
	December 31, 2024	March 31, 2025
Investments in marketable securities
Equity securities	$32.3	$41.3
Debt securities	24.3	25.2
Total investments in marketable securities	56.6	66.5
Other investments
Investments measured at NAV as a practical expedient	$488.6	$475.9
Investments without readily determinable fair values	50.4	50.4
Total other investments	539.0	526.3
Investments	$595.6	$592.8

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

As of December 31, 2024 and March 31, 2025, investments in equity securities include consolidated Affiliate sponsored

For the three months ended March 31, 2024 and 2025, the Company recognized net unrealized gains (losses) on equity

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

For the three months ended March 31, 2024 and 2025, the Company recognized net unrealized gains on debt securities

The following table summarizes the fair values of investments that are measured at net asset value (“NAV”) as a practical


	December 31, 2024		March 31, 2025
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Investments with limited liquidity(1)	$486.9	$205.5	$450.6	$228.9
Investments with periodic liquidity(2)	1.7	—	25.3	—
Total(3)	$488.6	$205.5	$475.9	$228.9

(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

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

(3)Investments measured at NAV as a practical expedient primarily invest in a broad range of private markets. Fair value

attributable to the controlling interest was $370.1 million and $358.6 million as of December 31, 2024 and March 31, 2025,

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

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


	December 31, 2024	March 31, 2025
Cost	$8.5	$8.5
Cumulative unrealized gains	41.9	41.9
Carrying amount	$50.4	$50.4

For the three months ended March 31, 2025, the Company recorded no gains or losses on the underlying investment.


	For the Three Months Ended March 31,
	2024			2025
	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	$430.5	$50.4	$480.9	$488.6	$50.4	$539.0
Purchases and commitments	46.8	—	46.8	8.1	—	8.1
Sales and distributions	(9.0)	—	(9.0)	(24.8)	—	(24.8)
Net realized and unrealized gains	4.2	—	4.2	4.0	—	4.0
Balance, end of period	$472.5	$50.4	$522.9	$475.9	$50.4	$526.3