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Fair Value (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2022 and December 31, 2021 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
September 30, 2022:
Money markets$162,391 $— $— $— $— $162,391 
Securities segregated (U.S. Treasury Bills)— 1,335,107 — — — 1,335,107 
Derivatives 8,053 29,295 — — — 37,348 
Investments:
  Equity securities 113,180 24,680 120 123 — 138,103 
Long exchange-traded options4,837 — — — — 4,837 
   Limited partnership hedge funds(2)
— — — — 42,227 42,227 
   Time deposits(3)
— — — — 17,298 17,298 
   Other investments6,107 — — — 2,978 9,085 
Total investments124,124 24,680 120 123 62,503 211,550 
Total assets measured at fair value$294,568 $1,389,082 $120 $123 $62,503 $1,746,396 
Securities sold not yet purchased:    
Short equities – corporate$51 $— $— $— $— $51 
Short exchange-traded options192 — — — — 192 
Derivatives— 11,758 — — — 11,758 
Contingent payment arrangements— — 273,145 — — 273,145 
Total liabilities measured at fair value$243 $11,758 $273,145 $— $— $285,146 
 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 September 30, 2022 and December 31, 2021 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2022:
  Investments - VIEs$83,699 $361,876 $— $445,575 
  Investments - VOEs— 26,045 — 26,045 
  Derivatives - VIEs2,176 2,452 — 4,628 
  Derivatives - VOEs— 9 — 9 
Total assets measured at fair value$85,875 $390,382 $— $476,257 
Derivatives - VIEs16,525 4,851 — 21,376 
Total liabilities measured at fair value$16,525 $4,851 $— $21,376 
December 31, 2021:
  Investments - VIEs$165,415 $444,253 $3,357 $613,025 
  Derivatives - VIEs622 5,265 — 5,887 
Total assets measured at fair value$166,037 $449,518 $3,357 $618,912 
Derivatives - VIEs$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 September 30,Nine Months Ended September 30,
 2022202120222021
 (in thousands)
Balance as of beginning of period$119 $126 $126 $125 
Purchases— — — — 
Sales— — — — 
Realized gains (losses), net— — — — 
Unrealized gains (losses), net1 1 (6)2 
Balance as of end of period$120 $127 $120 $127 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (in thousands)
Balance as of beginning of period$— $210 $3,357 $619 
Deconsolidated funds— — (3,351)(717)
Transfers (out)— (202)(6)(212)
Purchases— — 248 323 
Sales— (4)(248)(7)
Realized gains, net— — — 3 
Unrealized (losses), net— (4)— (9)
Balance as of end of period$— $— $— $— 
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,
 2022202120222021
 (in thousands)
Balance as of beginning of period$42,436 $37,184 $38,260 $27,750 
Addition227,071 — 229,571 7,800 
Accretion3,638 839 5,314 2,473 
Change in estimates— — — — 
Payments— — — — 
Balance as of end of period$273,145 $38,023 $273,145 $38,023