Fair Value Measurements (Tables)

9 Months Ended

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

September 30, 2023  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	157,635	$	—	$	—	$	157,635
Investment securities - fair value
Sponsored funds	76,958		—		—		76,958
Equity securities	17,167		—		—		17,167
Debt securities	—		—		24,339		24,339
Nonqualified retirement plan assets	11,328		—		—		11,328
Total assets measured at fair value	$	263,088	$	—	$	24,339	$	287,427
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 September 30, 2023 and December 31, 2022 by fair value hierarchy level were as follows:

As of September 30, 2023

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	208,056	$	—	$	—	$	208,056
Debt investments	167		1,976,568		61,939		2,038,674
Equity investments	28,761		437		1,343		30,541
Total assets measured at fair value	$	236,984	$	1,977,005	$	63,282	$	2,277,271
Liabilities
Notes payable	$	—	$	1,943,949	$	—	$	1,943,949
Short sales	489		—		—		489
Total liabilities measured at fair value	$	489	$	1,943,949	$	—	$	1,944,438

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 Assets and Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value

The following tables present a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3 assets and liabilities:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Assets
Balance at beginning of period	$	—	$	—	$	—	$	—
Purchases (sales), net	24,339		—		24,339		—
Balance at end of period	$	24,339	$	—	$	24,339	$	—
Liabilities
Balance at beginning of period	$	54,910	$	72,980	$	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
Balance at end of period	$	54,910	$	72,980	$	54,910	$	72,980