Certain of the Company’s investments in Affiliates are accounted for under the equity method. The Company had 22 and

24 Affiliates accounted for under the equity method as of December 31, 2025 and June 30, 2026, respectively. The majority of

these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings,

typically based upon a fixed percentage of the Affiliate’s revenue less agreed-upon expenses. The partnership agreements

generally do not define a fixed percentage for the Company’s ownership of the equity of the Affiliate. These percentages

would be subject to a separate future negotiation if an Affiliate were to be sold or liquidated. The financial results of certain

Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears.

The Company has determined that one of its Affiliates accounted for under the equity method is significant under Rule

10-01(b)(1) of Regulation S-X. For the six months ended June 30, 2025 and 2026, this Affiliate recognized revenue of $403.6

million and $901.0 million, respectively, and net income of $198.0 million and $642.8 million, respectively.

The following table presents the changes in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2025(1)	$2,870.4
Investments in Affiliates	246.9
Earnings, net of tax	336.1
Intangible amortization and impairments	(63.9)
Distributions of earnings	(465.9)
Return of capital	(2.5)
Foreign currency translation	(14.4)
Other	30.1
Balance, as of June 30, 2026(1)	$2,936.8

(1)Includes undistributed earnings of $280.4 million and $145.8 million as of December 31, 2025 and June 30, 2026,

In the first quarter of 2026, the Company completed its agreement with Brown Brothers Harriman (“BBH”) to acquire a

minority equity interest in BBH Credit Partners, BBH’s taxable fixed income and credit franchise, its additional minority

investment in Garda Capital Partners LP (“Garda”), a liquid alternatives manager specializing in fixed income relative value

strategies and an Affiliate since 2019, and its minority investment in HighBrook Investors (“HighBrook”), a private markets

manager specializing in real estate assets. The majority of the consideration paid for Garda and a portion of the consideration

paid for HighBrook will be deductible for U.S. tax purposes over a 15-year life. Following the close of the transaction, the

Company’s investment in Garda continues to be accounted for under the equity method. The Company’s preliminary purchase

price allocations for each investment were measured using discounted cash flow analyses that included assumptions of expected

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are

amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships

of $27.0 million and $45.6 million for the three and six months ended June 30, 2025, respectively, and $29.2 million and $55.9

million for the three and six months ended, June 30, 2026 , respectively. Based on relationships existing as of June 30, 2026,

the Company estimates the amortization expense attributable to its Affiliates will be approximately $60 million for the

remainder of 2026, approximately $115 million in 2027, approximately $105 million in 2028, and approximately $90 million in

In the first quarter of 2026, the Company recorded an $8.0 million expense to reduce the carrying value of an Affiliate to

fair value based on market indicators that its fair value had declined below its carrying value.