v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025 by fair value hierarchy level were as follows:
June 30, 2026  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$140,120 $— $— $140,120 
Investment securities - fair value
Sponsored funds27,923 — — 27,923 
Equity securities19,004 — — 19,004 
Debt securities— 2,773 — 2,773 
Nonqualified retirement plan assets30,582 — — 30,582 
Total assets measured at fair value$217,629 $2,773 $— $220,402 
Liabilities
Contingent consideration$— $— $114,697 $114,697 
Total liabilities measured at fair value$— $— $114,697 $114,697 

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 June 30, 2026 and December 31, 2025 by fair value hierarchy level were as follows:
As of June 30, 2026
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$103,659 $— $— $103,659 
Debt investments79 2,505,853 27,172 2,533,104 
Equity investments 55,016 186 145 55,347 
Derivatives756 119 — 875 
Total assets measured at fair value$159,510 $2,506,158 $27,317 $2,692,985 
Liabilities
Notes payable$— $2,311,391 $— $2,311,391 
Derivatives319 125 — 444 
Total liabilities measured at fair value$319 $2,311,516 $— $2,311,835 
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 
Derivatives225 — — 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
June 30,		Six Months Ended
June 30,
(in thousands)2026202520262025
Liabilities
Contingent consideration, beginning of period$118,344 $23,014 $20,800 $36,100 
Additions for acquisition— — 109,420 — 
Adjustments for payments760 — (11,525)(13,086)
Increase (reduction) of liability related to re-measurement of fair value(4,407)(3,014)(3,998)(3,014)
Contingent consideration, end of period$114,697 $20,000 $114,697 $20,000