v3.25.1
Note 2 - Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Oct. 01, 2024
Mar. 31, 2024
Dec. 31, 2023
Goodwill $ 1,587.2 $ 1,550.4   $ 1,282.2 $ 1,290.3
Victory Park Capital Advisors (V P C) [Member]          
Fees and other receivables     $ 20.8    
Other current assets     0.8    
Property, equipment and software, net     2.8    
Intangible assets, net(1) [1]     54.0    
Goodwill     251.3    
Other non-current assets     3.6    
Accounts payable and other liabilities     (26.8)    
Current portion of accrued compensation     (8.5)    
Other non-current liabilities     (4.3)    
Noncontrolling interest(2) [2]     (127.3)    
Total consideration, net of cash acquired     $ 166.4    
[1] The fair value of the intangible assets is comprised of investment management contracts with a fair value of $28.0 million, client relationships with a fair value of $20.5 million and a trademark with a fair value of $5.5 million as of the acquisition date. The fair value of the investment management contracts was determined based on the multi-period excess earnings method (a Level 3 input), has a useful life of approximately 4 years. The fair value of the client relationships was determined based on the multi-period excess earnings method (a Level 3 input) and has a useful life of approximately 4-10 years. The fair value of the trademark was determined based on the relief-from-royalty method (a Level 3 input) and has a useful life of 9 years. The useful lives are based on the individual contractual terms and the period over which the majority of cashflows would be realized. The definite lived intangibles are amortized on a straight-line basis over the useful life and have a weighted-average useful life of approximately 6 years.
[2] The fair value of the noncontrolling interest was determined based on an extrapolation of consideration method.