Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 by fair value hierarchy level were as follows:

March 31, 2024  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	92,458	$	—	$	—	$	92,458
Investment securities - fair value
Sponsored funds	69,514		—		—		69,514
Equity securities	20,983		—		—		20,983
Nonqualified retirement plan assets	13,743		—		—		13,743
Total assets measured at fair value	$	196,698	$	—	$	—	$	196,698
Liabilities
Contingent consideration	$	—	$	—	$	41,708	$	41,708
Total liabilities measured at fair value	$	—	$	—	$	41,708	$	41,708

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

The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 by fair value hierarchy level were as follows:

As of March 31, 2024

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	119,914	$	—	$	—	$	119,914
Debt investments	—		2,003,579		47,551		2,051,130
Equity investments	29,469		384		242		30,095
Total assets measured at fair value	$	149,383	$	2,003,963	$	47,793	$	2,201,139
Liabilities
Notes payable	$	—	$	1,922,051	$	—	$	1,922,051
Short sales	485		—		—		485
Total liabilities measured at fair value	$	485	$	1,922,051	$	—	$	1,922,536

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

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:

	Three Months Ended March 31,
(in thousands)	2024		2023
Contingent consideration, beginning of period	$	56,200	$	78,100
Reduction for payments made	(14,492)		(16,390)
Contingent consideration, end of period	$	41,708	$	61,710