What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2025-02-14 compared with 2024-02-16 · 43 added, 15 removed, 7 unchanged (89% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity

Our common stock is traded on the New York Stock Exchange (symbol:

As of February 14, 2024, there were 104 stockholders of record , including banks, brokers, and other financial institutions holding shares in omnibus accounts for their customers (in total representing substantially all of the beneficial holders of our common stock).

As of February 12, 2025 , there were 27

stockholders of record , including banks, brokers, and other financial institutions holding shares in omnibus accounts for their

customers (in total representing substantially all of the beneficial holders of our common stock).

Issuer Purchases of Equity Securities

Period Total Number of Shares Purchased (1)

Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Average Price Paid Per Share Maximum Number of Shares that May Yet Be Purchased Under Outstanding Plans or Programs (2)

Purchased (1)

Average Price

Paid Per Share

Total Number of

Shares Purchased as

Part of Publicly

Announced Plans or

Average Price

Paid Per Share

Maximum Number of

Shares that May Yet Be

Purchased Under

Outstanding Plans or

October 1-31, 2024 .

1 unchanged sentence

December 1-31, 2024 .

Total 998,427 133.16 998,427 133.16

___________________________

(1) Includes shares surrendered to the Company to satisfy tax withholding and/or option exercise price obligations in connection with stock swap and option exercise transactions, if any.

(2) Our Board of Directors authorized share repurchase programs in January 2022, October 2022, and October 2023 to repurchase up to 2.0 million, 3.0 million, and 3.3 million shares of our common stock, respectively, and these authorizations have no expiry.

Purchases may be made from time to time, at management’s discretion, in the open market or in privately negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase programs or other share repurchase strategies that may include derivative financial instruments.

As of December 31, 2023, we had repurchased all of the shares in the repurchase program authorized in January 2022.

For the years ended December 31, 2021, 2022, and 2023, we repurchased 3.5 million, 4.5 million, and 3.0 million shares of our common stock at an average price per share of $146.54, $144.45, and $132.99, respectively.

(1) Includes shares surrendered to the Company to satisfy tax withholding and/or option exercise price obligations in

connection with stock swap and option exercise transaction s, if any.

(2) Our Board of Directors authorized share repurchase programs in October 2022 , October 2023 , and July 2024 to repurchase

up to 3.0 million , 3.3 million , and 5.4 million shares of our common stock, respectively, and these authorizations have no

Purchases may be made from time to time, at management’s discretion, in the open market or in privately

negotiated transactions, including through the use of trading plans, as well as pursuant to accelerated share repurchase

programs or other share repurchase strategies that may include derivative financial instruments.

As of March 31, 2024 and

December 31, 2024, we had repurchased all of the shares in the repurchase programs authorized in October 2022 and

October 2023, respectively .

For the years ended December 31, 2022 , 2023 , and 2024 , we repurchased 4.5 million , 3.0 million , and 4.3 million shares of

our common stock at an average price per share of $144.45 , $132.99 , and $162.65 , respectively.

Performance Graph

Our peer group comprises AllianceBernstein Holding L.P., Ares Management Corporation, Artisan Partners Asset Management Inc., Blue Owl Capital Inc., The Carlyle Group Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard Ltd., TPG Inc., Victory Capital Holdings, Inc., and Virtus Investment Partners, Inc.

Our peer group was revised in 2023 to include two additional alternative-focused asset management companies, Blue Owl Capital Inc.

and TPG Inc., to reflect the growing contribution of alternative strategies to our earnings.

The following graph compares the cumulative stockholder return on our common stock from December 31, 2018 through December 31, 2023, with the cumulative total return, during the same period, on the Standard & Poor’s MidCap 400 Index, our prior peer group, and our current peer group.

The comparison below assumes the investment of $100 on December 31, 2018 in our common stock and each of the comparison indices and, in each case, assumes reinvestment of all dividends.

Our peer group comprises AllianceBernstein Holding L.P., Artisan Partners Asset Management Inc., Blue Owl Capital

Inc., The Carlyle Group Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc,

Lazard Ltd., TPG Inc., Victory Capital Holdings, Inc., and Virtus Investment Partners, Inc.

Prior to 2024, our peer group also

included Ares Management Corporation.

In keeping with i ts regular review and evaluation of the peer group, the

Compensation Committee of our Board of Directors further refined our peer group in 2024 to reflect our Company’s growth,

overall changes in the asset management industry, and the business models, size, and scope of our competitors.

The following

graph compares the cumulative stockholder return on our common stock from December 31, 2019 through December 31, 2024 ,

with the cumulative total return, during the same period, on the Standard & Poor’s MidCap 400 Index, our prior peer group, and

our current peer group.

The comparison below assumes the investment of $100 on December 31, 2019 in our common stock

and each of the comparison indices and, in each case, assumes reinvestment of all dividends.

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

What changed 10-K

Item 5. Market for Registrant’s Common Equity