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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38979


						Acadian Asset Management Inc.

(Exact name of registrant as specified in its charter)


Delaware		47-1121020
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

200 State Street		02109
Suite 601A
Boston,	Massachusetts
(Address of principal executive offices)		(Zip Code)

(617)-369-7300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Ticker Symbol	Name of each exchange on which registered
Common stock, par value $0.001 per share	AAMI	New York Stock Exchange
4.800% Notes due 2026	AAMI 26	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

The number of shares of the registrant’s common stock, $0.001 per share, outstanding as of November 4, 2025 was 35,709,120.

Table of Contents

TABLE OF CONTENTS


		Page

Part I	Financial Information	3

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	4

	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	5

	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the nine months ended September 30, 2025 and 2024	7

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	8

	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	64

Item 4.	Controls and Procedures	66



Part II	Other Information	67

Item 1.	Legal Proceedings	67

Item 1A.	Risk Factors	67

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	67

Item 5.	Other Information	67

Item 6.	Exhibits	68

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

Acadian Asset Management Inc.

Condensed Consolidated Balance Sheets

(in millions, except for share and per share data, unaudited)


	September 30, 2025		December 31, 2024
Assets
Cash and cash equivalents	$	117.3	$	94.8

Investment advisory fees receivable	139.0		164.7
Income taxes receivable	13.7		3.0
Fixed assets, net	31.4		35.7
Right of use assets	48.2		52.5
Investments	40.8		67.9

Goodwill	20.3		20.3
Other assets	28.3		26.7
Deferred tax assets	74.5		78.3

Assets of consolidated Funds:
Cash and cash equivalents, restricted	21.4		3.7
Investments	181.7		154.0
Other assets	34.8		1.6

Total assets	$	751.4	$	703.2
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	$	34.0	$	37.9
Accrued incentive compensation	96.2		119.6


Other compensation liabilities	115.5		92.5
Accrued income taxes	2.4		3.3
Operating lease liabilities	62.3		67.3


Revolving credit facility	—		—
Third party borrowings	274.6		274.3

Liabilities of consolidated Funds:
Accounts payable and accrued expenses	22.8		0.5
Other liabilities	6.3		0.3
Securities sold short	26.0		20.4

Total liabilities	640.1		616.1
Commitments and contingencies (Note 8)
Redeemable non-controlling interests in consolidated Funds	90.9		67.1
Equity:
Common stock (par value $0.001; 35,709,043 and 37,477,707 shares, respectively, issued)	—		—
Additional paid-in capital	—		—
Retained earnings	21.9		24.4
Accumulated other comprehensive loss	(1.5)		(4.4)


Total equity and redeemable non-controlling interests in consolidated Funds	111.3		87.1
Total liabilities and equity	$	751.4	$	703.2

See Notes to Condensed Consolidated Financial Statements

Table of Contents

Acadian Asset Management Inc.

Condensed Consolidated Statements of Operations

(in millions except for per share data, unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue:
Management fees	$	136.1	$	112.1	$	371.3	$	319.8
Performance fees	0.2		10.1		8.1		16.0

Consolidated Funds’ revenue	7.9		0.9		12.1		2.0
Total revenue	144.2		123.1		391.5		337.8
Operating expenses:
Compensation and benefits	84.7		69.6		229.3		189.9
General and administrative expense	23.5		21.8		67.6		62.9

Depreciation and amortization	4.1		4.5		12.5		14.1

Consolidated Funds’ expense	5.3		0.2		7.4		0.4
Total operating expenses	117.6		96.1		316.8		267.3
Operating income	26.6		27.0		74.7		70.5
Non-operating income and (expense):
Investment income	—		1.5		0.1		2.5
Interest income	0.9		0.6		2.8		2.8
Interest expense	(4.6)		(4.7)		(14.7)		(15.0)


Net consolidated Funds’ investment gains	11.5		4.0		27.2		6.5
Total non-operating income (loss)	7.8		1.4		15.4		(3.2)
Income before income taxes	34.4		28.4		90.1		67.3
Income tax expense	7.4		9.4		20.2		21.1



Net income	27.0		19.0		69.9		46.2
Net income attributable to redeemable non-controlling interests in consolidated Funds	11.9		2.1		24.6		3.7
Net income attributable to controlling interests	$	15.1	$	16.9	$	45.3	$	42.5

Earnings per share (basic) attributable to controlling interests	$	0.42	$	0.46	$	1.25	$	1.12
Earnings per share (diluted) attributable to controlling interests	0.42		0.45		1.25		1.10


Weighted average common stock outstanding	35.8		37.1		36.4		37.9
Weighted average diluted common stock outstanding	35.8		37.8		36.4		38.6

See Notes to Condensed Consolidated Financial Statements

Table of Contents

Acadian Asset Management Inc.

Condensed Consolidated Statements of Comprehensive Income

(in millions, unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	27.0	$	19.0	$	69.9	$	46.2
Other comprehensive income:
Amortization related to derivative securities, net of tax	0.8		0.7		2.2		2.0
Foreign currency translation adjustment, net of tax	(0.2)		0.8		0.7		0.8
Total other comprehensive income	0.6		1.5		2.9		2.8
Comprehensive income attributable to redeemable non-controlling interests in consolidated Funds	11.9		2.1		24.6		3.7
Total comprehensive income attributable to controlling interests	$	15.7	$	18.4	$	48.2	$	45.3

See Notes to Condensed Consolidated Financial Statements

Table of Contents

Acadian Asset Management Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the three months ended September 30, 2025 and 2024

($ in millions except share data, unaudited)


	Common stock (millions)	Common stock, par value		Additional paid-in capital		Retained earnings (deficit)		Accumulated other comprehensive income (loss)		Total stockholders’ equity (deficit)		Redeemable non-controlling interests in consolidated Funds		Total equity (deficit) and redeemable non-controlling interests in consolidated Funds
June 30, 2024	37.1	$	—	$	—	$	(25.4)	$	(5.4)	$	(30.8)	$	12.0	$	(18.8)
Issuance of common stock	0.2	—		0.1		—		—		0.1		—		0.1


Equity-based compensation	—	—		0.2		—		—		0.2		—		0.2
Foreign currency translation adjustment, net of tax	—	—		—		—		0.8		0.8		—		0.8
Amortization related to derivatives securities, net of tax	—	—		—		—		0.7		0.7		—		0.7

Withholding tax related to stock option exercise and restricted stock vesting	—	—		(0.3)		(5.1)		—		(5.4)		—		(5.4)


Dividends ($0.01 per share)	—	—		—		(0.4)		—		(0.4)		—		(0.4)
Net income	—	—		—		16.9		—		16.9		2.1		19.0
September 30, 2024	37.3	$	—	$	—	$	(14.0)	$	(3.9)	$	(17.9)	14.1		(3.8)

June 30, 2025	35.8	$	—	$	—	$	11.3	$	(2.1)	$	9.2	77.7		$	86.9


Repurchases of common stock	(0.1)	—		(0.8)		(4.2)		—		(5.0)		—		(5.0)
Capital contributions	—	—		—		—		—		—		144.2		144.2
Equity-based compensation	—	—		0.8		—		—		0.8		—		0.8

Foreign currency translation adjustment, net of tax	—	—		—		—		(0.2)		(0.2)		—		(0.2)
Amortization related to derivatives securities, net of tax	—	—		—		—		0.8		0.8		—		0.8



Net deconsolidation of Funds	—	—				—		—		—		(142.9)		(142.9)
Dividends ($0.01 per share)	—	—		—		(0.3)		—		(0.3)		—		(0.3)

Net income	—	—		—		15.1		—		15.1		11.9		27.0
September 30, 2025	35.7	$	—	$	—	$	21.9	$	(1.5)	$	20.4	90.9		$	111.3

See Notes to Condensed Consolidated Financial Statements

Table of Contents

Acadian Asset Management Inc.

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the nine months ended September 30, 2025 and 2024

($ in millions except share data, unaudited)


	Common stock (millions)	Common stock, par value		Additional paid-in capital		Retained earnings (deficit)		Accumulated other comprehensive income (loss)		Total stockholders’ equity (deficit)		Redeemable non-controlling interests in consolidated Funds		Total equity (deficit) and redeemable non-controlling interests in consolidated Funds
December 31, 2023	41.4	$	—	$	—	$	46.9	$	(6.7)	$	40.2	$	9.3	$	49.5
Issuance of common stock	0.3	—		0.1		—		—		0.1		—		0.1

Repurchase of common stock	(4.4)	—		(0.4)		(95.3)		—		(95.7)		—		(95.7)
Capital contributions	—	—		—		—		—		—		1.1		1.1
Equity-based compensation	—	—		0.6		—		—		0.6		—		0.6
Foreign currency translation adjustment, net of tax	—	—		—		—		0.8		0.8		—		0.8
Amortization related to derivatives securities, net of tax	—	—		—		—		2.0		2.0		—		2.0
Withholding tax related to stock option exercise and restricted stock vesting				(0.3)		(6.9)		—		(7.2)				(7.2)


Dividends ($0.03 per share)	—	—		—		(1.2)		—		(1.2)		—		(1.2)
Net income	—	—		—		42.5		—		42.5		3.7		46.2
September 30, 2024	37.3	$	—	$	—	$	(14.0)	$	(3.9)	$	(17.9)	$	14.1	$	(3.8)

December 31, 2024	37.5	$	—	$	—	$	24.4	$	(4.4)	$	20.0	$	67.1	$	87.1


Repurchase of common stock	(1.8)	—		(1.7)		(46.7)		—		(48.4)		—		(48.4)
Capital contributions	—	—		—		—		—		—		142.1		142.1
Equity-based compensation	—	—		1.9		—		—		1.9		—		1.9
Foreign currency translation adjustment, net of tax	—	—		—		—		0.7		0.7		—		0.7
Amortization related to derivative securities, net of tax	—	—		—		—		2.2		2.2		—		2.2
Withholding tax related to restricted stock vesting	—	—		(0.2)		—		—		(0.2)		—		(0.2)

Net deconsolidation of Funds	—	—		—		—		—		—		(142.9)		(142.9)
Dividends ($0.03 per share)	—	—		—		(1.1)		—		(1.1)		—		(1.1)
Net income	—	—		—		45.3		—		45.3		24.6		69.9
September 30, 2025	35.7	$	—	$	—	$	21.9	$	(1.5)	$	20.4	$	90.9	$	111.3

See Notes to Condensed Consolidated Financial Statements

Table of Contents


Acadian Asset Management Inc. Condensed Consolidated Statements of Cash Flows (in millions, unaudited)
	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	69.9	$	46.2

Less: Net income attributable to redeemable non-controlling interests in consolidated Funds	(24.6)		(3.7)

Adjustments to reconcile net income to net cash flows from operating activities:






Depreciation and amortization	12.5		14.1
Amortization of debt-related costs	3.5		3.3

Amortization and revaluation of non-cash compensation awards	40.1		25.1






Deferred income taxes	3.1		(8.7)
(Gains) on other investments	(10.7)		(12.4)
Changes in operating assets and liabilities:
Decrease in investment advisory fees receivable	25.7		24.2
(Increase) in other receivables, prepayments, deposits and other assets	(12.3)		(2.0)
(Decrease) in accrued incentive compensation, operating lease liabilities and other liabilities	(39.1)		(21.9)
(Decrease) in accounts payable, accrued expenses and accrued income taxes	(4.6)		(5.1)
Net cash flows from operating activities, excluding consolidated Funds	63.5		59.1
Net income attributable to redeemable non-controlling interests in consolidated Funds	24.6		3.7
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:

(Gains) on other investments	(19.9)		(2.0)
Purchase of investments	(593.1)		(46.0)
Sale of investments	398.5		60.3


(Increase) decrease in receivables and other assets	3.2		(1.8)
Increase in accounts payable and other liabilities	112.1		1.6
Net cash flows from operating activities of consolidated Funds	(74.6)		15.8


Total net cash flows from operating activities	(11.1)		74.9

Cash flows from investing activities:
Additions of fixed assets	(8.2)		(7.4)




Purchase of investment securities	(17.8)		(47.5)
Sale of investment securities	34.7		6.6


Cash flows from investing activities of consolidated Funds


Net deconsolidation of Funds	(49.8)		—
Net cash flows from investing activities	(41.1)		(48.3)

See Notes to Condensed Consolidated Financial Statements

Table of Contents


Acadian Asset Management Inc. Condensed Consolidated Statements of Cash Flows (in millions, unaudited)
	Nine Months Ended September 30,
	2025		2024
Cash flows from financing activities:
Proceeds from revolving credit facility	137.0		139.0
Repayment of revolving credit facility	(137.0)		(139.0)
Payment for debt issuance costs	—		(0.6)



Payment to OM plc for co-investment redemptions	—		(0.2)
Dividends paid to stockholders	(0.7)		(0.7)
Dividends paid to related parties	(0.4)		(0.5)

Repurchase of common stock	(48.8)		(94.9)

Withholding tax payments related to stock option exercise and restricted stock vesting	(0.2)		(7.2)

Cash flows from financing activities of consolidated Funds:


Redeemable non-controlling interest capital raised	145.8		1.1
Redeemable non-controlling interest capital redeemed	(3.7)		—


Total net cash flows from financing activities	92.0		(103.0)
Effect of foreign exchange rate changes on cash and cash equivalents	0.4		0.1
Net increase (decrease) in cash and cash equivalents	40.2		(76.3)
Cash and cash equivalents at beginning of period	98.5		147.6



Cash and cash equivalents at end of period	$	138.7	$	71.3

Cash and cash equivalents
Cash and cash equivalents	$	117.3	$	53.6
Cash and cash equivalents of consolidated Funds, restricted	21.4		17.7
Cash and cash equivalents at end of period	$	138.7	$	71.3

Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	$	14.5	$	15.0
Income taxes paid	$	28.8	$	33.0


Supplemental disclosure of non-cash investing and financing transactions:

Excise tax on repurchase of common stock	$	0.5	$	0.8
Net deconsolidation of Funds	$	(142.9)	$	—

See Notes to Condensed Consolidated Financial Statements

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

1) Organization and Description of the Business

Acadian Asset Management Inc. (“Acadian”, “AAMI” or the “Company”), is a holding company that operates a systematic investment management business through its majority owned subsidiary, Acadian Asset Management LLC (“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. The Company’s Quant & Solutions reportable segment consists of Acadian LLC:

•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.

Acadian LLC is organized as a limited liability company. Fees for services are largely asset-based and, as a result, revenues fluctuate based on the performance of financial markets and investors’ asset flows in and out of Acadian LLC’s products. The Company utilizes a profit-sharing model in structuring its compensation and ownership arrangements with Acadian LLC. Variable compensation is based on the firm’s profitability. The Company and Acadian LLC key employees share in profits after variable compensation according to their respective ownership interests. The profit-sharing model results in the alignment of the Company and Acadian LLC key employee economic interests, which is critical to the Company’s talent management strategy and long-term growth of the business.

The corporate holding company (“Hold Co”) is included within the Unallocated Corporate expenses category.

Prior to 2014, the Company was a wholly-owned subsidiary of Old Mutual plc (“OM plc”), an international long-term savings, protection, and investment group, listed on the London Stock Exchange. On October 15, 2014, the Company completed the initial public offering (the “Offering”) by OM plc pursuant to the Securities Act of 1933, as amended. As of September 30, 2025, Paulson & Co. Inc. (“Paulson”) and related parties thereof held approximately 21.8% of the common stock of the Company.

For the nine months ended September 30, 2025, the Company repurchased 1,799,423 shares of common stock at an average price of $26.64 per share, or approximately $48.0 million in total, including commissions. For the nine months ended September 30, 2024, the Company repurchased 4,445,534 shares of common stock at an average price of $21.32 per share, or approximately $94.9 million in total, including commissions.

All shares of common stock repurchased by the Company were retired.

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

2) Basis of Presentation and Significant Accounting Policies

The Company’s significant accounting policies are as follows:

Basis of presentation

These unaudited Condensed Consolidated Financial Statements reflect the historical balance sheets, statements of operations, statements of comprehensive income, statements of changes in stockholders’ equity and statements of cash flows of the Company. Within these Condensed Consolidated Financial Statements, Paulson and its related entities, as defined above, are considered “related parties.”

The Condensed Consolidated Financial Statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of the Company’s Condensed Consolidated Financial Statements have been included. All dollar amounts, except per-share data in the text and tables herein, are stated in millions unless otherwise indicated. Transactions between the Company and its related parties are included in the Condensed Consolidated Financial Statements; however, material intercompany balances and transactions among the Company, Acadian LLC and consolidated Funds are eliminated in consolidation.

Certain disclosures included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (annual report on Form 10-K) are not required to be included on an interim basis in the Company’s quarterly reports on Form 10-Q. The Company has condensed or omitted these disclosures. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto for the year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 27, 2025. The Company’s significant accounting policies, which have been consistently applied, are summarized in those financial statements.

Use of estimates

The preparation of these Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from such estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

Recently adopted accounting standards

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This amendment is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods. Early adoption is permitted. The adoption of this standard did not have a material impact on the Condensed Consolidated Financial Statements and related disclosures.

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

2) Basis of Presentation and Significant Accounting Policies (cont.)

New accounting standards not yet adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. This amendment is effective for annual periods beginning after December 15, 2024. The Company does not expect the additional disclosure requirements under ASU 2023-09 to have a material impact on the Condensed Consolidated Financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-4): Disaggregation of Income Statement Expenses, which requires disclosures of additional information and disaggregation of certain expenses included in the income statement. This amendment is for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is evaluating the impact that the adoption will have on the Condensed Consolidated Financial Statements and has not yet determined the transition approach.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and modernizes the accounting for internal-use software costs. This amendment is for annual periods beginning after December 15, 2027 and interim periods within those annual periods. The Company is evaluating the impact that the adoption will have on the Condensed Consolidated Financial Statements.

The Company has considered all other newly issued accounting guidance that is applicable to the Company’s operations and the preparation of the unaudited Condensed Consolidated Financial Statements, including those that have not yet been adopted. The Company does not believe that any such guidance has or will have a material effect on its Condensed Consolidated Financial Statements and related disclosures.

3) Investments

Investments are comprised of the following as of the dates indicated (in millions):


	September 30, 2025		December 31, 2024
Investments of consolidated Funds	$	181.7	$	154.0
Other investments	3.4		19.4
Investments related to long-term incentive compensation plans	37.4		48.5





Total investments per Condensed Consolidated Balance Sheets	$	222.5	$	221.9

For the three months ended September 30, 2025 and 2024, the unrealized gain (loss) recognized for other investments held at the end of period was $0.0 million and $1.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the unrealized gain recognized for other investments held at the end of period was $0.1 million and $2.2 million, respectively.

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

3) Investments (cont.)

For the three months ended September 30, 2025 and 2024, the unrealized gain (loss) recognized for investments of consolidated Funds held at the end of period was $13.3 million and $3.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the unrealized gain recognized for investments of consolidated Funds held at the end of period was $28.8 million and $3.7 million, respectively.

4) Fair Value Measurements

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2025 (in millions):


	Quoted prices in active markets (Level I)		Significant other observable inputs (Level II)		Significant unobservable inputs (Level III)		Uncategorized		Total value, September 30, 2025
Assets of AAMI and consolidated Funds
Common and preferred stock	$	111.2	$	—	$	—	$	—	$	111.2


Corporate bonds	—		64.3		—		—		64.3

Derivatives	0.1		6.1		—		—		6.2
Consolidated Funds total(1)	111.3		70.4		—		—		181.7



Investments related to long-term incentive compensation plans(2)	37.4		—		—		—		37.4
Investments in unconsolidated Funds(3)	—		—		—		3.4		3.4
AAMI total	37.4		—		—		3.4		40.8








Total fair value assets	$	148.7	$	70.4	$	—	$	3.4	$	222.5

Liabilities of consolidated Funds
Securities sold short	$	(26.0)	$	—	$	—	$	—	$	(26.0)
Derivatives	—		(6.3)		—		—		(6.3)
Consolidated Funds total(1)	(26.0)		(6.3)		—		—		(32.3)
Total fair value liabilities	$	(26.0)	$	(6.3)	$	—	$	—	$	(32.3)

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4) Fair Value Measurements (cont.)

The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2024 (in millions):


	Quoted prices in active markets (Level I)		Significant other observable inputs (Level II)		Significant unobservable inputs (Level III)		Uncategorized		Total value December 31, 2024
Assets of AAMI and consolidated Funds
Common and preferred stock	$	94.2	$	—	$	—	$	—	$	94.2


Corporate bonds	—		59.1		—		—		59.1
Derivatives	—		0.7		—		—		0.7
Consolidated Funds total(1)	94.2		59.8		—		—		154.0

Investments related to long-term incentive compensation plans(2)	48.5		—		—		—		48.5
Investments in unconsolidated Funds(3)	—		—		—		19.4		19.4
AAMI total	48.5		—		—		19.4		67.9
Total fair value assets	$	142.7	$	59.8	$	—	$	19.4	$	221.9

Liabilities of consolidated Funds
Securities sold short	$	(20.4)	$	—	$	—	$	—	$	(20.4)
Derivatives	—		(0.3)		—		—		(0.3)
Consolidated Funds total(1)	(20.4)		(0.3)		—		—		(20.7)
Total fair value liabilities	$	(20.4)	$	(0.3)	$	—	$	—	$	(20.7)

(1)Assets and liabilities measured at fair value are comprised of financial investments managed by Acadian LLC.

Equity securities and derivatives which are traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. The securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II.

The Company obtains prices from independent pricing services that may utilize broker quotes, but generally the independent pricing services will use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Company has not made adjustments to the prices provided. Assets of consolidated Funds also include investments in Corporate bonds.

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

4) Fair Value Measurements (cont.)

If the pricing services are only able to (a) obtain a single broker quote or (b) utilize a pricing model with unobservable inputs, such securities are classified as Level III. If the pricing services are unable to provide prices, the Company attempts to obtain one or more broker quotes directly from a dealer or values such securities at the last bid price obtained. In either case, such securities are classified as Level III. The Company performs due diligence procedures over third party pricing vendors to understand their methodology and controls to support their use in the valuation process to ensure compliance with required accounting disclosures.

(2)Investments related to long-term incentive compensation plans of $37.4 million and $48.5 million at September 30, 2025 and December 31, 2024, respectively, were investments in publicly registered daily redeemable funds (some managed by Acadian LLC), which the Company has classified as trading securities and valued using the published price as of the measurement dates. Accordingly, the Company has classified these investments as Level I.

(3)The uncategorized amounts of $3.4 million and $19.4 million at September 30, 2025 and December 31, 2024, respectively, relate to investments in unconsolidated Funds which consist primarily of investments in Funds and are valued using NAV which the Company relies on to determine their fair value as a practical expedient and has therefore not classified these investments in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to amounts presented in the Condensed Consolidated Balance Sheets. These unconsolidated Funds consist primarily of real estate investment Funds and other investment vehicles. The NAVs that have been provided by investees have been derived from the fair values of the underlying investments as of the measurement dates. Other investment vehicles are not subject to redemption restrictions.

The real estate investment Funds of $3.2 million and $2.9 million at September 30, 2025 and December 31, 2024, respectively, were subject to longer than monthly or quarterly redemption restrictions, and due to their nature, distributions are received only as cash flows are generated from underlying assets over the life of the Funds. The range of time over which the underlying assets are expected to be liquidated by the investees is approximately one year from September 30, 2025. The valuation process for the underlying real estate investments held by the real estate investment Funds begins with each property or loan being valued by the investment teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the portfolio management, finance, and research teams. For certain properties and loans, the valuation process may also include a valuation by independent appraisers. In connection with this process, changes in fair value measurements from period to period are evaluated for reasonableness, considering items such as market rents, capitalization and discount rates, and general economic and market conditions.

There were no significant transfers of financial assets or liabilities between Levels II or III during the three and nine months ended September 30, 2025 and 2024.

The carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

5) Variable Interest Entities

The Company, through Acadian LLC, sponsors the formation of various entities considered to be variable interest entities (“VIEs”). These VIEs are primarily Funds managed by Acadian LLC and other partnership interests typically owned entirely by third-party investors. Certain Funds may be capitalized with seed capital investments from the Company and may be owned partially by Acadian LLC key employees and/or individuals that have ownership interests in Acadian LLC.

The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties are exposed to absorb more than an insignificant amount of the risks and rewards of the entity. Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of the management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial.

The following table presents the assets and liabilities of Funds that are VIEs and consolidated by the Company (in millions):


	September 30, 2025		December 31, 2024
Assets
Investments	$	181.7	$	154.0

Other assets of consolidated Funds	56.2		5.3

Total Assets	$	237.9	$	159.3
Liabilities

Liabilities of consolidated Funds	$	55.1	$	21.2

Total Liabilities	$	55.1	$	21.2

“Investments” consist of investments in equity securities, corporate bonds and derivative securities. To the extent the Company also has consolidated Funds that are not VIEs, the assets and liabilities of those Funds are not included in the table above.

The assets of consolidated VIEs presented in the table above belong to the investors in those Funds, are available for use only by the Fund to which they belong, and are not available for use by the Company to the extent they are held by non-controlling interests. Any debt or liabilities held by consolidated Funds have no recourse to the Company’s general credit.

The Company’s involvement with Funds that are VIEs and not consolidated by the Company is generally limited to that of an investment manager and its investment in the unconsolidated VIE, if any. The Company’s exposure to risk in these entities is generally limited to any capital contribution it has made or is required to make and any earned but uncollected management fees. The Company has not issued any investment performance guarantees to these VIEs or their investors.

Table of Contents

Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

5) Variable Interest Entities (cont.)

The following information pertains to unconsolidated VIEs for which the Company holds a variable interest (in millions):


	September 30, 2025		December 31, 2024



Maximum exposure to loss(1)	$	3.4	$	2.9

(1)Includes the carrying value of investments the Company has made in the unconsolidated VIEs in which the Company is not the primary beneficiary.

6) Leases

The Company has operating leases for corporate offices, data centers and certain equipment. The operating leases have remaining lease terms of less than 1 year to 8 years, some of which include options to extend the leases for up to 5 years.

The following table summarizes information about the Company’s operating leases for the three and nine months ended September 30, 2025 and 2024 (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost	$	2.1	$	2.2	$	6.5	$	6.5
Variable lease cost	—		—		0.1		0.1

Total operating lease expense	$	2.1	$	2.2	$	6.6	$	6.6
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2.4	$	2.2	$	7.3	$	6.7
Right of use assets obtained in exchange for new operating lease liabilities	0.3		—		0.3		0.6

In determining the incremental borrowing rate, the Company considered the interest rate yield for the specific interest rate environment and the Company’s credit spread at the inception of the lease. For the nine months ended September 30, 2025 and 2024, the weighted average remaining lease term was 7.8 years and 8.8 years, respectively, and the weighted average discount rate was 3.53% and 3.52%, respectively.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

6) Leases (cont.)

Maturities of operating lease liabilities were as follows (in millions):


	Operating Leases
Year Ending December 31,
2025 (excluding the nine months ended September 30, 2025)	$	2.4
2026	9.7
2027	9.1
2028	8.7
2029	8.0
Thereafter	33.2
Total lease payments	$	71.1
Less imputed interest	(8.8)
Total	$	62.3

7) Borrowings and Debt

The Company’s borrowings and long-term debt were comprised of the following as of the dates indicated (in millions):


	September 30, 2025					December 31, 2024
(in millions)	Carrying Value		Fair Value		Fair Value Level	Carrying Value		Fair Value		Fair Value Level
Revolving credit facility:
$140 million revolving credit facility expiring August 29, 2027(1)(2)	$	—	$	—		$	—	$	—
Total revolving credit facility	$	—	$	—		$	—	$	—
Third party borrowings:
$275 million 4.80% Senior Notes Due July 27, 2026(3)	$	274.6	$	274.3	2	$	274.3	$	271.7	2
Total third party borrowings	$	274.6	$	274.3		$	274.3	$	271.7

(1)Fair value approximates carrying value because the credit facility has variable interest rates based on selected short term market rates.

(2)On October 28, 2025, Acadian LLC’s $140 million revolving credit facility was terminated and replaced with a new $175 million revolving credit facility.

(3)The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

7) Borrowings and Debt (cont.)

Revolving credit facility

On August 29, 2024, Acadian LLC, Royal Bank of Canada, Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., the Bank of New York Mellon, Bank of America N.A., as an issuing bank, and Citibank, N.A., as an issuing bank and administrative agent (collectively, the “Lenders”), entered into a new revolving credit facility agreement (the “Acadian LLC Credit Agreement”), which replaced Acadian LLC’s revolving credit facility dated as of March 7, 2022 (the “Prior Credit Agreement”). The maturity date of the Prior Credit Agreement was March 7, 2025, and the maturity date of the Acadian LLC Credit Agreement was August 29, 2027. On October 28, 2025, Acadian LLC terminated the Acadian LLC Credit Agreement, as described below.

Borrowings under the Acadian LLC Credit Agreement bore interest, at Acadian LLC’s option, at the per annum rate equal to either (a) the greatest of (i) the prime rate, (ii) the federal funds effective rate plus 0.5% and (iii) the secured overnight financing rate for a one month period plus a credit spread adjustment of 0.10% (“Adjusted Term SOFR”) plus 1%, plus, in each case, an additional amount ranging from 0.5% to 1.0%, with such additional amount based on Acadian LLC’s Leverage Ratio (as defined below) or (b) Adjusted Term SOFR plus an additional amount ranging from 1.5% to 2.0%, with such additional amount based on Acadian LLC’s Leverage Ratio. In addition, a commitment fee was charged based on the average daily unused portion of the revolving credit facility under the Acadian LLC Credit Agreement at a per annum rate ranging from 0.25% to 0.375%, with such amount based on Acadian LLC’s Leverage Ratio.

Under the Acadian LLC Credit Agreement, the ratio of Acadian LLC’s third-party borrowings to Acadian LLC’s trailing twelve months Adjusted EBITDA, as defined by the Acadian LLC Credit Agreement (the “Leverage Ratio”), could not exceed 2.5x and the Acadian LLC interest coverage ratio could not be less than 4.0x.

Subsequent Events

On October 28, 2025 (the “Closing Date), Acadian LLC entered into a Delayed Draw Term Loan Credit Agreement (the “DDTL Credit Agreement”) and a Revolving Credit Agreement (the “Revolving Credit Agreement”).

The DDTL Credit Agreement provides for a delayed draw term loan facility in an aggregate principal amount, as of the Closing Date, of up to $200 million (the “Term Facility”). The term loans mature on October 28, 2028. Subject to certain conditions, Acadian LLC may increase the size of the Term Facility to an aggregate maximum principal amount of $275 million. None of the lenders under the Term Facility are obligated to provide such additional commitments to Acadian LLC.

Proceeds of the Term Facility are intended to fund, in part, the redemption of the Company’s 4.80% Senior Notes due July 27, 2026 (the “2026 Notes”), as described below.

Loans under the DDTL Credit Agreement bear interest, at Acadian LLC’s option, at a rate per annum equal to (i) Term SOFR for the applicable interest period plus an applicable margin equal to a range of 1.5% to 2.0% depending on Acadian LLC’s consolidated leverage ratio or (ii) an alternate base rate (defined as a rate equal to the highest of (i) the Federal Funds Rate plus 0.5%, (ii) Bank of America’s published “prime rate” and (iii) Term SOFR plus 1.0%) plus an applicable margin equal to a range of 0.5% to 1.0% depending on Acadian LLC’s consolidated leverage ratio.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

7) Borrowings and Debt (cont.)

Financial covenants under the Term Facility include the quarterly maintenance by the Company of (i) a maximum Consolidated Net Leverage Ratio (as defined in the DDTL Credit Agreement) of not greater than 2.5x and (ii) a minimum Consolidated Interest Coverage Ratio (calculated as the ratio of Acadian LLC Consolidated EBITDA (as defined in the DDTL Credit Agreement), divided by Acadian LLC interest expense for the four consecutive fiscal quarters ended on or immediately prior to the date of determination) of not less than 4.0x. For purposes of calculating the Consolidated Net Leverage Ratio, the DDTL Credit Agreement refers to Consolidated Funded Indebtedness (as defined in the DDTL Credit Agreement) minus unrestricted cash at Acadian LLC.

On the Closing Date, Acadian LLC terminated the Acadian LLC Credit Agreement and entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”), among Acadian LLC, the lenders from time to time party thereto, Bank of America, N.A., as the Administrative Agent and a L/C Issuer and the other L/C Issuers from time to time party thereto.

The Revolving Credit Agreement provides for senior unsecured revolving credit commitments as of the Closing Date in an aggregate principal amount, as of the Closing Date, of up to $175 million (the “Revolving Facility”). The revolving commitments mature on October 28, 2028. Subject to certain conditions, Acadian LLC may increase the size of the Revolving Facility to an aggregate maximum principal amount of $275 million, which may be established in the form of revolving commitments or term loan commitments. None of the lenders under the Revolving Facility are obligated to provide such additional commitments to Acadian LLC.

Borrowings under the Revolving Credit Agreement bear interest, at Acadian LLC's option, at a rate per annum equal to (i) Term SOFR (as defined in the Revolving Credit Agreement) for the applicable interest period plus an applicable margin equal to a range of 1.5% to 2.0% depending on Acadian LLC’s consolidated leverage ratio or (ii) an alternate base rate (defined as a rate equal to the highest of (i) the Federal Funds Rate plus 0.5%, (ii) Bank of America's published "prime rate" and (iii) Term SOFR plus 1.0%) plus an applicable margin equal to a range of 0.5% to 1.0% depending on Acadian LLC’s consolidated leverage ratio. The Company is required to pay a commitment fee at a per annum rate ranging from 0.25% to 0.375%, with such amount based on Acadian LLC’s Leverage Ratio on the daily undrawn amount of the revolving commitments, and customary letter of credit participation and fronting fees.

Redemption of 4.80% Senior Notes

On October 30, 2025, the Company issued a notice for the full redemption of all $275 million aggregate principal amount outstanding of its 2026 Notes.

8) Commitments and Contingencies

Operational commitments

A number of our subsidiaries operate under regulatory authorities that require that they maintain minimum financial or capital requirements. Management is not aware of any violations of such financial requirements occurring during the periods presented.

Guaranty

The Company entered into a guaranty for an office space security deposit on behalf of Acadian LLC in the amount of $2.5 million in January 2020. This represents the maximum potential amount of future (undiscounted) payments

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

8) Commitments and Contingencies (cont.)

that the Company could be required to make under the guaranty in the event of default by the guaranteed parties. This guaranty expires in 2033. There are no liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 related to this guaranty.

Litigation

The Company is subject to claims, legal proceedings, and other contingencies in the ordinary course of its business activities. Each of these matters is subject to various uncertainties, and it is possible that some of these matters may be resolved in a manner unfavorable to the Company. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. As of September 30, 2025, there were no material accruals for claims and the Company does not believe any outstanding matters will have a material adverse effect on the Company.

Indemnifications

In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred.

Foreign tax contingency

The Company has clients in non-U.S. jurisdictions which require entities that are conducting certain business activities in such jurisdictions to collect and remit tax assessed on certain fees paid for goods and services provided. The Company does not believe this requirement is applicable based on its limited business activities in these jurisdictions. However, given the fact that uncertainty exists around the requirement, the Company has chosen to evaluate its potential exposure related to non-collection and remittance of these taxes. At September 30, 2025, management of the Company has estimated the potential maximum exposure and concluded that it is not material. No accrual for the potential exposure has been recorded as the probability of incurring any potential liability relating to this exposure is not probable at September 30, 2025.

Considerations of credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and investments. The Company maintains cash and cash equivalents and short term investments with various financial institutions. These financial institutions are typically located in cities in which the Company operates. Cash deposits at the various financial institutions may exceed Federal Deposit Insurance Corporation insurance limits.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

9) Earnings Per Share

Basic earnings per share is calculated by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is similar to basic earnings per share, but is adjusted for the effect of potentially issuable common stock, except when inclusion is anti-dilutive.

The calculation of basic and diluted earnings per share of common stock is as follows (dollars in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net income attributable to controlling interests	$	15.1	$	16.9	$	45.3	$	42.5
Denominator:
Weighted-average shares of common stock outstanding—basic	35,806,742		37,070,795		36,354,715		37,891,015
Potential shares of common stock:
Restricted stock units	39,879		22,449		25,193		17,803
Employee stock options	—		700,920		—		676,254
Weighted-average shares of common stock outstanding—diluted	35,846,621		37,794,164		36,379,908		38,585,072
Earnings per share of common stock attributable to controlling interests:
Basic	$	0.42	$	0.46	$	1.25	$	1.12
Diluted	$	0.42	$	0.45	$	1.25	$	1.10

10) Revenue

Management fees

The Company’s management fees are a function of the fee rates charged to clients, which are typically expressed in basis points, and the levels of the Company’s assets under management. The most significant driver of increases or decreases in this average fee rate is changes in the mix of the Company’s assets under management caused by net inflows or outflows in certain asset classes or disproportionate market movements.

Performance fees

The Company’s products subject to performance fees earn these fees upon exceeding high-water mark performance thresholds or outperforming a hurdle rate. Performance fees are recorded in revenues when the contractual performance criteria have been met and when it is probable that a significant reversal of revenue recognized will not occur in future reporting periods.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

10) Revenue (cont.)

Disaggregation of management fee revenue

The geographic disaggregation of management fee revenue by location of client domicile for the three and nine months ended September 30, 2025 and 2024 are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Quant & Solutions
U.S.	$	101.7	$	85.6	$	280.5	$	242.4
Non-U.S.	34.4		26.5		90.8		77.4
Management fee revenue	$	136.1	$	112.1	$	371.3	$	319.8

11) Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of tax, for the three months ended September 30, 2025 and 2024 are as follows (in millions):


	Foreign currency translation adjustment		Valuation and amortization of derivative securities		Total
Balance, as of June 30, 2025	$	3.6	$	(5.7)	$	(2.1)
Foreign currency translation adjustment before tax	(0.2)		—		(0.2)
Amortization related to derivatives securities before tax	—		1.0		1.0
Tax impact	—		(0.2)		(0.2)
Other comprehensive income (loss)	(0.2)		0.8		0.6

Balance, as of September 30, 2025	$	3.4	$	(4.9)	$	(1.5)


	Foreign currency translation adjustment		Valuation and amortization of derivative securities		Total
Balance, as of June 30, 2024	$	3.1	$	(8.5)	$	(5.4)
Foreign currency translation adjustment before tax	1.0		—		1.0
Amortization related to derivatives securities before tax	—		0.9		0.9
Tax impact	(0.2)		(0.2)		(0.4)
Other comprehensive income	0.8		0.7		1.5
Balance, as of September 30, 2024	$	3.9	$	(7.8)	$	(3.9)

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

11) Accumulated Other Comprehensive Income (Loss) (cont.)

The components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2025 and 2024 are as follows (in millions):


	Foreign currency translation adjustment		Valuation and amortization of derivative securities		Total
Balance, as of December 31, 2024	$	2.7	$	(7.1)	$	(4.4)
Foreign currency translation adjustment before tax	0.9		—		0.9
Amortization related to derivatives securities before tax	—		2.9		2.9
Tax impact	(0.2)		(0.7)		(0.9)
Other comprehensive income	0.7		2.2		2.9

Balance, as of September 30, 2025	$	3.4	$	(4.9)	$	(1.5)


	Foreign currency translation adjustment		Valuation and amortization of derivative securities		Total
Balance, as of December 31, 2023	$	3.1	$	(9.8)	$	(6.7)
Foreign currency translation adjustment before tax	0.9		—		0.9
Amortization related to derivatives securities before tax	—		2.6		2.6
Tax impact	(0.1)		(0.6)		(0.7)
Other comprehensive income	0.8		2.0		2.8

Balance, as of September 30, 2024	$	3.9	$	(7.8)	$	(3.9)

12) Derivatives and Hedging

Cash flow hedge

In July 2015, the Company entered into a series of $300.0 million notional Treasury rate lock contracts which were designated and qualified as cash flow hedges. The Company documented its hedging strategy and risk management objective for this contract in anticipation of a future debt issuance. The Treasury rate lock contract eliminated the impact of fluctuations in the underlying benchmark interest rate for future forecasted debt issuances. The Company assessed the effectiveness of the hedging contract at inception and on a quarterly basis thereafter. The forecasted debt issuances occurred in July 2016 and the Treasury rate lock, which had an accumulated fair value of $(34.4) million, was settled. Refer to Note 7, Borrowings and Debt, for additional information on the debt issuances.

As of September 30, 2025, the balance recorded in accumulated other comprehensive income (loss) before tax was $(3.4) million. This balance will be reclassified to earnings through interest expense over the life of the issued debt. The Company reclassified $1.0 million and $0.9 million for the three months ended September 30, 2025 and 2024, respectively. Amounts of $2.9 million and $2.6 million have been reclassified for the nine months ended September 30, 2025 and 2024, respectively. During the next twelve months the Company expects to reclassify approximately $3.4 million to interest expense.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

13) Segment Information

The Company has the following reportable segment:

Hold Co is included within the Unallocated Corporate expenses category. The Hold Co expenses are not allocated to the Company’s business segment, but the Chief Operating Decision Maker (“CODM”) does consider the cost structure of the corporate head office when evaluating the financial performance of the segment. The CODM is the Company’s Chief Executive Officer.

Performance Measure

The primary measure used by the CODM in measuring performance and allocating resources to the segment is economic net income (“ENI”). ENI is used to make resource allocation decisions, determine appropriate levels of investment or dividend payout, manage balance sheet leverage, determine variable compensation and equity distributions, and incentivize management. The Company defines ENI for the segment as ENI revenue less ENI operating expenses. The ENI adjustments to U.S. GAAP include both reclassifications of U.S. GAAP revenue and expense items, as well as adjustments to U.S. GAAP results, primarily to exclude non-cash, non-economic expenses recognized under U.S. GAAP. This measure supplements and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with U.S. GAAP. The Company does not disclose total asset information for its reportable segment as the information is not reviewed by the CODM.

ENI revenue includes management fees, performance fees and other revenue under U.S. GAAP, adjusted to include management fees paid to the Company by consolidated Funds.

Significant segment ENI expenses include fixed compensation and benefits, variable compensation, and Acadian LLC key employee distributions included in compensation and benefits expense under U.S. GAAP, depreciation and amortization under U.S. GAAP, adjusted to exclude non-cash expenses representing changes in the value of Acadian LLC equity and profit interests held by Acadian LLC key employees, capital transaction costs, and restructuring costs. Other segment items include ENI general and administrative expense under U.S. GAAP, adjusted to exclude restructuring costs and include sales based compensation.

ENI segment results are also adjusted to exclude consolidated Fund revenues, consolidated Fund expenses and investment return recorded under U.S. GAAP.

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

13) Segment Information (cont.)

Segment Presentation

The following table sets forth summarized operating results for the Company’s segment and related adjustments necessary to reconcile the segment economic net income to arrive at the Company’s consolidated U.S. GAAP net income attributable to controlling interests for the three and nine months ended September 30, 2025 and 2024 are as follows (in millions):


		Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)		2025		2024		2025		2024

U.S. GAAP consolidated revenue		$	144.2	$	123.1	$	391.5	$	337.8
Exclude revenue from consolidated Funds	(a)	7.9		0.9		12.1		2.0
Quant & Solutions segment ENI revenue		$	136.3	$	122.2	$	379.4	$	335.8

Less: Quant & Solutions segment ENI expenses
Fixed compensation and benefits	(b)	26.4		22.7		72.7		66.9
Variable compensation	(c)	31.1		29.0		91.3		81.8
Acadian LLC key employee distributions	(d)	5.2		3.1		12.3		7.4
Depreciation and amortization	(e)	4.1		4.5		12.5		13.7
Other segment items	(f)	25.3		22.7		72.2		62.7
Segment economic net income		$	44.2	$	40.2	$	118.4	$	103.3
Reconciliation of segment ENI to net income attributable to controlling interests:
Unallocated corporate expenses	(g)	(4.2)		(4.9)		(13.5)		(14.3)
Adjustments and reconciling items	(h)	2.9		1.0		5.5		1.1
Non-cash compensation expenses for Acadian LLC key employee equity and profit interest revaluations	(i)	(16.3)		(9.3)		(35.7)		(19.6)
Investment income (loss)		—		1.5		0.1		2.5
Interest income		0.9		0.6		2.8		2.8
Interest expense		(4.6)		(4.7)		(14.7)		(15.0)

Net consolidated Funds' investment gains		11.5		4.0		27.2		6.5
Income before income taxes		$	34.4	$	28.4	$	90.1	$	67.3
Income tax expense		(7.4)		(9.4)		(20.2)		(21.1)
Consolidated net income		$	27.0	$	19.0	$	69.9	$	46.2
Net income attributable to redeemable non-controlling interests in consolidated Funds		(11.9)		(2.1)		(24.6)		(3.7)
Net income attributable to controlling interests		$	15.1	$	16.9	$	45.3	$	42.5

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Acadian Asset Management Inc.

Notes to Condensed Consolidated Financial Statements

(unaudited)

13) Segment Information (cont.)

Reconciling Adjustments:

a.Adjustment to exclude consolidated Funds revenues, which are included in U.S. GAAP revenue.

b.Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided.

c.Variable compensation is contractually set and calculated individually for Acadian LLC bonuses. Amounts are adjusted for non-cash Acadian LLC key employee equity revaluations and severance relating to restructuring costs.

d.Acadian LLC key employee distributions includes the share of Acadian LLC profits after variable compensation that is attributable to the Acadian LLC key employee equity and profits interests holders, according to their ownership interests.

e.Depreciation and amortization includes U.S. GAAP depreciation and amortization, adjusted for costs associated with the wind-down of the MACS business in the standalone format.

f.Other segment items includes segment systems, portfolio administration costs and other general & administrative expenses.

g.Included in unallocated corporate expenses for the three months ended September 30, 2025 and 2024 was compensation and benefits of $2.7 million and $2.4 million, respectively, related to Hold Co which are included in U.S. GAAP net income attributable to controlling interests. Included in unallocated corporate expenses for the three months ended September 30, 2025 and 2024 was general and administrative expenses of $1.5 million and $2.5 million, respectively, related to Hold Co which are included in U.S. GAAP net income attributable to controlling interests. Included in unallocated corporate expenses for the nine months ended September 30, 2025 and 2024 was compensation and benefits of $7.7 million and $7.2 million, respectively, related to Hold Co which are included in U.S. GAAP net income attributable to controlling interests. Included in unallocated corporate expenses for the nine months ended September 30, 2025 and 2024 was general and administrative expenses of $5.8 million and $7.1 million, respectively, related to Hold Co which are included in U.S. GAAP net income attributable to controlling interests.

h.Adjustments and reconciling items includes consolidated Funds revenue, consolidated Fund expense, and restructuring costs.

i.Non-cash Acadian LLC key employee equity revaluations represent changes in the value of Acadian LLC equity and profit interests held by Acadian LLC key employees, which are included within the U.S. GAAP compensation and benefits expense.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Unless we state otherwise or the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company”, “Acadian Asset Management”, “Acadian” or “AAMI” refer to Acadian Asset Management Inc., and references to “we,” “our” and “us” refer to AAMI and its consolidated subsidiaries. References to Hold Co refer to AAMI and its subsidiaries excluding Acadian Asset Management LLC (“Acadian LLC”). Unless we state otherwise or the context otherwise requires, references in this Quarterly Report on Form 10-Q to “OM plc” refer to Old Mutual plc, our former parent. None of the information in this Quarterly Report on Form 10-Q constitutes either an offer or a solicitation to buy or sell Acadian LLC’s products or services, nor is any such information a recommendation for Acadian LLC’s products or services.

The following discussion of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and related notes which appear in this Quarterly Report on Form 10-Q in Item 1, Financial Statements.

This discussion contains forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements” at the end of this Item 2 for more information. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those discussed below.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is designed to provide a reader of our financial statements with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results.

Our MD&A is presented in five sections:

•Overview provides a brief description of our business. It includes information on our reporting segment, a summary of The Economics of Our Business and an explanation of How We Measure Performance using a non-GAAP measure which we refer to as economic net income, or ENI. This section also provides a Summary Results of Operations and information regarding our Assets Under Management by strategy, client type and client location, and net flows by segment, client type and client location.

•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.

•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.

•Capital Resources and Liquidity discusses our key balance sheet data. This section discusses Cash Flows from the business; Adjusted EBITDA; Future Capital Needs; Borrowings and Long-Term Debt; Other Compensation Liabilities. The discussion of Adjusted EBITDA includes an explanation of how we calculate Adjusted EBITDA and a reconciliation of U.S. GAAP net income attributable to controlling interests to Adjusted EBITDA.

•Critical Accounting Policies and Estimates provides a discussion of the key accounting policies and estimates that we believe are the most critical to an understanding of our results of operations and financial condition. These accounting policies and estimates require complex management judgment regarding matters that are highly uncertain at the time the policies were applied and estimates were made.

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Overview

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:

Hold Co is included within the Unallocated Corporate expenses category.

Under U.S. GAAP, Acadian LLC is consolidated into our financial statements. We may also be required to consolidate Acadian LLC’s sponsored investment entities, or Funds, due to the nature of our decision-making rights, our economic interests in these Funds or the rights of third-party clients in those Funds.

The Economics of Our Business

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.

Our largest expense item is compensation and benefits paid to our employees, which consists of both fixed and variable components. Fixed compensation and benefits represents base salaries and wages, payroll taxes and the costs of our employee benefit programs. Variable compensation is comprised of variable compensation at both Hold Co and Acadian LLC. Hold Co variable compensation includes discretionary annual bonuses and may be paid in the form of cash or AAMI equity. Acadian LLC variable compensation, calculated as described below, may be awarded in cash, equity, or profit interests.

The arrangement in place with Acadian LLC results in the sharing of economics between us and key management personnel using a profit-sharing model. Profit sharing affects two elements within our earnings: (i) the calculation of variable compensation and (ii) the level of Acadian LLC’s equity or profit interests distribution to its employees.

Variable compensation includes the portion of earnings that is contractually allocated to Acadian LLC employees as a bonus pool, typically representing a percentage of earnings before variable compensation, which is measured as revenues less fixed compensation and benefits and other operating and administrative expenses. Profits after variable compensation are shared between us and Acadian LLC key employee equity holders according to our respective equity or profit interests ownership. The sharing of profits in this manner ensures that the economic interests of Acadian LLC key employees and ours are aligned, both in terms of generating strong annual earnings as well as investing those earnings back into the business in order to generate growth over the long term. We view profit sharing as an attractive operating model, as it allows us to share in the benefits of operating leverage as the business grows, and ensures all equity and profit interests holders are incentivized to achieve that growth.

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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.

How We Measure Performance

We manage our business based on one segment, reflecting how our management assesses the performance of our business.

In measuring and monitoring the key components of our earnings, our management uses a non-GAAP financial measure, ENI, to evaluate the financial performance of, and to make operational decisions for, our business. We also use ENI to make resource allocation decisions, determine appropriate levels of investment or dividend payout, manage balance sheet leverage, determine variable compensation and Acadian LLC equity distributions, and incentivize management. It is an important measure in evaluating our financial performance because we believe it most accurately represents our operating performance and cash generation capability.

ENI differs from net income determined in accordance with U.S. GAAP as a result of both the reclassification of certain income statement items and the exclusion of certain non-cash or non-recurring income statement items. In particular, ENI excludes non-cash charges representing the changes in the value of Acadian LLC equity and profit interests held by key employees, the results of discontinued operations which are no longer part of our business, restructuring costs, capital transaction costs, seed capital and co-investment gains, losses and related financing costs and that portion of consolidated Funds which are not attributable to our stockholders.

ENI revenue is primarily comprised of the fee revenues paid to us by our clients for our advisory services. Revenue included within ENI differs from U.S. GAAP revenue in that it excludes amounts from consolidated Funds which are not attributable to our stockholders.

ENI expenses are calculated to reflect all usual expenses from ongoing continuing operations attributable to our stockholders. Expenses included within ENI differ from U.S. GAAP expenses in that they exclude amounts from consolidated Funds which are not attributable to our stockholders, revaluations of Acadian LLC key employee owned equity and profit interests, amortization and impairment of acquired intangibles and other acquisition-related items, and certain other non-cash expenses.

“Non-controlling interests” is a concept under U.S. GAAP that identifies net components of revenues and expenses that are not attributable to our stockholders. For example, the portion of the net income (loss) of any consolidated Fund that is attributable to the outside investors or clients of the consolidated Fund is included in “Non-controlling interests” in our Condensed Consolidated Financial Statements. Conversely, “controlling interests” is the portion of revenue or expense that is attributable to our stockholders.

For a more detailed discussion of the differences between U.S. GAAP net income and economic net income, see “Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis.”

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Summary Results of Operations

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


($ in millions, unless otherwise noted)	Three Months Ended September 30,								Nine Months Ended September 30,
	2025			2024			2025 vs. 2024		2025			2024			2025 vs. 2024
U.S. GAAP Basis
Revenue	$	144.2		$	123.1		$	21.1	$	391.5		$	337.8		$	53.7
Pre-tax income attributable to controlling interests	22.5			26.3			(3.8)		65.5			63.6			1.9
Net income attributable to controlling interests	15.1			16.9			(1.8)		45.3			42.5			2.8

U.S. GAAP operating margin(1)	18.4		%	21.9		%	(349) bps		19.1		%	20.9		%	(179) bps
Earnings per share, basic ($)	$	0.42		$	0.46		$	(0.04)	$	1.25		$	1.12		$	0.13
Earnings per share, diluted ($)	$	0.42		$	0.45		$	(0.03)	$	1.25		$	1.10		$	0.15
Basic shares outstanding (in millions)	35.8			37.1			(1.3)		36.4			37.9			(1.5)
Diluted shares outstanding (in millions)	35.8			37.8			(2.0)		36.4			38.6			(2.2)

Economic Net Income Basis(2)(3)
(Non-GAAP measure used by management)
ENI revenue(4)	$	136.3		$	122.2		$	14.1	$	379.4		$	335.8		$	43.6
Pre-tax economic net income(5)	37.8			32.6			5.2		97.2			80.4			16.8
Adjusted EBITDA	45.1			40.4			4.7		119.4			104.3			15.1
ENI operating margin(6)	33.2		%	31.7		%	157 bps		30.9		%	29.0		%	192 bps
Economic net income(7)	27.2			22.2			5.0		70.4			56.8			13.6
ENI diluted EPS ($)	$	0.76		$	0.59		$	0.17	$	1.93		$	1.47		$	0.46

Other Operational Information
Assets under management (AUM) at period end (in billions)	$	166.4		$	120.3		$	46.1	$	166.4		$	120.3		$	46.1
Net client cash flows (in billions)	6.4			0.5			5.9		24.0			0.9			23.1

(1)U.S. GAAP operating margin equals operating income divided by total revenue.

(2)Economic net income is a non-GAAP measure we use to evaluate the performance of our business. For a reconciliation to U.S. GAAP financial information and a further discussion of economic net income refer to “Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis.”

(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.

(4)ENI revenue is the ENI measure which corresponds to U.S. GAAP revenue.

(5)Pre-tax economic net income is the ENI measure which corresponds to U.S. GAAP pre-tax income attributable to controlling interests.

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(6)ENI operating margin is a non-GAAP efficiency measure, calculated based on ENI operating earnings divided by ENI revenue. ENI operating earnings is calculated as ENI revenue, less ENI operating expense, less ENI variable compensation. The ENI operating margin is most directly comparable to our U.S. GAAP operating margin (excluding the effect of consolidated Funds).

(7)Economic net income is the non-GAAP measure which is most directly comparable to U.S. GAAP net income attributable to controlling interests.

Assets Under Management

In the first quarter of 2025, we changed the presentation of our AUM. The new presentation reflects better alignment of our view on the business and distribution channels. We made certain reclassifications between strategies, client type and client location groupings to better reflect the underlying AUM. In the AUM tables below, all periods have been reclassified to conform to the new presentation.

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

The following table presents our assets under management by strategy as of each of the dates indicated:


($ in billions)	September 30, 2025				December 31, 2024
	AUM		% of total		AUM		% of total
Non-U.S. Equity	$	35.3	21.2	%	$	26.6	22.7	%
Enhanced Equity	34.2		20.6	%	10.8		9.2	%
Small Cap Equity	31.7		19.1	%	25.0		21.3	%
Global Equity	23.9		14.4	%	19.0		16.2	%
Emerging Markets Equity	23.5		14.1	%	18.1		15.4	%
Other	17.8		10.6	%	17.8		15.2	%
Total assets under management	$	166.4			$	117.3

The following table shows assets under management by client type as of each of the dates indicated:


($ in billions)	September 30, 2025				December 31, 2024
	AUM		% of total			AUM		% of total
Institutional	$	135.0	81.1	%		$	93.0	79.3	%
Sub-Advisory	16.4		9.9	%		13.1		11.2	%
Wealth/Other	15.0		9.0	%		11.2		9.5	%
Total assets under management	$	166.4				$	117.3

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The following table shows assets under management by client location as of each of the dates indicated:


($ in billions)	September 30, 2025				December 31, 2024
	AUM		% of total		AUM		% of total
U.S.	$	94.5	56.8	%	$	74.7	63.7	%
EMEA	36.4		21.9	%	16.9		14.4	%
Asia Pacific	27.6		16.6	%	18.8		16.0	%
Other	7.9		4.7	%	6.9		5.9	%
Total assets under management	$	166.4			$	117.3

AUM flows

Net client cash flows for all periods include reinvested income and distributions. Reinvested income and distributions represent investment yield that is reinvested back into the portfolios as opposed to distributed as cash.

The following table summarizes our asset flows and market appreciation by segment for each of the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in billions, unless otherwise noted)	2025		2024		2025		2024
Quant & Solutions
Beginning balance	$	151.1	$	112.6	$	117.3	$	103.7

Gross inflows	11.9		3.1		39.4		15.7
Gross outflows	(6.5)		(3.5)		(18.0)		(17.3)
Reinvested income and distributions	1.0		0.9		2.6		2.5
Net flows	6.4		0.5		24.0		0.9
Market appreciation	8.9		7.2		25.1		15.7

Ending balance	$	166.4	$	120.3	$	166.4	$	120.3
Average AUM	$	156.5	$	116.4	$	136.6	$	110.8

We also analyze our asset flows by client type and client location. Our client types include:

i.Institutional, which includes assets managed for public/government pension funds and other investments, including U.S. state and local government funds and non-U.S. sovereign wealth, local government and national investments; also includes corporate and union-sponsored pension plans and other investments; and

ii.Sub-advisory, which includes assets managed for third-party mutual funds sponsored by platforms in the U.S. or abroad, where the end client is typically retail;

iii.Wealth/other, which includes assets managed for registered investment advisor clients, private banks, high-net-worth clients, and family offices, defined contribution clients on certain platforms, mutual funds directly sponsored by Acadian LLC, and other assets.

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The following table summarizes our asset flows by client type for each of the periods indicated:


($ in billions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Institutional
Beginning balance	$	121.9	$	90.2	$	93.0	$	81.7

Gross inflows	9.4		2.0		33.2		11.9
Gross outflows	(4.2)		(2.6)		(12.9)		(12.2)
Reinvested income and distributions	0.8		0.7		2.0		1.9
Net flows	6.0		0.1		22.3		1.6
Market appreciation	7.1		5.5		19.7		12.5

Ending balance	$	135.0	$	95.8	$	135.0	$	95.8

Sub-advisory
Beginning balance	$	16.0	$	12.5	$	13.1	$	13.6

Gross inflows	1.3		0.6		3.6		1.6
Gross outflows	(1.7)		(0.5)		(3.4)		(3.6)
Reinvested income and distributions	0.1		0.1		0.3		0.3
Net flows	(0.3)		0.2		0.5		(1.7)
Market appreciation	0.7		1.0		2.8		1.8

Ending balance	$	16.4	$	13.7	$	16.4	$	13.7

Wealth/Other
Beginning balance	$	13.2	$	9.9	$	11.2	$	8.4

Gross inflows	1.2		0.5		2.6		2.2
Gross outflows	(0.6)		(0.4)		(1.7)		(1.5)
Reinvested income and distributions	0.1		0.1		0.3		0.3
Net flows	0.7		0.2		1.2		1.0
Market appreciation	1.1		0.7		2.6		1.4

Ending balance	$	15.0	$	10.8	$	15.0	$	10.8

Total
Beginning balance	$	151.1	$	112.6	$	117.3	$	103.7

Gross inflows	11.9		3.1		39.4		15.7
Gross outflows	(6.5)		(3.5)		(18.0)		(17.3)
Reinvested income and distributions	1.0		0.9		2.6		2.5
Net flows	6.4		0.5		24.0		0.9
Market appreciation	8.9		7.2		25.1		15.7

Ending balance	$	166.4	$	120.3	$	166.4	$	120.3

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Our categorization of assets under management by client location includes:

i. U.S.-based clients, where the contracting client is based in the United States, and

ii. Non-U.S.-based clients, where the contracting client is based outside the United States.

The following table summarizes asset flows by client location for each of the periods indicated:


($ in billions)	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
U.S.
Beginning balance	$	86.9	$	72.9	$	74.7	$	70.2

Gross inflows	6.2		2.1		13.6		5.9
Gross outflows	(4.3)		(2.3)		(11.8)		(10.0)
Reinvested income and distributions	0.6		0.6		1.6		1.6
Net flows	2.5		0.4		3.4		(2.5)
Market appreciation	5.1		4.7		16.4		10.3

Ending balance	$	94.5	$	78.0	$	94.5	$	78.0

Non-U.S.
Beginning balance	$	64.2	$	39.7	$	42.6	$	33.5

Gross inflows	5.7		1.0		25.8		9.8
Gross outflows	(2.2)		(1.2)		(6.2)		(7.3)
Reinvested income and distributions	0.4		0.3		1.0		0.9
Net flows	3.9		0.1		20.6		3.4
Market appreciation	3.8		2.5		8.7		5.4

Ending balance	$	71.9	$	42.3	$	71.9	$	42.3

Total
Beginning balance	$	151.1	$	112.6	$	117.3	$	103.7

Gross inflows	11.9		3.1		39.4		15.7
Gross outflows	(6.5)		(3.5)		(18.0)		(17.3)
Reinvested income and distributions	1.0		0.9		2.6		2.5
Net flows	6.4		0.5		24.0		0.9
Market appreciation	8.9		7.2		25.1		15.7

Ending balance	$	166.4	$	120.3	$	166.4	$	120.3

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.

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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.

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%.

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U.S. GAAP Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024

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


	Three Months Ended September 30,								Nine Months Ended September 30,
($ in millions, unless otherwise noted)	2025			2024			Increase (Decrease)		2025			2024			Increase (Decrease)
U.S. GAAP Statement of Operations(1)
Management fees	$	136.1		$	112.1		$	24.0	$	371.3		$	319.8		$	51.5
Performance fees	0.2			10.1			(9.9)		8.1			16.0			(7.9)

Consolidated Funds’ revenue	7.9			0.9			7.0		12.1			2.0			10.1
Total revenue	144.2			123.1			21.1		391.5			337.8			53.7
Compensation and benefits	84.7			69.6			15.1		229.3			189.9			39.4
General and administrative expense	23.5			21.8			1.7		67.6			62.9			4.7


Depreciation and amortization	4.1			4.5			(0.4)		12.5			14.1			(1.6)
Consolidated Funds’ expense	5.3			0.2			5.1		7.4			0.4			7.0
Total operating expenses	117.6			96.1			21.5		316.8			267.3			49.5
Operating income	26.6			27.0			(0.4)		74.7			70.5			4.2
Investment income	—			1.5			(1.5)		0.1			2.5			(2.4)
Interest income	0.9			0.6			0.3		2.8			2.8			—
Interest expense	(4.6)			(4.7)			0.1		(14.7)			(15.0)			0.3


Net consolidated Funds’ investment gains	11.5			4.0			7.5		27.2			6.5			20.7
Income before taxes	34.4			28.4			6.0		90.1			67.3			22.8
Income tax expense	7.4			9.4			(2.0)		20.2			21.1			(0.9)



Net income	27.0			19.0			8.0		69.9			46.2			23.7
Net income attributable to redeemable non-controlling interests in consolidated Funds	11.9			2.1			9.8		24.6			3.7			20.9
Net income attributable to controlling interests	$	15.1		$	16.9		$	(1.8)	$	45.3		$	42.5		$	2.8

Basic earnings per share ($)	$	0.42		$	0.46		$	(0.04)	$	1.25		$	1.12		$	0.13
Diluted earnings per share ($)	0.42			0.45			(0.03)		1.25			1.10			0.15
Weighted average shares of common stock outstanding—basic	35.8			37.1			(1.3)		36.4			37.9			(1.5)
Weighted average shares of common stock outstanding—diluted	35.8			37.8			(2.0)		36.4			38.6			(2.2)

U.S. GAAP operating margin(2)	18.4		%	21.9		%			19.1		%	20.9		%

(1)Certain Funds have been consolidated due to our seed capital investments in the Funds.

(2)U.S. GAAP operating margin equals operating income divided by total revenue.

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The following table reconciles our net income attributable to controlling interests to our pre-tax income attributable to controlling interests:


($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
U.S. GAAP Consolidated Statements of Operations	2025		2024		2025		2024
Net income attributable to controlling interests	$	15.1	$	16.9	$	45.3	$	42.5



Add: Income tax expense	7.4		9.4		20.2		21.1
Pre-tax income attributable to controlling interests	$	22.5	$	26.3	$	65.5	$	63.6

U.S. GAAP Revenues

Our U.S. GAAP revenues principally consist of:

i.management fees earned based on our overall weighted average fee rate charged to our clients and the level of assets under management;

ii.performance fees earned when our investment performance over agreed time periods for certain clients has differed from predetermined hurdles; and

iii.revenue from consolidated Funds, a portion of which is attributable to the holders of non-controlling interests in consolidated Funds.

Management Fees

Our management fees are a function of the fee rates charged to our clients, which are typically expressed in basis points, and the levels of our assets under management. Our effective management fee rate will vary from period to period based on several factors, including changes in the mix of assets under management caused by market movements and client flows.

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.

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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Management fees increased $51.5 million, or 16.1%, from $319.8 million for the nine months ended September 30, 2024 to $371.3 million for the nine months ended September 30, 2025. The increase was primarily driven by higher levels of average assets under management. Average assets under management increased 23.3%, from $110.8 billion for the nine months ended September 30, 2024 to $136.6 billion for the nine months ended September 30, 2025, mainly due to the positive equity market and positive net flows in the past twelve months.

Performance Fees

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.

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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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Performance fees decreased $(7.9) million, or (49.4)%, from $16.0 million for the nine months ended September 30, 2024 to $8.1 million for the nine 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.

U.S. GAAP Expenses

Our U.S. GAAP expenses principally consist of:

i.compensation paid to our investment professionals and other employees, including base salary, benefits, sales-based compensation, variable compensation, Acadian LLC key employee distributions, and revaluation of key employee-owned Acadian LLC equity and profit interests;

ii.general and administrative expenses;

iii.depreciation and amortization charges; and

iv.expenses of consolidated Funds, a portion of which is attributable to the holders of non-controlling interests in consolidated Funds.

Compensation and Benefits Expense

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024
Fixed compensation and benefits(1)	$	28.0	$	24.5	$	77.3	$	72.3
Sales-based compensation(2)	3.4		3.3		10.4		6.9

Variable compensation(3)	31.8		29.4		93.6		83.7
Acadian LLC key employee distributions(4)	5.2		3.1		12.3		7.4
Non-cash Acadian LLC key employee equity revaluations(5)	16.3		9.3		35.7		19.6

Total U.S. GAAP compensation and benefits expense	$	84.7	$	69.6	$	229.3	$	189.9

(1)Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided.

(2)Sales-based compensation is paid to our sales and distribution teams and represents compensation earned by our sales professionals, paid over a multi-year period, related to revenue earned on new sales. Its variability is based upon the structure of sales-based compensation due on inflows of assets under management and market-based movement in both current and prior periods.

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(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.


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024
Cash variable compensation	$	30.0	$	27.8	$	89.5	$	78.5
Non-cash equity-based award amortization	1.8		1.6		4.1		5.2
Total variable compensation(a)	$	31.8	$	29.4	$	93.6	$	83.7

(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.

(4)Acadian LLC key employee distributions represent the share of Acadian LLC profits after variable compensation that is attributable to key employee equity and profit interests holders, according to their ownership interests. Acadian LLC key employee distribution ratio is calculated as Acadian LLC key employee distributions divided by ENI operating earnings. Within Acadian LLC we have a tiered equity structure, where AAMI and other classes of employee equity holders are entitled to an initial proportionate preference over profits after variable compensation, structured such that before a preference threshold is reached, there would be no required key employee distributions to the tiered equity holders, whereas for profits above the threshold, the key employee distribution amount to the tiered equity holders would be calculated based on the tiered key employee ownership percentages.

(5)Non-cash Acadian LLC key employee equity revaluations represent changes in the value of Acadian LLC equity and profit interests held by key employees. These ownership interests may in certain circumstances be repurchased by Hold Co at a value based on a pre-determined fixed multiple of twelve-month earnings and as such a liability is carried on our balance sheet based on the expected cash to be paid. However, any equity or profit interests repurchased by Hold Co can be used to fund a portion of future variable compensation awards, resulting in savings in cash variable compensation that offset the negative cash effect of repurchasing the equity. The Acadian LLC equity and profit interest plans have been designed to ensure Hold Co is not required to repurchase more equity than we can reasonably recycle through variable compensation awards in any given twelve-month period.

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Fluctuations in compensation and benefits expense for the periods presented are discussed below.

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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Compensation and benefits expense increased $39.4 million, or 20.7%, from $189.9 million for the nine months ended September 30, 2024 to $229.3 million for the nine months ended September 30, 2025. Fixed compensation and benefits increased $5.0 million, or 6.9%, from $72.3 million for the nine months ended September 30, 2024 to $77.3 million for the nine months ended September 30, 2025, primarily reflecting cost of living increases, higher payroll taxes and benefits. Variable compensation increased $9.9 million, or 11.8%, from $83.7 million for the nine months ended September 30, 2024 to $93.6 million for the nine months ended September 30, 2025. The increase was primarily attributable to higher pre-bonus profits in the nine 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 $3.5 million or 50.7% from $6.9 million for the nine months ended September 30, 2024 to $10.4 million for the nine months ended September 30, 2025, driven by the increase in asset inflows. Acadian LLC key employee distributions increased $4.9 million, or 66.2%, from $7.4 million for the nine months ended September 30, 2024 to $12.3 million for the nine 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 nine months ended September 30, 2025 is driven by higher operating earnings and the leveraged nature of this distribution share. Revaluations of Acadian LLC equity changed by $16.1 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 nine 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.

General and Administrative Expense

Three months ended September 30, 2025 compared to three months ended September 30, 2024: General and administrative expense increased $1.7 million, or 7.8%, from $21.8 million for the three months ended September 30, 2024 to $23.5 million for the three months ended September 30, 2025. The increase in general and administrative expenses primarily reflects higher portfolio administrative, consulting, and system costs, partially offset by the impact of foreign currency changes.

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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.

Depreciation and Amortization Expense

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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Depreciation and amortization expense decreased $(1.6) million, or (11.3)%, from $14.1 million for the nine months ended September 30, 2024 to $12.5 million for the nine months ended September 30, 2025. The decrease was primarily attributable to the effect of certain software becoming fully depreciated.

U.S. GAAP Other Non-Operating Items of Income and Expense

Other non-operating items of income and expense consist of:

i.investment income (loss);

ii.interest income; and

iii.interest expense.

Investment Income

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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Investment income decreased $(2.4) million, or (96.0)%, from $2.5 million for the nine months ended September 30, 2024 to $0.1 million for the nine months ended September 30, 2025, reflecting a decrease in returns generated by seed capital investments in Funds that are not consolidated by the Company.

Interest Income

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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Interest income remained flat at $2.8 million for both the nine months ended September 30, 2024 and September 30, 2025, respectively.

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Interest Expense

Three months ended September 30, 2025 compared to three months ended September 30, 2024: Interest expense decreased $(0.1) million, or (2.1)%, from $(4.7) million for the three months ended September 30, 2024 compared to $(4.6) million for the three months ended September 30, 2025, reflecting a lower balance drawn on the revolving credit facility in the three months ended September 30, 2025.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Interest expense decreased $(0.3) million, or (2.0)%, from $15.0 million for the nine months ended September 30, 2024 compared to $14.7 million for the nine months ended September 30, 2025, reflecting a lower balance drawn on the revolving credit facility in the nine months ended September 30, 2025.

U.S. GAAP Income Tax Expense

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.

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), was enacted in the U.S., which includes a broad range of tax reform provisions, including extending and modifying certain key Tax Cuts and Jobs Act provisions (both domestic and international). The legislation has multiple effective dates, with certain provisions effective in 2025 and others to be implemented through 2027. The OBBBA did not have a material impact to the income tax expense during the current period. We will continue to evaluate the impact of the legislative changes on future periods as additional guidance becomes available.

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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Income tax expense decreased $(0.9) million, from $21.1 million for the nine months ended September 30, 2024 to $20.2 million for the nine months ended September 30, 2025. The decrease in income tax expense primarily relates to a decrease in state tax expense, partially offset by an increase in pretax income attributable to controlling interest in the nine months ended September 30, 2025.

U.S. GAAP Consolidated Funds

The net income or loss of all consolidated Funds, excluding any income or loss attributable to seed capital or co-investments we make in the Funds, is included in non-controlling interests in our Consolidated Financial Statements and is not included in net income attributable to controlling interests or in management fees.

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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.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024: Consolidated Funds’ revenue increased $10.1 million, from $2.0 million for the nine months ended September 30, 2024 to $12.1 million for the nine months ended September 30, 2025. Consolidated Funds’ expense increased $7.0 million, from $0.4 million for the nine months ended September 30, 2024 to $7.4 million for the nine months ended September 30, 2025. Net consolidated Funds’ investment gain increased $20.7 million from $6.5 million for the nine months ended September 30, 2024 to $27.2 million for the nine months ended September 30, 2025. These movements relate to the underlying activity of our consolidated Funds.

Key U.S. GAAP Operating Metrics

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


	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)	2025			2024			2025			2024
Numerator: Operating income	$	26.6		$	27.0		$	74.7		$	70.5
Denominator: Total revenue	$	144.2		$	123.1		$	391.5		$	337.8
U.S. GAAP operating margin(1)	18.4		%	21.9		%	19.1		%	20.9		%

Numerator: Total operating expenses(2)	$	112.3		$	95.9		$	309.4		$	266.9
Denominator: Management fee revenue	$	136.1		$	112.1		$	371.3		$	319.8
U.S. GAAP operating expense / management fee revenue(3)	82.5		%	85.5		%	83.3		%	83.5		%

Numerator: Variable compensation	$	31.8		$	29.4		$	93.6		$	83.7
Denominator: Operating income before variable compensation and Acadian LLC key employee distributions(2)(4)(5)	$	61.0		$	58.8		$	175.9		$	160.0
U.S. GAAP variable compensation ratio(3)	52.1		%	50.0		%	53.2		%	52.3		%

Numerator: Acadian LLC key employee distributions	$	5.2		$	3.1		$	12.3		$	7.4
Denominator: Operating income before Acadian LLC key employee distributions(2)(4)(5)	$	29.2		$	29.4		$	82.3		$	76.3
U.S. GAAP Acadian LLC key employee distributions ratio(3)	17.8		%	10.5		%	14.9		%	9.7		%

(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.

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(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.

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

(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.

(5)The following table identifies the components of operating income before variable compensation and Acadian LLC key employee distributions, as well as operating income before Acadian LLC key employee distributions:


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2025		2024		2025		2024
Operating income	$	26.6	$	27.0	$	74.7	$	70.5
Acadian LLC key employee distributions	5.2		3.1		12.3		7.4
Operating income of consolidated Funds	(2.6)		(0.7)		(4.7)		(1.6)
Operating income before Acadian LLC key employee distributions	29.2		29.4		82.3		76.3
Variable compensation	31.8		29.4		93.6		83.7
Operating income before variable compensation and Acadian LLC key employee distributions	$	61.0	$	58.8	$	175.9

Acadian Asset Management Inc. 10-Q