Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of December 31, 2025 and 2024 was as follows (in thousands):

	Level 1			Level 2			Level 3			NAV Expedient(1)			Total
December 31, 2025
Money markets		$	175,029		$	—		$	—		$	—		$	175,029
Securities segregated (U.S. Treasury Bills)		—			498,649			—			—			498,649
Derivatives		832			12,153			—			—			12,985
Equity securities		145,217			66,519			127			37			211,900
Other Investments		9,003			—			—			—			9,003
Total assets measured at fair value		$	330,081		$	577,321		$	127		$	37		$	907,566
Derivatives		$	366		$	17,249		$	—		$	—		$	17,615
Contingent payment arrangements		—			—			8,605			—			8,605
Total liabilities measured at fair value		$	366		$	17,249		$	8,605		$	—		$	26,220
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 December 31, 2025 and 2024 was as follows (in thousands):

	Level 1			Level 2			Level 3			Total
December 31, 2025:
Investments - VIEs (1)		$	22,477		$	271,558		$	—		$	294,035
Investments - VOEs		225			26,274			—			26,499
Derivatives - VIEs		70			20,007			—			20,077
Total assets measured at fair value		$	22,772		$	317,839		$	—		$	340,611
Derivatives - VIEs		$	112		$	19,972		$	—		$	20,084
Total liabilities measured at fair value		$	112		$	19,972		$	—		$	20,084
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

(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient are approximately $10.0 million. Total investments in VIEs including those measured at NAV are $304.0 million.

Summary 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:

	December 31
	2025			2024
	(in thousands)
Balance as of beginning of period		$	121		$	118
Unrealized gains (losses), net		6			3
Balance as of end of period		$	127		$	121

Summary 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:

	December 31
	2025			2024
	(in thousands)
Balance as of beginning of period		$	9,385		$	252,690
Accretion		191			9,005
Changes in estimates		—			(130,901)
Payments		(971)			(2,640)
Reclassification of AB CarVal contingent liability		—			(118,769)
Balance as of end of period		$	8,605		$	9,385