Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Total
March 31, 2025:
Money markets	$	137,086	$	—	$	—	$	—	$	137,086
Securities segregated (U.S. Treasury Bills)	—		771,497		—		—		771,497
Derivatives	876		13,428		—		—		14,304
Equity securities	181,459		30,526		119		1,980		214,084
Other investments	8,231		—		—		—		8,231
Total assets measured at fair value	$	327,652	$	815,451	$	119	$	1,980	$	1,145,202
Derivatives	$	324	$	18,829	$	—	$	—	$	19,153
Contingent payment arrangements	—		—		8,478		—		8,478
Total liabilities measured at fair value	$	324	$	18,829	$	8,478	$	—	$	27,631
December 31, 2024:
Money markets	$	146,781	$	—	$	—	$	—	$	146,781
Securities segregated (U.S. Treasury Bills)	—		499,245		—		—		499,245
Derivatives	2,835		18,106		—		—		20,941
Equity securities	193,766		5,921		121		2,016		201,824
Other investments	8,593		—		—		—		8,593
Total assets measured at fair value	$	351,975	$	523,272	$	121	$	2,016	$	877,384
Derivatives	$	33	$	14,911	$	—	$	—	$	14,944
Contingent payment arrangements	—		—		9,385		—		9,385
Total liabilities measured at fair value	$	33	$	14,911	$	9,385	$	—	$	24,329

(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 March 31, 2025 and December 31, 2024 was as follows (in thousands):

	Level 1		Level 2		Total
March 31, 2025:
Investments - VIEs	$	16,828	$	267,754	$	284,582
Investments - VOEs	718		55,828		56,546
Derivatives - VIEs	76		33		109
Total assets measured at fair value	$	17,622	$	323,615	$	341,237
Derivatives - VIEs	$	81	$	59	$	140
Total liabilities measured at fair value	$	81	$	59	$	140
December 31, 2024:
Investments - VIEs	$	15,240	$	66,787	$	82,027
Investments - VOEs	249		58,516		58,765
Derivatives - VIEs	48		53		101
Derivatives - VOEs	—		11,483		11,483
Total assets measured at fair value	$	15,537	$	136,839	$	152,376
Derivatives - VIEs	$	72	$	13	$	85
Total liabilities measured at fair value	$	72	$	13	$	85

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,
	2025		2024
	(in thousands)
Balance as of beginning of period	$	121	$	118
Unrealized (losses), net	(2)		(4)
Balance as of end of period	$	119	$	114

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,
	2025		2024
	(in thousands)
Balance as of beginning of period	$	9,385	$	252,690
Accretion	64		2,558
Payments	(971)		(1,140)
Balance as of end of period	$	8,478	$	254,108