v3.26.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 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 receivable4,585 
Intangible assets307,000 
Goodwill243,693 
Operating lease right-of-use assets2,063 
Other assets602 
Total Assets560,602 
Liabilities
Accrued compensation and benefits8,084 
Accounts payable and accrued liabilities118 
Investment manager noncontrolling interests liability137,584 
Operating lease liabilities2,063 
Total liabilities147,849 
Redeemable noncontrolling interests104,564 
Total Liabilities & Noncontrolling Interests252,413 
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 name15,000 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 within the quarter ended March 31, 2026, were as follows:
(in thousands)One Month Ended
March 31, 2026
Total revenues$5,286 
Net Income (Loss) Attributable to Stockholders$(240)
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
March 31,
(in thousands)20262025
Total revenues$209,996 $231,899 
Net Income (Loss) Attributable to Common Stockholders9,977 16,246