Fair Value (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and December 31, 2025 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Total
June 30, 2026:
Money markets	$	80,111	$	—	$	—	$	—	$	80,111
Securities segregated (U.S. Treasury Bills)	—		227,722		—		—		227,722
Derivatives	470		12,277		—		—		12,747
Equity securities	121,555		55,546		126		40		177,267
Other investments	8,482		—		—		—		8,482
Total assets measured at fair value	$	210,618	$	295,545	$	126	$	40	$	506,329
Derivatives	$	1,728	$	16,003	$	—	$	—	$	17,731
Contingent payment arrangements	—		—		8,689		—		8,689
Total liabilities measured at fair value	$	1,728	$	16,003	$	8,689	$	—	$	26,420
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 June 30, 2026 and December 31, 2025 was as follows (in thousands):

	Level 1		Level 2		Total
June 30, 2026:
Investments - VIEs	$	40,780	$	364,469	$	405,249
Investments - VOEs	335		25,511		25,846
Derivatives - VIEs	401		21,975		22,376
Total assets measured at fair value	$	41,516	$	411,955	$	453,471
Derivatives - VIEs	$	141	$	21,678	$	21,819
Total liabilities measured at fair value	$	141	$	21,678	$	21,819
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

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:

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Balance as of beginning of period	$	123	$	119	$	127	$	121
Unrealized gains (losses), net	3		2		(1)		—
Balance as of end of period	$	126	$	121	$	126	$	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:

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Balance as of beginning of period	$	8,647	$	8,478	$	8,605	$	9,385
Accretion	42		42		84		106
Payments	—		—		—		(971)
Balance as of end of period	$	8,689	$	8,520	$	8,689	$	8,520