Derivatives (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Futures - commodities	$	15,181	$	3,590	$	839	$	259
Total return swaps - commodities	—		11,014		—		363
Total return swaps - equities	—		21,281		24		487
Forward contracts - foreign exchange	—		11,183		149		17
Total corporate derivatives	$	15,181	$	47,068	$	1,012	$	1,126
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities	9,341		—		113		—
Total	$	24,522	$	47,068	$	1,125	$	1,126

	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 June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Corporate derivatives:
Futures - commodities	$	1,463	$	412	$	2,168	$	(1,689)
Total return swaps - commodities	(1,335)		(381)		(1,993)		1,760
Total return swaps - equities	(1,440)		—		(2,508)		—
Forward contracts - foreign exchange	(657)		(164)		477		(67)
Total corporate derivatives	$	(1,969)	$	(133)	$	(1,856)	$	4
Derivatives held by consolidated Company-sponsored funds:
Total return swaps - commodities	1,193		—		1,072		—
Total (1)	$	(776)	$	(133)	$	(784)	$	4

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(1)    Gains and losses on futures and total return swap contracts are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Gains and losses on forward foreign exchange contracts are recorded in foreign currency gain (loss)—net in the Company's condensed consolidated statements of operations.