XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Consolidation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Variable Interest Entity [Line Items] |
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 consolidated sponsored investment products and the consolidated investment product discussed in Note 18, as of December 31, 2016 and December 31, 2015, by fair value hierarchy level were as follows:
December 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 48,620 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,620 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 60,019 |  |  | — |  |  | — |  |  | 60,019 |
Equity securities | 11,473 |  |  | — |  |  | — |  |  | 11,473 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 3,415 |  |  | — |  |  | — |  |  | 3,415 |
Other investments |  |  |  |  |  |  |
Nonqualified retirement plan assets | 5,808 |  |  | — |  |  | — |  |  | 5,808 |
Total assets measured at fair value | $ | 129,335 |  |  | $ | — |  |  | $ | — |  |  | $ | 129,335 |
December 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 54,772 |  |  | $ | — |  |  | $ | — |  |  | $ | 54,772 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 29,331 |  |  | — |  |  | — |  |  | 29,331 |
Equity securities | 9,168 |  |  | — |  |  | — |  |  | 9,168 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 2,997 |  |  | — |  |  | — |  |  | 2,997 |
Other investments |  |  |  |  |  |  |
Nonqualified retirement plan assets | 5,310 |  |  | — |  |  | — |  |  | 5,310 |
Total assets measured at fair value | $ | 101,578 |  |  | $ | — |  |  | $ | — |  |  | $ | 101,578 |
Consolidated Sponsored Investment Products [Member] |
Variable Interest Entity [Line Items] |
Condensed Consolidated Balance Sheets | The following table presents the balances of the consolidated sponsored investment products that were reflected in the Consolidated Balance Sheets as of December 31, 2016 and 2015:
| As of December 31,
| 2016 |  | 2015
($ in thousands) | VOE's |  | VIE |  | VOE's |  | VIE
Total cash | $ | 1,859 |  |  | $ | 2,775 |  |  | $ | 11,408 |  |  | $ | 458 |
Total investments | 99,247 |  |  | 42,828 |  |  | 291,247 |  |  | 32,088 |
All other assets | 2,211 |  |  | 1,059 |  |  | 8,281 |  |  | 268 |
Total liabilities | (2,310 | ) |  | (1,799 | ) |  | (14,948 | ) |  | (439 | )
Redeemable noncontrolling interest | (12,505 | ) |  | (24,761 | ) |  | (61,236 | ) |  | (12,628 | )
The Company’s net interests in consolidated sponsored investment products | $ | 88,502 |  |  | $ | 20,102 |  |  | $ | 234,752 |  |  | $ | 19,747 |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The assets and liabilities of the consolidated sponsored investment products measured at fair value on a recurring basis by fair value hierarchy level were as follows:
As of December 31, 2016 |  |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Debt securities | $ | — |  |  | $ | 101,510 |  |  | $ | 87 |  |  | $ | 101,597 |
Equity securities | 40,270 |  |  | 208 |  |  | — |  |  | 40,478 |
Derivatives | 4 |  |  | — |  |  | — |  |  | 4 |
Total assets measured at fair value | $ | 40,274 |  |  | $ | 101,718 |  |  | $ | 87 |  |  | $ | 142,079 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | 3 |  |  | $ | 235 |  |  | $ | 62 |  |  | $ | 300 |
Short sales | 649 |  |  | — |  |  | — |  |  | 649 |
Total liabilities measured at fair value | $ | 652 |  |  | $ | 235 |  |  | $ | 62 |  |  | $ | 949 |
As of December 31, 2015 |  |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Debt securities | $ | — |  |  | $ | 151,156 |  |  | $ | 1,397 |  |  | $ | 152,553 |
Equity securities | 162,986 |  |  | 7,796 |  |  | — |  |  | 170,782 |
Derivatives | 33 |  |  | 738 |  |  | — |  |  | 771 |
Total assets measured at fair value | $ | 163,019 |  |  | $ | 159,690 |  |  | $ | 1,397 |  |  | $ | 324,106 |
Liabilities |  |  |  |  |  |  |
Derivatives | $ | 128 |  |  | $ | 844 |  |  | $ | — |  |  | $ | 972 |
Short sales | 5,334 |  |  | 75 |  |  | — |  |  | 5,409 |
Total liabilities measured at fair value | $ | 5,462 |  |  | $ | 919 |  |  | $ | — |  |  | $ | 6,381 |
Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value | The following table is a reconciliation of assets and liabilities of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.
| Year Ended December 31,
| 2016 |  | 2015
(in thousands) |  |  |
Level 3 Debt Securities (a) |  |  |
Balance at beginning of period | $ | 1,397 |  |  | $ | 1,065 |
Purchases | 174 |  |  | 913 |
Sales | (1,472 | ) |  | (370 | )
Paydowns | (5 | ) |  | (10 | )
Change in unrealized loss, net | 348 |  |  | (113 | )
Change in realized loss, net | (355 | ) |  | (141 | )
Transfers from Level 2 | (62 | ) |  | 151 |
Transfers to Level 2 | — |  |  | (98 | )
Balance at end of period | $ | 25 |  |  | $ | 1,397 |
(a) | None of the securities were internally fair valued at December 31, 2016 or December 31, 2015.
Reconciliation of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value | The following table is a reconciliation of assets and liabilities of consolidated sponsored investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.
| Year Ended December 31,
| 2016 |  | 2015
(in thousands) |  |  |
Level 3 Debt Securities (a) |  |  |
Balance at beginning of period | $ | 1,397 |  |  | $ | 1,065 |
Purchases | 174 |  |  | 913 |
Sales | (1,472 | ) |  | (370 | )
Paydowns | (5 | ) |  | (10 | )
Change in unrealized loss, net | 348 |  |  | (113 | )
Change in realized loss, net | (355 | ) |  | (141 | )
Transfers from Level 2 | (62 | ) |  | 151 |
Transfers to Level 2 | — |  |  | (98 | )
Balance at end of period | $ | 25 |  |  | $ | 1,397 |
(a) | None of the securities were internally fair valued at December 31, 2016 or December 31, 2015.
Consolidated Investment Product [Member] |
Variable Interest Entity [Line Items] |
Condensed Consolidated Balance Sheets | The following table presents the balances of the consolidated investment product that, after intercompany eliminations, were reflected in the Condensed Consolidated Balance Sheets as of December 31, 2016 and December 31, 2015:
| As of December 31,
| 2016 |  | 2015
($ in thousands) |  |  |
Total cash equivalents | $ | 14,449 |  |  | $ | 8,297 |
Total investments | 346,967 |  |  | 199,485 |
Other assets | 5,888 |  |  | 1,467 |
Debt | — |  |  | (152,597 | )
Notes payable | (328,761 | ) |  | — |
Securities purchased payable and other liabilities | (12,534 | ) |  | (18,487 | )
The Company’s net interests in the consolidated investment product | $ | 26,009 |  |  | $ | 38,165 |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The assets and liabilities of the consolidated investment product measured at fair value on a recurring basis by fair value hierarchy level were as follows: As of December 31, 2016:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 14,449 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,449 |
Bank loans | — |  |  | 346,967 |  |  | — |  |  | 346,967 |
Total Assets Measured at Fair Value | $ | 14,449 |  |  | $ | 346,967 |  |  | $ | — |  |  | $ | 361,416 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 328,761 |  |  | $ | — |  |  | $ | 328,761 |
Total Liabilities Measured at Fair Value | $ | — |  |  | $ | 328,761 |  |  | $ | — |  |  | $ | 328,761 |
As of December 31, 2015:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 8,297 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,297 |
Bank loans | — |  |  | 199,485 |  |  | — |  |  | 199,485 |
Total Assets Measured at Fair Value | $ | 8,297 |  |  | $ | 199,485 |  |  | $ | — |  |  | $ | 207,782 |
Schedule of VIE Consolidated Investment Product | The Company’s beneficial interests and maximum exposure to loss related to the consolidated investment product is limited to (i) ownership in the subordinated notes and related participations in management fees of the CLOs and (ii) accrued management fees. The secured notes of the CLO have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative, prescribed by ASU 2014-13 and adopted on January 1, 2016, results in the net amount of the consolidated investment product shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2016 as shown in the table below:
| As of
Beneficial Interests | December 31, 2016
($ in thousands) |
Subordinated notes | $ | 25,668 |
Accrued investment management fees | 341 |
Total Beneficial Interests | $ | 26,009 |
The following table represents revenue and expenses of the consolidated investment product included in the Company’s Consolidated Statements of Operations for the periods indicated:
| Year Ended December 31, 2016
($ in thousands) |
Income: |
Realized and unrealized loss, net | $ | (1,070 | )
Interest Income | 12,893 |
Total Revenue | $ | 11,823 |
Expenses: |
Other operating expenses | 3,944 |
Interest expense | 11,292 |
Total Expense | $ | 15,236 |
Net Loss attributable to consolidated investment product | $ | (3,413 | )
As summarized in the table below, the application of the measurement alternative as prescribed by ASU 2014-13 results in the consolidated net income summarized above to be equivalent to the Company’s own economic interests in the consolidated investment product which are eliminated upon consolidation:
Economic Interests | Year Ended December 31, 2016
($ in thousands) |
Distributions received and unrealized losses on the subordinated notes held by the Company | (4,398 | )
Investment management fees | 985 |
Total Economic Interests | $ | (3,413 | )

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5747-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6228884-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Variable Interest Entity -URI http://asc.fasb.org/extlink&oid=6528138 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685 + Details
Name: | us-gaap_ScheduleOfVariableInterestEntitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_VariableInterestEntityLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=us-gaap_SubsidiariesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | dei_LegalEntityAxis=us-gaap_VariableInterestEntityPrimaryBeneficiaryAggregatedDisclosureMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |