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Investments in Marketable Securities | 3 Months Ended
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Mar. 31, 2023
Marketable Securities [Abstract] |
Investments in Marketable Securities | Investments in Marketable Securities Equity Securities The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in equity securities:
|  |  |  |  |  | December 31, 2022 |  | March 31, 2023
Cost |  |  |  |  |  | $ | 394.4 |  |  | $ | 165.9 |
Unrealized gains |  |  |  |  |  | 59.9 |  |  | 24.3 |
Unrealized losses |  |  |  |  |  | (6.4) |  |  | (3.7) |
Fair value |  |  |  |  |  | $ | 447.9 |  |  | $ | 186.5 |
As of December 31, 2022 and March 31, 2023, investments in equity securities include ordinary shares of EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT.ST), with fair values of $405.1 million and $141.5 million, respectively. The Company received the EQT shares through the sale of its equity interest in Baring Private Equity Asia (“BPEA”), in connection with the strategic combination of BPEA and EQT, which was completed in the fourth quarter of 2022. As of December 31, 2022 and March 31, 2023, investments in equity securities include consolidated Affiliate sponsored investment products with fair values of $23.5 million and $21.4 million, respectively. For the three months ended March 31, 2023, the Company recognized $1.4 million of net unrealized gains on equity securities still held as of March 31, 2023. Debt Securities The following table summarizes the cost, unrealized losses, and fair value of investments in U.S. Treasury securities classified as available-for-sale, of which $100.4 million mature in 2023 and $151.7 million mature in 2024, and consolidated Affiliate sponsored investment products classified as trading:
|  | Available-for-sale |  | Trading
|  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023
Cost |  | $ | 252.3 |  |  | $ | 252.9 |  |  | $ | 19.7 |  |  | $ | 20.6 |
Unrealized losses |  | (1.3) |  |  | (0.8) |  |  | (1.7) |  |  | (1.5) |
Fair value |  | $ | 251.0 |  |  | $ | 252.1 |  |  | $ | 18.0 |  |  | $ | 19.1 |
During the three months ended March 31, 2023, the Company received $101.7 million of proceeds from the maturity of available-for-sale securities. For the three months ended March 31, 2023, the Company recognized $0.1 million of net unrealized losses on our debt securities classified as trading still held as of March 31, 2023.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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