Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:


		Fair Value Measurements
	December 31, 2025	Fair Value Measurements
	December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets(1)
Investments in equity securities	$34.8	$34.8	$—	$—
Investments in debt securities	50.0	—	50.0	—
Financial Liabilities(2)
Contingent payment obligations	$0.0	$—	$—	$0.0
Affiliate equity purchase obligations	161.2	—	—	161.2


		Fair Value Measurements
	June 30, 2026	Fair Value Measurements
	June 30, 2026	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets(1)
Investments in equity securities	$43.7	$43.7	$—	$—
Investments in debt securities	63.0	—	48.1	14.9
Financial Liabilities(2)
Contingent payment obligations	$0.0	$—	$—	$0.0
Affiliate equity purchase obligations	200.4	—	—	200.4

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(1)Amounts are recorded in Investments on the Consolidated Balance Sheets.

(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.

Schedule of Changes in Level 3 Assets for Affiliate Equity Repurchase Obligation

The following table presents the changes in the Company’s investments in debt securities classified as Level 3 financial

assets:


	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2025	2026	2025	2026
Balance, beginning of period	$—	$—	$—	$—
Purchases and commitments funded	—	15.1	—	15.1
Sales and distributions	—	—	—	—
Net realized and unrealized losses(1)	—	(0.2)	—	(0.2)
Balance, end of period	$—	$14.9	$—	$14.9

Net change in unrealized losses relating to instruments still held at the reporting date(1)	$—	$(0.2)	$—	$(0.2)

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(1)Gains and losses resulting from changes to unrealized gains (losses) are included in Investment and other income in the

Consolidated Statements of Income.

Schedule of Changes in Level 3 Liabilities for Affiliate Equity Repurchase Obligation

The following tables present the changes in Level 3 financial liabilities:


	For the Three Months Ended June 30,
	2025		2026
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$5.6	$48.4	$0.0	$194.2
Purchases and issuances(1)	—	71.1	—	29.3
Settlements and reductions	(4.9)	(13.7)	—	(28.1)
Net realized and unrealized (gains) losses(2)	(0.7)	12.1	—	5.0
Balance, end of period	$0.0	$117.9	$0.0	$200.4

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(2)	$—	$13.1	$—	$4.7


	For the Six Months Ended June 30,
	2025		2026
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$5.7	$54.8	$0.0	$161.2
Purchases and issuances(1)	—	93.1	—	61.3
Settlements and reductions	(4.9)	(43.4)	—	(62.0)
Net realized and unrealized (gains) losses(2)	(0.8)	13.4	—	39.9
Balance, end of period	$0.0	$117.9	$0.0	$200.4

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(2)	$(0.1)	$14.4	$—	$39.6

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(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

(2)Gains and losses resulting from changes to expected payments related to contingent payment obligations and the accretion

of these obligations are included in Other expenses (net) and included in Interest expense, respectively, in the Consolidated

Statements of Income. Changes to the redemption value of Affiliate equity purchase obligations are included in

Compensation and related expenses in the Consolidated Statements of Income.

Schedule of Quantitative Information used in Valuing Level 3 Liabilities

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the

Company’s recurring Level 3 fair value measurements:


	Quantitative Information about Level 3 Fair Value Measurements
			December 31, 2025			June 30, 2026
	Valuation Techniques	Unobservable Input	Fair Value	Range	Weighted Average(1)	Fair Value	Range	Weighted Average(1)
Financial Assets
Investments in debt securities	Cost	Transaction price	$—	—	—	$10.4	N/A	N/A
	Discounted cash flow	Discount rates	$—	—	—	$4.5	20%	20%
Financial Liabilities
Contingent payment obligations	Monte Carlo simulation	Volatility	$0.0	13%	13%	$0.0	1%	1%
		Discount rates		5%	5%		5%	5%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$113.0	(10)% - 11%	3%	$119.4	(11)% - 8%	2%
		Discount rates		11% - 18%	14%		11% - 17%	14%
	Monte Carlo simulation	Volatility	$48.2	15%	15%	$81.0	10% - 15%	11%
		Discount rates		5%	5%		5% - 6%	5%

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(1)Calculated by comparing the relative fair value of a security or an obligation to its respective total.

(2)Represents growth rates of asset- and performance-based fees.

Schedule of Other Financial Assets and Liabilities Not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:


	December 31, 2025		June 30, 2026
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes	$1,172.0	$1,171.0	$1,172.2	$1,153.9	Level 2
Junior subordinated notes	1,216.1	995.2	1,216.1	943.3	Level 2

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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