Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Tables)

12 Months Ended

Oct. 31, 2020

Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Abstract]

Summary of financial assets and liabilities measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy

October 31, 2020
(in thousands)		Level 1		Level 2		Level 3		Other Assets Not Held at Fair Value		Total
Financial assets:
Cash equivalents	$	9,052	$	281,992	$	-	$	-	$	291,044
Investments held at fair value:
Debt securities:
Short-term		-		269,802		-		-		269,802
Held by consolidated sponsored funds		-		180,588		-		-		180,588
Held in separately managed accounts		-		58,252		-		-		58,252
Equity securities:
Held by consolidated sponsored funds		60,308		135,202		-		-		195,510
Held in separately managed accounts		34,925		101		-		-		35,026
Non-consolidated sponsored funds
and other		9,848		649		-		-		10,497
Investments held at cost(1)		-		-		-		20,928		20,928
Investments in non-consolidated CLO
entities(2)		-		-		-		1,116		1,116
Investments in equity method investees(1)(3)		-		-		-		11,527		11,527
Derivative instruments		-		4,581		-		-		4,581
Assets of consolidated CLO entities:
Bank loans and other investments		-		2,063,423		710		-		2,064,133
Total financial assets	$	114,133	$	2,994,590	$	710	$	33,571	$	3,143,004
Financial liabilities:
Derivative instruments	$	-	$	1,279	$	-	$	-	$	1,279
Liabilities of consolidated CLO entities:
Senior and subordinated note obligations		-		1,616,243		-		-		1,616,243
Total financial liabilities	$	-	$	1,617,522	$	-	$	-	$	1,617,522

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 loan 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		-		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.

(3) The reported amount of investments in equity method investees primarily includes the Company’s investment in Hexavest. As discussed further in Note 4, in fiscal 2020 the Company recognized an other-than-temporary impairment charge to write down the carrying amount of this investment to its fair value of $11.4 million. The recognition of this impairment resulted in a new cost basis to which the equity method of accounting will continue to be applied.

Summary of the changes in Level 3 assets and liabilities measured at fair value on a recurring basis

			Bank Loans and Other Investments of Consolidated CLO Entities
(in thousands)			2020		2019
Beginning balance		$	1,501	$	1,547
Consolidation of CLO entities(1)			-		1,323
Paydowns			(19)		(25)
Purchases			444		-
Sales			(634)		-
Net gains (losses) included in net income			(541)		(48)
Transfers out of Level 3(2)			(2,349)		(1,296)
Transfers into Level 3(3)			2,308		-
Ending balance		$	710	$	1,501
(1)	Represents Level 3 bank loans and other investments held by consolidated CLO entities upon the initial consolidation of these entities during the period.
(2)	Transfers out of Level 3 were due to an increase in the observability of the inputs used in determining the fair value of certain instruments.
(2)	Transfers into Level 3 were due to a reduction in the observability of the inputs used in determining the fair value of certain instruments.

Summary of the carrying amounts and estimated fair values of financial instruments not carried at fair value whose fair value is required to be disclosed

		2020					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	$	621,348	$	683,211	2	$	620,513	$	658,615	2