Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Value and Fair Value of Derivative Instruments

The notional value and fair value as of June 30, 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)
June 30, 2026:
Exchange-traded futures	$	230,224	$	470	$	1,728
Currency forwards	115,238		5,764		4,526
Interest rate swaps	5,735		181		1
Credit default swaps	443,486		1,308		10,575
Total return swaps	37,062		—		883
Option swaps	50,157		5,024		18
Total derivatives	$	881,902	$	12,747	$	17,731
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

Summary 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, 2026 and 2025 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,
	2026		2025		2026		2025
	(in thousands)
Exchange-traded futures	$	(8,403)	$	(3,891)	$	(6,249)	$	(3,633)
Currency forwards	1,786		(5,120)		3,627		(5,775)
Interest rate swaps	46		42		(514)		(310)
Credit default swaps	(3,525)		(2,921)		(1,994)		(2,487)
Total return swaps	(3,480)		2,040		(6,215)		(9,377)
Option swaps	54		(1,224)		1,625		(2,268)
Net (losses) on derivative instruments	$	(13,522)	$	(11,074)	$	(9,720)	$	(23,850)