Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of the Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2025 (in millions):


	Quoted prices in active markets (Level I)		Significant other observable inputs (Level II)		Significant unobservable inputs (Level III)		Uncategorized		Total value, March 31, 2025
Assets of AAMI and consolidated Funds
Common and preferred stock	$	94.6	$	—	$	—	$	—	$	94.6


Corporate bonds	—		60.7		—		—		60.7

Derivatives	—		0.5		—		—		0.5
Consolidated Funds total(1)	94.6		61.2		—		—		155.8



Investments related to long-term incentive compensation plans(2)	33.0		—		—		—		33.0
Investments in unconsolidated Funds(3)	—		—		—		19.9		19.9
AAMI total	33.0		—		—		19.9		52.9








Total fair value assets	$	127.6	$	61.2	$	—	$	19.9	$	208.7

Liabilities of consolidated Funds
Securities sold short	$	(20.3)	$	—	$	—	$	—	$	(20.3)
Derivatives	—		(0.5)		—		—		(0.5)
Consolidated Funds total(1)	(20.3)		(0.5)		—		—		(20.8)
Total fair value liabilities	$	(20.3)	$	(0.5)	$	—	$	—	$	(20.8)

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 (in millions):


	Quoted prices in active markets (Level I)		Significant other observable inputs (Level II)		Significant unobservable inputs (Level III)		Uncategorized		Total value December 31, 2024
Assets of AAMI and consolidated Funds
Common and preferred stock	$	94.2	$	—	$	—	$	—	$	94.2


Corporate bonds	—		59.1		—		—		59.1
Derivatives	—		0.7		—		—		0.7
Consolidated Funds total(1)	94.2		59.8		—		—		154.0

Investments related to long-term incentive compensation plans(2)	48.5		—		—		—		48.5
Investments in unconsolidated Funds(3)	—		—		—		19.4		19.4
AAMI total	48.5		—		—		19.4		67.9
Total fair value assets	$	142.7	$	59.8	$	—	$	19.4	$	221.9

Liabilities of consolidated Funds
Securities sold short	$	(20.4)	$	—	$	—	$	—	$	(20.4)
Derivatives	—		(0.3)		—		—		(0.3)
Consolidated Funds total(1)	(20.4)		(0.3)		—		—		(20.7)
Total fair value liabilities	$	(20.4)	$	(0.3)	$	—	$	—	$	(20.7)

(1)Assets and liabilities measured at fair value are comprised of financial investments managed by Acadian LLC.

Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. The securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II.

The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. Assets of consolidated Funds also include investments in Corporate bonds.

If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model with unobservable inputs, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures.

(2)Investments related to long-term incentive compensation plans of $33.0 million and $48.5 million at March 31, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I.

(3)The uncategorized amounts of $19.9 million and $19.4 million at March 31, 2025 and December 31, 2024, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. Other investment vehicles are not subject to redemption restrictions.

The real estate investment Funds of $3.0 million and $2.9 million at March 31, 2025 and December 31, 2024, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from March 31, 2025. The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, finance, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions.