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Equity-based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-based Compensation Equity-based Compensation
Cash-settled Acadian LLC awards
The Company maintains a compensation arrangement with Acadian LLC whereby in exchange for continued service, Acadian LLC equity is either purchased by, or granted to Acadian LLC key employees subject to a limit imposed by the Company, and may be repurchased either by Acadian LLC key employees or by the Company at a future date at the then applicable fair value, subject to service requirements having been met. Compensation expense is recognized over the requisite service period equal to the cumulative vested fair value of the award at the end of each period up to the vesting date.
The Company accounts for the arrangement as “cash-settled” share-based payments, and accordingly a corresponding share-based payment liability is recorded. The fair value of the liabilities are determined with the assistance of third party valuation specialists using discounted cash flow analyses, which incorporate assumptions for the forecasted earnings information, market risk adjustments, discount rates, when award holders maximize value and post-vesting restrictions. Vested Acadian LLC liability-classified equity awards are revalued at each period end until settlement date, with changes in the liabilities included within compensation expense.
The following table presents the changes in the share-based payments liability for the years ended December 31 (in millions):
 202520242023
Balance, beginning of period$25.4 $23.0 $19.4 
Amortization and revaluation of granted awards12.8 10.5 6.2 
Repurchases (cash-settled)(1.2)(8.1)(2.6)
Balance, end of period$37.0 $25.4 $23.0 
Equity-settled corporate awards
Acadian Asset Management Inc. equity incentive plan
The Company has established various plans under which it is authorized to grant restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance-based restricted stock awards (“Performance-based RSAs”), performance-based restricted stock units (“Performance-based RSUs”) and stock option awards. These plans are maintained to provide equity-based compensation arrangements to employees and non-executive directors. Equity ownership encourages employees and directors to act in the best long-term interests of the Company. As of December 31, 2025, the Company had 4.5 million shares of common stock available to be granted under the various plans.
Compensation expense recognized by the Company for the years ended December 31, 2025, 2024 and 2023 in relation to these awards was $3.0 million, $0.9 million, and $1.2 million respectively. The related income tax benefit recognized for years ended December 31, 2025, 2024 and 2023 was $0.1 million, $0.1 million and $0.2 million respectively. Unamortized compensation expense related to unvested RSUs at December 31, 2025 of $7.3 million is expected to be recognized over a weighted-average period of 1.9 years. The service inception date for annual awards granted in 2025 is deemed to be January 1, 2024. It is anticipated that annual awards for 2025 with a fair value of $8.8 million will be granted during 2026 with a service inception date of January 1, 2025.
Grants of restricted stock units in Acadian Asset Management Inc.
The following table summarizes the activity related to restricted stock units:
202520242023
Acadian Asset Management Inc. RSUs
Number of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per shareNumber of sharesWeighted average grant date fair value per share
Outstanding at beginning of the year
62,689 $22.80 48,797 $24.19 71,664 $20.95 
Granted during the year43,493 26.99 44,639 21.68 49,494 24.04 
Forfeited during the year— — — — (15,823)25.05 
Vested during the year(38,461)23.06 (30,747)23.54 (56,538)19.72 
Outstanding at end of the year
67,721 $25.34 62,689 $22.80 48,797 $24.19 
The grant date fair value per share, calculated based on the closing price as quoted on the New York Stock Exchange on the measurement date, is used to determine the fair value of restricted stock units granted to employees. Restricted stock units under the plan generally have a vesting period of one to three years.
Grants of Stock Options in Acadian Asset Management Inc.
There were no stock option awards outstanding during the year ended December 31, 2025. The following tables summarizes the activity related to the Company’s stock option awards for 2024 and 2023, respectively:
2024
Stock OptionsWeighted average exercise priceWeighted average remaining contractual term (in years)Aggregate intrinsic value
Outstanding at beginning of the year
1,659,000 $10.64 0.8
Granted during the year
— — 
Forfeited during the year
— — 
Exercised during the year
(1,659,000)10.64 
Outstanding at end of the year
— $— 0.0$— 
Exercisable at end of the year
— $— 0.0$— 
2023
Stock OptionsWeighted average exercise priceWeighted average remaining contractual term (in years)Aggregate intrinsic value
Outstanding at beginning of the year
2,470,463 $10.97 1.6
Granted during the year
— — 
Forfeited during the year
(75,000)10.00 
Exercised during the year
(736,463)11.80 
Outstanding at end of the year
1,659,000 $10.64 0.8$14,128,440 
Exercisable at end of the year
1,659,000 $10.64 0.8$14,128,440 
There were no stock options granted by the Company during the years ended December 31, 2025, 2024, and 2023. There were no stock options vested and no stock options exercised during the year ended December 31, 2025. The total grant date fair value of options vested during the years ended December 31, 2024 and 2023 was $0.0 million and $1.3 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was $24.7 million and $5.1 million, respectively. The Company received $0.1 million and $0.0 million related to the exercise of options for the year ended December 31, 2024, and 2023, respectively. The Company realized tax benefits of $0.1 million, and $0.3 million related to the exercise of options for the year ended December 31, 2024, and 2023, respectively. Shares issued upon exercise of the options represent newly issued shares.