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Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Equities futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations |  |
Derivatives Assets |  |
Fair Value | $ (60) | $ (541)
Notional | 1,017,174 | 1,069,167
Equities futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations |  |
Derivatives Liabilities |  |
Fair Value | 1,399 | 527
Notional | 940,143 | 1,774,043
Commodity futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations |  |
Derivatives Assets |  |
Fair Value | (20,294) | 5,096
Notional | 11,492,904 | 5,610,161
Commodity futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations |  |
Derivatives Liabilities |  |
Fair Value | (4,409) | (277)
Notional | 171,504 | 56,331
Currency futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations |  |
Derivatives Assets |  |
Fair Value | 4,418 | (6,093)
Notional | 4,575,259 | 5,211,677
Currency futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations |  |
Derivatives Liabilities |  |
Fair Value | 216 | 7,382
Notional | 212,120 | 2,232,543
Fixed income futures | Derivative instruments not designated as hedging instruments | Receivables from broker-dealers and clearing organizations |  |
Derivatives Assets |  |
Fair Value | (25) | (3,890)
Notional | 11,711 | 110,748
Fixed income futures | Derivative instruments not designated as hedging instruments | Payables to broker-dealers and clearing organizations |  |
Derivatives Liabilities |  |
Fair Value | (199) | (74)
Notional | 383,154 | 21,077
Options |  |
Derivatives Assets |  |
Fair Value | 97,459 | 55,423
Derivatives Liabilities |  |
Fair Value | 216,992 | 5,240
Options | Derivative instruments not designated as hedging instruments | Financial instruments owned |  |
Derivatives Assets |  |
Fair Value | 97,459 | 55,423
Notional | 2,565,169 | 808,189
Options | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased |  |
Derivatives Liabilities |  |
Fair Value | 216,992 | 5,240
Notional | 2,637,691 | 820,023
Currency forwards |  |
Derivatives Assets |  |
Fair Value | 211,856 | 716,970
Derivatives Liabilities |  |
Fair Value | 198,463 | 681,878
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments owned |  |
Derivatives Assets |  |
Fair Value | 211,856 | 716,970
Notional | 28,015,291 | 42,202,047
Currency forwards | Derivative instruments not designated as hedging instruments | Financial instruments sold, not yet purchased |  |
Derivatives Liabilities |  |
Fair Value | 198,463 | 681,878
Notional | 28,008,595 | 42,184,501
Interest Rate Swap |  |
Derivatives Liabilities |  |
Fair Value |  | 2,572
Interest Rate Swap | Derivative instruments designated as hedging instruments | Payables to broker-dealers and clearing organizations |  |
Derivatives Liabilities |  |
Fair Value | 0 | 2,572
Notional | $ 0 | $ 1,075,000

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