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FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
ASC 820, Fair Value Measurements, defines fair value, establishes a framework for measuring fair value and requires disclosures regarding certain fair value measurements. ASC 820 establishes a three-tier hierarchy for measuring fair value, as follows:
•Level 1 – quoted market prices in active markets for identical assets
•Level 2 – inputs other than quoted prices that are directly or indirectly observable
•Level 3 – significant unobservable inputs where there is little or no market activity
Our investments in InvestCloud, Vista, WEBs, TXSE and Ridgeline, discussed in Note 5 “Investments,” are excluded from the recurring fair value table shown below because we have elected to apply the measurement alternative for those investments.
The following table summarizes the values of our investments measured at fair value on a recurring basis within the fair value hierarchy as of the dates indicated (in thousands):
Level 1Level 2Level 3
Investments Measured at NAV (1)
Total
As of September 30, 2025:
Investments in trading securities$17,556 $150 $— $— $17,706 
Private investment funds— — — 2,023 2,023 
Total assets measured at fair value$17,556 $150 $— $2,023 $19,729 
As of December 31, 2024:
Investments in trading securities$25,748 $— $— $— $25,748 
Private investment fund— — — 1,946 1,946 
Total assets measured at fair value$25,748 $— $— $1,946 $27,694 
Salient Acquisition contingent consideration— — $4,657 — $4,657 
Total liabilities measured at fair value$— $— $4,657 $— $4,657 
(1) Comprised of certain investments measured at fair value using NAV as a practical expedient. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on our Condensed Consolidated Balance Sheets.
The following table summarizes the changes in Level 3 liabilities measured at fair value on a recurring basis for the periods presented (in thousands):
Fair Value using Significant Unobservable Inputs (Level 3)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Beginning balance$— $10,176 $4,657 $10,133 
Payments— — $(4,657)(1,815)
Total losses included in earnings— 1,824 — 3,682 
Ending balance$— $12,000 $— $12,000 
The final payment for the revenue retention earn-out was made in the first quarter of 2025.