XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Fair Value Disclosures [Abstract] |
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 investment products, which are separately discussed in Note 15, as of June 30, 2017 and December 31, 2016 by fair value hierarchy level were as follows: June 30, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 73,434 |  |  | $ | — |  |  | $ | — |  |  | $ | 73,434 |
Marketable securities trading: |  |  |  |  |  |  |
Sponsored funds | 55,660 |  |  | — |  |  | — |  |  | 55,660 |
Equity securities | 12,740 |  |  | — |  |  | — |  |  | 12,740 |
Marketable securities available-for-sale: |  |  |  |  |  |  |
Sponsored closed-end funds | 3,762 |  |  | — |  |  | — |  |  | 3,762 |
Other investments: |  |  |  |  |  |  |
Investment in collateralized loan obligation | — |  |  | — |  |  | 2,909 |  |  | 2,909 |
Nonqualified retirement plan assets | 6,396 |  |  | — |  |  | — |  |  | 6,396 |
Total assets measured at fair value | $ | 151,992 |  |  | $ | — |  |  | $ | 2,909 |  |  | $ | 154,901 |
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 |
The assets and liabilities of the consolidated investment products measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 by fair value hierarchy level were as follows: As of June 30, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 48,111 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,111 |
Debt investments | — |  |  | 1,312,126 |  |  | 9,150 |  |  | 1,321,276 |
Equity investments | 33,113 |  |  | — |  |  | — |  |  | 33,113 |
Total Assets Measured at Fair Value | $ | 81,224 |  |  | $ | 1,312,126 |  |  | $ | 9,150 |  |  | $ | 1,402,500 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 1,096,434 |  |  | $ | — |  |  | $ | 1,096,434 |
Derivatives | 1 |  |  | — |  |  | — |  |  | 1 |
Short sales | 751 |  |  | — |  |  | — |  |  | 751 |
Total Liabilities Measured at Fair Value | $ | 752 |  |  | $ | 1,096,434 |  |  | $ | — |  |  | $ | 1,097,186 |
As of December 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
($ in thousands) |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 14,449 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,449 |
Debt investments | — |  |  | 448,477 |  |  | 87 |  |  | 448,564 |
Equity investments | 40,270 |  |  | 208 |  |  | — |  |  | 40,478 |
Derivatives | 4 |  |  | — |  |  | — |  |  | 4 |
Total Assets Measured at Fair Value | $ | 54,723 |  |  | $ | 448,685 |  |  | $ | 87 |  |  | $ | 503,495 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 328,761 |  |  | $ | — |  |  | $ | 328,761 |
Derivatives | 3 |  |  | 235 |  |  | 62 |  |  | 300 |
Short sales | 649 |  |  | — |  |  | — |  |  | 649 |
Total Liabilities Measured at Fair Value | $ | 652 |  |  | $ | 328,996 |  |  | $ | 62 |  |  | $ | 329,710 |
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.
| Three Months Ended June 30, |  | Six Months Ended June 30,
($ in thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Level 3 Investments (a) |  |  |  |  |  |  |
Balance at beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Acquired in business combination | 2,916 |  |  | — |  |  | 2,916 |  |  | — |
Change in unrealized (loss), net | 7 |  |  | — |  |  | 7 |  |  | — |
Balance at end of period | $ | 2,923 |  |  | $ | — |  |  | $ | 2,923 |  |  | $ | — |
(a) 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 consolidated investment products for Level 3 investments for which significant unobservable inputs were used to determine fair value.
| Six Months Ended June 30,
($ in thousands) | 2017 |  | 2016
Level 3 Debt securities (a) |  |  |
Balance at beginning of period | $ | 25 |  |  | $ | 1,397 |
Realized losses, net | (4 | ) |  | (356 | )
Acquired in business combination | 9,150 |  |  | — |
Purchases | 100 |  |  | 151 |
Paydowns | — |  |  | (5 | )
Sales | (121 | ) |  | (1,449 | )
Transferred to Level 2 | — |  |  | — |
Transfers from Level 2 | — |  |  | 1 |
Change in unrealized gain, net | — |  |  | 350 |
Balance at end of period | $ | 9,150 |  |  | $ | 89 |
(a) | The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. All transfers are deemed to occur at the end of period. Transfers between Level 2 and Level 3 were due to a decrease in trading activities at period end.

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
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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