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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows:
June 30, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$147,135 $— $— $147,135 
Investment securities - fair value
Sponsored funds64,420 — — 64,420 
Equity securities21,828 — — 21,828 
Nonqualified retirement plan assets14,013 — — 14,013 
Total assets measured at fair value$247,396 $— $— $247,396 
Liabilities
Contingent consideration$— $— $38,408 $38,408 
Total liabilities measured at fair value$— $— $38,408 $38,408 
December 31, 2023  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$197,240 $— $— $197,240 
Investment securities - fair value
Sponsored funds77,433 — — 77,433 
Equity securities19,871 — — 19,871 
Nonqualified retirement plan assets12,682 — — 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 June 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows:
As of June 30, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$163,605 $— $— $163,605 
Debt investments— 2,034,350 35,109 2,069,459 
Equity investments 35,229 97 1,874 37,200 
Derivatives124 — — 124 
Total assets measured at fair value$198,958 $2,034,447 $36,983 $2,270,388 
Liabilities
Notes payable$— $1,990,338 $— $1,990,338 
Short sales474 — — 474 
Total liabilities measured at fair value$474 $1,990,338 $— $1,990,812 
As of December 31, 2023
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$98,101 $— $— $98,101 
Debt investments241 2,012,760 36,616 2,049,617 
Equity investments32,642 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 sales518 — — 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
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Contingent consideration, beginning of period$41,708 $61,710 $56,200 $78,100 
Reduction for payments made— — (14,492)(16,390)
Increase (reduction) of liability related to re-measurement of fair value(3,300)(6,800)(3,300)(6,800)
Contingent consideration, end of period$38,408 $54,910 $38,408 $54,910