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Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Total revenue $ 505.6 $ 426.6 $ 417.2
Operating expenses:      
Total operating expenses 370.1 320.6 249.3
Operating income 135.5 106.0 167.9
Non-operating income and (expense):      
Total non-operating income (loss) (9.8) (9.5) (23.1)
Income before taxes 125.7 96.5 144.8
Income tax expense 38.9 29.4 44.2
Net income 86.8 67.1 100.6
Net income attributable to non-controlling interests in consolidated Funds 1.8 1.3 0.0
Net income attributable to controlling interests $ 85.0 $ 65.8 $ 100.6
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 2.25 $ 1.59 $ 2.39
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 2.22 $ 1.55 $ 2.33
Weighted average shares outstanding (in shares) 37,770,185 41,493,154 42,056,278
Weighted average diluted shares outstanding (in shares) 38,328,406 42,537,943 43,156,269
Management fees      
Revenue:      
Total revenue $ 431.1 $ 373.2 $ 367.4
Consolidated Entity Excluding Consolidated Funds      
Operating expenses:      
Compensation and benefits 265.5 217.9 159.2
General and administrative expense 85.2 82.6 71.1
Amortization of acquired intangibles 0.0 0.0 0.1
Depreciation and amortization 18.5 17.3 18.5
Non-operating income and (expense):      
Investment income (loss) 2.2 (0.1) 0.2
Interest income 3.5 6.1 0.8
Interest expense (19.4) (19.6) (20.5)
Loss on extinguishment of debt 0.0 0.0 (3.2)
Net income 86.8 67.1 100.6
Consolidated Entity Excluding Consolidated Funds | Management fees      
Revenue:      
Total revenue 431.1 373.2 367.4
Consolidated Entity Excluding Consolidated Funds | Performance fees      
Revenue:      
Total revenue 71.4 50.4 49.4
Consolidated Funds      
Revenue:      
Total revenue 3.1 3.0 0.4
Operating expenses:      
Total operating expenses 0.9 2.8 0.4
Non-operating income and (expense):      
Net consolidated Funds’ investment gains (losses) $ 3.9 $ 4.1 $ (0.4)