v3.25.4
Variable Interest Entities (Tables)
12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Assets and Liabilities and Information Pertains to VIEs
The following table presents the assets and liabilities of Funds that are VIEs consolidated by the Company (in millions):
 20252024
Assets
Cash and cash equivalents
$23.2 $3.7 
Investments
90.4 $154.0 
Other assets of consolidated Funds24.9 1.6 
Total Assets$138.5 $159.3 
Liabilities
Securities sold short
$7.8 $20.4 
Other liabilities of consolidated Funds
23.3 $0.8 
Total Liabilities$31.1 $21.2 
The following information pertains to unconsolidated VIEs for which the Company holds a variable interest at December 31 (in millions):
20252024
Equity interests on the Consolidated Balance Sheets$13.3 $2.9 
Maximum risk of loss(1)
$13.3 $2.9 
(1)Includes the carrying value of investments the Company has made in the unconsolidated VIEs in which the Company is not the primary beneficiary.