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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Measured on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of December 31, 2020 and 2019 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2020:
Money markets$130,675 $— $— $— $— $130,675 
Securities segregated (U.S. Treasury Bills)— 1,752,906 — — — 1,752,906 
Derivatives 118 21,623 — — — 21,741 
Investments:
      Equity securities147,705 17,565 125 161 — 165,556 
      Long exchange-traded options7,527 — — — — 7,527 
      Limited partnership hedge
      funds(2)
— — — — 42,408 42,408 
        Time deposits(3)
— — — — 18,602 18,602 
        Other investments7,011 — — — 12,271 19,282 
Total investments162,243 17,565 125 161 73,281 253,375 
Total assets measured at fair value$293,036 $1,792,094 $125 $161 $73,281 $2,158,697 
Securities sold not yet purchased:    
Short equities – corporate$5,305 $— $— $— $— $5,305 
Short exchange-traded options12,486 — — — — 12,486 
Derivatives1,834 28,703 — — — 30,537 
Contingent payment arrangements— — 27,750 — — 27,750 
Total liabilities measured at fair value$19,625 $28,703 $27,750 $— $— $76,078 
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2019:
Money markets$126,401 $— $— $— $— $126,401 
Securities segregated (U.S. Treasury Bills)— 1,094,866 — — — 1,094,866 
Derivatives 939 12,552 — — — 13,491 
Investments:
      Equity securities170,946 8,952 119 314 — 180,331 
      Long exchange-traded options6,931 — — — — 6,931 
      Limited partnership hedge
      funds(2)
— — — — 47,361 47,361 
        Time deposits(3)
— — — — 18,281 18,281 
        Other investments5,883 — — — 8,007 13,890 
Total investments183,760 8,952 119 314 73,649 266,794 
Total assets measured at fair value$311,100 $1,116,370 $119 $314 $73,649 $1,501,552 
Securities sold not yet purchased:    
Short equities – corporate$17,809 $— $— $— $— $17,809 
Short exchange-traded options12,348 — — — — 12,348 
Derivatives871 18,388 — — — 19,259 
Contingent payment arrangements— — 22,911 — — 22,911 
Total liabilities measured at fair value$31,028 $18,388 $22,911 $— $— $72,327 
(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2) Investments in equity method investees that are not measured at fair value in accordance with GAAP.
(3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP.
Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of December 31, 2020 and 2019 was as follows (in thousands):
 Level 1Level 2Level 3Total
December 31, 2020:
  Investments - VIEs$73,909 $168,114 $518 $242,541 
  Investments - VOEs— 59,940 101 60,041 
  Derivatives - VIEs442 2,782 — 3,224 
  Derivatives - VOEs— 464 — 464 
Total assets measured at fair value$74,351 $231,300 $619 $306,270 
Derivatives - VIEs$1,649 $5,244 $— $6,893 
  Derivatives - VOEs— 664 — 664 
Total liabilities measured at fair value$1,649 $5,908 $— $7,557 
December 31, 2019:
  Investments - VIEs$28,270 $375,559 $795 $404,624 
  Investments - VOEs104,069 72,252 59 176,380 
  Derivatives - VIEs139 4,694 — 4,833 
  Derivatives - VOEs76 4,263 — 4,339 
Total assets measured at fair value$132,554 $456,768 $854 $590,176 
Derivatives - VIEs$835 $3,724 $— $4,559 
  Derivatives - VOEs101 4,982 — 5,083 
Total liabilities measured at fair value$936 $8,706 $— $9,642 
Fair Value Measurement Level 3 Reconciliation
The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
December 31, 2020December 31, 2019
(in thousands)
Balance as of beginning of period$119 $142 
Purchases— — 
Sales— — 
Realized gains (losses), net— — 
Unrealized (losses) gains, net6 (23)
Balance as of end of period$125 $119 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 December 31,
 20202019
 (in thousands)
Balance as of beginning of period$854 $8,373 
Deconsolidated funds(135)— 
Transfers (out) in552 (9,445)
Purchases259 9,213 
Sales(571)(7,467)
Realized (losses) gains, net(99)14 
Unrealized (losses) gains, net(242)143 
Accrued discounts1 23 
Balance as of end of period$619 $854 
Schedule of Contingent Payment Arrangements Level 3 Financial Instruments The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as contingent payment arrangements, is as follows:
December 31, 2020December 31, 2019
(in thousands)
Balance as of beginning of period$22,911 $7,336 
Addition4,400 17,384 
Accretion3,105 2,542 
Changes in estimates(1,366)(3,051)
Payments(1,300)(1,300)
Balance as of end of period$27,750 $22,911