Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 by fair value hierarchy level were as follows:

March 31, 2023  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	171,633	$	—	$	—	$	171,633
Investment securities - fair value
Sponsored funds	65,551		—		—		65,551
Equity securities	15,103		—		—		15,103
Nonqualified retirement plan assets	10,740		—		—		10,740
Total assets measured at fair value	$	263,027	$	—	$	—	$	263,027
Liabilities
Contingent consideration	$	—	$	—	$	61,710	$	61,710
Total liabilities measured at fair value	$	—	$	—	$	61,710	$	61,710

December 31, 2022  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	287,126	$	—	$	—	$	287,126
Investment securities - fair value
Sponsored funds	62,744		—		—		62,744
Equity securities	14,255		—		—		14,255
Nonqualified retirement plan assets	10,154		—		—		10,154
Total assets measured at fair value	$	374,279	$	—	$	—	$	374,279
Liabilities
Contingent consideration	$	—	$	—	$	78,100	$	78,100
Total liabilities measured at fair value	$	—	$	—	$	78,100	$	78,100

The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by fair value hierarchy level were as follows:

As of March 31, 2023

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	201,987	$	—	$	—	$	201,987
Debt investments	227		2,072,545		10,645		2,083,417
Equity investments	21,266		4,042		13		25,321
Total assets measured at fair value	$	223,480	$	2,076,587	$	10,658	$	2,310,725
Liabilities
Notes payable	$	—	$	2,056,472	$	—	$	2,056,472
Short sales	484		—		—		484
Total liabilities measured at fair value	$	484	$	2,056,472	$	—	$	2,056,956

As of December 31, 2022

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	249,003	$	—	$	—	$	249,003
Debt investments	243		2,119,082		42,246		2,161,571
Equity investments	25,003		2,204		1,335		28,542
Total assets measured at fair value	$	274,249	$	2,121,286	$	43,581	$	2,439,116
Liabilities
Notes payable	$	—	$	2,083,314	$	—	$	2,083,314
Short sales	414		—		—		414
Total liabilities measured at fair value	$	414	$	2,083,314	$	—	$	2,083,728

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)	2023		2022
Contingent consideration, beginning of period	$	78,100	$	88,400
Additions for acquisition	—		1,200
Reduction for payments made	(16,390)		(19,520)
Contingent consideration, end of period	$	61,710	$	70,080