XML 45 R34.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
March 31, 2022:
Money markets$122,582 $— $— $— $— $122,582 
Securities segregated (U.S. Treasury Bills)— 1,692,536 — — — 1,692,536 
Derivatives 1,564 20,518 — — — 22,082 
Investments:
  Equity securities 125,428 28,052 119 144 — 153,743 
Long exchange-traded options445 — — — — 445 
   Limited partnership hedge funds(2)
— — — — 54,725 54,725 
   Time deposits(3)
— — — — 21,942 21,942 
   Other investments7,861 — — — 4,767 12,628 
Total investments133,734 28,052 119 144 81,434 243,483 
Total assets measured at fair value$257,880 $1,741,106 $119 $144 $81,434 $2,080,683 
Securities sold not yet purchased:    
Short equities – corporate$3,427 $— $— $— $— $3,427 
Short exchange-traded options221 — — — — 221 
Derivatives1,895 14,252 — — — 16,147 
Contingent payment arrangements— — 39,098 — — 39,098 
Total liabilities measured at fair value$5,543 $14,252 $39,098 $— $— $58,893 
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2021:
Money markets$151,156 $— $— $— $— $151,156 
Securities segregated (U.S. Treasury Bills)— 1,503,828 — — — 1,503,828 
Derivatives 392 15,030 — — — 15,422 
Investments:
  Equity securities144,917 39,284 126 145 — 184,472 
  Long exchange-traded options1,893 — — — — 1,893 
    Limited partnership hedge funds(2)
— — — — 50,920 50,920 
    Time deposits(3)
— — — — 21,024 21,024 
    Other investments9,094 — — — 6,015 15,109 
Total investments155,904 39,284 126 145 77,959 273,418 
Total assets measured at fair value$307,452 $1,558,142 $126 $145 $77,959 $1,943,824 
Securities sold not yet purchased:    
Short equities – corporate$1,054 $— $— $— $— $1,054 
Short exchange-traded options2,774 — — — — 2,774 
Derivatives1,186 15,737 — — — 16,923 
Contingent payment arrangements— — 38,260 — — 38,260 
Total liabilities measured at fair value$5,014 $15,737 $38,260 $— $— $59,011 

(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 March 31, 2022 and December 31, 2021 was as follows (in thousands):
 Level 1Level 2Level 3Total
March 31, 2022:
  Investments $84,737 $401,941 $248 $486,926 
  Derivatives 1,782 2,620 — 4,402 
Total assets measured at fair value$86,519 $404,561 $248 $491,328 
Derivatives 16,013 2,927 — 18,940 
Total liabilities measured at fair value$16,013 $2,927 $— $18,940 
December 31, 2021:
  Investments $165,415 $444,253 $3,357 $613,025 
  Derivatives 622 5,265 — 5,887 
Total assets measured at fair value$166,037 $449,518 $3,357 $618,912 
Derivatives $16,291 $2,051 $— $18,342 
Total liabilities measured at fair value$16,291 $2,051 $— $18,342 
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 March 31,
 20222021
 (in thousands)
Balance as of beginning of period$126 $125 
Purchases— — 
Sales— — 
Realized gains (losses), net— — 
Unrealized (losses), net(7)(1)
Balance as of end of period$119 $124 
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 March 31,
 20222021
 (in thousands)
Balance as of beginning of period$3,357 $619 
Deconsolidated funds(3,351)— 
Transfers (out)(6)(10)
Purchases248 119 
Sales— (3)
Realized gains, net— 3 
Unrealized (losses), net— (11)
Balance as of end of period$248 $717 
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 March 31,
 20222021
 (in thousands)
Balance as of beginning of period$38,260 $27,750 
Addition— 7,526 
Accretion838 797 
Payments— — 
Balance as of end of period$39,098 $36,073