Derivatives

12 Months Ended

Dec. 31, 2023

Derivatives [Abstract]

Derivatives

Derivatives

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, 2023
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Total return swaps	$	2,284	$	37,933	$	28	$	2,488
Forward contracts - foreign exchange	—		9,641		—		405
Total corporate derivatives	$	2,284	$	47,574	$	28	$	2,893

	As of December 31, 2022
	Notional Amount				Fair Value (1)
(in thousands)	Long		Short		Assets		Liabilities
Corporate derivatives:
Total return swaps	$	2,340	$	33,637	$	276	$	717
Forward contracts - foreign exchange	—		9,810		—		742
Total corporate derivatives	$	2,340	$	43,447	$	276	$	1,459

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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 consolidated statements of financial condition.

The Company's corporate derivatives included:

•Total return swaps which are utilized to economically hedge a portion of the market risk of certain seed investments and to gain exposure for the purpose of establishing a performance track record; and

•Forward foreign exchange contracts which are utilized to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.

Collateral pledged for forward and swap contracts totaled $4.5 million and $2.2 million at December 31, 2023 and 2022, respectively.

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

	Years Ended December 31,
(in thousands)	2023		2022		2021
Corporate derivatives:
Futures - commodities (1)	$	—	$	—	$	3,391
Total return swaps	(2,589)		3,691		(7,612)
Forward contracts - foreign exchange	337		(948)		550
Total corporate derivatives	$	(2,252)	$	2,743	$	(3,671)
Derivatives held by consolidated investment vehicles:
Total return swaps	—		3,988		1,526
Total (2)	$	(2,252)	$	6,731	$	(2,145)

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

(2)Gains and losses on futures and total return swaps 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.