Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 17, as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: 

December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	340,276	$	—	$	—	$	340,276
Investment securities - fair value
Sponsored funds	51,013		—		—		51,013
Equity securities	22,903		—		—		22,903
Debt securities	—		2,546		—		2,546
Nonqualified retirement plan assets	20,090		—		—		20,090
Total assets measured at fair value	$	434,282	2,546		$	—	$	436,828
Liabilities
Contingent consideration	$	—	$	—	$	20,800	$	20,800
Total liabilities measured at fair value	$	—	$	—	$	20,800	$	20,800

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

As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	86,491	$	—	$	—	$	86,491
Debt investments	91		2,536,337		30,333		2,566,761
Equity investments	66,180		—		411		66,591
Total assets measured at fair value	$	152,762	$	2,536,337	$	30,744	$	2,719,843
Liabilities
Notes payable	$	—	$	2,359,828	$	—	$	2,359,828
Short sales	225		—		—		225
Total liabilities measured at fair value	$	225	$	2,359,828	$	—	$	2,360,053

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:

(in thousands)	2025		2024
Contingent consideration, beginning of year	$	36,100	$	56,200
Reduction for payments made	(13,086)		(14,492)
Increase (reduction) of liability related to re-measurement of fair value	(2,214)		(5,608)
Contingent consideration, end of year	$	20,800	$	36,100