Fair Value Measurement - Schedule of Changes in Level III Financial Assets Measured at Fair Value (Details)
$ in Millions |
3 Months Ended |
|
Mar. 31, 2026
USD ($)
fund
|
Mar. 31, 2025
USD ($)
fund
|
| Realized and unrealized gains (losses), net |
|
|
| Number of consolidated funds | fund |
2
|
1
|
| Number of deconsolidated funds | fund |
|
1
|
| Other investments |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Initial consolidation of funds |
|
$ 0.0
|
| Level III |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Balance, beginning of period |
$ 11,479.4
|
7,932.5
|
| Initial consolidation of funds |
379.3
|
192.9
|
| Transfer out |
|
(50.4)
|
| Purchases |
2,850.7
|
2,573.8
|
| Sales and distributions |
(1,732.2)
|
(1,072.9)
|
| Settlements |
(439.2)
|
(358.9)
|
| Realized and unrealized gains (losses), net |
|
|
| Included in earnings |
(220.7)
|
13.5
|
| Included in other comprehensive income |
(70.0)
|
148.8
|
| Balance, end of period |
12,247.3
|
9,379.3
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(221.4)
|
24.9
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
(64.0)
|
134.6
|
| Level III | Equity securities |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Balance, beginning of period |
1,094.8
|
572.0
|
| Initial consolidation of funds |
0.1
|
0.0
|
| Transfer out |
|
0.0
|
| Purchases |
45.5
|
253.2
|
| Sales and distributions |
(261.1)
|
(9.0)
|
| Settlements |
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
| Included in earnings |
(3.8)
|
5.5
|
| Included in other comprehensive income |
0.0
|
0.0
|
| Balance, end of period |
875.5
|
821.7
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(9.2)
|
4.8
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ 0.0
|
$ 0.0
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Bonds |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Balance, beginning of period |
$ 691.2
|
$ 465.1
|
| Initial consolidation of funds |
17.5
|
24.0
|
| Transfer out |
|
0.0
|
| Purchases |
161.3
|
56.4
|
| Sales and distributions |
(94.4)
|
(72.6)
|
| Settlements |
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
| Included in earnings |
(9.8)
|
4.5
|
| Included in other comprehensive income |
(9.6)
|
18.4
|
| Balance, end of period |
756.2
|
495.8
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(7.5)
|
4.2
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ (8.2)
|
$ 15.5
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Loans |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Balance, beginning of period |
$ 9,249.8
|
$ 6,431.4
|
| Initial consolidation of funds |
361.7
|
167.9
|
| Transfer out |
|
0.0
|
| Purchases |
2,642.9
|
2,225.3
|
| Sales and distributions |
(1,339.7)
|
(943.9)
|
| Settlements |
(439.2)
|
(358.9)
|
| Realized and unrealized gains (losses), net |
|
|
| Included in earnings |
(205.5)
|
(10.9)
|
| Included in other comprehensive income |
(55.3)
|
121.7
|
| Balance, end of period |
10,214.7
|
7,632.6
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(200.1)
|
0.6
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ (50.5)
|
$ 109.4
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Investments in CLOs |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Balance, beginning of period |
$ 349.0
|
$ 378.9
|
| Initial consolidation of funds |
0.0
|
1.0
|
| Transfer out |
|
0.0
|
| Purchases |
1.0
|
1.1
|
| Sales and distributions |
(34.2)
|
(36.2)
|
| Settlements |
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
| Included in earnings |
(0.8)
|
12.0
|
| Included in other comprehensive income |
(5.1)
|
8.7
|
| Balance, end of period |
309.9
|
365.5
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(3.9)
|
10.2
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ (5.3)
|
$ 9.7
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Other investments |
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
| Balance, beginning of period |
$ 94.6
|
$ 85.1
|
| Initial consolidation of funds |
0.0
|
|
| Transfer out |
|
(50.4)
|
| Purchases |
0.0
|
37.8
|
| Sales and distributions |
(2.8)
|
(11.2)
|
| Settlements |
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
| Included in earnings |
(0.8)
|
2.4
|
| Included in other comprehensive income |
0.0
|
0.0
|
| Balance, end of period |
91.0
|
63.7
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(0.7)
|
5.1
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ 0.0
|
$ 0.0
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|