Investments and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Investments Summary

The following table presents the components of the Company’s investments as reported in the consolidated balance sheets:

	December 31, 2019		December 31, 2018
	(dollars in thousands)
United States government obligations, at fair value	$	146,565	$	179,510
CLOs, at fair value	182,870		181,868
Other investments, equity method	81,991		28,519
Total Investments	$	411,426	$	389,897

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the Company’s investments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2019:

	As of December 31, 2019
	Level I		Level II		Level III		Total
	(dollars in thousands)
Assets, at Fair Value
Included within cash and cash equivalents:
United States government obligations	$	97,034	$	—	$	—	$	97,034
Included within investments:
United States government obligations	$	146,565	$	—	$	—	$	146,565
CLOs(1)	$	—	$	—	$	182,870	$	182,870

_______________

(1) As of December 31, 2019, investments in CLOs had contractual principal amounts of $170.0 million outstanding, which excludes the Company’s investments in subordinated tranches of the notes, as these do not have contractual principal payments.

The following table summarizes the Company’s investments measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2018:

	As of December 31, 2018
	Level I		Level II		Level III		Total
	(dollars in thousands)
Assets, at Fair Value
Included within cash and cash equivalents:
United States government obligations	$	58,054	$	—	$	—	$	58,054
Included within investments:
United States government obligations	$	179,510	$	—	$	—	$	179,510
CLOs(1)	$	—	$	—	$	181,868	$	181,868
Investments of consolidated funds:
Bank debt	$	—	$	91,345	$	75,613	$	166,958
Corporate bonds	$	—	$	4,537	$	—	$	4,537
Total Investments of Consolidated Funds	$	—	$	95,882	$	75,613	$	171,495

_______________

(1) As of December 31, 2018, investments in CLOs had contractual principal amounts of $171.5 million outstanding, which excludes the Company’s investments in subordinated tranches of the notes, as these do not have contractual principal payments.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in the Company’s Level III assets and liabilities for the year ended December 31, 2019:

	December 31, 2018		Transfers In		Transfers Out		Investment Purchases / Issuances		Investment Sales / Settlements		Gains / Losses		December 31, 2019
	(dollars in thousands)
Assets, at Fair Value
Included within investments:
CLOs	$	181,868	$	—	$	—	$	31,816	$	(27,778)	$	(3,036)	$	182,870
Investments of consolidated funds:
Bank debt	$	75,613	$	7,982	$	(40,272)	$	29,601	$	(73,772)	$	848	$	—
Corporate bonds	$	—	$	—	$	—	$	987	$	(981)	$	(6)	$	—

The following table summarizes the changes in the Company’s Level III assets and liabilities for the year ended December 31, 2018:

	December 31, 2017		Transfers In		Transfers Out		Investment Purchases		Investment Sales / Settlements		Gains / Losses		December 31, 2018
	(dollars in thousands)
Assets, at Fair Value
Included within investments:
CLOs	$	211,749	$	—	$	—	$	157,099	$	(175,272)	$	(11,708)	$	181,868
Investments of consolidated funds:
Bank debt	$	18,807	$	1,671	$	(1,244)	$	146,658	$	(88,600)	$	(1,679)	$	75,613

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The table below summarizes the net change in unrealized gains and losses on the Company’s Level III investments held as of the reporting date:

	Year Ended December 31,
	2019		2018
	(dollars in thousands)
Assets, at Fair Value
Included within investments:
CLOs	$	(2,877)	$	(9,998)
Investments of consolidated funds:
Bank debt	$	—	$	(2,160)