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Fair Value (Tables)
 12 Months Ended
Dec. 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 December 31, 2023 and 2022 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2023
Money markets$146,906 $— $— $— $— $146,906 
Securities segregated (U.S. Treasury Bills)— 867,679 — — — 867,679 
Derivatives 1 14,517 — — — 14,518 
Investments:
Equity securities113,833 32,104 118 1,598 — 147,653 
Limited partnership hedge funds(2)
— — — — 78,775 78,775 
Time deposits(3)
— — — — 6,517 6,517 
Other investments7,870 — — — 2,739 10,609 
Total investments121,703 32,104 118 1,598 88,031 243,554 
Total assets measured at fair value$268,610 $914,300 $118 $1,598 $88,031 $1,272,657 
Derivatives3,511 14,669 — — — 18,180 
Contingent payment arrangements— — 252,690 — — 252,690 
Total liabilities measured at fair value$3,511 $14,669 $252,690 $— $— $270,870 
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 securities129,655 27,799 129 1,484 — 159,067 
Limited partnership hedge funds(2)
— — — — 42,526 42,526 
Time deposits(3)
— — — — 7,750 7,750 
Other 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 
(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 December 31, 2023 and 2022 was as follows (in thousands):
 Level 1Level 2Level 3Total
December 31, 2023:
Investments - VIEs$49,455 $237,164 $— $286,619 
Investments - VOEs9,036 101,519 — 110,555 
Derivatives - VIEs2,139 2,763 — 4,902 
Derivatives - VOEs— 8,775 — 8,775 
Total assets measured at fair value$60,630 $350,221 $— $410,851 
Derivatives - VIEs$944 $1,587 $— $2,531 
Total liabilities measured at fair value$944 $1,587 $— $2,531 
December 31, 2022:
Investments - VIEs$129,706 $386,830 $— $516,536 
Derivatives - VIEs1,529 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:
December 31
20232022
(in thousands)
Balance as of beginning of period$129 $126 
Purchases— — 
Sales— — 
Realized gains (losses), net— — 
Unrealized (losses) gains, net(11)3 
Balance as of end of period$118 $129 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 December 31
 20232022
 (in thousands)
Balance as of beginning of period$— $3,357 
Deconsolidated funds— (3,351)
Transfers (out)— (6)
Purchases— 248 
Sales— (248)
Balance as of end of period$— $— 
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:
December 31
20232022
(in thousands)
Balance as of beginning of period$247,309 $38,260 
Addition— 231,385 
Accretion8,803 6,563 
Changes in estimates(1)
14,050 — 
Payments(1,291)— 
Held for sale reclassification(1)
(16,181)(28,899)
Balance as of end of period$252,690 $247,309 
(1)During 2023, we recorded a $14.1 million change in estimate associated with the acquisition of Autonomous LLC which is included in held for sale liabilities on the condensed consolidated statement of financial condition.