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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Total revenue $ 119.9 $ 105.7
Operating expenses:    
Total operating expenses 88.0 82.8
Operating income 31.9 22.9
Non-operating income and (expense):    
Investment income 0.3 0.9
Interest income 1.1 1.3
Interest expense (4.8) (5.0)
Total non-operating income (loss) 0.2 (1.1)
Income before income taxes 32.1 21.8
Income tax expense 8.3 6.1
Net income 23.8 15.7
Net income attributable to redeemable non-controlling interests in consolidated Funds 3.7 1.1
Net income attributable to controlling interests $ 20.1 $ 14.6
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.54 $ 0.37
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.54 $ 0.37
Weighted average common stock outstanding (in shares) 37,362,476 39,063,522
Weighted average diluted common stock outstanding (in shares) 37,380,535 39,731,440
Management fees    
Revenue:    
Total revenue $ 112.9 $ 102.2
Consolidated Entity Excluding Consolidated Funds    
Operating expenses:    
Compensation and benefits 60.8 58.1
General and administrative expense 22.3 20.0
Depreciation and amortization 4.2 4.6
Non-operating income and (expense):    
Investment income 0.3 0.9
Interest income 1.1 1.3
Interest expense (4.8) (5.0)
Net income 23.8 15.7
Consolidated Entity Excluding Consolidated Funds | Management fees    
Revenue:    
Total revenue 112.9 102.2
Consolidated Entity Excluding Consolidated Funds | Performance fees    
Revenue:    
Total revenue 5.3 3.1
Consolidated Funds    
Revenue:    
Total revenue 1.7 0.4
Operating expenses:    
Total operating expenses 0.7 0.1
Non-operating income and (expense):    
Net consolidated Funds’ investment gains $ 3.6 $ 1.7