Investments in Affiliates and Affiliate Sponsored Investment Products

12 Months Ended

Dec. 31, 2024

Investments in Affiliates

The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying

structure of and relationship with each Affiliate.

Substantially all of the Company’s consolidated Affiliates are considered VIEs. The unconsolidated assets, net of liabilities

and non-controlling interests of Affiliates accounted for under the equity method considered VIEs, and the Company’s carrying

value and maximum exposure to loss, were as follows:


	December 31, 2023		December 31, 2024
	Unconsolidated VIE Net Assets	Carrying Value and Maximum Exposure to Loss	Unconsolidated VIE Net Assets	Carrying Value and Maximum Exposure to Loss
Affiliates accounted for under the equity method . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$1,492.4	$2,198.2	$1,820.4	$2,135.2

As of December 31, 2023 and 2024, the carrying value and maximum exposure to loss for all of the Company’s Affiliates

accounted for under the equity method was $2,288.5 million and $2,246.6 million, respectively, including Affiliates accounted

for under the equity method considered VREs of $90.3 million and $111.4 million, respectively.

Affiliate Sponsored Investment Products

The Company’s carrying value and maximum exposure to loss from unconsolidated Affiliate sponsored investment

products, is its or its consolidated Affiliates’ interests in the unconsolidated net assets of the respective products. The net assets

of unconsolidated VIEs attributable to Affiliate sponsored investment products, and the Company’s carrying value and

maximum exposure to loss, were as follows:


	December 31, 2023		December 31, 2024
	Unconsolidated VIE Net Assets	Carrying Value and Maximum Exposure to Loss	Unconsolidated VIE Net Assets	Carrying Value and Maximum Exposure to Loss
Affiliate sponsored investment products . . . . .	$5,788.3	$29.8	$5,925.0	$28.0