In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange and interest rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts, and interest rate swaps, caps and floors. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. Futures and options contracts, along with margin deposit, are with a single counterparty and are subject to a right of offset. As a result, these items are netted on the balance sheet, regardless of their position. In contrast, forward contracts are with multiple counterparties and do not have a right of offset. Therefore, these contracts are reported at their gross amounts on the balance sheet. These contracts are recorded on the Company’s consolidated balance sheets at fair value as discussed in Note 9, Fair Value.


	Balance Sheet Classification	March 31, 2026		December 31, 2025

Forward contracts in gain position		$	2,164,668	$	6,254,683
Futures and options in gain position		6,810,543		3,095,040
Futures and options in loss position		(32,036,337)		(2,490,174)
Total forward, futures and options contracts		(23,061,126)		6,859,549
Margin deposit		33,773,979		3,007,108
	Current assets	$	10,712,853	$	9,866,657

Forward contracts in loss position		$	16,472,031	$	4,956,529
Interest rate swap		14,335		11,708
	Current liabilities	$	16,486,366	$	4,968,237

During the three-month periods ended March 31, 2026 and 2025, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows:




	2026		2025
Derivatives not designated as hedging instruments:
Commodity contracts	$	(43,368,057)	$	168,740
Foreign exchange contracts	(19,800)		(27,467)
Interest rate swaps, caps and floors	(2,626)		(7,713)

Totals	$	(43,390,483)	$	133,560