Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 20, as of December 31, 2023 and 2022 by fair value hierarchy level were as follows: 

December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	197,240	$	—	$	—	$	197,240
Investment securities - fair value
Sponsored funds	77,433		—		—		77,433
Equity securities	19,871		—		—		19,871
Nonqualified retirement plan assets	12,682		—		—		12,682
Total assets measured at fair value	$	307,226	—		$	—	$	307,226
Liabilities
Contingent consideration	$	—	$	—	$	56,200	$	56,200
Total liabilities measured at fair value	$	—	$	—	$	56,200	$	56,200

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

As of December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	98,101	$	—	$	—	$	98,101
Debt investments	241		2,012,760		36,616		2,049,617
Equity investments	32,642		8		446		33,096
Total assets measured at fair value	$	130,984	$	2,012,768	$	37,062	$	2,180,814
Liabilities
Notes payable	$	—	$	1,922,243	$	—	$	1,922,243
Short sales	518		—		—		518
Total liabilities measured at fair value	$	518	$	1,922,243	$	—	$	1,922,761

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 the Company's contingent

consideration liabilities:

(in thousands)	2023		2022
Contingent consideration, beginning of year	$	78,100	$	88,400
Additions for acquisitions	—		1,200
Reduction for payments made	(16,390)		(19,520)
Increase (reduction) of liability related to re-measurement of fair value	(5,510)		8,020
Contingent consideration, end of year	$	56,200	$	78,100