0001628280-26-032153 | 10-Q | XBRL Viewer | Affiliated Managers Group INC

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Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Financial Assets
Equity securities	$ 47.5	$ 34.8
Investments in debt securities	51.8	50.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	194.2	161.2
Quoted Prices in Active Markets for Identical Assets (Level 1)
Financial Assets
Equity securities	47.5	34.8
Investments in debt securities	0.0	0.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Significant Other Observable Inputs (Level 2)
Financial Assets
Equity securities	0.0	0.0
Investments in debt securities	51.8	50.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	0.0	0.0
Significant Unobservable Inputs (Level 3)
Financial Assets
Equity securities	0.0	0.0
Investments in debt securities	0.0	0.0
Financial Liabilities
Contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	$ 194.2	$ 161.2

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock at Cost	Non- controlling Interests
Beginning balance at Dec. 31, 2024	$ 4,298.2	$ 0.6	$ 733.1	$ (163.6)	$ 6,899.8	$ (4,124.6)	$ 952.9
Increase (Decrease) in Stockholders' Equity
Net income	99.2				72.4		26.8
Other comprehensive income (loss), net of tax	(4.8)			(12.1)			7.3
Share-based compensation	10.8		10.8
Common stock issued under share-based incentive plans	(24.3)		(46.9)			22.6
Share repurchases, inclusive of excise tax	(174.4)					(174.4)
Dividends	(0.3)				(0.3)
Affiliate equity-related activities:
Affiliate equity expense	10.6		1.3				9.3
Issuances	2.1		(0.6)				2.7
Purchases	(11.9)		(11.7)				(0.2)
Changes in redemption value of Redeemable non-controlling interests	(18.2)		(18.2)
Capital contributions and other	(1.0)						(1.0)
Distributions to non-controlling interests	(87.0)						(87.0)
Ending balance at Mar. 31, 2025	4,099.0	0.6	667.8	(175.7)	6,971.9	(4,276.4)	910.8
Beginning balance at Dec. 31, 2025	4,175.3	0.6	616.1	(106.8)	7,615.4	(4,886.9)	936.9
Increase (Decrease) in Stockholders' Equity
Net income	146.4				110.4		36.0
Other comprehensive income (loss), net of tax	(15.4)			(10.9)			(4.5)
Share-based compensation	6.9		6.9
Common stock issued under share-based incentive plans	(34.8)		(35.4)			0.6
Conversion premium on junior convertible securities	0.5		0.5
Share repurchases, inclusive of excise tax	(187.0)					(187.0)
Dividends	(0.3)				(0.3)
Affiliate equity-related activities:
Affiliate equity expense	10.3		1.9				8.4
Issuances	4.7		(1.4)				6.1
Purchases	(10.5)		(9.2)				(1.3)
Changes in redemption value of Redeemable non-controlling interests	(24.7)		(24.7)
Capital contributions and other	(3.4)						(3.4)
Distributions to non-controlling interests	(84.1)						(84.1)
Ending balance at Mar. 31, 2026	$ 3,983.9	$ 0.6	$ 554.7	$ (117.7)	$ 7,725.5	$ (5,073.3)	$ 894.1

Investments - Investments Measured at NAV as a Practical Expedient (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
NAV of investments at fair value
Fair Value	$ 570.9	$ 576.4
Life of funds (generally up to)	15 years
Fair Value Measured at NAV
NAV of investments at fair value
Fair Value	$ 570.9	576.4
Fair Value Measured at NAV \| Controlling Interest
NAV of investments at fair value
Fair Value	456.2	456.6
Fair Value Measured at NAV \| Investments With Limited Liquidity
NAV of investments at fair value
Fair Value	529.5	535.7
Fair Value Measured at NAV \| Investments With Periodic Liquidity
NAV of investments at fair value
Fair Value	$ 41.4	$ 40.7

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurements - Quantitative Information used in Valuing Level 3 Liabilities (Details) $ in Millions	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value of contingent payment obligations	$ 0.0	$ 0.0
Significant Unobservable Inputs (Level 3)
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value of contingent payment obligations	0.0	0.0
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation
Quantitative information for Level 3 Fair Value Measurements Liabilities
Fair value of contingent payment obligations	0.0	0.0
Affiliate equity purchase obligations	$ 78.2	$ 48.2
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Volatility
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment obligations, measurement input	0.09	0.13
Obligations to related parties, measurement input	0.15	0.15
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Volatility \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment obligations, measurement input	0.09	0.13
Obligations to related parties, measurement input	0.15	0.15
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Discount rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment obligations, measurement input	0.05	0.05
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.05
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.06
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Contingent payment obligations, measurement input	0.05	0.05
Obligations to related parties, measurement input	0.05	0.05
Significant Unobservable Inputs (Level 3) \| Monte Carlo simulation \| Growth rates
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input		0.05
Significant Unobservable Inputs (Level 3) \| Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements Liabilities
Affiliate equity purchase obligations	$ 116.0	$ 113.0
Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Discount rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.12	0.11
Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Discount rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.19	0.18
Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Discount rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.15	0.14
Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Growth rates \| Minimum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	(0.10)	(0.10)
Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Growth rates \| Maximum
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.06	0.11
Significant Unobservable Inputs (Level 3) \| Discounted cash flow \| Growth rates \| Weighted Average
Quantitative information for Level 3 Fair Value Measurements Liabilities
Obligations to related parties, measurement input	0.03	0.03

Earnings Per Share - Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock options and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.1	0.3
Shares issuable to settle Redeemable non-controlling interests
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.3	2.9

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

The following table presents the carrying value of the Company’s outstanding indebtedness and a reconciliation to Debt as

presented on the Consolidated Balance Sheets:


	December 31, 2025	March 31, 2026
Senior bank debt	$—	$565.0
Senior notes	1,172.0	1,172.1
Junior subordinated notes	1,216.1	1,216.1
Junior convertible securities	340.6	—
Total carrying value	2,728.7	2,953.2
Debt issuance costs	(37.4)	(34.6)
Debt	$2,691.3	$2,918.6

The Company’s debt instruments are carried at amortized cost. Unamortized discounts and debt issuance costs associated

with its debt instruments, with the exception of the Company’s senior unsecured multicurrency revolving credit facility (the

“revolver”), are presented on the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt.

Senior Bank Debt

As of March 31, 2026, the Company had a $1.25 billion revolver which matures on November 15, 2029. Subject to certain

conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million. The

Company pays interest on any outstanding obligations under the revolver at a specified rate, currently based either on an

applicable term-SOFR plus a SOFR adjustment of 0.10%, or prime rate, plus a marginal rate determined based on its credit

rating. As of December 31, 2025, the Company had no outstanding borrowings under the revolver. As of March 31, 2026, the

Company had outstanding borrowings under the revolver of $565.0 million and the weighted-average interest rate on

outstanding borrowings was 4.77%.

Senior Notes

As of March 31, 2026, the Company had senior notes outstanding. The carrying values of the senior notes are accreted to

their principal amount at maturity over the remaining life of the underlying instrument. The principal terms of the senior notes

outstanding as of March 31, 2026 are presented and described below:


	2030 Senior Notes	2034 Senior Notes	2036 Senior Notes
Issue date	June 2020	August 2024	December 2025
Maturity date	June 2030	August 2034	February 2036
Par value (in millions)	$350.0	$400.0	$425.0
Stated coupon	3.30%	5.50%	5.50%
Coupon frequency	Semi-annually	Semi-annually	Semi-annually
Call price	As defined	As defined	As defined

In addition to customary event of default provisions, the indenture governing the senior notes, including the applicable

supplemental indentures with respect to the 2030, 2034, and 2036 senior notes, limits the Company’s ability to consolidate,

merge, or sell all or substantially all of its assets, and requires the Company to make an offer to repurchase the applicable senior

notes at 101% of the principal amount, plus any accrued and unpaid interest thereon to, but not including, the date of

repurchase, upon certain change of control triggering events. The senior notes may be redeemed, in whole or in part, at a make-

whole redemption price (plus accrued and unpaid interest), at any time prior to March 15, 2030, in the case of the 2030 senior

notes, at any time prior to May 20, 2034, in the case of the 2034 senior notes, and at any time prior to November 15, 2035, in

the case of the 2036 senior notes. The make-whole redemption price, in each case, is equal to the greater of 100% of the

principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed

(excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the

redemption date on a semi-annual basis at the applicable Treasury rate plus 0.40%, in the case of the 2030 senior notes, and

plus 0.25%, in the case of the 2034 and 2036 senior notes. In addition, the 2030, 2034, and 2036 senior notes may be

redeemed, in whole or in part, at any time, on or after March 15, 2030, May 20, 2034, and November 15, 2035, respectively, at

a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon

to, but not including, the redemption date.

Junior Subordinated Notes

As of March 31, 2026, the Company had junior subordinated notes outstanding, the respective principal terms of which are

presented and described below:


	2059 Junior Subordinated Notes	2060 Junior Subordinated Notes	2061 Junior Subordinated Notes	2064 Junior Subordinated Notes
Issue date	March 2019	September 2020	July 2021	March 2024
Maturity date	March 2059	September 2060	September 2061	March 2064
Par value (in millions)	$300.0	$275.0	$200.0	$450.0
Stated coupon	5.875%	4.75%	4.20%	6.75%
Coupon frequency	Quarterly	Quarterly	Quarterly	Quarterly
Call price	As defined	As defined	As defined	As defined
NYSE Symbol	MGR	MGRB	MGRD	MGRE

As of March 31, 2026, each of the 2059 and the 2060 junior subordinated notes could be redeemed at any time, in whole or

in part. The other junior subordinated notes may be redeemed at any time, in whole or in part, on or after September 30, 2026,

in the case of the 2061 junior subordinated notes, and on or after March 30, 2029, in the case of the 2064 junior subordinated

notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being

redeemed, plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at the Company’s option, the

applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any

accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal

amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for

securities with features similar to the applicable notes.

The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the

terms of the junior subordinated notes.

Junior Convertible Securities

On December 8, 2025, the Company delivered notice that it had elected to redeem all of its outstanding 5.15% junior

convertible trust preferred securities (the “junior convertible securities”) on December 29, 2025 (the “Redemption Date”), and

announced its intention to settle any and all conversion obligations in cash. Substantially all holders of the junior convertible

securities delivered requests to convert their securities prior to the Redemption Date. On December 15, 2025 (the “Election

Date”), the Company made an irrevocable election to settle its conversion obligations in cash by reference to the daily volume

weighted average price of the Company’s common stock during each applicable ten trading day conversion reference period.

These conversions resulted in a settlement value in excess of the associated carrying value (the “conversion premium”). As of

December 31, 2025, the conversion premium of $155.5 million was recorded within Other liabilities, with a corresponding

reduction to Additional paid-in capital. In addition, the conversion resulted in a reduction to Deferred tax liability (net) on the

Consolidated Balance Sheets of $38.9 million, with a corresponding increase to Additional paid-in capital. The Company’s

election to settle each applicable conversion premium in cash using a ten-day reference period was accounted for as a forward

sale contract, which resulted in a $9.2 million expense recorded in Other expenses (net), in the fourth quarter of 2025.

On the Redemption Date, the Company redeemed $1.1 million of junior convertible securities which were not converted,

reflecting the principal amount of the redeemed securities, plus accrued and unpaid interest, up to, but not including, the

Redemption Date.

In January 2026, the Company settled each of its applicable conversion obligations in cash for an aggregate amount of

$514.6 million which resulted in an incremental expense related to the forward sale contract of $9.3 million. The junior

convertible securities were considered contingent payment debt instruments under federal income tax regulations, which

required the Company to deduct interest in an amount greater than its reported interest expense (“excess interest expense

deductions”). As a result of the settlement of these securities, the Company incurred a current cash tax liability of

approximately $56 million, reflective of the recapture of excess interest expense deductions.

Prior to their redemption by the Company or requests for conversion by the holders, as applicable and described above, the

junior convertible securities bore interest at a rate of 5.15% per annum, which interest payments were payable quarterly in cash.

For the three months ended March 31, 2025, the Company recorded interest expense of $4.5 million in connection with the

junior convertible securities, including contractual interest expense and amortization of debt issuance costs of $4.4 million and

$0.1 million, respectively. For the three months ended March 31, 2025, the effective interest rate was 5.21%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents the carrying value of the Company’s outstanding indebtedness and a reconciliation to Debt as

presented on the Consolidated Balance Sheets:


	December 31, 2025	March 31, 2026
Senior bank debt	$—	$565.0
Senior notes	1,172.0	1,172.1
Junior subordinated notes	1,216.1	1,216.1
Junior convertible securities	340.6	—
Total carrying value	2,728.7	2,953.2
Debt issuance costs	(37.4)	(34.6)
Debt	$2,691.3	$2,918.6

Schedule of Principal Terms of Senior and Junior Subordinated Notes

The principal terms of the senior notes

outstanding as of March 31, 2026 are presented and described below:


	2030 Senior Notes	2034 Senior Notes	2036 Senior Notes
Issue date	June 2020	August 2024	December 2025
Maturity date	June 2030	August 2034	February 2036
Par value (in millions)	$350.0	$400.0	$425.0
Stated coupon	3.30%	5.50%	5.50%
Coupon frequency	Semi-annually	Semi-annually	Semi-annually
Call price	As defined	As defined	As defined

As of March 31, 2026, the Company had junior subordinated notes outstanding, the respective principal terms of which are

presented and described below:


	2059 Junior Subordinated Notes	2060 Junior Subordinated Notes	2061 Junior Subordinated Notes	2064 Junior Subordinated Notes
Issue date	March 2019	September 2020	July 2021	March 2024
Maturity date	March 2059	September 2060	September 2061	March 2064
Par value (in millions)	$300.0	$275.0	$200.0	$450.0
Stated coupon	5.875%	4.75%	4.20%	6.75%
Coupon frequency	Quarterly	Quarterly	Quarterly	Quarterly
Call price	As defined	As defined	As defined	As defined
NYSE Symbol	MGR	MGRB	MGRD	MGRE

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Comprehensive Income - Components of AOCL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	$ 4,175.3	$ 4,298.2
Other comprehensive income (loss) before reclassifications	(14.9)
Amounts reclassified	(0.5)
Other comprehensive loss, net of tax	(15.4)	(4.8)
Ending balance	3,983.9	4,099.0
Total
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(184.1)
Ending balance	(199.5)
Foreign Currency Translation Adjustment
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(183.6)
Other comprehensive income (loss) before reclassifications	(15.9)
Amounts reclassified	0.0
Other comprehensive loss, net of tax	(15.9)	(5.7)
Ending balance	(199.5)
Realized and Unrealized Gains (Losses) on Derivative Financial Instruments
Components of Accumulated other comprehensive income, net of taxes
Beginning balance	(0.5)
Other comprehensive income (loss) before reclassifications	1.0
Amounts reclassified	(0.5)
Other comprehensive loss, net of tax	0.5	$ 0.5
Ending balance	$ 0.0

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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+ Details

Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2026

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss)

The following tables present the tax effects allocated to each component of Other comprehensive income:


	For the Three Months Ended March 31,
	2025			2026
	Pre-Tax	Tax Benefit	Net of Tax	Pre-Tax	Tax Expense	Net of Tax
Foreign currency translation loss	$(11.3)	$5.6	$(5.7)	$(15.7)	$(0.2)	$(15.9)
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	—	0.5	0.5	—	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities	0.4	—	0.4	—	—	—
Other comprehensive loss	$(10.4)	$5.6	$(4.8)	$(15.2)	$(0.2)	$(15.4)

Schedule of Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss, net of taxes, were as follows:


	Foreign Currency Translation Adjustment	Realized and Unrealized Gains (Losses) on Derivative Financial Instruments	Total
Balance, as of December 31, 2025	$(183.6)	$(0.5)	$(184.1)
Other comprehensive income (loss) before reclassifications	(15.9)	1.0	(14.9)
Amounts reclassified	—	(0.5)	(0.5)
Net other comprehensive income (loss)	(15.9)	0.5	(15.4)
Balance, as of March 31, 2026	$(199.5)	$0.0	$(199.5)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	153.0	153.0
Common stock, shares issued (in shares)	58.5	58.5
Treasury stock, at cost (in shares)	32.0	31.5

Share-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation
Unrecognized share-based compensation expense	$ 73,200,000		$ 70,200,000
Unrecognized share-based compensation expense, period for recognition	3 years
Stock options granted, fair value	$ 0	$ 0
Restricted Stock Units
Share-based Compensation
Restricted stocks granted, fair value	$ 28,900,000	$ 48,700,000
Restricted Stock Units \| Minimum
Share-based Compensation
Stock options, vesting period	3 years
Restricted Stock Units \| Maximum
Share-based Compensation
Stock options, vesting period	4 years
Stock Options
Share-based Compensation
Stock options, expiration period	7 years
Stock Options \| Minimum
Share-based Compensation
Stock options, vesting period	4 years
Stock Options \| Maximum
Share-based Compensation
Stock options, vesting period	5 years

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of 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, 2025	Fair Value Measurements
	December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (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


		Fair Value Measurements
	March 31, 2026	Fair Value Measurements
	March 31, 2026	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets(1)
Investments in equity securities	$47.5	$47.5	$—	$—
Investments in debt securities	51.8	—	51.8	—
Financial Liabilities(2)
Contingent payment obligations	$0.0	$—	$—	$0.0
Affiliate equity purchase obligations	194.2	—	—	194.2

___________________________

(1)Amounts are recorded in Investments on the Consolidated Balance Sheets.

(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.

Schedule of Changes in Level 3 Assets and Liabilities for Affiliate Equity Repurchase Obligation

The following table presents the changes in Level 3 liabilities:


	For the Three Months Ended March 31,
	2025		2026
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$5.7	$54.8	$0.0	$161.2
Purchases and issuances(1)	—	22.0	—	32.0
Settlements and reductions	—	(29.7)	—	(33.9)
Net realized and unrealized (gains) losses(2)	(0.1)	1.3	—	34.9
Balance, end of period	$5.6	$48.4	$0.0	$194.2

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(2)	$(0.1)	$1.3	$—	$34.9

___________________________

(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, in the Consolidated

Statements of Income. 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 used in Valuing Level 3 Liabilities

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, 2025			March 31, 2026
	Valuation Techniques	Unobservable Input	Fair Value	Range	Weighted Average(1)	Fair Value	Range	Weighted Average(1)
Contingent payment obligations	Monte Carlo simulation	Volatility	$0.0	13%	13%	$0.0	9%	9%
		Discount rates		5%	5%		5%	5%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$113.0	(10)% - 11%	3%	$116.0	(10)% - 6%	3%
		Discount rates		11% - 18%	14%		12% - 19%	15%
	Monte Carlo simulation	Volatility	$48.2	15%	15%	$78.2	15%	15%
		Discount rates		5%	5%		5% - 6%	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 Other Financial Assets and Liabilities Not Carried at Fair Value

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


	December 31, 2025		March 31, 2026
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes	$1,172.0	$1,171.0	$1,172.1	$1,142.1	Level 2
Junior subordinated notes	1,216.1	995.2	1,216.1	930.1	Level 2

Affiliate Equity - Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Affiliate Equity [Abstract]
Net income (controlling interest)	$ 110.4	$ 72.4
Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances	(0.5)	0.4
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(16.2)	(12.0)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$ 93.7	$ 60.8

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Goodwill and Acquired Client Relationships - Schedule of Changes in Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,531.2
Foreign currency translation	(7.1)
Ending balance	$ 2,524.1

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill and Acquired Client Relationships - Schedule of Changes in the Components of Acquired Client Relationships (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Total
Beginning balance, carrying value	$ 1,639.3
Intangible amortization and impairments	(49.2)	$ (83.3)
Ending balance, carrying value	1,585.7
Acquired Client Relationships
Total
Beginning balance, carrying value	1,639.3
Intangible amortization and impairments	49.2
Foreign currency translation	(4.4)
Ending balance, carrying value	1,585.7
Acquired Client Relationships
Indefinite-lived
Beginning balance, carrying value	1,484.3
Intangible amortization and impairments	(43.0)
Foreign currency translation	(4.4)
Ending balance, carrying value	1,436.9
Acquired Client Relationships
Definite-lived
Beginning balance, gross carrying value	1,267.4
Beginning balance, accumulated amortization	(1,112.4)
Beginning balance, net carrying value	155.0
Intangible amortization and impairments	(6.2)	$ (6.3)
Foreign currency translation, gross carrying value	(4.5)
Foreign currency translation, accumulated depreciation	4.5
Ending balance, gross carrying value	1,262.9
Ending balance, accumulated amortization	(1,114.1)
Ending balance, net carrying value	$ 148.8

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies
Co-investment commitments in partnership	$ 420.9
Fair value of contingent payment obligations	0.0	$ 0.0
Maximum \| Coinvestor
Commitments and Contingencies
Fair value of contingent payment obligations	24.9
Parent Company \| Maximum
Commitments and Contingencies
Fair value of contingent payment obligations	100.0
Equity Method Investee
Commitments and Contingencies
Deferred payment obligation	84.7
Deferred payment obligations, liability, remainder of fiscal year	55.8
Deferred payment obligations, to be paid, year one	28.9
Guarantor obligations, maximum exposure	30.0
Guarantor obligations, fair value	0.0
Payments for Achievement of Financial Targets
Commitments and Contingencies
Total contingent payments	577.3
Contingent payments in remainder of fiscal year	0.0
Contingent payments in year one	366.3
Contingent payments in year two	35.8
Contingent payments in year three	40.3
Contingent payments in year four	40.3
Contingent payments in year five	$ 94.6

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser

extent, taxes attributable to the non-controlling interests.

The following table presents the consolidated provision for income taxes:


	For the Three Months Ended March 31,
	2025	2026
Controlling interest(1)	$24.7	$45.7
Non-controlling interests	2.7	0.8
Income tax expense	$27.4	$46.5
Income before income taxes (controlling interest)	$97.1	$156.1
Effective tax rate (controlling interest)(2)	25.4%	29.3%

___________________________

(1)For the three months ended March 31, 2025 and 2026, income tax expense (controlling interest) included intangible-related

deferred tax expense of $0.1 million and $6.3 million, respectively.

(2)Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

The Company’s effective tax rate (controlling interest) for the three months ended March 31, 2025 was higher than the

marginal tax rate of 24.5%, primarily due to non-deductible compensation and uncertain tax positions.

The Company’s effective tax rate (controlling interest) for the three months ended March 31, 2026 was higher than the

marginal tax rate of 24.5%, primarily due to expenses attributable to Affiliate equity awards for which no tax benefit was

recorded, partially offset by tax windfalls attributable to share-based compensation.

The Company’s effective tax rate reflects the relative contributions of earnings in the jurisdictions in which the Company

and its Affiliates operate and is impacted by changes in the jurisdictional mix of income before taxes.

- Definition

The entire disclosure for income tax.

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-Section S99
-Paragraph 2
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share - Additional Information (Details) shares in Millions	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Earnings Per Share [Abstract]
Number or shares repurchased during period (in shares) \| shares	0.6
Average price of shares repurchased during period (in dollars per share) \| $ / shares	$ 307.01

Goodwill and Acquired Client Relationships (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents the changes in the Company’s Goodwill:


		Goodwill
Balance, as of December 31, 2025		$2,531.2
Foreign currency translation		(7.1)
Balance, as of March 31, 2026		$2,524.1

Schedule of Changes in the Components of Acquired Client Relationships

The following table presents the changes in the Company’s components of Acquired client relationships (net):


	Acquired Client Relationships (Net)
	Definite-lived			Indefinite-lived	Total
	Gross Carrying Value	Accumulated Amortization	Net Carrying Value	Carrying Value	Carrying Value
Balance, as of December 31, 2025	$1,267.4	$(1,112.4)	$155.0	$1,484.3	$1,639.3
Intangible amortization and impairments	—	(6.2)	(6.2)	(43.0)	(49.2)
Foreign currency translation	(4.5)	4.5	—	(4.4)	(4.4)
Balance, as of March 31, 2026	$1,262.9	$(1,114.1)	$148.8	$1,436.9	$1,585.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Goodwill and Acquired Client Relationships - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment assessment assumptions, long-term revenue growth rates		0.00%
Impairment assessment assumptions, discount rates	10.50%	11.00%
Acquired Client Relationships For Certain Mutual Fund Assets
Estimated Future Amortization Expense of Finite-Lived Intangibles
Amortization of intangible assets, noncontrolling interest	$ 30.5	$ 59.2
Intangible impairment	43.0	70.0
Acquired Client Relationships, Mutual Fund Product
Estimated Future Amortization Expense of Finite-Lived Intangibles
Amortization of intangible assets, noncontrolling interest		4.0
Intangible impairment		7.0
Carrying value of intangible assets		$ 0.0
Minimum
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment assessment assumptions, revenue growth rates		(21.00%)
Maximum
Estimated Future Amortization Expense of Finite-Lived Intangibles
Impairment assessment assumptions, revenue growth rates		0.00%
Acquired Client Relationships
Intangible Assets
Amortization and impairment expenses of intangible assets	6.2	$ 6.3
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense remainder of fiscal year	20.0
Intangible future amortization expense in year one	25.0
Intangible future amortization expense in year two	25.0
Intangible future amortization expense in year three	15.0
Intangible future amortization expense in year four	10.0
Intangible future amortization expense in year five	$ 10.0

Debt - Junior Convertible Securities (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2025	Mar. 31, 2026	Dec. 29, 2025	Dec. 15, 2025	Dec. 08, 2025
Debt Instrument [Line Items]
Debt instrument, conversion reference period							10 days
Redemption of convertible debt, decrease in deferred income tax liabilities, net		$ 38.9		$ 38.9
Forward sale contract expense	$ 9.3	9.2
Redemption of convertible debt, securities not converted, amount						$ 1.1
Repayments of convertible debt, including conversion payment	514.6
Deferred tax liabilities, recapture of excess interest expense	$ 56.0
Additional Paid-In Capital
Debt Instrument [Line Items]
APIC, decrease from conversion premium				155.5
APIC, increase from conversion of convertible debt				38.9
Junior convertible securities
Debt Instrument [Line Items]
Conversion premium, liability		$ 155.5		$ 155.5
Junior Convertible Trust Preferred Securities \| Junior convertible securities
Debt Instrument [Line Items]
Debt interest rate					5.15%			5.15%
Interest expense			$ 4.5
Interest expense, excluding amortization			4.4
Amortization of debt issuance cost			$ 0.1
Effective interest rate			5.21%

Income Taxes - Schedule of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Provision
Controlling interest	$ 45.7	$ 24.7
Non-controlling interests	0.8	2.7
Income tax expense	46.5	27.4
Deferred income tax (benefit) expense related to intangibles	6.3	0.1
Parent Company
Income Tax Provision
Income before income taxes (controlling interest)	$ 156.1	$ 97.1
Effective tax rate (controlling interests)	29.30%	25.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Equity Method Investments in Affiliates

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments in Affiliates

Certain of the Company’s investments in Affiliates are accounted for under the equity method. The Company had 22 and

24 Affiliates accounted for under the equity method as of December 31, 2025 and March 31, 2026, respectively. The majority

of these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings,

typically based upon a fixed percentage of the Affiliate’s revenue less agreed-upon expenses. The partnership agreements

generally do not define a fixed percentage for the Company’s ownership of the equity of the Affiliate. These percentages

would be subject to a separate future negotiation if an Affiliate were to be sold or liquidated. The financial results of certain

Affiliates accounted for under the equity method are recognized in the Consolidated Financial Statements one quarter in arrears.

The Company has determined that one of its Affiliates accounted for under the equity method is significant under Rule

10-01(b)(1) of Regulation S-X. For the three months ended March 31, 2025 and 2026, this Affiliate recognized revenue of

$189.3 million and $441.9 million, respectively, and net income of $82.0 million and $305.6 million, respectively.

The following table presents the changes in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2025(1)	$2,870.4
Investments in Affiliates	246.9
Earnings, net of tax	182.0
Intangible amortization and impairments	(34.6)
Distributions of earnings	(295.8)
Foreign currency translation	(3.1)
Balance, as of March 31, 2026(1)	$2,965.8

_______________________

(1)Includes undistributed earnings of $280.4 million and $165.9 million as of December 31, 2025 and March 31, 2026,

respectively.

In the first quarter of 2026, the Company completed its agreement with Brown Brothers Harriman (“BBH”) to acquire a

minority equity interest in BBH Credit Partners, BBH’s taxable fixed income and credit franchise, its additional minority

investment in Garda Capital Partners LP (“Garda”), a liquid alternatives manager specializing in fixed income relative value

strategies and an Affiliate since 2019, and its minority investment in HighBrook Investors (“HighBrook”), a private markets

manager specializing in real estate assets. The majority of the consideration paid for Garda and a portion of the consideration

paid for HighBrook will be deductible for U.S. tax purposes over a 15-year life. Following the close of the transaction, the

Company’s investment in Garda continues to be accounted for under the equity method. The Company’s preliminary purchase

price allocations for each investment were measured using discounted cash flow analyses that included assumptions of expected

market performance, net client cash flows, and discount rates.

Definite-lived acquired client relationships at the Company’s Affiliates accounted for under the equity method are

amortized over their expected period of economic benefit. The Company recorded amortization expense for these relationships

of $18.6 million and $26.6 million for the three months ended March 31, 2025 and 2026, respectively. Based on relationships

existing as of March 31, 2026, the Company estimates the amortization expense attributable to its Affiliates will be

approximately $85 million for the remainder of 2026, approximately $110 million in 2027, approximately $100 million in 2028,

and approximately $85 million in each of 2029, 2030, and 2031.

In the first quarter of 2026, the Company recorded an $8.0 million expense to reduce the carrying value of an Affiliate to

fair value based on market indicators that its fair value had declined below its carrying value.

Affiliate Equity - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Affiliate Equity [Line Items]
Distributions to non-controlling interests	$ 84.1	$ 87.0
Affiliate equity purchases, gross	33.2	29.8
Proceeds from affiliate equity issuances	3.9	$ 1.5
Other assets	282.7		$ 318.3
Other liabilities	653.0		754.0
Related Party
Affiliate Equity [Line Items]
Other assets	6.7		4.7
Other liabilities	$ 194.2		$ 161.2

- Definition

Amount of liabilities classified as other.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 146.4	$ 99.2
Other comprehensive loss, net of tax:
Foreign currency translation loss	(15.9)	(5.7)
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities	0.0	0.4
Other comprehensive loss, net of tax	(15.4)	(4.8)
Comprehensive income	131.0	94.4
Comprehensive income (non-controlling interests)	(31.5)	(34.1)
Comprehensive income (controlling interest)	$ 99.5	$ 60.3

Fair Value Measurements - Other Financial Assets and Liabilities Not Carried at Fair Value (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	$ 1,172.1	$ 1,172.0
Junior subordinated notes	1,216.1	1,216.1
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Senior notes	1,142.1	1,171.0
Junior subordinated notes	$ 930.1	$ 995.2

- Definition

Fair value of subordinated debt obligations including, but not limited to, subordinated loan, subordinated bond, subordinated debenture or junior debt.

+ References + Details

- Definition

Fair value portion of notes payable.

+ References

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+ Details

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation

The following table presents share-based compensation expense:


	For the Three Months Ended March 31,
	2025	2026
Share-based compensation expense	$10.8	$6.9
Tax benefit	1.1	1.1

Schedule of Company Restricted Stock Units Transactions

The following table summarizes transactions in the Company’s restricted stock units:


	Restricted Stock Units	Weighted Average Grant Date Value Per Unit
Unvested units, as of December 31, 2025	1.0	$161.80
Units granted	0.1	299.17
Units vested	(0.2)	153.98
Units forfeited	(0.1)	170.21
Performance condition changes	—	—
Unvested units, as of March 31, 2026	0.8	$180.68

Schedule of Company Stock Option Transactions

The following table summarizes transactions in the Company’s stock options:


	Stock Options	Weighted Average Exercise Price Per Option	Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding, as of December 31, 2025	0.3	$92.73
Options granted	—	—
Options exercised	(0.1)	75.54
Options forfeited	—	—
Options expired	—	—
Performance condition changes	—	—
Unexercised options outstanding, as of March 31, 2026	0.2	$98.57	1.3
Exercisable at March 31, 2026	0.1	$85.64	0.7

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Share

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per

share available to common stockholders:


	For the Three Months Ended March 31,
	2025	2026
Numerator
Net income (controlling interest)	$72.4	$110.4
Loss from hypothetical settlement of Redeemable non-controlling interests, net of taxes	(3.9)	(5.1)
Interest expense on junior convertible securities, net of taxes	3.4	—
Net income (controlling interest), as adjusted	$71.9	$105.3
Denominator
Average shares outstanding (basic)	29.2	26.8
Effect of dilutive instruments:
Stock options and restricted stock units	1.3	0.5
Hypothetical issuance of shares to settle Redeemable non-controlling interests	0.4	0.2
Assumed issuance of junior convertible securities shares	1.7	—
Average shares outstanding (diluted)	32.6	27.5

Schedule of Shares Excluded from Calculation of Basic and Diluted Earnings (Loss) Per Share

The following

is a summary of items excluded from the denominator in the table above:


	For the Three Months Ended March 31,
	2025	2026
Stock options and restricted stock units	0.3	0.1
Shares issuable to settle Redeemable non-controlling interests	2.9	1.3

Affiliate Equity (Tables)

3 Months Ended

Mar. 31, 2026

Affiliate Equity [Abstract]

Schedule of Affiliate Equity Compensation

The following table presents Affiliate equity expense:


	For the Three Months Ended March 31,
	2025	2026
Controlling interest	$3.6	$38.2
Non-controlling interests	9.3	8.4
Total	$12.9	$46.6

Schedule of Affiliate Equity Unrecognized Compensation Expense

The following table presents unrecognized Affiliate equity expense:


	Controlling Interest	Remaining Life	Non-controlling Interests	Remaining Life
December 31, 2025	$71.7	2 years	$159.5	5 years
March 31, 2026	91.7	2 years	159.6	5 years

Schedule of Changes in the Company's Interest in its Affiliates on the Controlling Interest's Equity

While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests,

with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following

table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate

equity transactions that occurred during the applicable periods:


	For the Three Months Ended March 31,
	2025	2026
Net income (controlling interest)	$72.4	$110.4
Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances	0.4	(0.5)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(12.0)	(16.2)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$60.8	$93.7

Earnings Per Share - Schedule of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income (controlling interest)	$ 110.4	$ 72.4
Loss from hypothetical settlement of Redeemable non-controlling interests, net of taxes	(5.1)	(3.9)
Interest expense on junior convertible securities, net of taxes	0.0	3.4
Net income (controlling interest), as adjusted	$ 105.3	$ 71.9
Denominator
Average shares outstanding (basic) (in shares)	26.8	29.2
Effect of dilutive instruments:
Stock options and restricted stock units (in shares)	0.5	1.3
Hypothetical issuance of shares to settle Redeemable non-controlling interests (in shares)	0.2	0.4
Junior convertible securities (in shares)	0.0	1.7
Average shares outstanding (diluted) (in shares)	27.5	32.6

Investments in Affiliates and Affiliate Sponsored Investment Products	3 Months Ended
	Mar. 31, 2026
Variable Interest Entities [Abstract]
Investments in Affiliates and Affiliate Sponsored Investment Products	Investments in Affiliates and Affiliate Sponsored Investment Products In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Investments with readily determinable fair values in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income in the Consolidated Statements of Income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s and any co-investor’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of any tangible or intangible net assets, are included in Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests or Other liabilities on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities that are under common control, any gains or losses attributable to these transactions are required to be included in Additional paid- in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of intangible amortization and impairments and tax, is included in Equity method income (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is recorded in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than-temporary. The Company performs these assessments if certain triggering events occur or annually during the fourth quarter. The Company first considers whether certain qualitative factors indicate an increased likelihood of a decline in the fair value of an Affiliate during the reporting period. If such a decline is identified, and it is likely that an investment’s fair value may have declined below its carrying value, the Company performs a quantitative assessment to determine if an impairment exists. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the Affiliate to fair value. The Company’s Affiliates are consolidated or accounted for under the equity method, depending upon the underlying structure of and relationship with each Affiliate. Substantially all of the Company’s consolidated Affiliates are VIEs. The Company’s Affiliates accounted for under the equity method considered VIEs generally require minimal levels of working capital on each Affiliate’s balance sheet. Certain of the Company’s Affiliates accounted for under the equity method hold general partner and seed investments, which may be significant. As of December 31, 2025 and March 31, 2026, the Company’s carrying value attributable to its Affiliates accounted for under the equity method considered VIEs was $2,763.6 million and $2,795.9 million, respectively. As of December 31, 2025 and March 31, 2026, including arrangements more fully described in Note 7, the Company’s maximum exposure to loss attributable to its Affiliates accounted for under the equity method considered VIEs was $3,245.3 million and $3,403.2 million, respectively. As of December 31, 2025 and March 31, 2026, the carrying value for all of the Company’s Affiliates accounted for under the equity method was $2,870.4 million and $2,965.8 million, including Affiliates accounted for under the equity method considered VREs of $106.8 million and $169.9 million, respectively. As of December 31, 2025 and March 31, 2026, including arrangements more fully described in Note 7, the maximum exposure to loss for all of the Company’s Affiliates accounted for under the equity method was $3,352.1 million and $3,573.1 million, respectively, including Affiliates accounted for under the equity method considered VREs of $106.8 million and $169.9 million, respectively. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the product that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant third-party investors. When the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are included in purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows, respectively, and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation. The Company’s carrying value and maximum exposure to loss from unconsolidated Affiliate sponsored investment products, is its or its consolidated Affiliates’ interests in the unconsolidated net assets of the respective products. These products vary in size from early-stage products with few initial investors to mature products with a large population of investors. As of December 31, 2025 and March 31, 2026, the Company’s carrying value attributable to Affiliate sponsored investment products, which are unconsolidated VIEs, was $88.9 million and $95.7 million, respectively. As of December 31, 2025 and March 31, 2026, including arrangements more fully described in Note 7, the Company’s maximum exposure to loss attributable to Affiliate sponsored investment products, which are unconsolidated VIEs, was $158.7 million and $158.9 million, respectively.

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests

The following table presents the consolidated provision for income taxes:


	For the Three Months Ended March 31,
	2025	2026
Controlling interest(1)	$24.7	$45.7
Non-controlling interests	2.7	0.8
Income tax expense	$27.4	$46.5
Income before income taxes (controlling interest)	$97.1	$156.1
Effective tax rate (controlling interest)(2)	25.4%	29.3%

___________________________

(1)For the three months ended March 31, 2025 and 2026, income tax expense (controlling interest) included intangible-related

deferred tax expense of $0.1 million and $6.3 million, respectively.

(2)Taxes attributable to the controlling interest divided by income before income taxes (controlling interest).

Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 6.9	$ 10.8
Tax benefit	$ 1.1	$ 1.1

Redeemable Non-Controlling Interests (Tables)

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Schedule of Changes in Redeemable Non-Controlling Interests

The following table presents the changes in Redeemable non-controlling interests:


		Redeemable Non-controlling Interests
Balance, as of December 31, 2025(1)		$246.8
Increase attributable to consolidated Affiliate sponsored investment products		3.8
Transfers to Other liabilities		(11.3)
Changes in redemption value		24.7
Balance, as of March 31, 2026(1)		$264.0

___________________________

(1)As of December 31, 2025 and March 31, 2026, Redeemable non-controlling interests includes consolidated Affiliate

sponsored investment products primarily attributable to third-party investors of $32.2 million and $36.0 million,

respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 376.1	$ 586.0
Receivables	871.4	496.2
Investments	720.6	711.6
Goodwill	2,524.1	2,531.2
Acquired client relationships (net)	1,585.7	1,639.3
Equity method investments in Affiliates (net)	2,965.8	2,870.4
Fixed assets (net)	69.7	54.4
Other assets	282.7	318.3
Total assets	9,396.1	9,207.4
Liabilities and Equity
Payables and accrued liabilities	1,097.5	806.9
Debt	2,918.6	2,691.3
Deferred tax liability (net)	479.1	533.1
Other liabilities	653.0	754.0
Total liabilities	5,148.2	4,785.3
Commitments and contingencies (Note 7)
Redeemable non-controlling interests	264.0	246.8
Equity:
Common stock ($0.01 par value, 153.0 shares authorized; 58.5 shares issued as of December 31, 2025 and March 31, 2026)	0.6	0.6
Additional paid-in capital	554.7	616.1
Accumulated other comprehensive loss	(117.7)	(106.8)
Retained earnings	7,725.5	7,615.4
Total stockholders' equity before treasury stock	8,163.1	8,125.3
Less: Treasury stock, at cost (31.5 shares and 32.0 shares as of December 31, 2025 and March 31, 2026, respectively)	(5,073.3)	(4,886.9)
Total stockholders' equity	3,089.8	3,238.4
Non-controlling interests	894.1	936.9
Total equity	3,983.9	4,175.3
Total liabilities and equity	$ 9,396.1	$ 9,207.4

Related Party Transactions (Details) $ in Millions	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Related Party Transactions
Other assets	$ 282.7	$ 318.3
Other liabilities	$ 653.0	754.0
Common stock, voting rights, percent	0.05
Related Party
Related Party Transactions
Other assets	$ 6.7	4.7
Other liabilities	194.2	161.2
Related Party \| Private Equity Investment Partnerships of Affiliate
Related Party Transactions
Other liabilities	10.4	11.7
Related Party \| Affiliate Tax Distributions
Related Party Transactions
Other assets	75.5	68.6
Other liabilities	$ 99.3	$ 99.3

- Definition

Amount of liabilities classified as other.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Marketable Securities [Line Items]
Equity securities, net unrealized gain	$ 0.3	$ (0.9)
Debt securities, net unrealized gain (loss)	(1.0)	$ 0.8
Investments measured at NAV	270.9		$ 283.0
Unfunded commitments, structures yet to be determined	150.0
Variable Interest Entity, Primary Beneficiary
Marketable Securities [Line Items]
Fair value of deconsolidated investment in affiliate, equity securities	$ 12.7		$ 9.2

Debt - Senior Bank Debt (Details) - Revolver - Senior bank debt - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Available borrowing	$ 1,250,000,000
Additional borrowing amount	$ 500,000,000.0
Basis spread on debt variable rate	0.10%
Borrowings outstanding	$ 565,000,000.0	$ 0
Weighted average interest rate on outstanding borrowings	4.77%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Consolidated revenue	$ 544.9	$ 496.6
Consolidated expenses:
Compensation and related expenses	287.1	230.3
Selling, general and administrative	107.4	94.7
Intangible amortization and impairments	49.2	83.3
Interest expense	38.4	34.1
Depreciation and other amortization	2.5	2.8
Other expenses (net)	21.3	11.7
Total consolidated expenses	505.9	456.9
Equity method income (net)	147.4	75.3
Investment and other income	6.5	11.6
Income before income taxes	192.9	126.6
Income tax expense	46.5	27.4
Net income	146.4	99.2
Net income (non-controlling interests)	(36.0)	(26.8)
Net income (controlling interest)	$ 110.4	$ 72.4
Average shares outstanding (basic) (in shares)	26.8	29.2
Average shares outstanding (diluted) (in shares)	27.5	32.6
Earnings per share (basic) (in dollars per share)	$ 4.12	$ 2.48
Earnings per share (diluted) (in dollars per share)	$ 3.84	$ 2.20

Redeemable Non-Controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance	$ 246.8
Increase attributable to consolidated Affiliate sponsored investment products	3.8
Transfers to Other liabilities	(11.3)
Changes in redemption value	24.7	$ 18.2
Balance, ending balance	$ 264.0
Minimum
Noncontrolling Interest [Line Items]
Term of conditional right to put interest	5 years
Maximum
Noncontrolling Interest [Line Items]
Term of conditional right to put interest	15 years
Variable Interest Entity, Primary Beneficiary
Redeemable Noncontrolling Interest [Roll Forward]
Balance, beginning balance	$ 32.2
Balance, ending balance	$ 36.0

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has related party transactions in association with its deferred and contingent payment obligations, and Affiliate equity transactions, as more fully described in Notes 7, 11, and 12. From time to time, certain funds of the Company’s consolidated Affiliates may make tax distributions to partners subject to clawback. The total receivable was $68.6 million and $75.5 million as of December 31, 2025 and March 31, 2026, respectively, and was included in Other assets on the Consolidated Balance Sheets. The total payable was $99.3 million as of December 31, 2025 and March 31, 2026, and was included in Other liabilities. These amounts were primarily attributable to the non-controlling interests. A prior owner of one of the Company’s consolidated Affiliates retains interests in certain of the Affiliate’s private equity partnerships and, as a result, is a related party of the Company. The prior owner’s interests are included in Other liabilities and were $11.7 million and $10.4 million as of December 31, 2025 and March 31, 2026, respectively. The Company may invest from time to time in funds or products advised by its Affiliates. The Company’s executive officers and directors may invest from time to time in funds advised or products offered by its Affiliates, or receive other investment services provided by its Affiliates, on substantially the same terms as other participating investors. The Company and its Affiliates earn asset- and performance-based fees and incur distribution and other expenses for services provided to Affiliate sponsored investment products. In addition, the Company and its Affiliates earn fees or incur expenses related to the Company’s efforts to develop and distribute Affiliate products. Affiliate management owners and the Company’s officers may serve as trustees or directors of certain investment vehicles from which the Company or an Affiliate earns fees. From time to time, the Company may enter into ordinary course engagements for capital markets, banking, brokerage, and other services with beneficial owners of 5% or more of the Company’s voting securities.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

The following table summarizes the Company’s Investments:


	December 31, 2025	March 31, 2026
Marketable securities
Equity securities	$34.8	$47.5
Debt securities	50.0	51.8
Total marketable securities	84.8	99.3
Other investments
Investments measured at NAV as a practical expedient	576.4	570.9
Investments without readily determinable fair values	50.4	50.4
Total other investments	626.8	621.3
Investments	$711.6	$720.6

Marketable Securities

Equity Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

equity securities:


	December 31, 2025	March 31, 2026
Cost	$37.5	$48.0
Unrealized gains	6.1	8.7
Unrealized losses	(8.8)	(9.2)
Fair value	$34.8	$47.5

As of December 31, 2025 and March 31, 2026, investments in equity securities include consolidated Affiliate sponsored

investment products with fair values of $9.2 million and $12.7 million, respectively.

For the three months ended March 31, 2025 and 2026, the Company recognized net unrealized gains (losses) on equity

securities still held as of March 31, 2025 and 2026 of $(0.9) million and $0.3 million, respectively.

Debt Securities

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

consolidated Affiliate sponsored investment products classified as trading:


	December 31, 2025	March 31, 2026
Cost	$49.4	$52.3
Unrealized gains	1.1	0.5
Unrealized losses	(0.5)	(1.0)
Fair value	$50.0	$51.8

For the three months ended March 31, 2025 and 2026, the Company recognized net unrealized gains (losses) on debt

securities classified as trading still held as of March 31, 2025 and 2026 of $0.8 million and $(1.0) million, respectively.

Other Investments

Investments Measured at NAV as a Practical Expedient

The following table summarizes the fair values of investments that are measured at net asset value (“NAV”) as a practical

expedient:


	December 31, 2025	March 31, 2026
Investments with limited liquidity(1)	$535.7	$529.5
Investments with periodic liquidity(2)	40.7	41.4
Total(3)	$576.4	$570.9

___________________________

(1)The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying

assets are liquidated over the life of the investments, which is generally up to 15 years. The Company accounts for the

majority of its interests in investments with limited liquidity one quarter in arrears (adjusted for current period calls and

distributions).

(2)Investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis.

(3)Investments measured at NAV as a practical expedient primarily invest in a broad range of private markets. Fair value

attributable to the controlling interest was $456.6 million and $456.2 million as of December 31, 2025 and March 31, 2026,

respectively.

The Company’s unfunded commitments attributed to investments measured at NAV as a practical expedient were $283.0

million and $270.9 million as of December 31, 2025 and March 31, 2026, respectively. The Company’s unfunded

commitments attributed to investments with structures yet to be determined were $150.0 million as of March 31, 2026.

Investments Without Readily Determinable Fair Values

The following table summarizes the cost, cumulative unrealized gains, and carrying amount of the Company’s investment

in a private corporation where it does not exercise significant influence, and does not have a readily determinable fair value:


	December 31, 2025	March 31, 2026
Cost	$8.5	$8.5
Cumulative unrealized gains	41.9	41.9
Carrying amount	$50.4	$50.4

For the three months ended March 31, 2025 and 2026, the Company did not recognize any net unrealized gains or losses on

the underlying investment still held as of March 31, 2025 and 2026.

The following table presents the changes in other investments:


	For the Three Months Ended March 31,
	2025			2026
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period	$488.6	$50.4	$539.0	$576.4	$50.4	$626.8
Purchases and commitments funded	8.1	—	8.1	15.9	—	15.9
Sales and distributions	(24.8)	—	(24.8)	(24.8)	—	(24.8)
Net realized and unrealized gains	4.0	—	4.0	3.4	—	3.4
Balance, end of period	$475.9	$50.4	$526.3	$570.9	$50.4	$621.3

Goodwill and Acquired Client Relationships

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Client Relationships

The following table presents the changes in the Company’s Goodwill:


		Goodwill
Balance, as of December 31, 2025		$2,531.2
Foreign currency translation		(7.1)
Balance, as of March 31, 2026		$2,524.1

The following table presents the changes in the Company’s components of Acquired client relationships (net):


	Acquired Client Relationships (Net)
	Definite-lived			Indefinite-lived	Total
	Gross Carrying Value	Accumulated Amortization	Net Carrying Value	Carrying Value	Carrying Value
Balance, as of December 31, 2025	$1,267.4	$(1,112.4)	$155.0	$1,484.3	$1,639.3
Intangible amortization and impairments	—	(6.2)	(6.2)	(43.0)	(49.2)
Foreign currency translation	(4.5)	4.5	—	(4.4)	(4.4)
Balance, as of March 31, 2026	$1,262.9	$(1,114.1)	$148.8	$1,436.9	$1,585.7

Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected

period of economic benefit. The Company recorded amortization expense in Intangible amortization and impairments in the

Consolidated Statements of Income for these relationships of $6.3 million and $6.2 million for three months ended March 31,

2025 and 2026, respectively. Based on relationships existing as of March 31, 2026, the Company estimates that its

consolidated amortization expense will be approximately $20 million during the remainder of 2026, approximately $25 million

in each of 2027 and 2028, approximately $15 million in 2029, and approximately $10 million in each of 2030 and 2031.

In the first quarter of 2025, the Company completed an impairment assessment of the indefinite-lived acquired client

relationships for certain mutual fund assets and determined that the fair value of the assets had declined below their carrying

values. Accordingly, the Company recorded an expense in Intangible amortization and impairments of $59.2 million

attributable to the controlling interest ($70.0 million in aggregate) to reduce the carrying value of the assets to fair value. The

decline in the fair value was a result of current and projected declines in assets under management that decreased the forecasted

revenue associated with the assets. The most relevant assumptions used in these analyses were revenue growth rates over the

next five years ranging from (21)% to 0%, long-term revenue growth rates of 0%, and discount rates of 11.0%.

In the first quarter of 2025, the Company also recorded an expense in Intangible amortization and impairments of

$4.0 million attributable to the controlling interest ($7.0 million in aggregate) to reduce the carrying value of an indefinite-lived

acquired client relationship to zero due to the closure of one of its Affiliate’s mutual fund products.

In the first quarter of 2026, the Company completed an impairment assessment of the indefinite-lived acquired client

relationships for certain mutual fund assets, and determined that the fair value of an asset had declined below its carrying value.

Accordingly, the Company recorded an expense in Intangible amortization and impairments of $30.5 million attributable to the

controlling interest ($43.0 million in aggregate) to reduce the carrying value of the asset to fair value. The decline in the fair

value was primarily the result of current and projected declines in assets under management and the related reduction in

forecasted revenue associated with the asset. The most relevant assumptions used in this analysis related to the projected

trajectory of assets under management and associated revenue, as well as a discount rate of 10.5%.

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The following table presents share-based compensation expense:


	For the Three Months Ended March 31,
	2025	2026
Share-based compensation expense	$10.8	$6.9
Tax benefit	1.1	1.1

As of December 31, 2025, the Company had unrecognized share-based compensation expense of $70.2 million. As of

March 31, 2026, the Company had unrecognized share-based compensation expense of $73.2 million, which will be recognized

over a weighted average period of approximately three years (assuming no forfeitures).

Restricted Stock

The following table summarizes transactions in the Company’s restricted stock units:


	Restricted Stock Units	Weighted Average Grant Date Value Per Unit
Unvested units, as of December 31, 2025	1.0	$161.80
Units granted	0.1	299.17
Units vested	(0.2)	153.98
Units forfeited	(0.1)	170.21
Performance condition changes	—	—
Unvested units, as of March 31, 2026	0.8	$180.68

For the three months ended March 31, 2025 and 2026, the Company granted restricted stock units with fair values of $48.7

million and $28.9 million, respectively. These restricted stock units were valued based on the closing price of the Company’s

common stock on the grant date and the number of shares expected to vest. Restricted stock units containing vesting conditions

generally require service over a period of three years to four years and may also require the satisfaction of certain performance

conditions. For awards with performance conditions, the number of restricted stock units expected to vest may change over

time depending upon the performance level expected to be achieved.

Stock Options

The following table summarizes transactions in the Company’s stock options:


	Stock Options	Weighted Average Exercise Price Per Option	Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding, as of December 31, 2025	0.3	$92.73
Options granted	—	—
Options exercised	(0.1)	75.54
Options forfeited	—	—
Options expired	—	—
Performance condition changes	—	—
Unexercised options outstanding, as of March 31, 2026	0.2	$98.57	1.3
Exercisable at March 31, 2026	0.1	$85.64	0.7

The Company did not grant any stock options during the three months ended March 31, 2025 and 2026. Stock options

generally vest over a period of four years to five years and expire seven years after the grant date. All stock options have been

granted with exercise prices equal to the closing price of the Company’s common stock on the grant date. Substantially all of

the Company’s outstanding stock options contain both service and performance conditions. For awards with performance

conditions, the number of stock options expected to vest may change over time depending upon the performance level expected

to be achieved.

Equity Method Investments in Affiliates - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) affiliate	Mar. 31, 2025 USD ($)	Dec. 31, 2025 affiliate
Schedule of Equity Method Investments [Line Items]
Number of affiliates \| affiliate	24		22
Consolidated revenue	$ 544.9	$ 496.6
Net income	146.4	99.2
Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of intangible assets	6.2	6.3
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense remainder of fiscal year	20.0
Intangible future amortization expense in year one	25.0
Intangible future amortization expense in year two	25.0
Intangible future amortization expense in year three	15.0
Intangible future amortization expense in year four	10.0
Intangible future amortization expense in year five	10.0
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Consolidated revenue	441.9	189.3
Net income	305.6	82.0
Impairment expense	8.0
Equity Method Investee \| Acquired Client Relationships
Schedule of Equity Method Investments [Line Items]
Amortization of intangible assets	26.6	$ 18.6
Estimated Future Amortization Expense of Finite-Lived Intangibles
Intangible future amortization expense remainder of fiscal year	85.0
Intangible future amortization expense in year one	110.0
Intangible future amortization expense in year two	100.0
Intangible future amortization expense in year three	85.0
Intangible future amortization expense in year four	85.0
Intangible future amortization expense in year five	$ 85.0

Equity Method Investments in Affiliates - Change in Equity Method Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2025	$ 2,870.4
Distributions of earnings	(294.4)	$ (204.7)
Balance, as of March 31, 2026	2,965.8
Equity Method Investee
Change in Equity Method Investments in Affiliates [Roll Forward]
Balance, as of December 31, 2025	2,870.4
Investments in Affiliates	246.9
Earnings, net of tax	182.0
Intangible amortization and impairments	(34.6)
Distributions of earnings	(295.8)
Foreign currency translation	(3.1)
Balance, as of March 31, 2026	2,965.8
Equity method investment, undistributed earnings	$ 165.9		$ 280.4

Investments in Affiliates and Affiliate Sponsored Investment Products - Affiliated Accounted For Under Equity Method (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entities
Carrying value of equity method investment in affiliate	$ 2,965.8	$ 2,870.4
Maximum loss exposure for affiliates accounted for under the equity method	3,573.1	3,352.1
Voting Rights Entities
Variable Interest Entities
Equity method investments	169.9	106.8
Maximum loss exposure for affiliates accounted for under the equity method	169.9	106.8
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Carrying value of equity method investment in affiliate	2,795.9	2,763.6
Maximum loss exposure attributable to affiliates accounted for under equity method	3,403.2	3,245.3
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities
Carrying value of equity method investment in affiliate	95.7	88.9
Maximum loss exposure attributable to affiliate sponsored investment products	$ 158.9	$ 158.7

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accounting Standards and Policies	3 Months Ended
Accounting Standards and Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Accounting Standards and Policies	Accounting Standards and Policies Recent Accounting Developments In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires improved disclosure of the nature and disaggregation of income statement expenses. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which revises guidance on how an entity should identify the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity. The standard is effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which increases the operability of the recognition guidance considering different methods of software development. The standard is effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which amends certain aspects of the hedge accounting guidance to more closely align hedge accounting with the economics of an entity’s risk management activities. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total carrying value	$ 2,953.2	$ 2,728.7
Debt issuance costs	(34.6)	(37.4)
Debt	2,918.6	2,691.3
Senior bank debt
Debt Instrument [Line Items]
Total carrying value	565.0	0.0
Senior notes
Debt Instrument [Line Items]
Total carrying value	1,172.1	1,172.0
Junior subordinated notes
Debt Instrument [Line Items]
Total carrying value	1,216.1	1,216.1
Convertible Debt
Debt Instrument [Line Items]
Total carrying value	$ 0.0	$ 340.6

- Definition

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Redeemable Non-Controlling Interests

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Redeemable Non-Controlling Interests

Affiliate equity interests provide holders with an equity interest in one of the Company’s consolidated Affiliates, consistent

with the structured partnership interests in place at the respective Affiliate. Affiliate equity holders generally have a conditional

right to put their interests to the Company at certain intervals (between five years and 15 years from the date the equity interest

is received by the Affiliate equity holder or on an annual basis following an Affiliate equity holder’s departure). Prior to

becoming redeemable, the Company’s Affiliate equity is included in Non-controlling interests. Upon becoming redeemable,

these interests are reclassified to Redeemable non-controlling interests at their current redemption values. Changes in the

current redemption value are recorded to Additional paid-in capital. When the Company has an unconditional obligation to

purchase Affiliate equity interests, the interests are reclassified from Redeemable non-controlling interests to Other liabilities at

current fair value. Changes in fair value are recorded to Other expenses (net).

The following table presents the changes in Redeemable non-controlling interests:


		Redeemable Non-controlling Interests
Balance, as of December 31, 2025(1)		$246.8
Increase attributable to consolidated Affiliate sponsored investment products		3.8
Transfers to Other liabilities		(11.3)
Changes in redemption value		24.7
Balance, as of March 31, 2026(1)		$264.0

___________________________

(1)As of December 31, 2025 and March 31, 2026, Redeemable non-controlling interests includes consolidated Affiliate

sponsored investment products primarily attributable to third-party investors of $32.2 million and $36.0 million,

respectively.

Accounting Standards and Policies (Policies)	3 Months Ended
Accounting Standards and Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	The Consolidated Financial Statements of Affiliated Managers Group, Inc. (“AMG” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements.All dollar amounts, except per share, per unit, and per option data in the text and tables herein, are stated in millions unless otherwise indicated.
Reclassification	In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Recent Accounting Developments	Recent Accounting Developments In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires improved disclosure of the nature and disaggregation of income statement expenses. The standard is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which revises guidance on how an entity should identify the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity. The standard is effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which increases the operability of the recognition guidance considering different methods of software development. The standard is effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which amends certain aspects of the hedge accounting guidance to more closely align hedge accounting with the economics of an entity’s risk management activities. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim periods within those annual reporting periods. The Company is currently evaluating the potential impact that this standard may have on its Consolidated Financial Statements.
Investments in Affiliates and Affiliate Sponsored Investments Products	Investments in Affiliates and Affiliate Sponsored Investment Products In evaluating whether an investment must be consolidated, the Company evaluates the risk, rewards, and significant terms of each of its Affiliates and other investments to determine if an investment is considered a voting rights entity (“VRE”) or a variable interest entity (“VIE”). An entity is a VRE when the total equity investment at risk is sufficient to enable the entity to finance its activities independently, and when the equity holders have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact its economic performance. An entity is a VIE when it lacks one or more of the characteristics of a VRE, which, for the Company, are Affiliate investments structured as partnerships (or similar entities) where the Company is a limited partner and lacks substantive kick-out or substantive participation rights over the general partner. Assessing whether an entity is a VRE or VIE involves judgment. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a VRE or a VIE. The Company consolidates VREs when it has control over significant operating, financial, and investing decisions of the entity. When the Company lacks such control, but is deemed to have significant influence, the Company accounts for the VRE under the equity method. Investments with readily determinable fair values in which the Company does not have rights to exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included in Investment and other income in the Consolidated Statements of Income. The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. Substantially all of the Company’s consolidated Affiliates considered VIEs are controlled because the Company holds a majority of the voting interests or it is the managing member or general partner. Furthermore, an Affiliate’s assets can be used for purposes other than the settlement of the respective Affiliate’s obligations. The Company applies the equity method of accounting to VIEs where the Company is not the primary beneficiary, but has the ability to exercise significant influence over operating and financial matters of the VIE. Investments in Affiliates Substantially all of the Company’s Affiliates are considered VIEs and are either consolidated or accounted for under the equity method. A limited number of the Company’s Affiliates are considered VREs and most of these are accounted for under the equity method. When an Affiliate is consolidated, the portion of the earnings attributable to Affiliate management’s and any co-investor’s equity ownership is included in Net income (non-controlling interests) in the Consolidated Statements of Income. Undistributed earnings attributable to Affiliate management’s and any co-investor’s equity ownership, along with their share of any tangible or intangible net assets, are included in Non-controlling interests on the Consolidated Balance Sheets. Affiliate equity interests where the holder has certain rights to demand settlement are presented, at their current redemption values, as Redeemable non-controlling interests or Other liabilities on the Consolidated Balance Sheets. The Company periodically issues, sells, and purchases the equity of its consolidated Affiliates. Because these transactions take place between entities that are under common control, any gains or losses attributable to these transactions are required to be included in Additional paid- in capital on the Consolidated Balance Sheets, net of any related income tax effects in the period the transaction occurs. When an Affiliate is accounted for under the equity method, the Company’s share of an Affiliate’s earnings or losses, net of intangible amortization and impairments and tax, is included in Equity method income (net) in the Consolidated Statements of Income and the carrying value of the Affiliate is recorded in Equity method investments in Affiliates (net) in the Consolidated Balance Sheets. The Company periodically performs assessments to determine if the fair value of an investment may have declined below its related carrying value for its Affiliates accounted for under the equity method for a period that the Company considers to be other-than-temporary. The Company performs these assessments if certain triggering events occur or annually during the fourth quarter. The Company first considers whether certain qualitative factors indicate an increased likelihood of a decline in the fair value of an Affiliate during the reporting period. If such a decline is identified, and it is likely that an investment’s fair value may have declined below its carrying value, the Company performs a quantitative assessment to determine if an impairment exists. Impairments are recorded as an expense in Equity method income (net) to reduce the carrying value of the Affiliate to fair value. Affiliate Sponsored Investment Products The Company’s Affiliates sponsor various investment products where the Affiliate also acts as the investment adviser. These investment products are typically owned primarily by third-party investors; however, certain products are funded with general partner and seed capital investments from the Company and its Affiliates. Third-party investors in Affiliate sponsored investment products are generally entitled to substantially all of the economics of these products, except for the asset- and performance-based fees earned by the Company’s Affiliates or any gains or losses attributable to the Company’s or its Affiliates’ investments in these products. As a result, the Company generally does not consolidate these products. However, for certain products, the Company’s consolidated Affiliates, as the investment manager, have the power to direct the activities of the investment product and have an exposure to the economics of the product that is more than insignificant, though generally only for a short period while the product is established and has yet to attract significant third-party investors. When the products are consolidated, the Company retains the specialized investment company accounting principles of the underlying products, and all of the underlying investments are carried at fair value in Investments, with corresponding changes in the investments’ fair values included in Investment and other income. Purchases and sales of securities are included in purchases and sales by consolidated Affiliate sponsored investment products in the Consolidated Statements of Cash Flows, respectively, and the third-party investors’ interests are recorded in Redeemable non-controlling interests. When the Company or its consolidated Affiliates no longer control these products, due to a reduction in ownership or other reasons, the products are deconsolidated with only the Company’s or its consolidated Affiliate’s investment in the product reported from the date of deconsolidation. The Company’s carrying value and maximum exposure to loss from unconsolidated Affiliate sponsored investment products, is its or its consolidated Affiliates’ interests in the unconsolidated net assets of the respective products.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

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+ Details

Investments - Investments Without Readily Determinable Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Cost	$ 8.5		$ 8.5
Cumulative unrealized gains	41.9		41.9
Carrying amount	50.4	$ 50.4	$ 50.4	$ 50.4
Upward adjustments	0.0	0.0
Downward adjustments	$ 0.0	$ 0.0

Debt - Senior Notes and Junior Subordinated Notes (Details)	3 Months Ended
	Mar. 31, 2026
Junior subordinated notes \| On or after March 30, 2029
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| If changes in tax laws and interpretations occur
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Junior subordinated notes \| If a rating agency makes certain changes relating to the equity credit criteria for securities
Debt Instrument [Line Items]
Redemption price percentage	102.00%
2030 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage, triggering events	101.00%
Redemption price percentage	100.00%
Applicable basis spread over redemption price percentage	0.40%
2034 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage, triggering events	101.00%
Redemption price percentage	100.00%
Applicable basis spread over redemption price percentage	0.25%
2036 Senior Notes \| Senior notes
Debt Instrument [Line Items]
Redemption price percentage, triggering events	101.00%

Share-Based Compensation - Schedule of the Transactions of the Company's Stock Options (Details) shares in Millions	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Stock Options
Unexercised options outstanding - beginning balance (in shares) \| shares	0.3
Options granted (in shares) \| shares	0.0
Options exercised (in shares) \| shares	(0.1)
Options forfeited (in shares) \| shares	0.0
Options expired (in shares) \| shares	0.0
Performance condition changes (in shares) \| shares	0.0
Unexercised options outstanding - ending balance (in shares) \| shares	0.2
Stock Options, Exercisable at the end of the period (in shares) \| shares	0.1
Weighted Average Exercise Price Per Option
Unexercised options outstanding - beginning balance (in dollars per share) \| $ / shares	$ 92.73
Options granted (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	75.54
Options forfeited (in dollars per share) \| $ / shares	0
Options expired (in dollars per share) \| $ / shares	0
Performance condition changes (in dollars per share) \| $ / shares	0
Unexercised options outstanding - ending balance (in dollars per share) \| $ / shares	98.57
Weighted Average Exercise Price, Exercisable at the end of the period (in dollars per share) \| $ / shares	$ 85.64
Weighted Average Remaining Contractual Life (Years)
Unexercised options outstanding at the end of the period	1 year 3 months 18 days
Exercisable at the end of the period	8 months 12 days

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flow from (used in) operating activities:
Net income	$ 146.4	$ 99.2
Adjustments to reconcile Net income to cash flow from (used in) operating activities:
Intangible amortization and impairments	49.2	83.3
Depreciation and other amortization	2.5	2.8
Deferred income tax expense (benefit)	(45.7)	7.9
Equity method income (net)	(147.4)	(75.3)
Distributions received from equity method investments	294.4	204.7
Share-based compensation and Affiliate equity expense	53.5	23.7
Net realized and unrealized (losses) gains on investment securities	3.9	(1.4)
Other non-cash items	9.8	(0.7)
Changes in assets and liabilities:
Purchases of securities by consolidated Affiliate sponsored investment products	(14.4)	(24.0)
Sales of securities by consolidated Affiliate sponsored investment products	10.4	20.1
Increase in receivables	(393.5)	(161.1)
(Increase) decrease in other assets	1.6	(3.1)
Increase in payables, accrued liabilities, and other liabilities	328.6	32.8
Cash flow from operating activities	299.3	208.9
Cash flow from (used in) investing activities:
Investments in Affiliates	(242.3)	(49.5)
Purchases of fixed assets	(3.8)	(1.6)
Purchases of investment securities	(18.6)	(8.2)
Maturities and sales of investment securities	35.7	23.7
Cash flow used in investing activities	(229.0)	(35.6)
Cash flow from (used in) financing activities:
Borrowings of senior bank debt	625.0	0.0
Repayments of senior bank debt	(60.0)	0.0
Repayments of junior convertible securities	(340.6)	0.0
Conversion payments on junior convertible securities	(174.0)	0.0
Repurchases of common stock, net	(185.1)	(176.2)
Distributions to non-controlling interests	(84.1)	(87.0)
Affiliate equity purchases, net	(29.3)	(28.3)
Other financing items	(29.2)	(25.4)
Cash flow used in financing activities	(277.3)	(316.9)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(2.9)	4.1
Net decrease in cash and cash equivalents	(209.9)	(139.5)
Cash and cash equivalents at beginning of period	586.0	950.0
Effect of consolidation of Affiliate sponsored investment products	0.0	6.0
Cash and cash equivalents at end of period	$ 376.1	$ 816.5

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates in one segment. Accordingly, the Company’s Consolidated revenue, Net income, and Total assets reflect the revenue, profit, and assets of the Company’s single segment, respectively. The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM uses Net income in assessing the performance and in determining the allocation of resources of the Company’s reportable segment. The CODM is regularly provided expense information consistent with the expense categories presented in the Company’s Consolidated Statements of Income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Method Investments in Affiliates (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Changes in Equity Method Investments in Affiliates

The following table presents the changes in Equity method investments in Affiliates (net):


	Equity Method Investments in Affiliates (Net)
Balance, as of December 31, 2025(1)	$2,870.4
Investments in Affiliates	246.9
Earnings, net of tax	182.0
Intangible amortization and impairments	(34.6)
Distributions of earnings	(295.8)
Foreign currency translation	(3.1)
Balance, as of March 31, 2026(1)	$2,965.8

_______________________

(1)Includes undistributed earnings of $280.4 million and $165.9 million as of December 31, 2025 and March 31, 2026,

respectively.

Comprehensive Income - Summary of the Tax Effects Allocated to Each Component of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	$ (15.2)	$ (10.4)
Tax (Expense) Benefit	(0.2)	5.6
Other comprehensive loss, net of tax	(15.4)	(4.8)
Foreign currency translation loss
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	(15.7)	(11.3)
Tax (Expense) Benefit	(0.2)	5.6
Other comprehensive loss, net of tax	(15.9)	(5.7)
Change in net realized and unrealized gain (loss) on derivative financial instruments
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.5	0.5
Tax (Expense) Benefit	0.0	0.0
Other comprehensive loss, net of tax	0.5	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities
Accumulated Other Comprehensive Income (Loss)
Pre-Tax	0.0	0.4
Tax (Expense) Benefit	0.0	0.0
Other comprehensive loss, net of tax	$ 0.0	$ 0.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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+ Details

Affiliate Equity - Summary of Affiliate Recognized and Unrecognized Expense (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Affiliate Equity [Line Items]
Affiliate equity compensation expense	$ 46.6	$ 12.9
Non- controlling Interests
Affiliate Equity [Line Items]
Non-controlling interests	$ 8.4	9.3
Unrecognized Affiliate Equity Expense [Abstract]
Remaining Life	5 years		5 years
Non-controlling Interests	$ 159.6		$ 159.5
Affiliated Entity
Affiliate Equity [Line Items]
Controlling interest	38.2	$ 3.6
Unrecognized Affiliate Equity Expense [Abstract]
Controlling Interest	$ 91.7		$ 71.7
Remaining Life	2 years		2 years

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 05, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-13459
Entity Registrant Name	AFFILIATED MANAGERS GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3218510
Entity Address, Address Line One	1001 U.S. Highway One North
Entity Address, City or Town	Jupiter
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33477
City Area Code	800
Local Phone Number	345-1100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,412,085
Entity Central Index Key	0001004434
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Common Stock ($0.01 par value)
Document Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	AMG
Security Exchange Name	NYSE
5.875% Junior Subordinated Notes due 2059
Document Information [Line Items]
Title of 12(b) Security	5.875% Junior Subordinated Notes due 2059
Trading Symbol	MGR
Security Exchange Name	NYSE
4.750% Junior Subordinated Notes due 2060
Document Information [Line Items]
Title of 12(b) Security	4.750% Junior Subordinated Notes due 2060
Trading Symbol	MGRB
Security Exchange Name	NYSE
4.200% Junior Subordinated Notes due 2061
Document Information [Line Items]
Title of 12(b) Security	4.200% Junior Subordinated Notes due 2061
Trading Symbol	MGRD
Security Exchange Name	NYSE
6.750% Junior Subordinated Notes due 2064
Document Information [Line Items]
Title of 12(b) Security	6.750% Junior Subordinated Notes due 2064
Trading Symbol	MGRE
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01

Investments - Schedule of Changes in Other Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Investments [Roll Forward]
Balance, beginning of period	$ 626.8	$ 539.0
Purchases and commitments funded	15.9	8.1
Sales and distributions	(24.8)	(24.8)
Net realized and unrealized gains	3.4	4.0
Balance, end of period	621.3	526.3
Equity Securities Without Readily Determinable Fair Value [Roll Forward]
Balance, beginning of period	50.4	50.4
Purchases and commitments funded	0.0	0.0
Sales and distributions	0.0	0.0
Net realized and unrealized gains	0.0	0.0
Balance, end of period	50.4	50.4
Fair Value Measured at NAV
Other Investments [Roll Forward]
Balance, beginning of period	576.4	488.6
Purchases and commitments funded	15.9	8.1
Sales and distributions	(24.8)	(24.8)
Net realized and unrealized gains	3.4	4.0
Balance, end of period	$ 570.9	$ 475.9

Affiliate Equity

3 Months Ended

Mar. 31, 2026

Affiliate Equity [Abstract]

Affiliate Equity

Affiliate equity interests are allocated income in a manner that is consistent with the structured partnership interests in

place at the respective Affiliate. The Company’s consolidated Affiliates generally pay quarterly distributions to Affiliate equity

holders. Distributions paid to non-controlling interest Affiliate equity holders were $87.0 million and $84.1 million for the

three months ended March 31, 2025 and 2026, respectively.

The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated

Affiliate partners and other parties under agreements that provide the Company a conditional right to call and Affiliate equity

holders the conditional right to put their Affiliate equity interests to the Company at certain intervals. The Company has the

right to settle a portion of these purchases in shares of its common stock. For Affiliates accounted for under the equity method,

the Company does not typically have such put and call arrangements. For the three months ended March 31, 2025 and 2026,

the amount of cash paid for purchases was $29.8 million and $33.2 million, respectively. For the three months ended March 31,

2025 and 2026, the total amount of cash received for issuances was $1.5 million and $3.9 million, respectively.

Sales and purchases of Affiliate equity generally occur at fair value; however, the Company also grants Affiliate equity to

its consolidated Affiliate partners and other parties as a form of compensation. If the equity is issued for consideration below

the fair value of the equity, or purchased for consideration above the fair value of the equity, the difference is recorded as

compensation expense in Compensation and related expenses over the requisite service period.

The following table presents Affiliate equity expense:


	For the Three Months Ended March 31,
	2025	2026
Controlling interest	$3.6	$38.2
Non-controlling interests	9.3	8.4
Total	$12.9	$46.6

The following table presents unrecognized Affiliate equity expense:


	Controlling Interest	Remaining Life	Non-controlling Interests	Remaining Life
December 31, 2025	$71.7	2 years	$159.5	5 years
March 31, 2026	91.7	2 years	159.6	5 years

The Company records amounts receivable from, and payable to, Affiliate equity holders in connection with the transfer of

Affiliate equity interests that have not settled at the end of the period. The total receivable was $4.7 million and $6.7 million as

of December 31, 2025 and March 31, 2026, respectively, and was included in Other assets. The total payable was $161.2

million and $194.2 million as of December 31, 2025 and March 31, 2026, respectively, and was included in Other liabilities.

Effects of Changes in the Company’s Ownership in Affiliates

The Company periodically acquires interests from, and transfers interests to, Affiliate equity holders. Because these

transactions do not result in a change of control, any gain or loss related to these transactions is recorded to Additional paid-in

capital, which increases or decreases the controlling interest’s equity. No gain or loss related to these transactions is recorded in

the Consolidated Statements of Income or the Consolidated Statements of Comprehensive Income.

While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests,

with changes in the current redemption value increasing or decreasing the controlling interest’s equity over time, the following

table presents the cumulative effect that ownership changes had on the controlling interest’s equity related only to Affiliate

equity transactions that occurred during the applicable periods:


	For the Three Months Ended March 31,
	2025	2026
Net income (controlling interest)	$72.4	$110.4
Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances	0.4	(0.5)
Decrease in controlling interest paid-in capital from Affiliate equity purchases	(12.0)	(16.2)
Net income (controlling interest) including the net impact of Affiliate equity transactions	$60.8	$93.7

Investments - Schedule of Investments in Marketable Securities and Other Investments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 47.5	$ 34.8
Debt securities	51.8	50.0
Total marketable securities	99.3	84.8
Investments measured at NAV as a practical expedient	570.9	576.4
Investments without readily determinable fair values	50.4	50.4	$ 50.4	$ 50.4
Total other investments	621.3	626.8	$ 526.3	$ 539.0
Investments	$ 720.6	$ 711.6

- Definition

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

+ Details

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

Comprehensive Income

3 Months Ended

Mar. 31, 2026

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income:


	For the Three Months Ended March 31,
	2025			2026
	Pre-Tax	Tax Benefit	Net of Tax	Pre-Tax	Tax Expense	Net of Tax
Foreign currency translation loss	$(11.3)	$5.6	$(5.7)	$(15.7)	$(0.2)	$(15.9)
Change in net realized and unrealized gain (loss) on derivative financial instruments	0.5	—	0.5	0.5	—	0.5
Change in net unrealized gain (loss) on available-for-sale debt securities	0.4	—	0.4	—	—	—
Other comprehensive loss	$(10.4)	$5.6	$(4.8)	$(15.2)	$(0.2)	$(15.4)

The components of accumulated other comprehensive loss, net of taxes, were as follows:


	Foreign Currency Translation Adjustment	Realized and Unrealized Gains (Losses) on Derivative Financial Instruments	Total
Balance, as of December 31, 2025	$(183.6)	$(0.5)	$(184.1)
Other comprehensive income (loss) before reclassifications	(15.9)	1.0	(14.9)
Amounts reclassified	—	(0.5)	(0.5)
Net other comprehensive income (loss)	(15.9)	0.5	(15.4)
Balance, as of March 31, 2026	$(199.5)	$0.0	$(199.5)

Basis of Presentation and Use of Estimates	3 Months Ended
Basis of Presentation and Use of Estimates	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The Consolidated Financial Statements of Affiliated Managers Group, Inc. (“AMG” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for full year financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the Company’s interim financial position and results of operations have been included and all intercompany balances and transactions have been eliminated. Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Operating results for interim periods are not necessarily indicative of the results that may be expected for any other period or for the full year. The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 includes additional information about its operations, financial position, and accounting policies, and should be read in conjunction with this Quarterly Report on Form 10-Q. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. All dollar amounts, except per share, per unit, and per option data in the text and tables herein, are stated in millions unless otherwise indicated.

Share-Based Compensation - Restricted Stock Units Transactions (Details) - Restricted Stock Units shares in Millions	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted Stock Units
Unvested units - beginning balance (in shares) \| shares	1.0
Units granted (in shares) \| shares	0.1
Units vested (in shares) \| shares	(0.2)
Units forfeited (in shares) \| shares	(0.1)
Performance condition changes (in shares) \| shares	0.0
Unvested units - ending balance (in shares) \| shares	0.8
Weighted Average Grant Date Value Per Unit
Unvested units - beginning balance (in dollars per share) \| $ / shares	$ 161.80
Units granted (in dollars per share) \| $ / shares	299.17
Units vested (in dollars per share) \| $ / shares	153.98
Units forfeited (in dollars per share) \| $ / shares	170.21
Performance condition changes (in dollars per share) \| $ / shares	0
Unvested units - ending balance (in dollars per share) \| $ / shares	$ 180.68

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contingent Payment Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 0.0	$ 5.7
Purchases and issuances	0.0	0.0
Settlements and reductions	0.0	0.0
Net realized and unrealized (gains) losses	0.0	(0.1)
Balance, end of period	0.0	5.6
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	0.0	(0.1)
Affiliate Equity Purchase Obligations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	161.2	54.8
Purchases and issuances	32.0	22.0
Settlements and reductions	(33.9)	(29.7)
Net realized and unrealized (gains) losses	34.9	1.3
Balance, end of period	194.2	48.4
Net change in unrealized (gains) losses relating to instruments still held at the reporting date	$ 34.9	$ 1.3

Debt - Schedule of Principal Terms of Senior and Junior Subordinated Notes (Details) $ in Millions	Mar. 31, 2026 USD ($)
Senior notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Par value	$ 350.0
Stated coupon	3.30%
Senior notes \| 2034 Senior Notes
Debt Instrument [Line Items]
Par value	$ 400.0
Stated coupon	5.50%
Senior notes \| 2036 Senior Notes
Debt Instrument [Line Items]
Par value	$ 425.0
Stated coupon	5.50%
Junior subordinated notes \| 2059 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 300.0
Stated coupon	5.875%
Junior subordinated notes \| 2060 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 275.0
Stated coupon	4.75%
Junior subordinated notes \| 2061 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 200.0
Stated coupon	4.20%
Junior subordinated notes \| 2064 Junior Subordinated Notes
Debt Instrument [Line Items]
Par value	$ 450.0
Stated coupon	6.75%

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company and its Affiliates may be subject to claims, legal proceedings, and other contingencies in the ordinary course of their business activities. Any such matters are subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company or its Affiliates. The Company and its Affiliates establish accruals, as necessary, for matters for which the outcome is probable and the amount of the liability can be reasonably estimated. For matters for which the outcome is probable but not reasonably estimable or where the outcome is reasonably possible but not probable, the Company provides disclosure related to such matters, as necessary. The Company has committed to co-invest in certain Affiliate sponsored investment products. As of March 31, 2026, these unfunded commitments were $420.9 million and may be called in future periods. As of March 31, 2026, the Company was contingently liable to make payments in connection with a consolidated Affiliate, which are included in Other liabilities. The Company is contingently liable to make maximum contingent payments of up to $100.0 million ($24.9 million attributable to a co-investor). The fair value of the contingent payment obligation was $0.0 million. The final measurement date of the contingent payment obligation is in July 2026. As of March 31, 2026, the Company was obligated to make deferred payments of $84.7 million related to certain of its investments in Affiliates accounted for under the equity method, of which $55.8 million is payable during the remainder of 2026 and $28.9 million is payable in 2027. Deferred payment obligations are included in Other liabilities. As of March 31, 2026, the Company was contingently liable to make payments of $577.3 million related to the achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $0.0 million may become payable during the remainder of 2026, $366.3 million may become payable in 2027, $35.8 million may become payable in 2028, $40.3 million may become payable in each of 2029 and 2030, and $94.6 million may become payable in 2031. As of March 31, 2026, the Company was committed to provide one of its Affiliates accounted for under the equity method a guarantee related to a credit facility used to fund a portion of the Affiliate’s commitments to certain of its investment products. The Company believes the likelihood of being required to fund its guarantee under this arrangement to be remote. The maximum amount of payments the Company could be required to make was $30.0 million and the fair value of the guarantee liability was $0.0 million. Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the Company over time. See Note 12. The Company and certain of its consolidated Affiliates operate under regulatory authorities that require the maintenance of minimum financial or capital requirements. The Company’s management is not aware of any significant violations of such requirements.

Investments - Debt Securities, Trading (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Trading
Cost	$ 52.3	$ 49.4
Unrealized gains	0.5	1.1
Unrealized losses	(1.0)	(0.5)
Fair value	$ 51.8	$ 50.0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1

+ Details

Investments - Cost, Gross Unrealized Gains and Losses and Fair Value (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Cost	$ 48.0	$ 37.5
Unrealized gains	8.7	6.1
Unrealized losses	(9.2)	(8.8)
Fair value	$ 47.5	$ 34.8

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

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


		Fair Value Measurements
	December 31, 2025	Fair Value Measurements
	December 31, 2025	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (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


		Fair Value Measurements
	March 31, 2026	Fair Value Measurements
	March 31, 2026	Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
Financial Assets(1)
Investments in equity securities	$47.5	$47.5	$—	$—
Investments in debt securities	51.8	—	51.8	—
Financial Liabilities(2)
Contingent payment obligations	$0.0	$—	$—	$0.0
Affiliate equity purchase obligations	194.2	—	—	194.2

___________________________

(1)Amounts are recorded in Investments on the Consolidated Balance Sheets.

(2)Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.

Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:


	For the Three Months Ended March 31,
	2025		2026
	Contingent Payment Obligations	Affiliate Equity Purchase Obligations	Contingent Payment Obligations	Affiliate Equity Purchase Obligations
Balance, beginning of period	$5.7	$54.8	$0.0	$161.2
Purchases and issuances(1)	—	22.0	—	32.0
Settlements and reductions	—	(29.7)	—	(33.9)
Net realized and unrealized (gains) losses(2)	(0.1)	1.3	—	34.9
Balance, end of period	$5.6	$48.4	$0.0	$194.2

Net change in unrealized (gains) losses relating to instruments still held at the reporting date(2)	$(0.1)	$1.3	$—	$34.9

___________________________

(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, in the Consolidated

Statements of Income. Changes to the redemption value of Affiliate equity purchase obligations are included in

Compensation and related expenses in the Consolidated Statements of Income.

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, 2025			March 31, 2026
	Valuation Techniques	Unobservable Input	Fair Value	Range	Weighted Average(1)	Fair Value	Range	Weighted Average(1)
Contingent payment obligations	Monte Carlo simulation	Volatility	$0.0	13%	13%	$0.0	9%	9%
		Discount rates		5%	5%		5%	5%
Affiliate equity purchase obligations	Discounted cash flow	Growth rates(2)	$113.0	(10)% - 11%	3%	$116.0	(10)% - 6%	3%
		Discount rates		11% - 18%	14%		12% - 19%	15%
	Monte Carlo simulation	Volatility	$48.2	15%	15%	$78.2	15%	15%
		Discount rates		5%	5%		5% - 6%	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.

Contingent payment obligations represent the fair value of the expected future settlement amounts related to the

Company’s investments in its consolidated Affiliates. Changes to assumed volatility and discount rates change the fair value of

contingent payment obligations. Increases to the volatility rates used would result in higher fair values, while increases to the

discount rates used would result in lower fair values.

Affiliate equity purchase obligations include agreements to purchase Affiliate equity and represent the fair value of the

expected future settlement amounts. When using a discounted cash flow valuation technique, increases to the assumed growth

rates used would result in higher fair values, while increases to the discount rates used would result in lower fair values. When

using a Monte Carlo valuation technique, changes to assumed volatility and discount rates change the fair value of Affiliate

equity purchase obligations. Increases to the volatility rates used would result in higher fair values, while increases to the

discount rates used would result in lower fair values.

Other Financial Assets and Liabilities Not Carried at Fair Value

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


	December 31, 2025		March 31, 2026
	Carrying Value	Fair Value	Carrying Value	Fair Value	Fair Value Hierarchy
Senior notes	$1,172.0	$1,171.0	$1,172.1	$1,142.1	Level 2
Junior subordinated notes	1,216.1	995.2	1,216.1	930.1	Level 2

The carrying amount of Cash and cash equivalents, Receivables, Payables and accrued liabilities, and certain Other

liabilities approximates fair value because of the short-term nature of these instruments. The carrying value of the revolver (as

defined in Note 6) approximates fair value because the revolver has variable interest based on selected short-term rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

The following table summarizes the Company’s Investments:


	December 31, 2025	March 31, 2026
Marketable securities
Equity securities	$34.8	$47.5
Debt securities	50.0	51.8
Total marketable securities	84.8	99.3
Other investments
Investments measured at NAV as a practical expedient	576.4	570.9
Investments without readily determinable fair values	50.4	50.4
Total other investments	626.8	621.3
Investments	$711.6	$720.6

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

equity securities:


	December 31, 2025	March 31, 2026
Cost	$37.5	$48.0
Unrealized gains	6.1	8.7
Unrealized losses	(8.8)	(9.2)
Fair value	$34.8	$47.5

The following table summarizes the cost, gross unrealized gains, gross unrealized losses, and fair value of investments in

consolidated Affiliate sponsored investment products classified as trading:


	December 31, 2025	March 31, 2026
Cost	$49.4	$52.3
Unrealized gains	1.1	0.5
Unrealized losses	(0.5)	(1.0)
Fair value	$50.0	$51.8

Schedule of Other Investments and Unfunded Commitments

The following table summarizes the fair values of investments that are measured at net asset value (“NAV”) as a practical

expedient:


	December 31, 2025	March 31, 2026
Investments with limited liquidity(1)	$535.7	$529.5
Investments with periodic liquidity(2)	40.7	41.4
Total(3)	$576.4	$570.9

___________________________

(1)The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying

assets are liquidated over the life of the investments, which is generally up to 15 years. The Company accounts for the

majority of its interests in investments with limited liquidity one quarter in arrears (adjusted for current period calls and

distributions).

(2)Investments with periodic liquidity are generally redeemable on a daily, monthly, or quarterly basis.

(3)Investments measured at NAV as a practical expedient primarily invest in a broad range of private markets. Fair value

attributable to the controlling interest was $456.6 million and $456.2 million as of December 31, 2025 and March 31, 2026,

respectively.

Schedule of Investments without Readily Determinable Fair Value

The following table summarizes the cost, cumulative unrealized gains, and carrying amount of the Company’s investment

in a private corporation where it does not exercise significant influence, and does not have a readily determinable fair value:


	December 31, 2025	March 31, 2026
Cost	$8.5	$8.5
Cumulative unrealized gains	41.9	41.9
Carrying amount	$50.4	$50.4

The following table presents the changes in other investments:


	For the Three Months Ended March 31,
	2025			2026
	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total	Measured at NAV as a Practical Expedient	Without Readily Determinable Fair Values	Total
Balance, beginning of period	$488.6	$50.4	$539.0	$576.4	$50.4	$626.8
Purchases and commitments funded	8.1	—	8.1	15.9	—	15.9
Sales and distributions	(24.8)	—	(24.8)	(24.8)	—	(24.8)
Net realized and unrealized gains	4.0	—	4.0	3.4	—	3.4
Balance, end of period	$475.9	$50.4	$526.3	$570.9	$50.4	$621.3

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

The calculation of Earnings per share (basic) is based on the weighted average number of shares of the Company’s

common stock outstanding during the period. Earnings per share (diluted) is similar to Earnings per share (basic), but adjusts

for the dilutive effect of the potential issuance of incremental shares of the Company’s common stock.

The following is a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per

share available to common stockholders:


	For the Three Months Ended March 31,
	2025	2026
Numerator
Net income (controlling interest)	$72.4	$110.4
Loss from hypothetical settlement of Redeemable non-controlling interests, net of taxes	(3.9)	(5.1)
Interest expense on junior convertible securities, net of taxes	3.4	—
Net income (controlling interest), as adjusted	$71.9	$105.3
Denominator
Average shares outstanding (basic)	29.2	26.8
Effect of dilutive instruments:
Stock options and restricted stock units	1.3	0.5
Hypothetical issuance of shares to settle Redeemable non-controlling interests	0.4	0.2
Assumed issuance of junior convertible securities shares	1.7	—
Average shares outstanding (diluted)	32.6	27.5

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met

certain performance conditions and instruments that have an anti-dilutive effect on Earnings per share (diluted). The following

is a summary of items excluded from the denominator in the table above:


	For the Three Months Ended March 31,
	2025	2026
Stock options and restricted stock units	0.3	0.1
Shares issuable to settle Redeemable non-controlling interests	2.9	1.3

For the three months ended March 31, 2026, under its authorized share repurchase programs, the Company repurchased 0.6

million shares of its common stock at an average price per share of $307.01.