Fair Value Measurements (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents assets that are measured at fair value on a recurring basis as of December 31, 2021 and 2020:
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Measured at |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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NAV |
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Total |
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As of December 31, 2021 |
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Assets: |
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Exchange traded funds |
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$ |
1,171 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
1,171 |
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Mutual funds |
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6,864 |
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— |
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— |
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— |
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6,864 |
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Accrued performance allocations |
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— |
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— |
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— |
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439,548 |
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439,548 |
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Partnership interests |
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— |
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— |
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— |
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39,685 |
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39,685 |
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Other investments |
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— |
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— |
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4,321 |
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— |
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4,321 |
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Total assets at fair value |
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$ |
8,035 |
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$ |
— |
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$ |
4,321 |
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$ |
479,233 |
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$ |
491,589 |
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Liabilities: |
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General Partner Notes Payable |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
12,003 |
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$ |
12,003 |
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As of December 31, 2020 |
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Assets: |
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Exchange traded funds |
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$ |
736 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
736 |
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Mutual funds |
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4,317 |
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— |
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— |
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— |
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4,317 |
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Accrued performance allocations |
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— |
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— |
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— |
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199,410 |
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199,410 |
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Partnership interests |
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— |
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— |
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— |
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15,672 |
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15,672 |
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Other investments |
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— |
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— |
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345 |
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— |
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345 |
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Total assets at fair value |
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$ |
5,053 |
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$ |
— |
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$ |
345 |
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$ |
215,082 |
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$ |
220,480 |
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Liabilities: |
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General Partner Notes Payable |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
16,458 |
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$ |
16,458 |
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| Summary of Changes in Fair Value of Company's Level 3 Assets |
The following table presents a rollforward of Level 3 assets at cost adjusted for any impairment and observable price changes:
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Other |
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(in thousands) |
Investments |
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Balance as of December 31, 2019 |
$ |
346 |
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Net unrealized gains |
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(1 |
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Balance as of December 31, 2020 |
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345 |
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Purchases |
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1,141 |
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Net unrealized gains |
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2,835 |
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Balance as of December 31, 2021 |
$ |
4,321 |
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| Summary of Investments Valued Using NAV Per Share |
The following table presents assets measured at fair value using NAV:
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Unfunded |
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(in thousands) |
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Fair Value |
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Commitments |
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December 31, 2021: |
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Accrued performance allocations |
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$ |
439,548 |
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$ |
— |
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Partnership interests: |
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Company-sponsored open-end fund |
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15,474 |
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— |
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Company-sponsored closed-end funds |
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16,510 |
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20,885 |
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Third-party closed-end funds |
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7,701 |
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2,436 |
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Total partnership interests |
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$ |
39,685 |
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$ |
23,321 |
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\ |
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December 31, 2020: |
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Accrued performance allocations |
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$ |
199,410 |
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$ |
— |
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Partnership interests: |
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Company-sponsored open-end fund |
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12,643 |
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— |
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Company-sponsored closed-end funds |
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332 |
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58 |
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Third-party closed-end funds |
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2,697 |
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4,802 |
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Total partnership interests |
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$ |
15,672 |
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$ |
4,860 |
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| Summary of Carrying Amounts and Estimated Fair Values of Financial Instruments at Amortized Cost |
The following table presents the carrying amounts and estimated fair values of financial instruments reported at amortized cost.
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Carrying |
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(in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Value |
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As of December 31, 2021: |
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Notes payable (private notes) |
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$ |
— |
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$ |
— |
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$ |
144,577 |
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$ |
144,577 |
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$ |
150,000 |
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As of December 31, 2020: |
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Notes payable (private notes) |
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$ |
— |
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$ |
— |
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$ |
149,225 |
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$ |
149,225 |
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$ |
150,000 |
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