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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Total revenue $ 123.1 $ 107.3 $ 337.8 $ 295.4
Operating expenses:        
Total operating expenses 96.1 77.1 267.3 225.0
Operating income 27.0 30.2 70.5 70.4
Non-operating income and (expense):        
Investment income (loss) 5.5 0.4 9.0 2.0
Total non-operating income (loss) 1.4 (2.7) (3.2) (8.8)
Income before income taxes 28.4 27.5 67.3 61.6
Income tax expense 9.4 7.7 21.1 18.3
Net income 19.0 19.8 46.2 43.3
Net income attributable to non-controlling interests in consolidated Funds 2.1 0.2 3.7 0.3
Net income attributable to controlling interests $ 16.9 $ 19.6 $ 42.5 $ 43.0
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.46 $ 0.47 $ 1.12 $ 1.04
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.45 $ 0.46 $ 1.10 $ 1.01
Weighted average common stock outstanding (in shares) 37,070,795 41,508,143 37,891,015 41,479,116
Weighted average diluted common stock outstanding (in shares) 37,794,164 42,589,717 38,585,072 42,648,805
Management fees        
Revenue:        
Total revenue $ 112.1 $ 95.3 $ 319.8 $ 278.7
Consolidated Entity Excluding Consolidated Funds        
Operating expenses:        
Compensation and benefits 69.6 53.0 189.9 150.6
General and administrative expense 21.8 18.8 62.9 59.0
Depreciation and amortization 4.5 4.5 14.1 12.7
Non-operating income and (expense):        
Investment income (loss) 1.5 (0.3) 2.5 0.2
Interest income 0.6 1.7 2.8 4.3
Interest expense (4.7) (4.8) (15.0) (15.1)
Net income     46.2 43.3
Consolidated Entity Excluding Consolidated Funds | Management fees        
Revenue:        
Total revenue 112.1 95.3 319.8 278.7
Consolidated Entity Excluding Consolidated Funds | Performance fees        
Revenue:        
Total revenue 10.1 11.2 16.0 13.9
Consolidated Funds        
Revenue:        
Total revenue 0.9 0.8 2.0 2.8
Operating expenses:        
Total operating expenses 0.2 0.8 0.4 2.7
Non-operating income and (expense):        
Net consolidated Funds’ investment gains 4.0 0.7 6.5 1.8
Net income attributable to non-controlling interests in consolidated Funds $ 2.1 $ 0.2 $ 3.7 $ 0.3