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Derivatives
 12 Months Ended
Dec. 31, 2019
Derivatives [Abstract]  
Derivatives Derivatives
The following tables summarize the notional amount and fair value of the derivative financial instruments that are not designated in a formal hedging relationship.
 
As of December 31, 2019
 
Notional Amount
 
Fair Value (1)
(in thousands)
Long
 
Short
 
Assets
 
Liabilities
Commodity futures
$
14,394

 
$
4,623

 
$
570

 
$
339

Commodity swap
—

 
8,909

 
—

 
173

Foreign exchange
—

 
10,787

 
74

 
44

 
$
14,394

 
$
24,319

 
$
644

 
$
556


 
As of December 31, 2018
 
Notional Amount
 
Fair Value (1)
(in thousands)
Long
 
Short
 
Assets
 
Liabilities
Commodity futures
$
19,361

 
$
3,434

 
$
486

 
$
2,181

Commodity swap
—

 
8,761

 
739

 
—

Foreign exchange
—

 
10,996

 
—

 
205

 
$
19,361

 
$
23,191

 
$
1,225

 
$
2,386


________________________
(1)    The fair value of the 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 exposure to commodity futures is based on seed capital investments. Commodity swap contracts are utilized to economically hedge and reduce the overall risk of the Company's market exposure to these investments. The Company enters into foreign exchange contacts to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees.
Cash included in due from brokers of approximately $2,002,000 on the consolidated statement of financial condition at December 31, 2018 was held as collateral for futures contracts. Investments of approximately $1,713,000 and $1,807,000 on the consolidated statement of financial condition at December 31, 2019 and 2018, respectively, were held as collateral for futures contracts.
The following table summarizes net gains (losses) from derivative financial instruments:
 
Years Ended December 31,
(in thousands)
2019
 
2018
 
2017
Commodity futures
$
881

 
$
(2,093
)
 
$
(438
)
Commodity swap
(485
)
 
739

 
—

Foreign exchange
235

 
(141
)
 
(1,481
)
Total (1)
$
631

 
$
(1,495
)
 
$
(1,919
)
________________________
(1)    Gains and losses on the derivative financial instruments are recorded as gain (loss) from investments—net in the Company's
consolidated statements of operations.