Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The following table summarizes the Company’s Investments:

	December 31,
	2024	2025
Marketable securities
Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$32.3	$34.8
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	24.3	50.0
Total marketable securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	56.6	84.8
Other investments
Investments measured at NAV as a practical expedient . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	488.6	576.4
Investments without readily determinable fair values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	50.4	50.4
Total other investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	539.0	626.8
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$595.6	$711.6

Marketable Securities

Equity Securities

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

equity securities:

	December 31,
	2024	2025
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$30.0	$37.5
Unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.7	6.1
Unrealized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(1.4)	(8.8)
Fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$32.3	$34.8

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

products with fair values of $10.9 million and $9.2 million, respectively.

For the years ended December 31, 2023, 2024, and 2025, the Company recognized net unrealized gains on equity securities

still held as of December 31, 2023, 2024, and 2025 of $2.9 million, $1.2 million, and $5.5 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:

	December 31,
	2024	2025
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$24.6	$49.4
Unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	1.1
Unrealized losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	(0.3)	(0.5)
Fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$24.3	$50.0

For the years ended December 31, 2023, 2024, and 2025, the Company recognized net unrealized gains on debt securities

classified as trading still held as of December 31, 2023, 2024, and 2025 of $0.8 million, $0.5 million, and $2.8 million,

respectively.

For the years ended December 31, 2023 and 2024, the Company received $511.1 million and $825.2 million of proceeds

from the maturities of available-for-sale securities, respectively.  For the year ended December 31, 2025, there were no

maturities of available-for-sale securities.

Other Investments

Investments Measured at NAV as a Practical Expedient

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, 2024		December 31, 2025
	Fair Value	Unfunded Commitments	Fair Value	Unfunded Commitments
Investments with limited liquidity(1) . . . . . . . . . . . . . . . . . . . .	$486.9	$205.5	$535.7	$258.3
Investments with periodic liquidity(2) . . . . . . . . . . . . . . . . . . .	1.7	—	40.7	24.7
Total(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$488.6	$205.5	$576.4	$283.0

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(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 $456.6 million as of December 31, 2024 and 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	2025
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$8.5	$8.5
Cumulative unrealized gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	41.9	41.9
Carrying amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$50.4	$50.4

For the years ended December 31, 2023, 2024, and 2025, the Company did not recognize any net unrealized gains or losses

on the underlying investment still held as of December 31, 2023, 2024, and 2025, respectively.

The following table presents the changes in other investments:

	For the Years Ended December 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 funded(1)	92.0	—	92.0	147.6	—	147.6
Sales and distributions . . . . . . . . . . . .	(62.2)	—	(62.2)	(105.5)	—	(105.5)
Net realized and unrealized gains . . .	28.3	—	28.3	45.7	—	45.7
Balance, end of period . . . . . . . . . . . .	$488.6	$50.4	$539.0	$576.4	$50.4	$626.8

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(1)For the year ended December 31, 2025, purchases and commitments funded includes the transfer of $53.4 million of

interests from Equity method investments in Affiliates (net) associated with the Comvest Transaction.  See Note 8.