Acadian Asset Management Inc.

Previous wording

•U.S. GAAP Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 includes an explanation of changes in our U.S. GAAP revenue, expense and other items for the three and nine months ended September 30, 2025 and 2024, as well as key U.S. GAAP operating metrics.

Current wording

•U.S. GAAP Results of Operations for the Three Months Ended March 31, 2026 and 2025 includes an explanation of changes in our U.S. GAAP revenue, expense and other items for the three months ended March 31, 2026 and 2025, as well as key U.S. GAAP operating metrics.

Previous wording

•Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis includes an explanation of the key differences between U.S. GAAP net income and ENI, the key measure management uses to evaluate our performance. This section also provides a reconciliation between U.S. GAAP net income attributable to controlling interests and ENI for the three and nine months ended September 30, 2025 and 2024, as well as a reconciliation of key ENI operating items including ENI revenue and ENI operating expenses. This section also provides key non-GAAP operating metrics. In addition, this section provides segment analysis for our business segment.

Current wording

•Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis includes an explanation of the key differences between U.S. GAAP net income and ENI, the key measure management uses to evaluate our performance. This section also provides a reconciliation between U.S. GAAP net income attributable to controlling interests and ENI for the three months ended March 31, 2026 and 2025, as well as a reconciliation of key ENI operating items including ENI revenue and ENI operating expenses. This section also provides key non-GAAP operating metrics. In addition, this section provides segment analysis for our business segment.

Previous wording

We are a holding company that operates a systematic investment management business through our majority owned subsidiary, Acadian LLC. Acadian LLC offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives. Acadian LLC is a leading systematic investment manager of active equity products, including global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative capabilities. Acadian LLC comprises our Quant & Solutions reportable segment:

Current wording

We are a holding company that operates a systematic investment management business through our majority owned subsidiary, Acadian LLC. Acadian LLC is a leading investment manager that offers institutional investors across the globe access to a diversified array of systematic investment strategies designed to meet a range of risk and return objectives. Notable product lines and capabilities include Emerging Equity, Non-U.S. Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, Systematic Credit, and Alternatives. Acadian LLC comprises our Quant & Solutions reportable segment:

Previous wording

•Quant & Solutions—incorporates strategies that utilize advanced technology to collect and analyze data, aiming to identify mispriced assets and generate attractive risk-adjusted returns for investors; portfolios include global, emerging market, non-U.S., small cap and enhanced equities, as well as credit and alternative capabilities. This segment consists of our ownership interest in Acadian LLC.

Current wording

•Quant & Solutions—incorporates strategies that utilize advanced technology to collect and analyze data, aiming to identify mispriced assets and generate attractive risk-adjusted returns for investors; product lines and capabilities include Emerging Equity, Non-U.S. Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, Systematic Credit, and Alternatives. This segment consists of our ownership interest in Acadian LLC.

Previous wording

Our profitability is affected by a variety of factors including the level and composition of our average assets under management, or AUM, fee rates charged on AUM and our expense structure. We earn management fees based on assets under management. The majority of our management fees are calculated based on average AUM (calculated on either a daily or monthly basis) with the remainder of our management fees calculated based on period-end AUM. Changes in the levels of our AUM are driven by market investment performance and net client cash flows. We may also earn performance fees when certain accounts differ in relation to relevant benchmarks or exceed required returns. As of September 30, 2025, approximately $22 billion, or 13%, of our AUM are in accounts with incentive fee features in which we participate in the performance fee. The majority of these performance fees are calculated based on value added over the relevant benchmarks on a rolling one-year basis.

Current wording

Our profitability is affected by a variety of factors including the level and composition of our average assets under management, or AUM, fee rates charged on AUM and our expense structure. We earn management fees based on assets under management. The majority of our management fees are calculated based on average AUM (calculated on either a daily or monthly basis) with the remainder of our management fees calculated based on period-end AUM. Changes in the levels of our AUM are driven by market investment performance and net client cash flows. We may also earn performance fees when certain accounts differ in relation to relevant benchmarks or exceed required returns. As of March 31, 2026, approximately $22 billion, or 11%, of our AUM was in accounts with incentive fee features in which we participate in the performance fee. The majority of these performance fees are calculated based on value added over the relevant benchmarks on a rolling one-year basis.

Previous wording

Equity or profit interests owned by Acadian LLC key employees are awarded as part of their variable compensation arrangement. Over time, Acadian LLC key employee-owned equity or profit interests are recycled from one generation of employee-owners to the next, either by the next generation purchasing equity or profit interests directly from retiring principals, or by key employees forgoing cash bonuses in exchange for the equivalent value in Acadian LLC equity or profit interests. The recycling of equity or profit interests is often facilitated by Hold Co; see “U.S. GAAP Results of Operations — U.S. GAAP Expenses — Compensation and Benefits Expense” for a further discussion.

Current wording

Equity or profit interests owned by Acadian LLC key employees are awarded as part of their variable compensation arrangement. Over time, Acadian LLC key employee-owned equity or profit interests are recycled from one generation of employee-owners to the next, either by the next generation purchasing equity or profit interests directly from retiring principals, or by key employees forgoing cash bonuses in exchange for the equivalent value in Acadian LLC equity or profit interests. The recycling of equity or profit interests is often facilitated by Hold Co; see “U.S. GAAP Results of Operations — U.S. GAAP Expenses — Compensation and Benefits Expense” for a further discussion. Employee equity is valued at a fixed multiple of profits, so employees have transparency into both their earning potential in any year from the bonus pool and share of profits, as well as the current value of their equity and the long-term potential to realize value from its growth.

Previous wording

The following table summarizes our unaudited results of operations for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table summarizes our unaudited results of operations for the three months ended March 31, 2026 and 2025:

Previous wording

(3)Excludes severance-related items of $(0.2) million for the three months ended September 30, 2025. Excludes severance-related items of $(0.3) million and costs associated with the transfer of an insurance policy from our former parent of $0.3 million for the three months ended September 30, 2024. Excludes severance-related items of $(0.7) million for the nine months ended September 30, 2025. Excludes severance-related items of $(0.8) million, costs associated with the transfer of an insurance policy from our former parent of $0.9 million, and costs associated with the wind-down of the MACS business in the standalone format of $1.3 million for the nine months ended September 30, 2024.

Current wording

(3)Excludes severance-related items of $(0.2) million for the three months ended March 31, 2025.

Previous wording

Our total assets under management were $166.4 billion as of September 30, 2025 and $117.3 billion as of December 31, 2024.

Current wording

Our total assets under management were $195.7 billion as of March 31, 2026 and $177.5 billion as of December 31, 2025.

Previous wording

At September 30, 2025, our total assets under management were $166.4 billion, an increase of $15.3 billion, or 10.1%, compared to $151.1 billion at June 30, 2025 and an increase of $46.1 billion, or 38.3%, compared to $120.3 billion at September 30, 2024. The increase in assets under management compared to September 30, 2024 was driven by the equity market appreciation and positive net client cash flows in the last twelve months. The change in assets under management during the three months ended September 30, 2025 reflects net market appreciation of $8.9 billion, and net inflows of $6.4 billion. Market appreciation or depreciation reported in current and prior periods includes changes in equity prices, as well as the impact from exchange rate fluctuations on our foreign-denominated AUM. Given a substantial portion of our AUM is denominated in foreign currencies, foreign exchange rate movements during the period can impact AUM when the strength of the U.S. dollar changes relative to other currencies.

Current wording

At March 31, 2026, our total assets under management were $195.7 billion, an increase of $18.2 billion, or 10.3%, compared to $177.5 billion at December 31, 2025 and an increase of $73.8 billion, or 60.5%, compared to $121.9 billion at March 31, 2025. The increase in assets under management compared to March 31, 2025 was driven by positive net client cash flows and equity market appreciation in the last twelve months. The change in assets under management during the three months ended March 31, 2026 reflects net inflows of $21.4 billion and reinvested income and distributions of $1.1 billion, partially offset by net market depreciation of $(3.2) billion. Market appreciation or depreciation reported in current and prior periods includes changes in equity prices, as well as the impact from exchange rate fluctuations on our foreign-denominated AUM. Given a substantial portion of our AUM is denominated in foreign currencies, foreign exchange rate movements during the period can impact AUM when the strength of the U.S. dollar changes relative to other currencies.

Previous wording

For the three months ended September 30, 2025, our net inflows were $6.4 billion compared to $0.5 billion for the three months ended September 30, 2024. Reinvested income and distributions of $1.0 billion and $0.9 billion are reflected in the net flows for the three months ended September 30, 2025 and September 30, 2024, respectively. For the nine months ended September 30, 2025, our net inflows were $24.0 billion compared to $0.9 billion for the nine months ended September 30, 2024. The change in net flows during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily driven by strong gross inflows, which increased to $39.4 billion in the nine months ended September 30, 2025. Reinvested income and distributions of $2.6 billion and $2.5 billion are reflected in the net inflows for the nine months ended September 30, 2025 and September 30, 2024, respectively.

Current wording

For the three months ended March 31, 2026, our net inflows were $21.4 billion compared to $3.8 billion for the three months ended March 31, 2025. The change in net flows during the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily driven by strong gross inflows, which increased to $29.6 billion in the three months ended March 31, 2026. Reinvested income and distributions of $1.1 billion and $0.8 billion are reflected in the net flows for the three months ended March 31, 2026 and March 31, 2025, respectively.

Previous wording

Strategies representing 73%, 94%, 95%, and 94% of revenue were outperforming benchmarks on a 1-, 3-, 5-, and 10- year basis as of September 30, 2025. As of September 30, 2025 the 5-year revenue weighted annualized return in excess of benchmark was 4.5%. Assets representing 76%, 91%, 92%, and 90% of assets under management were outperforming benchmarks on a 1-, 3-, 5-, and 10- year basis as of September 30, 2025. As of September 30, 2025 the 5-year asset weighted annualized return in excess of benchmark was 3.5%.

Current wording

Strategies representing 67%, 96%, 96%, and 96% of revenue were outperforming benchmarks on a 1-, 3-, 5-, and 10- year basis as of March 31, 2026. As of March 31, 2026 the 5-year revenue weighted annualized return in excess of benchmark was 4.1%. Assets representing 67%, 93%, 94%, and 92% of assets under management were outperforming benchmarks on a 1-, 3-, 5-, and 10- year basis as of March 31, 2026. As of March 31, 2026 the 5-year asset weighted annualized return in excess of benchmark was 3.4%.

Previous wording

Our U.S. GAAP results of operations were as follows for the three and nine months ended September 30, 2025 and 2024:

Current wording

Our U.S. GAAP results of operations were as follows for the three months ended March 31, 2026 and 2025:

Previous wording

Average basis points earned on average assets under management were 34.5 bps and 36.5 bps for the three and nine months ended September 30, 2025, respectively, and 38.3 bps and 38.4 bps for the three and nine months ended September 30, 2024, respectively. The overall weighted average fee rate decrease for the three and nine months ended September 30, 2025 is the result of changes in the mix of assets under management caused by client flows and market movements.

Current wording

Average basis points earned on average assets under management were 34.1 bps for the three months ended March 31, 2026, and 37.9 bps for the three months ended March 31, 2025, respectively. The overall weighted average fee rate decrease for the three months ended March 31, 2026 is the result of changes in the mix of assets under management caused by net inflows or outflows in certain asset classes, and disproportionate market movements.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Management fees increased $24.0 million, or 21.4%, from $112.1 million for the three months ended September 30, 2024 to $136.1 million for the three months ended September 30, 2025. The increase was mainly driven by higher levels of average assets under management. Average assets under management increased 34.5%, from $116.4 billion for the three months ended September 30, 2024 to $156.5 billion for the three months ended September 30, 2025, mainly due to the positive equity market and strong net inflows in the past twelve months.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Management fees increased $46.4 million, or 41.1%, from $112.9 million for the three months ended March 31, 2025 to $159.3 million for the three months ended March 31, 2026. The increase was primarily driven by higher levels of average assets under management. Average assets under management increased 57.0%, from $120.7 billion for the three months ended March 31, 2025 to $189.5 billion for the three months ended March 31, 2026, mainly due to strong net flows and the positive equity market in the past twelve months.

Previous wording

Approximately $22 billion, or 13% of our AUM, were in accounts with performance fee features in which we participate. Performance fees are typically shared with key employees through various contractual compensation and profit-sharing arrangements.

Current wording

Approximately $22 billion, or 11% of our AUM, were in accounts with performance fee features in which we participate. Performance fees are typically shared with key employees through various contractual compensation and profit-sharing arrangements.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Performance fees decreased $(9.9) million, or (98.0)%, from $10.1 million for the three months ended September 30, 2024 to $0.2 million for the three months ended September 30, 2025, primarily due to a change in performance relative to benchmarks in certain strategies. Performance fees are variable and are contractually triggered based on investment performance results over agreed upon time periods.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Performance fees increased $0.4 million, or 7.5%, from $5.3 million for the three months ended March 31, 2025 to $5.7 million for the three months ended March 31, 2026, primarily due to a change in performance relative to benchmarks in certain strategies. Performance fees are variable and are contractually triggered based on investment performance results over agreed upon time periods.

Previous wording

Our most significant category of expense is compensation and benefits awarded to our employees. The following table presents the components of U.S. GAAP compensation expense for the three and nine months ended September 30, 2025 and 2024:

Current wording

Our most significant category of expense is compensation and benefits awarded to our employees. The following table presents the components of U.S. GAAP compensation expense for the three months ended March 31, 2026 and 2025:

Previous wording

(3)Variable compensation includes the portion of earnings that is contractually allocated to Acadian LLC employees as a bonus pool, plus Hold Co bonuses. Variable compensation may be paid in the form of cash or non-cash equity or profit interests awards. We have a contractual split of performance fees between Acadian LLC employees and AAMI. Acadian LLC’s share of performance fees, which ranges between 60%-75% of the total, is allocated entirely to variable compensation. The variable compensation earned on performance fees vests over three-years and compensation expense is recognized over that service period. Hold Co variable compensation includes cash and our equity. Non-cash variable compensation awards typically vest over several years and are recognized as compensation expense over that service period.

Current wording

(3)Variable compensation includes the portion of earnings that is contractually allocated to Acadian LLC employees as a bonus pool, plus Hold Co bonuses. Variable compensation may be paid in the form of cash or non-cash equity or profit interests awards. We have a contractual split of performance fees between Acadian LLC employees and AAMI. Acadian LLC’s share of performance fees, which ranges between 60%-75% of the total, is allocated entirely to variable compensation. The variable compensation earned on performance fees vests over three-years and compensation expense is recognized over that service period. Hold Co variable compensation includes cash and our equity. Equity-based compensation awards typically vest over several years and are recognized as compensation expense over that service period.

Previous wording

(a)For the three and nine months ended September 30, 2025, $32.1 million and $94.4 million, respectively, of variable compensation expense (of the $31.8 million and $93.6 million above) is included within economic net income. The three and nine months ended September 30, 2025 excludes $(0.2) million and $(0.7) million, respectively, of variable compensation associated with restructuring. For the three and nine months ended September 30, 2024, $29.6 million and $83.6 million, respectively, of variable compensation expense (of the $29.4 million and $83.7 million above) is included with economic net income. The three months ended September 30, 2024 excludes $(0.3) million of severance-related items at Acadian LLC. The nine months ended September 30, 2024 excludes $(0.8) million of severance related items at Acadian LLC and $0.9 million of costs associated with the wind-down of the MACS business in the standalone format.

Current wording

(a)For the three months ended March 31, 2025, $30.4 million, of variable compensation expense (of the $30.2 million above) is included with economic net income, which excludes $(0.2) million of variable compensation associated with restructuring.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Compensation and benefits expense increased $15.1 million, or 21.7%, from $69.6 million for the three months ended September 30, 2024 to $84.7 million for the three months ended September 30, 2025. Fixed compensation and benefits increased $3.5 million, or 14.3%, from $24.5 million for the three months ended September 30, 2024 to $28.0 million for the three months ended September 30, 2025, primarily reflecting cost of living increases, higher payroll taxes and benefits. Variable compensation increased $2.4 million, or 8.2%, from $29.4 million for the three months ended September 30, 2024 to $31.8 million for the three months ended September 30, 2025. The increase was primarily attributable to higher pre-bonus profits in the three months ended September 30, 2025. The deferred nature of the bonus earned on performance fee revenues can result in compensation expense variability that is uncorrelated to current period earnings. Sales-based compensation increased $0.1 million, or 3.0%, from $3.3 million for the three months ended September 30, 2024 to $3.4 million for the three months ended September 30, 2025, driven by the increase in asset inflows. Acadian LLC key employee distributions increased $2.1 million, or 67.7%, from $3.1 million for the three months ended September 30, 2024 to $5.2 million for the three months ended September 30, 2025. Acadian LLC key employee distributions for certain tiers of equity are calculated after an earnings threshold is met, whereby no distributions are made to these equity holders when earnings are below the threshold. The change in Acadian LLC key employee distributions during the current period is driven by higher operating earnings in the current period and the leveraged nature of this distribution share. Revaluations of Acadian LLC equity changed by $7.0 million, reflecting an increase in the value of key employee ownership interests at Acadian LLC. For certain tiers of Acadian LLC equity, revaluations are calculated based on earnings above a threshold. The change in the revaluation in the three months ended September 30, 2025 reflects the increase in earnings, as well as changes in inputs used in the valuation model, including market risk assumptions and discount rates.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Compensation and benefits expense increased $35.2 million, or 57.9%, from $60.8 million for the three months ended March 31, 2025 to $96.0 million for the three months ended March 31, 2026. Fixed compensation and benefits increased $2.3 million, or 9.5%, from $24.3 million for the three months ended March 31, 2025 to $26.6 million for the three months ended March 31, 2026, primarily reflecting cost of living increases, higher payroll taxes and an increase in the cost of employee benefits. Variable compensation increased $10.7 million, or 35.4%, from $30.2 million for the three months ended March 31, 2025 to $40.9 million for the three months ended March 31, 2026. The increase was primarily attributable to higher pre-bonus profits in the three months ended March 31, 2026, partially offset by lower deferred bonus earned on performance fee revenues in the three months ended March 31, 2026. The deferred nature of the bonus earned on performance fee revenues can result in compensation expense variability that is uncorrelated to current period earnings. Sales-based compensation increased $2.6 million or 74.3% from $3.5 million for the three months ended March 31, 2025 to $6.1 million for the three months ended March 31, 2026, driven by the increase in asset inflows. Acadian LLC key employee distributions increased $3.2 million, or 103.2%, from $3.1 million for the three months ended March 31, 2025 to $6.3 million for the three months ended March 31, 2026. Acadian LLC key employee distributions for certain tiers of equity are calculated after an earnings threshold is met, whereby no distributions are made to these equity holders when earnings are below the threshold. The change in Acadian LLC key employee distributions during the three months ended March 31, 2026 is driven by higher operating earnings and the leveraged nature of this distribution share. Revaluations of Acadian LLC key employee equity changed by $16.4 million, reflecting an increase in the value of key employee ownership interests at Acadian LLC. For certain tiers of Acadian LLC equity, revaluations are calculated based on earnings above a threshold. The change in the revaluation in the three months ended March 31, 2026 reflects primarily the increase in earnings, as well as changes in inputs used in the valuation model, including market risk assumptions and discount rates.

Previous wording

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: General and administrative expense increased $4.7 million, or 7.5%, from $62.9 million for the nine months ended September 30, 2024 to $67.6 million for the nine months ended September 30, 2025. The increase was primarily due to higher system, recruiting, portfolio administrative, and consulting costs, partially offset by the impact of foreign currency changes.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: General and administrative expense increased $2.6 million, or 11.7%, from $22.3 million for the three months ended March 31, 2025 to $24.9 million for the three months ended March 31, 2026. The increase was primarily due to higher system, portfolio administrative, and consulting costs, partially offset by the impact of foreign currency changes.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Depreciation and amortization expense decreased $(0.4) million, or (8.9)% from $4.5 million for the three months ended September 30, 2024 to $4.1 million for the three months ended September 30, 2025. The decrease was primarily attributable to the effect of certain software becoming fully depreciated.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Depreciation and amortization expense decreased $(0.6) million, or (14.3)%, from $4.2 million for the three months ended March 31, 2025 to $3.6 million for the three months ended March 31, 2026. The decrease was primarily attributable to the effect of certain software becoming fully depreciated.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Investment income decreased $(1.5) million, from $1.5 million for the three months ended September 30, 2024 to $0.0 million for the three months ended September 30, 2025, reflecting the change in returns generated by seed capital investments in Funds that are not consolidated by the Company.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Investment income decreased $(0.2) million, or (66.7)%, from $0.3 million for the three months ended March 31, 2025 to $0.1 million for the three months ended March 31, 2026, reflecting a decrease in returns generated by seed capital investments in Funds that are not consolidated by the Company.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Interest income increased $0.3 million, or 50.0% from $0.6 million for the three months ended September 30, 2024 compared to $0.9 million for the three months ended September 30, 2025. The increase reflects the change in short-term investment returns in the three months ended September 30, 2025.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Interest income decreased $(0.2) million, or (18.2)%, from $1.1 million for the three months ended March 31, 2025 to $0.9 million for the three months ended March 31, 2026. The decrease was due to a decrease in short-term investment returns, slightly offset by an increase in average cash balances in the three months ended March 31, 2026.

Previous wording

Our effective tax rate has been impacted by state and local tax obligations, changes in liabilities for uncertain tax positions, tax effects of stock-based compensation, limitations on executive compensation, and the mix of income earned in the United States versus foreign jurisdictions. Our effective tax rate could be impacted in the future by these items as well as further changes in tax laws and regulations in jurisdictions in which we operate.

Current wording

Our effective tax rate has been impacted by state and local tax obligations, changes in liabilities for uncertain tax positions, tax effects of stock-based compensation, non-deductible compensation, and the mix of income earned in the United States versus foreign jurisdictions. Our effective tax rate could be impacted in the future by these items as well as further changes in tax laws and regulations in jurisdictions in which we operate.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Income tax expense decreased $(2.0) million, from $9.4 million for the three months ended September 30, 2024 to $7.4 million for the three months ended September 30, 2025. The decrease in income tax expense primarily relates to a decrease in both pretax income attributable to controlling interest and state tax expense in the three months ended September 30, 2025.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Income tax expense increased $4.9 million, from $8.3 million for the three months ended March 31, 2025 to $13.2 million for the three months ended March 31, 2026. The increase in income tax expense primarily relates to an increase in pretax income attributable to controlling interest and non-deductible compensation in the three months ended March 31, 2026.

Previous wording

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Consolidated Funds’ revenue increased $7.0 million, from $0.9 million for the three months ended September 30, 2024 to $7.9 million for the three months ended September 30, 2025. Consolidated Funds’ expense increased $5.1 million, from $0.2 million for the three months ended September 30, 2024 to $5.3 million for the three months ended September 30, 2025. Net consolidated Funds’ investment gain increased $7.5 million from $4.0 million for the three months ended September 30, 2024 to $11.5 million for the three months ended September 30, 2025. These movements relate to the underlying activity of our consolidated Funds.

Current wording

Three months ended March 31, 2026 compared to three months ended March 31, 2025: Consolidated Funds’ revenue increased $0.3 million, from $1.7 million for the three months ended March 31, 2025 to $2.0 million for the three months ended March 31, 2026. Consolidated Funds’ expense decreased $(0.1) million, from $0.7 million for the three months ended March 31, 2025 to $0.6 million for the three months ended March 31, 2026. Net consolidated Funds’ investment gain decreased $(5.5) million from $3.6 million for the three months ended March 31, 2025 to $(1.9) million for the three months ended March 31, 2026. These movements relate to the underlying activity of our consolidated Funds.

Previous wording

The following table shows our key U.S. GAAP operating metrics for the three and nine months ended September 30, 2025 and 2024.

Current wording

The following table shows our key U.S. GAAP operating metrics for the three months ended March 31, 2026 and 2025. The second, third and fourth metrics below have each been adjusted to eliminate the effect of consolidated Funds to more accurately reflect the economics of our Company.

Previous wording

(1)Excluding the effect of Funds’ consolidation in the applicable periods, the U.S. GAAP operating margin is 17.6% for the three months ended September 30, 2025, 21.5% for the three months ended September 30, 2024, 18.5% for the nine months ended September 30, 2025, and 20.5% for the nine months ended September 30, 2024.

Current wording

(1)Excluding the effect of Funds’ consolidation in the applicable periods, the U.S. GAAP operating margin was 24.5% for the three months ended March 31, 2026 and 26.1% for the three months ended March 31, 2025.

Previous wording

(2)Excludes consolidated Funds’ expense of $5.3 million for the three months ended September 30, 2025, $0.2 million for the three months ended September 30, 2024, $7.4 million for the nine months ended September 30, 2025, and $0.4 million for the nine months ended September 30, 2024.

Current wording

(2)Excludes consolidated Funds’ expense of $0.6 million for the three months ended March 31, 2026, and $0.7 million for the three months ended March 31, 2025.

Previous wording

(3)Excludes the effect of Funds consolidation for the three and nine months ended September 30, 2025 and 2024.

Current wording

(3)Excludes the effect of Funds consolidation for the three months ended March 31, 2026 and 2025.

Previous wording

(4)Excludes consolidated Funds’ revenue of $7.9 million for the three months ended September 30, 2025, $0.9 million for the three months ended September 30, 2024, $12.1 million for the nine months ended September 30, 2025, and $2.0 million for the nine months ended September 30, 2024.

Current wording

(4)Excludes consolidated Funds’ revenue of $2.0 million for the three months ended March 31, 2026, and $1.7 million for the three months ended March 31, 2025.

Previous wording

Reconciliation of U.S. GAAP Net Income to Economic Net Income for the Three and Nine Months Ended September 30, 2025 and 2024

Current wording

Reconciliation of U.S. GAAP Net Income to Economic Net Income for the Three Months Ended March 31, 2026 and 2025

Previous wording

The following table reconciles net income attributable to controlling interests to economic net income for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table reconciles net income attributable to controlling interests to economic net income for the three months ended March 31, 2026 and 2025:

Previous wording

(1)The net return on seed/co-investment (gains) losses and financings for the three and nine months ended September 30, 2025 and 2024 is shown in the following table:

Current wording

(1)The net return on seed/co-investment (gains) losses and financings for the three months ended March 31, 2026 and 2025 is shown in the following table:

Previous wording

(2)The three months ended September 30, 2025 includes severance-related items of $(0.2) million. The three months ended September 30, 2024 includes severance-related items of $(0.3) million and costs associated with the transfer of an insurance policy from our former parent of $0.3 million. The nine months ended September 30, 2025 includes severance-related items of $(0.7) million. The nine months ended September 30, 2024 includes severance-related items of $(0.8) million, costs associated with the transfer of an insurance policy from our former parent of $0.9 million, and costs associated with the wind-down of the MACS business in the standalone format of $1.3 million.

Current wording

(2)The three months ended March 31, 2025 includes severance-related items of $(0.2) million.

Previous wording

(3)Reflects the sum of lines (i), (ii), (iii), (iv) and the restructuring component of line (vi) multiplied by the 27.3% U.S. statutory tax rate (including state tax).

Current wording

(3)Reflects the sum of lines (i), (ii), (iii), (iv) and the restructuring component of line (vi) multiplied by the respective blended rates applicable to the adjustments. In the three months ended March 31, 2026, we updated our approach for calculating the tax effect of adjustments within the above reconciliation. The three months ended March 31, 2025 used a statutory income tax rate of 27.3% for these adjustments. The Company now applies a blended income tax rate, which is intended to more accurately reflect the tax effect of the adjusting items. The effect of this change on prior periods is not material.

Previous wording

The following table reconciles U.S. GAAP revenue to ENI revenue for the three and nine months ended September 30, 2025 and 2024:

Current wording

The following table reconciles U.S. GAAP revenue to ENI revenue for the three months ended March 31, 2026 and 2025:

Previous wording

The following table reconciles U.S. GAAP operating expense to ENI operating expense for the three and nine months ended September 30, 2025 and 2024.

Current wording

The following table reconciles U.S. GAAP operating expense to ENI operating expense for the three months ended March 31, 2026 and 2025.