1 unchanged sentence
Assets Under Management Market Price Risk
−Removed: Our Consolidated revenue and equity method revenue are derived primarily from asset-based fees that are typically
+Added: Consolidated revenue and equity method revenue , net are derived primarily from asset-based fees that are typically
determined as a percentage of the value of a client’s assets under management.
1 unchanged sentence
markets (including declines in the capital markets, fluctuations in foreign currency exchange rates, inflation rates or the yield
−Removed: curve, and other market factors) and, accordingly, declines in the financial markets may negatively impact our Consolidated
−Removed: revenue and equity method revenue.
+Added: curve, and other market factors) and, accordingly, declines in the financial markets may negatively impact Consolidated
+Added: revenue and equity method revenue, net.
As of December 31, 2025 , we estimate a proportional 1% change in the value of our assets under management would have
resulted in a $17.2 million annualized change in asset-based fees in Consolidated revenue for our consolidated Affiliates and a
−Removed: $15.9 million annualized change in asset-based fees in equity method revenue for our Affiliates accounted for under the equity
−Removed: This proportional increase or decrease excludes assets under management on which asset-based fees are charged on
−Removed: committed capital.
+Added: $27.0 million annualized change in asset-based fees in equity method revenue, net for our Affiliates accounted for under the
+Added: equity method.
+Added: This proportional increase or decrease excludes assets under management on which asset-based fees are
+Added: charged on committed capital.
Interest Rate Risk
−Removed: We have fixed rates of interest on our senior notes, junior subordinated notes, and junior convertible securities.
−Removed: change in market interest rates would not affect the interest expense incurred on our fixed rate securities, such a change may
−Removed: affect the fair value of these securities.
−Removed: We estimate that a 1% change in interest rates would have resulted in a $226.1 million
−Removed: net change in the fair value of our fixed rate securities as of December 31, 2024 .
−Removed: We pay a variable rate of interest on any
−Removed: outstanding obligations under our revolver at specified rates, based either on an applicable term Secured Overnight Financing
−Removed: Rate (“SOFR”) plus a SOFR adjustment of 0.10% or prime rate, plus a marginal rate determined based on our credit rating.
−Removed: of December 31, 2024 , we had no outstanding borrowings under the revolver .
+Added: We have fixed rates of interest on our senior notes and junior subordinated notes.
+Added: While a change in market interest rates
+Added: would not affect the interest expense incurred on our fixed rate securities, such a change may affect the fair value of these
+Added: We estimate that a 1% change in interest rates would have resulted in a $205.9 million net change in the fair value of
+Added: our fixed rate securities as of December 31, 2025 .
+Added: We pay a variable rate of interest on any outstanding obligations under our
+Added: revolver at specified rates, based either on an applicable term Secured Overnight Financing Rate (“SOFR”) plus a SOFR
+Added: adjustment of 0.10% or prime rate, plus a marginal rate determined based on our credit rating.
+Added: As of December 31, 2025 , we
+Added: had no outstanding borrowings under the revolver .
Foreign Currency Risk
25 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.