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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 15, as of March 31, 2020 and December 31, 2019 by fair value hierarchy level were as follows:

March 31, 2020



(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	127,862	$	—	$	—	$	127,862
Investment securities - fair value
Sponsored funds	24,825		—		—		24,825
Equity securities	10,629		—		—		10,629
Debt securities	—		6		—		6
Nonqualified retirement plan assets	7,166		—		—		7,166
Total assets measured at fair value	$	170,482	$	6	$	—	$	170,488

December 31, 2019



(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	187,255	$	—	$	—	$	187,255
Investment securities - fair value
Sponsored funds	47,654		—		—		47,654
Equity securities	13,320		—		—		13,320
Debt securities	—		16		—		16
Nonqualified retirement plan assets	8,724		—		—		8,724
Total assets measured at fair value	$	256,953	$	16	$	—	$	256,969

The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 by fair value hierarchy level were as follows:

As of March 31, 2020



(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	221,505	$	—	$	—	$	221,505
Debt investments	16,368		2,151,158		707		2,168,233
Equity investments	18,303		2,638		583		21,524
Derivatives	803		1,408		—		2,211
Total assets measured at fair value	$	256,979	$	2,155,204	$	1,290	$	2,413,473
Liabilities
Notes payable	$	—	$	2,134,108	$	—	$	2,134,108
Derivatives	333		1,443		—		1,776
Short sales	313		—		—		313
Total liabilities measured at fair value	$	646	$	2,135,551	$	—	$	2,136,197

As of December 31, 2019



(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	97,130	$	—	$	—	$	97,130
Debt investments	218		1,973,427		39,389		2,013,034
Equity investments	15,872		171		1,033		17,076
Total assets measured at fair value	$	113,220	$	1,973,598	$	40,422	$	2,127,240
Liabilities
Notes payable	$	—	$	1,834,535	$	—	$	1,834,535
Short sales	430		—		—		430
Total liabilities measured at fair value	$	430	$	1,834,535	$	—	$	1,834,965

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 for the three months ended March 31, 2019:



	Three Months Ended March 31,
(in thousands)	2019
Level 3 Investments (1)
Balance at beginning of period	$	4,122
Purchases (sales), net	232
Change in realized and unrealized gain (loss), net	63
Balance at end of period	$	4,417

(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:



	Three Months Ended March 31,
(in thousands)	2020			2019
Level 3 Investments of CIP (1)
Balance at beginning of period	$	40,422		$	6,848
Realized gains (losses), net	4			6
Change in unrealized gains (losses), net	(643		)	(45		)
Purchases	119			1,595
Amortization	6			2
Sales	(1,193		)	(429		)
Transfers to Level 2	(38,013		)	(7,199		)
Transfers from Level 2	588			30,981
Balance at end of period	$	1,290		$	31,759

(1)

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