XML 54 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments in Marketable Securities 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
The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in
equity securities:
December 31,
 
2023
2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$35.3
$30.0
Unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.6
3.7
Unrealized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.0)
(1.4)
Fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$37.9
$32.3
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:
 
Available-for-Sale
Trading
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2024
Cost . . . . . . . . . . . . . . . . . . . . . . . . .
$405.4
$—
$17.9
$24.6
Unrealized gains . . . . . . . . . . . . . . . .
0.0
—
—
—
Unrealized losses . . . . . . . . . . . . . . .
(0.1)
—
(0.1)
(0.3)
  Fair value . . . . . . . . . . . . . . . . . . . .
$405.3
$—
$17.8
$24.3
Summary of Fair Value of Investments and Unfunded Commitments 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.
Schedule of Investments without Readily Determinable Fair Value 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
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