XML 118 R13.htm IDEA: XBRL DOCUMENT v3.20.1
DERIVATIVE FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management.
The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds:
As of March 31, 2020As of December 31, 2019
Assets Liabilities Assets Liabilities 
The CompanyNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair Value
Foreign exchange contracts$56,555  $5,429  $124  $5  $67,930  $4,023  $10,846  $113  
Total derivatives, at fair value(2)$56,555  $5,429  $124  $5  $67,930  $4,023  $10,846  $113  

As of March 31, 2020As of December 31, 2019
AssetsLiabilitiesAssets Liabilities 
Consolidated Funds Notional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair Value
Foreign exchange contracts$—  $—  $—  $—  $667  $667  $667  $670  
Asset swap - other5,258  831  4,808  811  —  —  7,640  4,106  
Total derivatives, at fair value(3)
$5,258  $831  $4,808  $811  $667  $667  $8,307  $4,776  

(1)Represents the total contractual amount of derivative assets and liabilities outstanding.
(2)As of March 31, 2020 and December 31, 2019, the Company had the right to, but elected not to, offset an immaterial amount of its derivative liabilities.
(3)As of March 31, 2020 and December 31, 2019, the Consolidated Funds offset $0.7 million and $0.1 million of their derivative assets and liabilities, respectively.