Fair Value (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Total
June 30, 2024:
Money markets	$	163,955	$	—	$	—	$	—	$	163,955
Securities segregated (U.S. Treasury Bills)	—		591,569		—		—		591,569
Derivatives	32		15,307		—		—		15,339
Equity securities	179,045		4,695		116		30		183,886
Other investments	8,292		—		—		—		8,292
Total assets measured at fair value	$	351,324	$	611,571	$	116	$	30	$	963,041
Derivatives	$	556	$	10,408	$	—	$	—	$	10,964
Contingent payment arrangements	—		—		255,166		—		255,166
Total liabilities measured at fair value	$	556	$	10,408	$	255,166	$	—	$	266,130
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
Equity securities	113,833		32,104		118		1,598		147,653
Other investments	7,870		—		—		—		7,870
Total assets measured at fair value	$	268,610	$	914,300	$	118	$	1,598	$	1,184,626
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 June 30, 2024 and December 31, 2023 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
June 30, 2024:
Investments - VIEs	$	16,392	$	141,226	$	—	$	157,618
Investments - VOEs	13,785		81,667		—		95,452
Derivatives - VIEs	457		107		—		564
Total assets measured at fair value	$	30,634	$	223,000	$	—	$	253,634
Derivatives - VIEs	99		60		—		159
Total liabilities measured at fair value	$	99	$	60	$	—	$	159
December 31, 2023:
Investments - VIEs	$	49,455	$	237,164	$	—	$	286,619
Investments - VOEs	9,036		101,519		—		110,555
Derivatives - VIEs	2,139		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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Balance as of beginning of period	$	114	$	170	$	118	$	129
Unrealized gains (losses), net	2		(49)		(2)		(8)
Balance as of end of period	$	116	$	121	$	116	$	121

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Balance as of beginning of period	$	254,108	$	248,185	$	252,690	$	247,309
Accretion	2,558		2,444		5,116		4,887
Payments	(1,500)		—		(2,640)		(792)
Held for sale reclassification	—		(775)		—		(1,550)
Balance as of end of period	$	255,166	$	249,854	$	255,166	$	249,854