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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
September 30, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$331,918 $— $— $331,918 
Investment securities - fair value
Sponsored funds56,383 — — 56,383 
Equity securities22,124 — — 22,124 
Debt securities— 2,403 29,651 32,054 
Nonqualified retirement plan assets19,606 — — 19,606 
Total assets measured at fair value$430,031 $2,403 $29,651 $462,085 
Liabilities
Contingent consideration$— $— $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 September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of September 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$85,952 $— $— $85,952 
Debt investments53 2,163,678 28,649 2,192,380 
Equity investments 45,736 25 577 46,338 
Total assets measured at fair value$131,741 $2,163,703 $29,226 $2,324,670 
Liabilities
Notes payable$— $2,030,580 $— $2,030,580 
Short sales272 — — 272 
Total liabilities measured at fair value$272 $2,030,580 $— $2,030,852 
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 Reconciliation of Assets 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 Level 3 debt securities:

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Debt securities, beginning of period$— $— $— $— 
Purchases (sales), net29,651 24,443 29,651 24,443 
Debt securities, end of period$29,651 $24,443 $29,651 $24,443 
The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
 Nine Months Ended
September 30,
 (in thousands)
20252024
Balance at beginning of period$7,689 $37,062 
Realized and unrealized gains (losses), net(1,872)918 
Purchases2,398 19 
Sales(49,282)(36,452)
Transfers to Level 2(50,208)(71,236)
Transfers from Level 2120,501 125,527 
Balance at end of period (1)$29,226 $55,838 
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.
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
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Contingent consideration, beginning of period$20,000 $38,408 $36,100 $56,200 
Reduction for payments made— — (13,086)(14,492)
Increase (reduction) of liability related to re-measurement of fair value— (4,000)(3,014)(7,300)
Contingent consideration, end of period$20,000 $34,408 $20,000 $34,408