Dispositions and Assets Held for Sale

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

On April 10, 2019, the Company completed the sale of the management contracts and related assets for the CLOs managed by Telos Asset Management, LLC (Telos). The pre-tax gain on sale for the nine months ended September 30, 2019 was $7,598, which is included in other revenue. See Note (16) Other Revenue and Other Expenses. The sale did not meet the requirements to be classified as a discontinued operation.

The sale agreement also contains a provision which provides for contingent consideration if the Telos business achieves specific performance metrics. This contingent consideration represents a gain contingency, and the Company will not recognize any additional gain unless such consideration is realized.

The Company has entered into a definitive agreement to sell Luxury, and it is classified as held for sale at September 30, 2020 and December 31, 2019. The following table presents detail of Luxury’s assets and liabilities held for sale in the condensed consolidated balance sheets for the following periods:


	As of
	September 30, 2020		December 31, 2019
Assets:
Investments:
Loans, at fair value	$	125,905	$	98,272
Other investments	4,604		1,019
Total investments	130,509		99,291
Cash and cash equivalents	6,145		7,137
Restricted cash	33		—
Notes and accounts receivable, net	384		238
Other assets	3,507		1,169
Assets held for sale	$	140,578	$	107,835

Liabilities:
Debt, net	$	125,203	$	97,822
Other liabilities and accrued expenses	7,009		4,608
Liabilities held for sale	$	132,212	$	102,430

As of September 30, 2020 and December 31, 2019, the Company did not record any impairments with respect to assets held for sale during such period.