Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 by fair value hierarchy level were as follows:

June 30, 2023  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	163,053	$	—	$	—	$	163,053
Investment securities - fair value
Sponsored funds	73,381		—		—		73,381
Equity securities	15,930		—		—		15,930
Nonqualified retirement plan assets	11,499		—		—		11,499
Total assets measured at fair value	$	263,863	$	—	$	—	$	263,863
Liabilities
Contingent consideration	$	—	$	—	$	54,910	$	54,910
Total liabilities measured at fair value	$	—	$	—	$	54,910	$	54,910

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 June 30, 2023 and December 31, 2022 by fair value hierarchy level were as follows:

As of June 30, 2023

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	153,549	$	—	$	—	$	153,549
Debt investments	278		1,952,096		42,175		1,994,549
Equity investments	27,439		1,633		1,365		30,437
Total assets measured at fair value	$	181,266	$	1,953,729	$	43,540	$	2,178,535
Liabilities
Notes payable	$	—	$	1,911,579	$	—	$	1,911,579
Short sales	511		—		—		511
Total liabilities measured at fair value	$	511	$	1,911,579	$	—	$	1,912,090

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 June 30,				Six Months Ended June 30,
(in thousands)	2023		2022		2023		2022
Contingent consideration, beginning of period	$	61,710	$	70,080	$	78,100	$	88,400
Additions for acquisition	—		—		—		1,200
Reduction for payments made	—		—		(16,390)		(19,520)
Increase (reduction) of liability related to re-measurement of fair value	(6,800)		2,900		(6,800)		2,900
Contingent consideration, end of period	$	54,910	$	72,980	$	54,910	$	72,980