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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
March 31, 2024:
Money markets$155,596 $— $— $— $— $155,596 
Securities segregated (U.S. Treasury Bills)— 865,253 — — — 865,253 
Derivatives 47 13,810 — — — 13,857 
Investments:
  Equity securities 167,181 6,319 114 30 — 173,644 
   Limited partnership hedge funds(2)
— — — — 29,235 29,235 
   Time deposits(3)
— — — — 6,249 6,249 
   Other investments8,436 — — — 2,704 11,140 
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
Total investments175,617 6,319 114 30 38,188 220,268 
Total assets measured at fair value$331,260 $885,382 $114 $30 $38,188 $1,254,974 
Derivatives$751 $11,108 $— $— $— $11,859 
Contingent payment arrangements— — 254,108 — — 254,108 
Total liabilities measured at fair value$751 $11,108 $254,108 $— $— $265,967 
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 
Derivatives$3,511 $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 

(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, 2024 and December 31, 2023 was as follows (in thousands):
 Level 1Level 2Level 3Total
March 31, 2024:
  Investments - VIEs$46,870 $124,218 $— $171,088 
  Investments - VOEs16,540 110,500 — 127,040 
  Derivatives - VIEs250 5,448 — 5,698 
Total assets measured at fair value$63,660 $240,166 $— $303,826 
Derivatives - VIEs88 5,278 — 5,366 
Total liabilities measured at fair value$88 $5,278 $— $5,366 
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 
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,
 20242023
 (in thousands)
Balance as of beginning of period$118 $129 
Purchases— — 
Sales— — 
Realized gains (losses), net— — 
Unrealized (losses) gains, net(4)41 
Balance as of end of period$114 $170 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended March 31,
 20242023
 (in thousands)
Balance as of beginning of period$— $— 
Deconsolidated funds— — 
Transfers — — 
Purchases— — 
Balance as of end of period$— $— 
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 March 31,
 20242023
 (in thousands)
Balance as of beginning of period$252,690 $247,309 
Accretion2,558 2,443 
Payments(1,140)(792)
Held for sale reclassification— (775)
Balance as of end of period$254,108 $248,185