v3.26.1
Investments (Tables)
6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Marketable Securities The following table summarizes the Company’s Investments:
December 31,
2025
June 30,
2026
Marketable securities
Equity securities
$34.8
$43.7
Debt securities
50.0
48.1
Total marketable securities
84.8
91.8
Other investments
Investments measured at NAV as a practical expedient
576.4
600.8
Debt securities
14.9
Investments without readily determinable fair values
50.4
50.4
Total other investments
626.8
666.1
Investments
$711.6
$757.9
The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in
equity securities:
 
December 31,
2025
June 30,
2026
Cost
$37.5
$42.0
Unrealized gains
6.1
10.9
Unrealized losses
(8.8)
(9.2)
Fair value
$34.8
$43.7
The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in
consolidated Affiliate-sponsored investment products:
 
December 31,
2025
June 30,
2026
Cost
$49.4
$48.2
Unrealized gains
1.1
0.6
Unrealized losses
(0.5)
(0.7)
Fair value
$50.0
$48.1
Schedule of Other Investments and Unfunded Commitments The following table summarizes the fair values of investments that are measured at net asset value (“NAV”) as a practical
expedient:
 
December 31,
2025
June 30,
2026
Investments with limited liquidity(1)
$535.7
$558.5
Investments with periodic liquidity(2)
40.7
42.3
Total(3)
$576.4
$600.8
___________________________
(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.
Schedule of Debt Securities, Trading Valued using a Level 3 Fair Value Measurement 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:
 
December 31,
2025
June 30,
2026
Cost
$
$15.1
Unrealized losses
(0.2)
Fair value
$
$14.9
Schedule of Investments without Readily Determinable Fair Value 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:
 
December 31,
2025
June 30,
2026
Cost
$8.5
$8.5
Cumulative unrealized gains
41.9
41.9
Carrying amount
$50.4
$50.4
The following tables present the changes in other investments:
For the Three Months Ended June 30,
2025
2026
Measured at
NAV as a
Practical
Expedient
Debt
Securities
Without
Readily
Determinable
Fair Values
Total
Measured at
NAV as a
Practical
Expedient
Debt
Securities
Without
Readily
Determinable
Fair Values
Total
Balance,
beginning of
period
$475.9
$
$50.4
$526.3
$570.9
$
$50.4
$621.3
Purchases and
commitments
funded
40.8
40.8
43.2
15.1
58.3
Sales and
distributions
(17.0)
(17.0)
(18.6)
(18.6)
Net realized
and unrealized
gains (losses)
16.0
16.0
5.3
(0.2)
5.1
Balance, end of
period
$515.7
$
$50.4
$566.1
$600.8
$14.9
$50.4
$666.1
For the Six Months Ended June 30,
2025
2026
Measured at
NAV as a
Practical
Expedient
Debt
Securities
Without
Readily
Determinable
Fair Values
Total
Measured at
NAV as a
Practical
Expedient
Debt
Securities
Without
Readily
Determinable
Fair Values
Total
Balance,
beginning of
period
$488.6
$
$50.4
$539.0
$576.4
$
$50.4
$626.8
Purchases and
commitments
funded
48.9
48.9
59.1
15.1
74.2
Sales and
distributions
(41.8)
(41.8)
(43.3)
(43.3)
Net realized
and unrealized
gains (losses)
20.0
20.0
8.6
(0.2)
8.4
Balance, end of
period
$515.7
$
$50.4
$566.1
$600.8
$14.9
$50.4
$666.1