Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

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 15, as of June 30, 2026 and December 31, 2025 by fair value hierarchy level were as follows:

June 30, 2026  

(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	140,120	$	—	$	—	$	140,120
Investment securities - fair value
Sponsored funds	27,923		—		—		27,923
Equity securities	19,004		—		—		19,004
Debt securities	—		2,773		—		2,773
Nonqualified retirement plan assets	30,582		—		—		30,582
Total assets measured at fair value	$	217,629	$	2,773	$	—	$	220,402
Liabilities
Contingent consideration	$	—	$	—	$	114,697	$	114,697
Total liabilities measured at fair value	$	—	$	—	$	114,697	$	114,697

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

The assets and liabilities of CIP measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 by fair value hierarchy level were as follows:

As of June 30, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	103,659	$	—	$	—	$	103,659
Debt investments	79		2,505,853		27,172		2,533,104
Equity investments	55,016		186		145		55,347
Derivatives	756		119		—		875
Total assets measured at fair value	$	159,510	$	2,506,158	$	27,317	$	2,692,985
Liabilities
Notes payable	$	—	$	2,311,391	$	—	$	2,311,391
Derivatives	319		125		—		444
Total liabilities measured at fair value	$	319	$	2,311,516	$	—	$	2,311,835

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
Derivatives	225		—		—		225
Total liabilities measured at fair value	$	225	$	2,359,828	$	—	$	2,360,053

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)	2026		2025		2026		2025
Liabilities
Contingent consideration, beginning of period	$	118,344	$	23,014	$	20,800	$	36,100
Additions for acquisition	—		—		109,420		—
Adjustments for payments	760		—		(11,525)		(13,086)
Increase (reduction) of liability related to re-measurement of fair value	(4,407)		(3,014)		(3,998)		(3,014)
Contingent consideration, end of period	$	114,697	$	20,000	$	114,697	$	20,000