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DERIVATIVE FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS
7. 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 September 30, 2021As of December 31, 2020
Assets Liabilities Assets Liabilities 
The Company
Notional(1)
Fair Value
Notional(1)
Fair Value
Notional(1)
Fair Value
Notional(1)
Fair Value
Foreign exchange contracts$81,008 $4,352 $9,868 $265 $30,040 $1,440 $39,362 $1,565 
Interest rate contracts18,455 9 — — — — — — 
Total derivatives, at fair value(2)
$99,463 $4,361 $9,868 $265 $30,040 $1,440 $39,362 $1,565 
As of September 30, 2021As of December 31, 2020
AssetsLiabilitiesAssets Liabilities 
Consolidated Funds 
Notional(1)
Fair Value
Notional(1)
Fair Value
Notional(1)
Fair Value
Notional(1)
Fair Value
Warrants$— $— $230,000 $17,000 $— $— $— $— 
Asset swap - other44,521 325 39,701 1,513 7,600 1,104 540 44 
Total derivatives, at fair value(3)
$44,521 $325 $269,701 $18,513 $7,600 $1,104 $540 $44 
(1)Represents the total contractual amount of derivative assets and liabilities outstanding.
(2)As of September 30, 2021 and December 31, 2020, the Company had the right to, but elected not to, offset $0.3 million and $1.6 million of its derivative liabilities.
(3)As of September 30, 2021 and December 31, 2020, the Consolidated Funds offset $0.3 million and $0.4 million of their derivative assets and liabilities, respectively.