Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Derivatives [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 December 31, 2022
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Total return swaps - commodities	$	2,340	$	1,980	$	28	$	27
Total return swaps - equities	—		31,657		248		690
Forward contracts - foreign exchange	—		9,810		—		742
Total corporate derivatives	$	2,340	$	43,447	$	276	$	1,459

	As of December 31, 2021
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Total return swaps - commodities	$	2,549	$	3,810	$	94	$	17
Total return swaps - equities	—		22,899		—		867
Forward contracts - foreign exchange	—		11,969		209		3
Total corporate derivatives	$	2,549	$	38,678	$	303	$	887
Derivatives held by consolidated investment vehicles:
Total return swaps - commodities	10,931		—		387		—
Total	$	13,480	$	38,678	$	690	$	887

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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 consolidated statements of financial condition.

Gains (Losses) on Derivatives

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

	Years Ended December 31,
(in thousands)	2022		2021		2020
Corporate derivatives:
Futures - commodities (1)	$	—	$	3,391	$	(105)
Total return swaps - commodities	(251)		(3,082)		(266)
Total return swaps - equities	3,942		(4,530)		(1,562)
Forward contracts - foreign exchange	(948)		550		(375)
Total corporate derivatives	$	2,743	$	(3,671)	$	(2,308)
Derivatives held by consolidated investment vehicles:
Total return swaps - commodities	3,988		1,526		—
Total (2)	$	6,731	$	(2,145)	$	(2,308)

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(1)The Company liquidated its commodity future contracts during 2021.

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