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Fair Value (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025 and December 31, 2024 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Total
June 30, 2025:
Money markets$133,750 $— $— $— $133,750 
Securities segregated (U.S. Treasury Bills)— 481,760 — — 481,760 
Derivatives 322 26,728 — — 27,050 
Equity securities155,065 32,714 121 2,156 190,056 
Other investments9,040 — — — 9,040 
Total assets measured at fair value$298,177 $541,202 $121 $2,156 $841,656 
Securities sold not yet purchased:    
Short equities – corporate$707 $— $— $— $707 
Derivatives$2,582 $27,495 $— $— $30,077 
Contingent payment arrangements— — 8,520 — 8,520 
Total liabilities measured at fair value$3,289 $27,495 $8,520 $— $39,304 
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 securities193,766 5,921 121 2,016 201,824 
Other investments8,593 — — — 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 June 30, 2025 and December 31, 2024 was as follows (in thousands):
 Level 1Level 2Total
June 30, 2025:
  Investments - VIEs$30,330 $349,520 $379,850 
  Investments - VOEs5,806 57,359 63,165 
  Derivatives - VIEs810 17,206 18,016 
  Derivatives - VOEs— 197 197 
Total assets measured at fair value$36,946 $424,282 $461,228 
Derivatives - VIEs$799 $17,240 $18,039 
  Derivatives - VOEs— 184 184 
Total liabilities measured at fair value$799 $17,424 $18,223 
December 31, 2024:
  Investments - VIEs$15,240 $66,787 $82,027 
  Investments - VOEs249 58,516 58,765 
  Derivatives - VIEs48 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 June 30,Six Months Ended June 30,
 2025202420252024
 (in thousands)
Balance as of beginning of period$119 $114 $121 $118 
Unrealized gains (losses), net22 — (2)
Balance as of end of period$121 $116 $121 $116 
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,
 2025202420252024
 (in thousands)
Balance as of beginning of period$8,478 $254,108 $9,385 $252,690 
Accretion42 2,558 106 5,116 
Payments— (1,500)(971)(2,640)
Balance as of end of period$8,520 $255,166 $8,520 $255,166