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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:
 
 
Fair Value Measurements
 
December 31,
2023
 
Level 1
Level 2
Level 3
Financial Assets
 
 
 
 
Investments in equity securities(1) . . . . . . . . . . . . . . . . . . . .
$37.9
$37.9
$—
$—
Investments in debt securities(1) . . . . . . . . . . . . . . . . . . . . . .
423.1
—
423.1
—
Financial Liabilities(2)
 
 
 
 
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .
$14.7
$—
$—
$14.7
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .
53.9
—
—
53.9
 
 
Fair Value Measurements
 
December 31,
2024
 
Level 1
Level 2
Level 3
Financial Assets
 
 
 
 
Investments in equity securities(1) . . . . . . . . . . . . . . . . . . . .
$32.3
$32.3
$—
$—
Investments in debt securities(1) . . . . . . . . . . . . . . . . . . . . . .
24.3
—
24.3
—
Financial Liabilities(2)
 
 
 
 
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .
$5.7
$—
$—
$5.7
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .
54.8
—
—
54.8
___________________________
(1)Amounts are recorded in Investments.
(2)Amounts are recorded in Other liabilities.
Level 3 Financial Liabilities
The following table presents the changes in Level 3 liabilities:
For the Years Ended December 31,
2023
2024
Contingent
Payment
Obligations
Affiliate
Equity Purchase
Obligations
Contingent
Payment
Obligations
Affiliate
Equity Purchase
Obligations
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . .
$21.0
$24.5
$14.7
$53.9
Purchases and issuances(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
113.7
—
110.0
Settlements and reductions . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(75.4)
—
(108.7)
Net realized and unrealized gains(2) . . . . . . . . . . . . . . . . . . . .
(6.3)
(8.9)
(9.0)
(0.4)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$14.7
$53.9
$5.7
$54.8
Net change in unrealized (gains) losses relating to
instruments still held at the reporting date(1) . . . . . . . . . . . . .
$(6.3)
$(4.0)
$(9.0)
$0.1
___________________________
(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.
(2)Gains and losses resulting from changes to expected payments are included in Other expenses (net) and the accretion of
these obligations is included in Interest expense.
The following table presents certain quantitative information about the significant unobservable inputs used in valuing the
Company’s recurring Level 3 fair value measurements:
 
Quantitative Information About Level 3 Fair Value Measurements
December 31, 2023
December 31, 2024
 
Valuation
Techniques
Unobservable
Input
Fair Value
Range
Weighted
Average(1)
Fair Value
Range
Weighted
Average(1)
Contingent payment
obligations . . . . . . . . .
Monte Carlo
simulation
Volatility
$14.7
19% - 25%
21%
$5.7
18%
18%
 
Discount rates
 
6%
6%
4%
4%
Affiliate equity
purchase obligations . .
Discounted
cash flow
Growth rates(2)
$53.9
(6)% - 7%
1%
$54.8
(4)% - 9%
1%
 
Discount rates
 
14% - 17%
14%
12% - 19%
14%
___________________________
(1)Calculated by comparing the relative fair value of an obligation to its respective total.
(2)Represents growth rates of asset- and performance-based fees.
Contingent payment obligations represent the fair value of the expected future settlement amounts related to the
Company’s investments in its consolidated Affiliates.  Changes to assumed volatility and discount rates change the fair value of
contingent payment obligations.  Increases to the volatility rates used would result in higher fair values, while increases to the
discount rates used would result in lower fair values.
Affiliate equity purchase obligations include agreements to purchase Affiliate equity.  As of December 31, 2024, there
were no changes to growth or discount rates that had a significant impact to Affiliate equity purchase obligations recorded in
prior periods.  Increases to the assumed growth rates used would result in higher fair values, while increases to the discount
rates used would result in lower fair values. 
Other Financial Assets and Liabilities Not Carried at Fair Value 
The following table summarizes the Company’s other financial liabilities not carried at fair value:
 
December 31, 2023
December 31, 2024
Carrying Value
Fair Value
Carrying Value
Fair Value
Fair Value
Hierarchy
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . .
$1,099.4
$1,049.8
$1,097.4
$1,062.9
Level 2
Junior subordinated notes . . . . . . . . . . . . . . .
765.9
612.0
1,216.0
1,035.6
Level 2
Junior convertible securities . . . . . . . . . . . . .
341.7
340.9
341.7
372.2
Level 2
The Company has other financial assets and liabilities that are not required to be carried at fair value, but are required to be
disclosed at fair value.  The carrying amount of Cash and cash equivalents, Receivables, Payables and accrued liabilities, and
certain Other liabilities approximates fair value because of the short-term nature of these instruments.  The carrying value of the
credit facilities (as defined in Note 5) approximates fair value because the credit facilities have variable interest based on
selected short-term rates.