Investments

12 Months Ended

Dec. 31, 2024

The following table summarizes the Company’s Investments:


	December 31,
	2023	2024
Investments in marketable securities
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$37.9	$32.3
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	423.1	24.3
Total investments in marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	461.0	56.6
Other investments
Investments measured at NAV as a practical expedient . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$430.5	$488.6
Investments without readily determinable fair values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50.4	50.4
Total other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	480.9	539.0
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$941.9	$595.6

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:

As of December 31, 2023 and 2024, investments in equity securities include consolidated Affiliate sponsored investment

products with fair values of $15.8 million and $10.9 million, respectively.

For the years ended December 31, 2023 and 2024, the Company recognized net unrealized gains on equity securities still

held as of December 31, 2023 and 2024 of $2.9 million and $1.2 million, respectively.

Debt Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

U.S. Treasury securities classified as available-for-sale, all of which matured in 2024, and consolidated Affiliate sponsored

investment products classified as trading:

For the years ended December 31, 2023 and 2024, the Company received $511.1 million and $825.2 million of proceeds

from the maturities of available-for-sale securities, respectively, and purchased $651.3 million and $413.9 million of available-

for-sale securities, respectively.

For the years ended December 31 2023 and 2024, the Company recognized net unrealized gains on debt securities

classified as trading still held as of December 31, 2023 and 2024 of $0.8 million and $0.5 million, respectively.

Other Investments

Investments Measured at NAV as a Practical Expedient

The following table summarizes the fair values of investments that are measured at NAV as a practical expedient and any

related unfunded commitments:


	December 31, 2023		December 31, 2024
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Investments with limited liquidity(1) . . . . . . . . . . . . . . . . . . . .	$424.4	$187.2	$486.9	$205.5
Investments with periodic liquidity(2) . . . . . . . . . . . . . . . . . . .	6.1	—	1.7	—
Total(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$430.5	$187.2	$488.6	$205.5

___________________________

(1)The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying

assets are liquidated over the life of the investments, which is generally up to 15 years. The Company accounts for the

majority of its interests in investments with limited liquidity one quarter in arrears (adjusted for current period calls and

distributions). These investments primarily invest in a broad range of private markets investments.

(2)Investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis. These funds primarily

invest in equities.

(3)Fair value attributable to the controlling interest was $324.9 million and $370.1 million as of December 31, 2023 and 2024,

respectively.

Investments Without Readily Determinable Fair Values

The following table summarizes the cost, cumulative unrealized gains, and carrying amount of the Company’s investment

in a private corporation where is does not exercise significant influence, and does not have a readily determinable fair value:


	December 31,
	2023	2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$8.5	$8.5
Cumulative unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	41.9	41.9
Carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$50.4	$50.4

For the year ended December 31, 2024, the Company recorded no gains or losses on the underlying investment.

The following table presents the changes in other investments:


	For the Years Ended December 31,
	2023			2024
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period . . . . . . .	$371.2	$50.4	$421.6	$430.5	$50.4	$480.9
Purchases and commitments . . . . . . .	82.5	—	82.5	92.0	—	92.0
Sales and distributions . . . . . . . . . . . .	(57.4)	—	(57.4)	(62.2)	—	(62.2)
Net realized and unrealized gains . . .	34.2	—	34.2	28.3	—	28.3
Balance, end of period . . . . . . . . . . . .	$430.5	$50.4	$480.9	$488.6	$50.4	$539.0