What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 147 added, 75 removed, 553 unchanged (29% of the section changed)

45 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Management fees $ 176.5 $ 122.3 $ 335.8 $ 235.2

10 unchanged sentences

Non-operating income and (expense):

Investment income 0.1 0.3

Investment income (loss) 2.0 ( 0.2 ) 2.1 0.1

Interest income 0.8 0.8 1.7 1.9

1 unchanged sentence

Net consolidated Funds’ investment gains (losses) 7.2 12.1 5.3 15.7

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

Total non-operating income 6.4 7.4 2.1 7.6

Income before income taxes 38.8 23.6 76.4 55.7

Income tax expense 9.4 4.5 22.6 12.8

Net income 24.4 23.8

Net income (loss) 29.4 19.1 53.8 42.9

Net income attributable to redeemable non-controlling interests in consolidated Funds 2.1 9.0 2.2 12.7

9 unchanged sentences

Three Months Ended

Net income $ 24.4 $ 23.8

June 30, Six Months Ended

2026 2025 2026 2025

Net income (loss) $ 29.4 $ 19.1 $ 53.8 $ 42.9

Other comprehensive income:

1 unchanged sentence

Foreign currency translation adjustment, net of tax

— 0.4 ( 0.1 ) 0.9

Total other comprehensive income (loss) — 1.1 ( 0.1 ) 2.3

5 unchanged sentences

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended March 31, 2026 and 2025

For the three months ended June 30, 2026 and 2025

($ in millions except share data, unaudited)

7 unchanged sentences

non-controlling

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

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

Repurchase of common stock including excise taxes ( 0.9 ) — ( 0.5 ) ( 23.3 ) — ( 23.8 ) — ( 23.8 )

Capital contributions (distributions) — — — — — — ( 2.1 ) ( 2.1 )

Equity-based compensation — — 0.5 — — 0.5 — 0.5

2 unchanged sentences

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 )

Dividends ($ 0.01 per share)

1 unchanged sentence

Net income (loss) — — — 10.1 — 10.1 9.0 19.1

— — — 20.1 — 20.1 3.7 23.8

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

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

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

Repurchase of common stock including excise taxes

1 unchanged sentence

Capital contributions (distributions) — — — — — — 17.2 17.2

Equity-based compensation — — 1.5 — — 1.5 — 1.5

Dividends ($ 0.10 per share)

— — — ( 3.6 ) — ( 3.6 ) — ( 3.6 )

Net income (loss)

— — — 27.3 — 27.3 2.1 29.4

June 30, 2026 35.5 $ — $ — $ 88.7 $ 3.3 $ 92.0 $ 41.2 $ 133.2

See Notes to Condensed Consolidated Financial Statements

Acadian Asset Management Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the six months ended June 30, 2026 and 2025

($ 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 and

non-controlling

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

Repurchase of common stock including excise taxes ( 1.7 ) — ( 0.9 ) ( 42.5 ) — ( 43.4 ) — ( 43.4 )

Capital contributions (distributions) — — — — — — ( 2.1 ) ( 2.1 )

Equity-based compensation — — 1.1 — — 1.1 — 1.1

1 unchanged sentence

— — — — 0.9 0.9 — 0.9

Amortization related to derivative securities, net of tax — — — — 1.4 1.4 — 1.4

Withholding tax related to restricted stock vesting ( 0.2 ) — — ( 0.2 ) ( 0.2 )

Dividends ($ 0.02 per share)

— — — ( 0.8 ) — ( 0.8 ) — ( 0.8 )

Net income (loss) — — — 30.2 — 30.2 12.7 42.9

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

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

Repurchase of common stock including excise taxes

( 0.2 ) — ( 3.5 ) ( 11.9 ) — ( 15.4 ) — ( 15.4 )

Capital contributions (distributions) — — — — — — 15.6 15.6

Equity-based compensation — — 3.0 — — 3.0 — 3.0

Foreign currency translation adjustment, net of tax — — — — ( 0.1 ) ( 0.1 ) — ( 0.1 )

Withholding tax related to restricted stock vesting

— — ( 0.5 ) — — ( 0.5 ) — ( 0.5 )

Dividends ($ 0.20 per share)

2 unchanged sentences

— — — 51.6 — 51.6 2.2 53.8

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

June 30, 2026 35.5 $ — $ — $ 88.7 $ 3.3 $ 92.0 $ 41.2 $ 133.2

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(in millions, unaudited)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

7 unchanged sentences

Deferred income taxes ( 15.8 ) ( 4.9 )

(Gains) losses on other investments 1.2 ( 0.1 )

(Gains) on other investments ( 11.9 ) ( 6.7 )

Changes in operating assets and liabilities:

(Increase) decrease in investment advisory fees receivable ( 35.1 ) 40.5

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

(Increase) in other receivables, prepayments, deposits and other assets ( 9.6 ) ( 6.7 )

(Decrease) in accrued incentive compensation, operating lease liabilities and other liabilities ( 41.3 ) ( 67.7 )

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

(Decrease) in accounts payable, accrued expenses and accrued income taxes ( 1.5 ) ( 6.7 )

Net cash flows from operating activities, excluding consolidated Funds ( 1.3 ) 10.7

4 unchanged sentences

Sale of investments 115.1 139.7

(Increase) decrease in receivables and other assets — ( 3.3 )

(Increase) in receivables and other assets ( 18.5 ) ( 5.1 )

Increase in accounts payable and other liabilities 91.6 0.7

10 unchanged sentences

(in millions, unaudited)

Three Months Ended

Six Months Ended

Cash flows from financing activities:

4 unchanged sentences

Dividends paid to related parties ( 2.4 ) ( 0.3 )

Repurchase of common stock

( 4.7 ) ( 17.8 )

Repurchase of common stock including excise taxes ( 15.8 ) ( 43.8 )

Withholding tax payments related to stock option exercise and restricted stock vesting ( 0.5 ) ( 0.2 )

Cash flows from financing activities of consolidated Funds:

Redeemable non-controlling interest capital raised 19.4 ( 2.1 )

Redeemable non-controlling interest capital redeemed ( 3.8 ) —

1 unchanged sentence

Effect of foreign exchange rate changes on cash and cash equivalents 0.2 0.4

Net increase in cash and cash equivalents 25.6 24.7

Net decrease in cash and cash equivalents ( 38.6 ) ( 4.6 )

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

9 unchanged sentences

Supplemental disclosure of non-cash investing and financing transactions:

Payable for repurchases of common stock

Excise tax on repurchase of common stock

21 unchanged sentences

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.

As of June 30, 2026, Paulson & Co.

(“Paulson”) and related parties thereof held approximately 16.5 % of the common stock of the Company.

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.

For the six months ended June 30, 2026, the Company repurchased 246,314 shares of common stock at an average price of $ 62.14 per share, or approximately $ 15.3 million in total, including commissions.

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

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

51 unchanged sentences

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 March 31, 2026 (in millions):

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at June 30, 2026 (in millions):

Quoted prices

1 unchanged sentence

(Level II) Significant

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

(Level III) Uncategorized Total value, June 30, 2026

Assets of AAMI and consolidated Funds

6 unchanged sentences

166.4 68.9 — — 235.3

Investments in separate accounts (2)

5.0 — — — 5.0

Investments related to long-term incentive compensation plans (3)

26 unchanged sentences

23.6 66.8 — — 90.4

Investments in separate accounts (2)

Investments related to long-term incentive compensation plans (3)

25 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 $ 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.

(2) Investments in separate accounts of $ 5.0 million at June 30, 2026 consisted of 1 % of cash equivalents and 99 % of equity securities.

The Company values these accounts using the published price of the underlying securities (classified as Level I) or quoted price supported by observable inputs as of the measurement date (classified as Level II).

(3) Investments related to long-term incentive compensation plans of $ 39.6 million and $ 37.9 million at June 30, 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 $ 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.

(4) The uncategorized amounts of $ 2.8 million and $ 13.3 million at June 30, 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 $ 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 real estate investment Funds of $ 2.7 million and $ 3.1 million at June 30, 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 June 30, 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 months ended March 31, 2026 and 2025.

There were no significant transfers of financial assets or liabilities between Levels II or III during the three and six months ended June 30, 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.

34 unchanged sentences

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.

2 unchanged sentences

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,

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

6) Leases (cont.)

The following table summarizes information about the Company’s operating leases for the three and six months ended June 30, 2026 and 2025 (in millions):

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

2026 2025 2026 2025

Operating lease cost $ 2.1 $ 2.2 $ 4.2 $ 4.4

4 unchanged sentences

Right of use assets obtained in exchange for new operating lease liabilities 0.1 — 0.1 —

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

6) Leases (cont.)

In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease.

For the three months ended March 31, 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.

For the six months ended June 30, 2026 and 2025, the weighted average remaining lease term was 7.2 years and 8.0 years, respectively, and the weighted average discount rate was 3.53 % and 3.54 %, respectively.

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

1 unchanged sentence

Year Ending December 31,

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

2026 (excluding the six months ended June 30, 2026)

Thereafter 25.3

1 unchanged sentence

Less imputed interest ( 7.4 )

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

7) Borrowings and Debt

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions) Carrying value

9 unchanged sentences

(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.

Notes to Condensed Consolidated Financial Statements

7) Borrowings and Debt (cont.)

The Delayed Draw Term Loan Credit Agreement and Revolving Credit Agreement

6 unchanged sentences

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 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.

6 unchanged sentences

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.

As of June 30, 2026, Acadian LLC had unused lines of credit of $ 172.5 million comprised of undrawn commitments on the revolving credit facility of $ 175.0 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

5 unchanged sentences

This guaranty expires in 2033.

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

There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 related to this guaranty.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

8) Commitments and Contingencies (cont.)

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

1 unchanged sentence

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

As of 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.

As of June 30, 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

6 unchanged sentences

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

At 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.)

At June 30, 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 June 30, 2026.

Considerations of credit risk

3 unchanged sentences

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

2 unchanged sentences

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

Three Months Ended March 31,

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

2026 2025 2026 2025

Net income attributable to controlling interests $ 27.3 $ 10.1 $ 51.6 $ 30.2

10 unchanged sentences

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.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

10) Revenue (cont.)

Performance fees

1 unchanged sentence

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.

Notes to Condensed Consolidated Financial Statements

10) Revenue (cont.)

Disaggregation of management fee revenue

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,

The geographic disaggregation of management fee revenue by location of client domicile for the three and six months ended June 30, 2026 and 2025 are as follows (in millions):

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

2026 2025 2026 2025

Quant & Solutions

$ 128.4 $ 92.9 $ 247.2 $ 178.8

48.1 29.4 88.6 56.4

Management fee revenue $ 176.5 $ 122.3 $ 335.8 $ 235.2

11) Accumulated Other Comprehensive Income (Loss)

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):

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended June 30, 2026 and 2025 are as follows (in millions):

Foreign currency translation adjustment

Balance, as of December 31, 2025

Balance, as of March 31, 2026

Foreign currency translation adjustment before tax

Other comprehensive income (loss)

Balance, as of March 31, 2026

Balance, as of June 30, 2026

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of December 31, 2024

Balance, as of March 31, 2025

$ 3.2 $ ( 6.4 ) $ ( 3.2 )

3 unchanged sentences

Other comprehensive income (loss)

Balance, as of March 31, 2025

Balance, as of June 30, 2025

$ 3.6 $ ( 5.7 ) $ ( 2.1 )

1 unchanged sentence

Notes to Condensed Consolidated Financial Statements

12) Derivatives and Hedging

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

The components of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2026 and 2025 are as follows (in millions):

Foreign currency translation adjustment

Balance, as of December 31, 2025

Foreign currency translation adjustment before tax

Other comprehensive income (loss)

Balance, as of June 30, 2026

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 — 1.9 1.9

Tax impact ( 0.2 ) ( 0.5 ) ( 0.7 )

Other comprehensive income (loss)

Balance, as of June 30, 2025

$ 3.6 $ ( 5.7 ) $ ( 2.1 )

12) Derivatives and Hedging

6 unchanged sentences

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.

As of June 30, 2026, there was no balance relating to the cash flow hedge recorded in accumulated other comprehensive income (loss) before tax.

The Company reclassified $ 0.9 million and $ 1.9 million to earnings through interest expense for the three and six months ended June 30, 2025, respectively.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

13) Segment Information

19 unchanged sentences

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.

9 unchanged sentences

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

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

Three Months Ended March 31,

GAAP net income attributable to controlling interests for the three and six months ended June 30, 2026 and 2025 are as follows (in millions):

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

($ in millions) 2026 2025 2026 2025

2 unchanged sentences

Exclude revenue from consolidated Funds

1.9 2.5 3.9 4.2

Quant & Solutions segment ENI revenue

2 unchanged sentences

Fixed compensation and benefits

25.8 23.4 50.7 46.3

Variable compensation

43.4 30.8 83.2 60.2

Acadian LLC key employee distributions

9.1 4.0 15.4 7.1

Depreciation and amortization

3.7 4.2 7.3 8.4

Other segment items

31.8 23.2 60.8 46.9

Segment economic net income

4 unchanged sentences

Adjustments and reconciling items

1.1 1.4 2.5 2.6

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

( 33.3 ) ( 19.7 ) ( 49.4 ) ( 19.4 )

Investment income (loss)

2.0 ( 0.2 ) 2.1 0.1

Interest income 0.8 0.8 1.7 1.9

1 unchanged sentence

Net consolidated Funds' investment gains (losses)

7.2 12.1 5.3 15.7

Income before income taxes

19 unchanged sentences

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

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.

Included in unallocated corporate expenses for the three months ended June 30, 2026 and 2025 was compensation and benefits of $ 2.7 million and $ 2.6 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 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.

Included in unallocated corporate expenses for the three months ended June 30, 2026 and 2025 was general and administrative expenses of $ 2.1 million and $ 2.2 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the six months ended June 30, 2026 and 2025 was compensation and benefits of $ 5.5 million and $ 5.0 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the six months ended June 30, 2026 and 2025 was general and administrative expenses of $ 4.1 million and $ 4.3 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

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

2 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