v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from (used in) operating activities:    
Net income $ 383.7 $ 235.1
Adjustments to reconcile Net income to cash flow from (used in) operating activities:    
Intangible amortization and impairments 56.5 89.6
Depreciation and other amortization 4.7 5.3
Deferred income tax expense (benefit) (32.6) 26.8
Equity method income (net) (272.2) (140.9)
Distributions received from equity method investments 464.5 295.9
Affiliate transaction gains (14.6) 0.0
Share-based compensation and Affiliate equity expense 83.8 92.3
Net realized and unrealized gains on investment securities (14.0) (20.5)
Other non-cash items 9.2 (3.9)
Changes in assets and liabilities:    
Purchases of securities by consolidated Affiliate-sponsored investment products (64.6) (35.1)
Sales of securities by consolidated Affiliate-sponsored investment products 47.7 30.5
Increase in receivables (355.9) (126.9)
(Increase) decrease in other assets 9.8 (13.0)
Increase in payables, accrued liabilities, and other liabilities 232.3 4.5
Cash flow from operating activities 538.3 439.7
Cash flow from (used in) investing activities:    
Investments in Affiliates (242.3) (510.1)
Proceeds from Affiliate transactions 36.2 0.0
Return of capital from equity method investments in Affiliates 2.5 0.0
Purchases of fixed assets (3.8) (3.0)
Purchases of investment securities (69.1) (56.4)
Maturities and sales of investment securities 57.2 40.2
Cash flow used in investing activities (219.3) (529.3)
Cash flow from (used in) financing activities:    
Borrowings of senior bank debt 820.0 0.0
Repayments of senior bank debt (170.0) 0.0
Repayments of junior convertible securities (340.6) 0.0
Conversion payments on junior convertible securities (174.0) 0.0
Repurchases of common stock, net (364.8) (277.5)
Distributions to non-controlling interests (146.3) (149.7)
Affiliate equity purchases, net (56.7) (41.1)
Other financing items (56.6) (50.1)
Cash flow used in financing activities (489.0) (518.4)
Effect of foreign currency exchange rate changes on cash and cash equivalents (2.8) 13.0
Net decrease in cash and cash equivalents (172.8) (595.0)
Cash and cash equivalents at beginning of period 586.0 950.0
Effect of consolidation (deconsolidation) of Affiliate-sponsored investment products (2.2) 6.0
Cash and cash equivalents at end of period $ 411.0 $ 361.0