XML 22 R33.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 CIP discussed in Note 17, as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows:

September 30, 2019



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	159,967	$	—	$	—	$	159,967
Investment securities - fair value
Sponsored funds	12,366		—		—		12,366
Equity securities	11,257		—		—		11,257
Debt securities	—		28		—		28
Nonqualified retirement plan assets	8,039		—		—		8,039
Total assets measured at fair value	$	191,629	$	28	$	—	$	191,657

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 CIP measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 by fair value hierarchy level were as follows:

As of September 30, 2019



	Level 1		Level 2		Level 3		Total
($ in thousands)
Assets
Cash equivalents	$	74,032	$	—	$	—	$	74,032
Debt investments	21,686		1,934,395		12,610		1,968,691
Equity investments	49,701		39		492		50,232
Derivatives	105		884		—		989
Total Assets Measured at Fair Value	$	145,524	$	1,935,318	$	13,102	$	2,093,944
Liabilities
Notes payable	$	—	$	1,821,243	$	—	$	1,821,243
Derivatives	133		1,071		—		1,204
Short sales	424		—		—		424
Total Liabilities Measured at Fair Value	$	557	$	1,822,314	$	—	$	1,822,871

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 September 30,					Nine Months Ended September 30,
($ in thousands)	2019		2018			2019			2018
Level 3 Investments (1)
Balance at beginning of period	$	—	$	5,744		$	4,122		$	4,439
Purchases (sales), net	—		—			(4,185		)	1,326
Change in realized and unrealized gain (loss), net	—		(701		)	63			(722		)
Balance at end of period	$	—	$	5,043		$	—		$	5,043

(1)

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 CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:



	Nine Months Ended September 30,
($ in thousands)	2019			2018
Level 3 Investments of CIP (1)
Balance at beginning of period	$	6,848		$	34,781
Realized gains (losses), net	(95		)	1,993
Change in unrealized gains (losses), net	294			602
Purchases	2,157			7,122
Sales	(5,414		)	(13,892		)
Transfers to Level 2	(42,232		)	(34,119		)
Transfers from Level 2	51,544			4,517
Balance at end of period	$	13,102		$	1,004

(1)

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.