Fair Value Measurements (Tables)

9 Months Ended

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

September 30, 2021


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	366,937	$	—	$	—	$	366,937
Investment securities - fair value
Sponsored funds	64,691		—		—		64,691
Equity securities	13,446		—		—		13,446
Debt securities	—		6		—		6

Nonqualified retirement plan assets	12,378		—		—		12,378
Total assets measured at fair value	$	457,452	$	6	$	—	$	457,458

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

As of September 30, 2021


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	153,825	$	—	$	—	$	153,825
Debt investments	293		2,094,852		45,855		2,141,000
Equity investments	27,787		3,754		732		32,273

Total assets measured at fair value	$	181,905	$	2,098,606	$	46,587	$	2,327,098
Liabilities
Notes payable	$	—	$	2,083,827	$	—	$	2,083,827

Short sales	560		—		—		560
Total liabilities measured at fair value	$	560	$	2,083,827	$	—	$	2,084,387

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