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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Contracts | The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):
|  | March 31, 2024 |  | December 31, 2023
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps |  | $ | 4,067 |  |  | $ | 2,408 |  |  | $ | 946,438 |  |  | $ | 2,674 |  |  | $ | 5,119 |  |  | $ | 545,669 |
Forwards |  | 831 |  |  | 616 |  |  | 201,420 |  |  | 805 |  |  | 609 |  |  | 310,880 |
Interest rate swaps |  | 91 |  |  | — |  |  | 14,023,833 |  |  | 128 |  |  | — |  |  | 34,272,592 |
Futures |  | — |  |  | 61 |  |  | 6,930,238 |  |  | — |  |  | 28 |  |  | 6,703,624 |
Total |  | $ | 4,989 |  |  | $ | 3,085 |  |  | $ | 22,101,929 |  |  | $ | 3,607 |  |  | $ | 5,756 |  |  | $ | 41,832,765 |
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):
| March 31, 2024
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
FX swaps | $ | 4,663 |  |  | $ | (596) |  |  | $ | 4,067 |
Forwards | 861 |  |  | (30) |  |  | 831 |
Interest rate swaps | 9,359 |  |  | (9,268) |  |  | 91 |
Futures | 69,555 |  |  | (69,555) |  |  | — |
Total derivative assets | $ | 84,438 |  |  | $ | (79,449) |  |  | $ | 4,989 |
Liabilities |  |  |  |  |
FX swaps | $ | 3,004 |  |  | $ | (596) |  |  | $ | 2,408 |
Forwards | 646 |  |  | (30) |  |  | 616 |
Futures | 69,616 |  |  | (69,555) |  |  | 61 |
Interest rate swaps | 9,268 |  |  | $ | (9,268) |  |  | — |
Total derivative liabilities | $ | 82,534 |  |  | $ | (79,449) |  |  | $ | 3,085 |
| December 31, 2023
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition 1
Assets |  |  |  |  |
FX swaps | $ | 3,467 |  |  | $ | (793) |  |  | $ | 2,674 |
Forwards | 855 |  |  | (50) |  |  | 805 |
Interest rate swaps | 12,310 |  |  | (12,182) |  |  | 128 |
Futures | 62,693 |  |  | (62,693) |  |  | — |
Total derivative assets | $ | 79,325 |  |  | $ | (75,718) |  |  | $ | 3,607 |
Liabilities |  |  |  |  |
FX swaps | $ | 5,912 |  |  | $ | (793) |  |  | $ | 5,119 |
Forwards | 659 |  |  | (50) |  |  | 609 |
Futures | 62,721 |  |  | (62,693) |  |  | 28 |
Interest rate swaps | 12,182 |  |  | (12,182) |  |  | — |
Total derivative liabilities | $ | 81,474 |  |  | $ | (75,718) |  |  | $ | 5,756 |
1 There were no additional balances in gross amounts not offset as of either March 31, 2024 or December 31, 2023.
Summary of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts (in thousands):
|  | Three Months Ended March 31, |  |
Derivative contract |  | 2024 |  | 2023 |  |  |  |
Futures |  | $ | 3,806 |  |  | $ | 3,421 |  |  |  |  |
Interest rate swaps |  | 2,096 |  |  | 28 |  |  |  |  |
FX swaps |  | 498 |  |  | 770 |  |  |  |  |
FX/commodities options |  | 47 |  |  | 41 |  |  |  |  |
Gains |  | $ | 6,447 |  |  | $ | 4,260 |  |  |  |  |

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