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Derivatives | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives In the normal course of operations, the Company enters into derivative contracts to facilitate client transactions, hedge principal positions and facilitate hedging activities of affiliated companies. These derivative contracts primarily consist of FX swaps, FX/commodities options, futures, forwards and interest rate swaps. The fair value of derivative contracts, presented in accordance with the Company’s netting policy, is set forth below (in thousands):
| December 31, 2024 |  | December 31, 2023
Derivative contract | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps | $ | 4,810 |  |  | $ | 3,679 |  |  | $ | 635,790 |  |  | $ | 2,674 |  |  | $ | 5,119 |  |  | $ | 545,669 |
Forwards | 409 |  |  | 751 |  |  | 185,821 |  |  | 805 |  |  | 609 |  |  | 310,880 |
Futures | 165 |  |  | — |  |  | 8,758,848 |  |  | — |  |  | 28 |  |  | 6,703,624 |
Interest rate swaps | — |  |  | — |  |  | 534,085 |  |  | 128 |  |  | — |  |  | 34,272,592 |
Total | $ | 5,384 |  |  | $ | 4,430 |  |  | $ | 10,114,544 |  |  | $ | 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. Certain of the Company’s FX swaps are with Cantor. See Note 13—“Related Party Transactions” for additional information related to these transactions. The replacement costs of contracts in a gain position were $5.4 million and $3.6 million, as of December 31, 2024 and 2023, respectively. The following tables present information about the offsetting of derivative instruments as of December 31, 2024 and 2023 (in thousands):
| December 31, 2024
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
Assets |  |  |  |  |
FX swaps | $ | 5,993 |  |  | $ | (1,183) |  |  | $ | 4,810 |
Forwards | 465 |  |  | (56) |  |  | 409 |
Futures | 37,083 |  |  | (36,918) |  |  | 165 |
Interest rate swaps | 132 |  |  | (132) |  |  | — |
Total derivative assets | $ | 43,673 |  |  | $ | (38,289) |  |  | $ | 5,384 |
Liabilities |  |  |  |  |
FX swaps | $ | 4,862 |  |  | $ | (1,183) |  |  | $ | 3,679 |
Forwards | 807 |  |  | (56) |  |  | 751 |
Futures | 36,918 |  |  | (36,918) |  |  | — |
Interest rate swaps | 132 |  |  | (132) |  |  | — |
Total derivative liabilities | $ | 42,719 |  |  | $ | (38,289) |  |  | $ | 4,430 |
| December 31, 2023
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
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 |
There were no additional balances in gross amounts not offset as of either December 31, 2024 or 2023. The change in fair value of derivative contracts is reported as part of “Principal transactions” in the Company’s Consolidated Statements of Operations. The table below summarizes gains and (losses) on derivative contracts for the years ended December 31, 2024, 2023 and 2022 (in thousands):
|  | Year Ended December 31,
Derivative contract |  | 2024 |  | 2023 |  | 2022
Futures |  | $ | 12,371 |  |  | $ | 13,139 |  |  | $ | 16,388 |
Interest rate swaps |  | 6,965 |  |  | 3,454 |  |  | 25 |
FX swaps |  | 2,581 |  |  | 2,619 |  |  | 2,466 |
FX/commodities options |  | 317 |  |  | 230 |  |  | 331 |
Gains, net |  | $ | 22,234 |  |  | $ | 19,442 |  |  | $ | 19,210 |

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