Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments are as follows (in millions):


	June 30,		December 31,
	2026		2025
Non-marketable equity securities	$	124.1	$	124.1
Seed capital investments		33.7		26.4
Marketable equity securities		13.8		19.6
Partnership interests in private equity funds		3.0		4.3
Total investments	$	174.6	$	174.4

Schedule of Realized and Unrealized Gains and Losses on Investments

Realized and unrealized gains and losses for our equity securities are as follows (in millions):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026		2025			2026		2025
Unrealized gains (losses) on equity securities held as of the end of the period	$	2.7	$	(1.7	)	$	2.0	$	(3.5	)
Realized gains for equity securities sold during the period		—		—			0.2		—
Total gains (losses) recognized in other income (expense), net	$	2.7	$	(1.7	)	$	2.2	$	(3.5	)

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present assets and liabilities measured at fair value on a recurring basis (in millions):


				Fair Value Measurements at Reporting Date Using
	June 30, 2026			Quoted prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds (1)	$	2,726.2		$	2,726.2		$	—	$	—
Seed capital investments (2)		33.7			33.7			—		—
Marketable equity securities (2)		13.8			13.8			—		—
Deferred compensation liabilities (3)		(8.4	)		(8.4	)		—		—
Total	$	2,765.3		$	2,765.3		$	—	$	—


				Fair Value Measurements at Reporting Date Using
	December 31, 2025			Quoted prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds (1)	$	2,759.2		$	2,759.2		$	—	$	—
Seed capital investments (2)		26.4			26.4			—		—
Marketable equity securities (2)		19.6			19.6			—		—
Deferred compensation liabilities (3)		(9.4	)		(9.4	)		—		—
Total	$	2,795.8		$	2,795.8		$	—	$	—

(1)

As of June 30, 2026, included $61.6 million of cash and cash equivalents, $1.2 million of restricted cash and $2,663.5 million of funds receivable and funds held on behalf of clients on the unaudited Condensed Consolidated Balance Sheets. As of December 31, 2025, included $76.6 million of cash and cash equivalents, $1.3 million of restricted cash and $2,681.3 million of funds receivable and funds held on behalf of clients on the unaudited Condensed Consolidated Balance Sheets.

(2)

Included in investments on the unaudited Condensed Consolidated Balance Sheets.

(3)

Included in other long-term liabilities on the unaudited Condensed Consolidated Balance Sheets.