Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Other		Total
June 30, 2023:
Money markets	$	151,698	$	—	$	—	$	—	$	—	$	151,698
Securities segregated (U.S. Treasury Bills)	—		878,235		—		—		—		878,235
Derivatives	1,517		16,744		—		—		—		18,261
Investments:
Equity securities	127,806		28,217		121		1,519		—		157,663
Limited partnership hedge funds(2)	—		—		—		—		37,122		37,122
Time deposits(3)	—		—		—		—		7,437		7,437
Other investments	7,293		—		—		—		3,006		10,299
Total investments	135,099		28,217		121		1,519		47,565		212,521
Total assets measured at fair value	$	288,314	$	923,196	$	121	$	1,519	$	47,565	$	1,260,715
Derivatives	1,226		13,439		—		—		—		14,665
Contingent payment arrangements	—		—		249,854		—		—		249,854
Total liabilities measured at fair value	$	1,226	$	13,439	$	249,854	$	—	$	—	$	264,519

	Level 1		Level 2		Level 3		NAV Expedient(1)		Other		Total
December 31, 2022:
Money markets	$	95,521	$	—	$	—	$	—	$	—	$	95,521
Securities segregated (U.S. Treasury Bills)	—		1,521,705		—		—		—		1,521,705
Derivatives	1,768		22,944		—		—		—		24,712
Investments:
Equity securities	129,655		27,799		129		1,484		—		159,067
Limited partnership hedge funds(2)	—		—		—		—		42,526		42,526
Time deposits(3)	—		—		—		—		7,750		7,750
Other investments	6,689		—		—		—		1,486		8,175
Total investments	136,344		27,799		129		1,484		51,762		217,518
Total assets measured at fair value	$	233,633	$	1,572,448	$	129	$	1,484	$	51,762	$	1,859,456
Derivatives	162		13,550		—		—		—		13,712
Contingent payment arrangements	—		—		247,309		—		—		247,309
Total liabilities measured at fair value	$	162	$	13,550	$	247,309	$	—	$	—	$	261,021

(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient.

(2) Investments in equity method investees that are not measured at fair value in accordance with GAAP.

(3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP.

Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of June 30, 2023 and December 31, 2022 was as follows (in thousands):

	Level 1		Level 2		Level 3		Total
June 30, 2023:
Investments - VIEs	$	54,019	$	252,481	$	—	$	306,500
Investments - VOEs	15,427		—		—		15,427
Derivatives - VIEs	349		451		—		800
Total assets measured at fair value	$	69,795	$	252,932	$	—	$	322,727
Derivatives - VIEs	614		1,691		—		2,305
Total liabilities measured at fair value	$	614	$	1,691	$	—	$	2,305
December 31, 2022:
Investments - VIEs	$	129,706	$	386,830	$	—	$	516,536
Derivatives - VIEs	1,529		6,023		—		7,552
Total assets measured at fair value	$	131,235	$	392,853	$	—	$	524,088
Derivatives - VIEs	$	14,932	$	6,608	$	—	$	21,540
Total liabilities measured at fair value	$	14,932	$	6,608	$	—	$	21,540

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,
	2023		2022		2023		2022
	(in thousands)
Balance as of beginning of period	$	170	$	119	$	129	$	126
Purchases	—		—		—		—
Sales	—		—		—		—
Realized gains (losses), net	—		—		—		—
Unrealized (losses), net	(49)		—		(8)		(7)
Balance as of end of period	$	121	$	119	$	121	$	119

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Balance as of beginning of period	$	—	$	248	$	—	$	3,357
Deconsolidated funds	—		—		—		(3,351)
Transfers (out)	—		—		—		(6)
Purchases	—		—		—		248
Sales	—		(248)		—		(248)
Balance as of end of period	$	—	$	—	$	—	$	—

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,
	2023		2022		2023		2022
	(in thousands)
Balance as of beginning of period	$	248,185	$	39,098	$	247,309	$	38,260
Addition	—		2,500		—		2,500
Accretion	2,444		838		4,887		1,676
Payments	—		—		(792)		—
Held for sale reclassification	(775)		—		(1,550)		—
Balance as of end of period	$	249,854	$	42,436	$	249,854	$	42,436