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Investments | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Ventures | INVESTMENTS Summarized investment balances as of September 30, 2025 and December 31, 2024 are presented in the following table.
(in millions) | September 30, 2025 |  | December 31, 2024
Investment Management co-investments | $ | 502.4 |  |  | 406.1 |
Proptech Investments | 357.2 |  |  | 372.8 |
Other investments | 35.5 |  |  | 33.8 |
Total | $ | 895.1 |  |  | 812.7 |
Our Investment Management co-investments are primarily direct investments in property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our Proptech Investments are generally investments in early to mid-stage proptech companies as well as proptech funds. We have maximum potential unfunded commitments to direct investments or investment vehicles of $210.1 million and $7.7 million as of September 30, 2025 for our Investment Management business and Proptech Investments, respectively. Impairment In June of 2025, we recognized an investment-level impairment charge of $2.2 million on one investment accounted for under the measurement alternative, defined below. This activity was included within Equity earnings on our Consolidated Statements of Comprehensive Income. There were no other significant impairments in 2025. In addition, there were no significant other-than-temporary impairment charges on Investments for the nine months ended September 30, 2024. Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Consolidated Statements of Comprehensive Income within Equity earnings/losses. The table below shows the movement in our investments reported at fair value. The table below does not include our $13.0 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment, plus or minus adjustments resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
(in millions) | 2025 | 2024
Fair value investments as of January 1, | $ | 742.0 |  | 740.8 |
Investments | 146.9 |  | 72.2 |
Distributions | (56.9) |  | (17.3) |
Change in fair value, net | (28.2) |  | (10.7) |
Foreign currency translation adjustments, net | 16.3 |  | 2.1 |
Transfers in | 24.6 |  | 8.4 |
Fair value investments as of September 30, | $ | 844.7 |  | 795.5 |
See Note 7, Fair Value Measurements, for additional discussion of our investments reported at fair value.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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