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Investments in Marketable Securities

3 Months Ended

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)

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- References

No definition available.

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