v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Revenues:    
Total revenues $ 159,470 $ 108,082
Operating Expenses:    
Compensation and benefits 47,517 33,788
Fund management and administration 24,880 20,714
Marketing and advertising 5,392 4,813
Sales and business development 4,197 4,137
Professional fees 3,308 2,782
Occupancy, communications and equipment 1,935 1,482
Depreciation and amortization 2,096 540
Third-party distribution fees 5,795 3,112
Acquisition-related costs 1,933
Other 3,067 2,552
Total operating expenses 100,120 73,920
Operating income 59,350 34,162
Other Income/(Expenses):    
Interest expense (11,023) (5,441)
Interest income 2,592 1,897
Loss on extinguishment of convertible notes (Note 9) (62,302)
Remeasurement of contingent consideration (Note 10) (2,562)
Other losses, net (637) (250)
(Loss)/income before income taxes (14,582) 30,368
Income tax expense 8,549 5,739
Net (loss)/income $ (23,131) $ 24,629
(Loss)/earnings per share—basic $ (0.17) $ 0.17
(Loss)/earnings per share—diluted $ (0.17) $ 0.17
Weighted-average common shares—basic 138,005 142,580
Weighted-average common shares—diluted 138,005 [1] 146,545
Cash dividends declared per common share $ 0.03 $ 0.03
Advisory fees    
Operating Revenues:    
Total revenues $ 134,880 $ 99,549
Management fees    
Operating Revenues:    
Total revenues 5,231
Performance fees    
Operating Revenues:    
Total revenues 2,955
Other revenues    
Operating Revenues:    
Total revenues $ 16,404 $ 8,533
[1] Excludes 14,336 potentially dilutive non-participating common stock equivalents for the three months ended March 31, 2026 as the Company reported a net loss for the period.