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Fair Value (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Total
September 30, 2025:
Money markets$159,958 $— $— $— $159,958 
Securities segregated (U.S. Treasury Bills)— 424,119 — — 424,119 
Derivatives 75 13,939 — — 14,014 
Equity securities172,654 43,885 124 2,276 218,939 
Other investments9,194 — — — 9,194 
Total assets measured at fair value$341,881 $481,943 $124 $2,276 $826,224 
Derivatives$1,569 $16,043 $— $— $17,612 
Contingent payment arrangements— — 8,562 — 8,562 
Total liabilities measured at fair value$1,569 $16,043 $8,562 $— $26,174 
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 September 30, 2025 and December 31, 2024 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2025:
  Investments - VIEs$35,276 $253,736 $31,910 $320,922 
  Investments - VOEs6,269 26,452 — 32,721 
  Derivatives - VIEs1,183 18,728 — 19,911 
  Derivatives - VOEs39 — — 39 
Total assets measured at fair value$42,767 $298,916 $31,910 $373,593 
Derivatives - VIEs$1,127 $18,559 $— $19,686 
Total liabilities measured at fair value$1,127 $18,559 $— $19,686 
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 September 30,Nine Months Ended September 30,
 2025202420252024
 (in thousands)
Balance as of beginning of period$121 $116 $121 $118 
Unrealized gains (losses), net3 22 3 20 
Balance as of end of period$124 $138 $124 $138 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 (in thousands)
Balance as of beginning of period$— $— $— $— 
Newly consolidated funds:
Consumer loan securities27,347 — 27,347 — 
Aviation securities4,563 — 4,563 — 
Transfers in— 73 — 73 
Unrealized gains, net— 20 — 20 
Balance as of end of period$31,910 $93 $31,910 $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,
 2025202420252024
 (in thousands)
Balance as of beginning of period$8,520 $255,166 $9,385 $252,690 
Accretion42 2,558 148 7,674 
Change in estimate — (128,505)— (128,505)
Payments— — (971)(2,640)
Balance as of end of period$8,562 $129,219 $8,562 $129,219