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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
June 30, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$137,523 $— $— $137,523 
Investment securities - fair value
Sponsored funds59,489 — — 59,489 
Equity securities21,059 — — 21,059 
Debt securities— 2,346 — 2,346 
Nonqualified retirement plan assets18,812 — — 18,812 
Total assets measured at fair value$236,883 $2,346 $— $239,229 
Liabilities
Contingent consideration$— $— $20,000 $20,000 
Total liabilities measured at fair value$— $— $20,000 $20,000 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 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 June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$66,224 $— $— $66,224 
Debt investments5,064 2,131,343 73,846 2,210,253 
Equity investments 36,639 10 778 37,427 
Total assets measured at fair value$107,927 $2,131,353 $74,624 $2,313,904 
Liabilities
Notes payable$— $2,021,538 $— $2,021,538 
Short sales287 — — 287 
Total liabilities measured at fair value$287 $2,021,538 $— $2,021,825 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 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 sales356 — — 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
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Contingent consideration, beginning of period$23,014 $41,708 $36,100 $56,200 
Reduction for payments made— — (13,086)(14,492)
Increase (reduction) of liability related to re-measurement of fair value(3,014)(3,300)(3,014)(3,300)
Contingent consideration, end of period$20,000 $38,408 $20,000 $38,408