Related Party Transactions

9 Months Ended

Sep. 30, 2020

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 Company-sponsored funds:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Investment advisory and administration fees (1)	$	69,124	$	68,224	$	198,501	$	193,329
Distribution and service fees	7,572		7,681		22,285		22,072
Total	$	76,696	$	75,905	$	220,786	$	215,401

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(1) Investment advisory and administration fees are reflected net of fund reimbursements of $3.3 million and $3.2 million for the three months ended September 30, 2020 and 2019, respectively, and $9.4 million and $7.9 million for the nine months ended September 30, 2020 and 2019, respectively.

The following table summarizes sales proceeds, gross realized gains, gross realized losses and dividend income from investments in Company-sponsored funds that are not consolidated:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2020		2019		2020		2019
Proceeds from sales	$	—	$	—	$	7	$	26,506
Gross realized gains	—		—		—		32
Gross realized losses	—		—		—		(907)
Dividend income	1		1		3		31

Included in accounts receivable at September 30, 2020 and December 31, 2019 are receivables due from Company-sponsored funds of approximately $25,670,000 and $26,701,000, respectively. Included in accounts payable at September 30, 2020 and December 31, 2019 are payables due to Company-sponsored funds of approximately $447,000 and $474,000, respectively.