Consolidation

As of September 30, 2015, 15 products were consolidated by the Company including 14 consolidated sponsored investment products and one consolidated investment product. As of December 31, 2014, 12 products were consolidated by the Company, comprised entirely of sponsored investment products.

The following tables reflect the impact of the consolidated sponsored investment products and consolidated investment product in the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014, respectively:

As of September 30, 2015



	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products		Consolidated Investment Product		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Total cash	$	126,470		$	16,732	$	120	$	—		$	143,322
Total investments	333,307			311,429		131,862		(278,082		)	498,516
All other assets	174,563			10,494		20		(152		)	184,925
Total assets	$	634,340		$	338,655	$	132,002	$	(278,234	)	$	826,763
Total liabilities	$	95,010		$	29,999	$	112,681	$	(152	)	$	237,538
Redeemable noncontrolling interest	—			—		—		49,895			49,895
Equity attributable to stockholders of the Company	539,626			308,656		19,321		(327,977		)	539,626
Non-redeemable noncontrolling interest	(296		)	—		—		—			(296		)
Total liabilities and equity	$	634,340		$	338,655	$	132,002	$	(278,234	)	$	826,763

As of December 31, 2014



	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products		Consolidated Investment Product		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Balance Sheet
($ in thousands)
Total cash	$	202,847		$	8,687	$	—	$	—		$	211,534
Total investments	279,863			236,652		—		(216,415		)	300,100
All other assets	180,436			6,960		—		(257		)	187,139
Total assets	$	663,146		$	252,299	$	—	$	(216,672	)	$	698,773
Total liabilities	$	99,794		$	12,813	$	—	$	(257	)	$	112,350
Redeemable noncontrolling interest	—			—		—		23,071			23,071
Equity attributable to stockholders of the Company	563,542			239,486		—		(239,486		)	563,542
Non-redeemable noncontrolling interest	(190		)	—		—		—			(190		)
Total liabilities and equity	$	663,146		$	252,299	$	—	$	(216,672	)	$	698,773


(a)	Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.

The following table reflects the impact of the consolidated sponsored investment products and consolidated investment products in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2015 and 2014:

For the Three Months Ended September 30, 2015



	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products			Consolidated Investment Product			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	92,804		$	—		$	—		$	(429	)	$	92,375
Total operating expenses	68,134			1,548			—			(429		)	69,253
Operating income (loss)	24,670			(1,548		)	—			—			23,122
Total other non-operating expense	(15,557		)	(14,723		)	(679		)	13,803			(17,156		)
Income (loss) before income taxes	9,113			(16,271		)	(679		)	13,803			5,966
Income taxes	9,669			—			—			—			9,669
Net loss	(556		)	(16,271		)	(679		)	13,803			(3,703		)
Noncontrolling interests	(93		)				—			3,147			3,054
Net loss attributable to common stockholders	$	(649	)	$	(16,271	)	$	(679	)	$	16,950		$	(649	)

For the Three Months Ended September 30, 2014



	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products			Consolidated Investment Product		Eliminations and Adjustments (a)		Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	117,808		$	—		$	—	$	33	$	117,841
Total operating expenses	77,668			1,213			—		33		78,914
Operating income (loss)	40,140			(1,213		)	—		—		38,927
Total other non-operating loss	(4,649		)	(3,109		)	—		4,021		(3,737		)
Income (loss) before income taxes	35,491			(4,322		)	—		4,021		35,190
Income taxes	(1,805		)	—			—		—		(1,805		)
Net income (loss)	37,296			(4,322		)	—		4,021		36,995
Noncontrolling interests	44			—			—		301		345
Net income (loss) attributable to common stockholders	$	37,340		$	(4,322	)	$	—	$	4,322	$	37,340

For the Nine Months Ended September 30, 2015



	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products			Consolidated Investment Product			Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	297,089		$	—		$	—		$	(1,227	)	$	295,862
Total operating expenses	229,096			4,121			—			(1,227		)	231,990
Operating income (loss)	67,993			(4,121		)	—			—			63,872
Total other non-operating expense	(11,269		)	(9,951		)	(680		)	11,422			(10,478		)
Income (loss) before income taxes	56,724			(14,072		)	(680		)	11,422			53,394
Income taxes	28,360			—			—			—			28,360
Net income (loss)	28,364			(14,072		)	(680		)	11,422			25,034
Noncontrolling interests	106			—			—			3,330			3,436
Net income (loss) attributable to common stockholders	$	28,470		$	(14,072	)	$	(680	)	$	14,752		$	28,470

For the Nine Months Ended September 30, 2014



	Balance Before Consolidation of Investment Products		Consolidated Sponsored Investment Products			Consolidated Investment Product		Eliminations and Adjustments (a)			Balances as Reported in Condensed Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	338,534	$	—		$	—	$	(73	)	$	338,461
Total operating expenses	242,032		2,447			—		(73		)	244,406
Operating income (loss)	96,502		(2,447		)	—		—			94,055
Total other non-operating income	6,545		5,883			—		(3,618		)	8,810
Income before income taxes	103,047		3,436			—		(3,618		)	102,865
Income taxes	24,311		—			—		—			24,311
Net income	78,736		3,436			—		(3,618		)	78,554
Noncontrolling interests	85		—			—		182			267
Net income attributable to common stockholders	$	78,821	$	3,436		$	—	$	(3,436	)	$	78,821


(a)	Adjustments include the elimination of intercompany transactions between the Company, its consolidated sponsored investment products and consolidated investment product, primarily the elimination of the investments, consolidated sponsored investment product equity, consolidated investment product equity and recording of any noncontrolling interest.