v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2026 and December 31, 2025 by fair value hierarchy level were as follows:
March 31, 2026  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$99,963 $— $— $99,963 
Investment securities - fair value
Sponsored funds29,130 — — 29,130 
Equity securities21,449 — — 21,449 
Debt securities— 2,881 — 2,881 
Nonqualified retirement plan assets27,556 — — 27,556 
Total assets measured at fair value$178,098 $2,881 $— $180,979 
Liabilities
Contingent consideration$— $— $118,344 $118,344 
Total liabilities measured at fair value$— $— $118,344 $118,344 
December 31, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$340,276 $— $— $340,276 
Investment securities - fair value
Sponsored funds51,013 — — 51,013 
Equity securities22,903 — — 22,903 
Debt securities— 2,546 — 2,546 
Nonqualified retirement plan assets20,090 — — 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 March 31, 2026 and December 31, 2025 by fair value hierarchy level were as follows:
As of March 31, 2026
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$131,915 $— $— $131,915 
Debt investments4,957 2,497,417 29,200 2,531,574 
Equity investments 46,735 1,843 290 48,868 
Total assets measured at fair value$183,607 $2,499,260 $29,490 $2,712,357 
Liabilities
Notes payable$— $2,313,415 $— $2,313,415 
Total liabilities measured at fair value$— $2,313,415 $— $2,313,415 
As of December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$86,491 $— $— $86,491 
Debt investments91 2,536,337 30,333 2,566,761 
Equity investments66,180 — 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 sales225 — — 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
March 31,
(in thousands)20262025
Liabilities
Contingent consideration, beginning of period$20,800 $36,100 
Additions for acquisition109,420 — 
Reduction for payments made(12,285)(13,086)
Increase (reduction) of liability related to re-measurement of fair value409 — 
Contingent consideration, end of period$118,344 $23,014