,144	$	12,985	$	17,615

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, 2026 and 2025 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:

	Three Months Ended March 31,
	2026		2025
	(in thousands)
Exchange-traded futures	$	2,154	$	258
Currency forwards	1,841		(655)
Interest rate swaps	(560)		(352)
Credit default swaps	1,531		434
Total return swaps	(2,735)		(11,417)
Option swaps	1,571		(1,044)
Net gains on derivative instruments	$	3,802	$	(12,776)