Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Other		Total
March 31, 2023:
Money markets	$	95,690	$	—	$	—	$	—	$	—	$	95,690
Securities segregated (U.S. Treasury Bills)	—		1,054,638		—		—		—		1,054,638
Derivatives	4		16,683		—		—		—		16,687
Investments:
Equity securities	121,971		28,255		170		1,524		—		151,920
Limited partnership hedge funds(2)	—		—		—		—		42,570		42,570
Time deposits(3)	—		—		—		—		7,528		7,528
Other investments	6,894		—		—		—		3,026		9,920
Total investments	128,865		28,255		170		1,524		53,124		211,938
Total assets measured at fair value	$	224,559	$	1,099,576	$	170	$	1,524	$	53,124	$	1,378,953
Derivatives	4,878		11,533		—		—		—		16,411
Contingent payment arrangements	—		—		248,185		—		—		248,185
Total liabilities measured at fair value	$	4,878	$	11,533	$	248,185	$	—	$	—	$	264,596

	Level 1		Level 2		Level 3		NAV Expedient(1)		Other		Total
December 31, 2022:
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 securities	129,655		27,799		129		1,484		—		159,067
Limited partnership hedge funds(2)	—		—		—		—		42,526		42,526
Time deposits(3)	—		—		—		—		7,750		7,750
Other investments	6,689		—		—		—		1,486		8,175
Total investments	136,344		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
Derivatives	162		13,550		—		—		—		13,712
Contingent payment arrangements	—		—		247,309		—		—		247,309
Total liabilities measured at fair value	$	162	$	13,550	$	247,309	$	—	$	—	$	261,021

(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, 2023 and December 31, 2022 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
March 31, 2023:
Investments - VIEs	$	125,788	$	400,742	$	—	$	526,530
Investments - VOEs	16,809		—		—		16,809
Derivatives - VIEs	1,211		2,459		—		3,670
Total assets measured at fair value	$	143,808	$	403,201	$	—	$	547,009
Derivatives - VIEs	14,830		1,481		—		16,311
Total liabilities measured at fair value	$	14,830	$	1,481	$	—	$	16,311
December 31, 2022:
Investments - VIEs	$	129,706	$	386,830	$	—	$	516,536
Derivatives - VIEs	1,529		6,023		—		7,552
Total assets measured at fair value	$	131,235	$	392,853	$	—	$	524,088
Derivatives - VIEs	$	14,932	$	6,608	$	—	$	21,540
Total liabilities measured at fair value	$	14,932	$	6,608	$	—	$	21,540

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,
	2023		2022
	(in thousands)
Balance as of beginning of period	$	129	$	126
Purchases	—		—
Sales	—		—
Realized gains (losses), net	—		—
Unrealized gains (losses), net	41		(7)
Balance as of end of period	$	170	$	119

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,
	2023		2022
	(in thousands)
Balance as of beginning of period	$	—	$	3,357
Deconsolidated funds	—		(3,351)
Transfers (out)	—		(6)
Purchases	—		248
Balance as of end of period	$	—	$	248

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,
		2023		2022
	(in thousands)
Balance as of beginning of period		$	247,309	$	38,260
Accretion		2,443		838
Payments		(792)		—
Held for sale reclassification		(775)		—
Balance as of end of period		$	248,185	$	39,098