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Fair Value Measurements (Tables)

9 Months Ended

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

September 30, 2020


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	170,763	$	—	$	—	$	170,763
Investment securities - fair value
Sponsored funds	22,043		—		—		22,043
Equity securities	9,594		—		—		9,594
Debt securities	—		4		—		4

Nonqualified retirement plan assets	9,302		—		—		9,302
Total assets measured at fair value	$	211,702	$	4	$	—	$	211,706

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

As of September 30, 2020


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	43,930	$	—	$	—	$	43,930
Debt investments	14,472		2,275,610		13,326		2,303,408
Equity investments	27,092		1,349		1,836		30,277
Derivatives	586		845		—		1,431
Total assets measured at fair value	$	86,080	$	2,277,804	$	15,162	$	2,379,046
Liabilities
Notes payable	$	—	$	2,190,937	$	—	$	2,190,937
Derivatives	539		433		—		972
Short sales	472		—		—		472
Total liabilities measured at fair value	$	1,011	$	2,191,370	$	—	$	2,192,381

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 nine months ended September 30, 2019:


	Nine Months Ended September 30,
(in thousands)		2019
Level 3 Investments (1)
Balance at beginning of period		$	4,122
Purchases (sales), net		(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:


	Nine Months Ended September 30,
(in thousands)	2020		2019
Level 3 Investments of CIP (1)
Balance at beginning of period	$	40,422	$	6,848
Realized gains (losses), net	5		(95)
Change in unrealized gains (losses), net	(335)		310

Purchases	1,137		2,157

Amortization	9		(16)
Sales	(1,256)		(5,414)
Transfers to Level 2	(50,463)		(42,232)
Transfers from Level 2	25,643		51,544
Balance at end of period	$	15,162	$	13,102

(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.