XML 43 R32.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

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

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of consolidated investment products discussed in Note 17, as of June 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows:

June 30, 2019



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	135,115	$	—	$	—	$	135,115
Investment securities - fair value
Sponsored funds	34,127		—		—		34,127
Equity securities	19,213		—		—		19,213
Debt securities	—		11		—		11
Nonqualified retirement plan assets	7,852		—		—		7,852
Total assets measured at fair value	$	196,307	$	11	$	—	$	196,318

December 31, 2018



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	158,596	$	—	$	—	$	158,596
Investment securities - fair value
Sponsored funds	40,191		—		—		40,191
Equity securities	16,981		—		—		16,981
Debt securities	—		—		2,099		2,099
Investment securities - available for sale	—		—		2,023		2,023
Nonqualified retirement plan assets	6,716		—		—		6,716
Total assets measured at fair value	$	222,484	$	—	$	4,122	$	226,606

The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows:

As of June 30, 2019



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	84,170	$	—	$	—	$	84,170
Debt investments	123		1,922,574		24,581		1,947,278
Equity investments	15,635		6		557		16,198
Total Assets Measured at Fair Value	$	99,928	$	1,922,580	$	25,138	$	2,047,646
Liabilities
Notes payable	$	—	$	1,831,129	$	—	$	1,831,129
Short sales	382		—		—		382
Total Liabilities Measured at Fair Value	$	382	$	1,831,129	$	—	$	1,831,511

As of December 31, 2018



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	51,363	$	—	$	—	$	51,363
Debt investments	5,306		1,724,714		6,848		1,736,868
Equity investments	12,700		—		—		12,700
Total Assets Measured at Fair Value	$	69,369	$	1,724,714	$	6,848	$	1,800,931
Liabilities
Notes payable	$	—	$	1,620,260	$	—	$	1,620,260
Short sales	707		—		—		707
Total Liabilities Measured at Fair Value	$	707	$	1,620,260	$	—	$	1,620,967

Reconciliation of Level Three Investments

The following table is a reconciliation of assets for Level 3 investments for which significant unobservable inputs were used to determine fair value.



	Three Months Ended June 30,					Six Months Ended June 30,
($ in thousands)	2019			2018		2019			2018
Level 3 Investments (a)
Balance at beginning of period	$	4,417		$	5,532	$	4,122		$	4,439
Purchases (sales), net	(4,417		)	—		(4,185		)	1,326
Change in realized and unrealized gain (loss), net	—			212		63			(21		)
Balance at end of period	$	—		$	5,744	$	—		$	5,744

^(a)

The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment.

The following table is a reconciliation of assets of consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value:



	Six Months Ended June 30,
($ in thousands)	2019			2018
Level 3 Investments of CIPs ^(a)
Balance at beginning of period	$	6,848		$	34,781
Realized gains (losses), net	(114		)	1,993
Change in unrealized gains (losses), net	563			594
Purchases	2,157			7,122
Sales	(2,457		)	(13,884		)
Transfers to Level 2	(21,891		)	(30,606		)
Transfers from Level 2	40,032			3,514
Balance at end of period	$	25,138		$	3,514

(a)

The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to trading activities at period end.