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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue:        
Total revenue $ 109.0 $ 96.3 $ 214.7 $ 188.1
Operating expenses:        
Total operating expenses 88.4 75.9 171.2 147.9
Operating income 20.6 20.4 43.5 40.2
Non-operating income and (expense):        
Investment income 0.9 0.5 3.5 1.6
Total non-operating loss (3.5) (3.4) (4.6) (6.1)
Income before income taxes 17.1 17.0 38.9 34.1
Income tax expense 5.6 5.5 11.7 10.6
Net income 11.5 11.5 27.2 23.5
Net income attributable to non-controlling interests in consolidated Funds 0.5 0.1 1.6 0.1
Net income attributable to controlling interests $ 11.0 $ 11.4 $ 25.6 $ 23.4
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.29 $ 0.27 $ 0.67 $ 0.56
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.29 $ 0.27 $ 0.66 $ 0.55
Weighted average common stock outstanding (in shares) 37,547,741 41,484,303 38,305,631 41,464,362
Weighted average diluted common stock outstanding (in shares) 38,238,620 42,645,419 38,985,030 42,678,109
Management fees        
Revenue:        
Total revenue $ 105.5 $ 92.8 $ 207.7 $ 183.4
Consolidated Entity Excluding Consolidated Funds        
Operating expenses:        
Compensation and benefits 62.2 48.5 120.3 97.6
General and administrative expense 21.1 21.8 41.1 40.2
Depreciation and amortization 5.0 4.4 9.6 8.2
Non-operating income and (expense):        
Investment income 0.1 0.2 1.0 0.5
Interest income 0.9 1.5 2.2 2.6
Interest expense (5.3) (5.4) (10.3) (10.3)
Net income     27.2 23.5
Consolidated Entity Excluding Consolidated Funds | Management fees        
Revenue:        
Total revenue 105.5 92.8 207.7 183.4
Consolidated Entity Excluding Consolidated Funds | Performance fees        
Revenue:        
Total revenue 2.8 2.2 5.9 2.7
Consolidated Funds        
Revenue:        
Total revenue 0.7 1.3 1.1 2.0
Operating expenses:        
Total operating expenses 0.1 1.2 0.2 1.9
Non-operating income and (expense):        
Net consolidated Funds’ investment gains $ 0.8 $ 0.3 2.5 $ 1.1
Net income attributable to non-controlling interests in consolidated Funds     $ 1.6