Investments |
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| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments The following table summarizes the Company’s Investments:
Marketable Securities Equity Securities The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in equity securities:
As of December 31, 2025 and June 30, 2026, investments in equity securities include consolidated Affiliate-sponsored investment products with fair values of $9.2 million and $9.9 million, respectively. For the three and six months ended June 30, 2025, the Company recognized net unrealized gains on equity securities still held as of June 30, 2025 of $5.1 million and $4.2 million, respectively. For the three and six months ended June 30, 2026, the Company recognized net unrealized gains on equity securities still held as of June 30, 2026 of $3.4 million and $3.7 million, respectively. Debt Securities The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in consolidated Affiliate-sponsored investment products:
For the three and six months ended June 30, 2025, the Company recognized net unrealized gains on debt securities still held as of June 30, 2025 of $1.4 million and $2.2 million, respectively. For the three and six months ended June 30, 2026, the Company recognized net unrealized gains (losses) on debt securities still held as of June 30, 2026 of $0.5 million and $(0.5) million, respectively. Other Investments Investments Measured at NAV as a Practical Expedient The following table summarizes the fair values of investments that are measured at net asset value (“NAV”) as a practical expedient:
___________________________ (1)The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying assets are liquidated over the life of the investments, which is generally up to 15 years. The Company accounts for the majority of its interests in investments with limited liquidity one quarter in arrears (adjusted for current period calls and distributions). (2)Investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis. (3)Investments measured at NAV as a practical expedient primarily invest in a broad range of private markets. Fair value attributable to the controlling interest was $456.6 million and $486.4 million as of December 31, 2025 and June 30, 2026, respectively. As of December 31, 2025 and June 30, 2026, the Company’s unfunded commitments attributed to investments measured at NAV as a practical expedient were $283.0 million and $335.5 million, respectively. As of June 30, 2026, the Company’s unfunded commitments attributed to investments with structures yet to be determined were $75.0 million. Debt Securities The following table summarizes the cost, gross unrealized losses, and fair value of investments in consolidated Affiliate- sponsored investment products that are valued using a Level 3 fair value measurement:
For the three and six months ended June 30, 2025, the Company did not recognize any net unrealized gains or losses on debt securities. For the three and six months ended June 30, 2026, the Company recognized net unrealized losses on debt securities still held as of June 30, 2026 of $0.2 million. Investments Without Readily Determinable Fair Values The following table summarizes the cost, cumulative unrealized gains, and carrying amount of the Company’s investment in a private corporation where it does not exercise significant influence, and does not have a readily determinable fair value:
For the three and six months ended June 30, 2025 and 2026, the Company did not recognize any net unrealized gains or losses on the underlying investment. The following tables present the changes in other investments:
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