Acadian Asset Management (AAMI) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38979
Entity Registrant Name	BrightSphereInvestment Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1121020
Entity Address, Address Line One	200 State Street, 13th Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	617
Local Phone Number	369-7300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,763,692
Entity Central Index Key	0001748824
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	BSIG
Security Exchange Name	NYSE
4.800% Notes due 2026
Entity Information [Line Items]
Title of 12(b) Security	4.800% Notes due 2026
Trading Symbol	BSIG 26
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Investments	$ 104.6	$ 98.6
Total assets	544.9	611.4
Liabilities and stockholders’ equity
Operating lease liabilities	70.6
Total liabilities	555.1	561.9
Commitments and contingencies
Equity:
Total equity (deficit) and redeemable non-controlling interests in consolidated Funds	(10.2)	49.5
Total liabilities and equity	544.9	611.4
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	102.2	146.8
Investment advisory fees receivable	119	143.4
Income taxes receivable	0	2.7
Fixed assets, net	42	44.2
Right of use assets	55.6	57.2
Investments	67	64.7
Goodwill	20.3	20.3
Other assets	27.2	27.2
Deferred tax assets	72.2	69.7
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	21.6	39.1
Accrued incentive compensation	30.2	101.3
Other compensation liabilities	72.7	67.5
Accrued income taxes	7.2	2.6
Operating lease liabilities	70.6	72.4
Other liabilities	0.5	0.8
Revolving credit facility	73	0
Third party borrowings	274	273.9
Equity:
Common stock (par value $0.001; 37,965,341 and 41,372,291 shares, respectively, issued)	0	0
Additional paid-in capital	0	0
Retained earnings (deficit)	(15.5)	46.9
Accumulated other comprehensive loss	(6.2)	(6.7)
Consolidated Funds
Assets
Investments	37.6	33.9
Other assets	1	0.5
Cash and cash equivalents, restricted	0.8	0.8
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	1	0.2
Derivative liabilities	0.1	0.1
Securities sold short	4.2	4
Redeemable non-controlling interests in consolidated Funds	$ 11.5	$ 9.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, issued (in shares)	37,965,341	41,372,291

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 105.7	$ 91.8
Operating expenses:
Total operating expenses	82.8	72
Operating income	22.9	19.8
Non-operating income and (expense):
Investment income	2.6	1.1
Total non-operating loss	(1.1)	(2.7)
Income before income taxes	21.8	17.1
Income tax expense	6.1	5.1
Net income	15.7	12
Net income attributable to non-controlling interests in consolidated Funds	1.1	0
Net income attributable to controlling interests	$ 14.6	$ 12
Earnings per share (basic) attributable to controlling interests (in dollars per share)	$ 0.37	$ 0.29
Earnings per share (diluted) attributable to controlling interests (in dollars per share)	$ 0.37	$ 0.28
Weighted average common stock outstanding (in shares)	39,063,522	41,444,200
Weighted average diluted common stock outstanding (in shares)	39,731,440	42,710,577
Management fees
Revenue:
Total revenue	$ 102.2	$ 90.6
Consolidated Entity Excluding Consolidated Funds
Operating expenses:
Compensation and benefits	58.1	49.1
General and administrative expense	20	18.4
Depreciation and amortization	4.6	3.8
Non-operating income and (expense):
Investment income	0.9	0.3
Interest income	1.3	1.1
Interest expense	(5)	(4.9)
Net income	15.7	12
Consolidated Entity Excluding Consolidated Funds | Management fees
Revenue:
Total revenue	102.2	90.6
Consolidated Entity Excluding Consolidated Funds | Performance fees
Revenue:
Total revenue	3.1	0.5
Consolidated Funds
Revenue:
Total revenue	0.4	0.7
Operating expenses:
Total operating expenses	0.1	0.7
Non-operating income and (expense):
Net consolidated Funds’ investment gains	1.7	$ 0.8
Net income attributable to non-controlling interests in consolidated Funds	$ 1.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 15.7	$ 12
Other comprehensive income:
Amortization related to derivative securities, net of tax	0.7	0.6
Foreign currency translation adjustment, net of tax	(0.2)	0.7
Total other comprehensive income	0.5	1.3
Comprehensive income attributable to non-controlling interests in consolidated Funds	1.1	0
Total comprehensive income attributable to controlling interests	$ 15.1	$ 13.3

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Accumulated other comprehensive income (loss)	Consolidated Entity Excluding Consolidated Funds Total stockholders’ equity (deficit)	Consolidated Entity Excluding Consolidated Funds Common Stock	Consolidated Entity Excluding Consolidated Funds Additional paid-in capital	Consolidated Entity Excluding Consolidated Funds Retained earnings (deficit)	Consolidated Entity Excluding Consolidated Funds Accumulated other comprehensive income (loss)	Consolidated Funds
Beginning balance (in shares) at Dec. 31, 2022				41,400,000
Beginning balance at Dec. 31, 2022		$ (10.6)	$ (21.6)	$ 0	$ 1.5	$ (12.5)	$ (10.6)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)				100,000
Repurchases of common stock including excise taxes (in shares)	0
Equity-based compensation			0.2		0.2
Foreign currency translation adjustment, net of tax	$ 0.7		0.7				0.7
Amortization related to derivatives securities, net of tax			0.6				0.6
Withholding tax related to stock option exercise and restricted stock vesting	(0.3)		(0.3)		(0.3)
Dividends			(0.3)			(0.3)
Net income			12			12
Ending balance (in shares) at Mar. 31, 2023				41,500,000
Ending balance at Mar. 31, 2023		(9.3)	(8.7)	$ 0	1.4	(0.8)	(9.3)
Beginning balance at Dec. 31, 2022								$ 0
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions	(0.4)							(0.4)
Net income			12			12
Ending balance at Mar. 31, 2023								0.4
Beginning balance at Dec. 31, 2022	(21.6)
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Capital contributions	(0.4)							(0.4)
Equity-based compensation	0.2
Foreign currency translation adjustment, net of tax	0.7
Amortization related to derivative securities, net of tax	0.6
Withholding tax related to stock option exercise and restricted stock vesting	(0.3)		(0.3)		(0.3)
Dividends	(0.3)
Net income	12
Ending balance at Mar. 31, 2023	$ (8.3)
Beginning balance (in shares) at Dec. 31, 2023				41,400,000
Beginning balance at Dec. 31, 2023		(6.7)	40.2	$ 0	0	46.9	(6.7)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)				100,000
Repurchases of common stock including excise taxes (in shares)	(3,530,908)			(3,500,000)
Repurchases of common stock including excise taxes	$ (74.4)		(75)		(0.2)	(74.8)
Equity-based compensation			0.2		0.2
Foreign currency translation adjustment, net of tax	(0.2)		(0.2)				(0.2)
Amortization related to derivatives securities, net of tax			0.7				0.7
Withholding tax related to stock option exercise and restricted stock vesting	(1.8)		(1.8)			1.8
Dividends			(0.4)			(0.4)
Net income			14.6			14.6		1.1
Ending balance (in shares) at Mar. 31, 2024				38,000,000
Ending balance at Mar. 31, 2024		$ (6.2)	(21.7)	$ 0	$ 0	(15.5)	$ (6.2)
Beginning balance at Dec. 31, 2023								9.3
Increase (Decrease) in redeemable non-controlling interest in consolidated Funds
Capital contributions	(1.1)							(1.1)
Net income			14.6			14.6		1.1
Ending balance at Mar. 31, 2024								11.5
Beginning balance at Dec. 31, 2023	49.5
Increase (Decrease) in total equity and redeemable non-controlling interest in consolidated Funds
Repurchases of common stock including excise taxes	(75)
Capital contributions	(1.1)							$ (1.1)
Equity-based compensation	0.2
Foreign currency translation adjustment, net of tax	(0.2)
Amortization related to derivative securities, net of tax	0.7
Withholding tax related to stock option exercise and restricted stock vesting	(1.8)		$ (1.8)			$ 1.8
Dividends	(0.4)
Net income	15.7
Ending balance at Mar. 31, 2024	$ (10.2)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.01	$ 0.01

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 15.7	$ 12
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
Total net cash flows from operating activities	(40.4)	(34.9)
Cash flows from investing activities:
Net cash flows from investing activities	(1.4)	(5.6)
Cash flows from financing activities of consolidated Funds:
Net cash flows from financing activities	(2.6)	85.9
Effect of foreign exchange rate changes on cash and cash equivalents	(0.2)	0.1
Net increase (decrease) in cash and cash equivalents	(44.6)	45.5
Cash and cash equivalents at beginning of period	147.6	121.2
Cash and cash equivalents at end of period (including cash at consolidated Funds classified as restricted)	103	166.7
Supplemental disclosure of cash flow information:
Income taxes paid	1.4	0.8
Supplemental disclosure of non-cash investing and financing transactions:
Excise tax on repurchases of common stock	0.7	0
Consolidated Entity Excluding Consolidated Funds
Cash flows from operating activities:
Net income	15.7	12
Less: Net (income) loss attributable to redeemable non-controlling interests in consolidated Funds	(1.1)	0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and other amortization	4.6	3.8
Amortization of debt-related costs	1.1	1
Amortization and revaluation of non-cash compensation awards	6.2	1.2
Deferred income taxes	(2.7)	(1)
(Gains) on other investments	(4.4)	(1.1)
Changes in operating assets and liabilities:
Decrease in investment advisory fees receivable	24.4	22.6
Decrease in other receivables, prepayments, deposits and other assets	2.6	0.8
Decrease in accrued incentive compensation, operating lease liabilities and other liabilities	(72.1)	(68.8)
Decrease in accounts payable, accrued expenses and accrued income taxes	(13.6)	(4.8)
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
(Gains) on other investments	(4.4)	(1.1)
Total net cash flows from operating activities	(39.3)	(34.3)
Cash flows from investing activities:
Additions of fixed assets	(2.4)	(4.5)
Purchase of investment securities	(2.3)	(2.6)
Sale of investment securities	3.3	1.5
Cash flows from financing activities:
Proceeds from revolving credit facility	101	100
Repayment of revolving credit facility	(28)	(13)
Payment to OM plc for co-investment redemptions	(0.2)	(0.4)
Repurchases of common stock	(74.3)	0
Withholding tax payments related to stock option exercise and restricted stock vesting	(1.8)	(0.3)
Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	7.2	7.1
Consolidated Entity Excluding Consolidated Funds | Nonrelated Party
Cash flows from financing activities:
Dividends paid to shareholders and related parties	(0.3)	(0.5)
Consolidated Entity Excluding Consolidated Funds | Related Party
Cash flows from financing activities:
Dividends paid to shareholders and related parties	(0.1)	(0.3)
Consolidated Funds
Cash flows from operating activities:
Less: Net (income) loss attributable to redeemable non-controlling interests in consolidated Funds	1.1	0
Adjustments to reconcile net income to net cash flows from operating activities:
(Gains) on other investments	(0.8)	0
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
(Gains) on other investments	(0.8)	0
Purchase of investments	(18.8)	(0.1)
Sale of investments	17	0.4
Increase in receivables and other assets	(0.4)	(1)
Increase in accounts payable and other liabilities	0.8	0.1
Total net cash flows from operating activities	(1.1)	(0.6)
Cash flows from financing activities of consolidated Funds:
Redeemable non-controlling interest capital raised	1.1	0.4
Supplemental disclosure of non-cash investing and financing transactions:
Payable for securities purchased by a consolidated Fund	$ 0.9	$ 0

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of the Business	Organization and Description of the Business BrightSphere Investment Group Inc. (“BrightSphere”, “BSIG” or the “Company”) is a global, diversified asset management company. The Company provides investment management services globally to predominantly institutional investors. The Company operates a differentiated investment management business through its majority owned subsidiary, Acadian Asset Management LLC (“Acadian” or the “Affiliate”), a leading systematic manager of active global, international equity and alternative strategies. Acadian comprises the Company’s Quant & Solutions reportable segment: • Quant & Solutions —comprised of versatile, often highly-tailored strategies that leverage data and technology in a computational, factor-based investment process across a range of asset classes in developed and emerging markets, including global, non-U.S. and small-cap equities, as well as managed volatility, equity alternatives including macro, and credit strategies. Acadian is organized as a limited liability company. Fees for services are largely asset-based and, as a result, revenues fluctuate based on the performance of financial markets and investors’ asset flows in and out of Acadian’s products. The Company utilizes a profit-sharing model in structuring its compensation and ownership arrangements with Acadian. Variable compensation is based on the firm’s profitability. BSIG and Acadian key employees share in profits after variable compensation according to their respective ownership interests. The profit-sharing model results in the alignment of BSIG and Acadian key employee economic interests, which is critical to the Company’s talent management strategy and long-term growth of the business. The corporate head office is included within the Other category. Prior to 2014, the Company was a wholly-owned subsidiary of Old Mutual plc (“OM plc”), an international long-term savings, protection, and investment group, listed on the London Stock Exchange. On October 15, 2014, the Company completed the initial public offering (the “Offering”) by OM plc pursuant to the Securities Act of 1933, as amended. As of March 31, 2024, Paulson & Co. Inc. (“Paulson”) held approximately 23.6% of the common stock of the Company. For the three months ended March 31, 2024, the Company repurchased 3,530,908 shares of common stock at an average price of $21.04 per share, or approximately $74.4 million in total, including commissions. For the three months ended March 31, 2023, the Company did not repurchase any shares of common stock.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The Company’s significant accounting policies are as follows: Basis of presentation These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations, statements of comprehensive income, statements of changes in stockholders’ equity and statements of cash flows of the Company. Within these Condensed Consolidated Financial Statements, Paulson and its related entities, as defined above, are referred to as “related parties.” The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included. All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Transactions between the Company and its related parties are included in the Condensed Consolidated Financial Statements; however, material intercompany balances and transactions among the Company, its consolidated Affiliate and consolidated Funds are eliminated in consolidation. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 10-Q. The Company has condensed or omitted these disclosures. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024. The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements. Use of estimates The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements. New accounting standards not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 - Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendment requires annual and interim disclosures of significant segment expenses that are regularly provided to the chief operating decision maker by reportable segment and clarifies that single reportable segment entities are required to apply all existing segment disclosures in the guidance. The amendment is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. We are currently evaluating the impact of adopting this standard, but we expect the standard to result in additional segment footnote disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of adopting this standard and have not yet determined our transition approach. The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted. The Company does not believe that any such guidance has or will have a material effect on its Condensed Consolidated Financial Statements and related disclosures.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Investments	Investments Investments are comprised of the following as of the dates indicated (in millions): March 31, December 31, Investments of consolidated Funds held at fair value $ 37.6 $ 33.9 Other investments 20.8 20.0 Investments related to long-term incentive compensation plans 46.2 44.7 Total investments per Condensed Consolidated Balance Sheets $ 104.6 $ 98.6

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024 (in millions): Quoted prices Significant Significant Uncategorized Total value, March 31, 2024 Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 22.3 $ — $ — $ — $ 22.3 Corporate bonds — 15.1 — — 15.1 Derivatives — 0.2 — — 0.2 Consolidated Funds total 22.3 15.3 — — 37.6 Investments in separate accounts (2) 2.3 — — — 2.3 Investments related to long-term incentive compensation plans (3) 46.2 — — — 46.2 Investments in unconsolidated Funds (4) — — — 18.5 18.5 BSIG total 48.5 — — 18.5 67.0 Total fair value assets $ 70.8 $ 15.3 $ — $ 18.5 $ 104.6 Liabilities of consolidated Funds (1) Securities sold short $ (4.2) $ — $ — $ — $ (4.2) Derivatives — (0.1) — — (0.1) Consolidated Funds total (4.2) (0.1) — — (4.3) Total fair value liabilities $ (4.2) $ (0.1) $ — $ — $ (4.3) The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 (in millions): Quoted prices Significant Significant Uncategorized Total value December 31, 2023 Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 19.0 $ — $ — $ — $ 19.0 Corporate bonds — 14.8 — — 14.8 Derivatives — 0.1 — — 0.1 Consolidated Funds total 19.0 14.9 — — 33.9 Investments in separate accounts (2) 2.1 — — — 2.1 Investments related to long-term incentive compensation plans (3) 44.7 — — — 44.7 Investments in unconsolidated Funds (4) — — — 17.9 17.9 BSIG total 46.8 — — 17.9 64.7 Total fair value assets $ 65.8 $ 14.9 $ — $ 17.9 $ 98.6 Liabilities of consolidated Funds (1) Securities sold short $ (4.0) $ — $ — $ — $ (4.0) Derivatives — (0.1) — — (0.1) Consolidated Funds total (4.0) (0.1) — — (4.1) Total fair value liabilities $ (4.0) $ (0.1) $ — $ — $ (4.1) (1) Assets and liabilities measured at fair value are comprised of financial investments managed by the Company's Affiliate. Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. The securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model with unobservable inputs, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures. (2) Investments in separate accounts of $2.3 million at March 31, 2024 consisted of approximately 100% equity securities. Investments in separate accounts of $2.1 million at December 31, 2023 were composed of approximately 1% cash equivalents and 99% equity securities. The Company values these using the published price of the underlying securities (classified as Level I) or quoted price supported by observable inputs as of the measurement date (classified as Level II). (3) Investments related to long-term incentive compensation plans of $46.2 million and $44.7 million at March 31, 2024 and December 31, 2023, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I. (4) The uncategorized amounts of $18.5 million and $17.9 million at March 31, 2024 and December 31, 2023, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. Other investment vehicles are not subject to redemption restrictions. The real estate investment Funds of $3.3 million and $3.6 million at March 31, 2024 and December 31, 2023, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from March 31, 2024. The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, finance, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions. There were no significant transfers of financial assets or liabilities between Levels II or III during the three months ended March 31, 2024 and 2023.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company, through its Affiliate, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by the Company’s Affiliate, and other partnership interests typically owned entirely by third-party investors. Certain Funds may be capitalized with seed capital investments from the Company and may be owned partially by Affiliate key employees and/or individuals that have ownership interests in the Affiliate. The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties are exposed to absorb more than an insignificant amount of the risks and rewards of the entity. Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of the management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial. The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions): March 31, December 31, Assets Investments $ 37.6 $ 33.9 Other assets of consolidated Funds 1.8 $ 1.3 Total Assets $ 39.4 $ 35.2 Liabilities Liabilities of consolidated Funds $ 5.3 $ 4.3 Total Liabilities $ 5.3 $ 4.3 “Investments” consist of investments in equity securities, corporate bonds and derivative securities. To the extent the Company also has consolidated Funds that are not VIEs, the assets and liabilities of those Funds are not included in the table above. The assets of consolidated VIEs presented in the table above belong to the investors in those Funds, are available for use only by the Fund to which they belong, and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities held by consolidated Funds have no recourse to the Company’s general credit. The Company’s involvement with Funds that are VIEs and not consolidated by the Company is generally limited to that of an investment manager and its investment in the unconsolidated VIE, if any. The Company’s investment in any unconsolidated VIE generally represents an insignificant interest of the Fund’s net assets and assets under management, such that the majority of the VIE’s results are attributable to third parties. The Company’s exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors. The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): March 31, December 31, Unconsolidated VIE assets $ 628.4 $ 669.1 Unconsolidated VIE liabilities $ 304.8 $ 316.5 Equity interests on the Condensed Consolidated Balance Sheets $ 3.3 $ 3.6 Maximum risk of loss (1) $ 3.3 $ 3.6 (1)

Borrowings and Debt

Borrowings and Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings and Debt	Borrowings and Debt The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions): March 31, 2024 December 31, 2023 (in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level Revolving credit facility: $125 million revolving credit facility expiring March 7, 2025 (1) $ 73.0 $ 73.0 2 $ — $ — Total revolving credit facility $ 73.0 $ 73.0 $ — $ — Third party borrowings: $275 million 4.80% Senior Notes Due (2) $ 274.0 $ 266.9 2 $ 273.9 $ 263.1 2 Total third party borrowings $ 274.0 $ 266.9 $ 273.9 $ 263.1 (1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates. (2) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts. Revolving Credit Facility On March 7, 2022, Acadian, Royal Bank of Canada, BMO Harris Bank, N.A., Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Bank of America N.A., the Bank of New York Mellon and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into a new revolving credit facility agreement (the “Acadian Credit Agreement”), which replaced the Company’s revolving credit facility dated as of August 20, 2019 (as amended by an amendment dated September 3, 2020 and an assignment and assumption and amendment agreement dated February 23, 2021, the “Original Credit Agreement”). The maturity date of this Original Credit Agreement was August 22, 2022, and the maturity date of the Acadian Credit Agreement is March 7, 2025. Borrowings under the Acadian Credit Agreement bear interest, at Acadian’s option, at the per annum rate equal to either (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% and (iii) the secured overnight financing rate for a one month period plus a credit spread adjustment of 0.10% (“Adjusted Term SOFR”) plus 1%, plus, in each case, an additional amount ranging from 0.5% to 1.0%, with such additional amount based on Acadian’s Leverage Ratio (as defined below) or (b) Adjusted Term SOFR plus an additional amount ranging from 1.5% to 2.0%, with such additional amount based on Acadian’s Leverage Ratio. In addition, Acadian is charged a commitment fee based on the average daily unused portion of the revolving credit facility under the Acadian Credit Agreement at a per annum rate ranging from 0.25% to 0.375%, with such amount based on Acadian’s Leverage Ratio. Under the Acadian Credit Agreement, the ratio of Acadian’s third-party borrowings to Acadian’s trailing twelve months Adjusted EBITDA, as defined by the Acadian Credit Agreement (the “Leverage Ratio”), cannot exceed 2.5x and the Acadian interest coverage ratio must not be less than 4.0x.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases The Company has operating leases for corporate offices, data centers and certain equipment. The operating leases have remaining lease terms of less than 1 year to 10 years, some of which include options to extend the leases for up to 5 years. The following table summarizes information about the Company’s operating leases for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Operating lease cost $ 2.2 $ 2.1 Variable lease cost — — Total operating lease expense $ 2.2 $ 2.1 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.4 $ 2.3 Right of use assets obtained in exchange for new operating lease liabilities — 2.8 In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease. For the three months ended March 31, 2024 and 2023, the weighted average remaining lease term was 9.3 and 10.2 years, respectively, and the weighted average discount rate was 3.52% and 3.54%, respectively. Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 6.9 2025 8.9 2026 8.8 2027 8.4 2028 8.5 Thereafter 41.1 Total lease payments $ 82.6 Less imputed interest (12.0) Total $ 70.6

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operational commitments A number of our subsidiaries operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any violations of such financial requirements occurring during the period. Guaranty The Company entered into a guaranty for an office space security deposit on behalf of Acadian in the amount of $2.5 million in January 2020. This represents the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guaranty in the event of default by the guaranteed parties. This guaranty expires in 2033. There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 related to this guaranty. Litigation The Company is subject to claims, legal proceedings, and other contingencies in the ordinary course of its business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. As of March 31, 2024, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company. Indemnifications In the normal course of business, such as through agreements to enter into business combinations and divestitures of Affiliates, the Company has entered into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. Foreign tax contingency The Company has clients in non-U.S. jurisdictions which require entities that are conducting certain business activities in such jurisdictions to collect and remit tax assessed on certain fees paid for goods and services provided. The Company does not believe this requirement is applicable based on its limited business activities in these jurisdictions. However, given the fact that uncertainty exists around the requirement, the Company has chosen to evaluate its potential exposure related to non-collection and remittance of these taxes. At March 31, 2024, management of the Company has estimated the potential maximum exposure and concluded that it is not material. No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at March 31, 2024. Considerations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and investments. The Company maintains cash and cash equivalents and short term investments with various financial institutions. These financial institutions are typically located in cities in which the Company and its Affiliate operate. For the Company and its Affiliate, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits. Additionally, the Company holds insurance policies which cover historical tax benefits relating to certain of its deferred tax assets. The insurers of the policies are considered a significant counterparty to the Company.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is antidilutive. The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data): Three Months Ended March 31, 2024 2023 Numerator: Net income attributable to controlling interests $ 14.6 $ 12.0 Denominator: Weighted-average shares of common stock outstanding—basic 39,063,522 41,444,200 Potential shares of common stock: Restricted stock units 17,348 7,539 Employee stock options 650,570 1,258,838 Weighted-average shares of common stock outstanding—diluted 39,731,440 42,710,577 Earnings per share of common stock attributable to controlling interests: Basic $ 0.37 $ 0.29 Diluted $ 0.37 $ 0.28

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Management fees The Company’s management fees are a function of the fee rates the Affiliate charges to its clients, which are typically expressed in basis points, and the levels of the Company’s assets under management. The most significant driver of increases or decreases in this average fee rate is changes in the mix of the Company’s assets under management caused by net inflows or outflows in certain asset classes or disproportionate market movements. Performance fees The Company’s products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate. Performance fees are recorded in revenues when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods. Disaggregation of management fee revenue The geographic disaggregation of management fee revenue for the three months ended March 31, 2024 and 2023 are as follows (in millions): Three Months Ended March 31, 2024 2023 Quant & Solutions U.S. $ 77.3 $ 67.9 Non-U.S. 24.9 22.7 Management fee revenue $ 102.2 $ 90.6

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2024 and 2023 are as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2023 $ 3.1 $ (9.8) $ (6.7) Foreign currency translation adjustment before tax (0.3) — (0.3) Amortization related to derivatives securities before tax — 0.9 0.9 Tax impact 0.1 (0.2) (0.1) Other comprehensive income (loss) (0.2) 0.7 0.5 Balance, as of March 31, 2024 $ 2.9 $ (9.1) $ (6.2) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2022 $ 1.7 $ (12.3) $ (10.6) Foreign currency translation adjustment before tax 0.7 — 0.7 Amortization related to derivatives securities before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income 0.7 0.6 1.3 Balance, as of March 31, 2023 $ 2.4 $ (11.7) $ (9.3)

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging Cash flow hedge In July 2015, the Company entered into a series of $300.0 million notional Treasury rate lock contracts which were designated and qualified as cash flow hedges. The Company documented its hedging strategy and risk management objective for this contract in anticipation of a future debt issuance. The Treasury rate lock contract eliminated the impact of fluctuations in the underlying benchmark interest rate for future forecasted debt issuances. The Company assessed the effectiveness of the hedging contract at inception and on a quarterly basis thereafter. The forecasted debt issuances occurred in July 2016 and the Treasury rate lock, which had an accumulated fair value of $(34.4) million, was settled. As of March 31, 2024, the balance recorded in accumulated other comprehensive income (loss) was $(9.1) million, net of tax. This balance will be reclassified to earnings through interest expense over the life of the issued debt. The Company reclassified $0.9 million and $0.8 million for the three months ended March 31, 2024 and 2023, respectively. During the next twelve months the Company expects to reclassify approximately $3.7 million to interest expense.

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	Segments The Company has the following reportable segment: • Quant & Solutions —comprised of versatile, often highly-tailored strategies that leverage data and technology in a computational, factor-based investment process across a range of asset classes in developed and emerging markets, including global, non-U.S. and small-cap equities, as well as managed volatility, equity alternatives including macro, and credit strategies. This segment is comprised of the Company’s interest in Acadian. The corporate head office is included within the Other category. The corporate head office expenses are not allocated to the Company’s business segment, but the Chief Operating Decision Maker (“CODM”) does consider the cost structure of the corporate head office when evaluating the financial performance of the segment. Performance Measure The primary measure used by the CODM in measuring performance and allocating resources to the segments is Economic Net Income (“ENI”). The Company defines ENI for the segments as ENI revenue less (i) ENI operating expenses, (ii) variable compensation and (iii) key employee distributions. The ENI adjustments to U.S. GAAP include both reclassifications of U.S. GAAP revenue and expense items, as well as adjustments to U.S. GAAP results, primarily to exclude non-cash, non-economic expenses, or to reflect cash benefits not recognized under U.S. GAAP. This measure supplements and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with U.S. GAAP. The Company does not disclose total asset information for its reportable segment as the information is not reviewed by the CODM. ENI revenue includes management fees, performance fees and other revenue under U.S. GAAP, adjusted to include management fees paid to the Company’s Affiliate by consolidated Funds. ENI operating expenses include compensation and benefits, general and administrative expense, and depreciation and amortization under U.S. GAAP, adjusted to exclude non-cash expenses representing changes in the value of Affiliate equity and profit interests held by Affiliate key employees, capital transaction costs, and restructuring costs. Additionally, variable compensation and Affiliate key employee distributions are segregated from ENI operating expenses. ENI segment results are also adjusted to exclude the portion of consolidated Fund revenues, expenses and investment return recorded under U.S. GAAP. Segment Presentation The following tables set forth summarized operating results for the Company’s segment and related adjustments necessary to reconcile the segment economic net income to arrive at the Company’s consolidated U.S. GAAP net income (loss). The following table presents the financial data for the Company’s segment for the three months ended March 31, 2024 (in millions): Three Months Ended March 31, 2024 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 105.3 $ — $ 0.4 (a) $ 105.7 ENI operating expenses 45.7 3.8 4.7 (b) 54.2 Earnings before variable compensation 59.6 (3.8) (4.3) 51.5 Variable compensation 26.0 0.6 (0.2) (c) 26.4 ENI operating earnings (after variable comp) 33.6 (4.4) (4.1) 25.1 Affiliate key employee distributions 2.2 — — 2.2 Earnings after Affiliate key employee distributions 31.4 (4.4) (4.1) 22.9 Net interest expense — (3.0) (0.7) (d) (3.7) Net investment income — — 2.6 (e) 2.6 Net income attributable to non-controlling interests in consolidated Funds — — (1.1) (e) (1.1) Income tax (expense) benefit — (6.6) 0.5 (f) (6.1) Economic net income $ 31.4 $ (14.0) $ (2.8) $ 14.6 The following table presents the financial data for the Company’s segment for the three months ended March 31, 2023 (in millions): Three Months Ended March 31, 2023 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 91.1 $ — $ 0.7 (a) $ 91.8 ENI operating expenses 43.6 3.5 0.5 (b) 47.6 Earnings before variable compensation 47.5 (3.5) 0.2 44.2 Variable compensation 22.5 0.7 — 23.2 ENI operating earnings (after variable comp) 25.0 (4.2) 0.2 21.0 Affiliate key employee distributions 1.2 — — 1.2 Earnings after Affiliate key employee distributions 23.8 (4.2) 0.2 19.8 Net interest expense — (3.4) (0.4) (d) (3.8) Net investment income — — 1.1 (e) 1.1 Income tax expense — (4.4) (0.7) (f) (5.1) Economic net income $ 23.8 $ (12.0) $ 0.2 $ 12.0 (1) The most directly comparable U.S. GAAP measure of ENI revenue is U.S. GAAP revenue. The most directly comparable U.S. GAAP measure of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation, and Affiliate key employee distributions above. The most directly comparable U.S. GAAP measure of earnings after Affiliate key employee distributions is U.S. GAAP operating income. The most directly comparable U.S. GAAP measure of ENI is U.S. GAAP net income attributable to controlling interests. Reconciling Adjustments: a. Adjusted to include consolidated Funds revenues which are included in U.S. GAAP revenue. b. Adjusted to include non-cash expenses for key employee equity and profit interest revaluations, restructuring costs, and consolidated Funds’ operating expenses, each of which are included in U.S. GAAP operating expenses. c. Adjusted to include restructuring costs which are included in U.S. GAAP compensation expense. d. Adjusted to include the cost of seed financing and amortization of debt issuance costs, which is included in U.S. GAAP interest expense. e. Adjusted to include net investment income (loss), and net income attributable to non-controlling interests in consolidated Funds, all of which are included in U.S. GAAP net income attributable to controlling interests. f. Adjusted to include the impact of deferred tax attributable to the amortization of goodwill and acquired intangibles. Adjusted to include the tax impact of certain ENI adjustments; exclude the tax expense or benefits relating to uncertain tax positions, and exclude the tax impact of other unusual items that are not related to current operating results for ENI purposes.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During the period from April 1, 2024 through May 7, 2024, the Company repurchased 269,361 shares of common stock at a weighted average price of $22.49 per share, or approximately $6 million in total, including commissions. The Company seeded Acadian’s Global High Yield Strategy with $15 million of seed capital in April 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 14.6	$ 12

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations, statements of comprehensive income, statements of changes in stockholders’ equity and statements of cash flows of the Company. Within these Condensed Consolidated Financial Statements, Paulson and its related entities, as defined above, are referred to as “related parties.” The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included. All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Transactions between the Company and its related parties are included in the Condensed Consolidated Financial Statements; however, material intercompany balances and transactions among the Company, its consolidated Affiliate and consolidated Funds are eliminated in consolidation. Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 10-Q. The Company has condensed or omitted these disclosures. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024. The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements.
Use of estimates	Use of estimates
New accounting standards not yet adopted	New accounting standards not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07 - Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendment requires annual and interim disclosures of significant segment expenses that are regularly provided to the chief operating decision maker by reportable segment and clarifies that single reportable segment entities are required to apply all existing segment disclosures in the guidance. The amendment is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. We are currently evaluating the impact of adopting this standard, but we expect the standard to result in additional segment footnote disclosures. In December 2023, the FASB issued Accounting Standards Update No. 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for annual periods beginning after December 15, 2024. We are currently evaluating the impact of adopting this standard and have not yet determined our transition approach. The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted. The Company does not believe that any such guidance has or will have a material effect on its Condensed Consolidated Financial Statements and related disclosures.
Variable interest entities (“VIEs”)	The Company, through its Affiliate, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by the Company’s Affiliate, and other partnership interests typically owned entirely by third-party investors. Certain Funds may be capitalized with seed capital investments from the Company and may be owned partially by Affiliate key employees and/or individuals that have ownership interests in the Affiliate. The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties are exposed to absorb more than an insignificant amount of the risks and rewards of the entity. Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of the management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial.

Investment (Tables)

Investment (Tables)	3 Months Ended
	Mar. 31, 2024
Investments [Abstract]
Schedule of Investment Components	Investments are comprised of the following as of the dates indicated (in millions): March 31, December 31, Investments of consolidated Funds held at fair value $ 37.6 $ 33.9 Other investments 20.8 20.0 Investments related to long-term incentive compensation plans 46.2 44.7 Total investments per Condensed Consolidated Balance Sheets $ 104.6 $ 98.6

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of the Assets and Liabilities that are Measured at Fair Value on a Recurring Basis	The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024 (in millions): Quoted prices Significant Significant Uncategorized Total value, March 31, 2024 Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 22.3 $ — $ — $ — $ 22.3 Corporate bonds — 15.1 — — 15.1 Derivatives — 0.2 — — 0.2 Consolidated Funds total 22.3 15.3 — — 37.6 Investments in separate accounts (2) 2.3 — — — 2.3 Investments related to long-term incentive compensation plans (3) 46.2 — — — 46.2 Investments in unconsolidated Funds (4) — — — 18.5 18.5 BSIG total 48.5 — — 18.5 67.0 Total fair value assets $ 70.8 $ 15.3 $ — $ 18.5 $ 104.6 Liabilities of consolidated Funds (1) Securities sold short $ (4.2) $ — $ — $ — $ (4.2) Derivatives — (0.1) — — (0.1) Consolidated Funds total (4.2) (0.1) — — (4.3) Total fair value liabilities $ (4.2) $ (0.1) $ — $ — $ (4.3) The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 (in millions): Quoted prices Significant Significant Uncategorized Total value December 31, 2023 Assets of BSIG and consolidated Funds (1) Common and preferred stock $ 19.0 $ — $ — $ — $ 19.0 Corporate bonds — 14.8 — — 14.8 Derivatives — 0.1 — — 0.1 Consolidated Funds total 19.0 14.9 — — 33.9 Investments in separate accounts (2) 2.1 — — — 2.1 Investments related to long-term incentive compensation plans (3) 44.7 — — — 44.7 Investments in unconsolidated Funds (4) — — — 17.9 17.9 BSIG total 46.8 — — 17.9 64.7 Total fair value assets $ 65.8 $ 14.9 $ — $ 17.9 $ 98.6 Liabilities of consolidated Funds (1) Securities sold short $ (4.0) $ — $ — $ — $ (4.0) Derivatives — (0.1) — — (0.1) Consolidated Funds total (4.0) (0.1) — — (4.1) Total fair value liabilities $ (4.0) $ (0.1) $ — $ — $ (4.1) (1) Assets and liabilities measured at fair value are comprised of financial investments managed by the Company's Affiliate. Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. The securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model with unobservable inputs, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures. (2) Investments in separate accounts of $2.3 million at March 31, 2024 consisted of approximately 100% equity securities. Investments in separate accounts of $2.1 million at December 31, 2023 were composed of approximately 1% cash equivalents and 99% equity securities. The Company values these using the published price of the underlying securities (classified as Level I) or quoted price supported by observable inputs as of the measurement date (classified as Level II). (3) Investments related to long-term incentive compensation plans of $46.2 million and $44.7 million at March 31, 2024 and December 31, 2023, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I. (4) The uncategorized amounts of $18.5 million and $17.9 million at March 31, 2024 and December 31, 2023, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. Other investment vehicles are not subject to redemption restrictions. The real estate investment Funds of $3.3 million and $3.6 million at March 31, 2024 and December 31, 2023, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from March 31, 2024. The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, finance, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities and Information Pertains to VIEs	The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions): March 31, December 31, Assets Investments $ 37.6 $ 33.9 Other assets of consolidated Funds 1.8 $ 1.3 Total Assets $ 39.4 $ 35.2 Liabilities Liabilities of consolidated Funds $ 5.3 $ 4.3 Total Liabilities $ 5.3 $ 4.3 The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions): March 31, December 31, Unconsolidated VIE assets $ 628.4 $ 669.1 Unconsolidated VIE liabilities $ 304.8 $ 316.5 Equity interests on the Condensed Consolidated Balance Sheets $ 3.3 $ 3.6 Maximum risk of loss (1) $ 3.3 $ 3.6 (1)

Borrowings and Debt (Tables)

Borrowings and Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions): March 31, 2024 December 31, 2023 (in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level Revolving credit facility: $125 million revolving credit facility expiring March 7, 2025 (1) $ 73.0 $ 73.0 2 $ — $ — Total revolving credit facility $ 73.0 $ 73.0 $ — $ — Third party borrowings: $275 million 4.80% Senior Notes Due (2) $ 274.0 $ 266.9 2 $ 273.9 $ 263.1 2 Total third party borrowings $ 274.0 $ 266.9 $ 273.9 $ 263.1 (1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates. (2) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary of Lease Information	The following table summarizes information about the Company’s operating leases for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Operating lease cost $ 2.2 $ 2.1 Variable lease cost — — Total operating lease expense $ 2.2 $ 2.1 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2.4 $ 2.3 Right of use assets obtained in exchange for new operating lease liabilities — 2.8
Summary of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities were as follows (in millions): Operating Leases Year Ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 6.9 2025 8.9 2026 8.8 2027 8.4 2028 8.5 Thereafter 41.1 Total lease payments $ 82.6 Less imputed interest (12.0) Total $ 70.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Calculation of Pro Forma Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data): Three Months Ended March 31, 2024 2023 Numerator: Net income attributable to controlling interests $ 14.6 $ 12.0 Denominator: Weighted-average shares of common stock outstanding—basic 39,063,522 41,444,200 Potential shares of common stock: Restricted stock units 17,348 7,539 Employee stock options 650,570 1,258,838 Weighted-average shares of common stock outstanding—diluted 39,731,440 42,710,577 Earnings per share of common stock attributable to controlling interests: Basic $ 0.37 $ 0.29 Diluted $ 0.37 $ 0.28

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The geographic disaggregation of management fee revenue for the three months ended March 31, 2024 and 2023 are as follows (in millions): Three Months Ended March 31, 2024 2023 Quant & Solutions U.S. $ 77.3 $ 67.9 Non-U.S. 24.9 22.7 Management fee revenue $ 102.2 $ 90.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (loss)	The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2024 and 2023 are as follows (in millions): Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2023 $ 3.1 $ (9.8) $ (6.7) Foreign currency translation adjustment before tax (0.3) — (0.3) Amortization related to derivatives securities before tax — 0.9 0.9 Tax impact 0.1 (0.2) (0.1) Other comprehensive income (loss) (0.2) 0.7 0.5 Balance, as of March 31, 2024 $ 2.9 $ (9.1) $ (6.2) Foreign currency translation adjustment Valuation and amortization of derivative securities Total Balance, as of December 31, 2022 $ 1.7 $ (12.3) $ (10.6) Foreign currency translation adjustment before tax 0.7 — 0.7 Amortization related to derivatives securities before tax — 0.8 0.8 Tax impact — (0.2) (0.2) Other comprehensive income 0.7 0.6 1.3 Balance, as of March 31, 2023 $ 2.4 $ (11.7) $ (9.3)

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reconciling Adjustments	The following table presents the financial data for the Company’s segment for the three months ended March 31, 2024 (in millions): Three Months Ended March 31, 2024 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 105.3 $ — $ 0.4 (a) $ 105.7 ENI operating expenses 45.7 3.8 4.7 (b) 54.2 Earnings before variable compensation 59.6 (3.8) (4.3) 51.5 Variable compensation 26.0 0.6 (0.2) (c) 26.4 ENI operating earnings (after variable comp) 33.6 (4.4) (4.1) 25.1 Affiliate key employee distributions 2.2 — — 2.2 Earnings after Affiliate key employee distributions 31.4 (4.4) (4.1) 22.9 Net interest expense — (3.0) (0.7) (d) (3.7) Net investment income — — 2.6 (e) 2.6 Net income attributable to non-controlling interests in consolidated Funds — — (1.1) (e) (1.1) Income tax (expense) benefit — (6.6) 0.5 (f) (6.1) Economic net income $ 31.4 $ (14.0) $ (2.8) $ 14.6 The following table presents the financial data for the Company’s segment for the three months ended March 31, 2023 (in millions): Three Months Ended March 31, 2023 Quant & Solutions Other Reconciling Adjustments Total U.S. GAAP (1) ENI revenue $ 91.1 $ — $ 0.7 (a) $ 91.8 ENI operating expenses 43.6 3.5 0.5 (b) 47.6 Earnings before variable compensation 47.5 (3.5) 0.2 44.2 Variable compensation 22.5 0.7 — 23.2 ENI operating earnings (after variable comp) 25.0 (4.2) 0.2 21.0 Affiliate key employee distributions 1.2 — — 1.2 Earnings after Affiliate key employee distributions 23.8 (4.2) 0.2 19.8 Net interest expense — (3.4) (0.4) (d) (3.8) Net investment income — — 1.1 (e) 1.1 Income tax expense — (4.4) (0.7) (f) (5.1) Economic net income $ 23.8 $ (12.0) $ 0.2 $ 12.0 (1) The most directly comparable U.S. GAAP measure of ENI revenue is U.S. GAAP revenue. The most directly comparable U.S. GAAP measure of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation, and Affiliate key employee distributions above. The most directly comparable U.S. GAAP measure of earnings after Affiliate key employee distributions is U.S. GAAP operating income. The most directly comparable U.S. GAAP measure of ENI is U.S. GAAP net income attributable to controlling interests. Reconciling Adjustments: a. Adjusted to include consolidated Funds revenues which are included in U.S. GAAP revenue. b. Adjusted to include non-cash expenses for key employee equity and profit interest revaluations, restructuring costs, and consolidated Funds’ operating expenses, each of which are included in U.S. GAAP operating expenses. c. Adjusted to include restructuring costs which are included in U.S. GAAP compensation expense. d. Adjusted to include the cost of seed financing and amortization of debt issuance costs, which is included in U.S. GAAP interest expense. e. Adjusted to include net investment income (loss), and net income attributable to non-controlling interests in consolidated Funds, all of which are included in U.S. GAAP net income attributable to controlling interests. f. Adjusted to include the impact of deferred tax attributable to the amortization of goodwill and acquired intangibles. Adjusted to include the tax impact of certain ENI adjustments; exclude the tax expense or benefits relating to uncertain tax positions, and exclude the tax impact of other unusual items that are not related to current operating results for ENI purposes.

Organization and Description _2

Organization and Description of the Business (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Repurchase of common stock (in shares)	3,530,908	0
Average price of common stock repurchased (in dollars per share)	$ 21.04
Repurchase of common stock	$ 74.4
Paulson | BrightSphere Investment Group
Business Acquisition [Line Items]
Parent owned interest	23.60%

Investments (Details)

Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investment Holdings [Line Items]
Total investments per Condensed Consolidated Balance Sheets	$ 104.6	$ 98.6
Consolidated Funds
Investment Holdings [Line Items]
Investments	37.6	33.9
Total investments per Condensed Consolidated Balance Sheets	37.6	33.9
Consolidated Entity Excluding Consolidated Funds
Investment Holdings [Line Items]
Total investments per Condensed Consolidated Balance Sheets	67	64.7
Consolidated Entity Excluding Consolidated Funds | Other investments
Investment Holdings [Line Items]
Investments	20.8	20
Consolidated Entity Excluding Consolidated Funds | Investments related to long-term incentive compensation plans
Investment Holdings [Line Items]
Investments	$ 46.2	$ 44.7

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Asset of BSIF and consolidated Funds
Total fair value assets	$ 104.6	$ 98.6
Uncategorized	18.5	17.9
Liabilities of consolidated Funds
Total fair value liabilities	$ (4.3)	(4.1)
Real estate investment funds
Liabilities of consolidated Funds
Term over which the underlying assets are expected to be liquidated by the investees	1 year
Quoted prices in active markets (Level I)
Asset of BSIF and consolidated Funds
Total fair value assets	$ 70.8	65.8
Liabilities of consolidated Funds
Total fair value liabilities	(4.2)	(4)
Significant other observable inputs (Level II)
Asset of BSIF and consolidated Funds
Total fair value assets	15.3	14.9
Liabilities of consolidated Funds
Total fair value liabilities	(0.1)	(0.1)
Significant unobservable inputs (Level III)
Asset of BSIF and consolidated Funds
Total fair value assets	0	0
Liabilities of consolidated Funds
Total fair value liabilities	0	0
Consolidated Funds
Asset of BSIF and consolidated Funds
Common and preferred stock	22.3	19
Derivatives	0.2	0.1
Investments in unconsolidated Funds	37.6	33.9
Liabilities of consolidated Funds
Securities sold short	(4.2)	(4)
Derivative liability	(0.1)	(0.1)
Consolidated Funds | Corporate bonds
Asset of BSIF and consolidated Funds
Corporate bonds	15.1	14.8
Consolidated Funds | Quoted prices in active markets (Level I)
Asset of BSIF and consolidated Funds
Common and preferred stock	22.3	19
Derivatives	0	0
Liabilities of consolidated Funds
Securities sold short	(4.2)	(4)
Derivative liability	0	0
Consolidated Funds | Quoted prices in active markets (Level I) | Corporate bonds
Asset of BSIF and consolidated Funds
Corporate bonds	0	0
Consolidated Funds | Significant other observable inputs (Level II)
Asset of BSIF and consolidated Funds
Common and preferred stock	0	0
Derivatives	0.2	0.1
Liabilities of consolidated Funds
Securities sold short	0	0
Derivative liability	(0.1)	(0.1)
Consolidated Funds | Significant other observable inputs (Level II) | Corporate bonds
Asset of BSIF and consolidated Funds
Corporate bonds	15.1	14.8
Consolidated Funds | Significant unobservable inputs (Level III)
Asset of BSIF and consolidated Funds
Common and preferred stock	0	0
Derivatives	0	0
Liabilities of consolidated Funds
Securities sold short	0	0
Derivative liability	0	0
Consolidated Funds | Significant unobservable inputs (Level III) | Corporate bonds
Asset of BSIF and consolidated Funds
Corporate bonds	0	0
Consolidated Entity Excluding Consolidated Funds
Asset of BSIF and consolidated Funds
Consolidated Funds total	37.6	33.9
Consolidated Funds total	67	64.7
Uncategorized	18.5	17.9
Liabilities of consolidated Funds
Consolidated Funds total	(4.3)	(4.1)
Consolidated Entity Excluding Consolidated Funds | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	2.3	2.1
Consolidated Entity Excluding Consolidated Funds | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	46.2	44.7
Investments in unconsolidated Funds	46.2	44.7
Consolidated Entity Excluding Consolidated Funds | Investments in unconsolidated Funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	18.5	17.9
Uncategorized	18.5	17.9
Consolidated Entity Excluding Consolidated Funds | Investment funds subject to longer redemption restrictions
Asset of BSIF and consolidated Funds
Uncategorized	3.3	3.6
Consolidated Entity Excluding Consolidated Funds | Quoted prices in active markets (Level I)
Asset of BSIF and consolidated Funds
Consolidated Funds total	22.3	19
Consolidated Funds total	48.5	46.8
Liabilities of consolidated Funds
Consolidated Funds total	$ (4.2)	$ (4)
Investment in equity securities	100%	99%
Investments in cash equivalents		1%
Consolidated Entity Excluding Consolidated Funds | Quoted prices in active markets (Level I) | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	$ 2.3	$ 2.1
Consolidated Entity Excluding Consolidated Funds | Quoted prices in active markets (Level I) | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	46.2	44.7
Consolidated Entity Excluding Consolidated Funds | Quoted prices in active markets (Level I) | Investments in unconsolidated Funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	0	0
Consolidated Entity Excluding Consolidated Funds | Significant other observable inputs (Level II)
Asset of BSIF and consolidated Funds
Consolidated Funds total	15.3	14.9
Consolidated Funds total	0	0
Liabilities of consolidated Funds
Consolidated Funds total	(0.1)	(0.1)
Consolidated Entity Excluding Consolidated Funds | Significant other observable inputs (Level II) | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	0	0
Consolidated Entity Excluding Consolidated Funds | Significant other observable inputs (Level II) | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	0	0
Consolidated Entity Excluding Consolidated Funds | Significant other observable inputs (Level II) | Investments in unconsolidated Funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	0	0
Consolidated Entity Excluding Consolidated Funds | Significant unobservable inputs (Level III)
Asset of BSIF and consolidated Funds
Consolidated Funds total	0	0
Consolidated Funds total	0	0
Liabilities of consolidated Funds
Consolidated Funds total	0	0
Consolidated Entity Excluding Consolidated Funds | Significant unobservable inputs (Level III) | Investments in separate accounts
Asset of BSIF and consolidated Funds
Investments in separate accounts	0	0
Consolidated Entity Excluding Consolidated Funds | Significant unobservable inputs (Level III) | Investments related to long-term incentive compensation plans
Asset of BSIF and consolidated Funds
Investments related to long-term incentive compensation plans	0	0
Consolidated Entity Excluding Consolidated Funds | Significant unobservable inputs (Level III) | Investments in unconsolidated Funds
Asset of BSIF and consolidated Funds
Investments in unconsolidated Funds	$ 0	$ 0

Variable Interest Entities - As

Variable Interest Entities - Assets and Liabilities of Funds that are VIEs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Total assets	$ 544.9	$ 611.4
Liabilities
Total liabilities	555.1	561.9
VIEs, Consolidated Funds
Assets
Investments	37.6	33.9
Other assets of consolidated Funds	1.8	1.3
Total assets	39.4	35.2
Liabilities
Liabilities of consolidated Funds	5.3	4.3
Total liabilities	$ 5.3	$ 4.3

Variable Interest Entities - In

Variable Interest Entities - Information of Variable Interest Holdings (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entities
Unconsolidated VIE assets	$ 544.9	$ 611.4
Unconsolidated VIE liabilities	555.1	561.9
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entities
Unconsolidated VIE assets	628.4	669.1
Unconsolidated VIE liabilities	304.8	316.5
Equity interests on the Condensed Consolidated Balance Sheets	3.3	3.6
Maximum risk of loss	$ 3.3	$ 3.6

Borrowings and Debt - Long Term

Borrowings and Debt - Long Term Debt (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value	$ 274,000,000	$ 273,900,000
Fair Value	266,900,000	263,100,000
Line of Credit | Revolving credit facility | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value	73,000,000	0
Fair Value	73,000,000	0
Line of Credit | Revolving credit facility | Revolving credit facility expiring March 7, 2025
Debt Instrument [Line Items]
Face amount	125,000,000
Line of Credit | Revolving credit facility | Revolving credit facility expiring March 7, 2025 | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value	73,000,000	0
Fair Value	73,000,000	0
Senior notes | 4.80% Senior Notes Due July 27, 2026
Debt Instrument [Line Items]
Face amount	$ 275,000,000
Interest rate	4.80%
Senior notes | 4.80% Senior Notes Due July 27, 2026 | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Carrying Value	$ 274,000,000	273,900,000
Fair Value	$ 266,900,000	$ 263,100,000

Borrowings and Debt - Narrative

Borrowings and Debt - Narrative (Details) - Line of Credit - Revolving credit facility	Mar. 07, 2022
Debt Instrument [Line Items]
Maximum interest leverage ratio	2.5
Minimum interest coverage ratio	4
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.375%
Federal Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Adjusted Term SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Secured Overnight Financing Rate (SOFR), Additional Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Secured Overnight Financing Rate (SOFR), Additional Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1%

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Weighted average remaining lease term	9 years 3 months 18 days	10 years 2 months 12 days
Weighted average discount rate	3.52%	3.54%
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

Leases - Summary of Lease Infor

Leases - Summary of Lease Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 2.2	$ 2.1
Variable lease cost	0	0
Total operating lease expense	2.2	2.1
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	2.4	2.3
Right of use assets obtained in exchange for new operating lease liabilities	$ 0	$ 2.8

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
2024 (excluding the three months ended March 31, 2024)	$ 6.9
2025	8.9
2026	8.8
2027	8.4
2028	8.5
Thereafter	41.1
Total lease payments	82.6
Less imputed interest	(12)
Total	$ 70.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Jan. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Deposit guaranty on behalf of an Affiliate			$ 2,500,000
Guaranty liabilities	$ 0	$ 0

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income attributable to controlling interests	$ 14.6	$ 12
Denominator:
Weighted-average shares of common stock outstanding—basic (in shares)	39,063,522	41,444,200
Potential shares of common stock:
Weighted-average shares of common stock outstanding—diluted (in shares)	39,731,440	42,710,577
Earnings per share of common stock attributable to controlling interests:
Basic (in dollars per share)	$ 0.37	$ 0.29
Diluted (in dollars per share)	$ 0.37	$ 0.28
Restricted stock units
Potential shares of common stock:
Restricted stock units/Employee stock options (in shares)	17,348	7,539
Employee stock options
Potential shares of common stock:
Restricted stock units/Employee stock options (in shares)	650,570	1,258,838

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Management fee revenue	$ 105.7	$ 91.8
Management fees
Disaggregation of Revenue [Line Items]
Management fee revenue	102.2	90.6
Management fees | Quant & Solutions | U.S.
Disaggregation of Revenue [Line Items]
Management fee revenue	77.3	67.9
Management fees | Quant & Solutions | Non-U.S.
Disaggregation of Revenue [Line Items]
Management fee revenue	$ 24.9	$ 22.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Foreign currency translation adjustment before tax	$ (0.3)	$ 0.7
Amortization related to derivatives securities before tax	0.9	0.8
Tax impact	(0.1)	(0.2)
Total other comprehensive income	0.5	1.3
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(6.7)	(10.6)
Ending balance	(6.2)	(9.3)
Foreign currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	3.1	1.7
Foreign currency translation adjustment before tax	(0.3)	0.7
Amortization related to derivatives securities before tax	0	0
Tax impact	0.1	0
Total other comprehensive income	(0.2)	0.7
Ending balance	2.9	2.4
Valuation and amortization of derivative securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(9.8)	(12.3)
Foreign currency translation adjustment before tax	0	0
Amortization related to derivatives securities before tax	0.9	0.8
Tax impact	(0.2)	(0.2)
Total other comprehensive income	0.7	0.6
Ending balance	$ (9.1)	$ (11.7)

Derivatives and Hedging (Detail

Derivatives and Hedging (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2016	Jul. 31, 2015
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from AOCI to interest expense	$ 0.9	$ 0.8
Amount reclassified within twelve months	3.7
Accumulated other comprehensive income
Derivative Instruments, Gain (Loss) [Line Items]
Stockholders' equity	$ (9.1)	$ (11.7)	$ (9.8)	$ (12.3)
Designated as Hedging Instrument | Treasury Lock
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount						$ 300
Fair value of derivative					$ (34.4)

Segments - Summarized Operating

Segments - Summarized Operating Results by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
ENI revenue	$ 105.7	$ 91.8
ENI operating expenses	54.2	47.6
Earnings before variable compensation	51.5	44.2
Variable compensation	26.4	23.2
ENI operating earnings (after variable comp)	25.1	21
Affiliate key employee distributions	2.2	1.2
Earnings after Affiliate key employee distributions	22.9	19.8
Net interest expense	(3.7)	(3.8)
Net investment income	2.6	1.1
Net income attributable to non-controlling interests in consolidated Funds	(1.1)	0
Income tax (expense) benefit	(6.1)	(5.1)
Net income attributable to controlling interests	14.6	12
Consolidated Funds
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests in consolidated Funds	(1.1)
Operating Segments | Quant & Solutions
Segment Reporting Information [Line Items]
ENI revenue	105.3	91.1
ENI operating expenses	45.7	43.6
Earnings before variable compensation	59.6	47.5
Variable compensation	26	22.5
ENI operating earnings (after variable comp)	33.6	25
Affiliate key employee distributions	2.2	1.2
Earnings after Affiliate key employee distributions	31.4	23.8
Net interest expense	0	0
Net investment income	0	0
Income tax (expense) benefit	0	0
Net income attributable to controlling interests	31.4	23.8
Operating Segments | Quant & Solutions | Consolidated Funds
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests in consolidated Funds	0
Other
Segment Reporting Information [Line Items]
ENI revenue	0	0
ENI operating expenses	3.8	3.5
Earnings before variable compensation	(3.8)	(3.5)
Variable compensation	0.6	0.7
ENI operating earnings (after variable comp)	(4.4)	(4.2)
Affiliate key employee distributions	0	0
Earnings after Affiliate key employee distributions	(4.4)	(4.2)
Net interest expense	(3)	(3.4)
Net investment income	0	0
Income tax (expense) benefit	(6.6)	(4.4)
Net income attributable to controlling interests	(14)	(12)
Other | Consolidated Funds
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests in consolidated Funds	0
Reconciling Adjustments
Segment Reporting Information [Line Items]
ENI revenue	0.4	0.7
ENI operating expenses	4.7	0.5
Earnings before variable compensation	(4.3)	0.2
Variable compensation	(0.2)	0
ENI operating earnings (after variable comp)	(4.1)	0.2
Affiliate key employee distributions	0	0
Earnings after Affiliate key employee distributions	(4.1)	0.2
Net interest expense	(0.7)	(0.4)
Net investment income	2.6	1.1
Income tax (expense) benefit	0.5	(0.7)
Net income attributable to controlling interests	(2.8)	$ 0.2
Reconciling Adjustments | Consolidated Funds
Segment Reporting Information [Line Items]
Net income attributable to non-controlling interests in consolidated Funds	$ (1.1)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	May 07, 2024	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Repurchase of common stock (in shares)			3,530,908	0
Repurchase of common stock			$ 74.4
Subsequent Event | Acadian Global High Yield Strategy
Subsequent Event [Line Items]
Seed capital investment		$ 15
Subsequent Event | Common Stock
Subsequent Event [Line Items]
Repurchase of common stock (in shares)	269,361
Average price of shares repurchased (in dollars per share)	$ 22.49
Repurchase of common stock	$ 6