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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and December 31, 2023 by fair value hierarchy level were as follows: September 30, 2024
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 164,878 |  |  | $ | — |  |  | $ | — |  |  | $ | 164,878 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 80,303 |  |  | — |  |  | — |  |  | 80,303 |
Equity securities | 21,693 |  |  | — |  |  | — |  |  | 21,693 |
Debt securities | 259 |  |  | 1,216 |  |  | 24,443 |  |  | 25,918 |
Nonqualified retirement plan assets | 14,927 |  |  | — |  |  | — |  |  | 14,927 |
Total assets measured at fair value | $ | 282,060 |  |  | $ | 1,216 |  |  | $ | 24,443 |  |  | $ | 307,719 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 34,408 |  |  | $ | 34,408 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 34,408 |  |  | $ | 34,408 |
December 31, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 197,240 |  |  | $ | — |  |  | $ | — |  |  | $ | 197,240 |
Investment securities - fair value |  |  |  |  |  |  |
Sponsored funds | 77,433 |  |  | — |  |  | — |  |  | 77,433 |
Equity securities | 19,871 |  |  | — |  |  | — |  |  | 19,871 |
Nonqualified retirement plan assets | 12,682 |  |  | — |  |  | — |  |  | 12,682 |
Total assets measured at fair value | $ | 307,226 |  |  | $ | — |  |  | $ | — |  |  | $ | 307,226 |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 56,200 |  |  | $ | 56,200 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 56,200 |  |  | $ | 56,200 |
The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: As of September 30, 2024
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 113,951 |  |  | $ | — |  |  | $ | — |  |  | $ | 113,951 |
Debt investments | 427 |  |  | 1,998,089 |  |  | 53,632 |  |  | 2,052,148 |
Equity investments | 20,982 |  |  | 74 |  |  | 2,206 |  |  | 23,262 |
Derivatives | 242 |  |  | — |  |  | — |  |  | 242 |
Total assets measured at fair value | $ | 135,602 |  |  | $ | 1,998,163 |  |  | $ | 55,838 |  |  | $ | 2,189,603 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 1,940,085 |  |  | $ | — |  |  | $ | 1,940,085 |
Short sales | 415 |  |  | — |  |  | — |  |  | 415 |
Derivatives | 83 |  |  | — |  |  | — |  |  | 83 |
Total liabilities measured at fair value | $ | 498 |  |  | $ | 1,940,085 |  |  | $ | — |  |  | $ | 1,940,583 |
As of December 31, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |
Cash equivalents | $ | 98,101 |  |  | $ | — |  |  | $ | — |  |  | $ | 98,101 |
Debt investments | 241 |  |  | 2,012,760 |  |  | 36,616 |  |  | 2,049,617 |
Equity investments | 32,642 |  |  | 8 |  |  | 446 |  |  | 33,096 |
Total assets measured at fair value | $ | 130,984 |  |  | $ | 2,012,768 |  |  | $ | 37,062 |  |  | $ | 2,180,814 |
Liabilities |  |  |  |  |  |  |
Notes payable | $ | — |  |  | $ | 1,922,243 |  |  | $ | — |  |  | $ | 1,922,243 |
Short sales | 518 |  |  | — |  |  | — |  |  | 518 |
Total liabilities measured at fair value | $ | 518 |  |  | $ | 1,922,243 |  |  | $ | — |  |  | $ | 1,922,761 |
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Debt securities, beginning of period | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Purchases (sales), net | 24,443 |  |  | 24,339 |  |  | 24,443 |  |  | 24,339 |
Debt securities, end of period | $ | 24,443 |  |  | $ | 24,339 |  |  | $ | 24,443 |  |  | $ | 24,339 |
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) | 2024 |  | 2023 |  |
Balance at beginning of period | $ | 37,062 |  |  | $ | 43,581 |  |  |
Realized and unrealized gains (losses), net | 918 |  |  | (42) |  |  |
Purchases | 19 |  |  | 3,430 |  |  |
Sales | (36,452) |  |  | (7,890) |  |  |
Transfers to Level 2 | (71,236) |  |  | (79,288) |  |  |
Transfers from Level 2 | 125,527 |  |  | 103,491 |  |  |
Balance at end of period (1) | $ | 55,838 |  |  | $ | 63,282 |  |  |
(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) | 2024 |  | 2023 |  | 2024 |  | 2023
Contingent consideration, beginning of period | $ | 38,408 |  |  | $ | 54,910 |  |  | $ | 56,200 |  |  | $ | 78,100 |
Reduction for payments made | — |  |  | — |  |  | (14,492) |  |  | (16,390) |
Increase (reduction) of liability related to re-measurement of fair value | (4,000) |  |  | — |  |  | (7,300) |  |  | (6,800) |
Contingent consideration, end of period | $ | 34,408 |  |  | $ | 54,910 |  |  | $ | 34,408 |  |  | $ | 54,910 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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