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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows:

June 30, 2022  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$180,574 $— $— $180,574 
Investment securities - fair value
Sponsored funds65,121 — — 65,121 
Equity securities12,063 — — 12,063 
Nonqualified retirement plan assets11,546 — — 11,546 
Total assets measured at fair value$269,304 $— $— $269,304 
Liabilities
Contingent consideration$— $— $72,980 $72,980 
Total liabilities measured at fair value$— $— $72,980 $72,980 

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 June 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows:

As of June 30, 2022
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$104,348 $— $— $104,348 
Debt investments197 1,932,308 30,396 1,962,901 
Equity investments 22,767 3,130 1,361 27,258 
Total assets measured at fair value$127,312 $1,935,438 $31,757 $2,094,507 
Liabilities
Notes payable$— $1,904,444 $— $1,904,444 
Short sales345 — — 345 
Total liabilities measured at fair value$345 $1,904,444 $— $1,904,789 

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
June 30,		Six Months Ended
June 30,
(in thousands)2022202120222021
Contingent consideration, beginning of period$70,080 $63,500 $88,400 $— 
Additions for acquisition— — 1,200 63,500 
Reduction for payments made— — (19,520)— 
Increase (reduction) of liability related to re-measurement of fair value2,900 — 2,900 — 
Contingent consideration, end of period$72,980 $63,500 $72,980 $63,500