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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Total revenue $ 144.2 $ 123.1 $ 391.5 $ 337.8
Operating expenses:        
Total operating expenses 117.6 96.1 316.8 267.3
Operating income 26.6 27.0 74.7 70.5
Non-operating income and (expense):        
Investment income 0.0 1.5 0.1 2.5
Interest income 0.9 0.6 2.8 2.8
Interest expense (4.6) (4.7) (14.7) (15.0)
Total non-operating income (loss) 7.8 1.4 15.4 (3.2)
Income before income taxes 34.4 28.4 90.1 67.3
Income tax expense 7.4 9.4 20.2 21.1
Consolidated net income 27.0 19.0 69.9 46.2
Net income attributable to redeemable non-controlling interests in consolidated Funds 11.9 2.1 24.6 3.7
Net income attributable to controlling interests $ 15.1 $ 16.9 $ 45.3 $ 42.5
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.42 $ 0.46 $ 1.25 $ 1.12
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.42 $ 0.45 $ 1.25 $ 1.10
Weighted average common stock outstanding (in shares) 35,806,742 37,070,795 36,354,715 37,891,015
Weighted average diluted common stock outstanding (in shares) 35,846,621 37,794,164 36,379,908 38,585,072
Management fees        
Revenue:        
Total revenue $ 136.1 $ 112.1 $ 371.3 $ 319.8
Consolidated Entity Excluding Consolidated Funds        
Operating expenses:        
Compensation and benefits 84.7 69.6 229.3 189.9
General and administrative expense 23.5 21.8 67.6 62.9
Depreciation and amortization 4.1 4.5 12.5 14.1
Non-operating income and (expense):        
Investment income 0.0 1.5 0.1 2.5
Interest income 0.9 0.6 2.8 2.8
Interest expense (4.6) (4.7) (14.7) (15.0)
Consolidated net income     69.9 46.2
Consolidated Entity Excluding Consolidated Funds | Management fees        
Revenue:        
Total revenue 136.1 112.1 371.3 319.8
Consolidated Entity Excluding Consolidated Funds | Performance fees        
Revenue:        
Total revenue 0.2 10.1 8.1 16.0
Consolidated Funds        
Revenue:        
Total revenue 7.9 0.9 12.1 2.0
Operating expenses:        
Total operating expenses 5.3 0.2 7.4 0.4
Non-operating income and (expense):        
Net consolidated Funds’ investment gains 11.5 4.0 27.2 6.5
Net income attributable to redeemable non-controlling interests in consolidated Funds $ 11.9 $ 2.1 $ 24.6 $ 3.7