Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Investments	$ 141.6	$ 221.9
Total assets	677.0	703.2
Liabilities and stockholders’ equity
Other compensation liabilities	128.9	92.5
Operating lease liabilities	61.4
Total liabilities	593.0	616.1
Commitments and contingencies
Equity:
Total equity and redeemable non-controlling interests in consolidated Funds	84.0	87.1
Total liabilities and equity	677.0	703.2
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	101.2	94.8
Investment advisory fees receivable	178.5	164.7
Income taxes receivable	2.9	3.0
Fixed assets, net	31.0	35.7
Right of use assets	47.6	52.5
Investments	51.2	67.9
Goodwill	20.3	20.3
Other assets	28.3	26.7
Deferred tax assets	77.5	78.3
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	37.6	37.9
Accrued incentive compensation	129.9	119.6
Other compensation liabilities	128.9	92.5
Accrued income taxes	4.1	3.3
Operating lease liabilities	61.4	67.3
Revolving credit facility	0.0	0.0
Third party borrowings	200.0	274.3
Equity:
Common stock (par value $0.001; 35,709,120 and 37,477,707 shares, respectively, issued)	0.0	0.0
Additional paid-in capital	1.0	0.0
Retained earnings	56.2	24.4
Accumulated other comprehensive income (loss)	3.4	(4.4)
Consolidated Funds
Assets
Investments	90.4	154.0
Other assets	24.9	1.6
Cash and cash equivalents, restricted	23.2	3.7
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	21.8	0.5
Other liabilities	1.5	0.3
Securities sold short	7.8	20.4
Redeemable non-controlling interests in consolidated Funds	$ 23.4	$ 67.1