Net revenues earned in the three- and six-month periods ended June 30, 2026 and 2025 are included in the table below along with details of investment advisory revenues by underlying asset class. We also included average assets under management by asset class, on which we earn investment advisory fees. | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | (in millions) | 6/30/2026 | | 6/30/2025 | | 6/30/2026 | | 6/30/2025 | | Investment advisory fees | | | | | | | | | Equity | $ | 1,011.9 | | | $ | 923.6 | | | $ | 1,986.6 | | | $ | 1,882.8 | | | Fixed income, including money market | 113.5 | | | 105.5 | | | 225.3 | | | 209.1 | | | Multi-asset | 529.5 | | | 455.9 | | | 1,038.6 | | | 910.6 | | | Alternatives | 89.9 | | | 82.6 | | | 177.3 | | | 163.5 | | | Total investment advisory fees | $ | 1,744.8 | | | $ | 1,567.6 | | | $ | 3,427.8 | | | $ | 3,166.0 | | | Performance-based advisory fees | 6.5 | | | 6.4 | | | 14.0 | | | 16.8 | | | Capital allocation-based income | 11.9 | | | (0.4) | | | 40.0 | | | (1.6) | | | Administrative, distribution, servicing, and other fees | 144.2 | | | 149.7 | | | 282.6 | | | 306.0 | | | Net revenues | $ | 1,907.4 | | | $ | 1,723.3 | | | $ | 3,764.4 | | | $ | 3,487.2 | | | | | | | | | | Average AUM (in billions): | | | | | | | | | Equity | $ | 886.6 | | | $ | 784.4 | | | $ | 873.9 | | | $ | 805.3 | | | Fixed income, including money market | 219.0 | | | 198.0 | | | 216.4 | | | 194.8 | | | Multi-asset | 671.2 | | | 552.5 | | | 656.6 | | | 551.1 | | | Alternatives | 60.9 | | | 53.9 | | | 60.0 | | | 53.3 | | | Average AUM | $ | 1,837.7 | | | $ | 1,588.8 | | | $ | 1,806.9 | | | $ | 1,604.5 | |
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