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Derivatives (Tables) | 9 Months Ended
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Sep. 30, 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):
|  | September 30, 2025 |  | December 31, 2024
Derivative contract |  | Assets |  | Liabilities |  | Notional Amounts 1 |  | Assets |  | Liabilities |  | Notional Amounts 1
FX swaps |  | $ | 540 |  |  | $ | 680 |  |  | $ | 819,175 |  |  | $ | 4,810 |  |  | $ | 3,679 |  |  | $ | 635,790 |
Forwards |  | 386 |  |  | 682 |  |  | 230,244 |  |  | 409 |  |  | 751 |  |  | 185,821 |
Interest rate swaps |  | 226 |  |  | — |  |  | 72,302,677 |  |  | — |  |  | — |  |  | 534,085 |
Futures |  | — |  |  | 388 |  |  | 7,275,005 |  |  | 165 |  |  | — |  |  | 8,758,848 |
Total |  | $ | 1,152 |  |  | $ | 1,750 |  |  | $ | 80,627,101 |  |  | $ | 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 September 30, 2025 and December 31, 2024 (in thousands):
| September 30, 2025
| Gross Amounts |  | Gross Amounts Offset |  | Net Amounts Presented in the Statements of Financial Condition
Assets |  |  |  |  |
FX swaps | $ | 862 |  |  | $ | (322) |  |  | $ | 540 |
Forwards | 505 |  |  | (119) |  |  | 386 |
Interest rate swaps | 8,991 |  |  | (8,765) |  |  | 226 |
Futures | 36,601 |  |  | (36,601) |  |  | — |
Total derivative assets | $ | 46,959 |  |  | $ | (45,807) |  |  | $ | 1,152 |
Liabilities |  |  |  |  |
Forwards | $ | 801 |  |  | $ | (119) |  |  | $ | 682 |
FX swaps | 1,002 |  |  | (322) |  |  | 680 |
Futures | 36,989 |  |  | (36,601) |  |  | 388 |
Interest rate swaps | 8,765 |  |  | (8,765) |  |  | — |
Total derivative liabilities | $ | 47,557 |  |  | $ | (45,807) |  |  | $ | 1,750 |
| 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 and nine months ended September 30, 2025 and 2024 (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Derivative contract |  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest rate swaps |  | $ | 3,030 |  |  | $ | 1,830 |  |  | $ | 8,406 |  |  | $ | 5,758 |
Futures |  | 2,779 |  |  | 4,603 |  |  | 12,710 |  |  | 11,242 |
FX swaps |  | 694 |  |  | 802 |  |  | 2,723 |  |  | 1,858 |
FX/commodities options |  | 89 |  |  | 161 |  |  | 324 |  |  | 265 |
Gains, net |  | $ | 6,592 |  |  | $ | 7,396 |  |  | $ | 24,163 |  |  | $ | 19,123 |

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