Investments in Marketable Securities

6 Months Ended

Jun. 30, 2023

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		June 30, 2023
Cost	$	394.4	$	80.1
Unrealized gains	59.9		17.0
Unrealized losses	(6.4)		(1.3)
Fair value	$	447.9	$	95.8

As of December 31, 2022 and June 30, 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 $49.9 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. In July 2023, the Company sold its remaining 2.6 million ordinary shares of EQT.

As of December 31, 2022 and June 30, 2023, investments in equity securities include consolidated Affiliate sponsored investment products with fair values of $23.5 million and $20.6 million, respectively.

For the three and six months ended June 30, 2022, the Company recognized net unrealized losses on equity securities still held as of June 30, 2022 of $18.7 million and $24.9 million, respectively. For the three and six months ended June 30, 2023,

the Company recognized net unrealized gains on equity securities still held as of June 30, 2023 of $2.6 million and $3.9 million, respectively.

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 $176.5 million mature in 2023 and $152.6 million mature in 2024, and consolidated Affiliate sponsored investment products classified as trading:


	Available-for-Sale			Trading
		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023
Cost		$	252.3	$	330.8	$	19.7	$	20.3

Unrealized losses		(1.3)		(1.7)		(1.7)		(1.0)
Fair value		$	251.0	$	329.1	$	18.0	$	19.3

For the three months ended June 30, 2022 and 2023, and for the six months ended June 30, 2022 there were no maturities or sales of available-for-sale securities. For the six months ended June 30, 2023, the Company received $101.7 million of proceeds from the maturity of available-for-sale securities.

For the three and six months ended June 30, 2022, the Company recognized net unrealized losses on debt securities classified as trading still held as of June 30, 2022 of $1.9 million and $2.7 million, respectively. For the three and six months ended June 30, 2023, the Company recognized net unrealized gains (losses) on debt securities classified as trading still held as of June 30, 2023 of $0.0 million and $(0.0) million, respectively.