A steep decline in Guggenheim Investments’ second-quarter earnings was driven by a delay in reporting certain fee revenue from its private investments unit, where accounting was the subject of a whistleblower report that helped spark a wider probe into Mark Walter’s empire.

GIH Borrower LLC, the asset manager’s financing entity, revealed to investors on Friday that the firm’s revenue fell 38% to $186 million in the second quarter from a year earlier, and a measure of earnings tumbled 77% to $37 million, according to people familiar with the matter.

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