What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2026-02-17 compared with 2025-02-14 · 25 added, 23 removed, 27 unchanged (64% of the section changed)

4 unchanged sentences

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

Issuer Purchases of Equity Securities

Iss uer Purchases of Equity Securities

Purchased (1)

16 unchanged sentences

(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 .

connection with certain stock swap and option exercise transactions, if any.

(2) Our Board of Directors authorized share repurchase programs in July 2024 and January 2026 to repurchase up to 5.4

million and 4.2 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 the January 26, 2026 authorization, there

were a total of 6.0 million shares available for repurchase under our share repurchase programs.

For the years ended December 31, 2023 , 2024 , and 2025 , we repurchased 3.0 million , 4.3 million , and 3.3 million shares of

1 unchanged sentence

Performance Graph

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.

Our peer group comprises AllianceBernstein Holding L.P., Artisan Partners Asset Management Inc., The Carlyle Group

Inc., Federated Hermes, Inc., Franklin Resources, Inc., Invesco Ltd., Janus Henderson Group plc, Lazard, Inc., StepStone

Group Inc., TPG Inc., T.

Rowe Price Group, Inc., and Victory Capital Holdings, Inc.

Prior to 2025, 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.

included Blue Owl Capital Inc.

and Virtus Investment Partners, Inc., and did not include StepStone Group Inc.

Price Group, Inc.

I n keeping with its regular review and evaluation of the peer group, the Compensation Committee of our

Board of Directors further refined our peer group in 2025 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, 2020 through December 31, 2025 , 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

The comparison below assumes the investment of $100 on December 31, 2020 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