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Derivatives (Tables) | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Contracts | The fair value of derivative contracts, computed in accordance with the Company’s netting policy, is set forth below (in thousands):
|  | June 30, 2023 |  | December 31, 2022
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps |  | $ | 4,386 |  |  | $ | 2,534 |  |  | $ | 712,985 |  |  | $ | 3,134 |  |  | $ | 5,796 |  |  | $ | 586,020 |
Forwards |  | 598 |  |  | 1,109 |  |  | 300,046 |  |  | 603 |  |  | 569 |  |  | 197,278 |
Interest rate swaps |  | 217 |  |  | — |  |  | 343,360,180 |  |  | 25 |  |  | — |  |  | 2,114,412 |
Futures |  | — |  |  | 357 |  |  | 7,165,070 |  |  | — |  |  | 1,268 |  |  | 4,253,088 |
Total |  | $ | 5,201 |  |  | $ | 4,000 |  |  | $ | 351,538,281 |  |  | $ | 3,762 |  |  | $ | 7,633 |  |  | $ | 7,150,798 |
1 Notional amounts represent the sum of gross long and short derivative contracts, an indication of the volume of the Company’s derivative activity, and do not represent anticipated losses.
Summary of Offsetting of Derivative Instruments | The following tables present information about the offsetting of derivative instruments (in thousands):
| June 30, 2023
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
FX swaps | $ | 4,642 |  |  | $ | (256) |  |  | $ | 4,386 |
Forwards | 649 |  |  | (51) |  |  | 598 |
Interest rate swaps | 15,693 |  |  | (15,476) |  |  | 217 |
Futures | 70,092 |  |  | (70,092) |  |  | — |
Total derivative assets | $ | 91,076 |  |  | $ | (85,875) |  |  | $ | 5,201 |
Liabilities |  |  |  |  |
FX swaps | $ | 2,790 |  |  | $ | (256) |  |  | $ | 2,534 |
Forwards | 1,160 |  |  | (51) |  |  | 1,109 |
Futures | 70,449 |  |  | (70,092) |  |  | 357 |
Interest rate swaps | 15,476 |  |  | $ | (15,476) |  |  | — |
Total derivative liabilities | $ | 89,875 |  |  | $ | (85,875) |  |  | $ | 4,000 |
| December 31, 2022
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
FX swaps | $ | 3,623 |  |  | $ | (489) |  |  | $ | 3,134 |
Forwards | 746 |  |  | (143) |  |  | 603 |
Interest Rate Swaps | 895 |  |  | (870) |  |  | 25 |
Futures | 64,769 |  |  | (64,769) |  |  | — |
Total derivative assets | $ | 70,033 |  |  | $ | (66,271) |  |  | $ | 3,762 |
Liabilities |  |  |  |  |
FX swaps | $ | 6,285 |  |  | $ | (489) |  |  | $ | 5,796 |
Futures | 66,037 |  |  | (64,769) |  |  | 1,268 |
Forwards | 712 |  |  | (143) |  |  | 569 |
Interest Rate Swaps | 870 |  |  | (870) |  |  | — |
Total derivative liabilities | $ | 73,904 |  |  | $ | (66,271) |  |  | $ | 7,633 |
1 There were no additional balances in gross amounts not offset as of either June 30, 2023 or December 31, 2022.
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivative contract |  | 2023 |  | 2022 |  | 2023 |  | 2022
Futures |  | $ | 3,356 |  |  | $ | 3,832 |  |  | $ | 6,777 |  |  | $ | 8,241 |
Interest rate swaps |  | 189 |  |  | — |  |  | 217 |  |  | — |
FX swaps |  | 126 |  |  | 601 |  |  | 896 |  |  | 930 |
FX/commodities options |  | 41 |  |  | 48 |  |  | 82 |  |  | 148 |
Gains |  | $ | 3,712 |  |  | $ | 4,481 |  |  | $ | 7,972 |  |  | $ | 9,319 |

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