Fair Value Measurement - Schedule of Changes in Level III Financial Assets Measured at Fair Value (Details)
$ in Millions |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2026
USD ($)
fund
|
Jun. 30, 2025
USD ($)
fund
|
Jun. 30, 2026
USD ($)
fund
|
Jun. 30, 2025
USD ($)
fund
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Number of consolidated funds | fund |
|
|
1
|
1
|
| Number of deconsolidated funds | fund |
5
|
1
|
5
|
2
|
| Other investments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Initial consolidation of funds |
|
$ 0.0
|
|
$ 0.0
|
| Level III |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 12,247.3
|
9,379.3
|
$ 11,479.4
|
7,932.5
|
| Initial consolidation of funds |
(1,193.1)
|
(477.4)
|
(813.8)
|
(284.5)
|
| Transfer out related to the Exchange |
|
|
|
(50.4)
|
| Purchases |
2,799.3
|
1,619.1
|
5,650.0
|
4,192.9
|
| Sales and distributions |
(1,933.7)
|
(583.3)
|
(3,665.9)
|
(1,656.2)
|
| Settlements |
(336.5)
|
(350.8)
|
(775.7)
|
(709.7)
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Included in earnings |
5.7
|
(15.1)
|
(215.0)
|
(1.6)
|
| Included in other comprehensive income |
(43.3)
|
305.9
|
(113.3)
|
454.7
|
| Balance, end of period |
11,545.7
|
9,877.7
|
11,545.7
|
9,877.7
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(3.6)
|
(16.0)
|
(188.5)
|
4.7
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
(42.2)
|
246.7
|
(97.2)
|
329.9
|
| Level III | Equity securities |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
875.5
|
821.7
|
1,094.8
|
572.0
|
| Initial consolidation of funds |
(27.3)
|
0.0
|
(27.2)
|
0.0
|
| Transfer out related to the Exchange |
|
|
|
0.0
|
| Purchases |
296.4
|
74.6
|
341.9
|
327.8
|
| Sales and distributions |
(61.6)
|
(19.5)
|
(322.7)
|
(28.5)
|
| Settlements |
0.0
|
0.0
|
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Included in earnings |
(101.2)
|
33.3
|
(105.0)
|
38.8
|
| Included in other comprehensive income |
0.0
|
0.0
|
0.0
|
0.0
|
| Balance, end of period |
981.8
|
910.1
|
981.8
|
910.1
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
(101.9)
|
32.8
|
(110.9)
|
37.3
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ 0.0
|
$ 0.0
|
$ 0.0
|
$ 0.0
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Bonds |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 756.2
|
$ 495.8
|
$ 691.2
|
$ 465.1
|
| Initial consolidation of funds |
(23.4)
|
(76.6)
|
(5.9)
|
(52.6)
|
| Transfer out related to the Exchange |
|
|
|
0.0
|
| Purchases |
108.6
|
226.8
|
269.9
|
283.2
|
| Sales and distributions |
(115.4)
|
(111.7)
|
(209.8)
|
(184.3)
|
| Settlements |
0.0
|
(0.6)
|
0.0
|
(0.6)
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Included in earnings |
1.3
|
(0.6)
|
(8.5)
|
3.9
|
| Included in other comprehensive income |
(6.6)
|
36.6
|
(16.2)
|
55.0
|
| Balance, end of period |
720.7
|
569.7
|
720.7
|
569.7
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
2.1
|
(1.3)
|
(8.4)
|
1.4
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ (5.9)
|
$ 27.9
|
$ (11.9)
|
$ 34.5
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Loans |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 10,214.7
|
$ 7,632.6
|
$ 9,249.8
|
$ 6,431.4
|
| Initial consolidation of funds |
(1,157.1)
|
(424.0)
|
(795.4)
|
(256.1)
|
| Transfer out related to the Exchange |
|
|
|
0.0
|
| Purchases |
2,360.0
|
1,293.4
|
5,002.9
|
3,518.7
|
| Sales and distributions |
(1,649.1)
|
(386.5)
|
(2,988.8)
|
(1,330.4)
|
| Settlements |
(336.5)
|
(350.2)
|
(775.7)
|
(709.1)
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Included in earnings |
106.3
|
(50.0)
|
(99.2)
|
(60.9)
|
| Included in other comprehensive income |
(36.1)
|
249.4
|
(91.4)
|
371.1
|
| Balance, end of period |
9,502.2
|
7,964.7
|
9,502.2
|
7,964.7
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
93.5
|
(52.4)
|
(67.3)
|
(54.2)
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ (35.7)
|
$ 199.9
|
$ (79.4)
|
$ 266.8
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Investments in CLOs |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 309.9
|
$ 365.5
|
$ 349.0
|
$ 378.9
|
| Initial consolidation of funds |
14.7
|
23.2
|
14.7
|
24.2
|
| Transfer out related to the Exchange |
|
|
|
0.0
|
| Purchases |
21.8
|
2.1
|
22.8
|
3.2
|
| Sales and distributions |
(23.5)
|
(45.6)
|
(57.7)
|
(81.8)
|
| Settlements |
0.0
|
0.0
|
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Included in earnings |
(1.3)
|
1.8
|
(2.1)
|
13.8
|
| Included in other comprehensive income |
(0.6)
|
19.9
|
(5.7)
|
28.6
|
| Balance, end of period |
321.0
|
366.9
|
321.0
|
366.9
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
2.0
|
4.3
|
(1.9)
|
14.5
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ (0.6)
|
$ 18.9
|
$ (5.9)
|
$ 28.6
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Level III | Other investments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
$ 91.0
|
$ 63.7
|
$ 94.6
|
$ 85.1
|
| Initial consolidation of funds |
0.0
|
|
0.0
|
|
| Transfer out related to the Exchange |
|
|
|
(50.4)
|
| Purchases |
12.5
|
22.2
|
12.5
|
60.0
|
| Sales and distributions |
(84.1)
|
(20.0)
|
(86.9)
|
(31.2)
|
| Settlements |
0.0
|
0.0
|
0.0
|
0.0
|
| Realized and unrealized gains (losses), net |
|
|
|
|
| Included in earnings |
0.6
|
0.4
|
(0.2)
|
2.8
|
| Included in other comprehensive income |
0.0
|
0.0
|
0.0
|
0.0
|
| Balance, end of period |
20.0
|
66.3
|
20.0
|
66.3
|
| Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date |
0.7
|
0.6
|
0.0
|
5.7
|
| Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date |
$ 0.0
|
$ 0.0
|
$ 0.0
|
$ 0.0
|
| Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
| Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income |
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
Other Comprehensive Income (Loss), Net of Tax
|
| Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income |
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|
Net investment income (loss) of Consolidated Funds
|