Derivatives (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship:

	As of March 31, 2021
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Futures - commodities	$	13,611	$	3,114	$	783	$	630
Total return swaps - commodities	—		10,189		147		—
Total return swaps - equities	—		19,240		—		1,078
Forward contracts - foreign exchange	—		17,648		801		12
Total corporate derivatives	$	13,611	$	50,191	$	1,731	$	1,720
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities	7,743		—		—		210
Total	$	21,354	$	50,191	$	1,731	$	1,930

	As of December 31, 2020
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Futures - commodities	$	13,624	$	4,257	$	1,012	$	416
Total return swaps - commodities	—		9,598		—		136
Total return swaps - equities	—		17,688		—		1,562
Forward contracts - foreign exchange	—		14,061		—		345
Total	$	13,624	$	45,604	$	1,012	$	2,459

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(1)The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition.

Gains (losses) on Derivatives

The following table summarizes net gains (losses) from derivative financial instruments:

	Three Months Ended March 31,
(in thousands)	2021		2020
Corporate derivatives:
Futures - commodities	$	705	$	(2,101)
Total return swaps - commodities	(658)		2,141
Total return swaps - equities	(1,068)		—
Forward contracts - foreign exchange	1,134		97
Total corporate derivatives	$	113	$	137
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities	(121)		—
Total (1)	$	(8)	$	137

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(1)    Gains and losses on derivative financial instruments are recorded in gain (loss) from investments—net in the Company's

    condensed consolidated statements of operations.