16.INVESTMENT INCOME (LOSS)
Investment income (loss) in the condensed combined and consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.
The following table summarizes total investment income (loss) on investments and other financial instruments for the three and nine months ended September 30, 2021 and 2020, respectively.
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For the three months ended September 30, 2021 |
|
(in thousands) |
|
Net Realized
Gains (Losses) |
|
|
Net Unrealized
Gains (Losses) |
|
|
Total |
|
Investment in Company-sponsored funds |
|
$ |
(1 |
) |
|
$ |
(1,269 |
) |
|
$ |
(1,270 |
) |
Investment in third-party partnerships |
|
|
(98 |
) |
|
|
683 |
|
|
|
585 |
|
Other investments |
|
|
4 |
|
|
|
2,832 |
|
|
|
2,836 |
|
General Partner Notes Payable |
|
|
— |
|
|
|
414 |
|
|
|
414 |
|
Total investment income (loss) |
|
$ |
(95 |
) |
|
$ |
2,660 |
|
|
$ |
2,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2020 |
|
(in thousands) |
|
Net Realized
Gains (Losses) |
|
|
Net Unrealized
Gains (Losses) |
|
|
Total |
|
Investment in Company-sponsored funds |
|
$ |
(34 |
) |
|
$ |
(27 |
) |
|
$ |
(61 |
) |
Investment in third-party partnerships |
|
|
38 |
|
|
|
(12 |
) |
|
|
26 |
|
Other investments |
|
|
64 |
|
|
|
(1 |
) |
|
|
63 |
|
General Partner Notes Payable |
|
|
— |
|
|
|
(171 |
) |
|
|
(171 |
) |
Total investment income (loss) |
|
$ |
68 |
|
|
$ |
(211 |
) |
|
$ |
(143 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2021 |
|
(in thousands) |
|
Net Realized
Gains (Losses) |
|
|
Net Unrealized
Gains (Losses) |
|
|
Total |
|
Investment in Company-sponsored funds |
|
$ |
(5 |
) |
|
$ |
3,184 |
|
|
$ |
3,179 |
|
Investment in third-party partnerships |
|
|
(410 |
) |
|
|
2,206 |
|
|
|
1,796 |
|
Other investments |
|
|
4 |
|
|
|
2,854 |
|
|
|
2,858 |
|
General Partner Notes Payable |
|
|
— |
|
|
|
830 |
|
|
|
830 |
|
Total investment income (loss) |
|
$ |
(411 |
) |
|
$ |
9,074 |
|
|
$ |
8,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended September 30, 2020 |
|
(in thousands) |
|
Net Realized
Gains (Losses) |
|
|
Net Unrealized
Gains (Losses) |
|
|
Total |
|
Investment in Company-sponsored funds |
|
$ |
(35 |
) |
|
$ |
(26 |
) |
|
$ |
(61 |
) |
Investment in third-party partnerships |
|
|
2 |
|
|
|
154 |
|
|
|
156 |
|
Other investments |
|
|
(88 |
) |
|
|
(1 |
) |
|
|
(89 |
) |
General Partner Notes Payable |
|
|
— |
|
|
|
657 |
|
|
|
657 |
|
Total investment income (loss) |
|
$ |
(121 |
) |
|
$ |
784 |
|
|
$ |
663 |
|
|