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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
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 16, as of September 30, 2023 and December 31, 2022 by fair value hierarchy level were as follows: September 30, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 157,635 |  |  | $ | — |  |  | $ | — |  |  | $ | 157,635 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 76,958 |  |  | — |  |  | — |  |  | 76,958 |
Equity securities | 17,167 |  |  | — |  |  | — |  |  | 17,167 |
Debt securities | — |  |  | — |  |  | 24,339 |  |  | 24,339 |
Nonqualified retirement plan assets | 11,328 |  |  | — |  |  | — |  |  | 11,328 |
Total assets measured at fair value | $ | 263,088 |  |  | $ | — |  |  | $ | 24,339 |  |  | $ | 287,427 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 54,910 |  |  | $ | 54,910 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 54,910 |  |  | $ | 54,910 |
December 31, 2022
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 287,126 |  |  | $ | — |  |  | $ | — |  |  | $ | 287,126 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 62,744 |  |  | — |  |  | — |  |  | 62,744 |
Equity securities | 14,255 |  |  | — |  |  | — |  |  | 14,255 |
Nonqualified retirement plan assets | 10,154 |  |  | — |  |  | — |  |  | 10,154 |
Total assets measured at fair value | $ | 374,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 374,279 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 78,100 |  |  | $ | 78,100 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 78,100 |  |  | $ | 78,100 |
The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 by fair value hierarchy level were as follows: As of September 30, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 208,056 |  |  | $ | — |  |  | $ | — |  |  | $ | 208,056 |
Debt investments | 167 |  |  | 1,976,568 |  |  | 61,939 |  |  | 2,038,674 |
Equity investments | 28,761 |  |  | 437 |  |  | 1,343 |  |  | 30,541 |
Total assets measured at fair value | $ | 236,984 |  |  | $ | 1,977,005 |  |  | $ | 63,282 |  |  | $ | 2,277,271 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 1,943,949 |  |  | $ | — |  |  | $ | 1,943,949 |
Short sales | 489 |  |  | — |  |  | — |  |  | 489 |
Total liabilities measured at fair value | $ | 489 |  |  | $ | 1,943,949 |  |  | $ | — |  |  | $ | 1,944,438 |
As of December 31, 2022
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 249,003 |  |  | $ | — |  |  | $ | — |  |  | $ | 249,003 |
Debt investments | 243 |  |  | 2,119,082 |  |  | 42,246 |  |  | 2,161,571 |
Equity investments | 25,003 |  |  | 2,204 |  |  | 1,335 |  |  | 28,542 |
Total assets measured at fair value | $ | 274,249 |  |  | $ | 2,121,286 |  |  | $ | 43,581 |  |  | $ | 2,439,116 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 2,083,314 |  |  | $ | — |  |  | $ | 2,083,314 |
Short sales | 414 |  |  | — |  |  | — |  |  | 414 |
Total liabilities measured at fair value | $ | 414 |  |  | $ | 2,083,314 |  |  | $ | — |  |  | $ | 2,083,728 |
Schedule of Assets and Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value | The following tables present a reconciliation of beginning and ending balances of recurring fair value measurements classified as Level 3 assets and liabilities:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Assets |  |  |  |  |  |  |
Balance at beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases (sales), net | 24,339 |  |  | — |  |  | 24,339 |  |  | — |
Balance at end of period | $ | 24,339 |  |  | $ | — |  |  | $ | 24,339 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |
Balance at beginning of period | $ | 54,910 |  |  | $ | 72,980 |  |  | $ | 78,100 |  |  | $ | 88,400 |
Additions for acquisition | — |  |  | — |  |  | — |  |  | 1,200 |
Reduction for payments made | — |  |  | — |  |  | (16,390) |  |  | (19,520) |
Increase (reduction) of liability related to re-measurement of fair value | — |  |  | — |  |  | (6,800) |  |  | 2,900 |
Balance at end of period | $ | 54,910 |  |  | $ | 72,980 |  |  | $ | 54,910 |  |  | $ | 72,980 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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