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Fair Value (Tables)
 9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
September 30, 2021:
Money markets$152,335 $— $— $— $— $152,335 
Securities segregated (U.S. Treasury Bills)— 907,999 — — — 907,999 
Derivatives 2,280 15,879 — — — 18,159 
Investments:
  Equity securities 116,131 17,748 127 156 — 134,162 
Long exchange-traded options1,569 — — — — 1,569 
   Limited partnership hedge funds(2)
— — — — 52,923 52,923 
   Time deposits(3)
— — — — 19,054 19,054 
   Other investments8,137 — — — 7,273 15,410 
Total investments125,837 17,748 127 156 79,250 223,118 
Total assets measured at fair value$280,452 $941,626 $127 $156 $79,250 $1,301,611 
Securities sold not yet purchased:    
Short equities – corporate$1,881 $— $— $— $— $1,881 
Short exchange-traded options701 — — — — 701 
Derivatives448 14,828 — — — 15,276 
Contingent payment arrangements— — 38,023 — — 38,023 
Total liabilities measured at fair value$3,030 $14,828 $38,023 $— $— $55,881 
 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 September 30, 2021 and December 31, 2020 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2021:
  Investments - VIEs$61,230 $214,969 $— $276,199 
  Derivatives - VIEs804 3,677 — 4,481 
Total assets measured at fair value$62,034 $218,646 $— $280,680 
Derivatives - VIEs18,383 3,284 — 21,667 
Total liabilities measured at fair value$18,383 $3,284 $— $21,667 
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 September 30,Nine Months Ended September 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$126 $114 $125 $119 
Purchases— — — — 
Sales— — — — 
Realized gains (losses), net— — — — 
Unrealized gains (losses), net1 7 2 2 
Balance as of end of period$127 $121 $127 $121 
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 September 30,Nine Months Ended September 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$210 $517 $619 $854 
Deconsolidated funds— — (717)(135)
Transfers (out) in, net(202)(6)(212)565 
Purchases— 61 323 107 
Sales(4)(7)(7)(451)
Realized gains (losses), net— (7)3 (21)
Unrealized gains (losses), net(4)39 (9)(323)
Accrued discounts— — — 1 
Balance as of end of period$— $597 $— $597 
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 September 30,Nine Months Ended September 30,
 2021202020212020
 (in thousands)
Balance as of beginning of period$37,184 $28,910 $27,750 $22,911 
Addition— — 7,800 4,400 
Accretion839 813 2,473 2,412 
Payments— — — — 
Balance as of end of period$38,023 $29,723 $38,023 $29,723