What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 139 added, 257 removed, 489 unchanged (45% of the section changed)

3 unchanged sentences

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

September 30,

2026 December 31,

32 unchanged sentences

Retained earnings 74.2 56.2

Accumulated other comprehensive loss ( 1.5 ) ( 4.4 )

Accumulated other comprehensive income 3.3 3.4

Total equity and redeemable non-controlling interests in consolidated Funds

5 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Management fees $ 159.3 $ 112.9

13 unchanged sentences

Interest expense ( 3.4 ) ( 4.8 )

Net consolidated Funds’ investment gains 11.5 4.0 27.2 6.5

Net consolidated Funds’ investment gains (losses) ( 1.9 ) 3.6

Total non-operating income (loss) ( 4.3 ) 0.2

13 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Net income $ 24.4 $ 23.8

1 unchanged sentence

Amortization related to derivative securities, net of tax

0.8 0.7 2.2 2.0

Foreign currency translation adjustment, net of tax

( 0.2 ) 0.8 0.7 0.8

Total other comprehensive income 0.6 1.5 2.9 2.8

Total other comprehensive income (loss) ( 0.1 ) 1.2

Total comprehensive income 24.3 25.0

Comprehensive income attributable to redeemable non-controlling interests in consolidated Funds 0.1 3.7

3 unchanged sentences

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

($ in millions except share data, unaudited)

4 unchanged sentences

stockholders’

equity (deficit) Redeemable non-controlling

Funds Total equity (deficit) and

equity Redeemable non-controlling

Funds Total equity and

non-controlling

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

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

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

Repurchase of common stock including excise taxes ( 0.8 ) — ( 0.4 ) ( 19.2 ) — ( 19.6 ) — ( 19.6 )

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

1 unchanged sentence

— — — — 0.5 0.5 — 0.5

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

Withholding tax related to stock option exercise and restricted stock vesting

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

Dividends ($ 0.01 per share)

— — — ( 0.4 ) — ( 0.4 ) — ( 0.4 )

Net income — — — 16.9 — 16.9 2.1 19.0

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

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

Repurchases of common stock

( 0.1 ) — ( 0.8 ) ( 4.2 ) — ( 5.0 ) — ( 5.0 )

Capital contributions

— — — — — — 144.2 144.2

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

Foreign currency translation adjustment, net of tax — — — — ( 0.2 ) ( 0.2 ) — ( 0.2 )

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

Net deconsolidation of Funds

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

Withholding tax related to restricted stock vesting

— — ( 0.2 ) — — ( 0.2 ) — ( 0.2 )

1 unchanged sentence

— — — ( 0.4 ) — ( 0.4 ) — ( 0.4 )

Net income — — — 15.1 — 15.1 11.9 27.0

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

See Notes to Condensed Consolidated Financial Statements

Acadian Asset Management Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the nine months ended September 30, 2025 and 2024

($ in millions except share data, unaudited)

(millions) Common stock,

value Additional paid-in capital Retained earnings (deficit) Accumulated

comprehensive

income (loss) Total

stockholders’

equity (deficit) Redeemable non-controlling interests in consolidated

Funds Total equity (deficit) and

non-controlling

December 31, 2023 41.4 $ — $ — $ 46.9 $ ( 6.7 ) $ 40.2 $ 9.3 $ 49.5

Issuance of common stock 0.3 — 0.1 — — 0.1 — 0.1

Repurchase of common stock

( 4.4 ) — ( 0.4 ) ( 95.3 ) — ( 95.7 ) — ( 95.7 )

Capital contributions — — — — — — 1.1 1.1

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

Foreign currency translation adjustment, net of tax

— — — — 0.8 0.8 — 0.8

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

Withholding tax related to stock option exercise and restricted stock vesting ( 0.3 ) ( 6.9 ) — ( 7.2 ) ( 7.2 )

Dividends ($ 0.03 per share)

Net income (loss)

— — — 20.1 — 20.1 3.7 23.8

Net income — — — 42.5 — 42.5 3.7 46.2

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

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

December 31, 2025 35.7 $ — $ 1.0 $ 56.2 $ 3.4 $ 60.6 23.4 $ 84.0

Repurchase of common stock

Repurchase of common stock including excise taxes

( 0.1 ) — ( 2.0 ) ( 2.7 ) — ( 4.7 ) — ( 4.7 )

Capital contributions

Capital contributions (distributions)

— — — — — — ( 1.6 ) ( 1.6 )

1 unchanged sentence

Foreign currency translation adjustment, net of tax

Amortization related to derivative securities, net of tax — — — — 2.2 2.2 — 2.2

Withholding tax related to restricted stock vesting

— — — — ( 0.1 ) ( 0.1 ) — ( 0.1 )

Net deconsolidation of Funds

Withholding tax related to restricted stock vesting

— — ( 0.5 ) — — ( 0.5 ) — ( 0.5 )

1 unchanged sentence

— — — ( 3.6 ) — ( 3.6 ) — ( 3.6 )

Net income — — — 45.3 — 45.3 24.6 69.9

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

Net income (loss)

— — — 24.3 — 24.3 0.1 24.4

March 31, 2026 35.6 $ — $ — $ 74.2 $ 3.3 $ 77.5 $ 21.9 $ 99.4

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(in millions, unaudited)

Nine Months Ended

September 30,

Three Months Ended

Cash flows from operating activities:

7 unchanged sentences

Deferred income taxes ( 4.3 ) 1.1

(Gains) on other investments ( 10.7 ) ( 12.4 )

(Gains) losses on other investments 1.2 ( 0.1 )

Changes in operating assets and liabilities:

Decrease in investment advisory fees receivable 25.7 24.2

(Increase) in other receivables, prepayments, deposits and other assets ( 12.3 ) ( 2.0 )

(Increase) decrease in investment advisory fees receivable ( 11.5 ) 32.7

Decrease in other receivables, prepayments, deposits and other assets 1.8 3.6

(Decrease) in accrued incentive compensation, operating lease liabilities and other liabilities ( 86.4 ) ( 101.6 )

(Decrease) in accounts payable, accrued expenses and accrued income taxes ( 4.6 ) ( 5.1 )

Increase (decrease) in accounts payable, accrued expenses and accrued income taxes 8.0 ( 10.6 )

Net cash flows from operating activities, excluding consolidated Funds ( 44.3 ) ( 48.7 )

1 unchanged sentence

Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:

(Gains) on other investments ( 19.9 ) ( 2.0 )

(Gains) losses on other investments 1.3 ( 2.7 )

Purchase of investments ( 38.6 ) ( 71.7 )

8 unchanged sentences

Sale of investment securities 1.8 16.8

Cash flows from investing activities of consolidated Funds

Net deconsolidation of Funds

Net cash flows from investing activities ( 4.2 ) 11.8

3 unchanged sentences

(in millions, unaudited)

Nine Months Ended

September 30,

Three Months Ended

Cash flows from financing activities:

Proceeds from revolving credit facility 137.0 139.0

Repayment of revolving credit facility

Proceeds from third party borrowings and revolving credit facility

Repayment of third party borrowings and revolving credit facility

( 10.0 ) ( 20.0 )

Payment for debt issuance costs — ( 0.6 )

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

Dividends paid to stockholders ( 2.4 ) ( 0.2 )

4 unchanged sentences

Cash flows from financing activities of consolidated Funds:

Redeemable non-controlling interest capital raised 145.8 1.1

Redeemable non-controlling interest capital redeemed ( 1.6 ) —

1 unchanged sentence

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

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

Cash and cash equivalents at beginning of period 98.5 147.6

Cash and cash equivalents at end of period

$ 138.7 $ 71.3

Net increase in cash and cash equivalents 25.6 24.7

Cash and cash equivalents at beginning of period (including restricted cash) 124.4 98.5

Cash and cash equivalents at end of period (including restricted cash) $ 150.0 $ 123.2

Cash and cash equivalents

2 unchanged sentences

Cash and cash equivalents of consolidated Funds, restricted

Cash and cash equivalents at end of period

$ 138.7 $ 71.3

Cash and cash equivalents at end of period (including restricted cash) $ 150.0 $ 123.2

Supplemental disclosure of cash flow information:

2 unchanged sentences

Supplemental disclosure of non-cash investing and financing transactions:

Payable for repurchases of common stock

Excise tax on repurchase of common stock

Net deconsolidation of Funds

$ ( 142.9 ) $ —

See Notes to Condensed Consolidated Financial Statements

4 unchanged sentences

(“Acadian”, “AAMI” or the “Company”), is a holding company that operates a systematic investment management business through its majority owned subsidiary, Acadian Asset Management LLC (“Acadian LLC”).

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

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

Acadian LLC is a leading investment manager that 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.

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.

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

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

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

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 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 of September 30, 2025, Paulson & Co.

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 March 31, 2026, Paulson & Co.

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

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

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

For the three months ended March 31, 2026, the Company repurchased 95,132 shares of common stock at an average price of $ 49.77 per share, or approximately $ 4.7 million in total, including commissions.

For the three months ended March 31, 2025, the Company repurchased 770,812 shares of common stock at an average price of $ 25.09 per share, or approximately $ 19.4 million in total, including commissions.

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

10 unchanged sentences

In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included.

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

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 Condensed Consolidated Financial Statements;

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

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

Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 10-Q.

4 unchanged sentences

The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period.

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 Condensed Consolidated Financial Statements.

Recently adopted accounting standards

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

Scope Application of Profits Interest and Similar Awards.

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 and interim periods within those annual periods.

Early adoption is permitted.

The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements and related disclosures.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

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

New accounting standards not yet adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction.

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

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

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

Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement.

This amendment is for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027.

This amendment is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027.

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

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

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.

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

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

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 effective 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 unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted.

2 unchanged sentences

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

September 30,

2026 December 31,

4 unchanged sentences

Total investments per Condensed Consolidated Balance Sheets $ 141.9 $ 141.6

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

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

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

3) Investments (cont.)

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

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

4) Fair Value Measurements

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

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2026 (in millions):

Quoted prices

1 unchanged sentence

(Level II) Significant

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

(Level III) Uncategorized Total value, March 31, 2026

Assets of AAMI and consolidated Funds

61 unchanged sentences

The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures.

(2) Investments related to long-term incentive compensation plans of $ 37.4 million and $ 48.5 million at September 30, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates.

(2) Investments related to long-term incentive compensation plans of $ 37.4 million and $ 37.9 million at March 31, 2026 and December 31, 2025, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates.

Accordingly, the Company has classified these investments as Level I.

(3) The uncategorized amounts of $ 3.4 million and $ 19.4 million at September 30, 2025 and December 31, 2024, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy.

(3) The uncategorized amounts of $ 13.4 million and $ 13.3 million at March 31, 2026 and December 31, 2025, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets.

2 unchanged sentences

Other investment vehicles are not subject to redemption restrictions.

The real estate investment Funds of $ 3.2 million and $ 2.9 million at September 30, 2025 and December 31, 2024, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds.

The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from September 30, 2025.

The real estate investment Funds of $ 2.8 million and $ 3.1 million at March 31, 2026 and December 31, 2025, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds.

The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from March 31, 2026.

The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams.

2 unchanged sentences

In connection with this process, changes in fair value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions.

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

There were no significant transfers of financial assets or liabilities between Levels II or III during the three months ended March 31, 2026 and 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.

5 unchanged sentences

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 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):

September 30,

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.

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 that could be significant, 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):

2026 December 31,

$ 181.7 $ 154.0

Cash and cash equivalents $ 21.0 $ 23.2

Other assets of consolidated Funds 25.1 24.9

Total Assets $ 137.2 $ 138.5

Liabilities of consolidated Funds $ 55.1 $ 21.2

Securities sold short $ 7.8 $ 7.8

Other liabilities of consolidated Funds 24.1 23.3

Total Liabilities $ 31.9 $ 31.1

1 unchanged sentence

To the extent the Company also has consolidated Funds that are not VIEs, the assets and liabilities of those Funds are not included in the table above.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

5) Variable Interest Entities (cont.)

The assets of consolidated VIEs presented in the table above belong to the investors in those Funds, are available for use only by the Fund to which they belong, and are not available for use by the Company to the extent they are held by non-controlling interests.

Any debt or liabilities held by consolidated Funds have no recourse to the Company’s general credit.

The Company’s involvement with Funds that are VIEs and not consolidated by the Company is generally limited to that of an investment manager and its investment in the unconsolidated VIE, if any.

The Company’s 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 in the Fund’s net assets and assets under management, such that the majority of the VIE’s results are attributable to third parties.

The Company’s exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees.

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

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

5) Variable Interest Entities (cont.)

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

September 30,

2026 December 31,

Equity interests on the Condensed Consolidated Balance Sheets $ 13.4 $ 13.3

Maximum exposure to loss (1)

$ 13.4 $ 13.3

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

1 unchanged sentence

The operating leases have remaining lease terms of less than 1 year to 8 years, some of which include options to extend the leases for up to 5 years.

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

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

2025 2024 2025 2024

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 three months ended March 31, 2026 and 2025 (in millions):

Three Months Ended March 31,

Operating lease cost $ 2.1 $ 2.2

4 unchanged sentences

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

Acadian Asset Management Inc.

1 unchanged sentence

6) Leases (cont.)

For the three months ended March 31, 2026 and 2025, the weighted average remaining lease term was 7.4 years and 8.3 years, respectively, and the weighted average discount rate was 3.54 % and 3.55 %, respectively.

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

1 unchanged sentence

Year Ending December 31,

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

2026 (excluding the three months ended March 31, 2026)

Thereafter 25.4

3 unchanged sentences

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

September 30, 2025 December 31, 2024

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

March 31, 2026 December 31, 2025

(in millions) Carrying value

Carrying value

Revolving credit facility:

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

$ 175.0 million revolving credit facility expiring October 28, 2028 (1)

$ 85.0 $ 85.0 $ — $ —

Total revolving credit facility $ 85.0 $ 85.0 $ — $ —

Third party borrowings:

$ 275 million 4.80 % Senior Notes Due

July 27, 2026 (3)

$ 200.0 million Delayed Draw Term Loan Due October 28, 2028 (1)

$ 200.0 $ 200.0 $ 200.0 $ 200.0

Total third party borrowings $ 200.0 $ 200.0 $ 200.0 $ 200.0

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

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

(3) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

(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.

Acadian Asset Management Inc.

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7) Borrowings and Debt (cont.)

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 was August 29, 2027.

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

Borrowings under the Acadian LLC Credit Agreement bore interest, at Acadian LLC’s option, at the per annum rate equal to either (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5 % and (iii) the secured overnight financing rate for a one month period plus a credit spread adjustment of 0.10 % (“Adjusted Term SOFR”) plus 1 %, plus, in each case, an additional amount ranging from 0.5 % to 1.0 %, with such additional amount based on Acadian LLC’s Leverage Ratio (as defined below) or (b) Adjusted Term SOFR plus an additional amount ranging from 1.5 % to 2.0 %, with such additional amount based on Acadian LLC’s Leverage Ratio.

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

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

Subsequent Events

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

The 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 with 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 with 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”).

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

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

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

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

7) Borrowings and Debt (cont.)

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

Financial covenants under the Term Facility include the quarterly maintenance by 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 calculating the Consolidated Net Leverage Ratio, the DDTL Credit Agreement refers to Consolidated Funded Indebtedness (as defined in the DDTL Credit Agreement) minus unrestricted cash at Acadian LLC.

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

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

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

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

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

Redemption of 4.80 % Senior Notes

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

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.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

7) Borrowings and Debt (cont.)

As of March 31, 2026, Acadian LLC had unused lines of credit of $ 87.5 million comprised of undrawn commitments on the revolving credit facility of $ 90.0 million less a $ 2.5 million letter of credit with Bank of America related to one of Acadian LLC’s current office spaces.

8) Commitments and Contingencies

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The Company entered into a guaranty for an office space security deposit on behalf of Acadian LLC in the amount of $ 2.5 million in January 2020.

This represents the maximum potential amount of future (undiscounted) payments

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

8) Commitments and Contingencies (cont.)

that the Company could be required to make under the guaranty in the event of default by the guaranteed parties.

This represents the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guaranty in the event of default by the guaranteed parties.

This guaranty expires in 2033.

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

There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 related to this guaranty.

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

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

As of September 30, 2025, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

As of March 31, 2026, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

Indemnifications

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However, given the fact that uncertainty exists around the requirement, the Company has chosen to evaluate its potential exposure related to non-collection and remittance of these taxes.

At September 30, 2025, management of the Company has estimated the potential maximum exposure and concluded that it is not material.

No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at September 30, 2025.

At March 31, 2026, management of the Company has estimated the potential maximum exposure and concluded that it is not material.

No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at March 31, 2026.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

8) Commitments and Contingencies (cont.)

Considerations of credit risk

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Cash deposits at the various financial institutions may exceed Federal Deposit Insurance Corporation insurance limits.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

9) Earnings Per Share

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The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data):

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

2025 2024 2025 2024

Three Months Ended March 31,

Net income attributable to controlling interests $ 24.3 $ 20.1

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The most significant driver of increases or decreases in this average fee rate is changes in the mix of the Company’s assets under management caused by net inflows or outflows in certain asset classes or disproportionate market movements.

Performance fees

The Company’s products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate.

Performance fees are recorded in revenues when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods.

Acadian Asset Management Inc.

1 unchanged sentence

10) Revenue (cont.)

Performance fees

The Company’s products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate.

Disaggregation of management fee revenue

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

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

2025 2024 2025 2024

The geographic disaggregation of management fee revenue by location of client domicile for the three months ended March 31, 2026 and 2025 are as follows (in millions):

Three Months Ended March 31,

Quant & Solutions

$ 118.8 $ 85.9

34.4 26.5 90.8 77.4

Management fee revenue $ 159.3 $ 112.9

11) Accumulated Other Comprehensive Income (Loss)

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

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of June 30, 2025

$ 3.6 $ ( 5.7 ) $ ( 2.1 )

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2026 and 2025 are as follows (in millions):

Foreign currency translation adjustment

Balance, as of December 31, 2025

Foreign currency translation adjustment before tax

( 0.2 ) — ( 0.2 )

Amortization related to derivatives securities before tax

Tax impact — ( 0.2 ) ( 0.2 )

Other comprehensive income (loss)

Balance, as of September 30, 2025

$ 3.4 $ ( 4.9 ) $ ( 1.5 )

Balance, as of March 31, 2026

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of June 30, 2024

Balance, as of December 31, 2024

$ 2.7 $ ( 7.1 ) $ ( 4.4 )

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Tax impact — ( 0.3 ) ( 0.3 )

Other comprehensive income 0.8 0.7 1.5

Balance, as of September 30, 2024

Other comprehensive income (loss)

Balance, as of March 31, 2025

$ 3.2 $ ( 6.4 ) $ ( 3.2 )

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

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

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

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of December 31, 2024

$ 2.7 $ ( 7.1 ) $ ( 4.4 )

Foreign currency translation adjustment before tax

Amortization related to derivatives securities before tax

Tax impact ( 0.2 ) ( 0.7 ) ( 0.9 )

Other comprehensive income 0.7 2.2 2.9

Balance, as of September 30, 2025

$ 3.4 $ ( 4.9 ) $ ( 1.5 )

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of December 31, 2023

$ 3.1 $ ( 9.8 ) $ ( 6.7 )

Foreign currency translation adjustment before tax

Amortization related to derivatives securities before tax

Tax impact ( 0.1 ) ( 0.6 ) ( 0.7 )

Other comprehensive income 0.8 2.0 2.8

Balance, as of September 30, 2024

$ 3.9 $ ( 7.8 ) $ ( 3.9 )

12) Derivatives and Hedging

Cash flow hedge

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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.

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

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

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

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

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

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

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

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 of March 31, 2026, there was no balance relating to the cash flow hedge recorded in accumulated other comprehensive income (loss) before tax.

The Company reclassified $ 1.0 million to earnings through interest expense for the three months ended March 31, 2025.

13) Segment Information

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

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

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

This segment consists of our ownership interest in Acadian LLC.

Hold Co is included within the Unallocated Corporate expenses category.

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

The Hold Co expenses are not allocated to the Company’s business segment, but the Chief Operating Decision Maker (“CODM”) does consider the cost structure of the corporate head office when evaluating the financial performance of the segment.

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GAAP, adjusted to include management fees paid to the Company by consolidated Funds.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

13) Segment Information (cont.)

Significant segment ENI expenses include fixed compensation and benefits, variable compensation, and Acadian LLC key employee distributions included in compensation and benefits expense under U.S.

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The following table sets forth summarized operating results for the Company’s segment and related adjustments necessary to reconcile the segment economic net income to arrive at the Company’s consolidated U.S.

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

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

GAAP net income attributable to controlling interests for the three months ended March 31, 2026 and 2025 are as follows (in millions):

Three Months Ended March 31,

($ in millions) 2026 2025

2 unchanged sentences

Exclude revenue from consolidated Funds

7.9 0.9 12.1 2.0

Quant & Solutions segment ENI revenue

2 unchanged sentences

Fixed compensation and benefits

26.4 22.7 72.7 66.9

Variable compensation

31.1 29.0 91.3 81.8

Acadian LLC key employee distributions

5.2 3.1 12.3 7.4

Depreciation and amortization

4.1 4.5 12.5 13.7

Other segment items

25.3 22.7 72.2 62.7

Segment economic net income

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Adjustments and reconciling items

2.9 1.0 5.5 1.1

Non-cash compensation expenses for Acadian LLC key employee equity and profit interest revaluations

( 16.3 ) ( 9.3 ) ( 35.7 ) ( 19.6 )

Investment income (loss)

— 1.5 0.1 2.5

Interest income 0.9 1.1

Interest expense ( 3.4 ) ( 4.8 )

Net consolidated Funds' investment gains

11.5 4.0 27.2 6.5

Net consolidated Funds' investment gains (losses)

Income before income taxes

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Depreciation and amortization includes U.S.

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

GAAP depreciation and amortization.

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

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

GAAP net income attributable to controlling interests.

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

GAAP net income attributable to controlling interests.

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

Included in unallocated corporate expenses for the three months ended March 31, 2026 and 2025 was compensation and benefits of $ 2.8 million and $ 2.4 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

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

Included in unallocated corporate expenses for the three months ended March 31, 2026 and 2025 was general and administrative expenses of $ 2.0 million and $ 2.1 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

3 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements