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Derivatives (Tables) | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of 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, 2025 |  | December 31, 2024
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps |  | $ | 1,141 |  |  | $ | 454 |  |  | $ | 686,908 |  |  | $ | 4,810 |  |  | $ | 3,679 |  |  | $ | 635,790 |
Forwards |  | 96 |  |  | 160 |  |  | 67,710 |  |  | 409 |  |  | 751 |  |  | 185,821 |
Futures |  | — |  |  | 43 |  |  | 9,181,705 |  |  | 165 |  |  | — |  |  | 8,758,848 |
Interest rate swaps |  | 56 |  |  | — |  |  | 23,919,894 |  |  | — |  |  | — |  |  | 534,085 |
Total |  | $ | 1,293 |  |  | $ | 657 |  |  | $ | 33,856,217 |  |  | $ | 5,384 |  |  | $ | 4,430 |  |  | $ | 10,114,544 |
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.
Schedule of Offsetting of Derivative Instruments | The following tables present information about the offsetting of derivative instruments as of March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
Assets |  |  |  |  |
FX swaps | $ | 1,231 |  |  | $ | (90) |  |  | $ | 1,141 |
Forwards | 124 |  |  | (28) |  |  | 96 |
Futures | 37,564 |  |  | (37,564) |  |  | — |
Interest rate swaps | 8,633 |  |  | (8,577) |  |  | 56 |
Total derivative assets | $ | 47,552 |  |  | $ | (46,259) |  |  | $ | 1,293 |
Liabilities |  |  |  |  |
FX swaps | $ | 544 |  |  | $ | (90) |  |  | $ | 454 |
Forwards | 188 |  |  | (28) |  |  | 160 |
Futures | 37,607 |  |  | (37,564) |  |  | 43 |
Interest rate swaps | 8,577 |  |  | (8,577) |  |  | — |
Total derivative liabilities | $ | 46,916 |  |  | $ | (46,259) |  |  | $ | 657 |
| 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 |
Schedule of Gains and (Losses) on Derivative Contracts | The table below summarizes gains and (losses) on derivative contracts for the three months ended March 31, 2025 and 2024 (in thousands):
|  | Three Months Ended March 31, |  |
Derivative contract |  | 2025 |  | 2024 |  |  |  |
Futures |  | $ | 4,577 |  |  | $ | 3,806 |  |  |  |  |
Interest rate swaps |  | 2,382 |  |  | 2,096 |  |  |  |  |
FX swaps |  | 821 |  |  | 498 |  |  |  |  |
FX/commodities options |  | 94 |  |  | 47 |  |  |  |  |
Gains, net |  | $ | 7,874 |  |  | $ | 6,447 |  |  |  |  |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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