What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 137 added, 82 removed, 609 unchanged (26% of the section changed)

3 unchanged sentences

(in millions, except for share and per share data, unaudited)

September 30,

2025 December 31,

40 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

11 unchanged sentences

Non-operating income and (expense):

Investment income (loss) ( 0.2 ) 0.1 0.1 1.0

Investment income — 1.5 0.1 2.5

Interest income 0.9 0.6 2.8 2.8

16 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

11 unchanged sentences

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended June 30, 2025 and 2024

For the three months ended September 30, 2025 and 2024

($ in millions except share data, unaudited)

7 unchanged sentences

non-controlling

March 31, 2024 38.0 $ — $ — $ ( 15.5 ) $ ( 6.2 ) $ ( 21.7 ) $ 11.5 $ ( 10.2 )

Repurchase of common stock ( 0.9 ) — ( 0.2 ) ( 20.5 ) — ( 20.7 ) — ( 20.7 )

June 30, 2024 37.1 $ — $ — $ ( 25.4 ) $ ( 5.4 ) $ ( 30.8 ) $ 12.0 $ ( 18.8 )

Issuance of common stock 0.2 — 0.1 — — 0.1 — 0.1

Equity-based compensation — — 0.2 — — 0.2 — 0.2

2 unchanged sentences

Amortization related to derivatives securities, net of tax — — — — 0.7 0.7 — 0.7

Withholding tax related to stock option exercise and restricted stock vesting

— — ( 0.3 ) ( 5.1 ) — ( 5.4 ) — ( 5.4 )

Dividends ($ 0.01 per share)

1 unchanged sentence

Net income — — — 16.9 — 16.9 2.1 19.0

September 30, 2024 37.3 $ — $ — $ ( 14.0 ) $ ( 3.9 ) $ ( 17.9 ) 14.1 ( 3.8 )

June 30, 2025 35.8 $ — $ — $ 11.3 $ ( 2.1 ) $ 9.2 77.7 $ 86.9

March 31, 2025 36.7 $ — $ — $ 24.9 $ ( 3.2 ) $ 21.7 70.8 $ 92.5

Repurchases of common stock

1 unchanged sentence

Capital contributions

— — — — — — 144.2 144.2

Equity-based compensation — — 0.8 — — 0.8 — 0.8

1 unchanged sentence

Amortization related to derivatives securities, net of tax — — — — 0.8 0.8 — 0.8

Net deconsolidation of Funds

— — — — — ( 142.9 ) ( 142.9 )

Dividends ($ 0.01 per share)

1 unchanged sentence

Net income — — — 15.1 — 15.1 11.9 27.0

June 30, 2025 35.8 $ — $ — $ 11.3 $ ( 2.1 ) $ 9.2 77.7 $ 86.9

September 30, 2025 35.7 $ — $ — $ 21.9 $ ( 1.5 ) $ 20.4 90.9 $ 111.3

See Notes to Condensed Consolidated Financial Statements

1 unchanged sentence

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the six months ended June 30, 2025 and 2024

For the nine months ended September 30, 2025 and 2024

($ in millions except share data, unaudited)

13 unchanged sentences

Equity-based compensation — — 0.6 — — 0.6 — 0.6

Foreign currency translation adjustment, net of tax

— — — — 0.8 0.8 — 0.8

Amortization related to derivatives securities, net of tax — — — — 2.0 2.0 — 2.0

3 unchanged sentences

Net income — — — 42.5 — 42.5 3.7 46.2

June 30, 2024 37.1 $ — $ — $ ( 25.4 ) $ ( 5.4 ) $ ( 30.8 ) $ 12.0 $ ( 18.8 )

September 30, 2024 37.3 $ — $ — $ ( 14.0 ) $ ( 3.9 ) $ ( 17.9 ) $ 14.1 $ ( 3.8 )

December 31, 2024 37.5 $ — $ — $ 24.4 $ ( 4.4 ) $ 20.0 $ 67.1 $ 87.1

2 unchanged sentences

Capital contributions

— — — — — — 142.1 142.1

Equity-based compensation — — 1.9 — — 1.9 — 1.9

3 unchanged sentences

— — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Net deconsolidation of Funds

— — — — — — ( 142.9 ) ( 142.9 )

Dividends ($ 0.03 per share)

1 unchanged sentence

Net income — — — 45.3 — 45.3 24.6 69.9

June 30, 2025 35.8 $ — $ — $ 11.3 $ ( 2.1 ) $ 9.2 $ 77.7 $ 86.9

September 30, 2025 35.7 $ — $ — $ 21.9 $ ( 1.5 ) $ 20.4 $ 90.9 $ 111.3

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(in millions, unaudited)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

22 unchanged sentences

Net cash flows from operating activities of consolidated Funds ( 74.6 ) 15.8

Net cash flows from operating activities 12.8 5.3

Total net cash flows from operating activities ( 11.1 ) 74.9

Cash flows from investing activities:

2 unchanged sentences

Sale of investment securities 34.7 6.6

Cash flows from investing activities of consolidated Funds

Net deconsolidation of Funds

Net cash flows from investing activities ( 41.1 ) ( 48.3 )

3 unchanged sentences

(in millions, unaudited)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from financing activities:

2 unchanged sentences

( 137.0 ) ( 139.0 )

Payment for debt issuance costs — ( 0.6 )

Payment to OM plc for co-investment redemptions — ( 0.2 )

6 unchanged sentences

Redeemable non-controlling interest capital raised 145.8 1.1

Net cash flows from financing activities ( 26.9 ) ( 60.6 )

Redeemable non-controlling interest capital redeemed ( 3.7 ) —

Total net cash flows from financing activities 92.0 ( 103.0 )

Effect of foreign exchange rate changes on cash and cash equivalents 0.4 0.1

Net decrease in cash and cash equivalents ( 4.6 ) ( 74.2 )

Net increase (decrease) in cash and cash equivalents 40.2 ( 76.3 )

Cash and cash equivalents at beginning of period 98.5 147.6

1 unchanged sentence

$ 138.7 $ 71.3

Cash and cash equivalents at end of period

Cash and cash equivalents

$ 117.3 $ 53.6

Cash and cash equivalents of consolidated Funds, restricted

Cash and cash equivalents

Cash and cash equivalents at end of period

$ 138.7 $ 71.3

Supplemental disclosure of cash flow information:

1 unchanged sentence

Income taxes paid $ 28.8 $ 33.0

Supplemental disclosure of non-cash financing transactions:

Supplemental disclosure of non-cash investing and financing transactions:

Excise tax on repurchase of common stock

Net deconsolidation of Funds

$ ( 142.9 ) $ —

See Notes to Condensed Consolidated Financial Statements

5 unchanged sentences

Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives.

Acadian LLC is a leading systematic investment manager of active equity products, including global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative strategies.

The Company’s Quant & Solutions reportable segment consists of Acadian LLC:

• Quant & Solutions —incorporates strategies that utilize advanced technology to collect and analyze data, aiming to identify mispriced assets and generate attractive risk-adjusted returns for investors;

portfolios include global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative strategies.

portfolios include global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative capabilities.

Acadian LLC is organized as a limited liability company.

7 unchanged sentences

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 June 30, 2025, Paulson & Co.

As of September 30, 2025, Paulson & Co.

(“Paulson”) and related parties thereof held approximately 21.8 % of the common stock of the Company.

For the six months ended June 30, 2025, the Company repurchased 1,696,553 shares of common stock at an average price of $ 25.30 per share, or approximately $ 43.0 million in total, including commissions.

For the six months ended June 30, 2024, the Company repurchased 4,445,534 shares of common stock at an average price of $ 21.32 per share, or approximately $ 94.9 million in total, including commissions.

For the nine months ended September 30, 2025, the Company repurchased 1,799,423 shares of common stock at an average price of $ 26.64 per share, or approximately $ 48.0 million in total, including commissions.

For the nine months ended September 30, 2024, the Company repurchased 4,445,534 shares of common stock at an average price of $ 21.32 per share, or approximately $ 94.9 million in total, including commissions.

All shares of common stock repurchased by the Company were retired.

21 unchanged sentences

Recently adopted accounting standards

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards.

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718):

Scope Application of Profits Interest and Similar Awards.

This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification.

6 unchanged sentences

New accounting standards not yet adopted

In December 2023, the FASB issued ASU 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 and interim periods beginning after December 15, 2025.

In December 2023, the FASB issued ASU 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.

The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the Condensed Consolidated Financial statements.

3 unchanged sentences

The Company is evaluating the impact that the adoption will have on the Condensed Consolidated Financial Statements and has not yet determined the transition approach.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for internal-use software costs.

This amendment is for annual periods beginning after December 15, 2027 and interim periods within those annual periods.

The Company is evaluating the impact that the adoption will have on the Condensed Consolidated Financial Statements.

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.

2 unchanged sentences

Investments are comprised of the following as of the dates indicated (in millions):

September 30,

2025 December 31,

4 unchanged sentences

Total investments per Condensed Consolidated Balance Sheets $ 222.5 $ 221.9

For the three months ended June 30, 2025 and 2024, the unrealized gain (loss) recognized for other investments held at the end of period was $( 0.2 ) million and $ 0.1 million, respectively.

For the six months ended June 30, 2025 and 2024, the unrealized gain recognized for other investments held at the end of period was $ 0.1 million and $ 1.0 million, respectively.

For the three months ended June 30, 2025 and 2024, the unrealized gain (loss) recognized for investments of consolidated Funds held at the end of period was $ 12.3 million and $( 0.2 ) million, respectively.

For the six months ended June 30, 2025 and 2024, the unrealized gain recognized for investments of consolidated Funds held at the end of period was $ 15.5 million and $ 0.6 million, respectively.

For the three months ended September 30, 2025 and 2024, the unrealized gain (loss) recognized for other investments held at the end of period was $ 0.0 million and $ 1.2 million, respectively.

For the nine months ended September 30, 2025 and 2024, the unrealized gain recognized for other investments held at the end of period was $ 0.1 million and $ 2.2 million, respectively.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

3) Investments (cont.)

For the three months ended September 30, 2025 and 2024, the unrealized gain (loss) recognized for investments of consolidated Funds held at the end of period was $ 13.3 million and $ 3.2 million, respectively.

For the nine months ended September 30, 2025 and 2024, the unrealized gain recognized for investments of consolidated Funds held at the end of period was $ 28.8 million and $ 3.7 million, respectively.

4) Fair Value Measurements

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2025 (in millions):

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 (in millions):

Quoted prices

1 unchanged sentence

(Level II) Significant

(Level III) Uncategorized Total value, June 30, 2025

(Level III) Uncategorized Total value, September 30, 2025

Assets of AAMI and consolidated Funds

61 unchanged sentences

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 related to long-term incentive compensation plans of $ 35.9 million and $ 48.5 million at June 30, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates.

(2) Investments related to long-term incentive compensation plans of $ 37.4 million and $ 48.5 million at September 30, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), 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.

(3) The uncategorized amounts of $ 19.3 million and $ 19.4 million at June 30, 2025 and December 31, 2024, 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.

(3) The uncategorized amounts of $ 3.4 million and $ 19.4 million at September 30, 2025 and December 31, 2024, 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.

2 unchanged sentences

Other investment vehicles are not subject to redemption restrictions.

The real estate investment Funds of $ 3.3 million and $ 2.9 million at June 30, 2025 and December 31, 2024, 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 June 30, 2025.

The real estate investment Funds of $ 3.2 million and $ 2.9 million at September 30, 2025 and December 31, 2024, 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 September 30, 2025.

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.

2 unchanged sentences

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 and six months ended June 30, 2025 and 2024.

There were no significant transfers of financial assets or liabilities between Levels II or III during the three and nine months ended September 30, 2025 and 2024.

The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.

9 unchanged sentences

The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions):

September 30,

2025 December 31,

15 unchanged sentences

The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions):

September 30,

2025 December 31,

3 unchanged sentences

The operating leases have remaining lease terms of less than 1 year to 8 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 and six months ended June 30, 2025 and 2024 (in millions):

Three Months Ended June 30, Six Months Ended June 30,

The following table summarizes information about the Company’s operating leases for the three and nine months ended September 30, 2025 and 2024 (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

6 unchanged sentences

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 six months ended June 30, 2025 and 2024, the weighted average remaining lease term was 8.0 years and 9.0 years, respectively, and the weighted average discount rate was 3.54 % and 3.52 %, respectively.

For the nine months ended September 30, 2025 and 2024, the weighted average remaining lease term was 7.8 years and 8.8 years, respectively, and the weighted average discount rate was 3.53 % and 3.52 %, respectively.

Acadian Asset Management Inc.

4 unchanged sentences

Year Ending December 31,

2025 (excluding the six months ended June 30, 2025)

2025 (excluding the nine months ended September 30, 2025)

Thereafter 33.2

3 unchanged sentences

The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions):

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions) Carrying Value Fair Value Fair Value Level Carrying Value Fair Value Fair Value Level

1 unchanged sentence

$ 140 million revolving credit facility expiring August 29, 2027 (1)(2)

$ 20.0 $ 20.0 2 $ — $ —

Total revolving credit facility $ — $ — $ — $ —

5 unchanged sentences

(1) Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates.

(2) On August 29, 2024, Acadian LLC’s $ 125 million revolving credit facility was terminated and replaced with a new $ 140 million revolving credit facility.

(2) On October 28, 2025, Acadian LLC’s $ 140 million revolving credit facility was terminated and replaced with a new $ 175 million revolving credit facility.

(3) 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.

4 unchanged sentences

On August 29, 2024, Acadian LLC, Royal Bank of Canada, Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., the Bank of New York Mellon, Bank of America N.A., as an issuing bank, and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into a new revolving credit facility agreement (the “Acadian LLC Credit Agreement”), which replaced Acadian LLC’s revolving credit facility dated as of March 7, 2022 (the “Prior Credit Agreement”).

The maturity date of the Prior Credit Agreement was March 7, 2025, and the maturity date of the Acadian LLC Credit Agreement is August 29, 2027.

Borrowings under the Acadian LLC Credit Agreement bear interest, at Acadian LLC’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 LLC’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 LLC’s Leverage Ratio.

In addition, a commitment fee is charged based on the average daily unused portion of the revolving credit facility under the Acadian LLC Credit Agreement at a per annum rate ranging from 0.25 % to 0.375 %, with such amount based on Acadian LLC’s Leverage Ratio.

Under the Acadian LLC Credit Agreement, the ratio of Acadian LLC’s third-party borrowings to Acadian LLC’s trailing twelve months Adjusted EBITDA, as defined by the Acadian LLC Credit Agreement (the “Leverage Ratio”), cannot exceed 2.5 x and the Acadian LLC interest coverage ratio must not be less than 4.0 x.

The maturity date of the Prior Credit Agreement was March 7, 2025, and the maturity date of the Acadian LLC Credit Agreement was August 29, 2027.

On October 28, 2025, Acadian LLC terminated the Acadian LLC Credit Agreement, as described below.

Borrowings under the Acadian LLC Credit Agreement bore interest, at Acadian LLC’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 LLC’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 LLC’s Leverage Ratio.

In addition, a commitment fee was charged based on the average daily unused portion of the revolving credit facility under the Acadian LLC Credit Agreement at a per annum rate ranging from 0.25 % to 0.375 %, with such amount based on Acadian LLC’s Leverage Ratio.

Under the Acadian LLC Credit Agreement, the ratio of Acadian LLC’s third-party borrowings to Acadian LLC’s trailing twelve months Adjusted EBITDA, as defined by the Acadian LLC Credit Agreement (the “Leverage Ratio”), could not exceed 2.5 x and the Acadian LLC interest coverage ratio could not be less than 4.0 x.

Subsequent Events

On October 28, 2025 (the “Closing Date), Acadian LLC entered into a Delayed Draw Term Loan Credit Agreement (the “DDTL Credit Agreement”) and a Revolving Credit Agreement (the “Revolving Credit Agreement”).

The DDTL Credit Agreement provides for a delayed draw term loan facility in an aggregate principal amount, as of the Closing Date, of up to $ 200 million (the “Term Facility”).

The term loans mature on October 28, 2028.

Subject to certain conditions, Acadian LLC may increase the size of the Term Facility to an aggregate maximum principal amount of $ 275 million.

None of the lenders under the Term Facility are obligated to provide such additional commitments to Acadian LLC.

Proceeds of the Term Facility are intended to fund, in part, the redemption of the Company’s 4.80 % Senior Notes due July 27, 2026 (the “2026 Notes”), as described below.

Loans under the DDTL Credit Agreement bear interest, at Acadian LLC’s option, at a rate per annum equal to (i) Term SOFR for the applicable interest period plus an applicable margin equal to a range of 1.5 % to 2.0 % depending on Acadian LLC’s consolidated leverage ratio or (ii) an alternate base rate (defined as a rate equal to the highest of (i) the Federal Funds Rate plus 0.5 %, (ii) Bank of America’s published “prime rate” and (iii) Term SOFR plus 1.0 %) plus an applicable margin equal to a range of 0.5 % to 1.0 % depending on Acadian LLC’s consolidated leverage ratio.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

7) Borrowings and Debt (cont.)

Financial covenants under the Term Facility include the quarterly maintenance by the Company of (i) a maximum Consolidated Net Leverage Ratio (as defined in the DDTL Credit Agreement) of not greater than 2.5 x and (ii) a minimum Consolidated Interest Coverage Ratio (calculated as the ratio of Acadian LLC Consolidated EBITDA (as defined in the DDTL Credit Agreement), divided by Acadian LLC interest expense for the four consecutive fiscal quarters ended on or immediately prior to the date of determination) of not less than 4.0 x.

For purposes of calculating the Consolidated Net Leverage Ratio, the DDTL Credit Agreement refers to Consolidated Funded Indebtedness (as defined in the DDTL Credit Agreement) minus unrestricted cash at Acadian LLC.

On the Closing Date, Acadian LLC terminated the Acadian LLC Credit Agreement and entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”), among Acadian LLC, the lenders from time to time party thereto, Bank of America, N.A., as the Administrative Agent and a L/C Issuer and the other L/C Issuers from time to time party thereto.

The Revolving Credit Agreement provides for senior unsecured revolving credit commitments as of the Closing Date in an aggregate principal amount, as of the Closing Date, of up to $ 175 million (the “Revolving Facility”).

The revolving commitments mature on October 28, 2028.

Subject to certain conditions, Acadian LLC may increase the size of the Revolving Facility to an aggregate maximum principal amount of $ 275 million, which may be established in the form of revolving commitments or term loan commitments.

None of the lenders under the Revolving Facility are obligated to provide such additional commitments to Acadian LLC.

Borrowings under the Revolving Credit Agreement bear interest, at Acadian LLC's option, at a rate per annum equal to (i) Term SOFR (as defined in the Revolving Credit Agreement) for the applicable interest period plus an applicable margin equal to a range of 1.5 % to 2.0 % depending on Acadian LLC’s consolidated leverage ratio or (ii) an alternate base rate (defined as a rate equal to the highest of (i) the Federal Funds Rate plus 0.5 %, (ii) Bank of America's published "prime rate" and (iii) Term SOFR plus 1.0 %) plus an applicable margin equal to a range of 0.5 % to 1.0 % depending on Acadian LLC’s consolidated leverage ratio.

The Company is required to pay a commitment fee at a per annum rate ranging from 0.25 % to 0.375 %, with such amount based on Acadian LLC’s Leverage Ratio on the daily undrawn amount of the revolving commitments, and customary letter of credit participation and fronting fees.

Redemption of 4.80 % Senior Notes

On October 30, 2025, the Company issued a notice for the full redemption of all $ 275 million aggregate principal amount outstanding of its 2026 Notes.

8) Commitments and Contingencies

3 unchanged sentences

The Company entered into a guaranty for an office space security deposit on behalf of Acadian LLC 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 represents the maximum potential amount of future (undiscounted) payments

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

8) Commitments and Contingencies (cont.)

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 June 30, 2025 and December 31, 2024 related to this guaranty.

There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 related to this guaranty.

The Company is subject to claims, legal proceedings, and other contingencies in the ordinary course of its business activities.

1 unchanged sentence

The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated.

As of June 30, 2025, 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.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

8) Commitments and Contingencies (cont.)

As of September 30, 2025, 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

6 unchanged sentences

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 June 30, 2025, 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 June 30, 2025.

At September 30, 2025, 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 September 30, 2025.

Considerations of credit risk

9 unchanged sentences

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 June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

18 unchanged sentences

Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue by location of client domicile for the three and six months ended June 30, 2025 and 2024 are as follows (in millions):

Three Months Ended June 30, Six Months Ended June 30,

The geographic disaggregation of management fee revenue by location of client domicile for the three and nine months ended September 30, 2025 and 2024 are as follows (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

11) Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended June 30, 2025 and 2024 are as follows (in millions):

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended September 30, 2025 and 2024 are as follows (in millions):

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of March 31, 2025

Balance, as of June 30, 2025

$ 3.6 $ ( 5.7 ) $ ( 2.1 )

Foreign currency translation adjustment before tax

( 0.2 ) — ( 0.2 )

Amortization related to derivatives securities before tax

Tax impact — ( 0.2 ) ( 0.2 )

Other comprehensive income 0.4 0.7 1.1

Balance, as of June 30, 2025

Other comprehensive income (loss) ( 0.2 ) 0.8 0.6

Balance, as of September 30, 2025

$ 3.4 $ ( 4.9 ) $ ( 1.5 )

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of March 31, 2024

Balance, as of June 30, 2024

$ 3.1 $ ( 8.5 ) $ ( 5.4 )

1 unchanged sentence

Amortization related to derivatives securities before tax

— $ 0.8 $ 0.8

Tax impact ( 0.2 ) ( 0.2 ) ( 0.4 )

Other comprehensive income 0.8 0.7 1.5

Balance, as of June 30, 2024

Balance, as of September 30, 2024

$ 3.9 $ ( 7.8 ) $ ( 3.9 )

2 unchanged sentences

11) Accumulated Other Comprehensive Income (Loss) (cont.)

The components of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2025 and 2024 are as follows (in millions):

The components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2025 and 2024 are as follows (in millions):

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

5 unchanged sentences

Other comprehensive income 0.7 2.2 2.9

Balance, as of June 30, 2025

Balance, as of September 30, 2025

$ 3.4 $ ( 4.9 ) $ ( 1.5 )

3 unchanged sentences

Foreign currency translation adjustment before tax

( 0.1 ) — ( 0.1 )

Amortization related to derivatives securities before tax

1 unchanged sentence

Other comprehensive income 0.8 2.0 2.8

Balance, as of June 30, 2024

Balance, as of September 30, 2024

$ 3.9 $ ( 7.8 ) $ ( 3.9 )

6 unchanged sentences

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 June 30, 2025, the balance recorded in accumulated other comprehensive income (loss) was $( 5.7 ) million, net of tax.

Refer to Note 7, Borrowings and Debt, for additional information on the debt issuances.

As of September 30, 2025, the balance recorded in accumulated other comprehensive income (loss) before tax was $( 3.4 ) million.

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 June 30, 2025 and 2024, respectively.

Amounts of $ 1.9 million and $ 1.7 million have been reclassified for the six months ended June 30, 2025 and 2024, respectively.

The Company reclassified $ 1.0 million and $ 0.9 million for the three months ended September 30, 2025 and 2024, respectively.

Amounts of $ 2.9 million and $ 2.6 million have been reclassified for the nine months ended September 30, 2025 and 2024, respectively.

During the next twelve months the Company expects to reclassify approximately $ 3.4 million to interest expense.

4 unchanged sentences

portfolios include global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative strategies.

portfolios include global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative capabilities.

This segment consists of our ownership interest in Acadian LLC.

25 unchanged sentences

The following table sets 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 attributable to controlling interests for the three and six months ended June 30, 2025 and 2024 are as follows (in millions):

Three Months Ended June 30, Six Months Ended June 30,

GAAP net income attributable to controlling interests for the three and nine months ended September 30, 2025 and 2024 are as follows (in millions):

Three Months Ended September 30, Nine Months Ended September 30,

($ in millions) 2025 2024 2025 2024

50 unchanged sentences

Depreciation and amortization includes U.S.

GAAP depreciation and amortization.

GAAP depreciation and amortization, adjusted for costs associated with the wind-down of the MACS business in the standalone format.

Other segment items includes segment systems, portfolio administration costs and other general & administrative expenses.

Included in unallocated corporate expenses for the three months ended June 30, 2025 and 2024 was compensation and benefits of $ 2.6 million and $ 2.3 million, respectively, related to Hold Co which are included in U.S.

Included in unallocated corporate expenses for the three months ended September 30, 2025 and 2024 was compensation and benefits of $ 2.7 million and $ 2.4 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the three months ended June 30, 2025 and 2024 was general and administrative expenses of $ 2.2 million and $ 2.5 million, respectively, related to Hold Co which are included in U.S.

Included in unallocated corporate expenses for the three months ended September 30, 2025 and 2024 was general and administrative expenses of $ 1.5 million and $ 2.5 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the six months ended June 30, 2025 and 2024 was compensation and benefits of $ 5.0 million and $ 4.8 million, respectively, related to Hold Co which are included in U.S.

Included in unallocated corporate expenses for the nine months ended September 30, 2025 and 2024 was compensation and benefits of $ 7.7 million and $ 7.2 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the six months ended June 30, 2025 and 2024 was general and administrative expenses of $ 4.3 million and $ 4.6 million, respectively, related to Hold Co which are included in U.S.

Included in unallocated corporate expenses for the nine months ended September 30, 2025 and 2024 was general and administrative expenses of $ 5.8 million and $ 7.1 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements