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Note 6 - Fair Value Measurements | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Fair Value Disclosures [Text Block] | Note 6 — Fair Value Measurements The following table presents assets and liabilities reflected in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of September 30, 2025 (in millions):
|  | Fair value measurements using: |  |  |  |  |  |  |  |  |
|  | Quoted prices |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | in active |  |  | Significant |  |  |  |  |  |  |  |  |  |  |  |  |
|  | markets for |  |  | other |  |  | Significant |  |  | Investments |  |  |  |  |
|  | identical assets |  |  | observable |  |  | unobservable |  |  | valued at |  |  |  |  |
|  | and liabilities |  |  | inputs |  |  | inputs |  |  | practical |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | expedient(1) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 657.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 657.3 |
Current investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated VIEs |  |  | 515.8 |  |  |  | 551.7 |  |  |  | — |  |  |  | — |  |  |  | 1,067.5 |
Other investments |  |  | 322.4 |  |  |  | 24.5 |  |  |  | 28.6 |  |  |  | 20.4 |  |  |  | 395.9 |
Total current investments |  |  | 838.2 |  |  |  | 576.2 |  |  |  | 28.6 |  |  |  | 20.4 |  |  |  | 1,463.4 |
Other |  |  | — |  |  |  | 2.3 |  |  |  | 2.8 |  |  |  | — |  |  |  | 5.1 |
Total assets |  | $ | 1,495.5 |  |  | $ | 578.5 |  |  | $ | 31.4 |  |  | $ | 20.4 |  |  | $ | 2,125.8 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seed hedge derivatives |  | $ | — |  |  | $ | 10.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 10.3 |
Long-term debt(2) |  |  | — |  |  |  | 404.8 |  |  |  | — |  |  |  | — |  |  |  | 404.8 |
Deferred bonuses |  |  | — |  |  |  | — |  |  |  | 92.6 |  |  |  | — |  |  |  | 92.6 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | 24.5 |  |  |  | — |  |  |  | 24.5 |
Warrants |  |  | — |  |  |  | 26.0 |  |  |  | — |  |  |  | — |  |  |  | 26.0 |
Other |  |  | 4.6 |  |  |  | 2.5 |  |  |  | 18.6 |  |  |  | — |  |  |  | 25.7 |
Total liabilities |  | $ | 4.6 |  |  | $ | 443.6 |  |  | $ | 135.7 |  |  | $ | — |  |  | $ | 583.9 |
(1) | Certain seeded investment products that do not have a readily determinable fair value have been measured at fair value using the net asset value (“NAV”) as a practical expedient and have not been categorized in the fair value hierarchy.
(2) | Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.
​ The following table presents assets and liabilities reflected in the financial statements or disclosed in the notes to the financial statements at fair value on a recurring basis as of December 31, 2024 (in millions):
|  | Fair value measurements using: |  |  |  |  |  |  |  |  |
|  | Quoted prices |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | in active |  |  | Significant |  |  |  |  |  |  |  |  |  |  |  |  |
|  | markets for |  |  | other |  |  | Significant |  |  | Investments |  |  |  |  |
|  | identical assets |  |  | observable |  |  | unobservable |  |  | valued at |  |  |  |  |
|  | and liabilities |  |  | inputs |  |  | inputs |  |  | practical |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | expedient(1) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 821.7 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 821.7 |
Current investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated VIEs |  |  | 260.6 |  |  |  | 241.5 |  |  |  | — |  |  |  | — |  |  |  | 502.1 |
Other investments |  |  | 273.8 |  |  |  | 33.7 |  |  |  | 2.0 |  |  |  | 27.6 |  |  |  | 337.1 |
Total current investments |  |  | 534.4 |  |  |  | 275.2 |  |  |  | 2.0 |  |  |  | 27.6 |  |  |  | 839.2 |
Other |  |  | — |  |  |  | 10.2 |  |  |  | 2.5 |  |  |  | — |  |  |  | 12.7 |
Total assets |  | $ | 1,356.1 |  |  | $ | 285.4 |  |  | $ | 4.5 |  |  | $ | 27.6 |  |  | $ | 1,673.6 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seed hedge derivatives |  | $ | — |  |  | $ | 8.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.5 |
Long-term debt(2) |  |  | — |  |  |  | 383.3 |  |  |  | — |  |  |  | — |  |  |  | 383.3 |
Deferred bonuses |  |  | — |  |  |  | — |  |  |  | 115.7 |  |  |  | — |  |  |  | 115.7 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | 30.4 |  |  |  | — |  |  |  | 30.4 |
Other |  |  | 1.9 |  |  |  | 3.2 |  |  |  | — |  |  |  | — |  |  |  | 5.1 |
Total liabilities |  | $ | 1.9 |  |  | $ | 395.0 |  |  | $ | 146.1 |  |  | $ | — |  |  | $ | 543.0 |
(1) | Certain seeded investment products that do not have a readily determinable fair value have been measured at fair value using the NAV as a practical expedient and have not been categorized in the fair value hierarchy.
(2) | Carried at amortized cost in our Condensed Consolidated Balance Sheets and disclosed in this table at fair value.
​ Level 1 Fair Value Measurements Our Level 1 fair value measurements consist mostly of investments held by consolidated and unconsolidated seeded investment products and cash equivalents with quoted market prices in active markets. The fair value level of consolidated investments held by seeded investment products is determined by the underlying securities of the product. The fair value level of most unconsolidated investments held in seeded investment products is determined by the NAV, which is considered a quoted price in an active market. Level 2 Fair Value Measurements Our Level 2 fair value measurements consist mostly of investments held by consolidated investment products and our long-term debt. The fair value level of consolidated investments held by seeded investment products is determined by the underlying securities of the product. The fair value level of our long-term debt is determined using recent trading activity, which is considered a Level 2 input. Level 3 Fair Value Measurements Investments As of September 30, 2025, and December 31, 2024, certain investments within consolidated VIEs and VREs were valued using significant unobservable inputs, resulting in Level 3 classification. Deferred Bonuses ​ Deferred bonuses represent liabilities to employees over the vesting period that will be settled by investments in our products or cash. Upon vesting, employees receive the value of the investment product selected by the participant, adjusted for gains or losses attributable to the product. The significant unobservable inputs used to value the liabilities are investment designations and vesting periods. Changes in Fair Value Changes in fair value of our Level 3 assets for the three and nine months ended September 30, 2025 and 2024, were as follows (in millions):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning of period fair value |  | $ | 25.3 |  |  | $ | 4.0 |  |  | $ | 4.5 |  |  | $ | 1.1 |
Fair value adjustments |  |  | 2.5 |  |  |  | (2.0 | ) |  |  | 3.0 |  |  |  | 0.2 |
Transfers from Level 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.7 |
Transfers from practical expedient |  |  | — |  |  |  | — |  |  |  | 9.4 |  |  |  | — |
Purchases (sales) of securities, net |  |  | 3.6 |  |  |  | 11.8 |  |  |  | 14.5 |  |  |  | 11.8 |
End of period fair value |  | $ | 31.4 |  |  | $ | 13.8 |  |  | $ | 31.4 |  |  | $ | 13.8 |
Changes in fair value of our Level 3 liabilities for the three and nine months ended September 30, 2025 and 2024, were as follows (in millions):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning of period fair value |  | $ | 110.3 |  |  | $ | 76.3 |  |  | $ | 146.1 |  |  | $ | 117.6 |
Fair value adjustments |  |  | 9.3 |  |  |  | 3.9 |  |  |  | 5.2 |  |  |  | 11.6 |
Settlements |  |  | (1.0 | ) |  |  | — |  |  |  | (1.6 | ) |  |  | — |
Vesting of deferred bonuses |  |  | (1.0 | ) |  |  | 0.1 |  |  |  | (88.6 | ) |  |  | (84.2 | )
Amortization of deferred bonuses |  |  | 18.2 |  |  |  | 18.4 |  |  |  | 51.3 |  |  |  | 53.9 |
Foreign currency translation |  |  | (0.1 | ) |  |  | 2.2 |  |  |  | 2.7 |  |  |  | 2.0 |
Additions |  |  | — |  |  |  | 4.4 |  |  |  | 20.6 |  |  |  | 4.4 |
End of period fair value |  | $ | 135.7 |  |  | $ | 105.3 |  |  | $ | 135.7 |  |  | $ | 105.3 |
Nonrecurring Fair Value Measurements Nonrecurring Level 3 fair value measurements include goodwill, intangible assets and contingent consideration liabilities. We measure the fair value of goodwill and intangible assets on initial recognition based on the present value of estimated future cash flows. Significant assumptions used to determine the estimated fair value include assets under management (“AUM”), investment management fee rates, discount rates and expenses. We measure the fair value of contingent consideration liabilities on initial recognition using the Monte Carlo method, which requires assumptions regarding projected future earnings and the discount rate. Because of the significance of the unobservable inputs in the fair value measurements of these assets and liabilities, such measurements are classified as Level 3. Investments Valued at Practical Expedient As a practical expedient to value certain investments that do not have a readily determinable fair value and have attributes of an investment, we use the NAV as the fair value. As such, investments in private investment funds with a fair value of $20.4 million are excluded from the fair value hierarchy as of September 30, 2025. Further, the respective fund’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the fund to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of September 30, 2025, the investments valued at the practical expedient had $3.5 million of associated unfunded commitments.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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