Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets
Investments	$ 141.9	$ 141.6
Total assets	715.4	677.0
Liabilities and stockholders’ equity
Operating lease liabilities	59.5
Total liabilities	616.0	593.0
Commitments and contingencies (Note 8)
Equity:
Total equity and redeemable non-controlling interests in consolidated Funds	99.4	84.0
Total liabilities and equity	715.4	677.0
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	129.0	101.2
Investment advisory fees receivable	190.0	178.5
Income taxes receivable	0.1	2.9
Fixed assets, net	31.2	31.0
Right of use assets	46.0	47.6
Investments	50.8	51.2
Goodwill	20.3	20.3
Other assets	29.0	28.3
Deferred tax assets	81.8	77.5
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	32.7	37.6
Accrued incentive compensation	47.4	129.9
Other compensation liabilities	142.5	128.9
Accrued income taxes	17.0	4.1
Operating lease liabilities	59.5	61.4
Revolving credit facility	85.0	0.0
Third party borrowings	200.0	200.0
Equity:
Common stock (par value $0.001; 35,628,988 and 35,709,120 shares, respectively, issued)	0.0	0.0
Additional paid-in capital	0.0	1.0
Retained earnings	74.2	56.2
Accumulated other comprehensive income	3.3	3.4
Consolidated Funds
Assets
Investments	91.1	90.4
Other assets	25.1	24.9
Cash and cash equivalents, restricted	21.0	23.2
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	21.8	21.8
Other liabilities	2.3	1.5
Securities sold short	7.8	7.8
Redeemable non-controlling interests in consolidated Funds	$ 21.9	$ 23.4