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Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Total revenue $ 563.7 $ 505.6 $ 426.6
Operating expenses:      
Total operating expenses 431.6 370.1 320.6
Operating income 132.1 135.5 106.0
Non-operating income and (expense):      
Investment income (loss) (0.1) 2.2 (0.1)
Interest income 3.7 3.5 6.1
Interest expense (21.7) (19.4) (19.6)
Loss on extinguishment of debt (1.4) 0.0 0.0
Total non-operating income (loss) 11.1 (9.8) (9.5)
Income before income taxes 143.2 125.7 96.5
Income tax expense 36.6 38.9 29.4
Net income 106.6 86.8 67.1
Net income attributable to redeemable non-controlling interests in consolidated Funds 26.6 1.8 1.3
Net income attributable to controlling interests $ 80.0 $ 85.0 $ 65.8
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 2.21 $ 2.25 $ 1.59
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 2.21 $ 2.22 $ 1.55
Weighted average common stock outstanding (in shares) 36,191,989 37,770,185 41,493,154
Weighted average diluted shares outstanding (in shares) 36,222,195 38,328,406 42,537,943
Management fees      
Revenue:      
Total revenue $ 517.7 $ 431.1 $ 373.2
Consolidated Entity Excluding Consolidated Funds      
Operating expenses:      
Compensation and benefits 313.9 265.5 217.9
General and administrative expense 92.0 85.2 82.6
Depreciation and amortization 16.6 18.5 17.3
Non-operating income and (expense):      
Investment income (loss) (0.1) 2.2 (0.1)
Interest income 3.7 3.5 6.1
Interest expense (21.7) (19.4) (19.6)
Loss on extinguishment of debt (1.4) 0.0 0.0
Net income 106.6 86.8 67.1
Consolidated Entity Excluding Consolidated Funds | Management fees      
Revenue:      
Total revenue 517.7 431.1 373.2
Consolidated Entity Excluding Consolidated Funds | Performance fees      
Revenue:      
Total revenue 31.4 71.4 50.4
Consolidated Funds      
Revenue:      
Total revenue 14.6 3.1 3.0
Operating expenses:      
Total operating expenses 9.1 0.9 2.8
Non-operating income and (expense):      
Net consolidated Funds’ investment gains 30.6 3.9 4.1
Net income attributable to redeemable non-controlling interests in consolidated Funds $ 26.6 $ 1.8 $ 1.3