Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32236 | |
Entity Registrant Name | COHEN & STEERS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 14-1904657 | |
Entity Address, Address Line One | 280 Park Avenue, | |
Entity Address, State or Province | NY | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | 212 | |
Local Phone Number | 832-3232 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CNS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,249,606 | |
Entity Central Index Key | 0001284812 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ 111,229 | $ 41,232 | |
Investments ($100,900 and $80,743) | [1] | 138,171 | 154,978 |
Accounts receivable | 78,752 | 69,680 | |
Due from brokers ($2,611 and $223) | [1] | 7,214 | 5,125 |
Property and equipment—net | 9,040 | 10,341 | |
Operating lease right-of-use assets—net | 26,082 | 31,203 | |
Goodwill and intangible assets—net | 20,146 | 20,495 | |
Other assets ($540 and $637) | [1] | 12,535 | 15,399 |
Total assets | 403,169 | 348,453 | |
Liabilities: | |||
Accrued compensation and benefits | 42,940 | 56,384 | |
Distribution and service fees payable | 10,237 | 7,748 | |
Operating lease liabilities | 29,202 | 34,926 | |
Income tax payable | 15,542 | 12,672 | |
Due to brokers ($3,105 and $128) | [1] | 3,403 | 501 |
Other liabilities and accrued expenses ($184 and $326) | [1] | 9,876 | 11,318 |
Total liabilities | 111,200 | 123,549 | |
Commitments and contingencies | |||
Redeemable noncontrolling interests | 66,081 | 50,665 | |
Stockholders’ equity: | |||
Common stock, $0.01 par value; 500,000,000 shares authorized; 54,230,611 and 53,462,621 shares issued at June 30, 2021 and December 31, 2020 respectively | 542 | 535 | |
Additional paid-in capital | 692,719 | 670,142 | |
Accumulated deficit | (240,744) | (291,542) | |
Accumulated other comprehensive loss, net of tax | (4,530) | (4,134) | |
Less: Treasury stock, at cost, 5,984,617 and 5,674,510 shares at June 30, 2021 and December 31, 2020, respectively | (222,099) | (200,762) | |
Total stockholders’ equity | 225,888 | 174,239 | |
Total liabilities and stockholders’ equity | $ 403,169 | $ 348,453 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2021 and December 31, 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition - (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Investments ($100,900 and $80,743) | [1] | $ 138,171 | $ 154,978 |
Other Assets | [1] | 12,535 | 15,399 |
Due to brokers ($3,105 and $128) | [1] | 3,403 | 501 |
Other liabilities and accrued expenses | [1] | $ 9,876 | $ 11,318 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |
Common stock, shares issued (in shares) | 54,230,611 | 53,462,621 | |
Treasury stock, shares (in shares) | 5,984,617 | 5,674,510 | |
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP | |||
Investments ($100,900 and $80,743) | $ 100,900 | $ 80,743 | |
Due from broker | 2,611 | 223 | |
Other Assets | 540 | 637 | |
Due to brokers ($3,105 and $128) | 3,105 | 128 | |
Other liabilities and accrued expenses | $ 184 | $ 326 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2021 and December 31, 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Total revenue | $ 144,269 | $ 94,087 | $ 270,016 | $ 199,917 |
Expenses: | ||||
Employee compensation and benefits | 53,241 | 34,320 | 99,003 | 72,937 |
Distribution and service fees | 18,848 | 12,518 | 35,354 | 26,622 |
General and administrative | 11,466 | 10,726 | 21,840 | 34,314 |
Depreciation, Depletion and Amortization | 1,017 | 1,228 | 2,184 | 2,380 |
Total expenses | 84,572 | 58,792 | 158,381 | 136,253 |
Operating income | 59,697 | 35,295 | 111,635 | 63,664 |
Non-operating income: | ||||
Interest and dividend income—net | 837 | 893 | 1,453 | 2,042 |
Gain (loss) from investments—net | 7,778 | 7,317 | 12,337 | (14,710) |
Foreign currency gain (loss)—net | (79) | (257) | (301) | 778 |
Total non-operating income (loss) | 8,536 | 7,953 | 13,489 | (11,890) |
Income before provision for income taxes | 68,233 | 43,248 | 125,124 | 51,774 |
Provision for income taxes | 15,827 | 11,086 | 20,288 | 11,544 |
Net income | 52,406 | 32,162 | 104,836 | 40,230 |
Less: Net (income) loss attributable to redeemable noncontrolling interests | (5,827) | (3,642) | (9,405) | 8,862 |
Net income attributable to common stockholders | $ 46,579 | $ 28,520 | $ 95,431 | $ 49,092 |
Earnings per share attributable to common stockholders: | ||||
Basic (in dollars per share) | $ 0.96 | $ 0.60 | $ 1.98 | $ 1.03 |
Diluted (in dollars per share) | 0.95 | 0.59 | 1.95 | 1.01 |
Dividends declared per share (in dollars per share) | $ 0.45 | $ 0.39 | $ 0.90 | $ 0.78 |
Weighted average shares outstanding: | ||||
Basic (shares) | 48,285 | 47,826 | 48,216 | 47,739 |
Diluted (shares) | 48,951 | 48,572 | 48,831 | 48,549 |
Investment advisory and administration fees | ||||
Revenue: | ||||
Total revenue | $ 134,348 | $ 86,648 | $ 251,269 | $ 183,937 |
Distribution and service fees | ||||
Revenue: | ||||
Total revenue | 9,199 | 6,930 | 17,471 | 14,713 |
Other | ||||
Revenue: | ||||
Total revenue | $ 722 | $ 509 | $ 1,276 | $ 1,267 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 52,406 | $ 32,162 | $ 104,836 | $ 40,230 |
Less: Net (income) loss attributable to redeemable noncontrolling interests | (5,827) | (3,642) | (9,405) | 8,862 |
Net income attributable to common stockholders | 46,579 | 28,520 | 95,431 | 49,092 |
Foreign currency translation income (loss) | 199 | 404 | (396) | (1,096) |
Total comprehensive income attributable to common stockholders | $ 46,778 | $ 28,924 | $ 95,035 | $ 47,996 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Unaudited) - USD ($) $ in Thousands | Total | Common stocks | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss), Net of Tax | Treasury Stock | Redeemable Noncontrolling Interests |
Beginning balance at Dec. 31, 2019 | $ 213,703 | $ 527 | $ 636,788 | $ (242,461) | $ (6,326) | $ (174,825) | |
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2019 | $ 53,412 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends | (38,040) | (38,040) | |||||
Issuance of common stock | 610 | 8 | 602 | ||||
Repurchase of common stock | (25,915) | (25,915) | |||||
Issuance of restricted stock units | 1,069 | 1,069 | |||||
Amortization of restricted stock units | 14,151 | 14,151 | |||||
Forfeitures of restricted stock units | (31) | (31) | |||||
Net Income (Loss) Attributable to Parent | 49,092 | 49,092 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | (8,862) | ||||||
Other comprehensive income (loss), net of tax | (1,096) | (1,096) | |||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | (1,477) | ||||||
Ending balance at Jun. 30, 2020 | $ 213,543 | 535 | 652,579 | (231,409) | (7,422) | (200,740) | |
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2020 | 43,073 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared per share (in dollars per share) | $ 0.78 | ||||||
Beginning balance at Mar. 31, 2020 | $ 195,504 | 535 | 644,397 | (240,930) | (7,826) | (200,672) | |
Beginning balance (redeemable noncontrolling interest) at Mar. 31, 2020 | 41,601 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends | (18,999) | (18,999) | |||||
Issuance of common stock | 305 | 0 | 305 | ||||
Repurchase of common stock | (68) | (68) | |||||
Issuance of restricted stock units | 516 | 516 | |||||
Amortization of restricted stock units | 7,376 | 7,376 | |||||
Forfeitures of restricted stock units | (15) | (15) | |||||
Net Income (Loss) Attributable to Parent | 28,520 | 28,520 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 3,642 | ||||||
Other comprehensive income (loss), net of tax | 404 | 404 | |||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | (2,170) | ||||||
Ending balance at Jun. 30, 2020 | $ 213,543 | 535 | 652,579 | (231,409) | (7,422) | (200,740) | |
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2020 | 43,073 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared per share (in dollars per share) | $ 0.39 | ||||||
Beginning balance at Dec. 31, 2020 | $ 174,239 | 535 | 670,142 | (291,542) | (4,134) | (200,762) | |
Beginning balance (redeemable noncontrolling interest) at Dec. 31, 2020 | 50,665 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends | (44,633) | (44,633) | |||||
Issuance of common stock | 741 | 7 | 734 | ||||
Repurchase of common stock | (21,337) | (21,337) | |||||
Issuance of restricted stock units | 2,433 | 2,433 | |||||
Amortization of restricted stock units | 19,617 | 19,617 | |||||
Forfeitures of restricted stock units | (207) | (207) | |||||
Net Income (Loss) Attributable to Parent | 95,431 | 95,431 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 9,405 | ||||||
Other comprehensive income (loss), net of tax | (396) | (396) | |||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | 6,011 | ||||||
Ending balance at Jun. 30, 2021 | $ 225,888 | 542 | 692,719 | (240,744) | (4,530) | (222,099) | |
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2021 | 66,081 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared per share (in dollars per share) | $ 0.90 | ||||||
Beginning balance at Mar. 31, 2021 | $ 189,227 | 542 | 680,466 | (265,034) | (4,729) | (222,018) | |
Beginning balance (redeemable noncontrolling interest) at Mar. 31, 2021 | 62,365 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends | (22,289) | (22,289) | |||||
Issuance of common stock | 311 | 0 | 311 | ||||
Repurchase of common stock | (81) | (81) | |||||
Issuance of restricted stock units | 1,640 | 1,640 | |||||
Amortization of restricted stock units | 10,432 | 10,432 | |||||
Forfeitures of restricted stock units | (130) | (130) | |||||
Net Income (Loss) Attributable to Parent | 46,579 | 46,579 | |||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 5,827 | ||||||
Other comprehensive income (loss), net of tax | 199 | 199 | |||||
Net contributions (distributions) attributable to redeemable noncontrolling interests | (2,111) | ||||||
Ending balance at Jun. 30, 2021 | $ 225,888 | $ 542 | $ 692,719 | $ (240,744) | $ (4,530) | $ (222,099) | |
Ending balance (redeemable noncontrolling interest) at Jun. 30, 2021 | $ 66,081 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Dividends declared per share (in dollars per share) | $ 0.45 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 104,836 | $ 40,230 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Stock-based compensation expense—net | 20,780 | 14,561 |
Depreciation and amortization | 8,071 | 8,142 |
(Gain) loss from investments—net | (12,337) | 14,710 |
Deferred income taxes | 4,138 | 222 |
Foreign currency (gain) loss | 2,095 | (245) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (11,167) | 7,351 |
Due from brokers | (2,089) | 1,246 |
Deferred commissions | (740) | (742) |
Investments within consolidated Company-sponsored funds | (8,687) | 568 |
Other assets | (116) | (6,549) |
Accrued compensation and benefits | (13,444) | (27,576) |
Distribution and service fees payable | 2,489 | 159 |
Operating lease liabilities | (5,724) | (5,633) |
Due to brokers | 2,902 | (304) |
Income tax payable | 2,863 | 11,435 |
Other liabilities and accrued expenses | (3,847) | (1,974) |
Net cash provided by (used in) operating activities | 90,023 | 55,601 |
Cash flows from investing activities: | ||
Purchases of investments | (33,212) | (8,755) |
Proceeds from sales and maturities of investments | 72,244 | 6,735 |
Purchases of property and equipment | (884) | (1,564) |
Proceeds from sales of property and equipment | 0 | 73 |
Net cash provided by (used in) investing activities | 38,148 | (3,511) |
Cash flows from financing activities: | ||
Issuance of common stock—net | 629 | 518 |
Repurchase of common stock | (21,337) | (25,915) |
Dividends to stockholders | (43,458) | (37,310) |
Distributions to redeemable noncontrolling interests | (5,381) | (5,322) |
Contributions from redeemable noncontrolling interests | 11,392 | 3,845 |
Net cash provided by (used in) financing activities | (58,155) | (64,184) |
Net increase (decrease) in cash and cash equivalents | 70,016 | (12,094) |
Effect of foreign exchange rate changes on cash and cash equivalents | (19) | (1,123) |
Cash and cash equivalents, beginning of the period | 41,232 | 101,352 |
Cash and cash equivalents, end of the period | 111,229 | 88,135 |
Supplemental Cash Flow Information [Abstract] | ||
Income taxes paid | 13,300 | 2,500 |
Proceeds from Income tax refunds | 2,700 | |
Deferred income tax expense | 9,300 | |
Restricted stock unit dividend equivalents, net of forfeitures | $ 1,200 | $ 700 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of BusinessCohen & Steers, Inc. (CNS) was organized as a Delaware corporation on March 17, 2004. CNS is the holding company for its direct and indirect subsidiaries, including Cohen & Steers Capital Management, Inc. (CSCM), Cohen & Steers Securities, LLC (CSS), Cohen & Steers Asia Limited (CSAL), Cohen & Steers UK Limited (CSUK), Cohen & Steers Japan Limited (CSJL) and Cohen & Steers Ireland Limited (CSIL) (collectively, the Company).The Company is a leading global investment manager specializing in real assets and alternative income, including real estate, preferred securities, infrastructure, resource equities, commodities, as well as multi-strategy solutions. Founded in 1986, the Company is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements set forth herein include the accounts of CNS and its direct and indirect subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements of the Company included herein are unaudited and have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the interim results have been made. The Company's condensed consolidated financial statements and the related notes should be read together with the consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. Recently Adopted Accounting Pronouncements —In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes . The standard is intended to simplify various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. This new guidance became effective on January 1, 2021. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures. Accounting Estimates —The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. Reclassifications —The Company reclassified certain prior period amounts to conform with the current period presentation, primarily related to accrued employee benefits which were reclassified from other liabilities and accrued expenses to accrued compensation and benefits on the Company's condensed consolidated statements of financial condition. Consolidation of Company-sponsored Funds —Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. Investments in Company-sponsored funds that are determined to be VOEs are consolidated when the Company's ownership interest is greater than 50% of the outstanding voting interests of the fund or when the Company is the general partner of the fund and the limited partners do not have substantive kick-out or participating rights in the fund. The Company records noncontrolling interests in consolidated Company-sponsored funds for which the Company's ownership is less than 100%. Cash and Cash Equivalents —Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less. Due from/to Brokers —The Company, including the consolidated Company-sponsored funds, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers. Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows: • Equity investments at fair value, which generally represent listed equity securities held within the consolidated Company-sponsored funds, listed equity securities held directly for the purpose of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. • Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and listed debt securities held directly for the purpose of establishing performance track records. • Held-to-maturity investments generally represent corporate investments in U.S. Treasury securities recorded at amortized cost. Under the current expected credit loss model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not hold any held-to-maturity investments at June 30, 2021. • Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition. Leases —The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment and these leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU assets reflect any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets. ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset. Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interests are recorded at fair value which approximates the redemption value at each reporting period. Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized . Distribution and Service Fee Revenue —Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds. Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average daily assets under management. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management. Stock-based Compensation —The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period. The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations. Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(4.5) million and $(4.1) million at June 30, 2021 and December 31, 2020, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries are included in foreign currency gain (loss)-net within non-operating income (loss) in the condensed consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are also included in foreign currency gain (loss)-net within non-operating income (loss) in the Company’s condensed consolidated statements of operations. Comprehensive Income —The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss). |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Client domicile: North America $ 124,126 $ 81,407 $ 234,442 $ 172,414 Japan 9,529 7,486 18,061 15,902 Europe, Middle East and Africa 7,295 2,658 11,276 5,993 Asia Pacific excluding Japan 3,319 2,536 6,237 5,608 Total $ 144,269 $ 94,087 $ 270,016 $ 199,917 Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Investment vehicle: Open-end funds (1) $ 79,627 $ 52,075 $ 149,056 $ 110,424 Institutional accounts 37,381 24,500 68,368 52,359 Closed-end funds 27,261 17,512 52,592 37,134 Total $ 144,269 $ 94,087 $ 270,016 $ 199,917 ________________________ |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments | Investments The following table summarizes the Company's investments - (in thousands) June 30, December 31, Equity investments at fair value $ 111,677 $ 94,089 Trading 26,480 18,700 Held-to-maturity carried at amortized cost (1) — 41,648 Equity method 14 541 Total investments $ 138,171 $ 154,978 _________________________ (1) At December 31, 2020, held-to-maturity investments comprised of U.S. Treasury securities had a fair value of approximately $41.7 million. These securities would have been classified as level 2 within the fair value hierarchy if carried at fair value. There were no new funds seeded for either the six months ended June 30, 2021 or 2020. The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6): Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Net realized gains (losses) during the period $ 2,567 $ (4,191) $ 4,456 $ (5,421) Net unrealized gains (losses) during the period on investments still held at the end of the period 5,211 11,508 7,881 (9,289) Gain (loss) from investments—net (1) $ 7,778 $ 7,317 $ 12,337 $ (14,710) ________________________ (1) Included net income (loss) attributable to redeemable noncontrolling interests. At June 30, 2021 and December 31, 2020, the Company's consolidated VIEs included the Cohen & Steers SICAV Global Listed Infrastructure Fund (GLI SICAV), the Cohen & Steers SICAV Global Real Estate Fund (SICAV GRE), the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP) and the Cohen & Steers Co-Investment Partnership, L.P. (GRP-CIP). The following tables summarize the condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs: June 30, 2021 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP Total Assets (1) Investments $ 7,669 $ 51,682 $ 41,285 $ 264 $ 100,900 Due from brokers 103 1,730 732 46 2,611 Other assets 38 169 333 — 540 Total assets $ 7,810 $ 53,581 $ 42,350 $ 310 $ 104,051 Liabilities (1) Due to brokers $ 38 $ 2,339 $ 728 $ — $ 3,105 Other liabilities and accrued expenses 25 82 72 5 184 Total liabilities $ 63 $ 2,421 $ 800 $ 5 $ 3,289 December 31, 2020 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP Total Assets (1) Investments $ 7,140 $ 39,672 $ 33,654 $ 277 $ 80,743 Due from brokers 69 45 52 57 223 Other assets 44 359 234 — 637 Total assets $ 7,253 $ 40,076 $ 33,940 $ 334 $ 81,603 Liabilities (1) Due to brokers $ 27 $ 40 $ 61 $ — $ 128 Other liabilities and accrued expenses 29 211 81 5 326 Total liabilities $ 56 $ 251 $ 142 $ 5 $ 454 _________________________ (1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820) specifies a hierarchy of valuation classifications based on whether the inputs to the valuation techniques used in each valuation classification are observable or unobservable. These classifications are summarized in the three broad levels listed below: • Level 1—Unadjusted quoted prices for identical instruments in active markets. • Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable. • Level 3—Valuations derived from valuation techniques in which significant inputs or significant value drivers are unobservable. Inputs used to measure fair value might fall in different levels of the fair value hierarchy, in which case the Company defaults to the lowest level input that is significant to the fair value measurement in its entirety. These levels are not necessarily an indication of the risk or liquidity associated with the investments. The following tables present fair value measurements: June 30, 2021 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total Cash equivalents $ 91,186 $ — $ — $ — $ 91,186 Equity investments at fair value: Common stocks $ 108,547 $ 199 $ — $ — $ 108,746 Company-sponsored funds 93 — — — 93 Limited partnership interests 1,158 — — 264 1,422 Preferred securities 1,269 14 — — 1,283 Other — — — 133 133 Total $ 111,067 $ 213 $ — $ 397 $ 111,677 Trading investments: Fixed income $ — $ 26,480 $ — $ — $ 26,480 Equity method investments $ — $ — $ — $ 14 $ 14 Total investments $ 111,067 $ 26,693 $ — $ 411 $ 138,171 Derivatives - assets: Futures - commodities $ 839 $ — $ — $ — $ 839 Total return swaps - commodities (2) — 113 — — 113 Total return swaps - equities — 24 — — 24 Forward contracts - foreign exchange — 149 — — 149 Total $ 839 $ 286 $ — $ — $ 1,125 Derivatives - liabilities: Futures - commodities $ 259 $ — $ — $ — $ 259 Total return swaps - commodities — 363 — — 363 Total return swaps - equities — 487 — — 487 Forward contracts - foreign exchange — 17 — — 17 Total $ 259 $ 867 $ — $ — $ 1,126 ________________________ (1) Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient. (2) Included total return swaps - commodities held by consolidated Company-sponsored funds. December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Investments Total Cash equivalents $ 23,372 $ — $ — $ — $ — $ 23,372 Equity investments at fair value: Common stocks $ 91,614 $ — $ — $ — $ — $ 91,614 Company-sponsored funds 246 — — — — 246 Limited partnership interests 831 — — 277 — 1,108 Preferred securities 983 12 — — — 995 Other — — — 126 — 126 Total $ 93,674 $ 12 $ — $ 403 $ — $ 94,089 Trading investments: Fixed income $ — $ 18,700 $ — $ — $ — $ 18,700 Held-to-maturity investments $ — $ — $ — $ — $ 41,648 $ 41,648 Equity method investments $ — $ — $ — $ 541 $ — $ 541 Total investments $ 93,674 $ 18,712 $ — $ 944 $ 41,648 $ 154,978 Derivatives - assets: Futures - commodities $ 1,012 $ — $ — $ — $ — $ 1,012 Derivatives - liabilities: Futures - commodities $ 416 $ — $ — $ — $ — $ 416 Total return swaps - commodities — 136 — — — 136 Total return swaps - equities — 1,562 — — — 1,562 Forward contracts - foreign exchange — 345 — — — 345 Total $ 416 $ 2,043 $ — $ — $ — $ 2,459 ________________________ (1) Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient. Cash equivalents were comprised of investments in actively traded U.S. Treasury money market funds measured at NAV. Equity investments at fair value classified as level 2 were comprised of common stocks and preferred securities with predominately equity-like characteristics for which quoted prices in active markets are not available. Fair values for the common stocks classified as level 2 were generally based on quoted prices for similar instruments in active markets. Fair values for the preferred securities classified as level 2 were generally determined using third-party pricing services. The pricing services may utilize pricing models, and inputs into those models may include reported trades, executable bid and ask prices, broker-dealer quotations, prices or yields of similar securities, benchmark curves and other market information. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Trading investments classified as level 2 were comprised of U.S. Treasury securities and corporate debt securities. The fair value amounts were generally determined using third-party pricing services. The pricing services may utilize evaluated pricing models that vary by asset class and incorporate available trade, bid and other market information. Investments measured at NAV were comprised of certain investments measured at fair value using NAV (or its equivalent) as a practical expedient. These investments were comprised of: • Equity investments at fair value - included limited partner interests in limited partnership vehicles that invest in non-registered real estate funds and the Company's co-investment in a Cayman trust invested in global listed infrastructure securities (which is included in "Other" in the leveling table), both of which are valued based on the NAVs of the underlying investments. At June 30, 2021 and December 31, 2020, the Company did not have the ability to redeem the interests in the limited partnership vehicles; there were no contractual restrictions on the Company's ability to redeem its interest in the Cayman trust. • Equity method investments - included the Company's partnership interest in the Cohen & Steers Global Realty Partners III-TE, L.P. (GRP-TE) at June 30, 2021 and December 31, 2020. GRP-TE invests in non-registered real estate funds. The Company's ownership interest was approximately 0.2% and the Company did not have the ability to redeem the investment at either June 30, 2021 or December 31, 2020. In addition, at December 31, 2020, the Cohen & Steers Global Realty Focus Fund (GRF), a series of Cohen & Steers Series LP was included. During the first quarter of 2021, GRF was redeemed. Held-to-maturity investments at December 31, 2020 were comprised of U.S. Treasury securities, which were directly issued by the U.S. government. These securities were purchased with the intent to hold to maturity and were recorded at amortized cost. Investments measured at NAV as a practical expedient and investments carried at amortized cost have not been classified in the fair value hierarchy. The amounts presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the condensed consolidated statements of financial condition. Swap contracts classified as level 2 were valued based on the underlying futures contracts or equity indices. Foreign currency exchange contracts classified as level 2 were valued based on the prevailing forward exchange rate, which is an input that is observable in active markets. Valuation Techniques In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments, which are generally immaterial, are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship: As of June 30, 2021 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Futures - commodities $ 15,181 $ 3,590 $ 839 $ 259 Total return swaps - commodities — 11,014 — 363 Total return swaps - equities — 21,281 24 487 Forward contracts - foreign exchange — 11,183 149 17 Total corporate derivatives $ 15,181 $ 47,068 $ 1,012 $ 1,126 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 9,341 — 113 — Total $ 24,522 $ 47,068 $ 1,125 $ 1,126 As of December 31, 2020 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Futures - commodities $ 13,624 $ 4,257 $ 1,012 $ 416 Total return swaps - commodities — 9,598 — 136 Total return swaps - equities — 17,688 — 1,562 Forward contracts - foreign exchange — 14,061 — 345 Total $ 13,624 $ 45,604 $ 1,012 $ 2,459 ________________________ (1) The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. Our corporate derivatives include: • Future commodity contracts utilized to gain exposure in the commodities market for the purpose of establishing a performance track record; • Total return swap commodity contracts utilized as economic hedges to reduce the overall risk of the Company's market exposure to seed investments in commodity futures; • Total return swap equity contracts utilized to economically hedge a portion of the market risk of certain other seed investments; and • Forward foreign exchange contracts to economically hedge currency exposure arising from certain non-U.S. dollar investment advisory fees. Non-corporate derivatives are comprised of commodity swap contracts that are utilized by certain of the consolidated Company-sponsored funds to gain exposure in the commodities market as part of the funds' investment strategies. Cash included in due from brokers on the condensed consolidated statements of financial condition of $4.6 million and $4.9 million at June 30, 2021 and December 31, 2020, respectively, was held as collateral for corporate derivatives including futures, forward and swap contracts. U.S. Treasury securities included in investments on the condensed consolidated statements of financial condition of $1.2 million and $1.5 million at June 30, 2021 and December 31, 2020, respectively, were held as collateral for corporate derivatives including futures and swap contracts. There was no collateral required for the non-corporate derivatives at June 30, 2021. The following table summarizes net gains (losses) from derivative financial instruments: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Corporate derivatives: Futures - commodities $ 1,463 $ 412 $ 2,168 $ (1,689) Total return swaps - commodities (1,335) (381) (1,993) 1,760 Total return swaps - equities (1,440) — (2,508) — Forward contracts - foreign exchange (657) (164) 477 (67) Total corporate derivatives $ (1,969) $ (133) $ (1,856) $ 4 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 1,193 — 1,072 — Total (1) $ (776) $ (133) $ (784) $ 4 ________________________ |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to common stockholders by the weighted average shares outstanding. Diluted earnings per share is calculated by dividing net income attributable to common stockholders by the total weighted average shares of common stock outstanding and common stock equivalents determined using the treasury stock method. Common stock equivalents are comprised of dilutive potential shares from restricted stock unit awards and are excluded from the computation if their effect is anti-dilutive. The following table reconciles income and share data used in the basic and diluted earnings per share computations: Three Months Ended Six Months Ended (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 52,406 $ 32,162 $ 104,836 $ 40,230 Net (income) loss attributable to redeemable noncontrolling interests (5,827) (3,642) (9,405) 8,862 Net income attributable to common stockholders $ 46,579 $ 28,520 $ 95,431 $ 49,092 Basic weighted average shares outstanding 48,285 47,826 48,216 47,739 Dilutive potential shares from restricted stock units 666 746 615 810 Diluted weighted average shares outstanding 48,951 48,572 48,831 48,549 Basic earnings per share attributable to common stockholders $ 0.96 $ 0.60 $ 1.98 $ 1.03 Diluted earnings per share attributable to common stockholders $ 0.95 $ 0.59 $ 1.95 $ 1.01 Anti-dilutive common stock equivalents excluded from the calculation — 63 — — |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes included U.S. federal, state, local and foreign taxes. The effective tax rate for the three months ended June 30, 2021 was approximately 25.4%, compared with approximately 28.0% for the three months ended June 30, 2020. The effective tax rate for the three months ended June 30, 2021 and 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign income taxes and limitations on the deductibility of executive compensation. In addition, the effective tax rate for the three months ended June 30, 2021 included the cumulative effect of a change in the Company’s estimated effective tax rate for the year. The effective tax rate for the six months ended June 30, 2021 was approximately 17.5%, compared with approximately 19.0% for the six months ended June 30, 2020. The effective tax rate for the six months ended June 30, 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign income taxes and limitations on the deductibility of executive compensation. These were more than offset by the reversal of certain liabilities associated with unrecognized tax benefits and the tax effect associated with the appreciated value of the restricted stock units delivered in January 2021. The effective tax rate for the six months ended June 30, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state, local and foreign income taxes and limitations on the deductibility of executive compensation. These were more than offset by the tax effect associated with the appreciated value of the restricted stock units delivered in January 2020. Deferred income taxes represent the tax effects of the temporary differences between book and tax bases and are measured using enacted tax rates that will be in effect when such items are expected to reverse. The Company's net deferred tax asset was primarily comprised of future income tax deductions attributable to the delivery of unvested restricted stock units. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company is an investment adviser to, and has administration agreements with, Company-sponsored funds for which certain employees are officers and/or directors. The following table summarizes the amount of revenue the Company earned from these affiliated funds: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Investment advisory and administration fees (1) $ 95,542 $ 61,035 $ 180,190 $ 129,377 Distribution and service fees 9,199 6,930 17,471 14,713 Total $ 104,741 $ 67,965 $ 197,661 $ 144,090 _________________________ (1) Investment advisory and administration fees are reflected net of fund reimbursements of $3.7 million and $2.9 million for the three months ended June 30, 2021 and 2020, respectively, and $7.2 million and $6.1 million for the six months ended June 30, 2021 and 2020, respectively. Included in accounts receivable at June 30, 2021 and December 31, 2020 are receivables due from Company-sponsored funds of $36.6 million and $30.2 million, respectively. Included in accounts payable at June 30, 2021 and December 31, 2020 are payables due to Company-sponsored funds of $0.4 million and $0.6 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company is involved in legal matters relating to claims arising in the ordinary course of business. There are currently no such matters pending that the Company believes could have a material adverse effect on its condensed consolidated results of operations, cash flows or financial position. The Company periodically commits to fund a portion of the equity in certain of its sponsored investment products. The Company has committed to co-invest up to $5.1 million alongside GRP-TE, a portion of which is made through GRP-TE and the remainder of which is made through GRP-CIP for up to 12 years through the life of GRP-TE. As of June 30, 2021, the Company has funded approximately $3.8 million with respect to this commitment. The actual timing for funding the unfunded portion of this commitment is currently unknown, as the drawdown of the Company's unfunded commitment is contingent on the timing of drawdowns by the underlying funds in which GRP-TE and GRP-CIP invest. The unfunded commitment was not recorded on the Company's condensed consolidated statements of financial condition. |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk The Company's cash and cash equivalents are principally on deposit with major financial institutions. The Company is subject to credit risk should these financial institutions be unable to fulfill their obligations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the condensed consolidated financial statements were issued. Other than the items described below, the Company determined that there were no additional subsequent events that require disclosure and/or adjustment. On August 5, 2021, the Company declared a quarterly dividend on its common stock in the amount of $0.45 per share. The dividend will be payable on August 26, 2021 to stockholders of record at the close of business on August 16, 2021. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements —In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes . The standard is intended to simplify various aspects related to income taxes and removes certain exceptions to the general principles in Topic 740. This new guidance became effective on January 1, 2021. The Company's adoption of the new standard did not have a material effect on its condensed consolidated financial statements and related disclosures. |
Accounting Estimates | Accounting Estimates —The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes the estimates used in preparing the condensed consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates. |
Reclassifications | Reclassifications —The Company reclassified certain prior period amounts to conform with the current period presentation, primarily related to accrued employee benefits which were reclassified from other liabilities and accrued expenses to accrued compensation and benefits on the Company's condensed consolidated statements of financial condition. |
Consolidation of Company-sponsored Funds | Consolidation of Company-sponsored Funds —Investments in Company-sponsored funds and management fees are evaluated at inception and thereafter, if there is a reconsideration event, in order to determine whether to apply the Variable Interest Entity (VIE) model or the Voting Interest Entity (VOE) model. In performing this analysis, all of the Company's management fees are presumed to be commensurate and at market and are therefore not considered variable interests. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (ii) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has (i) the power to direct the activities of the VIE that most significantly affect its performance, and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Subscriptions and redemptions or amendments to the governing documents of the respective entities could affect an entity's status as a VIE or the determination of the primary beneficiary. The Company assesses whether it is the primary beneficiary of any VIEs identified by evaluating its economic interests in the entity held either directly by the Company and its affiliates or indirectly through employees. VIEs for which the Company is deemed to be the primary beneficiary are consolidated. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents are on deposit with several highly rated financial institutions and include short-term, highly-liquid investments, which are readily convertible into cash and have original maturities of three months or less. |
Due from/to Brokers | Due from/to Brokers —The Company, including the consolidated Company-sponsored funds, may transact with brokers for certain investment activities. The clearing and custody operations for these investment activities are performed pursuant to contractual agreements. The due from/to brokers balance represents cash and/or cash collateral balances at brokers/custodians and/or receivables and payables for unsettled securities transactions with brokers. |
Investments | Investments —Management of the Company determines the appropriate classification of its investments at the time of purchase and re-evaluates such determination no less than on a quarterly basis. The Company's investments are categorized as follows: • Equity investments at fair value, which generally represent listed equity securities held within the consolidated Company-sponsored funds, listed equity securities held directly for the purpose of establishing performance track records and seed investments in Company-sponsored open-end funds where the Company has neither control nor the ability to exercise significant influence. • Trading investments, which generally represent debt securities held within the consolidated Company-sponsored funds and listed debt securities held directly for the purpose of establishing performance track records. • Held-to-maturity investments generally represent corporate investments in U.S. Treasury securities recorded at amortized cost. Under the current expected credit loss model, any expected credit losses are recognized as an allowance, which represents an adjustment to the amortized costs basis. The Company did not hold any held-to-maturity investments at June 30, 2021. • Equity method investments, which generally represent seed investments in Company-sponsored funds in which the Company owns between 20-50% of the outstanding voting interests or when it is determined that the Company is able to exercise significant influence but not control over the investments. When using the equity method, the Company recognizes its respective share of net income or loss for the period which is recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. Realized and unrealized gains and losses on equity investments at fair value, trading investments and equity method investments are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. From time to time, the Company, including the consolidated Company-sponsored funds, may enter into derivative contracts, including options, futures and swaps contracts, to gain exposure to the underlying commodities markets or to economically hedge market risk of the underlying portfolios. Gains and losses on derivative contracts are recorded in gain (loss) from investments—net in the Company's condensed consolidated statements of operations. The fair values of these instruments are recorded in other assets or other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. Additionally, from time to time, the Company, including the consolidated Company-sponsored funds, may enter into forward foreign exchange contracts to economically hedge currency exposure. These instruments are measured at fair value based on the prevailing forward exchange rate with gains and losses recorded in foreign currency gain (loss)—net in the Company’s condensed consolidated statements of operations. The fair values of these contracts are recorded in other assets or other liabilities and accrued expenses on the Company’s condensed consolidated statements of financial condition. |
Leases | Leases —The Company determines if an arrangement is a lease at inception. The Company has operating leases for corporate offices and certain information technology equipment and these leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the Company’s condensed consolidated statements of financial condition. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the life of the lease. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of lease commencement dates in determining the present value of lease payments. The operating lease ROU assets reflect any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets. ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests —Redeemable noncontrolling interests represent third-party interests in the consolidated Company-sponsored funds. These interests are redeemable at the option of the investors and therefore are not treated as permanent equity. Redeemable noncontrolling interests are recorded at fair value which approximates the redemption value at each reporting period. |
Investment Advisory and Administration Fees | Investment Advisory and Administration Fees —The Company earns revenue by providing asset management services to institutional accounts, Company-sponsored open-end and closed-end funds as well as model-based portfolios. Investment advisory fees are earned pursuant to the terms of investment management agreements and are generally based on a contractual fee rate applied to the average assets under management. The Company also earns administration fees from certain Company-sponsored open-end and closed-end funds pursuant to the terms of underlying administration contracts. Administration fees are based on the average daily assets under management of such funds. Investment advisory and administration fee revenue is recognized when earned and is recorded net of any fund reimbursements. The investment advisory and administration contracts each include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Additionally, investment advisory and administration fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. In certain instances, the Company may earn performance fees when specified performance hurdles are met during the performance period. Performance fees are forms of variable consideration and are not recognized until it becomes probable that there will not be a significant reversal of the cumulative revenue recognized . |
Distribution and Service Fee Revenue | Distribution and Service Fee Revenue —Distribution and service fee revenue is based on the average daily net assets of certain share classes of the Company's sponsored open-end funds distributed by CSS. Distribution and service fee revenue is earned daily and is recorded gross of any third-party distribution and service fee expense for applicable share classes. Distribution fee agreements include a single performance obligation that is satisfied at a point in time when an investor purchases shares in a Company-sponsored open-end fund. Distribution fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. For all periods presented, a portion of the distribution fee revenue recognized in the period may relate to performance obligations satisfied (or partially satisfied) in prior periods. Service fee agreements include a single performance obligation as the services provided are not separately identifiable and are accounted for as a series satisfied over time using a time-based method (days elapsed). Service fees represent variable consideration, as fees are based on average assets under management which fluctuate daily. |
Distribution and Service Fee Expense | Distribution and Service Fee Expense —Distribution and service fee expense includes distribution fees, shareholder servicing fees and intermediary assistance payments. Distribution fees represent payments made to qualified intermediaries for (i) assistance in connection with the distribution of the Company's sponsored open-end funds' shares and (ii) for other expenses such as advertising, printing and distribution of prospectuses to investors. Such amounts may also be used to pay financial intermediaries for services as specified in the terms of written agreements complying with Rule 12b-1 of the Investment Company Act of 1940. Distribution fees are based on the average daily net assets under management of certain share classes of certain of the funds. Shareholder servicing fees represent payments made to qualified intermediaries for shareholder account service and maintenance. These services are provided pursuant to written agreements with such qualified institutions. Shareholder servicing fees are generally based on the average daily assets under management. Intermediary assistance payments represent payments to qualified intermediaries for activities related to distribution, shareholder servicing as well as marketing and support of the Company's sponsored open-end funds and are incremental to those described above. Intermediary assistance payments are generally based on the average assets under management. |
Stock-based Compensation | Stock-based Compensation —The Company recognizes compensation expense for the grant-date fair value of restricted stock unit awards to certain employees. This expense is recognized over the period during which employees are required to provide service. Forfeitures are recorded as incurred. |
Income Taxes | Income Taxes —The Company records the current and deferred tax consequences of all transactions that have been recognized in the condensed consolidated financial statements in accordance with the provisions of the enacted tax laws. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years at tax rates that are expected to apply in those years. Deferred tax liabilities are recognized for temporary differences that will result in taxable income in future years at tax rates that are expected to apply in those years. The Company records a valuation allowance, when necessary, to reduce deferred tax assets to an amount that more likely than not will be realized. The effective tax rate for interim periods is based on the Company's best estimate of the effective tax rate expected to be applied to the full fiscal year adjusted for discrete tax items during the period. The calculation of tax liabilities involves uncertainties in the application of complex tax laws and regulations across the Company's global operations. A tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of the technical merits. The Company records potential interest and penalties related to uncertain tax positions in the provision for income taxes in the condensed consolidated statements of operations. |
Currency Translation and Transactions | Currency Translation and Transactions —Assets and liabilities of subsidiaries having non-U.S. dollar functional currencies are translated at exchange rates at the applicable condensed consolidated statement of financial condition date. Revenue and expenses of such subsidiaries are translated at average exchange rates during the period. The gains or losses resulting from translating non-U.S. dollar functional currency into U.S. dollars are included in the Company's condensed consolidated statements of comprehensive income. The cumulative translation adjustment was $(4.5) million and $(4.1) million at June 30, 2021 and December 31, 2020, respectively. Gains or losses resulting from transactions denominated in currencies other than the U.S. dollar within certain foreign subsidiaries are included in foreign currency gain (loss)-net within non-operating income (loss) in the condensed consolidated statements of operations. Gains and losses arising on revaluation of U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries are also included in foreign currency gain (loss)-net within non-operating income (loss) in the Company’s condensed consolidated statements of operations. |
Comprehensive Income | Comprehensive Income —The Company reports all changes in comprehensive income in the condensed consolidated statements of comprehensive income. Comprehensive income generally includes net income or loss attributable to common stockholders and amounts attributable to foreign currency translation gain (loss). |
Valuation Techniques | Valuation Techniques In certain instances, debt, equity and preferred securities are valued on the basis of prices from an orderly transaction between market participants provided by reputable broker-dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use information with respect to transactions in such investments, broker quotes, pricing matrices, market transactions in comparable investments and various relationships between investments. As part of its independent price verification process, the Company generally performs reviews of valuations provided by broker-dealers or independent pricing services. Investments in Company-sponsored funds are valued at their closing price or NAV (or its equivalent) as a practical expedient. In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments, little market activity may exist; management's determination of fair value is then based on the best information available in the circumstances, and may incorporate management's own assumptions and involve a significant degree of judgment, taking into consideration a combination of internal and external factors. Such investments, which are generally immaterial, are valued on a quarterly basis, taking into consideration any changes in key inputs and changes in economic and other relevant conditions, and valuation models are updated accordingly. The valuation process also includes a review by the Company's valuation committee which is comprised of senior members from various departments within the Company, including investment management. The valuation committee provides independent oversight of the valuation policies and procedures. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables summarize revenue recognized from contracts with customers by client domicile and by investment vehicle: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Client domicile: North America $ 124,126 $ 81,407 $ 234,442 $ 172,414 Japan 9,529 7,486 18,061 15,902 Europe, Middle East and Africa 7,295 2,658 11,276 5,993 Asia Pacific excluding Japan 3,319 2,536 6,237 5,608 Total $ 144,269 $ 94,087 $ 270,016 $ 199,917 Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Investment vehicle: Open-end funds (1) $ 79,627 $ 52,075 $ 149,056 $ 110,424 Institutional accounts 37,381 24,500 68,368 52,359 Closed-end funds 27,261 17,512 52,592 37,134 Total $ 144,269 $ 94,087 $ 270,016 $ 199,917 ________________________ |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Summary Investment Holdings | The following table summarizes the Company's investments - (in thousands) June 30, December 31, Equity investments at fair value $ 111,677 $ 94,089 Trading 26,480 18,700 Held-to-maturity carried at amortized cost (1) — 41,648 Equity method 14 541 Total investments $ 138,171 $ 154,978 _________________________ (1) At December 31, 2020, held-to-maturity investments comprised of U.S. Treasury securities had a fair value of approximately $41.7 million. These securities would have been classified as level 2 within the fair value hierarchy if carried at fair value. |
Gain (Loss) on Investments | The following table summarizes gain (loss) from investments—net, including derivative financial instruments, the majority of which are used to economically hedge certain exposures (see Note 6): Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Net realized gains (losses) during the period $ 2,567 $ (4,191) $ 4,456 $ (5,421) Net unrealized gains (losses) during the period on investments still held at the end of the period 5,211 11,508 7,881 (9,289) Gain (loss) from investments—net (1) $ 7,778 $ 7,317 $ 12,337 $ (14,710) ________________________ (1) Included net income (loss) attributable to redeemable noncontrolling interests. |
Schedule of Variable Interest Entities | The following tables summarize the condensed consolidated statements of financial condition attributable to the Company's consolidated VIEs: June 30, 2021 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP Total Assets (1) Investments $ 7,669 $ 51,682 $ 41,285 $ 264 $ 100,900 Due from brokers 103 1,730 732 46 2,611 Other assets 38 169 333 — 540 Total assets $ 7,810 $ 53,581 $ 42,350 $ 310 $ 104,051 Liabilities (1) Due to brokers $ 38 $ 2,339 $ 728 $ — $ 3,105 Other liabilities and accrued expenses 25 82 72 5 184 Total liabilities $ 63 $ 2,421 $ 800 $ 5 $ 3,289 December 31, 2020 (in thousands) GLI SICAV SICAV GRE SICAV RAP GRP-CIP Total Assets (1) Investments $ 7,140 $ 39,672 $ 33,654 $ 277 $ 80,743 Due from brokers 69 45 52 57 223 Other assets 44 359 234 — 637 Total assets $ 7,253 $ 40,076 $ 33,940 $ 334 $ 81,603 Liabilities (1) Due to brokers $ 27 $ 40 $ 61 $ — $ 128 Other liabilities and accrued expenses 29 211 81 5 326 Total liabilities $ 56 $ 251 $ 142 $ 5 $ 454 _________________________ (1) The assets may only be used to settle obligations of each VIE and the liabilities are the sole obligation of each VIE, for which creditors do not have recourse to the general credit of the Company. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present fair value measurements: June 30, 2021 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Total Cash equivalents $ 91,186 $ — $ — $ — $ 91,186 Equity investments at fair value: Common stocks $ 108,547 $ 199 $ — $ — $ 108,746 Company-sponsored funds 93 — — — 93 Limited partnership interests 1,158 — — 264 1,422 Preferred securities 1,269 14 — — 1,283 Other — — — 133 133 Total $ 111,067 $ 213 $ — $ 397 $ 111,677 Trading investments: Fixed income $ — $ 26,480 $ — $ — $ 26,480 Equity method investments $ — $ — $ — $ 14 $ 14 Total investments $ 111,067 $ 26,693 $ — $ 411 $ 138,171 Derivatives - assets: Futures - commodities $ 839 $ — $ — $ — $ 839 Total return swaps - commodities (2) — 113 — — 113 Total return swaps - equities — 24 — — 24 Forward contracts - foreign exchange — 149 — — 149 Total $ 839 $ 286 $ — $ — $ 1,125 Derivatives - liabilities: Futures - commodities $ 259 $ — $ — $ — $ 259 Total return swaps - commodities — 363 — — 363 Total return swaps - equities — 487 — — 487 Forward contracts - foreign exchange — 17 — — 17 Total $ 259 $ 867 $ — $ — $ 1,126 ________________________ (1) Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient. (2) Included total return swaps - commodities held by consolidated Company-sponsored funds. December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Investments Measured at NAV (1) Investments Total Cash equivalents $ 23,372 $ — $ — $ — $ — $ 23,372 Equity investments at fair value: Common stocks $ 91,614 $ — $ — $ — $ — $ 91,614 Company-sponsored funds 246 — — — — 246 Limited partnership interests 831 — — 277 — 1,108 Preferred securities 983 12 — — — 995 Other — — — 126 — 126 Total $ 93,674 $ 12 $ — $ 403 $ — $ 94,089 Trading investments: Fixed income $ — $ 18,700 $ — $ — $ — $ 18,700 Held-to-maturity investments $ — $ — $ — $ — $ 41,648 $ 41,648 Equity method investments $ — $ — $ — $ 541 $ — $ 541 Total investments $ 93,674 $ 18,712 $ — $ 944 $ 41,648 $ 154,978 Derivatives - assets: Futures - commodities $ 1,012 $ — $ — $ — $ — $ 1,012 Derivatives - liabilities: Futures - commodities $ 416 $ — $ — $ — $ — $ 416 Total return swaps - commodities — 136 — — — 136 Total return swaps - equities — 1,562 — — — 1,562 Forward contracts - foreign exchange — 345 — — — 345 Total $ 416 $ 2,043 $ — $ — $ — $ 2,459 ________________________ (1) Comprised of certain investments measured at fair value using net asset value (NAV) as a practical expedient. |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | The following tables summarize the notional amount and fair value of the outstanding derivative financial instruments none of which were designated in a formal hedging relationship: As of June 30, 2021 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Futures - commodities $ 15,181 $ 3,590 $ 839 $ 259 Total return swaps - commodities — 11,014 — 363 Total return swaps - equities — 21,281 24 487 Forward contracts - foreign exchange — 11,183 149 17 Total corporate derivatives $ 15,181 $ 47,068 $ 1,012 $ 1,126 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 9,341 — 113 — Total $ 24,522 $ 47,068 $ 1,125 $ 1,126 As of December 31, 2020 Notional Amount Fair Value (1) (in thousands) Long Short Assets Liabilities Corporate derivatives: Futures - commodities $ 13,624 $ 4,257 $ 1,012 $ 416 Total return swaps - commodities — 9,598 — 136 Total return swaps - equities — 17,688 — 1,562 Forward contracts - foreign exchange — 14,061 — 345 Total $ 13,624 $ 45,604 $ 1,012 $ 2,459 ________________________ (1) The fair value of derivative financial instruments is recorded in other assets and other liabilities and accrued expenses on the Company's condensed consolidated statements of financial condition. |
Gains (losses) on Derivatives | The following table summarizes net gains (losses) from derivative financial instruments: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Corporate derivatives: Futures - commodities $ 1,463 $ 412 $ 2,168 $ (1,689) Total return swaps - commodities (1,335) (381) (1,993) 1,760 Total return swaps - equities (1,440) — (2,508) — Forward contracts - foreign exchange (657) (164) 477 (67) Total corporate derivatives $ (1,969) $ (133) $ (1,856) $ 4 Derivatives held by consolidated Company-sponsored funds: Total return swaps - commodities 1,193 — 1,072 — Total (1) $ (776) $ (133) $ (784) $ 4 ________________________ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles income and share data used in the basic and diluted earnings per share computations: Three Months Ended Six Months Ended (in thousands, except per share data) 2021 2020 2021 2020 Net income $ 52,406 $ 32,162 $ 104,836 $ 40,230 Net (income) loss attributable to redeemable noncontrolling interests (5,827) (3,642) (9,405) 8,862 Net income attributable to common stockholders $ 46,579 $ 28,520 $ 95,431 $ 49,092 Basic weighted average shares outstanding 48,285 47,826 48,216 47,739 Dilutive potential shares from restricted stock units 666 746 615 810 Diluted weighted average shares outstanding 48,951 48,572 48,831 48,549 Basic earnings per share attributable to common stockholders $ 0.96 $ 0.60 $ 1.98 $ 1.03 Diluted earnings per share attributable to common stockholders $ 0.95 $ 0.59 $ 1.95 $ 1.01 Anti-dilutive common stock equivalents excluded from the calculation — 63 — — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table summarizes the amount of revenue the Company earned from these affiliated funds: Three Months Ended Six Months Ended (in thousands) 2021 2020 2021 2020 Investment advisory and administration fees (1) $ 95,542 $ 61,035 $ 180,190 $ 129,377 Distribution and service fees 9,199 6,930 17,471 14,713 Total $ 104,741 $ 67,965 $ 197,661 $ 144,090 _________________________ (1) Investment advisory and administration fees are reflected net of fund reimbursements of $3.7 million and $2.9 million for the three months ended June 30, 2021 and 2020, respectively, and $7.2 million and $6.1 million for the six months ended June 30, 2021 and 2020, respectively. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (4,500) | $ (4,100) |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 144,269 | $ 94,087 | $ 270,016 | $ 199,917 |
Distribution and service fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,199 | 6,930 | 17,471 | 14,713 |
Open-end funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 79,627 | 52,075 | 149,056 | 110,424 |
Closed-end funds | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 27,261 | 17,512 | 52,592 | 37,134 |
Institutional accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 37,381 | 24,500 | 68,368 | 52,359 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 124,126 | 81,407 | 234,442 | 172,414 |
Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,529 | 7,486 | 18,061 | 15,902 |
Asia, excluding Japan | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,319 | 2,536 | 6,237 | 5,608 |
Europe, Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 7,295 | $ 2,658 | $ 11,276 | $ 5,993 |
Investments Trading and Equity
Investments Trading and Equity Investments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)new_funds_seeded | Jun. 30, 2020USD ($)new_funds_seeded | Dec. 31, 2020USD ($) | ||
Trading Securities and Other Trading Assets [Line Items] | ||||||
Equity investments at fair value | $ 111,677 | $ 111,677 | $ 111,677 | $ 111,677 | $ 94,089 | |
Trading | 26,480 | 26,480 | 26,480 | 26,480 | 18,700 | |
Held-to-maturity carried at amortized cost | 0 | 0 | 41,648 | |||
Equity method | 14 | 14 | 14 | $ 14 | 541 | |
Total investments | [1] | 138,171 | 138,171 | 154,978 | ||
Debt Securities, Held-to-maturity, Fair Value | 41,700 | $ 41,700 | ||||
Number of new funds seeded | new_funds_seeded | 0 | 0 | ||||
Gain (Loss) on Investments [Abstract] | ||||||
Net realized gains (losses) during the period | 2,567 | (4,191) | $ 4,456 | $ (5,421) | ||
Net unrealized gains (losses) during the period on investments still held at the end of the period | 5,211 | 11,508 | 7,881 | (9,289) | ||
Gain (loss) from investments—net | $ 7,778 | $ 7,317 | $ 12,337 | $ (14,710) | ||
Fair Value, Measurements, Recurring | ||||||
Trading Securities and Other Trading Assets [Line Items] | ||||||
Equity investments at fair value | $ 94,089 | |||||
[1] | Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2021 and December 31, 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Investments Variable Interest E
Investments Variable Interest Entity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Investments | [1] | $ 138,171 | $ 154,978 |
Other Assets | [1] | 12,535 | 15,399 |
Assets | 403,169 | 348,453 | |
Due to brokers | [1] | 3,403 | 501 |
Other liabilities and accrued expenses | [1] | 9,876 | 11,318 |
Liabilities | 111,200 | 123,549 | |
GLI SICAV | |||
Variable Interest Entity [Line Items] | |||
Investments | 7,669 | 7,140 | |
Due from broker | 103 | 69 | |
Other Assets | 38 | 44 | |
Assets | 7,810 | 7,253 | |
Due to brokers | 38 | 27 | |
Other liabilities and accrued expenses | 25 | 29 | |
Liabilities | 63 | 56 | |
GRP-CIP | |||
Variable Interest Entity [Line Items] | |||
Investments | 264 | 277 | |
Due from broker | 46 | 57 | |
Other Assets | 0 | 0 | |
Assets | 310 | 334 | |
Due to brokers | 0 | 0 | |
Other liabilities and accrued expenses | 5 | 5 | |
Liabilities | 5 | 5 | |
SICAV GRE | |||
Variable Interest Entity [Line Items] | |||
Investments | 51,682 | 39,672 | |
Due from broker | 1,730 | 45 | |
Other Assets | 169 | 359 | |
Assets | 53,581 | 40,076 | |
Due to brokers | 2,339 | 40 | |
Other liabilities and accrued expenses | 82 | 211 | |
Liabilities | 2,421 | 251 | |
SICAV RAP | |||
Variable Interest Entity [Line Items] | |||
Investments | 41,285 | 33,654 | |
Due from broker | 732 | 52 | |
Other Assets | 333 | 234 | |
Assets | 42,350 | 33,940 | |
Due to brokers | 728 | 61 | |
Other liabilities and accrued expenses | 72 | 81 | |
Liabilities | 800 | 142 | |
GLI SICAV, GRP-CIP, SICAV GRE and SICAV RAP | |||
Variable Interest Entity [Line Items] | |||
Investments | 100,900 | 80,743 | |
Due from broker | 2,611 | 223 | |
Other Assets | 540 | 637 | |
Assets | 104,051 | 81,603 | |
Due to brokers | 3,105 | 128 | |
Other liabilities and accrued expenses | 184 | 326 | |
Liabilities | $ 3,289 | $ 454 | |
[1] | Asset and liability amounts in parentheses represent the aggregated balances at June 30, 2021 and December 31, 2020 attributable to variable interest entities consolidated by the Company. Refer to Note 4 for further discussion. |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | $ 26,480 | $ 18,700 | $ 26,480 |
Held-to-maturity | 0 | 41,648 | |
Equity investments at fair value | 111,677 | 94,089 | 111,677 |
Equity method investments | 14 | 541 | $ 14 |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 91,186 | 23,372 | |
Equity investments at fair value | 94,089 | ||
Total investments | 138,171 | 154,978 | |
Derivative - assets | 1,125 | ||
Derivative - liabilities | 1,126 | 2,459 | |
Fair Value, Measurements, Recurring | Futures - commodities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 839 | 1,012 | |
Derivative - liabilities | 259 | 416 | |
Fair Value, Measurements, Recurring | Total return swaps - commodities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 113 | ||
Derivative - liabilities | 363 | 136 | |
Fair Value, Measurements, Recurring | Forward contracts - foreign exchange [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 149 | ||
Derivative - liabilities | 17 | 345 | |
Fair Value, Measurements, Recurring | Equity Swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 24 | ||
Derivative - liabilities | 487 | 1,562 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 91,186 | 23,372 | |
Equity investments at fair value | 111,067 | 93,674 | |
Total investments | 111,067 | 93,674 | |
Derivative - assets | 839 | ||
Derivative - liabilities | 259 | 416 | |
Fair Value, Measurements, Recurring | Level 1 | Futures - commodities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 839 | 1,012 | |
Derivative - liabilities | 259 | 416 | |
Fair Value, Measurements, Recurring | Level 1 | Forward contracts - foreign exchange [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 0 | ||
Derivative - liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 213 | 12 | |
Total investments | 26,693 | 18,712 | |
Derivative - assets | 286 | ||
Derivative - liabilities | 867 | 2,043 | |
Fair Value, Measurements, Recurring | Level 2 | Futures - commodities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | Total return swaps - commodities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 113 | ||
Derivative - liabilities | 363 | 136 | |
Fair Value, Measurements, Recurring | Level 2 | Forward contracts - foreign exchange [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 149 | ||
Derivative - liabilities | 17 | 345 | |
Fair Value, Measurements, Recurring | Level 2 | Equity Swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative - assets | 24 | ||
Derivative - liabilities | 487 | 1,562 | |
Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 397 | 403 | |
Total investments | 411 | 944 | |
Preferred Stock [Member] | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 1,283 | 995 | |
Preferred Stock [Member] | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 1,269 | 983 | |
Preferred Stock [Member] | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 14 | 12 | |
Preferred Stock [Member] | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 0 | ||
Limited partnership interests | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 1,422 | 1,108 | |
Limited partnership interests | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 1,158 | 831 | |
Limited partnership interests | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 0 | ||
Limited partnership interests | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 264 | 277 | |
Fixed income | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 18,700 | ||
Total investments | 41,648 | ||
Fixed income | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 0 | ||
Fixed income | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 26,480 | 18,700 | |
Fixed income | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading | 0 | 0 | |
Common stocks | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 108,746 | 91,614 | |
Common stocks | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 108,547 | 91,614 | |
Common stocks | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 199 | ||
Common stocks | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 0 | ||
Other | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 133 | 126 | |
Other | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 0 | ||
Other | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 0 | ||
Other | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 133 | 126 | |
Company-sponsored funds | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 93 | 246 | |
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 93 | 246 | |
Company-sponsored funds | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | 0 | ||
Company-sponsored funds | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity investments at fair value | $ 0 | ||
Held-to-maturity investments | Fixed income | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Held-to-maturity | 41,648 | ||
Equity Method Investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investment, Ownership Percentage | 0.20% | ||
Equity Method Investments | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | 541 | ||
Equity Method Investments | Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | $ 0 | 0 | |
Equity Method Investments | Fair Value, Measurements, Recurring | Investments Measured at NAV | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity method investments | $ 14 | $ 541 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Notional Amount, long | $ 24,522 | $ 24,522 | $ 13,624 | ||
Notional Amount, Short | 47,068 | 47,068 | 45,604 | ||
Derivative Assets, Fair Value | 1,125 | 1,125 | 1,012 | ||
Derivative Liabilities, Fair Value | 1,126 | 1,126 | 2,459 | ||
Derivative, Gains (Losses) on derivative, net | (776) | $ (133) | (784) | $ 4 | |
Corporate, Non-Segment | |||||
Derivative [Line Items] | |||||
Notional Amount, long | 15,181 | 15,181 | |||
Notional Amount, Short | 47,068 | 47,068 | |||
Derivative Assets, Fair Value | 1,012 | 1,012 | |||
Derivative Liabilities, Fair Value | 1,126 | 1,126 | |||
Derivative, Gains (Losses) on derivative, net | (1,969) | (133) | (1,856) | 4 | |
Forward contracts - foreign exchange | |||||
Derivative [Line Items] | |||||
Notional Amount, long | 0 | 0 | 0 | ||
Notional Amount, Short | 11,183 | 11,183 | 14,061 | ||
Derivative Assets, Fair Value | 149 | 149 | 0 | ||
Derivative Liabilities, Fair Value | 17 | 17 | 345 | ||
Derivative, Gains (Losses) on derivative, net | (657) | (164) | 477 | (67) | |
Futures - commodities | |||||
Derivative [Line Items] | |||||
Notional Amount, long | 15,181 | 15,181 | 13,624 | ||
Notional Amount, Short | 3,590 | 3,590 | 4,257 | ||
Derivative Assets, Fair Value | 839 | 839 | 1,012 | ||
Derivative Liabilities, Fair Value | 259 | 259 | 416 | ||
Derivative, Gains (Losses) on derivative, net | 1,463 | 412 | 2,168 | (1,689) | |
Total return swaps - commodities | |||||
Derivative [Line Items] | |||||
Notional Amount, long | 0 | 0 | 0 | ||
Notional Amount, Short | 11,014 | 11,014 | 9,598 | ||
Derivative Assets, Fair Value | 0 | 0 | 0 | ||
Derivative Liabilities, Fair Value | 363 | 363 | 136 | ||
Derivative, Gains (Losses) on derivative, net | (1,335) | (381) | (1,993) | 1,760 | |
Total return swaps - commodities | Consolidation, Eliminations | |||||
Derivative [Line Items] | |||||
Notional Amount, long | 9,341 | 9,341 | |||
Derivative Assets, Fair Value | 113 | 113 | |||
Derivative, Gains (Losses) on derivative, net | 1,193 | 1,072 | |||
Equity Swap | |||||
Derivative [Line Items] | |||||
Notional Amount, long | 0 | 0 | |||
Notional Amount, Short | 21,281 | 21,281 | 17,688 | ||
Derivative Assets, Fair Value | 24 | 24 | |||
Derivative Liabilities, Fair Value | 487 | 487 | 1,562 | ||
Derivative, Gains (Losses) on derivative, net | (1,440) | $ 0 | (2,508) | $ 0 | |
Cash | |||||
Derivative [Line Items] | |||||
Trading investments and pledged as collateral | 4,600 | 4,600 | 4,900 | ||
Investments | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Trading investments and pledged as collateral | $ 1,200 | $ 1,200 | $ 1,500 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 52,406 | $ 32,162 | $ 104,836 | $ 40,230 |
Less: Net (income) loss attributable to redeemable noncontrolling interests | (5,827) | (3,642) | (9,405) | 8,862 |
Net income attributable to common stockholders | $ 46,579 | $ 28,520 | $ 95,431 | $ 49,092 |
Basic weighted average shares outstanding (shares) | 48,285,000 | 47,826,000 | 48,216,000 | 47,739,000 |
Dilutive potential shares from restricted stock units (shares) | 666,000 | 746,000 | 615,000 | 810,000 |
Diluted weighted average shares outstanding (shares) | 48,951,000 | 48,572,000 | 48,831,000 | 48,549,000 |
Basic earnings per share attributable to common stockholders (in dollars per share) | $ 0.96 | $ 0.60 | $ 1.98 | $ 1.03 |
Diluted earnings per share attributable to common stockholders (in dollars per share) | $ 0.95 | $ 0.59 | $ 1.95 | $ 1.01 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 21.00% |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 63,000 | 0 | 0 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | 21.00% |
U.S. Federal, State, Local and Foreign Taxes | ||||
Income Tax Contingency [Line Items] | ||||
Effective income tax rate reconciliation, percent | 25.40% | 28.00% | 17.50% | 19.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions, Revenue [Abstract] | |||||
Total revenue | $ 144,269 | $ 94,087 | $ 270,016 | $ 199,917 | |
Distribution and service fees | |||||
Related Party Transactions, Revenue [Abstract] | |||||
Total revenue | 9,199 | 6,930 | 17,471 | 14,713 | |
Affiliated Funds | |||||
Related Party Transactions, Revenue [Abstract] | |||||
Investment advisory and administrative fees | 95,542 | 61,035 | 180,190 | 129,377 | |
Distribution and service fees | 9,199 | 6,930 | 17,471 | 14,713 | |
Total | 104,741 | 67,965 | 197,661 | 144,090 | |
Related Party Transaction, Expenses from Transactions with Related Party | 3,700 | $ 2,900 | 7,200 | $ 6,100 | |
Receivables due from company-sponsored mutual funds | 36,600 | 36,600 | $ 30,200 | ||
Payables due to company-sponsored mutual funds | $ 400 | $ 400 | $ 600 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Commitments | |
Contingencies [Line Items] | |
Long-term purchase commitment, time period | 12 years |
Commitment to invest | |
Contingencies [Line Items] | |
Long-term purchase commitment | $ 5.1 |
Long-term committment, funded amount | $ 3.8 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 05, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.45 | $ 0.39 | $ 0.90 | $ 0.78 | |
Dividend Declared | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share (in dollars per share) | $ 0.45 |