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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Total revenue $ 96.3 $ 95.5 $ 188.1 $ 207.7
Operating expenses:        
Compensation and benefits 48.5 27.0 97.6 73.8
General and administrative expense 21.8 16.5 40.2 33.4
Depreciation and amortization 4.4 5.3 8.2 10.6
Total operating expenses 75.9 48.8 147.9 117.8
Operating income 20.4 46.7 40.2 89.9
Non-operating income and (expense):        
Investment income (loss) 0.2 (0.7) 0.5 (0.8)
Interest income 1.5 0.1 2.6 0.1
Interest expense (5.4) (4.8) (10.3) (11.3)
Loss on extinguishment of debt 0.0 0.0 0.0 (3.2)
Total non-operating loss (3.4) (5.4) (6.1) (15.2)
Income before income taxes 17.0 41.3 34.1 74.7
Income tax expense 5.5 12.7 10.6 22.3
Net income 11.5 28.6 23.5 52.4
Net income attributable to non-controlling interests in consolidated Funds 0.1 0.0 0.1 0.0
Net income attributable to controlling interests $ 11.4 $ 28.6 $ 23.4 $ 52.4
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.27 $ 0.69 $ 0.56 $ 1.23
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.27 $ 0.67 $ 0.55 $ 1.19
Weighted average common stock outstanding (in shares) 41,484,303 41,425,555 41,464,362 42,690,683
Weighted average diluted common stock outstanding (in shares) 42,645,419 42,518,125 42,678,109 43,915,806
Consolidated Funds        
Revenue:        
Total revenue $ 1.3 $ 0.0 $ 2.0 $ 0.0
Operating expenses:        
Total operating expenses 1.2 0.0 1.9 0.0
Non-operating income and (expense):        
Investment income (loss) 0.5   1.6  
Net consolidated Funds’ investment gains 0.3 0.0 1.1 0.0
Management fees        
Revenue:        
Revenue: 92.8 93.5 183.4 195.7
Performance fees        
Revenue:        
Revenue: $ 2.2 $ 2.0 $ 2.7 $ 12.0