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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
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, 2022 and December 31, 2021 by fair value hierarchy level were as follows:

March 31, 2022  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$167,311 $— $— $167,311 
Investment securities - fair value
Sponsored funds75,722 — — 75,722 
Equity securities12,699 — — 12,699 
Nonqualified retirement plan assets12,701 — — 12,701 
Total assets measured at fair value$268,433 $— $— $268,433 
Liabilities
Contingent consideration$— $— $70,080 $70,080 
Total liabilities measured at fair value$— $— $70,080 $70,080 

December 31, 2021  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$307,277 $— $— $307,277 
Investment securities - fair value
Sponsored funds66,326 — — 66,326 
Equity securities14,009 — — 14,009 
Nonqualified retirement plan assets13,321 — — 13,321 
Total assets measured at fair value$400,933 $— $— $400,933 
Liabilities
Contingent consideration$— $— $88,400 $88,400 
Total liabilities measured at fair value$— $— $88,400 $88,400 
The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021 by fair value hierarchy level were as follows:

As of March 31, 2022
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$108,396 $— $— $108,396 
Debt investments122 2,053,468 40,950 2,094,540 
Equity investments 18,061 4,644 1,363 24,068 
Total assets measured at fair value$126,579 $2,058,112 $42,313 $2,227,004 
Liabilities
Notes payable$— $1,978,420 $— $1,978,420 
Short sales459 — — 459 
Total liabilities measured at fair value$459 $1,978,420 $— $1,978,879 

As of December 31, 2021
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$205,192 $— $— $205,192 
Debt investments273 2,107,736 2,695 2,110,704 
Equity investments26,111 2,961 462 29,534 
Total assets measured at fair value$231,576 $2,110,697 $3,157 $2,345,430 
Liabilities
Notes payable$— $2,033,617 $— $2,033,617 
Short sales515 — — 515 
Total liabilities measured at fair value$515 $2,033,617 $— $2,034,132 
Schedule of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value
The following table presents a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3:
Three Months Ended
March 31,
(in thousands)20222021
Contingent consideration, beginning of period$88,400 $— 
Additions for acquisition1,200 63,500 
Reduction for payments made(19,520)— 
Contingent consideration, end of period$70,080 $63,500