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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
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,
2024
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(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
 
 
Fair Value Measurements
 
June 30,
2025
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Financial Assets
 
 
 
 
Investments in equity securities(1)
$51.3
$51.3
$—
$—
Investments in debt securities(1)
26.7
—
26.7
—
Financial Liabilities(2)
 
 
 
 
Contingent payment obligations
$0.0
$—
$—
$0.0
Affiliate equity purchase obligations
117.9
—
—
117.9
___________________________
(1)Amounts are recorded in Investments on the Consolidated Balance Sheets.
(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.
Level 3 Financial Liabilities
The following tables present the changes in Level 3 liabilities:
 
For the Three Months Ended June 30,
2024
2025
Contingent
Payment
Obligations
Affiliate Equity
Purchase
Obligations
Contingent
Payment
Obligations
Affiliate Equity
Purchase
Obligations
Balance, beginning of period
$9.6
$37.7
$5.6
$48.4
Purchases and issuances(1)
—
31.3
—
71.1
Settlements and reductions
—
(16.6)
(4.9)
(13.7)
Net realized and unrealized (gains) losses(2)
(1.7)
1.5
(0.7)
12.1
Balance, end of period
$7.9
$53.9
$0.0
$117.9
Net change in unrealized (gains) losses relating to
instruments still held at the reporting date(1)
$(1.7)
$1.5
$—
$13.1
For the Six Months Ended June 30,
2024
2025
Contingent
Payment
Obligations
Affiliate Equity
Purchase
Obligations
Contingent
Payment
Obligations
Affiliate Equity
Purchase
Obligations
Balance, beginning of period
$14.7
$53.9
$5.7
$54.8
Purchases and issuances(1)
—
56.2
—
93.1
Settlements and reductions
—
(57.1)
(4.9)
(43.4)
Net realized and unrealized (gains) losses(2)
(6.8)
0.9
(0.8)
13.4
Balance, end of period
$7.9
$53.9
$0.0
$117.9
Net change in unrealized (gains) losses relating to
instruments still held at the reporting date(1)
$(6.8)
$0.9
$(0.1)
$14.4
___________________________
(1)Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.
(2)Gains and losses resulting from changes to expected payments related to contingent payment obligations and the accretion
of these obligations are included in Other expenses (net) and included in Interest expense, respectively, in the Consolidated
Statements of Income.  Changes to the redemption value of Affiliate equity purchase obligations are included in
Compensation and related expenses in the Consolidated Statements of Income.
The following table presents certain quantitative information about the significant unobservable inputs used in valuing the
Company’s Level 3 fair value measurements:
 
Quantitative Information about Level 3 Fair Value Measurements
December 31, 2024
June 30, 2025
 
Valuation
Techniques
Unobservable
Input
Fair Value
Range
Weighted
Average(1)
Fair Value
Range
Weighted
Average(1)
Contingent payment
obligations
Monte Carlo
Simulation
Volatility
$5.7
18%
18%
$0.0
20%
20%
 
Discount rates
 
4%
4%
 
5%
5%
Affiliate equity
purchase obligations
Discounted
cash flow
Growth rates(2)
$54.8
(4)% - 9%
1%
$117.9
(4)% - 9%
6%
 
Discount rates
 
12% - 19%
14%
 
12% - 19%
15%
___________________________
(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 and represent the fair value of the
expected future settlement amounts.  Changes to assumed growth rates and discount rates change the fair value of the Affiliate
equity purchase obligations.  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, 2024
June 30, 2025
Carrying
Value
Fair Value
Carrying
Value
Fair Value
Fair Value
Hierarchy
Senior notes
$1,097.4
$1,062.9
$1,097.6
$1,078.5
Level 2
Junior subordinated notes
1,216.0
1,035.6
1,216.1
969.7
Level 2
Junior convertible securities
341.7
372.2
341.7
390.6
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
revolver (as defined in Note 6) approximates fair value because the revolver has variable interest based on selected short-term
rates.