What changed in this filing

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Item 1. Financial Statements

2024-11-07 compared with 2024-08-08 · 82 added, 77 removed, 642 unchanged (20% of the section changed)

3 unchanged sentences

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

September 30,

2024 December 31,

20 unchanged sentences

Other liabilities 0.5 0.8

Revolving credit facility 36.0 —

Third party borrowings 274.2 273.9

18 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

11 unchanged sentences

Non-operating income and (expense):

Investment income 0.1 0.2 1.0 0.5

Investment income (loss) 1.5 ( 0.3 ) 2.5 0.2

Interest income 0.6 1.7 2.8 4.3

1 unchanged sentence

Net consolidated Funds’ investment gains 4.0 0.7 6.5 1.8

Total non-operating loss ( 3.5 ) ( 3.4 ) ( 4.6 ) ( 6.1 )

Total non-operating income (loss) 1.4 ( 2.7 ) ( 3.2 ) ( 8.8 )

Income before income taxes 28.4 27.5 67.3 61.6

12 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

5 unchanged sentences

0.8 ( 0.9 ) 0.8 0.6

Total other comprehensive income 0.8 1.4 1.3 2.7

Total other comprehensive income (loss) 1.5 ( 0.2 ) 2.8 2.5

Comprehensive income attributable to non-controlling interests in consolidated Funds 2.1 0.2 3.7 0.3

3 unchanged sentences

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended June 30, 2024 and 2023

For the three months ended September 30, 2024 and 2023

($ in millions except share data, unaudited)

7 unchanged sentences

non-controlling

March 31, 2023 41.5 $ — $ 1.4 $ ( 0.8 ) $ ( 9.3 ) $ ( 8.7 ) $ 0.4 $ ( 8.3 )

June 30, 2023 41.5 $ — $ 1.5 $ 10.1 $ ( 7.9 ) $ 3.7 $ 2.3 $ 6.0

Capital contributions — — — — — — 7.7 7.7

3 unchanged sentences

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

Withholding tax related to stock option exercise and restricted stock vesting

— — ( 0.4 ) — — ( 0.4 ) — ( 0.4 )

Net de-consolidation of Funds — — — — — — ( 1.9 ) ( 1.9 )

Dividends ($ 0.01 per share)

1 unchanged sentence

Net income — — — 19.6 — 19.6 0.2 19.8

September 30, 2023 41.5 $ — $ 1.8 $ 29.2 $ ( 8.1 ) $ 22.9 8.3 31.2

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

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

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

10 unchanged sentences

Net income — — — 16.9 — 16.9 2.1 19.0

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

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

See Notes to Condensed Consolidated Financial Statements

1 unchanged sentence

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the six months ended June 30, 2024 and 2023

For the nine months ended September 30, 2024 and 2023

($ in millions except share data, unaudited)

14 unchanged sentences

Withholding tax related to stock option exercise and restricted stock vesting ( 0.7 ) — — ( 0.7 ) ( 0.7 )

Net de-consolidation of Funds — — — — — — ( 1.9 ) ( 1.9 )

Dividends ($ 0.03 per share)

1 unchanged sentence

Net income — — — 43.0 — 43.0 0.3 43.3

June 30, 2023 41.5 $ — $ 1.5 $ 10.1 $ ( 7.9 ) $ 3.7 $ 2.3 $ 6.0

September 30, 2023 41.5 $ — $ 1.8 $ 29.2 $ ( 8.1 ) $ 22.9 $ 8.3 $ 31.2

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

9 unchanged sentences

Net income — — — 42.5 — 42.5 3.7 46.2

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

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

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(in millions, unaudited)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from operating activities:

9 unchanged sentences

Decrease in investment advisory fees receivable 24.2 18.7

(Increase) decrease in other receivables, prepayments, deposits and other assets ( 7.2 ) 2.1

Increase in other receivables, prepayments, deposits and other assets ( 2.0 ) ( 2.7 )

Decrease in accrued incentive compensation, operating lease liabilities and other liabilities ( 21.9 ) ( 21.9 )

6 unchanged sentences

Sale of investments 60.3 2.7

(Increase) decrease in receivables and other assets 0.3 ( 27.8 )

Increase in receivables and other assets ( 1.8 ) ( 3.2 )

Increase in accounts payable and other liabilities 1.6 —

5 unchanged sentences

Sale of investment securities 6.6 8.0

Cash flows from investing activities of consolidated Funds

Deconsolidation of Funds — ( 12.5 )

Net cash flows from investing activities ( 48.3 ) ( 23.7 )

3 unchanged sentences

(in millions, unaudited)

Six Months Ended

Nine Months Ended

September 30,

Cash flows from financing activities:

2 unchanged sentences

( 139.0 ) ( 87.0 )

Payment for debt issuance costs ( 0.6 ) —

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

13 unchanged sentences

Income taxes paid $ 33.0 $ 30.5

Supplemental disclosure of non-cash investing and financing transactions:

Excise tax on repurchases of common stock

Supplemental disclosure of non-cash financing transactions:

Excise tax payable on repurchases of common stock

See Notes to Condensed Consolidated Financial Statements

18 unchanged sentences

On October 15, 2014, the Company completed the initial public offering (the “Offering”) by OM plc pursuant to the Securities Act of 1933, as amended.

As of June 30, 2024, Paulson & Co.

As of September 30, 2024, Paulson & Co.

(“Paulson”) and related parties thereof held approximately 24.0 % of the common stock of the Company.

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

For the six months ended June 30, 2023, the Company did not repurchase any shares of common stock.

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

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

22 unchanged sentences

This amendment is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024.

We are currently evaluating the impact of adopting this standard, but we expect the standard to result in additional segment footnote disclosures.

The Company does not expect the additional disclosure requirements under ASU 2023-07 to have a material impact on the condensed consolidated financial statements.

BrightSphere Investment Group Inc.

3 unchanged sentences

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

We are currently evaluating the impact of adopting this standard and have not yet determined our transition approach.

The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the condensed consolidated financial statements.

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

2 unchanged sentences

Early adoption is permitted.

We are in the process of evaluating the impact of adopting this standard and, at this time, do not anticipate it will have a material impact on our condensed consolidated financial statements.

The Company does not expect the adoption of ASU 2024-01 to have a material impact on the condensed consolidated financial statements.

The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted.

2 unchanged sentences

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

September 30,

2024 December 31,

7 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 June 30, 2024 (in millions):

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 (in millions):

Quoted prices

1 unchanged sentence

(Level II) Significant

(Level III) Uncategorized Total value, June 30,

(Level III) Uncategorized Total value, September 30,

Assets of BSIG and consolidated Funds (1)

5 unchanged sentences

Consolidated Funds total 25.0 46.2 — — 71.2

Investments in separate accounts (2)

2.2 — — — 2.2

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

52 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 $ 2.2 million at June 30, 2024 consisted of approximately 100 % equity securities.

(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).

(3) Investments related to long-term incentive compensation plans of $ 47.1 million and $ 44.7 million at June 30, 2024 and December 31, 2023, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian), which the Company has classified as trading securities and valued using the published price as of the measurement dates.

(3) Investments related to long-term incentive compensation plans of $ 48.8 million and $ 44.7 million at September 30, 2024 and December 31, 2023, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian), which the Company has classified as trading securities and valued using the published price as of the measurement dates.

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

(4) The uncategorized amounts of $ 18.6 million and $ 17.9 million at June 30, 2024 and December 31, 2023, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy.

(4) The uncategorized amounts of $ 19.7 million and $ 17.9 million at September 30, 2024 and December 31, 2023, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy.

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

2 unchanged sentences

Other investment vehicles are not subject to redemption restrictions.

The real estate investment Funds of $ 3.2 million and $ 3.6 million at June 30, 2024 and December 31, 2023, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds.

The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from June 30, 2024.

The real estate investment Funds of $ 3.4 million and $ 3.6 million at September 30, 2024 and December 31, 2023, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds.

The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from September 30, 2024.

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

2 unchanged sentences

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

There were no significant transfers of financial assets or liabilities between Levels II or III during the three and six months ended June 30, 2024 and 2023.

There were no significant transfers of financial assets or liabilities between Levels II or III during the three and nine months ended September 30, 2024 and 2023.

BrightSphere Investment Group Inc.

8 unchanged sentences

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

September 30,

2024 December 31,

16 unchanged sentences

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

September 30,

2024 December 31,

6 unchanged sentences

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

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

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

Revolving credit facility:

$ 125 million revolving credit facility expiring March 7, 2025 (1)

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

$ — $ — 2 $ — $ —

6 unchanged sentences

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

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

3 unchanged sentences

Revolving credit facility

On March 7, 2022, Acadian, Royal Bank of Canada, BMO Harris Bank, N.A., Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Bank of America N.A., the Bank of New York Mellon and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into a new revolving credit facility agreement (the “Acadian Credit Agreement”), which replaced the Company’s revolving credit facility dated as of August 20, 2019 (as amended by an amendment dated September 3, 2020 and an assignment and assumption and amendment agreement dated February 23, 2021, the “Original Credit Agreement”).

The maturity date of this Original Credit Agreement was August 22, 2022, and the maturity date of the Acadian Credit Agreement is March 7, 2025.

On August 29, 2024, Acadian, 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 Credit Agreement”), which replaced Acadian’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 Credit Agreement is August 29, 2027.

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

3 unchanged sentences

The operating leases have remaining lease terms of less than 1 year to 9 years, some of which include options to extend the leases for up to 5 years.

The following table summarizes information about the Company’s operating leases for the three and six months ended June 30, 2024 and 2023 (in millions):

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

The following table summarizes information about the Company’s operating leases for the three and nine months ended September 30, 2024 and 2023 (in millions):

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

2024 2023 2024 2023

5 unchanged sentences

Right of use assets obtained in exchange for new operating lease liabilities — — 0.6 3.4

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

BrightSphere Investment Group Inc.

1 unchanged sentence

7) Leases (cont.)

For the six months ended June 30, 2024 and 2023, the weighted average remaining lease term was 9.0 years and 10.0 years, respectively, and the weighted average discount rate was 3.52 % and 3.55 %, respectively.

September 30, 2024 and 2023, the weighted average remaining lease term was 8.8 years and 9.7 years, respectively, and the weighted average discount rate was 3.52 % and 3.53 %, respectively.

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

1 unchanged sentence

Year Ending December 31,

2024 (excluding the six months ended June 30, 2024)

2024 (excluding the nine months ended September 30, 2024)

Thereafter 41.1

8 unchanged sentences

This guaranty expires in 2033.

There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 related to this guaranty.

There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 related to this guaranty.

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

1 unchanged sentence

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

As of June 30, 2024, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

As of September 30, 2024, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

BrightSphere Investment Group Inc.

9 unchanged sentences

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

At June 30, 2024, management of the Company has estimated the potential maximum exposure and concluded that it is not material.

No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at June 30, 2024.

At September 30, 2024, management of the Company has estimated the potential maximum exposure and concluded that it is not material.

No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at September 30, 2024.

Considerations of credit risk

11 unchanged sentences

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

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

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

2024 2023 2024 2023

18 unchanged sentences

Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue for the three and six months ended June 30, 2024 and 2023 are as follows (in millions):

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

The geographic disaggregation of management fee revenue for the three and nine months ended September 30, 2024 and 2023 are as follows (in millions):

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

2024 2023 2024 2023

4 unchanged sentences

11) Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended June 30, 2024 and 2023 are as follows (in millions):

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended September 30, 2024 and 2023 are as follows (in millions):

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of March 31, 2024

Balance, as of June 30, 2024

3.1 ( 8.5 ) ( 5.4 )

4 unchanged sentences

Other comprehensive income $ 0.8 $ 0.7 $ 1.5

Balance, as of June 30, 2024

Balance, as of September 30, 2024

3.9 ( 7.8 ) ( 3.9 )

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of March 31, 2023

Balance, as of June 30, 2023

3.2 ( 11.1 ) ( 7.9 )

Foreign currency translation adjustment before tax

( 0.9 ) $ — ( 0.9 )

Amortization related to derivatives securities before tax

1 unchanged sentence

Tax impact — $ ( 0.2 ) $ ( 0.2 )

Other comprehensive income $ 0.8 $ 0.6 $ 1.4

Balance, as of June 30, 2023

Other comprehensive income (loss) $ ( 0.9 ) $ 0.7 $ ( 0.2 )

Balance, as of September 30, 2023

2.3 ( 10.4 ) ( 8.1 )

2 unchanged sentences

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

The components of accumulated other comprehensive income (loss), net of tax, for the six months ended June 30, 2024 and 2023 are as follows (in millions):

The components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2024 and 2023 are as follows (in millions):

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

2 unchanged sentences

Foreign currency translation adjustment before tax

( 0.1 ) — ( 0.1 )

Amortization related to derivatives securities before tax

1 unchanged sentence

Other comprehensive income 0.8 2.0 2.8

Balance, as of June 30, 2024

Balance, as of September 30, 2024

$ 3.9 $ ( 7.8 ) $ ( 3.9 )

6 unchanged sentences

Other comprehensive income 0.6 1.9 2.5

Balance, as of June 30, 2023

Balance, as of September 30, 2023

$ 2.3 $ ( 10.4 ) $ ( 8.1 )

6 unchanged sentences

The forecasted debt issuances occurred in July 2016 and the Treasury rate lock, which had an accumulated fair value of $( 34.4 ) million, was settled.

As of June 30, 2024, the balance recorded in accumulated other comprehensive income (loss) was $( 8.5 ) million, net of tax.

As of September 30, 2024, the balance recorded in accumulated other comprehensive income (loss) was $( 7.8 ) million, net of tax.

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

The Company reclassified $ 0.8 million and $ 0.8 million for the three months ended June 30, 2024 and 2023, respectively.

Amounts of $ 1.7 million and $ 1.7 million have been reclassified for the six months ended June 30, 2024 and 2023, respectively.

The Company reclassified $ 0.9 million and $ 0.9 million for the three months ended September 30, 2024 and 2023, respectively.

Amounts of $ 2.6 million and $ 2.5 million have been reclassified for the nine months ended September 30, 2024 and 2023, respectively.

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

29 unchanged sentences

GAAP net income (loss).

The following table presents the financial data for the Company’s segment for the three months ended June 30, 2024 (in millions):

Three Months Ended June 30, 2024

The following table presents the financial data for the Company’s segment for the three months ended September 30, 2024 (in millions):

Three Months Ended September 30, 2024

Quant & Solutions Other Reconciling Adjustments Total U.S.

14 unchanged sentences

13) Segment Information (cont.)

The following table presents the financial data for the Company’s segments for the three months ended June 30, 2023 (in millions):

Three Months Ended June 30, 2023

The following table presents the financial data for the Company’s segments for the three months ended September 30, 2023 (in millions):

Three Months Ended September 30, 2023

Quant & Solutions Other Reconciling Adjustments Total U.S.

14 unchanged sentences

13) Segment Information (cont.)

The following table presents the financial data for the Company’s segment for the six months ended June 30, 2024 (in millions):

Six Months Ended June 30, 2024

The following table presents the financial data for the Company’s segment for the nine months ended September 30, 2024 (in millions):

Nine Months Ended September 30, 2024

Quant & Solutions Other Reconciling Adjustments Total U.S.

14 unchanged sentences

13) Segment Information (cont.)

The following table presents the financial data for the Company’s segment for the six months ended June 30, 2023 (in millions):

Six Months Ended June 30, 2023

The following table presents the financial data for the Company’s segment for the nine months ended September 30, 2023 (in millions):

Nine Months Ended September 30, 2023

Quant & Solutions Other Reconciling Adjustments Total U.S.

40 unchanged sentences

exclude the tax expense or benefits relating to uncertain tax positions, and exclude the tax impact of other unusual items that are not related to current operating results for ENI purposes.

14) Subsequent Events

The Company seeded Acadian U.S.

Investment Grade Corporate Bond Fund with $ 15 million of seed capital in July 2024.

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