Fair Value Measurement of Investments

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Measurements

The tables below show the fair value of items that are measured at fair value using the fair value hierarchy:

	Fair Value as of		Level within the Fair Value Hierarchy as of March 31, 2025
(in millions)	March 31, 2025		Level 1		Level 2		Level 3
Cash equivalents	$	46.4	$	46.4	$	—	$	—
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds	41.7		41.7		—		—
Marketable debt securities	2.3		2.3		—		—
Investments in unconsolidated entities:
Non-current investment in Wealth Advisors	26.2		26.2		—		—
Total	$	116.6	$	116.6	$	—	$	—

	Fair Value as of		Level within the Fair Value Hierarchy as of December 31, 2024
(in millions)	December 31, 2024		Level 1		Level 2		Level 3
Cash equivalents	$	43.5	$	43.5	$	—	$	—
Investments:
Marketable equity investments, exchange-traded funds, and mutual funds	42.3		42.3		—		—
Marketable debt securities	2.4		2.4		—		—
Investments in unconsolidated entities:
Investment in SmartX Advisory Solutions	24.7		—		—		24.7
Non-current investment in Wealth Advisors	24.9		24.9		—		—
Total	$	137.8	$	113.1	$	—	$	24.7

In 2024, our investment in SmartX Advisory Solutions was measured at fair value on a nonrecurring basis due to the identification of an impairment trigger, leading to $12.4 million of impairment losses. The fair value was estimated using an income approach with significant, unobservable inputs, which include the extent and timing of future cash flows, revenue growth rates, and discount rates.