Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 16, as of March 31, 2021 and December 31, 2020 by fair value hierarchy level were as follows:

March 31, 2021


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	178,556	$	—	$	—	$	178,556
Investment securities - fair value
Sponsored funds	26,598		—		—		26,598
Equity securities	14,303		—		—		14,303
Debt securities	—		3		—		3

Nonqualified retirement plan assets	11,177		—		—		11,177
Total assets measured at fair value	$	230,634	$	3	$	—	$	230,637

December 31, 2020


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	207,101	$	—	$	—	$	207,101
Investment securities - fair value
Sponsored funds	25,909		—		—		25,909
Equity securities	14,078		—		—		14,078
Debt securities	—		3		—		3

Nonqualified retirement plan assets	10,612		—		—		10,612
Total assets measured at fair value	$	257,700	$	3	$	—	$	257,703

The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 by fair value hierarchy level were as follows:

As of March 31, 2021


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	168,514	$	—	$	—	$	168,514
Debt investments	176		2,241,663		26,784		2,268,623
Equity investments	28,904		1,298		782		30,984

Total assets measured at fair value	$	197,594	$	2,242,961	$	27,566	$	2,468,121
Liabilities
Notes payable	$	—	$	2,197,695	$	—	$	2,197,695

Short sales	656		—		—		656
Total liabilities measured at fair value	$	656	$	2,197,695	$	—	$	2,198,351

As of December 31, 2020


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	82,295	$	—	$	—	$	82,295
Debt investments	16,859		2,219,199		53,368		2,289,426
Equity investments	38,468		3,856		814		43,138
Derivatives	858		1,227		—		2,085
Total assets measured at fair value	$	138,480	$	2,224,282	$	54,182	$	2,416,944
Liabilities
Notes payable	$	—	$	2,190,445	$	—	$	2,190,445
Derivatives	714		757		—		1,471
Short sales	520		—		—		520
Total liabilities measured at fair value	$	1,234	$	2,191,202	$	—	$	2,192,436