6 unchanged sentences
We earn substantially all of our revenues based on assets under management that fluctuate based on many factors, and any reduction would negatively impact our revenues and profitability.
−Removed: The majority of our revenues are generated from asset-based fees from investment management products and services to individuals and institutions.
+Added: The majority of our revenues are generated from asset-based fees from investment management products and
+Added: services to individuals and institutions.
Therefore, if assets under management decline, our fee revenues would decline, reducing profitability as certain of our expenses are fixed or have contractual terms.
9 unchanged sentences
▪ Real or perceived negative absolute or relative performance.
−Removed: Sales and redemptions of our investment strategies can be
−Removed: affected by investment performance relative to established benchmarks or other competing investment strategies.
+Added: Sales and redemptions of our investment strategies can be affected by investment performance relative to established benchmarks or other competing investment strategies.
Negative absolute performance as a result of price declines in securities may also negatively impact our sales and redemptions and the value of our assets under management.
19 unchanged sentences
If an assignment were to occur, we cannot be certain that the funds' boards and shareholders would approve a new investment management agreement.
−Removed: In addition, investment management agreements for the separate accounts we manage may not be assigned without the consent of the client.
+Added: In addition, investment management agreements for the separate accounts we manage may not be
+Added: assigned without the consent of the client.
If an assignment occurs, we cannot be certain that the Company will be able to obtain the necessary approvals or client consents.
14 unchanged sentences
We incur indebtedness for a variety of business reasons, including in relation to financing acquisitions and transactions.
−Removed: The indebtedness we incur can take many forms including, but not limited to, term loans or revolving lines of
−Removed: credit that customarily contain covenants.
−Removed: At December 31, 2024, we had $236.1 million of total debt outstanding under its credit agreement, excluding debt of consolidated investment products ("CIP"), and had no borrowings outstanding under our $175.0 million revolving credit facility.
+Added: The indebtedness we incur can take many forms including, but not limited to, term loans or revolving lines of credit that customarily contain covenants.
+Added: At December 31, 2025, we had $399.0 million of total debt outstanding under our credit agreement, excluding debt of consolidated investment products ("CIP"), and had no borrowings outstanding under our $250.0 million revolving credit facility.
Under our credit agreement, we are required to use a portion of our cash flow to service interest and make required annual principal payments, which may restrict our cash flow available for other purposes.
29 unchanged sentences
Competition could cause us to reduce the fees that we charge.
−Removed: If our clients, including our fund boards, were to view our fees as being inappropriately high
−Removed: relative to the market or the returns generated by our investment products, we may choose, or be required, to reduce our fee levels, or we may experience significant redemptions in our assets under management, which could have an adverse impact on our results of operations and financial condition.
+Added: If our clients, including our fund boards, were to view our fees as being inappropriately high relative to the market or the returns generated by our investment products, we may choose, or be required, to reduce our fee levels, or we may experience significant redemptions in our assets under management, which could have an adverse impact on our results of operations and financial condition.
We utilize unaffiliated firms to provide investment management services and any matters that adversely impact them or any change in our relationships with them could adversely affect our revenues and profitability.
20 unchanged sentences
Our technology systems, and those of third-party service providers, are critical to our operations.
−Removed: The ability to consistently and reliably obtain accurate securities pricing information, process client portfolio and fund shareholder transactions, and provide reports and other services to clients is an essential part of our business.
+Added: The ability to
+Added: consistently and reliably obtain accurate securities pricing information, process client portfolio and fund shareholder transactions, and provide reports and other services to clients is an essential part of our business.
Any delays or inaccuracies in obtaining pricing information, processing such transactions or reports, other breaches and errors, and any inadequacies in other client service could result in reimbursement obligations or other liabilities or alienate clients and potentially give rise to claims against us.
2 unchanged sentences
In addition, our computer systems are regularly the target of viruses or other malicious codes, unauthorized access, cyber-attacks or other computer-related penetrations.
−Removed: The sophistication of cyber threats continues to increase, including through the use of "ransomware" and phishing attacks, and our controls and the preventative actions we take to reduce the risk of cyber incidents and protect our information systems may be insufficient to detect or prevent unauthorized access, cyber-attacks or other security breaches to our systems or those of third parties with whom we do business.
+Added: The sophistication of cyber threats continues to increase, including through the use of "ransomware," phishing attacks and artificial intelligence, and our controls and the preventative actions we take to reduce the risk of cyber incidents and protect our information systems may be insufficient to detect or prevent unauthorized access, cyber-attacks or other security breaches to our systems or those of third parties with whom we do business.
Our third-party service providers' systems may also be affected by, or fail, as a result of, catastrophic events, such as fires, floods, hurricanes and tornadoes.
5 unchanged sentences
The occurrence of any of these risks could have an adverse impact on our business and profitability.
+Added: The development and use of various technologies based on machine learning and artificial intelligence (AI) is expanding rapidly in our industry.
+Added: The use of AI technologies by us, or our third-party service providers could result in new and expanded risks including but not limited to operational, legal and regulatory risk.
+Added: To the extent that we do not anticipate or effectively mitigate these risks through policies, controls and procedures, and systems, there could be a material adverse effect on our business and profitability.
We have significant capital invested in marketable securities, which exposes us to earnings volatility as the value of these investments fluctuate, as well as risk of capital loss.
8 unchanged sentences
We are subject to an extensive and complex regulatory environment and changes in regulations or failure to comply with them could adversely affect our revenues and profitability.
−Removed: The investment management industry in which we operate is subject to extensive and frequently changing regulation.
+Added: The investment management industry in which we operate is subject to extensive and frequently changing regulations.
We are subject to regulation by the SEC, other federal and state agencies, certain international regulators, as well as FINRA and other self-regulatory organizations.
−Removed: Each of our investment management subsidiaries and unaffiliated subadvisers is registered with the SEC under the Investment Advisers Act.
+Added: Each of our investment management subsidiaries and unaffiliated
+Added: subadvisers is registered with the SEC under the Investment Advisers Act.
There are various regulatory reform initiatives in the U.S.
8 unchanged sentences
From time to time, we and/or our sponsored funds may be named as defendants or co-defendants in lawsuits or be involved in disputes that involve the threat of lawsuits seeking substantial damages.
−Removed: We and/or our sponsored funds are also involved from time to time in governmental and self-regulatory
−Removed: organization investigations and proceedings.
+Added: We and/or our sponsored funds are also involved from time to time in governmental and self-regulatory organization investigations and proceedings.
"Legal Proceedings" for further information.)
33 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.