| 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 17, as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Cash equivalents | $ | 225,736 | | | $ | — | | | $ | — | | | $ | 225,736 | | | Investment securities - fair value | | | | | | | | | Sponsored funds | 63,296 | | | — | | | — | | | 63,296 | | | Equity securities | 19,019 | | | — | | | — | | | 19,019 | | | Debt securities | — | | | 1,456 | | | — | | | 1,456 | | | | | | | | | | | Nonqualified retirement plan assets | 15,159 | | | — | | | — | | | 15,159 | | | Total assets measured at fair value | $ | 323,210 | | | 1,456 | | | $ | — | | | $ | 324,666 | | | | | | | | | | | Liabilities | | | | | | | | | Contingent consideration | $ | — | | | $ | — | | | $ | 36,100 | | | $ | 36,100 | | | Total liabilities measured at fair value | $ | — | | | $ | — | | | $ | 36,100 | | | $ | 36,100 | |
The assets and liabilities of CIP measured at fair value on a recurring basis as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | | | Short sales | 225 | | | — | | | — | | | 225 | | | Total liabilities measured at fair value | $ | 225 | | | $ | 2,359,828 | | | $ | — | | | $ | 2,360,053 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | | | | | | | | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Assets | | | | | | | | | Cash equivalents | $ | 127,695 | | | $ | — | | | $ | — | | | $ | 127,695 | | | Debt investments | — | | | 2,239,924 | | | 6,676 | | | 2,246,600 | | | Equity investments | 22,993 | | | 111 | | | 1,013 | | | 24,117 | | | | | | | | | | | Total assets measured at fair value | $ | 150,688 | | | $ | 2,240,035 | | | $ | 7,689 | | | $ | 2,398,412 | | | Liabilities | | | | | | | | | Notes payable | $ | — | | | $ | 2,171,946 | | | $ | — | | | $ | 2,171,946 | | | | | | | | | | | Short sales | 356 | | | — | | | — | | | 356 | | | Total liabilities measured at fair value | $ | 356 | | | $ | 2,171,946 | | | $ | — | | | $ | 2,172,302 | |
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