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Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)
 3 Months Ended
Jan. 31, 2020
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]  
Summary of financial assets and liabilites measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy

 

January 31, 2020

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Level 1

 

Level 2

 

Level 3

 

Other Assets Not Held at Fair Value

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

17,883

$

105,582

$

-

$

-

$

123,465

 

Investments held at fair value:

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

Short-term

 

-

 

280,590

 

-

 

-

 

280,590

 

Held by consolidated sponsored funds

 

-

 

351,976

 

-

 

-

 

351,976

 

Held in separately managed accounts

 

-

 

56,149

 

-

 

-

 

56,149

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Held by consolidated sponsored funds

 

77,572

 

134,194

 

-

 

-

 

211,766

 

Held in separately managed accounts

 

23,146

 

217

 

-

 

-

 

23,363

 

Non-consolidated sponsored funds

 

 

 

 

 

 

 

 

 

 

 

and other

 

9,932

 

570

 

-

 

-

 

10,502

 

Investments held at cost(1)

 

-

 

-

 

-

 

20,904

 

20,904

 

Investments in non-consolidated CLO

 

 

 

 

 

 

 

 

 

 

 

entities(2)

 

-

 

-

 

-

 

1,399

 

1,399

 

Investments in equity method investees(1)

 

-

 

-

 

-

 

138,454

 

138,454

 

Derivative instruments

 

-

 

2,966

 

-

 

-

 

2,966

 

Assets of consolidated CLO entities:

 

 

 

 

 

 

 

 

 

 

 

Bank loans and other investments

 

-

 

1,286,525

 

4,058

 

-

 

1,290,583

 

Total financial assets

$

128,533

$

2,218,769

$

4,058

$

160,757

$

2,512,117

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments

$

-

$

4,165

$

-

$

-

$

4,165

 

Liabilities of consolidated CLO entities:

 

 

 

 

 

 

 

 

 

 

 

Senior and subordinated note obligations

 

-

 

1,218,216

 

-

 

-

 

1,218,216

 

Total financial liabilities

$

-

$

1,222,381

$

-

$

-

$

1,222,381

 

October 31, 2019

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

Level 1

 

Level 2

 

Level 3

Other Assets Not Held at Fair Value

 

Total

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

$

24,640

$

157,267

$

-

$

-

$

181,907

 

Investments held at fair value:

 

 

 

 

 

 

 

 

 

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

Short-term

 

-

 

297,845

 

-

 

-

 

297,845

 

Held by consolidated sponsored funds

 

-

 

330,966

 

-

 

-

 

330,966

 

Held in separately managed accounts

 

-

 

55,426

 

-

 

-

 

55,426

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

Held by consolidated sponsored funds

 

70,646

 

112,460

 

-

 

-

 

183,106

 

Held in separately managed accounts

 

21,168

 

68

 

-

 

-

 

21,236

 

Non-consolidated sponsored funds

 

 

 

 

 

 

 

 

 

 

 

and other

 

9,814

 

515

 

-

 

-

 

10,329

 

Investments held at cost(1)

 

-

 

-

 

-

 

20,904

 

20,904

 

Investments in non-consolidated CLO

 

 

 

 

 

 

 

 

 

 

 

entities(2)

 

-

 

-

 

-

 

1,417

 

1,417

 

Investments in equity method investees(1)

 

-

 

-

 

-

 

139,510

 

139,510

 

Derivative instruments

 

-

 

2,075

 

-

 

-

 

2,075

 

Assets of consolidated CLO entities:

 

 

 

 

 

 

 

 

 

 

 

Bank loans and other investments

 

-

 

1,702,769

 

1,501

 

-

 

1,704,270

 

Total financial assets

$

126,268

$

2,659,391

$

1,501

$

161,831

$

2,948,991

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments

$

-

$

3,314

$

-

$

-

$

3,314

 

Liabilities of consolidated CLO entities:

 

 

 

 

 

 

 

 

 

 

 

Senior and subordinated note obligations

 

-

 

1,617,095

 

-

 

-

 

1,617,095

 

Total financial liabilities

$

-

$

1,620,409

$

-

$

-

$

1,620,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

These investments are not measured at fair value in accordance with U.S. GAAP.

 

(2)

Investments in non-consolidated CLO entities are carried at amortized cost unless facts or circumstances indicate that the investments have been impaired, at which time the investments are written down to fair value as measured using level 3 inputs.
Summary of the changes in Level 3 assets and liabilities measured at fair value on a recurring basis

 

 

 

 

Three Months Ended

 

 

 

 

January 31,2020

 

(in thousands)

 

Bank Loans and Other Investments of

Consolidated CLO Entities

 

Beginning balance

$

1,501

 

Paydowns

 

(6)

 

Purchases

 

321

 

Net gains (losses) included in net income

 

37

 

Transfers into Level 3(1)

 

2,205

 

Ending balance

$

4,058

 

 

 

 

 

 

(1)

Transfers into Level 3 were the result of a reduction in the availability of significant observable inputs used in determining the fair value of certain instruments.
Summary of financial assets and liabilities not measured at fair value

 

 

 

January 31, 2020

 

October 31, 2019

 

(in thousands)

 

Carrying Value

 

Fair Value

Fair Value Level

 

Carrying Value

 

Fair Value

Fair Value Level

 

Loan to affiliate

$

5,000

$

5,000

3

$

5,000

$

5,000

3

 

Debt

$

620,722

$

666,699

2

$

620,513

$

658,615

2