Borrowings and Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions):

	December 31, 2025					December 31, 2024
(in millions)	Carrying value		Fair Value		Fair Value Level	Carrying value		Fair Value		Fair Value Level
Revolving credit facilities:
$140 million revolving credit facility expiring August 29, 2027(1)(2)	$	—	$	—		$	—	$	—
$175 million revolving credit facility expiring October 28, 2028(1)(2)	—		—			—		—
Total revolving credit facility	$	—	$	—		$	—	$	—
Third-party borrowings:
$275 million 4.80% Senior Notes Due July 27, 2026(3)(4)	—		—		2	274.3		271.7		2
$200 million Delayed Draw Term Loan Due October 28, 2028(1)	200.0		200.0			—		$	—
Total third-party borrowings	$	200.0	$	200.0		$	274.3	$	271.7

(1)Fair value approximates carrying value because the credit facility and the delayed draw term loan have variable interest rates based on selected short term market rates.

(2)On October 28, 2025, Acadian LLC’s $140 million revolving credit facility (the “Prior LLC Credit Agreement”) was terminated and replaced with a new $175 million revolving credit facility. The weighted average interest rate for the Prior LLC Credit Agreement was 5.93%, 6.93% and 6.19% in 2025, 2024 and 2023, respectively.

(3)The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

(4)On December 1, 2025, the Company completed the full redemption of the $275 million aggregate principal amount outstanding of its 4.80% Senior Notes due July 27, 2026. As a result of this transaction, the Company recorded a $1.4 million loss on extinguishment of debt within the Consolidated Statement of Operations for the year ended December 31, 2025.

Schedule of Aggregate Maturities of Debt Commitments

As of December 31, 2025, the aggregate maturities of debt commitments, based on their contractual terms, are as follows:

	Future minimum debt commitments
2026	$	—
2027	—
2028	200.0
2029	—
2030	—
Thereafter	—
Total	$	200.0