Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

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 June 30, 2020 and December 31, 2019 by fair value hierarchy level were as follows:

June 30, 2020  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	138,847	$	—	$	—	$	138,847
Investment securities - fair value
Sponsored funds	27,341		—		—		27,341
Equity securities	12,679		—		—		12,679
Debt securities	—		4		—		4
Nonqualified retirement plan assets	8,526		—		—		8,526
Total assets measured at fair value	$	187,393	$	4	$	—	$	187,397

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 June 30, 2020 and December 31, 2019 by fair value hierarchy level were as follows:

As of June 30, 2020

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	72,721	$	—	$	—	$	72,721
Debt investments	16,040		2,220,486		11,552		2,248,078
Equity investments	24,202		1,220		320		25,742
Derivatives	295		511		—		806
Total assets measured at fair value	$	113,258	$	2,222,217	$	11,872	$	2,347,347
Liabilities
Notes payable	$	—	$	2,156,587	$	—	$	2,156,587
Derivatives	495		311		—		806
Short sales	421		—		—		421
Total liabilities measured at fair value	$	916	$	2,156,898	$	—	$	2,157,814

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 and six-months ended June 30, 2019:

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

(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:

	Six Months Ended June 30,
(in thousands)	2020			2019
Level 3 Investments of CIP (1)
Balance at beginning of period	$	40,422		$	6,848
Realized gains (losses), net	4			(114		)
Change in unrealized gains (losses), net	(920		)	563
Purchases	56			2,157
Amortization	6			—
Sales	(1,195		)	(2,457		)
Transfers to Level 2	(38,607		)	(21,891		)
Transfers from Level 2	12,106			40,032
Balance at end of period	$	11,872		$	25,138

(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.