Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following tables summarize financial assets and liabilities that are measured at fair value on a recurring basis:

		Fair Value Measurements
	December 31, 2024
		Level 1	Level 2	Level 3
Financial Assets(1)
Investments in equity securities . . . . . . . . . . . . . . . . . . . . . .	$32.3	$32.3	$—	$—
Investments in debt securities . . . . . . . . . . . . . . . . . . . . . . .	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
	December 31, 2025
		Level 1	Level 2	Level 3
Financial Assets(1)
Investments in equity securities . . . . . . . . . . . . . . . . . . . . . .	$34.8	$34.8	$—	$—
Investments in debt securities . . . . . . . . . . . . . . . . . . . . . . .	50.0	—	50.0	—
Financial Liabilities(2)
Contingent payment obligations . . . . . . . . . . . . . . . . . . . . .	$0.0	$—	$—	$0.0
Affiliate equity purchase obligations . . . . . . . . . . . . . . . . . .	161.2	—	—	161.2

___________________________

(1)Amounts are recorded in Investments.

(2)Amounts are recorded in Other liabilities.

Schedule of Changes in Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:

	For the Years Ended December 31,
	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) . . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	110.0	—	240.5
Settlements and reductions . . . . . . . . . . . . . . . . . . . . . . . . . . .	—	(108.7)	(4.9)	(176.5)
Net realized and unrealized (gains) losses(2) . . . . . . . . . . . . . .	(9.0)	(0.4)	(0.8)	42.4
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$5.7	$54.8	$0.0	$161.2
Net change in unrealized (gains) losses relating to instruments still held at the reporting date(1) . . . . . . . . . . . . . .	$(9.0)	$0.1	$(0.1)	$43.3

___________________________

(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.  Changes to the

redemption value of Affiliate equity purchase obligations are included in Compensation and related expenses in the

Consolidated Statements of Income.

Schedule of Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the

Company’s recurring Level 3 fair value measurements:

	Quantitative Information about Level 3 Fair Value Measurements
			December 31, 2024			December 31, 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	13%	13%
		Discount rates		4%	4%		5%	5%
Affiliate equity purchase obligations . .	Discounted cash flow	Growth rates(2)	$45.2	(4)% - 9%	(1)%	$113.0	(10)% - 11%	3%
		Discount rates		12% - 19%	14%		11% - 18%	14%
	Monte Carlo simulation	Volatility	$9.6	10% - 15%	11%	$48.2	15%	15%
		Discount rates		6%	6%		5%	5%

___________________________

(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.

Schedule of Financial Liabilities not Carried at Fair Value

The following table summarizes the Company’s other financial liabilities not carried at fair value:

	December 31, 2024		December 31, 2025
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes . . . . . . . . . . . . . . . . . . . . . . . . .	$1,097.4	$1,062.9	$1,172.0	$1,171.0	Level 2
Junior subordinated notes . . . . . . . . . . . . . . .	1,216.0	1,035.6	1,216.1	995.2	Level 2