What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-02-27 · 345 added, 322 removed, 1033 unchanged (39% of the section changed)

34 unchanged sentences

As discussed in Notes 2, 11 and 18 to the consolidated financial statements, the Company has issued cash-settled equity awards to certain key employees of the subsidiary which are liability classified.

The total liability for these awards was $25.4 million at December 31, 2024.

The total liability

for these awards was $37.0 million at December 31, 2025.

The liability is remeasured each reporting period to its fair value.

5 unchanged sentences

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s process to determine the fair value of the cash-settled awards liability, including controls over the significant assumptions noted above.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’sprocess to determine the fair value of the cash-settled awards liability, including controls over the significant assumptions noted above.

We compared forecasted earnings and growth rates to internal financial forecasts and historical results.

33 unchanged sentences

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect

misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that

controls may become inadequate because of changes in conditions, or that the degree of compliance with the

policies or procedures may deteriorate.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Boston, Massachusetts

24 unchanged sentences

Operating lease liabilities 61.4 67.3

Other liabilities — 0.8

Revolving credit facility — —

11 unchanged sentences

Retained earnings

Accumulated other comprehensive loss ( 4.4 ) ( 6.7 )

Accumulated other comprehensive income (loss)

Total equity and redeemable non-controlling interests in consolidated Funds

13 unchanged sentences

General and administrative expense 92.0 85.2 82.6

Amortization of acquired intangibles — — 0.1

Depreciation and amortization 16.6 18.5 17.3

8 unchanged sentences

Loss on extinguishment of debt ( 1.4 ) — —

Net consolidated Funds’ investment gains (losses) 3.9 4.1 ( 0.4 )

Net consolidated Funds’ investment gains

Total non-operating income (loss)

11.1 ( 9.8 ) ( 9.5 )

Income before taxes

Income before income taxes

143.2 125.7 96.5

1 unchanged sentence

Net income 106.6 86.8 67.1

Net income attributable to non-controlling interests in consolidated Funds 1.8 1.3 —

Net income attributable to redeemable non-controlling interests in consolidated Funds

Net income attributable to controlling interests $ 80.0 $ 85.0 $ 65.8

1 unchanged sentence

Earnings per share (diluted) attributable to controlling interests 2.21 2.22 1.55

Weighted average shares outstanding 37.8 41.5 42.1

Weighted average diluted shares outstanding 38.3 42.5 43.2

Weighted average common stock outstanding

36.2 37.8 41.5

Weighted average diluted common stock outstanding

36.2 38.3 42.5

See Notes to Consolidated Financial Statements

11 unchanged sentences

Total comprehensive income 114.4 89.1 71.0

Comprehensive income attributable to non-controlling interests in consolidated Funds 1.8 1.3 —

Comprehensive income attributable to redeemable non-controlling interests in consolidated Funds

Total comprehensive income attributable to controlling interests $ 87.8 $ 87.3 $ 69.7

15 unchanged sentences

Repurchase of common stock ( 0.3 ) — ( 0.3 ) ( 4.8 ) — ( 5.1 ) — ( 5.1 )

Capital contributions — — — — — — 9.9 9.9

Equity-based compensation — — 1.2 — — 1.2 — 1.2

Foreign currency translation adjustment — — — — ( 3.1 ) ( 3.1 ) — ( 3.1 )

Foreign currency translation adjustment, net of tax

— — — — 1.4 1.4 — 1.4

Amortization related to derivative securities, net of tax — — — — 2.5 2.5 — 2.5

Withholding tax related to stock option exercise — — ( 0.9 ) ( 1.4 ) — ( 2.3 ) — ( 2.3 )

Withholding tax related to stock option exercise and restricted stock vesting

— — ( 2.4 ) — — ( 2.4 ) — ( 2.4 )

Net de-consolidation of Funds

— — — — — — ( 1.9 ) ( 1.9 )

Dividends ($ 0.04 per share)

3 unchanged sentences

Issuance of common stock 0.5 — 0.1 — — 0.1 — 0.1

Repurchase of common stock ( 0.3 ) — ( 0.3 ) ( 4.8 ) — ( 5.1 ) — ( 5.1 )

Repurchase of common stock including excise taxes

( 4.4 ) — ( 0.4 ) ( 95.2 ) — ( 95.6 ) — ( 95.6 )

Capital contributions — — — — — — 56.0 56.0

5 unchanged sentences

— — ( 0.6 ) ( 10.8 ) — ( 11.4 ) — ( 11.4 )

De-consolidation of Funds

— — — — — — ( 1.9 ) ( 1.9 )

Dividends ($ 0.04 per share)

2 unchanged sentences

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

Issuance of common stock 0.5 — 0.1 — — 0.1 — 0.1

Repurchase of common stock including excise taxes

5 unchanged sentences

Amortization related to derivative securities, net of tax — — — — 7.1 7.1 — 7.1

Withholding tax related to stock option exercise and restricted stock vesting

Withholding tax related to restricted stock vesting

— — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

Net deconsolidation of Funds

— — — — — — ( 211.6 ) ( 211.6 )

Dividends ($ 0.04 per share)

13 unchanged sentences

Adjustments to reconcile net income to net cash flows from operating activities:

Amortization of acquired intangibles — — 0.1

Loss on extinguishment of debt 1.4 — —

3 unchanged sentences

Deferred income taxes 1.5 ( 10.2 ) ( 6.0 )

(Gains) losses on other investments ( 12.5 ) ( 5.6 ) 3.4

(Gains) on other investments

( 13.4 ) ( 12.5 ) ( 5.6 )

Changes in operating assets and liabilities:

(Increase) decrease in investment advisory fees receivable ( 21.3 ) ( 20.9 ) 44.6

(Increase) decrease in other receivables, prepayments, deposits and other assets 0.6 0.2 ( 2.1 )

(Increase) in investment advisory fees receivable

( 13.8 ) ( 21.3 ) ( 20.9 )

Decrease in other receivables, prepayments, deposits and other assets

Increase (decrease) in accrued incentive compensation, operating lease liabilities and other liabilities ( 5.1 ) 15.1 10.2

4 unchanged sentences

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:

Purchase of investments ( 167.1 ) ( 19.7 ) ( 0.2 )

Sale of investments 112.3 13.6 0.1

(Gains) losses on other investments

( 21.0 ) 0.4 ( 1.1 )

Purchase of investments ( 642.9 ) ( 167.1 ) ( 19.7 )

Sale of investments 447.9 112.3 13.6

(Increase) decrease in receivables and other assets 116.6 ( 0.9 ) ( 3.5 )

14 unchanged sentences

Cash flows from investing activities of consolidated Funds:

Deconsolidation of Funds

Net consolidation (deconsolidation) of Funds

10.4 — ( 12.5 )

Net cash flows from investing activities

1 unchanged sentence

Cash flows from financing activities:

Proceeds from revolving credit facility

Proceeds from third party borrowings and revolving credit facility

337.0 139.0 113.5

4 unchanged sentences

Payment to OM plc for co-investment redemptions — ( 0.2 ) ( 0.4 )

Repurchases of common stock ( 96.7 ) ( 3.3 ) ( 103.2 )

Dividends paid to stockholders

1 unchanged sentence

Dividends paid to related parties ( 0.5 ) ( 0.6 ) ( 0.6 )

Repurchases of common stock ( 48.8 ) ( 96.7 ) ( 3.3 )

Withholding tax payments related to stock option exercise and restricted stock vesting

2 unchanged sentences

Redeemable non-controlling interest capital raised 146.3 56.0 9.9

Redeemable non-controlling interest capital redeemed ( 5.0 ) — —

Net cash flows from financing activities

4 unchanged sentences

Cash and cash equivalents at end of period (including restricted cash) $ 124.4 $ 98.5 $ 147.6

Cash and cash equivalents

$ 101.2 $ 94.8 $ 146.8

Cash and cash equivalents of consolidated Funds, restricted

Cash and cash equivalents at end of period (including restricted cash) $ 124.4 $ 98.5 $ 147.6

Supplemental disclosure of cash flow information:

6 unchanged sentences

$ — $ — $ ( 1.8 )

Deconsolidation of Funds

$ — $ ( 1.9 ) $ —

See Notes to Consolidated Financial Statements

6 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, international, and small cap equities, as well as credit and alternative strategies.

Acadian LLC is a leading systematic investment manager of active equity products.

Notable product lines and capabilities include Emerging Equity, Non-U.S.

Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, Systematic Credit, and Alternatives.

Acadian LLC comprises the Company’s Quant & Solutions reportable segment:

• Quant & Solutions —comprised of strategies that leverage cutting-edge technology to gather and analyze data to identify mispriced assets to deliver attractive risk-adjusted returns for investors;

portfolios include developed and developing markets for equity, credit and alternative strategies.

• 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 Emerging Equity, Non-U.S.

Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, and Systematic Credit.

Acadian LLC is organized as a limited liability company.

4 unchanged sentences

The profit-sharing model results in the alignment of the Company and Acadian LLC key employee economic interests, which is critical to the Company’s talent management strategy and long-term growth of the business.

The corporate holding company (“Hold Co”) is included within the Unallocated Corporate expenses 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 part of the Offering, the Company was authorized to issue up to 230 million shares of $ 0.001 par value per share common stock.

As of December 31, 2025, Paulson & Co.

4 unchanged sentences

1) Organization and Description of the Business (cont.)

In December 2023, the Company’s Board of Directors authorized a $ 100 million share repurchase program.

In February 2025, the Company’s Board of Directors authorized an $ 80 million share repurchase program.

For the year ended December 31, 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.

1 unchanged sentence

For the year ended December 31, 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.

In connection with these repurchases, a reduction to additional paid-in capital in the amount of $ 0.3 million was recorded until it was depleted, with the remaining $ 4.8 million of repurchases recorded to retained earnings.

In connection with these repurchases, a reduction to additional paid-in capital in the amount of $ 0.4 million was recorded until it was depleted, with the remaining $ 94.5 million of share repurchases recorded to retained earnings.

For the year ended December 31, 2023, the Company repurchased 268,800 shares of common stock at an average price of $ 19.03 per share, or approximately $ 5.1 million in total, including commissions.

A reduction to retained deficit was recorded for the full amount of these share repurchases.

In connection with these repurchases, a reduction to additional paid-in capital in the amount of $( 0.3 ) million was recorded until it was depleted, with the remaining $ 4.8 million of repurchases recorded to retained earnings.

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

8 unchanged sentences

The Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S.

All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated.

All dollar amounts, except per-share data in the text and tables herein, are stated in millions of United States Dollars (“USD”) unless otherwise indicated.

Transactions between the Company and its related parties are included in the Consolidated Financial Statements.

however, material intercompany balances and transactions among the Company, Acadian LLC and consolidated Funds are eliminated in consolidation.

Revenue recognition

Revenue from contracts with customers

The Company recognizes revenue when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in accordance with the revenue recognition guidance.

A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

The majority of the Company’s contracts have a single performance obligation, as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct.

The Company’s management fee revenue is calculated based upon levels of assets under management multiplied by a fee rate.

Management fee revenue is typically calculated on a monthly or quarterly basis, but is earned continuously as performance obligations are fulfilled.

The transaction price is variable in contracts which calculate AUM on an average basis over a specified period and this variability is resolved at the end of the period, when the actual average AUM for the contract period may be calculated.

The Company is able to resolve the variability and calculate the most likely amount to be recognized for any given period by estimating revenue based upon a daily average AUM.

All of the Company’s performance obligations are satisfied ratably over time and there is no distinction in the methodology used to recognize management fee revenue in instances where there is more than one performance obligation.

Typically, revenue is recognized over time using a time-based output measure to measure progress.

Management fees are recognized monthly as services are rendered.

Performance fees are generally assessed as a percentage of the investment performance realized on a client’s account.

Performance fees are recognized when they (i) become billable to customers (based on contractual terms of agreements) and (ii) are not subject to contingent repayment.

The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers .

Revenue is recognized in a manner that depicts the Company’s transfer of promised services to its customers in an amount that reflects the consideration the Company expects to receive in exchange for those services net of certain rebates.

The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract(s), and recognize revenue when (or as) the entity satisfies a performance obligation.

A performance obligation, the unit of account under ASC 606, is a promise in a contract to transfer a distinct good or service to a customer.

The majority of the Company’s contracts contain a single performance obligation, the delivery of investment management services.

The promise to transfer these services is not separately identifiable from any other promises in the contracts and, therefore, not distinct.

In these contracts, the Company earns a management fee for providing its services.

These fees are the consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer.

The Company recognizes revenue for its investment management services ratably over time on a monthly basis, because the customer simultaneously receives and consumes the benefits of the services as they are performed.

The Company’s management fee revenue is calculated based upon levels of assets under management (“AUM”) multiplied by a fee rate.

Management fee revenue is typically calculated on a monthly or quarterly basis.

In certain of the Company’s contracts, the transaction price is variable, because AUM is based on an average over a specified period.

In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved.

The Company’s variability around these fees is typically resolved by the end of each period when the actual average AUM for that contract period is calculated.

Acadian Asset Management Inc.

2 unchanged sentences

2) Basis of Presentation and Significant Accounting Policies (cont.)

The Company is required to capitalize certain costs directly related to the acquisition or fulfillment of a contract with a customer.

The Company has noted no instances where sales-based compensation or similar costs met the definition of an incremental cost to acquire a contract with a customer in accordance with revenue recognition guidance.

Certain of the Company’s contracts include performance-based fees in addition to or in lieu of management fees.

Performance fees are generally assessed as a percentage of the investment performance realized on a client’s account.

Performance fees are recognized when they (i) become billable to customers (based on contractual terms of agreements) and (ii) are not subject to contingent repayment.

The Company is required to capitalize certain costs directly related to the acquisition of a customer or the fulfillment of a contract with a customer.

The Company has noted no instances where sales-based compensation or similar costs met the definition of an incremental cost to acquire a contract with a customer.

There are no instances where the Company has incurred costs to fulfill a contract with a customer, therefore no assets related to contract acquisition or fulfillment have been recognized.

For each one of its contracts with customers, the Company identifies one or more performance obligations within the contract and then, for each performance obligation, determines if it is a principal (where the nature of its promise is to provide a specified good or service itself) or an agent (where the nature of its promise is to arrange for a good or service to be provided by another party).

For each revenue contract, the Company assesses each performance obligation and determines if it is the principal in the transaction (where the nature of its promise is to provide a specified good or service itself) or an agent in the transaction (where the nature of its promise is to arrange for a good or service to be provided by another party).

In instances where a customer reimburses the Company for a cost paid on the customer’s behalf, if the Company is acting as a principal, the reimbursement is recorded on a gross basis and if the Company is acting as an agent, the reimbursement is recorded on a net basis.

Revenue from other sources

Revenue from other sources also includes interest income on cash and cash equivalents.

Dividend income received is recorded on the ex-dividend date.

Revenue from other sources includes interest income on cash and cash equivalents.

Compensation arrangements

3 unchanged sentences

Variable compensation expense is accrued and recognized in the Consolidated Statements of Operations as services are provided by individual employees.

Variable compensation also includes discretionary annual bonuses at the Hold Co, which may be paid in the form of cash or AAMI equity.

Variable compensation also includes discretionary annual bonuses, which may be paid in the form of cash or awards of AAMI equity.

The Company operates a longer-term profit-interest plan whereby certain Acadian LLC key employees are granted (or have a right to purchase) awards representing a profits interest in Acadian LLC, as distinct from an equity interest due to the lack of pari passu voting rights.

2 unchanged sentences

Under this plan, Acadian LLC key employees are eligible to share in the profits of Acadian LLC based on their respective percentage interest held.

In addition, under certain circumstances, Acadian LLC key employees are eligible to receive repurchase payments upon exiting the plan based on a multiple of the last twelve months profits of Acadian LLC, as defined.

Profits allocated and movements in the potential repurchase value, determined based on a fixed multiple times trailing twelve month profits, as defined, are recognized as compensation expense.

Profit interests compensation liabilities are re-measured at each reporting date at the twelve month earnings multiple, with movements treated as compensation expense in the Company’s Consolidated Statements of Operations.

Acadian Asset Management Inc.

2 unchanged sentences

2) Basis of Presentation and Significant Accounting Policies (cont.)

Profits allocated and movements in the potential repurchase value, determined based on a fixed multiple times trailing twelve-month profits, as defined, are recognized as compensation expense.

Profit interests’ compensation liabilities are re-measured at each reporting date at the twelve-month earnings multiple, with movements treated as compensation expense in the Company’s Consolidated Statements of Operations.

Share-based compensation plans

2 unchanged sentences

Valuation of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) is determined based on the Company’s closing share price as quoted on the New York Stock Exchange on the measurement date.

For performance-based awards and stock options, a Monte-Carlo simulation model is used to determine the fair value.

Key inputs for the model include:

assumed reinvestment of dividends, risk-free interest rate, expected volatility and term.

For awards with a performance vesting condition, compensation expense is adjusted each period to reflect the probability of achievement of the performance condition throughout the vesting period.

For market condition awards and stock options, a Monte-Carlo simulation model is used to determine the fair value.

Key inputs for the model include assumed reinvestment of dividends, risk-free interest rate, expected volatility, and term.

All excess tax benefits and deficiencies on share-based payment awards are recognized as income tax expense or benefit in the Consolidated Statements of Operations.

5 unchanged sentences

The liability is revalued at each reporting period, with any movements recorded within compensation expense.

Consolidation

The Company evaluates each of its subsidiaries and other operating entities to determine the appropriate method of accounting.

Principles of Consolidation

The Consolidated Financial Statements include the operations of the Company, its subsidiaries, and any consolidated Funds.

Intercompany balances and transactions among the Company, Acadian LLC, and consolidated Funds are eliminated in consolidation.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

2) Basis of Presentation and Significant Accounting Policies (cont.)

The Company evaluates entities it is involved with to determine whether it has a controlling financial interest in them and is required to consolidate.

Generally, majority-owned entities or otherwise controlled investments in which the Company holds a controlling financial interest as the principal shareholder, managing member, or general partner are consolidated.

This assessment is performed at the time the Company becomes involved with an entity and is reassessed at each reporting date or upon the occurrence of certain events (such as contributions and redemptions, either by the Company, Acadian LLC, or third parties, or amendments to the governing documents of the Company’s investees or sponsored Funds).

If the Company subsequently determines that it no longer holds a controlling financial interest, the Company will deconsolidate the entity.

Consolidation of Voting Interest Entities

The Company has a controlling financial interest in a voting interest entity (“VOE”) when it owns a majority of the voting interests through which it can exert control over significant operating, financial, and investing decisions of the entity and no noncontrolling interest holder has stated rights that would overcome the presumption of consolidation by the majority voting interest.

Consolidation of Variable Interest Entities

The Company has a controlling financial interest in a variable interest entity (“VIE”) when it is the primary beneficiary of that entity.

The primary beneficiary of a VIE is the entity that has (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance, and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.

An entity is considered a VIE when (i) it lacks the total equity investment at risk sufficient to enable the entity to finance its activities independently, (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns, or the right to direct the activities of the entity that most significantly impact the entity’s economic performance, or (iii) the entity is structured with disproportionate voting rights, and substantially all of the activities are conducted on behalf of an investor with disproportionately few voting rights.

In evaluating whether the Company is the primary beneficiary of an entity, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties on a proportional basis.

Management fees earned from VIEs are not generally considered variable interests if they are deemed to be at market and commensurate with service.

If no single party satisfies the primary beneficiary criteria, but the Company and its related parties satisfy the criteria on a combined basis, then the primary beneficiary is the entity out of the related party group that is most closely associated to the VIE.

Assessing whether an entity is a VIE involves judgment and analysis.

Factors considered in this assessment include the entity’s legal organization, the entity’s capital structure and equity ownership and any related party or de-facto agent implications of the Company’s involvement with the entity.

In the normal course of business, Acadian LLC sponsors and manages certain investment vehicles (the “Funds”).

The Company assesses consolidation requirements with respect to its Funds.

The Funds are generally considered VIEs.

In most cases, the Company, through Acadian LLC, has the power to direct the activities of the Funds that most significantly affect the Funds’ economic performance.

For certain Funds, the Company provides seed capital to establish the Fund.

For seeded Funds, the Company assesses whether or not it is the primary beneficiary of the Fund and is therefore required to consolidate the Fund.

Acadian Asset Management Inc.

2 unchanged sentences

2) Basis of Presentation and Significant Accounting Policies (cont.)

In evaluating whether or not a legal entity must be consolidated, the Company determines if such entity is a variable interest entity (“VIE”) or a voting interest entity (“VOE”).

A VOE is considered an entity in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders at risk have the obligation to absorb losses, the right to receive residual returns, and the right to direct the activities of the entity that most significantly impact the entity’s economic performance.

A VIE is an entity that lacks one or more of the characteristics of a VOE.

Assessing whether an entity is a VIE or VOE involves judgment and analysis.

Investments that are determined to be VIEs are consolidated if the Company or Acadian LLC is the primary beneficiary of the investment.

In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties on a proportional basis.

The primary beneficiary of the VIE is defined as the variable interest holder that has a controlling financial interest.

A controlling financial interest is defined as (i) the power to direct the activities of the VIE that most significantly impacts its economic performance and (ii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.

If no single party satisfies both criteria, but the Company and its related parties satisfy the criteria on a combined basis, then the primary beneficiary is the entity out of the related party group that is most closely associated to the VIE.

The consolidation analysis can generally be performed qualitatively, however, if it is not readily apparent that the Company is not the primary beneficiary, a quantitative analysis may also be performed.

The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest in the fund, including interests of related parties on a proportional basis, is significant.

The Company consolidates VOEs when it has control over significant operating, financial and investing decisions of the entity or holds the majority voting interest.

Upon the occurrence of certain events (such as contributions and redemptions, either by the Company, Acadian LLC, or third parties, or amendments to the governing documents of the Company’s investees or sponsored Funds) management reviews and reconsiders its previous conclusion regarding the status of an entity as a VIE or a VOE.

Additionally, management continually reconsiders whether the Company is deemed to be a VIE’s primary beneficiary who consolidates such entity.

VIEs are subject to specific disclosure requirements.

See Note 5 for additional disclosures pertaining to the Company’s involvement with VIEs.

Investments and Investment Transactions

4 unchanged sentences

See Note 4 for a summary of the inputs utilized to determine the fair value of other investments held at fair value.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

2) Basis of Presentation and Significant Accounting Policies (cont.)

Security transactions

12 unchanged sentences

While the transaction is open, the Fund will incur an expense for any accrued dividends or interest which is paid to the lender of the securities.

These short sales

may involve a level of risk in excess of the liability recognized in the accompanying Consolidated Balance Sheets.

These short sales may involve a level of risk in excess of the liability recognized in the accompanying Consolidated Balance Sheets.

The extent of such risk cannot be quantified.

Funds’ Derivatives

Certain Funds may use derivative instruments.

The Funds’ derivative instruments may include foreign currency exchange contracts, credit default swaps, equity swaps, interest rate swaps, financial futures contracts and warrants.

The fair values of derivative instruments are recorded as other assets of consolidated Funds or other liabilities of consolidated Funds on the Company’s Consolidated Balance Sheets.

The Funds have used foreign exchange forwards to hedge the risk of movement in exchange rates on financial assets on a limited basis.

The Company’s Funds have not designated any financial instruments for hedge accounting, as defined in the accounting literature, during the periods presented.

The gains or losses on Fund’s derivative instruments not designated for hedge accounting are included as net consolidated Funds gains or losses in the Company’s Consolidated Statements of Operations.

Acadian Asset Management Inc.

2 unchanged sentences

2) Basis of Presentation and Significant Accounting Policies (cont.)

Funds’ Derivatives

Certain Funds may use derivative instruments.

The Funds’ derivative instruments may include (but are not limited to) foreign currency exchange contracts, credit default swaps, equity swaps, interest rate swaps, financial futures contracts, and warrants.

The fair values of derivative instruments are recorded as other assets of consolidated Funds or other liabilities of consolidated Funds on the Company’s Consolidated Balance Sheets.

Certain of the Funds have historically used foreign exchange forwards to hedge the risk of movement in exchange rates on financial assets on a limited basis.

The Company’s Funds have not designated any financial instruments for hedge accounting, as defined in the accounting literature, during the periods presented.

The gains or losses on a Fund’s derivative instruments not designated for hedge accounting are included as net consolidated Funds gains or losses in the Company’s Consolidated Statements of Operations.

Foreign currency translation and transactions

Assets and liabilities of non-U.S.

entities for which the local currency is the functional currency are translated at current exchange rates as of the end of the accounting period.

consolidated entities for which the local currency is the functional currency are translated at current exchange rates as of the end of the accounting period.

The related revenues and expenses are translated at average exchange rates in effect during the period.

Net exchange gains and losses resulting from translation are excluded from income and are recorded as part of accumulated other comprehensive income (loss).

Transactions denominated in a foreign currency are revalued at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.

Transactions denominated in a foreign currency are remeasured at the current exchange rate at the transaction date and any related gains and losses are recognized in earnings.

Fair value measurements

In accordance with the accounting standards for fair value measurements, fair value is the price that the Company expects to be paid upon the sale of an asset or expects to pay upon the transfer of a liability in an orderly transaction between market participants.

Fair value is defined as the price that the Company expects to be paid upon the sale of an asset or expects to pay upon the transfer of a liability in an orderly transaction between market participants.

There is a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability.

10 unchanged sentences

Investments which are generally included in this category include corporate bonds, less liquid and restricted equity securities, and certain over-the-counter derivatives.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

2) Basis of Presentation and Significant Accounting Policies (cont.)

• Level III—Pricing inputs are unobservable for the asset or liability and include assets and liabilities where there is little, if any, market activity for the investment.

4 unchanged sentences

In cases in which the fair value of an investment is established using the net asset value (or its equivalent) as a practical expedient, the investment is not categorized within the fair value hierarchy.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

2) Basis of Presentation and Significant Accounting Policies (cont.)

Use of estimates

The preparation of these 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.

Assumptions used in management’s estimates are based on historical experience and other factors, and these assumptions require management to exercise judgment in the process of applying the Company’s accounting policies.

Factors that may impact management’s estimates include expectations related to future events that management considers reasonable under the facts and circumstances.

Actual results could differ from such estimates, and the differences may be material to the Consolidated Financial Statements.

Operating segment

The Company currently operates in one reportable segment that provides investment management services and products primarily to institutional clients.

The Company currently operates one reportable segment, Quant & Solutions, related to investment management services and products primarily to institutional clients.

The Quant & Solutions segment consists of our ownership interest in Acadian LLC.

See Note 21 for further information regarding the Company’s segment.

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Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments.

Cash held by consolidated Funds is not available to fund general liquidity needs of the Company and is therefore also classified as restricted cash.

Investment advisory fees receivable

The Company earns management and performance fees which are billed monthly, quarterly and annually, according to the terms of the relevant investment management agreement.

Management and performance fees that have been earned but have not yet been collected are presented as investment advisory fees receivable on the Consolidated Balance Sheets.

Due to the short-term nature and liquidity of these receivables, the carrying amounts approximate their fair values.

The Company typically does not record an allowance for doubtful accounts or bad debt expense, or any amounts recorded have been immaterial.

Acadian Asset Management Inc.

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2) Basis of Presentation and Significant Accounting Policies (cont.)

Cash held by consolidated Funds is not available to fund general liquidity needs of the Company and is therefore classified as restricted cash.

Investment advisory fees receivable

The Company earns management and performance fees which are billed monthly, quarterly, or annually, according to the terms of the relevant investment management agreement.

Management and performance fees that have been earned but have not yet been collected are presented as investment advisory fees receivable on the Consolidated Balance Sheets.

Due to the short-term nature and liquidity of these receivables, the carrying amounts approximate their fair values.

The Company typically does not record an allowance for doubtful accounts or bad debt expense, or any amounts recorded have been immaterial.

Fixed assets are recorded at historical cost and depreciated using the straight-line method over their estimated useful lives.

3 unchanged sentences

The costs of improvements that extend the life of a fixed asset are capitalized, while the costs of repairs and maintenance are expensed as incurred.

The Company records goodwill when the consideration paid in a business acquisition exceeds the fair value of the net total of tangible assets acquired, identifiable intangible assets acquired and liabilities assumed.

Goodwill is not amortized, but rather is tested for impairment annually or more frequently if events or circumstances occur that indicate impairment may exist.

Factors that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired assets in a business combination or the strategy for the Company’s overall business, and significant negative industry or economic trends.

The Company performs its assessment for impairment of goodwill annually as of the first business day of the fourth quarter, or as necessary.

The Company has determined that it had one reporting unit, consisting of Acadian LLC, as of the annual goodwill impairment test date.

The Company records goodwill when the consideration transferred in a business combination exceeds the fair value of the identifiable net assets obtained.

Goodwill is not amortized but rather is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach.

The Company performs its assessment for impairment of goodwill annually as of the first business day of the fourth quarter, or more frequently if then current facts and circumstances indicate an impairment may exist.

Factors that could indicate an impairment include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired assets in a business combination or the strategy for the Company’s overall business, and significant negative industry or economic trends.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

2) Basis of Presentation and Significant Accounting Policies (cont.)

Goodwill is tested for impairment at the reporting unit level.

The Company has one reporting unit, consisting of Acadian LLC, as of the annual goodwill impairment test date.

The Company first considers various qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is greater than its respective carrying amount, including goodwill.

If based on the qualitative assessment it is determined that it is more likely than not that the fair value of the reporting unit is below its respective carrying amount, therefore indicating that impairment may exist, the impact would be determined at that point through a quantitative assessment.

If, based on the qualitative assessment, it is determined that it is more likely than not that the fair value of the reporting unit is less than its respective carrying amount, therefore indicating that impairment may exist, the impact would be determined at that point through a quantitative assessment.

For purposes of assessing potential impairment, the fair value of the reporting unit is estimated and compared to the carrying value of the reporting unit.

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Changes in assumptions or estimates could materially affect the determination of the fair value of the reporting unit.

If it is determined that the carrying value of the reporting unit exceeds its fair value, an impairment charge is recognized in the amount equal to that excess;

If it is determined that the carrying value of the reporting unit exceeds its fair value, the Company will recognize an impairment charge for the excess;

not to exceed the total amount of goodwill allocated to that reporting unit.

1 unchanged sentence

At the close of each year, management assessed whether there were any conditions present during the fourth quarter that would indicate impairment subsequent to the initial assessment date and concluded that no such conditions were present.

Contracts are evaluated at inception to determine whether such contract is or contains a lease.

A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration.

For identified leases, the Company determines the classification as either an operating or finance lease.

The Company currently leases certain office space and equipment which are classified as operating leases.

Certain leases include lease and non-lease components, which the Company generally accounts for as a single component for all classes of assets.

The Company’s lease agreements may contain renewal options and early termination clauses exercisable by the Company, rent escalation clauses, and/or other incentives provided by the landlord.

Renewal options and early termination clauses that have been determined to be reasonably certain to be exercised are factored into the lease term.

These balances are recognized when the underlying assets are made available for use by the lessor, which may be the date the Company gains access to begin leasehold improvements.

Lease payments related to short‐term leases with a term of twelve months or less are not capitalized and rather are recognized as short‐term lease expense.

Operating lease liabilities are initially and subsequently measured at the present value of future unpaid lease payments over the remaining lease term.

For the purposes of this calculation, lease payments generally consist of fixed monthly lease payments related to use of the underlying assets.

The Company uses its incremental borrowing rate to determine the present value of future unpaid lease payments based on information available at the lease commencement date.

Acadian Asset Management Inc.

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2) Basis of Presentation and Significant Accounting Policies (cont.)

Contracts are evaluated at inception to determine whether such contract is or contains a lease.

The Company leases certain office space and equipment under non-cancelable operating leases.

As leases expire, they are normally renewed or replaced in the ordinary course of business.

Lease agreements may contain renewal options exercisable by the Company, rent escalation clauses and/or other incentives provided by the landlord.

Renewal options that have been determined to be reasonably certain to be exercised are included in the lease term.

Rights and obligations attributable to identified leases with a term in excess of twelve months are recognized on the Company’s Consolidated Balance Sheets in the form of right‐of‐use (ROU) assets and operating lease liabilities are recognized as of the date the underlying assets are available for use, which may be the date the Company gains access to begin leasehold improvements.

Lease payments related to short‐term leases with a term of twelve months or less are recognized on a straight‐line basis as short‐term lease expense.

Operating lease liabilities are initially and subsequently measured as the present value of future lease payments over the lease term.

For the purposes of this calculation, lease payments consist of fixed monthly lease payments related to use of the underlying assets.

As the Company's leases generally do not have a readily determinable implicit rate, the company uses its incremental borrowing rate to determine the present value of fixed lease payments based on information available at the lease commencement date.

ROU assets are initially valued equal to the corresponding lease liabilities, adjusted for any lease incentives payable to the Company.

Subsequently, the amortization of ROU assets is recognized as a component of operating lease expense.

The total cost of operating leases is recognized on a straight‐line basis over the life of the related leases, and is composed of imputed interest on lease liabilities measured using the effective interest method and amortization of the ROU asset.

Variable lease payments are primarily related to services such as common‐area maintenance and utilities, property taxes and insurance, and are recognized as variable lease expense when incurred.

The total cost of operating leases is recognized on a straight‐line basis over the lease term and is composed of imputed interest on lease liabilities measured using the effective interest method and amortization of the ROU asset.

Variable lease payments are primarily related to services such as common‐area maintenance, utilities, property taxes, and insurance, and are recognized as variable lease expense when incurred.

ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable.

Modification of a lease term would result in re‐measurement of the lease liability and a corresponding adjustment to the ROU asset.

When the terms of a lease agreement are changed, management assesses the contract for a lease modification.

Modifications of a lease generally result in remeasurement of the lease liability and the ROU asset.

Earnings per share

6 unchanged sentences

As appropriate, the Company’s policy is to apply the more dilutive methodology upon issuance of such instruments.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

2) Basis of Presentation and Significant Accounting Policies (cont.)

Deferred financing costs

The Company records debt issuance costs of term loans as a direct deduction from the carrying amount of the associated debt liability.

For debt issuance costs of revolving credit loans, the Company presents debt issuance costs as an asset and subsequently amortizes the deferred costs ratably over the term of the agreement.

The Company records debt issuance costs of line-of-credit and revolving-debt arrangements as an asset and subsequently amortizes the deferred costs ratably over the term of the arrangements.

Deferred income taxes are recognized for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Financial Statements.

1 unchanged sentence

The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company’s deferred tax assets have been attributable to investment in partnerships and employee compensation.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

2) Basis of Presentation and Significant Accounting Policies (cont.)

Deferred income tax assets are subject to a valuation allowance if, in management’s opinion, it is not more-likely-than-not that these benefits will be realized.

13 unchanged sentences

Ownership interests held by Acadian LLC key employees are categorized as liabilities on the Consolidated Balance Sheets and are revalued each reporting date, with movements treated as compensation expense in the Consolidated Statements of Operations.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

2) Basis of Presentation and Significant Accounting Policies (cont.)

Non-controlling interests in consolidated Funds on the Consolidated Balance Sheets include undistributed income owned by the investors in the respective Funds.

4 unchanged sentences

When redeemable amounts become legally payable to investors, they are classified as a liability and included in total liabilities of consolidated Funds on the Consolidated Balance Sheets.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

2) Basis of Presentation and Significant Accounting Policies (cont.)

Other comprehensive income (loss)

6 unchanged sentences

The Company adopted the updated guidance for the annual reporting period beginning January 1, 2024, which did not result in a material impact to our Consolidated Financial Statements.

Refer to Note 21 for related disclosures about our reportable operating segments.

New accounting standards not yet adopted

Refer to Note 21 for related disclosures about our reportable operating segment.

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 Consolidated Financial Statements.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

2) Basis of Presentation and Significant Accounting Policies (cont.)

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

The Company adopted the updated guidance for the annual reporting period beginning January 1, 2025, which did not result in a material impact to our Consolidated Financial Statements and related disclosures.

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.

This amendment is effective for annual periods beginning after December 15, 2024.

This amendment is effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods.

Early adoption is permitted.

The Company does not expect the adoption of ASU 2024-01 to have a material impact on the Consolidated Financial Statements.

New accounting standards not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-4):

2 unchanged sentences

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

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

2) Basis of Presentation and Significant Accounting Policies (cont.)

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 Consolidated Financial Statements.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements to the Accounting for derivatives and hedging, which aims to more closely align hedge accounting with the economics of an entity’s risk management activities.

This amendment is for annual periods beginning after December 15, 2026, and interim periods within those annual periods.

The Company does not expect the additional disclosure requirements under ASU 2025-09 to have a material impact on the 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 Consolidated Financial Statements, including those that have not yet been adopted.

22 unchanged sentences

Consolidated Funds total (1)

23.6 66.8 — — 90.4

Investments related to long-term incentive compensation plans (2)

9 unchanged sentences

Consolidated Funds total (1)

( 7.8 ) ( 1.5 ) — — ( 9.3 )

Total fair value liabilities $ ( 7.8 ) $ ( 1.5 ) $ — $ — $ ( 9.3 )

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):

Acadian Asset Management Inc.

2 unchanged sentences

4) Fair Value Measurements (cont.)

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 (in millions):

Quoted prices

9 unchanged sentences

94.2 59.8 — — 154.0

Investments in separate accounts (2)

$ 2.1 $ — $ — $ — $ 2.1

Investments related to long-term incentive compensation plans (2)

26 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 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).

(2) Investments related to long-term incentive compensation plans of $ 37.9 million and $ 48.5 million at December 31, 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.

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There were no significant transfers of financial assets or liabilities between Levels II or III during the year ended December 31, 2025.

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.

Acadian Asset Management Inc.

2 unchanged sentences

5) Variable Interest Entities

The Company, through Acadian LLC, sponsors the formation of various entities considered to be variable interest entities (“VIEs”).

The Company, through Acadian LLC, sponsors the formation of various entities considered to be VIEs.

These VIEs are primarily Funds managed by Acadian LLC 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 Acadian LLC key employees and/or individuals that have ownership interests in Acadian LLC.

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’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 have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The Company, through Acadian LLC in its capacity as the investment advisor to the Funds, generally has power over the Funds and therefore the Company may be required to consolidate a Fund that is a VIE if it has potentially significant economics.

Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of 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):

$ 154.0 $ 33.9

When the Company’s ownership interest in a Fund, including interests of related parties, is significant, the Company generally consolidates the VIE.

If the Company subsequently determines that it no longer controls the managed funds in which it has invested, or no longer has an obligation to absorb losses or rights to receive benefits, the Company will deconsolidate the Fund.

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

Cash and cash equivalents

Other assets of consolidated Funds 24.9 1.6

Total Assets $ 138.5 $ 159.3

Liabilities of consolidated Funds $ 21.2 $ 4.3

Securities sold short

Other liabilities of consolidated Funds

Total Liabilities $ 31.1 $ 21.2

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

5) Variable Interest Entities (cont.)

“Investments” consist of investments in equity securities, corporate bonds, and derivative securities.

2 unchanged sentences

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 involvement with Funds that are VIEs but that are 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.

1 unchanged sentence

The Company has not issued any investment performance guarantees to these VIEs or their investors.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

5) Variable Interest Entities (cont.)

The following information pertains to unconsolidated VIEs for which the Company holds a variable interest at December 31 (in millions):

Unconsolidated VIE assets $ 558.7 $ 669.1

Unconsolidated VIE liabilities $ 270.4 $ 316.5

Equity interests on the Consolidated Balance Sheets $ 13.3 $ 2.9

Maximum risk of loss (1)

(1) Includes equity investments the Company has made.

(1) Includes the carrying value of investments the Company has made in the unconsolidated VIEs in which the Company is not the primary beneficiary.

6) Fixed Assets

Fixed assets consisted of the following at December 31 (in millions):

The Company’s fixed assets, which are primarily located in the U.S., consisted of the following at December 31 (in millions):

Leasehold improvements $ 28.8 $ 28.5

5 unchanged sentences

Fixed assets, net $ 31.0 $ 35.7

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

6) Fixed Assets (cont.)

Depreciation and amortization expense was $ 16.6 million, $ 18.5 million and $ 17.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

4 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.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

7) Leases (cont.)

Some of the Company’s leases also include options to terminate the lease prior to expiration.

The following table summarizes information about the Company’s operating leases for the years ended December 31 (in millions):

2 unchanged sentences

Variable lease cost 0.1 0.1 0.1

Sublease income — — ( 0.5 )

Total operating lease expense $ 8.7 $ 8.8 $ 8.7

1 unchanged sentence

Operating cash flows from operating leases

ROU asset obtained in exchange for new operating lease liabilities

$ 9.7 $ 9.0 9.3

Right of use assets obtained in exchange for new operating lease liabilities

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 years ended December 31, 2024 and 2023, the weighted average remaining lease term was 8.5 years and 9.5 years, respectively, and the weighted average discount rate was 3.55 % and 3.53 %, respectively.

For the years ended December 31, 2025 and 2024, the weighted average remaining lease term was 7.6 years and 8.5 years, respectively.

For each of the years ended December 31, 2025 and 2024 the weighted average discount rate was 3.55 %.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

7) Leases (cont.)

Maturities of operating lease liabilities were as follows (in millions):

4 unchanged sentences

Less imputed interest ( 8.4 )

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

The following table presents the changes in goodwill in 2025 and 2024 (in millions):

11 unchanged sentences

December 31, 2025 $ 20.3

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

9) Related Party Transactions

9 unchanged sentences

Total related party revenues $ 162.0 $ 129.2 $ 87.5

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

9) Related Party Transactions (cont.)

(1) Transactions with unconsolidated Acadian LLC-sponsored Funds are considered related party items on the basis of the Company’s significant influence over the activities of such entities in its capacity as investment advisor thereto.

7 unchanged sentences

Total accounts payable and accrued expenses $ 37.6 $ 37.9

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

11) Other Compensation Liabilities

7 unchanged sentences

Redemptions of profit sharing interests from Acadian LLC key employees for cash were $ 2.7 million in 2025, $ 0.3 million in 2024, and $ 0.0 million in 2023.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

12) Borrowings and Debt

2 unchanged sentences

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

Revolving credit facility:

Revolving credit facilities:

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

$ — $ — $ — $ —

$ 175 million revolving credit facility expiring October 28, 2028 (1)(2)

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

2 unchanged sentences

— — 2 274.3 271.7 2

$ 200 million Delayed Draw Term Loan Due October 28, 2028 (1)

200.0 200.0 — $ —

Total third-party borrowings

$ 200.0 $ 200.0 $ 274.3 $ 271.7

(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.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

12) Borrowings and Debt (cont.)

(1) Fair value approximates carrying value because the credit facility and the delayed draw term loan have variable interest rates based on selected short term market rates.

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

The weighted average interest rate for the Prior LLC Credit Agreement was 5.93 %, 6.93 % and 6.19 % in 2025, 2024 and 2023, respectively.

(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.

Revolving credit facility

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.

The weighted average interest rate for the revolving credit facility was 6.93 %, 6.19 % and 2.64 % in 2024, 2023 and 2022, respectively.

(4) On December 1, 2025, the Company completed the full redemption of the $ 275 million aggregate principal amount outstanding of its 4.80 % Senior Notes due July 27, 2026.

As a result of this transaction, the Company recorded a $ 1.4 million loss on extinguishment of debt within the Consolidated Statement of Operations for the year ended December 31, 2025.

The Delayed Draw Term Loan Credit Agreement and Revolving Credit Agreement

On October 28, 2025 (the “Closing Date), Acadian LLC entered into a Delayed Draw Term Loan Credit Agreement among Acadian LLC, the Lenders from time to time party thereto, and Bank of America, N.A.

(“Bank of America”), as the Administrative Agent (the “DDTL Credit Agreement”) and a Revolving Credit Agreement among Acadian LLC, the Lenders from time to time party thereto, Bank of America, 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”).

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.

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.

The weighted average interest rate for the Term Facility was 5.65 % in 2025.

Financial covenants under the Term Facility include the quarterly maintenance by the Acadian LLC 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

Acadian Asset Management Inc.

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12) Borrowings and Debt (cont.)

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.

In July 2016, the Company issued $ 275.0 million of 4.80 % Senior Notes due 2026 (the “2026 Notes”).

The $ 275.0 million 2026 Notes were sold at a discount of $( 0.5 ) million and the Company incurred debt issuance costs of $( 3.0 ) million, which are being amortized to interest expense over the ten-year term.

The 2026 Notes can be redeemed at any time prior to the scheduled maturity in part or in aggregate, at the greater of the 100 % principal amount at that time or the sum of the remaining scheduled payments discounted at the treasury rate plus 0.5 %, together with any related accrued and unpaid interest.

The fair value of the senior notes was determined using broker quotes and any recent trading activity for the notes, which are considered Level II inputs.

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.

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 (as defined in the Revolving Credit Agreement) 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 Consolidated Leverage Ratio on the daily undrawn amount of the revolving commitments, and customary letter of credit participation and fronting fees.

As of December 31, 2025, Acadian LLC had unused lines of credit of $ 172.5 million comprised of undrawn commitments on the Revolving Credit Facility of $ 175 million less a $ 2.5 million letter of credit with Bank of America related to one of the Acadian LLC’s current office spaces.

As of December 31, 2025, the aggregate maturities of debt commitments, based on their contractual terms, are as follows:

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Total $ 200.0

The Company was in compliance with the required covenants related to borrowings and debt facilities as of December 31, 2024.

Acadian Asset Management Inc.

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Total tax expense (benefit) $ 36.6 $ 38.9 $ 29.4

The Company has recognized income tax benefit related to derivative securities within other comprehensive income of $ 0.9 million, $ 0.9 million and $ 1.3 million in the years ended December 31, 2024, 2023 and 2022, respectively.

The provision for income taxes in 2024, 2023 and 2022 included benefits of $ 0.0 million, $ 0.0 million and $ 0.1 million, respectively, related to the utilization of net operating loss carryforwards.

The Company reclassified the tax effects related to derivative securities and foreign currency translation within other comprehensive income of $ 0.6 million, $( 0.8 ) million and $( 0.9 ) million in the years ended December 31, 2025, 2024 and 2023, respectively.

During the year ended December 31, 2025, the Company adopted ASU 2023-09 on a retrospective basis to enhance the income taxes disclosure regarding income taxes paid and the rate reconciliation disclosure.

The income tax paid, net of refunds, by the Company for the years ended December 31 are as follows (in millions):

2025 2024 2023

$ 22.1 $ 32.0 $ 25.9

9.1 14.5 12.3

3.0 2.0 ( 0.4 )

Total $ 34.2 $ 48.5 $ 37.8

Acadian Asset Management Inc.

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13) Income Taxes (cont.)

The reconciliation of the difference between the Company’s U.S.

Federal statutory income tax rate and the effective income tax rate for the years ended December 31 is as follows:

Income taxes paid, net of refunds, exceed five percent of total income taxes paid (net) in the following jurisdictions (in millions):

2025 2024 2023

Massachusetts

$ 5.0 $ 9.1 $ 7.4

The differences between income taxes expected at the U.S.

federal statutory income tax rate and income taxes reported for the years ended December 31 are as follows (in millions):

2025 2024 2023

federal statutory income tax rate $ 30.1 21.0 % $ 26.4 21.0 % $ 20.3 21.0 %

State income taxes, net of federal benefit 7.7 5.5 % 11.3 9.0 % 5.6 5.8 %

Other permanent tax items

— % ( 0.2 ) % 0.1 %

Foreign Tax Effects

Other foreign jurisdictions 0.7 0.5 % 0.4 0.3 % — — %

Effective of change in tax laws or rates enacted in the current period — — % — — % 3.3 3.5 %

Effect of cross-border tax laws 0.7 0.5 % 0.9 0.8 % 0.6 0.6 %

Nontaxable or nondeductible items

Executive Compensation

Adjustment to liabilities for uncertain tax positions 0.2 % 0.2 % ( 0.1 ) %

Effect of foreign operations 1.0 % 0.8 % 0.7 %

Effect of changes in tax law — % 3.5 % — %

Effect of income from non-controlling interest ( 0.3 ) % ( 0.3 ) % — %

Impact of state tax obligations on deferred tax assets

2.2 1.5 % 0.3 0.2 % 0.2 0.2 %

( 0.1 ) ( 0.1 ) % ( 0.3 ) ( 0.2 ) % ( 0.4 ) ( 0.4 ) %

Changes in unrecognized tax benefits

( 0.1 ) ( 0.1 ) % 0.3 0.2 % 0.2 0.2 %

Other Adjustments

Non-controlling interest ( 5.6 ) ( 3.9 ) % ( 0.4 ) ( 0.3 ) % ( 0.3 ) ( 0.3 ) %

Other 1.0 0.7 % — — % ( 0.1 ) ( 0.1 ) %

Effective income tax rate $ 36.6 25.6 % $ 38.9 31.0 % $ 29.4 30.5 %

31.0 % 30.5 % 30.5 %

The Company’s effective income tax rate is higher than the US federal tax rate of 21% primarily due to its state tax obligations.

During the year ended December 31, 2023, Massachusetts enacted a change in the state’s apportionment formula for corporations.

The Company measures its deferred tax assets and liabilities at the enacted rates for the period in which these items would reverse.

As a result, in the year ended December 31, 2023, the Company recorded the discrete tax impact due to the effect of the change in tax law.

The Company reduced its liability for uncertain tax positions by $ 0.1 million, $ 0.5 million and $ 0.9 million during the years ended December 31, 2024, 2023 and 2022, respectively, due to the lapse of statute of limitations.

The Company has elected to treat global intangible low-taxed income (“GILTI”) taxes as period costs in the accounting and tax periods in which they are incurred.

The Company has recognized tax expense of $ 1.1 million, $ 0.6 million and $ 0.9 million during the years ended December 31, 2024, 2023 and 2022, respectively, related to the GILTI tax.

During the year ending December 31, 2023, the Company removed its indefinite reinvestment of foreign unremitted earnings assertion for multiple foreign subsidiaries.

The Company’s effective income tax rate is higher than the US federal tax rate of 21% primarily due to state taxes and executive compensation, partially offset by non-controlling interest.

State taxes in Massachusetts and New York made up greater than 50% of the tax effect of state income taxes.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

13) Income Taxes (cont.)

During the year ended December 31, 2023, Massachusetts enacted a change in the state’s apportionment formula for corporations effective for tax years beginning on or after January 1, 2025.

The Company measures its deferred tax assets and liabilities at the enacted rates for the period in which these items are expected to reverse.

As a result, in the year ended December 31, 2023, the Company recorded the discrete tax impact due to the effect of the change in tax law on the measurement of its deferred tax assets.

As of December 31, 2025, the Company maintains the assertion that the foreign unremitted earnings of multiple foreign subsidiaries are not permanently reinvested.

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The amount of such unremitted earnings and the amount of any unrecognized deferred income tax liability on these unremitted earnings is immaterial at December 31, 2025.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

13) Income Taxes (cont.)

Deferred tax assets and liabilities reflect the expected future tax consequences of temporary differences between the book carrying amounts and tax bases of the Company’s assets and liabilities.

The significant components of deferred tax assets and deferred tax liabilities for the years ended December 31 are as follows (in millions):

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Deferred tax liabilities:

Right of use assets 0.1 0.1

Investments 0.5 0.1

Total deferred tax liabilities 0.8 0.6

Net deferred tax assets $ 77.5 $ 78.3

At December 31, 2024 and 2023, the Company’s net deferred tax asset primarily relates to its basis difference in its investment in Acadian LLC, which is treated as a partnership for federal income tax purposes.

At December 31, 2025 and 2024, the Company’s net deferred tax asset primarily relates to its outside basis difference in its investment in Acadian LLC, which is treated as a partnership for federal income tax purposes.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

13) Income Taxes (cont.)

The Company assesses whether a valuation allowance should be established against its deferred income tax assets based on consideration of all available evidence, both positive and negative, using a more likely than not standard.

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The Company has three years of cumulative earnings as of December 31, 2025 and 2024.

As of December 31, 2024, management believes it is more likely than not that the balance of the deferred tax assets will be realized based on forecasted taxable income.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

13) Income Taxes (cont.)

As of December 31, 2025, management believes it is more likely than not that the balance of the deferred tax assets will be realized, as such, no valuation allowance is required based on forecasted taxable income.

A reconciliation of the change in gross unrecognized tax benefits for the years ended December 31 is as follows (in millions):

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The Company recognized $ 0.0 million, $ 0.1 million, and $ 0.1 million in interest and penalties in its income tax provision for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company recognizes accrued interest and penalties relating to unrecognized tax benefits as income tax expense.

The Company’s liability for uncertain tax positions at December 31, 2024, 2023 and 2022 includes accrued interest and penalties of $ 0.2 million, $ 0.2 million and $ 0.1 million, respectively.

The Company is periodically under examination by various taxing authorities.

Examinations are inherently uncertain, may result in payment of additional taxes or the recognition of tax benefits and may be in process for extended periods of time.

At December 31, 2024 the Company is subject to examination in three jurisdictions.

The Company’s liability for uncertain tax positions at December 31, 2025 and 2024 includes accrued interest and penalties of $ 0.2 million and $ 0.2 million, respectively.

The Company and its subsidiaries file tax returns in the U.S., U.K., state, local, and other foreign jurisdictions.

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federal, state, local, or foreign tax authorities for calendar years prior to 2021.

At December 31, 2024, it is reasonably possible that the total amounts of unrecognized tax benefits will change within the next twelve months due to the expiration of statutes of limitations.

The Company estimates a decrease of up to $ 0.7 million within the next twelve months.

The Company is periodically under examination by various taxing authorities.

Examinations are inherently uncertain, may result in payment of additional taxes or the recognition of tax benefits and may be in process for extended periods of time.

At December 31, 2025 the Company is subject to examination in two jurisdictions.

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), was enacted in the U.S., which includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international).

The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027.

The OBBBA did not have a material impact to the income tax expense during the period ended December 31, 2025.

Acadian Asset Management Inc.

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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.

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 anti-dilutive.

The calculation of basic and diluted earnings per share of common stock for the years ended December 31, 2025, 2024 and 2023 is as follows (dollars in millions, except per share data):

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Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue for the years ended December 31 (in millions) is presented below:

The geographic disaggregation of management fee revenue by location of client domicile for the years ended December 31 (in millions) is presented below:

2025 2024 2023

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The compensation deferred is deemed to be invested in one or more investment options available under the plan.

These non-qualified plans are unfunded, although the Company does make contributions to a Rabbi Trust to hedge its risks in terms of providing returns to employees on their deemed investments held in the plan.

These non-qualified plans are unfunded, although the Company does make contributions to a consolidated irrevocable rabbi trust to hedge its risks in terms of providing returns to employees on their deemed investments held in the plan.

As of December 31, 2025 and 2024, a total of $ 37.9 million and $ 48.4 million, respectively, had been recorded as long-term compensation liabilities and a total of $ 37.9 million and $ 48.5 million, respectively, had been invested under the Deferred Compensation and Voluntary Deferral plans.

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18) Equity-based Compensation (cont.)

Grants of restricted stock in Acadian Asset Management Inc.

The following table summarizes the activity related to restricted stock awards:

2024 2023 2022

Acadian Asset Management Inc.

Number of shares Weighted average grant date fair value per share Number of shares Weighted average grant date fair value per share Number of shares Weighted average grant date fair value per share

Outstanding at beginning of the year

— $ — — $ — 2,500 $ 10.09

Granted during the year — — — — — —

Forfeited during the year — — — — ( 125 ) 10.09

Vested during the year — — — — ( 2,375 ) 10.09

Outstanding at end of the year

— $ — — $ — — $ —

The grant date fair value per share, calculated based on the closing price as quoted on the New York Stock Exchange on the measurement date, is used to determine the fair value of restricted stock awards granted to employees.

There were no RSAs granted by the Company during the years ended December 31, 2024, 2023 and 2022.

Restricted stock awards under the plan generally have a vesting period of one to three years .

Grants of restricted stock units in Acadian Asset Management Inc.

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Restricted stock units under the plan generally have a vesting period of one to three years .

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

18) Equity-based Compensation (cont.)

Grants of Performance-based restricted stock units in Acadian Asset Management Inc.

The following table summarizes the activity related to performance-based restricted stock units:

2024 2023 2022

Acadian Asset Management Inc.

Performance-based RSUs

Number of shares Weighted average grant date fair value per share Number of shares Weighted average grant date fair value per share Number of shares Weighted average grant date fair value per share

Outstanding at beginning of the year

— $ — — $ — 9,013 $ 14.62

Vested during the year — — — — ( 7,932 ) 14.62

Other movements — — — — ( 1,081 ) 14.62

Outstanding at end of the year — $ — — $ — — $ —

Other movements includes performance-based RSUs that did not meet the market vesting condition and did not vest during the year ended December 31, 2022.

There were no performance-based RSUs granted by the Company during the years ended December 31, 2024, 2023, and 2022.

Performance-based RSUs under the plan have a vesting period of three years .

Grants of Stock Options in Acadian Asset Management Inc.

The following tables summarizes the activity related to the Company’s stock option awards:

There were no stock option awards outstanding during the year ended December 31, 2025.

The following tables summarizes the activity related to the Company’s stock option awards for 2024 and 2023, respectively:

Stock Options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value

Outstanding at beginning of the year

1,659,000 $ 10.64 0.8

Granted during the year

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1,659,000 $ 10.64 0.8 $ 14,128,440

Stock Options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value

Outstanding at beginning of the year

2,969,963 $ 11.09 2.5

Exercised during the year

( 499,500 ) 11.70

Outstanding at end of the year

2,470,463 $ 10.97 1.6 $ 23,746,573

Exercisable at end of the year

1,441,463 $ 11.03 1.5 $ 13,767,753

There were no stock options granted by the Company during the year ended December 31, 2024, 2023, and 2022.

The total fair value of options vested during the years ended December 31, 2024, 2023 and 2022 was $ 0.0 million, $ 1.3 million and $ 1.3 million, respectively.

The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $ 24.7 million, $ 5.1 million and $ 6.0 million, respectively.

The Company received $ 0.1 million, $ 0.0 million and $ 0.0 million related to the exercise of options for the year ended December 31, 2024, 2023, and 2022, respectively.

The Company realized tax benefits of $ 0.1 million, $ 0.3 million, and $ 0.3 million related to the exercise of options for the year ended December 31, 2024, 2023, and 2022, respectively.

There were no stock options granted by the Company during the years ended December 31, 2025, 2024, and 2023.

There were no stock options vested and no stock options exercised during the year ended December 31, 2025.

The total grant date fair value of options vested during the years ended December 31, 2024 and 2023 was $ 0.0 million and $ 1.3 million, respectively.

The total intrinsic value of options exercised during the years ended December 31, 2024 and 2023 was $ 24.7 million and $ 5.1 million, respectively.

The Company received $ 0.1 million and $ 0.0 million related to the exercise of options for the year ended December 31, 2024, and 2023, respectively.

The Company realized tax benefits of $ 0.1 million, and $ 0.3 million related to the exercise of options for the year ended December 31, 2024, and 2023, respectively.

Shares issued upon exercise of the options represent newly issued shares.

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Balance, as of December 31, 2022 $ 1.7 $ ( 12.3 ) $ ( 10.6 )

$ 4.8 $ ( 15.6 ) $ ( 10.8 )

Foreign currency translation adjustment before tax 1.4 — 1.4

( 3.1 ) — ( 3.1 )

Amortization related to derivatives securities before tax

Tax impact — ( 0.9 ) ( 0.9 )

Other comprehensive income (loss)

( 3.1 ) 3.3 0.2

Other comprehensive income

Balance, as of December 31, 2023 $ 3.1 $ ( 9.8 ) $ ( 6.7 )

$ 1.7 $ ( 12.3 ) $ ( 10.6 )

Foreign currency translation adjustment before tax ( 0.5 ) — ( 0.5 )

1 unchanged sentence

Tax impact 0.1 ( 0.9 ) ( 0.8 )

Other comprehensive income 1.4 2.5 3.9

Other comprehensive income (loss)

( 0.4 ) 2.7 2.3

Balance, as of December 31, 2024 $ 2.7 ( 7.1 ) $ ( 4.4 )

Foreign currency translation adjustment before tax 0.9 — 0.9

( 0.5 ) — ( 0.5 )

Amortization related to derivatives securities before tax (1)

Tax impact ( 0.2 ) 0.8 0.6

Other comprehensive income (loss) ( 0.4 ) 2.7 2.3

Other comprehensive income

Balance, as of December 31, 2025

$ 3.4 $ — $ 3.4

(1) On January 18, 2022, the Company completed the full redemption of the $ 125 million aggregate principal amount outstanding of its 5.125 % Senior Notes due August 1, 2031.

(1) On December 1, 2025, the Company completed the full redemption of the $ 275 million aggregate principal amount outstanding of its 4.80 % Senior Notes due July 27, 2026.

As a result of this transaction, the Company recorded $ 2.7 million of amortization expense included in the Amortization related to derivative securities before tax.

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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 December 31, 2024, the balance recorded in accumulated other comprehensive income (loss) in connection with the Treasury rate lock contract amounted to $( 7.1 ) million, net of tax.

This balance will be reclassified to earnings through interest expense over the life of the issued debt.

Amounts of $ 3.6 million, $ 3.4 million and $ 4.6 million have been reclassified for the years ended December 31, 2024, 2023 and 2022, respectively.

During the next twelve months the Company expects to reclassify approximately $ 3.9 million to interest expense.

On January 18, 2022, the Company completed the full redemption of the $ 125 million aggregate principal amount outstanding of its 5.125 % Senior Notes due August 1, 2031.

As a result of this transaction, amortization expense of $ 1.3 million (of the $ 4.6 million interest expense reclassified to earnings for the year ended December 31, 2022) was reclassified to earnings as interest expense.

On December 1, 2025, the Company completed the full redemption of the $ 275 million aggregate principal amount outstanding of its 4.80 % Senior Notes due July 27, 2026.

As a result of this transaction, amortization of $ 2.7 million (of the $ 6.3 million interest expense reclassified to earnings for the year ended December 31, 2025) was accelerated and reclassified to earnings as interest expense.

As of December 31, 2025, there was no balance relating to the cash flow hedge recorded in accumulated other comprehensive income (loss) before tax.

The Company reclassified $ 6.3 million, $ 3.6 million and $ 3.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

21) Segment Information

The Company has the following reportable segment:

portfolios include developed and developing markets for equity, credit and alternative strategies.

This segment is comprised of the Company’s interest in Acadian LLC.

portfolios include Emerging Equity, Non-U.S.

Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, and Systematic Credit.

This segment consists of our ownership interest in Acadian LLC.

The corporate holding company (“Hold Co”) is included within the Unallocated Corporate expenses category.

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The CODM is the Company’s Chief Executive Officer.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2024 and 2023

21) Segment Information (cont.)

Performance Measure

8 unchanged sentences

The Company does not disclose total asset information for its reportable segment as the information is not reviewed by the CODM.

Acadian Asset Management Inc.

Notes to Consolidated Financial Statements (Continued)

December 31, 2025 and 2024

21) Segment Information (cont.)

ENI revenue includes management fees, performance fees and other revenue under U.S.

42 unchanged sentences

Loss on extinguishment of debt

Net consolidated Funds' investment gains (losses)

3.9 4.1 ( 0.4 )

Net consolidated Funds' investment gains

Income before income taxes

3 unchanged sentences

$ 106.6 $ 86.8 $ 67.1

Net income attributable to non-controlling interests in consolidated Funds ( 1.8 ) ( 1.3 ) —

Net income attributable to redeemable non-controlling interests in consolidated Funds

( 26.6 ) ( 1.8 ) ( 1.3 )

Net income attributable to controlling interests $ 80.0 $ 85.0 $ 65.8

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GAAP revenue.

(b) Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided, adjusted for severance relating to restructuring costs.

(b) Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided.

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GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the year ended December 31, 2022 was depreciation expense of $ 0.4 million related to Hold Co which is include in U.S.

GAAP net income attributable to controlling interests.

(h) Adjustments and reconciling items includes consolidated Funds revenue, consolidated Fund expense, and restructuring costs.

1 unchanged sentence

GAAP compensation and benefits expense.

22) Subsequent Events

On February 4, 2026, the Company’s Board of Directors approved a quarterly interim dividend of $ 0.10 per common share payable on March 27, 2026 to common shareholders of record as of the close of business March 13, 2026.

As of February 27, 2026, the outstanding balance on Acadian LLC’s Revolving Credit Facility was $ 25 million.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

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-K

Item 8. Financial Statements and Supplementary Data