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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 17, as of September 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows:

September 30, 2022  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$242,567 $— $— $242,567 
Investment securities - fair value
Sponsored funds61,699 — — 61,699 
Equity securities11,435 — — 11,435 
Nonqualified retirement plan assets11,588 — — 11,588 
Total assets measured at fair value$327,289 $— $— $327,289 
Liabilities
Contingent consideration$— $— $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 September 30, 2022 and December 31, 2021 by fair value hierarchy level were as follows:

As of September 30, 2022
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$83,660 $— $— $83,660 
Debt investments809 1,905,523 44,495 1,950,827 
Equity investments 20,822 4,012 1,314 26,148 
Total assets measured at fair value$105,291 $1,909,535 $45,809 $2,060,635 
Liabilities
Notes payable$— $1,864,943 $— $1,864,943 
Short sales395 — — 395 
Total liabilities measured at fair value$395 $1,864,943 $— $1,865,338 

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
September 30,		Nine Months Ended
September 30,
(in thousands)2022202120222021
Contingent consideration, beginning of period$72,980 $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 value— — 2,900 — 
Contingent consideration, end of period$72,980 $63,500 $72,980 $63,500