Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020 by fair value hierarchy level were as follows:

June 30, 2021


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	208,764	$	—	$	—	$	208,764
Investment securities - fair value
Sponsored funds	40,791		—		—		40,791
Equity securities	13,642		—		—		13,642
Debt securities	—		15		—		15

Nonqualified retirement plan assets	12,132		—		—		12,132
Total assets measured at fair value	$	275,329	$	15	$	—	$	275,344

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 June 30, 2021 and December 31, 2020 by fair value hierarchy level were as follows:

As of June 30, 2021


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	121,934	$	—	$	—	$	121,934
Debt investments	1,281		2,194,503		50,186		2,245,970
Equity investments	21,907		2,071		1,895		25,873

Total assets measured at fair value	$	145,122	$	2,196,574	$	52,081	$	2,393,777
Liabilities
Notes payable	$	—	$	2,132,012	$	—	$	2,132,012

Short sales	531		—		—		531
Total liabilities measured at fair value	$	531	$	2,132,012	$	—	$	2,132,543

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