v3.26.3
Fair Value (Tables)
 9 Months Ended
Sep. 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 September 30, 2026 and December 31, 2025 was as follows (in thousands):
Level 1Level 2Level 3
NAV Expedient(1)
Total
September 30, 2026:
Money markets$82,295 $— $— $— $82,295 
Securities segregated (U.S. Treasury Bills)— 379,188 — — 379,188 
Derivatives 4,286 17,054 — — 21,340 
Investments:
U.S. Treasury Bills— 209,414 — — 209,414 
Equity securities94,645 42,112 126 1,040 137,923 
Other investments8,513 — — — 8,513 
Total investments103,158 251,526 126 1,040 355,850 
Total assets measured at fair value$189,739 $647,768 $126 $1,040 $838,673 
Derivatives$194 $15,593 $— $— $15,787 
Contingent payment arrangements— — 8,732 — 8,732 
Total liabilities measured at fair value$194 $15,593 $8,732 $— $24,519 
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 securities145,217 66,519 127 37 211,900 
Other investments9,003 — — — 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 September 30, 2026 and December 31, 2025 was as follows (in thousands):
Level 1Level 2Total
September 30, 2026:
  Investments - VIEs$76,248 $364,106 $440,354 
  Investments - VOEs445 25,924 26,369 
  Derivatives - VIEs574 23,338 23,912 
Total assets measured at fair value$77,267 $413,368 $490,635 
Derivatives - VIEs$1,006 $22,975 $23,981 
Total liabilities measured at fair value$1,006 $22,975 $23,981 
December 31, 2025:
  Investments - VIEs$22,477 $271,558 $294,035 
  Investments - VOEs225 26,274 26,499 
  Derivatives - VIEs70 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 September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Balance as of beginning of period$126 $121 $127 $121 
Unrealized gains (losses), net— 3 (1)3 
Balance as of end of period$126 $124 $126 $124 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Balance as of beginning of period$— $— $— $— 
Newly consolidated funds:
Consumer loan securities— 27,347 — 27,347 
Aviation securities— 4,563 — 4,563 
Transfers in— — — — 
Unrealized gains, net— — — — 
Balance as of end of period$— $31,910 $— $31,910 
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 September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Balance as of beginning of period$8,689 $8,520 $8,605 $9,385 
Accretion43 42 127 148 
Payments— — — (971)
Balance as of end of period$8,732 $8,562 $8,732 $8,562