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v3.22.2.2

Consolidation (Tables) | 9 Months Ended
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Sep. 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 September 30, 2022 and December 31, 2021:
| As of
| September 30, 2022 |  | December 31, 2021
| VOEs |  | VIEs |  | VOEs |  | VIEs
(in thousands) |  |  | CLOs |  | Other |  |  |  | CLOs |  | Other
Cash and cash equivalents | $ | 781 |  |  | $ | 83,660 |  |  | $ | 1,941 |  |  | $ | 787 |  |  | $ | 205,192 |  |  | $ | 1,245 |
Investments | 19,451 |  |  | 1,901,419 |  |  | 56,105 |  |  | 21,544 |  |  | 2,055,107 |  |  | 63,587 |
Other assets | 112 |  |  | 16,542 |  |  | 778 |  |  | 64 |  |  | 43,327 |  |  | 819 |
Notes payable | — |  |  | (1,864,943) |  |  | — |  |  | — |  |  | (2,033,617) |  |  | — |
Securities purchased payable and other liabilities | (597) |  |  | (71,674) |  |  | (212) |  |  | (558) |  |  | (184,214) |  |  | (296) |
Noncontrolling interests | (5,862) |  |  | (6,734) |  |  | (10,298) |  |  | (4,935) |  |  | (8,350) |  |  | (7,481) |
Net interests in CIP | $ | 13,885 |  |  | $ | 58,270 |  |  | $ | 48,314 |  |  | $ | 16,902 |  |  | $ | 77,445 |  |  | $ | 57,874 |
Schedule of Consolidated Collateralized Loan Obligations | September 30, 2022, as shown in the table below:
| (in thousands)
Subordinated notes | $ | 57,087 |
Accrued investment management fees | 1,183 |
Total Beneficial Interests | $ | 58,270 |
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:
| Nine Months Ended September 30, 2022
| (in thousands)
Income: |
Realized and unrealized gain (loss), net | $ | (26,864) |
Interest income | 68,152 |
Total Income | 41,288 |
Expenses: |
Other operating expenses | 1,495 |
Interest expense | 46,860 |
Total Expense | 48,355 |
Noncontrolling interests | 184 |
Net Income (Loss) Attributable to CIP | $ | (6,883) |
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:
| Nine Months Ended September 30, 2022 |  |
| (in thousands) |  |
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company | $ | (13,024) |  |  |
Investment management fees | 6,141 |  |  |
Total Economic Interests | $ | (6,883) |  |  |
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 17, as of September 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows: September 30, 2022
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 242,567 |  |  | $ | — |  |  | $ | — |  |  | $ | 242,567 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 61,699 |  |  | — |  |  | — |  |  | 61,699 |
Equity securities | 11,435 |  |  | — |  |  | — |  |  | 11,435 |
Nonqualified retirement plan assets | 11,588 |  |  | — |  |  | — |  |  | 11,588 |
Total assets measured at fair value | $ | 327,289 |  |  | $ | — |  |  | $ | — |  |  | $ | 327,289 |
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 September 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows: As of September 30, 2022
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 83,660 |  |  | $ | — |  |  | $ | — |  |  | $ | 83,660 |
Debt investments | 809 |  |  | 1,905,523 |  |  | 44,495 |  |  | 1,950,827 |
Equity investments | 20,822 |  |  | 4,012 |  |  | 1,314 |  |  | 26,148 |
Total assets measured at fair value | $ | 105,291 |  |  | $ | 1,909,535 |  |  | $ | 45,809 |  |  | $ | 2,060,635 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 1,864,943 |  |  | $ | — |  |  | $ | 1,864,943 |
Short sales | 395 |  |  | — |  |  | — |  |  | 395 |
Total liabilities measured at fair value | $ | 395 |  |  | $ | 1,864,943 |  |  | $ | — |  |  | $ | 1,865,338 |
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:
| Nine Months Ended September 30, |  |
(in thousands) | 2022 |  | 2021 |  |
Balance at beginning of period | $ | 3,157 |  |  | $ | 54,182 |  |  |
Realized gains (losses), net | (596) |  |  | (209) |  |  |
Change in unrealized gains (losses), net | (425) |  |  | 1,580 |  |  |
Purchases | 1,930 |  |  | 8,267 |  |  |
Amortization | 9 |  |  | 78 |  |  |
Sales | (12,142) |  |  | (31,501) |  |  |
Transfers to Level 2 | (53,746) |  |  | (54,445) |  |  |
Transfers from Level 2 | 107,622 |  |  | 68,635 |  |  |
Balance at end of period (1) | $ | 45,809 |  |  | $ | 46,587 |  |  |
(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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