Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 14, as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:

March 31, 2025  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	101,092	$	—	$	—	$	101,092
Investment securities - fair value
Sponsored funds	60,247		—		—		60,247
Equity securities	19,197		—		—		19,197
Debt securities	—		2,068		—		2,068
Nonqualified retirement plan assets	17,164		—		—		17,164
Total assets measured at fair value	$	197,700	$	2,068	$	—	$	199,768
Liabilities
Contingent consideration	$	—	$	—	$	23,014	$	23,014
Total liabilities measured at fair value	$	—	$	—	$	23,014	$	23,014

December 31, 2024  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	225,736	$	—	$	—	$	225,736
Investment securities - fair value
Sponsored funds	63,296		—		—		63,296
Equity securities	19,019		—		—		19,019
Debt securities	—		1,456		—		1,456
Nonqualified retirement plan assets	15,159		—		—		15,159
Total assets measured at fair value	$	323,210	$	1,456	$	—	$	324,666
Liabilities
Contingent consideration	$	—	$	—	$	36,100	$	36,100
Total liabilities measured at fair value	$	—	$	—	$	36,100	$	36,100

The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:

As of March 31, 2025

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	78,882	$	—	$	—	$	78,882
Debt investments	4,525		2,219,835		18,727		2,243,087
Equity investments	32,346		2,159		41		34,546
Total assets measured at fair value	$	115,753	$	2,221,994	$	18,768	$	2,356,515
Liabilities
Notes payable	$	—	$	2,037,390	$	—	$	2,037,390
Short sales	307		—		—		307
Total liabilities measured at fair value	$	307	$	2,037,390	$	—	$	2,037,697

As of December 31, 2024

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	127,695	$	—	$	—	$	127,695
Debt investments	—		2,239,924		6,676		2,246,600
Equity investments	22,993		111		1,013		24,117
Total assets measured at fair value	$	150,688	$	2,240,035	$	7,689	$	2,398,412
Liabilities
Notes payable	$	—	$	2,171,946	$	—	$	2,171,946
Short sales	356		—		—		356
Total liabilities measured at fair value	$	356	$	2,171,946	$	—	$	2,172,302

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)	2025		2024
Contingent consideration, beginning of period	$	36,100	$	56,200
Reduction for payments made	(13,086)		(14,492)
Contingent consideration, end of period	$	23,014	$	41,708