What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 147 added, 59 removed, 544 unchanged (27% of the section changed)

31 unchanged sentences

Total liabilities 585.4 616.1

Commitments and contingencies

Commitments and contingencies (Note 8)

Redeemable non-controlling interests in consolidated Funds 77.7 67.1

11 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Management fees $ 122.3 $ 105.5 $ 235.2 $ 207.7

10 unchanged sentences

Non-operating income and (expense):

Investment income 0.3 0.9

Investment income (loss) ( 0.2 ) 0.1 0.1 1.0

Interest income 0.8 0.9 1.9 2.2

16 unchanged sentences

Three Months Ended

June 30, Six Months Ended

2025 2024 2025 2024

Net income $ 19.1 $ 11.5 $ 42.9 $ 27.2

1 unchanged sentence

Amortization related to derivative securities, net of tax

0.7 0.6 1.4 1.3

Foreign currency translation adjustment, net of tax

0.4 0.2 0.9 —

Total other comprehensive income 1.1 0.8 2.3 1.3

4 unchanged sentences

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended March 31, 2025 and 2024

For the three months ended June 30, 2025 and 2024

($ in millions except share data, unaudited)

4 unchanged sentences

stockholders’

equity (deficit) Redeemable non-controlling

Funds Total equity (deficit) and

non-controlling

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

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

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

Foreign currency translation adjustment, net of tax

— — — — 0.2 0.2 — 0.2

Amortization related to derivatives securities, net of tax — — — — 0.6 0.6 — 0.6

Dividends ($ 0.01 per share)

— — — ( 0.4 ) — ( 0.4 ) — ( 0.4 )

Net income — — — 11.0 — 11.0 0.5 11.5

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

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

Repurchases of common stock

( 0.9 ) — ( 0.5 ) ( 23.3 ) — ( 23.8 ) — ( 23.8 )

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

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

Foreign currency translation adjustment, net of tax — — — — 0.4 0.4 — 0.4

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

Dividends ($ 0.01 per share)

— — — ( 0.4 ) — ( 0.4 ) — ( 0.4 )

Net income — — — 10.1 — 10.1 9.0 19.1

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

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, 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

3 unchanged sentences

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

Repurchase of common stock including excise taxes

Repurchase of common stock

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

1 unchanged sentence

Equity-based compensation — — 0.4 — — 0.4 — 0.4

Foreign currency translation adjustment, net of tax

— — — — ( 0.2 ) ( 0.2 ) — ( 0.2 )

Amortization related to derivatives securities, net of tax — — — — 1.3 1.3 — 1.3

3 unchanged sentences

Net income — — — 25.6 — 25.6 1.6 27.2

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

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

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

Repurchase of common stock including excise taxes

Repurchase of common stock

( 1.7 ) — ( 0.9 ) ( 42.5 ) — ( 43.4 ) — ( 43.4 )

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

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

6 unchanged sentences

Net income — — — 30.2 — 30.2 12.7 42.9

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

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

See Notes to Condensed Consolidated Financial Statements

2 unchanged sentences

(in millions, unaudited)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

10 unchanged sentences

Decrease in investment advisory fees receivable 40.5 31.1

Decrease in other receivables, prepayments, deposits and other assets 3.6 2.6

(Increase) in other receivables, prepayments, deposits and other assets ( 6.7 ) ( 7.2 )

(Decrease) in accrued incentive compensation, operating lease liabilities and other liabilities ( 67.7 ) ( 46.6 )

6 unchanged sentences

Sale of investments 139.7 35.5

(Increase) in receivables and other assets ( 3.3 ) ( 0.4 )

(Increase) decrease in receivables and other assets ( 5.1 ) 0.3

Increase in accounts payable and other liabilities 0.7 0.2

10 unchanged sentences

(in millions, unaudited)

Three Months Ended

Six Months Ended

Cash flows from financing activities:

12 unchanged sentences

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

Net increase (decrease) in cash and cash equivalents 24.7 ( 44.6 )

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

Cash and cash equivalents at beginning of period 98.5 147.6

Cash and cash equivalents at end of period (including cash at consolidated Funds classified as restricted) $ 123.2 $ 103.0

Cash and cash equivalents at end of period

$ 93.9 $ 73.4

Cash and cash equivalents at end of period

Cash and cash equivalents

$ 90.2 $ 71.6

Cash and cash equivalents of consolidated Funds, restricted

Cash and cash equivalents

Supplemental disclosure of cash flow information:

2 unchanged sentences

Supplemental disclosure of non-cash financing transactions:

Payable for repurchases of common stock

Excise tax on repurchases of common stock

Excise tax on repurchase 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 March 31, 2025, Paulson & Co.

As of June 30, 2025, Paulson & Co.

(“Paulson”) and related parties thereof held approximately 25.1 % of the common stock of the Company.

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 three months ended March 31, 2024, the Company repurchased 3,530,908 shares of common stock at an average price of $ 21.04 per share, or approximately $ 74.4 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.

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.

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

7 unchanged sentences

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

GAAP”) for interim financial information and with rules and regulations of the U.S.

Securities and Exchange Commission (“SEC”).

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.

4 unchanged sentences

The Company has condensed or omitted these disclosures.

These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025.

The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements.

29 unchanged sentences

Total investments per Condensed Consolidated Balance Sheets $ 225.7 $ 221.9

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

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

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

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

Acadian Asset Management Inc.

1 unchanged sentence

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, 2025 (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, 2025 (in millions):

Quoted prices

1 unchanged sentence

(Level II) Significant

(Level III) Uncategorized Total value, March 31, 2025

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

Assets of AAMI and consolidated Funds

61 unchanged sentences

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

(2) Investments related to long-term incentive compensation plans of $ 33.0 million and $ 48.5 million at March 31, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates.

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

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

(3) The uncategorized amounts of $ 19.9 million and $ 19.4 million at March 31, 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 $ 19.3 million and $ 19.4 million at June 30, 2025 and December 31, 2024, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy.

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 $ 3.0 million and $ 2.9 million at March 31, 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 March 31, 2025.

The real estate investment Funds of $ 3.3 million and $ 2.9 million at June 30, 2025 and December 31, 2024, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds.

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

The 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, 2025 and 2024.

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

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

Acadian Asset Management Inc.

30 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 months ended March 31, 2025 and 2024 (in millions):

Three Months Ended March 31,

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

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

2025 2024 2025 2024

Operating lease cost $ 2.2 $ 2.1 $ 4.4 $ 4.3

5 unchanged sentences

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

For the three months ended March 31, 2025 and 2024, the weighted average remaining lease term was 8.3 years and 9.3 years, respectively, and the weighted average discount rate was 3.55 % and 3.52 %, respectively.

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

Acadian Asset Management Inc.

4 unchanged sentences

Year Ending December 31,

2025 (excluding the three months ended March 31, 2025)

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

Thereafter 33.2

3 unchanged sentences

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

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

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

27 unchanged sentences

This guaranty expires in 2033.

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

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

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

1 unchanged sentence

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

As of March 31, 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 June 30, 2025, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

Acadian Asset Management Inc.

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 March 31, 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 March 31, 2025.

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

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

Considerations of credit risk

7 unchanged sentences

Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding.

Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is antidilutive.

Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is anti-dilutive.

The calculation of basic and diluted earnings per share of common stock 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,

2025 2024 2025 2024

Net income attributable to controlling interests $ 10.1 $ 11.0 $ 30.2 $ 25.6

17 unchanged sentences

Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue for the three months ended March 31, 2025 and 2024 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, 2025 and 2024 are as follows (in millions):

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

2025 2024 2025 2024

Quant & Solutions

$ 92.9 $ 79.5 $ 178.8 $ 156.8

29.4 26.0 56.4 50.9

Management fee revenue $ 122.3 $ 105.5 $ 235.2 $ 207.7

11) Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2025 and 2024 are as follows (in millions):

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

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 0.4 0.7 1.1

Balance, as of June 30, 2025

$ 3.6 $ ( 5.7 ) $ ( 2.1 )

Foreign currency translation adjustment Valuation and amortization of derivative securities Total

Balance, as of March 31, 2024

$ 2.9 $ ( 9.1 ) $ ( 6.2 )

Foreign currency translation adjustment before tax

Amortization related to derivatives securities before tax

— $ 0.8 $ 0.8

Tax impact — $ ( 0.2 ) $ ( 0.2 )

Other comprehensive income 0.2 0.6 0.8

Balance, as of June 30, 2024

$ 3.1 $ ( 8.5 ) $ ( 5.4 )

Acadian Asset Management Inc.

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 six months ended June 30, 2025 and 2024 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

Amortization related to derivatives securities before tax

Tax impact ( 0.2 ) ( 0.5 ) ( 0.7 )

Other comprehensive income 0.9 1.4 2.3

Balance, as of June 30, 2025

$ 3.6 $ ( 5.7 ) $ ( 2.1 )

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

( 0.1 ) — ( 0.1 )

Amortization related to derivatives securities before tax

Tax impact 0.1 ( 0.4 ) ( 0.3 )

Other comprehensive income (loss) ( 0.2 ) 0.7 0.5

Balance, as of March 31, 2024

Other comprehensive income — 1.3 1.3

Balance, as of June 30, 2024

$ 3.1 $ ( 8.5 ) $ ( 5.4 )

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

12) Derivatives and Hedging

5 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 March 31, 2025, the balance recorded in accumulated other comprehensive income (loss) was $( 6.4 ) million, net of tax.

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

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

Amounts of $ 1.0 million and $ 0.9 million have been reclassified for the three months ended March 31, 2025 and 2024, respectively.

The Company reclassified $ 0.9 million and $ 0.8 million for the three months ended June 30, 2025 and 2024, respectively.

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

During the next twelve months the Company expects to reclassify approximately $ 4.1 million to interest expense.

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

13) Segment Information

18 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, 2025 and 2024 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, 2025 and 2024 are as follows (in millions):

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

($ in millions) 2025 2024 2025 2024

2 unchanged sentences

Exclude revenue from consolidated Funds

2.5 0.7 4.2 1.1

Quant & Solutions segment ENI revenue

2 unchanged sentences

Fixed compensation and benefits

23.4 22.6 46.3 44.2

Variable compensation

30.8 26.8 60.2 52.8

Acadian LLC key employee distributions

4.0 2.1 7.1 4.3

Depreciation and amortization

4.2 4.6 8.4 9.2

Other segment items

23.2 20.5 46.9 40.0

Segment economic net income

4 unchanged sentences

Adjustments and reconciling items

1.4 ( 0.4 ) 2.6 0.1

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

Investment income

( 19.7 ) ( 5.9 ) ( 19.4 ) ( 10.3 )

Investment income (loss)

( 0.2 ) 0.1 0.1 1.0

Interest income 0.8 0.9 1.9 2.2

1 unchanged sentence

Net consolidated Funds' investment gains

12.1 0.8 15.7 2.5

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, 2025 and 2024 was compensation and benefits of $ 2.4 million and $ 2.5 million, respectively, related to Hold Co which are included in U.S.

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

GAAP net income attributable to controlling interests.

Included in unallocated corporate expenses for the three months ended March 31, 2025 and 2024 was general and administrative expenses of $ 2.1 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, 2025 and 2024 was general and administrative expenses of $ 2.2 million and $ 2.5 million, respectively, related to Hold Co which are included in U.S.

GAAP net income attributable to controlling interests.

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

GAAP net income attributable to controlling interests.

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

GAAP net income attributable to controlling interests.

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

1 unchanged sentence

GAAP compensation and benefits expense.

14) Subsequent Events

During the period from April 1, 2025 through May 6, 2025, the Company repurchased 0.9 million shares of common stock at a weighted average price of $ 25.48 per share, or approximately $ 23.6 million in total, including commissions.

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