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Fair Value (Tables)
 9 Months Ended
Sep. 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 September 30, 2024 and December 31, 2023 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Total
September 30, 2024:
Money markets$148,676 $— $— $— $148,676 
Securities segregated (U.S. Treasury Bills)— 545,928 — — 545,928 
Derivatives 106 12,932 — — 13,038 
Equity securities 192,789 5,921 138 31 198,879 
Other investments8,807 — — — 8,807 
Total assets measured at fair value$350,378 $564,781 $138 $31 $915,328 
Derivatives$3,004 $14,904 $— $— $17,908 
Contingent payment arrangements— — 129,219 — 129,219 
Total liabilities measured at fair value$3,004 $14,904 $129,219 $— $147,127 
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 securities113,833 32,104 118 1,598 147,653 
Other investments7,870 — — — 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.
Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of September 30, 2024 and December 31, 2023 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2024:
  Investments - VIEs$16,337 $195,564 $93 $211,994 
  Investments - VOEs458 54,577 — 55,035 
  Derivatives - VIEs153 118 — 271 
Total assets measured at fair value$16,948 $250,259 $93 $267,300 
Derivatives - VIEs74 340 — 414 
Total liabilities measured at fair value$74 $340 $— $414 
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 September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Balance as of beginning of period$116 $121 $118 $129 
Unrealized gains (losses), net22 1 20 (7)
Balance as of end of period$138 $122 $138 $122 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Balance as of beginning of period$— $— $— $— 
Transfers in73 — 73 — 
Unrealized gains, net20 — 20 — 
Balance as of end of period$93 $— $93 $— 
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 September 30,Nine Months Ended September 30,
 2024202320242023
 (in thousands)
Balance as of beginning of period$255,166 $249,854 $252,690 $247,309 
Accretion2,558 2,249 7,674 7,136 
Change in estimate (1)
(128,505)13,115 (128,505)13,115 
Payments— — (2,640)(792)
Held for sale reclassification— (13,696)— (15,246)
Balance as of end of period$129,219 $251,522 $129,219 $251,522