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Investments in Marketable Securities
 12 Months Ended
Dec. 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,
 20222023
Cost$394.4 $35.3 
Unrealized gains59.9 2.6 
Unrealized losses(6.4)(0.0 )
Fair value$447.9 $37.9 
As of December 31, 2022, investments in equity securities include ordinary shares of EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT.ST), with fair value of $405.1 million. 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 2023, investments in equity securities include consolidated Affiliate sponsored investment products with fair values of $23.5 million and $15.8 million, respectively.
For the years ended December 31, 2022 and 2023, the Company recognized net unrealized gains on equity securities still held as of December 31, 2022 and 2023 of $35.5 million and $2.9 million, respectively.
Debt Securities
The following table summarizes the cost, unrealized gains, unrealized losses, and fair value of investments in U.S. Treasury securities classified as available-for-sale, all of which mature in 2024, and consolidated Affiliate sponsored investment products classified as trading:
 Available-for-SaleTrading
December 31, 2022December 31, 2023December 31, 2022December 31, 2023
Cost$252.3 $405.4 $19.7 $17.9 
Unrealized gains— 0.0 — — 
Unrealized losses(1.3)(0.1)(1.7)(0.1)
   Fair value$251.0 $405.3 $18.0 $17.8 
For the year ended December 31, 2022, there were no maturities or sales of available-for-sale securities. For the year ended December 31, 2023, the Company received $511.1 million of proceeds from the maturity of available-for-sale securities.
For the years ended December 31 2022 and 2023, the Company recognized net unrealized gains (losses) on debt securities classified as trading still held as of December 31, 2022 and 2023 of $(2.2) million and $0.8 million, respectively.