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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of June 30, 2021 and December 31, 2020 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
June 30, 2021:
Money markets$158,844 $— $— $— $— $158,844 
Securities segregated (U.S. Treasury Bills)— 1,072,928 — — — 1,072,928 
Derivatives 497 16,095 — — — 16,592 
Investments:
  Equity securities 123,315 18,450 126 160 — 142,051 
Long exchange-traded options2,165 — — — — 2,165 
   Limited partnership hedge funds(2)
— — — — 50,805 50,805 
   Time deposits(3)
— — — — 18,120 18,120 
   Other investments8,164 — — — 7,341 15,505 
Total investments133,644 18,450 126 160 76,266 228,646 
Total assets measured at fair value$292,985 $1,107,473 $126 $160 $76,266 $1,477,010 
Securities sold not yet purchased:    
Short equities – corporate$11,003 $— $— $— $— $11,003 
Short exchange-traded options1,706 — — — — 1,706 
Derivatives758 16,156 — — — 16,914 
Contingent payment arrangements— — 37,184 — — 37,184 
Total liabilities measured at fair value$13,467 $16,156 $37,184 $— $— $66,807 
 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 

(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 June 30, 2021 and December 31, 2020 was as follows (in thousands):
 Level 1Level 2Level 3Total
June 30, 2021:
  Investments - VIEs$53,028 $113,702 $210 $166,940 
  Derivatives - VIEs240 1,711 — 1,951 
Total assets measured at fair value$53,268 $115,413 $210 $168,891 
Derivatives - VIEs2,927 1,422 — 4,349 
Total liabilities measured at fair value$2,927 $1,422 $— $4,349 
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 
Schedule of Change in Carrying Value Level 3 Financial Instruments
The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$124 $118 $125 $119 
Purchases— — — — 
Sales— — — — 
Realized gains (losses), net— — — — 
Unrealized gains (losses), net2 (4)1 (5)
Balance as of end of period$126 $114 $126 $114 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$717 $534 $619 $854 
Deconsolidated funds(717)(135)(717)(135)
Transfers (out) in— 340 (10)571 
Purchases204 13 323 46 
Sales— (82)(3)(444)
Realized gains (losses), net— (14)3 (14)
Unrealized gains (losses), net6 (138)(5)(362)
Accrued discounts— (1)— 1 
Balance as of end of period$210 $517 $210 $517 
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:
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$36,073 $23,704 $27,750 $22,911 
Addition274 4,400 7,800 4,400 
Accretion837 806 1,634 1,599 
Payments— — — — 
Balance as of end of period$37,184 $28,910 $37,184 $28,910