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Consolidation | 9 Months Ended
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Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Consolidation | 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.

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