Consolidation

As of December 31, 2015, 13 products were consolidated by the Company including, 12 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 Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014, respectively:



As of December 31, 2015
	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products		Consolidated Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Consolidated Balance Sheet
($ in thousands)
Total cash	$	87,574		$	11,866	$	8,297	$	—		$	107,737
Total investments	349,147			323,335		199,485		(292,409		)	579,558
All other assets	162,673			8,549		1,467		(255		)	172,434
Total assets	$	599,394		$	343,750	$	209,249	$	(292,664	)	$	859,729
Total liabilities	$	89,937		$	15,642	$	171,084	$	(255	)	$	276,408
Redeemable noncontrolling interest	—			—		—		73,864			73,864
Equity attributable to stockholders of the Company	509,624			328,108		38,165		(366,273		)	509,624
Non-redeemable noncontrolling interest	(167		)	—		—		—			(167		)
Total liabilities and equity	$	599,394		$	343,750	$	209,249	$	(292,664	)	$	859,729



As of December 31, 2014
	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products		Consolidated Investment Products		Eliminations and Adjustments (a)			Balances as Reported in 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 in the Consolidated Statement of Operations for the years ended December 31, 2015, 2014 and 2013, respectively:



For the Year Ended December 31, 2015
	Balance Before Consolidation of Investment Products			Consolidated Sponsored Investment Products			Consolidated Investment Products			Eliminations and Adjustments (a)			Balances as Reported in Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	383,581		$	—		$	—		$	(1,604	)	$	381,977
Total operating expenses	297,465			5,738			—			(1,604		)	301,599
Operating income (loss)	86,116			(5,738		)	—			—			80,378
Total other non-operating expense	(14,214		)	(11,677		)	(1,832		)	14,988			(12,735		)
Income (loss) before income tax expense	71,902			(17,415		)	(1,832		)	14,988			67,643
Income tax expense	36,972			—			—			—			36,972
Net income (loss)	34,930			(17,415		)	(1,832		)	14,988			30,671
Noncontrolling interests	176			—			—			4,259			4,435
Net income (loss) attributable to common stockholders	$	35,106		$	(17,415	)	$	(1,832	)	$	19,247		$	35,106



For the Year Ended December 31, 2014
	Balance Before Consolidation of Investment Products		Consolidated Sponsored Investment Products			Consolidated Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	451,259	$	—		$	—	$	(661	)	$	450,598
Total operating expenses	316,840		3,699			—		(661		)	319,878
Operating income (loss)	134,419		(3,699		)	—		—			130,720
Total other non-operating income (expense)	2,502		2,619			—		473			5,594
Income (loss) before income tax expense	136,921		(1,080		)	—		473			136,314
Income taxes	39,349		—			—		—			39,349
Net income (loss)	97,572		(1,080		)	—		473			96,965
Noncontrolling interests	128		—			—		607			735
Net income (loss) attributable to common stockholders	$	97,700	$	(1,080	)	$	—	$	1,080		$	97,700



For the Year Ended December 31, 2013
	Balance Before Consolidation of Investment Products		Consolidated Sponsored Investment Products			Consolidated Investment Products		Eliminations and Adjustments (a)			Balances as Reported in Consolidated Statement of Operations
($ in thousands)
Total operating revenues	$	389,202	$	—		$	—	$	13		$	389,215
Total operating expenses	274,913		785			—		13			275,711
Operating income (loss)	114,289		(785		)	—		—			113,504
Total other non-operating income	5,620		6,098			—		(3,314		)	8,404
Income (loss) before income tax expense	119,909		5,313			—		(3,314		)	121,908
Income tax expense	44,778		—			—		—			44,778
Net income (loss)	75,131		5,313			—		(3,314		)	77,130
Noncontrolling interests	59		—			—		(1,999		)	(1,940		)
Net income (loss) attributable to common stockholders	$	75,190	$	5,313		$	—	$	(5,313	)	$	75,190


(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.