Acquisitions (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the initial estimate of amounts of identified acquired assets, liabilities assumed and noncontrolling interests as of the acquisition date:

($ in thousands)	March 1, 2026
Assets:
Cash and cash equivalents	$	2,659
Accounts receivable	4,585
Intangible assets	307,000
Goodwill	243,693
Operating lease right-of-use assets	2,063
Other assets	602
Total Assets	560,602
Liabilities
Accrued compensation and benefits	8,084
Accounts payable and accrued liabilities	118
Investment manager noncontrolling interests liability	137,584
Operating lease liabilities	2,063
Total liabilities	147,849
Redeemable noncontrolling interests	104,564
Total Liabilities & Noncontrolling Interests	252,413
Total Net Assets Acquired	$	308,189

Schedule of Business Combination, Intangible Asset, Acquired, Finite-Lived

In connection with the allocation of the purchase price, we identified the following intangible assets:

	March 1, 2026
($ in thousands)	Approximate Fair Value (in thousands)		Weighted Average Useful Life (in years)
Definite-lived intangible assets:
Investment management agreements	$	292,000	10.8 years
Trade name	15,000		10.0 years
Total identifiable intangible assets	$	307,000

Schedule of Business Combination

Revenues and earnings of Keystone subsequent to the closing date of the Acquisition of March 1, 2026 for the three and four months ended June 30, 2026 were as follows:

(in thousands)	Three Months Ended June 30, 2026		Four Months Ended June 30, 2026
Total revenues	$	13,812	$	19,098
Net Income (Loss) (1)	$	(2,277)	$	(2,517)

(1)     Includes $7.3 million and $9.8 million of amortization expense in the three and four month periods, respectively, related to the identifiable intangible assets acquired.

Schedule of Business Combination, Pro Forma Information

The following unaudited pro forma condensed consolidated results of operations are provided for illustrative purposes only and assume that the Acquisition occurred on January 1, 2025. The unaudited pro forma information also reflects adjustment for transaction and integration expenses as if the transaction had been consummated on January 1, 2025. This unaudited pro-forma information should not be relied upon as being indicative of historical results that would have been obtained if the Acquisition had occurred on that date, nor of the results that may be obtained in the future.

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Total revenues	$	201,362	$	225,838	$	411,358	$	457,737
Net Income (Loss) Attributable to Common Stockholders	$	46,325	$	38,306	$	56,302	$	54,290