What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 346 added, 178 removed, 799 unchanged (40% of the section changed)

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Consolidated revenue

8 unchanged sentences

Equity method income (net)

Affiliate transaction gains (Note 8)

Investment and other income

12 unchanged sentences

For the Three Months

Ended March 31,

Other comprehensive loss, net of tax:

Foreign currency translation loss

Change in net realized and unrealized gain (loss) on derivative financial instruments

Ended June 30,

For the Six Months

Ended June 30,

Other comprehensive income (loss), net of tax:

Foreign currency translation gain (loss)

Change in net realized and unrealized gain (loss) on derivative financial

Change in net unrealized gain (loss) on available-for-sale debt securities

Other comprehensive loss, net of tax

Other comprehensive income (loss), net of tax

Comprehensive income

18 unchanged sentences

58.5 shares issued as of December 31,

2025 and March 31, 2026 )

2025 and June 30, 2026 )

Additional paid-in capital

1 unchanged sentence

Retained earnings

Treasury stock, at cost ( 31.5 shares and 32.0 shares as of December 31, 2025 and

March 31, 2026 , respectively)

Treasury stock, at cost ( 31.5 shares and 32.5 shares as of December 31, 2025 and June 30,

2026 , respectively)

Total stockholders' equity

5 unchanged sentences

(in millions, except dividends per share)

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Total Stockholders’ Equity

Comprehensive

December 31, 2024

March 31, 2025

$ ( 4,276.4 )

Other comprehensive income (loss), net of tax

Other comprehensive income, net of tax

Share-based compensation

6 unchanged sentences

controlling interests

Transfers to Redeemable non-controlling interests

Capital contributions and other

Distributions to non-controlling interests

June 30, 2025

$ ( 4,394.0 )

Three Months Ended June 30, 2026

Total Stockholders’ Equity

Comprehensive

March 31, 2026

$ ( 5,073.3 )

Three Months Ended March 31, 2026

Other comprehensive loss, net of tax

Share-based compensation

Common stock issued under share-based incentive

Share repurchases, inclusive of excise tax

Dividends ( $ 0.01 per share)

Affiliate equity-related activities:

Affiliate equity expense

Changes in redemption value of Redeemable non-

controlling interests

Capital contributions and other

Distributions to non-controlling interests

Affiliate transactions

June 30, 2026

$ ( 5,275.0 )

The accompanying notes are an integral part of the Consolidated Financial Statements.

AFFILIATED MANAGERS GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in millions, except dividends per share)

Six Months Ended June 30, 2025

Total Stockholders' Equity

2 unchanged sentences

$ ( 4,124.6 )

Other comprehensive income, net of tax

Share-based compensation

Common stock issued under share-based incentive

Share repurchases, inclusive of excise tax

Dividends ( $ 0.02 per share)

Affiliate equity-related activity:

Affiliate equity expense

Changes in redemption value of Redeemable non-

controlling interests

Transfers from Redeemable non-controlling

Capital contributions and other

Distributions to non-controlling interests

June 30, 2025

$ ( 4,394.0 )

Six Months Ended June 30, 2026

Total Stockholders' Equity

Comprehensive

December 31, 2025

$ ( 4,886.9 )

Other comprehensive loss, net of tax

10 unchanged sentences

Distributions to non-controlling interests

March 31, 2026

Affiliate transactions

June 30, 2026

$ ( 5,275.0 )

3 unchanged sentences

(in millions)

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Cash flow from (used in) operating activities:

5 unchanged sentences

Distributions received from equity method investments

Affiliate transaction gains

Share-based compensation and Affiliate equity expense

Net realized and unrealized (losses) gains on investment securities

Net realized and unrealized gains on investment securities

Other non-cash items

8 unchanged sentences

Investments in Affiliates

Proceeds from Affiliate transactions

Return of capital from equity method investments in Affiliates

Purchases of fixed assets

15 unchanged sentences

Cash and cash equivalents at beginning of period

Effect of consolidation of Affiliate sponsored investment products

Effect of consolidation (deconsolidation) of Affiliate-sponsored investment products

Cash and cash equivalents at end of period

64 unchanged sentences

Investments measured at NAV as a practical expedient

Debt securities

Investments without readily determinable fair values

6 unchanged sentences

Unrealized losses

As of December 31, 2025 and March 31, 2026 , investments in equity securities include consolidated Affiliate sponsored

As of December 31, 2025 and June 30, 2026 , investments in equity securities include consolidated Affiliate-sponsored

investment products with fair values of $ 9.2 million and $ 9.9 million , respectively.

For the three months ended March 31, 2025 and 2026 , the Company recognized net unrealized gains (losses) on equity

securities still held as of March 31, 2025 and 2026 of $( 0.9 ) million and $ 0.3 million , respectively.

For the three and six months ended June 30, 2025 , the Company recognized net unrealized gains on equity securities still

held as of June 30, 2025 of $ 5.1 million and $ 4.2 million , respectively.

For the three and six months ended June 30, 2026 , the

Company recognized net unrealized gains on equity securities still held as of June 30, 2026 of $ 3.4 million and $ 3.7 million ,

respectively.

Debt Securities

The following table summarizes the cost, gross unrealized gains , gross unrealized losses, and fair value of investments in

consolidated Affiliate sponsored investment products classified as trading :

consolidated Affiliate-sponsored investment products:

Unrealized gains

Unrealized losses

For the three months ended March 31, 2025 and 2026 , the Company recognized net unrealized gains (losses) on debt

securities classified as trading still held as of March 31, 2025 and 2026 of $ 0.8 million and $( 1.0 ) million , respectively.

For the three and six months ended June 30, 2025 , the Company recognized net unrealized gains on debt securities still

held as of June 30, 2025 of $ 1.4 million and $ 2.2 million , respectively.

For the three and six months ended June 30, 2026 , the

Company recognized net unrealized gains (losses) on debt securities still held as of June 30, 2026 of $ 0.5 million and $( 0.5 )

million , respectively.

AFFILIATED MANAGERS GROUP, INC.

7 unchanged sentences

(1) The Company expects to receive distributions related to its interests in investments with limited liquidity as the underlying

assets are liquidated over the life of the investments, which is generally up to 15 years .

assets are liquidated over the life of the investments, which is generally up t o 15 years .

The Company accounts for the

3 unchanged sentences

(3) Investments measured at NAV as a practical expedient primarily invest in a broad range of private markets.

attributable to the controlling interest was $ 456.6 million and $ 456.2 million as of December 31, 2025 and March 31, 2026 ,

attributable to the controlling interest was $ 456.6 million and $ 486.4 million as of December 31, 2025 and June 30, 2026 ,

respectively.

The Company’s unfunded commitments attributed to investments measured at NAV as a practical expedient were $ 283.0

million and $ 270.9 million as of December 31, 2025 and March 31, 2026 , respectively.

The Company’s unfunded

commitments attributed to investments with structures yet to be determined were $ 150.0 million as of March 31, 2026.

As of December 31, 2025 and June 30, 2026 , t he Company’s unfunded commitments attributed to investments measured at

NAV as a practical expedient were $ 283.0 million and $ 335.5 million , respectively.

As of June 30, 2026 , the Company’s

unfunded commitments attributed to investments with structures yet to be determined were $ 75.0 million .

Debt Securities

The following table summarizes the cost, gross unrealized losses, and fair value of investments in consolidated Affiliate-

sponsored investment products that are valued using a Level 3 fair value measurement:

Unrealized losses

For the three and six months ended June 30, 2025 , the Company did not recognize any net unrealized gains or losses on

debt securities.

For the three and six months ended June 30, 2026 , the Company recognized net unrealized losses on debt

securities still held as of June 30, 2026 of $ 0.2 million .

Investments Without Readily Determinable Fair Values

3 unchanged sentences

Carrying amount

For the three months ended March 31, 2025 and 2026 , the Company did not recognize any net unrealized gains or losses on

the underlying investment still held as o f March 31, 2025 and 2026 .

The following table presents the changes in other investments:

For the Three Months Ended March 31,

Balance, beginning of period

Purchases and commitments funded

Sales and distributions

Net realized and unrealized gains

Balance, end of period

For the three and six months ended June 30, 2025 and 2026 , the Company did not recognize any net unrealized gains or

losses on the underlying investment.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following tables present the changes in other investments:

For the Three Months Ended June 30,

Purchases and

distributions

and unrealized

gains (losses)

Balance, end of

For the Six Months Ended June 30,

Purchases and

distributions

and unrealized

gains (losses)

Balance, end of

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Fair Value Measurements

25 unchanged sentences

(2) Amounts are recorded in Other liabilities on the Consolidated Balance Sheets.

Level 3 Financial Liabilities

The following table presents the changes in Level 3 liabilities:

For the Three Months Ended March 31,

Level 3 Financial Assets and Liabilities

The following table presents the changes in the Company’s investments in debt securities classified as Level 3 financial

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Balance, beginning of period

Purchases and commitments funded

Sales and distributions

Net realized and unrealized losses (1)

Balance, end of period

Net change in unrealized losses relating to instruments still held at the

reporting date (1)

___________________________

(1) Gains and losses resulting from changes to unrealized gains (losses) are included in Investment and other income in the

Consolidated Statements of Income.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following tables present the changes in Level 3 financial liabilities:

For the Three Months Ended June 30,

Affiliate Equity

7 unchanged sentences

instruments still held at the reporting date (2)

For the Six Months Ended June 30,

Affiliate Equity

Balance, beginning of period

Purchases and issuances (1)

Settlements and reductions

Net realized and unrealized (gains) losses (2)

Balance, end of period

Net change in unrealized (gains) losses relating to

instruments still held at the reporting date (2)

___________________________

(1) Affiliate equity purchase obligation activity includes transfers from Redeemable non-controlling interests.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(2) Gains and losses resulting from changes to expected payments related to contingent payment obligations and the accretion

3 unchanged sentences

Compensation and related expenses in the Consolidated Statements of Income.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table presents certain quantitative information about the significant unobservable inputs used in valuing the

2 unchanged sentences

December 31, 2025

March 31, 2026

June 30, 2026

Financial Assets

Investments in debt

Discount rates

Financial Liabilities

Contingent payment

8 unchanged sentences

___________________________

(1) Calculated by comparing the relative fair value of an obligation to its respective total.

(1) Calculated by comparing the relative fair value of a security or an obligation to its respective total.

(2) Represents growth rates of asset- and performance-based fees.

Investments in debt securities represent the fair value of investments in consolidated Affiliate-sponsored investment

When using cost as the valuation technique, increases to recent transaction prices would result in higher fair values.

When using a discounted cash flow valuation technique, increases to the discount rates used would result in lower fair values.

Contingent payment obligations represent the fair value of the expected future settlement amounts related to the

15 unchanged sentences

December 31, 2025

March 31, 2026

June 30, 2026

Junior subordinated notes

23 unchanged sentences

exercise significant influence are recorded at fair value on the Consolidated Balance Sheets, with changes in fair value included

in Investment and other income in the Consolidated Statements of Income.

in Investment and other income.

The Company consolidates VIEs when it is the primary beneficiary of the entity, which is defined as having the power to

49 unchanged sentences

general partner and seed investments, which may be significant.

As of December 31, 2025 and March 31, 2026 , the Company’s

As of December 31, 2025 and June 30, 2026 , the Company’s

carrying value attributable to its Affiliates accounted for under the equity method considered VIEs was $ 2,763.6 million and

$ 2,770.1 million , respectively.

As of December 31, 2025 and March 31, 2026 , including arrangements more fully described in

As of December 31, 2025 and June 30, 2026 , including arrangements more fully described in

Note 7, the Company’s maximum exposure to loss attributable to its Affiliates accounted for under the equity method

considered VIEs was $ 3,245.3 million and $ 3,369.7 million , respectivel y.

As of December 31, 2025 and March 31, 2026 , the carrying value for all of the Company’s Affiliates accounted for under

the equity method was $ 2,870.4 million and $ 2,965.8 million , including Affiliates accounted for under the equity method

considered VREs of $ 106.8 million and $ 169.9 million , respectively.

As of December 31, 2025 and March 31, 2026 , including

arrangements more fully described in Note 7, the maximum exposure to loss for all of the Company’s Affiliates accounted for

under the equity method was $ 3,352.1 million and $ 3,573.1 million , respectively, including Affiliates accounted for under the

equity method considered VREs of $ 106.8 million and $ 169.9 million , respectively.

As of December 31, 2025 and June 30, 2026 , the carrying value for all of the Company’s Affiliates accounted for under the

equity method was $ 2,870.4 million and $ 2,936.8 million , respectively , including Affiliates accounted for under the equity

method considered VREs of $ 106.8 million and $ 166.7 million , respectively.

As of December 31, 2025 and June 30, 2026 ,

including arrangements more fully described in Note 7, the maximum exposure to loss for all of the Company’s Affiliates

accounted for under the equity method was $ 3,352.1 million and $ 3,536.4 million , respectively, including Affiliates accounted

for under the equity method considered VREs of $ 106.8 million and $ 166.7 million , respectively.

Affiliate-Sponsored Investment Products

22 unchanged sentences

The Company’s carrying value and maximum exposure to loss from unconsolidated Affiliate-sponsored investment

products, is its or its consolidated Affiliates’ interests in the unconsolidated net assets of the respective products.

products vary in size from early-stage products with few initial investors to mature products with a large population of

As of December 31, 2025 and March 31, 2026 , the Company’s carrying value attributable to Affiliate sponsored

products, is its interests in the unconsolidated net assets of the respective products.

These products vary in size from early-stage

products with few initial investors to mature products with a large population of investors.

As of December 31, 2025 and

June 30, 2026 , the Company’s carrying value attributable to Affiliate-sponsored investment products, which are unconsolidated

VIEs, was $ 88.9 million and $ 249.6 million , respectively.

As of December 31, 2025 and June 30, 2026 , including

arrangements more fully described in Note 7, the Company’s maximum exposure to loss attributable to Affiliate-sponsored

investment products, which are unconsolidated VIEs, was $ 158.7 million and $ 340.8 million , respectively.

As of December 31,

2025 and March 31, 2026 , including arrangements more fully described in Note 7, the Company’s maximum exposure to loss

attributable to Affiliate sponsored investment products, which are unconsolidated VIEs, was $ 158.7 million and $ 158.9 million ,

respectively.

AFFILIATED MANAGERS GROUP, INC.

12 unchanged sentences

Senior Bank Debt

As of March 31, 2026 , the Company had a $ 1.25 billion revolver which matures on November 15, 2029.

Subject to certain

conditions, the Company may increase the commitments under the revolver by up to an additional $ 500.0 million .

Company pays interest on any outstanding obligations under the revolver at a specified rate, currently based either on an

applicable term-SOFR plus a SOFR adjustment of 0.10 % , or prime rate, plus a marginal rate determined based on its credit

A s of December 31, 2025 , the Company had no outstanding borrowings under the revolver.

As of March 31, 2026 , the

Company had outstanding borrowings under the revolver of $ 565.0 million and the weighted-average interest rate on

outstanding borrowings was 4.77 % .

As of March 31, 2026 , the Company had senior notes outstanding.

As of June 30, 2026 , the Company had a $ 1.25 billion revolver.

The Company amended and restated the revolver in June

2026, extending the maturity from November 15, 2029 to June 9, 2031.

Subject to certain conditions, the Company may

increase the commitments under the revolver by up to an additional $ 750.0 million .

The Company pays interest on any

outstanding obligations under the revolver at a specified rate, currently based either on an applicable term-SOFR, or prime rate,

plus a marginal rate determined based on its credit rating.

A s of December 31, 2025 , the Company had no outstanding

borrowings under the revolver.

As of June 30, 2026 , the Company had outstanding borrowings under the revolver of $ 650.0

million and the weighted-average interest rate on outstanding borrowings was 4.62 % .

As of June 30, 2026 , the Company had senior notes outstanding.

The carrying values of the senior notes are accreted to

1 unchanged sentence

The principal terms of the senior notes

outstanding as of March 31, 2026 are presented and described below:

outstanding as of June 30, 2026 are presented and described below:

December 2025

28 unchanged sentences

Junior Subordinated Notes

As of March 31, 2026 , the Company had junior subordinated notes outstanding, the respective principal terms of which are

As of June 30, 2026 , the Company had junior subordinated notes outstanding, the respective principal terms of which are

presented and described below:

10 unchanged sentences

Coupon frequency

As of March 31, 2026 , each of the 2059 and the 2060 junior subordinated notes could be redeemed at any time, in whole or

As of June 30, 2026 , each of the 2059 and the 2060 junior subordinated notes could be redeemed at any time, in whole or

The other junior subordinated notes may be redeemed at any time, in whole or in part, on or after September 30, 2026,

41 unchanged sentences

junior convertible securities bore interest at a rate of 5.15 % per annum, which interest payments were payable quarterly in cash .

For the three months ended March 31, 2025 , the Company recorded interest expense of $ 4.5 million in connection with the

junior convertible securities, including contractual interest expense and amortization of debt issuance costs of $ 4.4 million and

For the three months ended June 30, 2025 , the Company recorded interest expense of $ 4.5 million , in connection with the junior

convertible securities, including contractual interest expense and amortization of debt issuance costs of $ 4.4 million and $ 0.1

million , respectively.

For the three months ended March 31, 2025 , the effective interest rate was 5.21 % .

For the six months ended June 30, 2025 , the Company recorded interest expense of $ 8.9 million , in

connection with the junior convertible securities, including contractual interest expense and amortization of debt issuance costs

of $ 8.8 million and $ 0.1 million , respectively .

For the three and six months ended June 30, 2025 , the effective interest rate was

C ommitments and Contingencies

9 unchanged sentences

The Company has committed to co-invest in certain Affiliate-sponsored investment products .

As of March 31, 2026 , these

As of June 30, 2026 , these

unfunded commitments were $ 410.5 million and may be called in future periods.

As of March 31, 2026 , the Company was contingently liable to make payments in connection with a consolidated Affiliate ,

which are included in Other liabilities.

The Company is contingently liable to make maximum contingent payments of up to

$ 100.0 million ( $ 24.9 million attributable to a co-investor).

The fair value of the contingent payment obligation was $ 0.0

The final measurement date of the contingent payment obligation is in July 2026 .

As of March 31, 2026 , the Company was obligated to make deferred payments of $ 84.7 million related to certain of its

As of June 30, 2026 , the Company was contingently liable to make payments in connection with an investment in a

consolidated Affiliate , which are included in Other liabilities.

The Company is contingently liable to make maximum

contingent payments of up to $ 100.0 million ( $ 24.9 million attributable to a co-investor).

The fair value of the contingent

payment obligation was $ 0.0 million .

The final measurement date of the contingent payment obligation was in July 2026 .

As of June 30, 2026 , the Company was obligated to make deferred payments of $ 84.0 million related to certain of its

investments in Affiliates accounted for under the equity method, of which $ 55.4 million is payable during the remainder of

1 unchanged sentence

Deferred payment obligations are included in Other liabilities.

As of March 31, 2026 , the Company was contingently liable to make payments of $ 577.3 million related to the

achievement of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $ 0.0

million may become payable during the remainder of 2026, $ 366.3 million may become payable in 2027, $ 35.8 million may

become payable in 2028, $ 40.3 million may become payable in each of 2029 and 2030, and $ 94.6 million may become payable

As of March 31, 2026 , the Company was committed to provide one of its Affiliates accounted for under the equity method

a guarantee related to a credit facility used to fund a portion of the Affiliate’s commitments to certain of its investment

As of June 30, 2026 , the Company was contingently liable to make payments of $ 569.6 million related to the achievement

of specified financial targets by certain of its Affiliates accounted for under the equity method, of which $ 0.0 million may

become payable during the remainder of 2026, $ 360.1 million may become payable in 2027, $ 35.1 million may become

payable in 2028, $ 39.9 million may become payable in each of 2029 and 2030, and $ 94.6 million may become payable in 2031 .

As of June 30, 2026 , the Company was committed to provide one of its Affiliates accounted for under the equity method a

guarantee related to a credit facility used to fund a portion of the Affiliate’s commitments to certain of its investment products.

The Company believes the likelihood of being required to fund its guarantee under this arrangement to be remote.

The maximum amount of payments the Company could be required to make was $ 30.0 million and the fair value of the

guarantee liability was $ 0.0 million .

maximum amount of payments the Company could be required to make was $ 30.0 million and the fair value of the guarantee

liability was $ 0.0 million .

Affiliate equity interests provide holders at consolidated Affiliates with a conditional right to put their interests to the

5 unchanged sentences

requirements.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Goodwill and Acquired Client Relationshi p s

1 unchanged sentence

Balance, as of December 31, 2025

Affiliate transactions (1)

Foreign currency translation

Balance, as of March 31, 2026

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Balance, as of June 30, 2026

_______________________

(1) Represents goodwill attributable to the myCIO Transaction as of the closing date, including $ 1.7 million attributable to the

non-controlling interests.

The following table presents the changes in the Company’s components of Acquired client relationships (net):

5 unchanged sentences

$ ( 1,112.4 )

Affiliate transactions (1)

Intangible amortization and impairments

Foreign currency translation

Balance, as of March 31, 2026

Transfers (2)

Balance, as of June 30, 2026

$ ( 1,117.8 )

_______________________

(1) Represents acquired client relationships attributable to the myCIO Transaction as of the closing date, including $ 0.4 million

attributable to the non-controlling interests.

(2) In 2026, transfers reflect the reclassification of indefinite-lived relationships to definite-lived relationships.

Definite-lived acquired client relationships at the Company’s consolidated Affiliates are amortized over their expected

1 unchanged sentence

The Company recorded amortization expense in Intangible amortization and impairments in the

Consolidated Statements of Income for these relationships of $ 6.3 million and $ 6.2 million for three months ended March 31,

2025 and 2026, respectively .

Based on relationships existing as of March 31, 2026 , the Company estimates that its

consolidated amortization expense will be approximately $ 20 million during the remainder of 2026, approximately $ 25 million

in each of 2027 and 2028, approximately $ 15 million in 2029, and approximately $ 10 million in each of 2030 and 2031 .

Consolidated Statements of Income for these relationships of $ 6.3 million and $ 12.6 million for three and six months ended

June 30, 2025 , respectively and $ 7.2 million and $ 13.5 million for the three and six months ended June 30, 2026 , respectively .

Based on relationships existing as of June 30, 2026 , the Company estimates that its consolidated amortization expense will be

approximately $ 15 million during the remainder of 2026, approximately $ 25 million in each of 2027 and 2028, approximately

$ 15 million in 2029, and approximately $ 10 million in each of 2030 and 2031 .

In the first quarter of 2025, the Company completed an impairment assessment of the indefinite-lived acquired client

14 unchanged sentences

The decline in the fair

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

value was primarily the result of current and projected declines in assets under management and the related reduction in

2 unchanged sentences

trajectory of assets under management and associated revenue, as well as a discount rate of 10.5 % .

In June 2026, myCIO Wealth Partners, LLC (“myCIO”) completed the divestiture of an advisor team (the “myCIO

Transaction”) that managed $ 5.6 billion in client assets.

Pursuant to the terms of the agreement, the Company received cash

consideration of $ 24.5 million for its controlling interest portion of the divestiture, and may, in the future, receive additional

contingent cash consideration.

The Company’s gain from the transaction was $ 14.6 million , which is recorded in Affiliate

transaction gains on the Consolidated Statements of Income, and was taxable at closing.

Equity Metho d Investments in Af filiates

1 unchanged sentence

The Company had 22 and

24 Affiliates accounted for under the equity method as of December 31, 2025 and March 31, 2026 , respectively.

of these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings,

24 Affiliates accounted for under the equity method as of December 31, 2025 and June 30, 2026 , respectively.

The majority of

these Affiliates are partnerships with structured interests that define how the Company will participate in Affiliate earnings,

typically based upon a fixed percentage of the Affiliate’s revenue less agreed-upon expenses.

7 unchanged sentences

10-01(b)(1) of Regulation S-X.

For the three months ended March 31, 2025 and 2026 , this Affiliate recognized revenue of

For the six months ended June 30, 2025 and 2026 , this Affiliate recognized revenue of $ 403.6

million and $ 901.0 million , respectively, and net income of $ 198.0 million and $ 642.8 million , respectively.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table presents the changes in Equity method investments in Affiliates (net):

7 unchanged sentences

Distributions of earnings

Return of capital

Foreign currency translation

Balance, as of March 31, 2026 (1)

Balance, as of June 30, 2026 (1)

_______________________

(1) Includes undistributed earnings of $ 280.4 million and $ 165.9 million as of December 31, 2025 and March 31, 2026 ,

(1) Includes undistributed earnings of $ 280.4 million and $ 145.8 million as of December 31, 2025 and June 30, 2026 ,

respectively.

15 unchanged sentences

The Company recorded amortization expense for these relationships

of $ 18.6 million and $ 26.6 million for the three months ended March 31, 2025 and 2026, respectively.

Based on relationships

existing as of March 31, 2026 , the Company estimates the amortization expense attributable to its Affiliates will be

approximately $ 85 million for the remainder of 2026, approximately $ 110 million in 2027, approximately $ 100 million in 2028,

and approximately $ 85 million in each of 2029, 2030, and 2031.

of $ 27.0 million and $ 45.6 million for the three and six months ended June 30, 2025 , respectively, and $ 29.2 million and $ 55.9

million for the three and six months ended, June 30, 2026 , respectively.

Based on relationships existing as of June 30, 2026 ,

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

the Company estimates the amortization expense attributable to its Affiliates will be approximately $ 60 million for the

remainder of 2026, approximately $ 115 million in 2027, approximately $ 105 million in 2028, and approximately $ 90 million in

each of 2029, 2030, and 2031.

In the first quarter of 2026, the Company recorded an $ 8.0 million expense to reduce the carrying value of an Affiliate to

4 unchanged sentences

From time to time, certain funds of the Company’s consolidated Affiliates may make tax distributions to partners subject to

The total receivable was $ 68.6 million and $ 75.5 million as of December 31, 2025 and March 31, 2026 ,

respectively, and was included in Other assets on the Consolidated Balance Sheets.

The total payable was $ 99.3 million as of

December 31, 2025 and March 31, 2026 , and was included in Other liabilities.

These amounts were primarily attributable to

the non-controlling interests.

The total receivable was $ 68.6 million and $ 62.3 million as of December 31, 2025 and June 30, 2026 , respectively,

and was included in Other assets on the Consolidated Balance Sheets.

The total payable was $ 99.3 million and $ 86.0 million as

of December 31, 2025 and June 30, 2026 , respectively, and was included in Other liabilities.

These amounts were primarily

attributable to the non-controlling interests.

A prior owner of one of the Company’s consolidated Affiliates retains interests in certain of the Affiliate’s private equity

1 unchanged sentence

The prior owner’s interests are included in Other liabilities and

were $ 11.7 million and $ 10.4 million as of December 31, 2025 and March 31, 2026 , respectively.

were $ 11.7 million and $ 7.6 million as of December 31, 2025 and June 30, 2026 , respectively.

The Company may invest from time to time in funds or products advised by its Affiliates.

5 unchanged sentences

In addition, the Company and its Affiliates earn fees or incur expenses related to the

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Company’s efforts to develop and distribute Affiliate products.

24 unchanged sentences

Changes in redemption value

Balance, as of March 31, 2026 (1)

Balance, as of June 30, 2026 (1)

___________________________

(1) As of December 31, 2025 and March 31, 2026 , Redeemable non-controlling interests includes consolidated Affiliate

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(1) As of December 31, 2025 and June 30, 2026 , Redeemable non-controlling interests includes consolidated Affiliate-

sponsored investment products primarily attributable to third-party investors of $ 32.2 million and $ 32.9 million ,

5 unchanged sentences

Distributions paid to non-controlling interest Affiliate equity holders were $ 149.7 million and $ 146.3 million for the

three months ended March 31, 2025 and 2026 , respectively.

six months ended June 30, 2025 and 2026 , respectively.

The Company periodically purchases Affiliate equity from and issues Affiliate equity to the Company’s consolidated

5 unchanged sentences

the Company does not typically have such put and call arrangements.

For the three months ended March 31, 2025 and 2026 ,

the amount of cash paid for purchases w as $ 29.8 million and $ 33.2 million , res pectively.

For the three months ended March 31,

For the six months ended June 30, 2025 and 2026 , the

amount of cash paid for purchases w as $ 42.9 million and $ 60.9 million , res pectively.

For the six months ended June 30, 2025

and 2026 , the total amount of cash received for issuances was $ 1.8 million and $ 4.2 million , respectively.

5 unchanged sentences

compensation expense in Compensation and related expenses over the requisite service period.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table presents Affiliate equity expense:

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Controlling interest

Non-controlling interests

In the second quarter of 2025, the terms of certain equity awards at an Affiliate were modified.

The modification included

a mandatory repurchase provision upon termination of employment that changed the awards classification from equity to

As a result, for the three and six months ended June 30, 2025, the Company recorded incremental Affiliate equity

expense of $ 30.5 million attributable to the controlling interest.

The following table presents unrecognized Affiliate equity expense:

3 unchanged sentences

December 31, 2025

March 31, 2026

June 30, 2026

The Company records amounts receivable from, and payable to, Affiliate equity holders in connection with the transfer of

1 unchanged sentence

The total receivable was $ 4.7 million and $ 6.4 million as

of December 31, 2025 and March 31, 2026 , respectively, and was included in Other assets.

The total payable was $ 161.2

million and $ 194.2 million as of December 31, 2025 and March 31, 2026 , respectively, and was included in Other liabilities.

of December 31, 2025 and June 30, 2026 , respectively, and was included in Other assets.

The total payable was $ 161.2 million

and $ 200.4 million as of December 31, 2025 and June 30, 2026 , respectively, and was included in Other liabilities.

Effects of Changes in the Company’s Ownership in Affiliates

5 unchanged sentences

the Consolidated Statements of Income or the Consolidated Statements of Comprehensive Income.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

While the Company presents the current redemption value of Affiliate equity within Redeemable non-controlling interests,

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Net income (controlling interest)

Increase (decrease) in controlling interest paid-in capital from Affiliate equity issuances

Decrease in controlling interest paid-in capital from Affiliate equity purchases

Net income (controlling interest) including the net impact of Affiliate equity transactions

(Decrease) increase in controlling interest paid-in capital from Affiliate

equity issuances

Increase (decrease) in controlling interest paid-in capital from Affiliate

equity purchases

Net income (controlling interest) including the net impact of Affiliate equity

Share-Based Compensation

1 unchanged sentence

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Share-based compensation expense

As of December 31, 2025 , the Company had unrecognized share-based compensation expense of $ 70.2 million .

March 31, 2026 , the Company had unrecognized share-based compensation expense of $ 73.2 million , which will be recognized

June 30, 2026 , the Company had unrecognized share-based compensation expense of $ 62.7 million , which will be recognized

over a weighted average period of approximately three years (assuming no forfeitures).

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Restricted Stock

5 unchanged sentences

Performance condition changes

Unvested units, as of March 31, 2026

For the three months ended March 31, 2025 and 2026 , the Company granted restricted stock units with fair values of $ 48.7

Unvested units, as of June 30, 2026

For the six months ended June 30, 2025 and 2026 , the Company granted restricted stock units with fair values of $ 53.8

million and $ 28.9 million , respectively.

5 unchanged sentences

time depending upon the performance level expected to be achieved.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Stock Options

9 unchanged sentences

Performance condition changes

Unexercised options outstanding, as of March 31, 2026

Exercisable at March 31, 2026

The Company did not grant any stock options during the three months ended March 31, 2025 and 2026 .

Unexercised options outstanding, as of June 30, 2026

Exercisable at June 30, 2026

The Company did not grant any stock options during the six months ended June 30, 2025 and 2026 .

Stock options

9 unchanged sentences

extent, taxes attributable to the non-controlling interests.

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table presents the consolidated provision for income taxes:

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Controlling interest (1)

4 unchanged sentences

___________________________

(1) For the three months ended March 31, 2025 and 2026 , income tax expense (controlling interest) included intangible-related

(1) For the three months ended June 30, 2025 and 2026 , income tax expense (controlling interest) included intangible-related

deferred tax expense of $ 15.4 million and $ 14.3 million , respectively.

For the six months ended June 30, 2025 and 2026 ,

income tax expense (controlling interest) included intangible-related deferred tax expense of $ 15.5 million and $ 20.6

million , respectively.

(2) Taxes attributable to the controlling interest divided by income before income taxes (controlling interest ) .

The Company’s effective tax rate (controlling interest) for the three months ended March 31, 2025 was higher than the

marginal tax rate of 24.5% , primarily due to non-deductible compensation and uncertain tax positions.

The Company’s effective tax rate (controlling interest) for the three months ended March 31, 2026 was higher than the

marginal tax rate of 24.5% , primarily due to expenses attributable to Affiliate equity awards for which no tax benefit was

recorded, partially offset by tax windfalls attributable to share-based compensation.

The Company’s effective tax rate (controlling interest) for the three and six months ended June 30, 2025 was higher than

the marginal tax rate of 24.5% , primarily due to an expense attributable to a modification of the terms of certain equity awards

at an Affiliate for which no tax benefit was recorded.

The Company’s effective tax rate (controlling interest) for the three and six months ended June 30, 2026 was higher than

the marginal tax rate of 24.5% , primarily due to expenses attributable to Affiliate equity awards for which no tax benefit was

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Company’s effective tax rate reflects the relative contributions of earnings in the jurisdictions in which the Company

8 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Net income (controlling interest)

Loss from hypothetical settlement of Redeemable non-controlling interests, net of taxes

Income (loss) from hypothetical settlement of Redeemable non-controlling

interests, net of taxes

Interest expense on junior convertible securities, net of taxes

6 unchanged sentences

Average shares outstanding (diluted)

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Average shares outstanding (diluted) in the table above excludes stock options and restricted stock units that have not met

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30,

For the Six Months

Ended June 30,

Stock options and restricted stock units

Shares issuable to settle Redeemable non-controlling interests

For the three months ended March 31, 2026 , under its authorized share repurchase programs, the Company repurchased 0.6

million shares of its common stock at an average price per share of $ 307.01 .

F or the three and six months ended June 30, 2026 , under its authorized share repurchase programs, the Company

repurchased 0.6 million and 1.2 million shares of its common stock at an average price per share of $ 313.56 and $ 310.29 ,

respectively .

AFFILIATED MANAGERS GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Comprehensive Income

The following tables present the tax effects allocated to each component of Other comprehensive income:

For the Three Months Ended March 31,

Foreign currency translation loss

The following tables present the tax effects allocated to each component of Other comprehensive income (loss):

For the Three Months Ended June 30,

Foreign currency translation gain (loss)

Change in net realized and unrealized gain

(loss) on derivative financial instruments

Other comprehensive income (loss)

For the Six Months Ended June 30,

Foreign currency translation gain (loss)

Change in net realized and unrealized gain

(loss) on derivative financial instruments

Change in net unrealized gain (loss) on

available-for-sale debt securities

Other comprehensive loss

Other comprehensive income (loss)

The components of accumulated other comprehensive loss, net of taxes, were as follows:

5 unchanged sentences

Net other comprehensive income (loss)

Balance, as of March 31, 2026

Balance, as of June 30, 2026

Segment Information

2 unchanged sentences

reflect the revenue, profit, and assets of the Company’s single segment, respectively.

The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”).

The CODM uses Net income in

assessing the performance and in determining the allocation of resources of the Company’s reportable segment.

regularly provided expense information consistent with the expense categories presented in the Company’s Consolidated

Statements of Income.

The Company’s President and Chief Executive Officer is the chief operating decision maker (“CODM”).

The CODM uses

Net income in assessing the performance and in determining the allocation of resources of the Company’s reportable segment.

The CODM is regularly provided expense information consistent with the expense categories presented in the Company’s

Consolidated Statements of Income.

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