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Consolidation (Tables) | 6 Months Ended
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Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidated Balance Sheets | The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021:
| As of
| June 30, 2022 |  | December 31, 2021
| VOEs |  | VIEs |  | VOEs |  | VIEs
(in thousands) |  |  | CLOs |  | Other |  |  |  | CLOs |  | Other
Cash and cash equivalents | $ | 798 |  |  | $ | 104,348 |  |  | $ | 3,155 |  |  | $ | 787 |  |  | $ | 205,192 |  |  | $ | 1,245 |
Investments | 19,049 |  |  | 1,917,076 |  |  | 54,034 |  |  | 21,544 |  |  | 2,055,107 |  |  | 63,587 |
Other assets | 94 |  |  | 15,920 |  |  | 1,027 |  |  | 64 |  |  | 43,327 |  |  | 819 |
Notes payable | — |  |  | (1,904,444) |  |  | — |  |  | — |  |  | (2,033,617) |  |  | — |
Securities purchased payable and other liabilities | (417) |  |  | (65,314) |  |  | (159) |  |  | (558) |  |  | (184,214) |  |  | (296) |
Noncontrolling interests | (4,634) |  |  | (6,997) |  |  | (8,416) |  |  | (4,935) |  |  | (8,350) |  |  | (7,481) |
Net interests in CIP | $ | 14,890 |  |  | $ | 60,589 |  |  | $ | 49,641 |  |  | $ | 16,902 |  |  | $ | 77,445 |  |  | $ | 57,874 |
Schedule of Consolidated Collateralized Loan Obligations | June 30, 2022, as shown in the table below:
| (in thousands)
Subordinated notes | $ | 59,446 |
Accrued investment management fees | 1,143 |
Total Beneficial Interests | $ | 60,589 |
The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated:
| Six Months Ended June 30, 2022
| (in thousands)
Income: |
Realized and unrealized gain (loss), net | $ | (21,668) |
Interest income | 40,633 |
Total Income | 18,965 |
Expenses: |
Other operating expenses | 1,126 |
Interest expense | 26,504 |
Total Expense | 27,630 |
Noncontrolling interests | 335 |
Net Income (Loss) Attributable to CIP | $ | (8,330) |
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 CLOs, which are eliminated upon consolidation:
| Six Months Ended June 30, 2022 |  |
| (in thousands) |  |
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company | $ | (12,458) |  |  |
Investment management fees | 4,128 |  |  |
Total Economic Interests | $ | (8,330) |  |  |
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 CIP discussed in Note 16, as of June 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows: June 30, 2022
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 180,574 |  |  | $ | — |  |  | $ | — |  |  | $ | 180,574 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 65,121 |  |  | — |  |  | — |  |  | 65,121 |
Equity securities | 12,063 |  |  | — |  |  | — |  |  | 12,063 |
Nonqualified retirement plan assets | 11,546 |  |  | — |  |  | — |  |  | 11,546 |
Total assets measured at fair value | $ | 269,304 |  |  | $ | — |  |  | $ | — |  |  | $ | 269,304 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 72,980 |  |  | $ | 72,980 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 72,980 |  |  | $ | 72,980 |
December 31, 2021
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 307,277 |  |  | $ | — |  |  | $ | — |  |  | $ | 307,277 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 66,326 |  |  | — |  |  | — |  |  | 66,326 |
Equity securities | 14,009 |  |  | — |  |  | — |  |  | 14,009 |
Nonqualified retirement plan assets | 13,321 |  |  | — |  |  | — |  |  | 13,321 |
Total assets measured at fair value | $ | 400,933 |  |  | $ | — |  |  | $ | — |  |  | $ | 400,933 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 88,400 |  |  | $ | 88,400 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 88,400 |  |  | $ | 88,400 |
The assets and liabilities of CIP measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows: As of June 30, 2022
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 104,348 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,348 |
Debt investments | 197 |  |  | 1,932,308 |  |  | 30,396 |  |  | 1,962,901 |
Equity investments | 22,767 |  |  | 3,130 |  |  | 1,361 |  |  | 27,258 |
Total assets measured at fair value | $ | 127,312 |  |  | $ | 1,935,438 |  |  | $ | 31,757 |  |  | $ | 2,094,507 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 1,904,444 |  |  | $ | — |  |  | $ | 1,904,444 |
Short sales | 345 |  |  | — |  |  | — |  |  | 345 |
Total liabilities measured at fair value | $ | 345 |  |  | $ | 1,904,444 |  |  | $ | — |  |  | $ | 1,904,789 |
As of December 31, 2021
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 205,192 |  |  | $ | — |  |  | $ | — |  |  | $ | 205,192 |
Debt investments | 273 |  |  | 2,107,736 |  |  | 2,695 |  |  | 2,110,704 |
Equity investments | 26,111 |  |  | 2,961 |  |  | 462 |  |  | 29,534 |
Total assets measured at fair value | $ | 231,576 |  |  | $ | 2,110,697 |  |  | $ | 3,157 |  |  | $ | 2,345,430 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 2,033,617 |  |  | $ | — |  |  | $ | 2,033,617 |
Short sales | 515 |  |  | — |  |  | — |  |  | 515 |
Total liabilities measured at fair value | $ | 515 |  |  | $ | 2,033,617 |  |  | $ | — |  |  | $ | 2,034,132 |
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 of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
| Six Months Ended June 30, |  |
(in thousands) | 2022 |  | 2021 |  |
Balance at beginning of period | $ | 3,157 |  |  | $ | 54,182 |  |  |
Realized gains (losses), net | 27 |  |  | (214) |  |  |
Change in unrealized gains (losses), net | (930) |  |  | 3,281 |  |  |
Purchases | — |  |  | 4,395 |  |  |
Amortization | (9) |  |  | 60 |  |  |
Sales | (2,135) |  |  | (27,309) |  |  |
Transfers to Level 2 | (36,833) |  |  | (44,578) |  |  |
Transfers from Level 2 | 68,480 |  |  | 62,264 |  |  |
Balance at end of period (1) | $ | 31,757 |  |  | $ | 52,081 |  |  |
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers between Level 2 and Level 3 were due to trading activities at period end.

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