Investments

6 Months Ended

Jun. 30, 2025

The following table summarizes the Company’s Investments:


	December 31, 2024	June 30, 2025
Investments in marketable securities
Equity securities	$32.3	$51.3
Debt securities	24.3	26.7
Total investments in marketable securities	56.6	78.0
Other investments
Investments measured at NAV as a practical expedient	$488.6	$515.7
Investments without readily determinable fair values	50.4	50.4
Total other investments	539.0	566.1
Investments	$595.6	$644.1

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, 2024 and June 30, 2025, investments in equity securities include consolidated Affiliate sponsored

investment products with fair values of $10.9 million and $19.6 million, respectively.

For the three and six months ended June 30, 2024, the Company recognized net unrealized gains on equity securities still

held as of June 30, 2024 of $0.2 million and $1.6 million, respectively. For the three and six months ended June 30, 2025, the

Company recognized net unrealized gains on equity securities still held as of June 30, 2025 of $5.1 million and $4.2 million,

respectively.

Debt Securities

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

consolidated Affiliate sponsored investment products classified as trading:

For the three and six months ended June 30, 2024, the Company recognized net unrealized gains (losses) on debt securities

classified as trading still held as of June 30, 2024 of $(0.2) million and $0.6 million, respectively. For the three and six months

ended June 30, 2025, the Company recognized net unrealized gains on debt securities classified as trading still held as of

June 30, 2025 of $1.4 million and $2.2 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 net asset value (“NAV”) as a practical

expedient and any related unfunded commitments:


	December 31, 2024		June 30, 2025
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Investments with limited liquidity(1)	$486.9	$205.5	$473.6	$249.2
Investments with periodic liquidity(2)	1.7	—	42.1	—
Total(3)	$488.6	$205.5	$515.7	$249.2

___________________________

(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).

(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 $394.5 million as of December 31, 2024 and June 30, 2025,

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 it does not exercise significant influence, and does not have a readily determinable fair value:


	December 31, 2024	June 30, 2025
Cost	$8.5	$8.5
Cumulative unrealized gains	41.9	41.9
Carrying amount	$50.4	$50.4

For the three and six months ended June 30, 2025, the Company recorded no gains or losses on the underlying investment.

The following tables present the changes in other investments:


	For the Three Months Ended June 30,
	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	$472.5	$50.4	$522.9	$475.9	$50.4	$526.3
Purchases and commitments funded	17.8	—	17.8	40.8	—	40.8
Sales and distributions	(17.7)	—	(17.7)	(17.0)	—	(17.0)
Net realized and unrealized gains	7.3	—	7.3	16.0	—	16.0
Balance, end of period	$479.9	$50.4	$530.3	$515.7	$50.4	$566.1


	For the Six Months Ended June 30,
	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 funded	64.6	—	64.6	48.9	—	48.9
Sales and distributions	(26.7)	—	(26.7)	(41.8)	—	(41.8)
Net realized and unrealized gains	11.5	—	11.5	20.0	—	20.0
Balance, end of period	$479.9	$50.4	$530.3	$515.7	$50.4	$566.1