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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Total revenue $ 127.4 $ 109.0 $ 247.3 $ 214.7
Operating expenses:        
Total operating expenses 111.2 88.4 199.2 171.2
Operating income 16.2 20.6 48.1 43.5
Non-operating income and (expense):        
Investment income (loss) (0.2) 0.1 0.1 1.0
Interest income 0.8 0.9 1.9 2.2
Interest expense (5.3) (5.3) (10.1) (10.3)
Total non-operating income (loss) 7.4 (3.5) 7.6 (4.6)
Income before income taxes 23.6 17.1 55.7 38.9
Income tax expense 4.5 5.6 12.8 11.7
Net income 19.1 11.5 42.9 27.2
Comprehensive income attributable to redeemable non-controlling interests in consolidated Funds 9.0 0.5 12.7 1.6
Net income attributable to controlling interests $ 10.1 $ 11.0 $ 30.2 $ 25.6
Earnings per share (basic) attributable to controlling interests (in dollars per share) $ 0.28 $ 0.29 $ 0.82 $ 0.67
Earnings per share (diluted) attributable to controlling interests (in dollars per share) $ 0.28 $ 0.29 $ 0.82 $ 0.66
Weighted average common stock outstanding (in shares) 35,912,023 37,547,741 36,633,243 38,305,631
Weighted average diluted common stock outstanding (in shares) 35,929,662 38,238,620 36,651,092 38,985,030
Management fees        
Revenue:        
Total revenue $ 122.3 $ 105.5 $ 235.2 $ 207.7
Consolidated Entity Excluding Consolidated Funds        
Operating expenses:        
Compensation and benefits 83.8 62.2 144.6 120.3
General and administrative expense 21.8 21.1 44.1 41.1
Depreciation and amortization 4.2 5.0 8.4 9.6
Non-operating income and (expense):        
Investment income (loss) (0.2) 0.1 0.1 1.0
Interest income 0.8 0.9 1.9 2.2
Interest expense (5.3) (5.3) (10.1) (10.3)
Net income     42.9 27.2
Consolidated Entity Excluding Consolidated Funds | Management fees        
Revenue:        
Total revenue 122.3 105.5 235.2 207.7
Consolidated Entity Excluding Consolidated Funds | Performance fees        
Revenue:        
Total revenue 2.6 2.8 7.9 5.9
Consolidated Funds        
Revenue:        
Total revenue 2.5 0.7 4.2 1.1
Operating expenses:        
Total operating expenses 1.4 0.1 2.1 0.2
Non-operating income and (expense):        
Net consolidated Funds’ investment gains $ 12.1 $ 0.8 $ 15.7 $ 2.5