XML 15 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Revenue: $ 107.3 $ 86.8 $ 295.4 $ 294.5
Operating expenses:        
Total operating expenses 77.1 56.7 225.0 174.5
Operating income 30.2 30.1 70.4 120.0
Non-operating income and (expense):        
Investment income (loss) 0.4 (0.4) 2.0 (1.2)
Loss on extinguishment of debt       (3.2)
Total non-operating loss (2.7) (4.8) (8.8) (20.0)
Income before income taxes 27.5 25.3 61.6 100.0
Income tax expense 7.7 7.5 18.3 29.8
Net income 19.8 17.8 43.3 70.2
Net income attributable to non-controlling interests in consolidated Funds 0.2 0.0 0.3 0.0
Net income attributable to controlling interests $ 19.6 $ 17.8 $ 43.0 $ 70.2
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.47 $ 0.43 $ 1.04 $ 1.66
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.46 $ 0.42 $ 1.01 $ 1.62
Weighted average common stock outstanding (in shares) 41,508,143 41,431,729 41,479,116 42,266,420
Weighted average diluted common stock outstanding (in shares) 42,589,717 42,353,442 42,648,805 43,390,502
Management fees        
Revenue:        
Revenue: $ 95.3 $ 85.7 $ 278.7 $ 281.4
Consolidated Entity Excluding Consolidated Funds        
Operating expenses:        
Compensation and benefits 53.0 34.9 150.6 108.7
General and administrative expense 18.8 17.5 59.0 50.9
Depreciation and amortization 4.5 4.2 12.7 14.8
Amortization of acquired intangibles 0.0 0.1 0.0 0.1
Non-operating income and (expense):        
Investment income (loss) (0.3) (0.4) 0.2 (1.2)
Interest income 1.7 0.2 4.3 0.3
Interest expense (4.8) (4.6) (15.1) (15.9)
Loss on extinguishment of debt 0.0 0.0 0.0 (3.2)
Net income     43.3 70.2
Consolidated Entity Excluding Consolidated Funds | Management fees        
Revenue:        
Revenue: 95.3 85.7 278.7 281.4
Consolidated Entity Excluding Consolidated Funds | Performance fees        
Revenue:        
Revenue: 11.2 1.1 13.9 13.1
Consolidated Funds        
Revenue:        
Revenue: 0.8 0.0 2.8 0.0
Operating expenses:        
Total operating expenses 0.8 0.0 2.7 0.0
Non-operating income and (expense):        
Net consolidated Funds’ investment gains $ 0.7 $ 0.0 $ 1.8 $ 0.0