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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(2)
Other Total
December 31, 2022(1):
Money markets$95,521 $— $— $— $— $95,521 
Securities segregated (U.S. Treasury Bills)— 1,521,705 — — — 1,521,705 
Derivatives 1,768 22,944 — — — 24,712 
Investments:
Equity securities129,655 27,799 129 1,484 — 159,067 
Limited partnership hedge funds(3)
— — — — 42,526 42,526 
Time deposits(4)
— — — — 7,750 7,750 
Other investments6,689 — — — 1,486 8,175 
Total investments136,344 27,799 129 1,484 51,762 217,518 
Total assets measured at fair value$233,633 $1,572,448 $129 $1,484 $51,762 $1,859,456 
Derivatives162 13,550 — — — 13,712 
Contingent payment arrangements— — 247,309 — — 247,309 
Total liabilities measured at fair value$162 $13,550 $247,309 $— $— $261,021 
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(3)
— — — — 50,920 50,920 
Time deposits(4)
— — — — 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)Certain amounts have been classified as held for sale on the consolidated statement of financial position as of December 31, 2022. For further discussion, see Note 24 Acquisitions and Divestitures.
(2)Investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(3)Investments in equity method investees that are not measured at fair value in accordance with GAAP.
(4)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, 2022 and 2021 was as follows (in thousands):
 Level 1Level 2Level 3Total
December 31, 2022:
Investments$129,706 $386,830 $— $516,536 
Derivatives1,529 6,023 — 7,552 
Total assets measured at fair value$131,235 $392,853 $— $524,088 
Derivatives$14,932 $6,608 $— $21,540 
Total liabilities measured at fair value$14,932 $6,608 $— $21,540 
December 31, 2021:
Investments$165,415 $444,253 $3,357 $613,025 
Derivatives622 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 
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
20222021
(in thousands)
Balance as of beginning of period$126 $125 
Purchases— — 
Sales— — 
Realized gains (losses), net— — 
Unrealized gains (losses), net3 1 
Balance as of end of period$129 $126 
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,
 20222021
 (in thousands)
Balance as of beginning of period$3,357 $619 
Deconsolidated funds(3,351)(717)
Transfers (out)(6)(205)
Purchases248 3,675 
Sales(248)(7)
Realized gains, net— 3 
Unrealized (losses), net— (11)
Balance as of end of period$— $3,357 
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
20222021
(in thousands)
Balance as of beginning of period$38,260 $27,750 
Addition231,385 7,800 
Accretion6,563 3,310 
Changes in estimates— (600)
Held for sale reclassification(28,899)— 
Balance as of end of period$247,309 $38,260