Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of March 31, 2026 and December 31, 2025 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Total
March 31, 2026:
Money markets	$	111,611	$	—	$	—	$	—	$	111,611
Securities segregated (U.S. Treasury Bills)	—		350,133		—		—		350,133
Derivatives	3,645		16,073		—		—		19,718
Equity securities	123,492		54,368		123		36		178,019
Other investments	8,047		—		—		—		8,047
Total assets measured at fair value	$	246,795	$	420,574	$	123	$	36	$	667,528
Derivatives	$	97	$	14,012	$	—	$	—	$	14,109
Contingent payment arrangements	—		—		8,647		—		8,647
Total liabilities measured at fair value	$	97	$	14,012	$	8,647	$	—	$	22,756
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

(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, 2026 and December 31, 2025 was as follows (in thousands):

	Level 1		Level 2		Total
March 31, 2026:
Investments - VIEs	$	29,262	$	344,314	$	373,576
Investments - VOEs	265		25,684		25,949
Derivatives - VIEs	348		21,263		21,611
Total assets measured at fair value	$	29,875	$	391,261	$	421,136
Derivatives - VIEs	$	326	$	24,733	$	25,059
Total liabilities measured at fair value	$	326	$	24,733	$	25,059
December 31, 2025:
Investments - VIEs	$	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

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,
	2026		2025
	(in thousands)
Balance as of beginning of period	$	127	$	121
Unrealized (losses), net	(4)		(2)
Balance as of end of period	$	123	$	119

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,
	2026		2025
	(in thousands)
Balance as of beginning of period	$	8,605	$	9,385
Accretion	42		64
Payments	—		(971)
Balance as of end of period	$	8,647	$	8,478