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Investments and Fair Value Disclosures (Tables)

3 Months Ended

Mar. 31, 2020

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


	March 31, 2020		December 31, 2019

	(dollars in thousands)
United States government obligations, at fair value	$	186,979	$	146,565
CLOs, at fair value	155,287		182,870
Other investments, equity method	77,540		81,991
Total Investments	$	419,806	$	411,426

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 March 31, 2020:


	As of March 31, 2020
	Level I		Level II		Level III		Total

	(dollars in thousands)
Assets, at Fair Value



Included within investments:
United States government obligations	$	186,979	$	—	$	—	$	186,979
CLOs⁽¹⁾	$	—	$	—	$	155,287	$	155,287

_______________

(1) As of March 31, 2020, investments in CLOs had contractual principal amounts of $169.6 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, 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.

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 three months ended March 31, 2020:


	December 31, 2019		Transfers In		Transfers Out		Investment Purchases / Issuances		Investment Sales / Settlements		Gains / Losses		March 31, 2020

	(dollars in thousands)
Assets, at Fair Value
Included within investments:
CLOs	$	182,870	$	—	$	—	$	3,333	$	—	$	(30,916)	$	155,287

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


	December 31, 2018		Transfers In		Transfers Out		Investment Purchases / Issuances		Investment Sales / Settlements		Gains / Losses		March 31, 2019

	(dollars in thousands)
Assets, at Fair Value
Included within investments:
CLOs	$	181,868	$	—	$	—	$	808	$	(23,135)	$	(1,073)	$	158,468

Investments of consolidated funds:
Bank debt	$	75,613	$	5,178	$	(23,617)	$	17,557	$	(16,082)	$	520	$	59,169
Corporate bonds	$	—	$	—	$	—	$	987	$	(981)	$	(6)	$	—

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:


	Three Months Ended March 31,
	2020		2019

	(dollars in thousands)
Assets, at Fair Value
Included within investments:
CLOs	$	(30,916)	$	(914)

Investments of consolidated funds:
Bank debt	$	—	$	436