What changed in Acadian Asset Management Inc.'s 2025 10-K compared to 2024?

Across the narrative sections we track, Acadian Asset Management Inc. (AAMI) added 342 paragraphs, removed 320, and edited 282 between the 2024 and 2025 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+220/−197), Item 1A. Risk Factors (+68/−70), Item 1. Business (+24/−26).

Did Acadian Asset Management Inc. add new Risk Factors in the 2025 10-K?

Yes — Item 1A Risk Factors shows 68 new/edited paragraphs and 70 removed paragraphs versus the 2024 10-K.

What changed in Acadian Asset Management Inc.'s MD&A (Item 7) in 2025?

Item 7 Management's Discussion & Analysis shows 220 new/edited paragraphs and 197 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Did Acadian Asset Management Inc. update its Cybersecurity disclosure (Item 1C) in 2025?

Item 1C Cybersecurity has 4 paragraph-level changes between the 2024 and 2025 filings.

Did Acadian Asset Management Inc.'s Legal Proceedings (Item 3) change in 2025?

Item 3 shows 1 added/edited paragraphs and 1 removed paragraphs — usually indicating new litigation disclosed or settled cases removed.

Where does this AAMI 10-K diff come from?

The source filings are Acadian Asset Management Inc.'s official 2024 and 2025 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in Acadian Asset Management Inc.'s 10-K — 2024 vs 2025

Paragraph-level year-over-year comparison of Acadian Asset Management Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+342 added−320 removedSource: 10-K (2026-02-27) vs 10-K (2025-02-27)

Top changes in Acadian Asset Management Inc.'s 2025 10-K

342 paragraphs added · 320 removed · 282 edited across 8 sections

Item 7. Management's Discussion & Analysis+220 / −197 · 173 edited
Item 1A. Risk Factors+68 / −70 · 59 edited
Item 1. Business+24 / −26 · 23 edited
Item 7A. Quantitative and Qualitative Disclosures About Market Risk+22 / −19 · 19 edited
Item 1C. Cybersecurity+4 / −4 · 4 edited

Item 1. Business

Business — how the company describes what it does

23 edited+1 added−3 removed33 unchanged

2024 filing

2025 filing

Biggest changeThe charts below indicate performance as of December 31, 2024 on a revenue-weighted, equal-weighted, and asset-weighted basis relative to benchmark on a trailing three-, five-, and ten-year basis. Investment Performance* Data as of December 31, 2024 * * As of December 31, 2024, assets representing 91% of revenue were outperforming benchmarks on a 1- year basis.

Biggest changeData as of December 31 for the years 2021 to 2025 * Assets representing 89%, 88%, 80%, 91% and 57% of revenue were outperforming benchmarks on a 1- year basis as of December 31, 2021, 2022, 2023, 2024 and 2025, respectively. 8 The charts below indicate performance as of December 31, 2025 on a revenue-weighted, equal-weighted, and asset-weighted basis relative to benchmark on a trailing three-, five-, and ten-year basis.

We compete with these organizations to attract and retain institutional clients and their assets based on the following primary factors: • the investment performance records of our strategies; • the breadth of active investment strategies and vehicle options that we offer; • the alignment of our investment strategies to the current market conditions and investment preferences and needs of potential clients; • the quality, depth, and reputation of the investment teams that executes our strategies; • the continuity of our investment and distribution teams; • the caliber of service we provide our clients; and • our brand recognition and reputation within the investment community Our History and Organizational Structure The predecessor of AAMI was formed in 1980.

We compete with these organizations to attract and retain institutional clients and their assets based on the following primary factors: • the investment performance records of our strategies; • the breadth of active investment strategies and vehicle options that we offer; • the alignment of our investment strategies to the current market conditions and investment preferences and needs of potential clients; • the quality, depth, and reputation of the investment teams that execute our strategies; • the continuity of our investment and distribution teams; • the caliber of service we provide our clients; and • our brand recognition and reputation within the investment community Our History and Organizational Structure The predecessor of AAMI was formed in 1980.

Our client service and distribution teams comprise knowledgeable, seasoned professionals, experienced in working across the investment spectrum of investors. 3 Our client base is diverse without significant concentration.

Our client service and distribution teams comprise knowledgeable, seasoned professionals, experienced in working across the investment spectrum of investors. Our client base is diverse without significant concentration.

Extension portfolios are a form of high conviction investing which leverage both long and short positions to increase active views, such as 130/30 products. 4 Investment Performance Our mission is to produce strong risk-adjusted returns for our clients. We have competitive near- and long-term track records and are well-positioned for continued growth.

Extension portfolios are a form of high conviction investing which leverage both long and short positions to increase active views, such as 130/30 products. 7 Investment Performance Our mission is to produce strong risk-adjusted returns for our clients. We have competitive near- and long-term track records and are well-positioned for continued growth.

We recognize that markets are dynamic and that a robust culture of investment research is essential to maintaining a competitive edge. 2 Capital Management Our business generates significant, recurring free cash flow that can be used to return capital to stockholders through share repurchases and dividends, repay outstanding debt, and more broadly create value for our stockholders.

We recognize that markets are dynamic and that a robust culture of investment research is essential to maintaining a competitive edge. 5 Capital Management Our business generates significant, recurring free cash flow that can be used to return capital to stockholders through share repurchases and dividends, repay outstanding debt, and more broadly create value for our stockholders.

The information contained or incorporated on our web site is not a part of this Annual Report on Form 10-K. In addition, the SEC maintains a website that contains reports, proxy statement and other information about issuers, such as AAMI, who file electronically with the SEC. The address of the website is www.sec.gov. 9

Effective as of January 1, 2025, we changed our name from BrightSphere Investment Group Inc. to Acadian Asset Management Inc. 7 Regulation We are subject to U.S. federal securities laws, state securities and corporate laws, and the rules and regulations of U.S. regulatory and self-regulatory organizations.

Effective as of January 1, 2025, we changed our name from BrightSphere Investment Group Inc. to Acadian Asset Management Inc. 9 Regulation We are subject to U.S. federal securities laws, state securities and corporate laws, and the rules and regulations of U.S. regulatory and self-regulatory organizations.

Management undertakes detailed business case analyses with respect to all growth opportunities, and only considers those that yield an acceptable return while operating within the parameters of our risk appetite. For the period January 1, 2020 to December 31, 2024, we repurchased approximately 59% of our shares.

Acadian LLC pursues a fundamentally grounded, data-rich, and highly structured approach to investing that seeks to identify and exploit systematic and structural inefficiencies in the markets. Acadian LLC applies a range of investment and risk considerations to a universe of 65,000-plus securities taken from over 150 global markets.

Our profit-sharing model enables us to participate directly in margin expansion as Acadian LLC grows. Acadian LLC comprises our Quant & Solutions reportable segment. Acadian LLC Acadian LLC, founded in 1986, is a leading systematic investment manager with approximately $117 billion in AUM as of December 31, 2024.

With approximately $117 billion of assets under management as of December 31, 2024, 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.

With approximately $178 billion of assets under management as of December 31, 2025, 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.

The firm’s clients were domiciled in approximately 40 countries across the globe as of December 31, 2024. The firm has over 120 investment and research professionals and manages numerous investment products and strategies. Competitive Strengths Experience. As a pioneer in systematic investing, we have been managing systematic equity portfolios since the 1980s.

The firm’s clients were domiciled in more than 40 countries across the globe as of December 31, 2025. The firm has over 100 investment and research professionals and manages numerous investment products and strategies. Competitive Strengths Experience. As a pioneer in systematic investing, we have been managing systematic equity portfolios since the 1980s.

These offerings are designed to provide a balanced earnings stream to our business. We believe our offerings are well-positioned in areas of investor demand and the diversity of investment style and asset class can enable us to participate in growing segments of the industry, through a range of investing environments.

We also present our performance by showing the percentage of our assets beating their benchmarks over the same time periods. The charts below reflect performance versus benchmark on a revenue-weighted basis on a trailing three-, five-, and ten-year basis over each of the last five years.

A key tenet of our investment philosophy is that it is crucial to examine as much relevant information about as many companies as possible. Our systems allow us to evaluate a broad array of investment opportunities on a daily basis.

Our investment process is systematically driven and is supported by a sophisticated systems environment, including the use of artificial intelligence. A key tenet of our investment philosophy is that it is crucial to examine as much relevant information about as many companies as possible. Our systems allow us to evaluate a broad array of investment opportunities on a daily basis.

Our product initiatives to drive growth include enhanced equity, equity extensions, systematic credit, and equity alternatives. Enhanced strategies offer attractive risk-adjusted returns with comparatively lower active risk relative to standard active offerings.

Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, Systematic Credit, and Alternatives. Enhanced strategies offer attractive risk-adjusted returns with comparatively lower active risk relative to standard active offerings.

In order to be successful and grow our business, we must be able to compete effectively for AUM. We compete globally with international and domestic investment management firms, hedge funds, and other subsidiaries of financial institutions for institutional assets.

Investment Performance* Data as of December 31, 2025 * Competition The industry in which we operate is highly competitive. In order to be successful and grow our business, we must be able to compete effectively for AUM. We compete globally with international and domestic investment management firms, hedge funds, and other subsidiaries of financial institutions for institutional assets.

As of December 31, 2024, we had 383 full-time equivalent employees, of which 20 are at Hold Co. None of these employees are represented by any collective bargaining agreements. 8 Operations, Systems and Technology Our advanced technological capabilities are one of our core strengths. Our investment process is systematically driven and is supported by a sophisticated systems environment.

As of December 31, 2025, we had 396 full-time equivalent employees, of which 20 are at Hold Co. None of these employees are represented by any collective bargaining agreements. 10 Operations and Technology Our advanced technological capabilities are one of our core strengths.

Within this channel, we have strong relationships in the public/government pension market (43% of our AUM as of December 31, 2024) and the corporate plan market (13% of our AUM as of December 31, 2024), which comprise a substantial portion of the institutional investment market overall, particularly in the U.S.

Distribution and Client Base Our distribution is focused on the institutional, sub-advisory, and wealth/other channels. The institutional channel accounts for over 80% of our AUM. Within this channel, we have strong relationships in the public/government pension market and the corporate plan market, which comprise a substantial portion of the institutional investment market overall, particularly in the U.S.

As of December 31, 2024, our top five client relationships represented approximately 13% of total run rate gross management fee revenue, and our top 25 clients represented approximately 35% of run rate gross management fee revenue. The below graphic shows the breakdown of our assets under management as of December 31, 2024 by client type and client location.

As of December 31, 2025, our top five client relationships represented approximately 14% of total run rate gross management fee revenue, and our top 25 clients represented approximately 33% of run rate gross management fee revenue.

Figures calculated using gross of fee strategy composite returns. Past performance is no guarantee of 6 future results. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Acadian LLC. Competition The industry in which we operate is highly competitive.

Our long-term performance has been strong since 2021. Past performance is no guarantee of future results. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Acadian LLC.

Acadian LLC manages strategies in developed and developing markets, including global, emerging market, international, and small cap equities, as well as credit and alternative strategies. Acadian LLC predominantly invests on behalf of a wide range of institutional clients across the globe, including public and private funds, endowments and foundations.

Notable product lines and capabilities include Emerging Equity, Non-U.S. Equity, Global Equity, Small Cap Equity, Enhanced Equity, Equity Extensions, Systematic Credit, and Alternatives. Acadian LLC predominantly invests on behalf of a wide range of institutional clients across the globe, including public and private funds, endowments and foundations.

Total AUM: $117.3 bn Data as of December 31, 2024 Products and Investment Performance Product Mix We offer leading strategies in developed and developing markets, including global, emerging market, international, and small cap equities, as well as credit and alternative strategies. The chart below presents our wide range of offerings.

The below graphic shows the breakdown of our assets under management as of December 31, 2025 by client type and client location. 6 Total AUM: $177.5 bn Data as of December 31, 2025 Products and Investment Performance Product Mix We offer leading strategies in developed and developing markets. The chart below presents our wide range of offerings.

Removed

Distribution and Client Base Our distribution is focused on the institutional, sub-advisory, and other channels. The institutional channel accounts for over 80% of our AUM.

Added

While we market primarily to institutional investors, we also participate in the individual investor market via the sub-advisory and wealth/other channels, which together represent almost 20% of our AUM. Clients within these channels include registered investment advisors, private banks, high net-worth clients, family offices, and defined contribution clients on certain platforms.

Removed

While we market primarily to institutional investors, we participate in the individual investor market through the sub-advisory channel, which represented 9% of our AUM as of December 31, 2024. We also manage mutual funds and other commingled products including UCITs and Collective Investment Trusts, which gives us exposure to a retail investor base and the defined contribution market.

Removed

Our long-term performance has been strong and has improved since 2020, which was negatively impacted by the global equity market environment during the pandemic. 5 Data as of December 31 for the years 2020 to 2024 * Assets representing 11%, 47%, 89%, 88% and 91% of revenue were outperforming benchmarks on a 1- year basis as of December 31, 2020, 2021, 2022, 2023 and 2024, respectively.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

59 edited+9 added−11 removed165 unchanged

2024 filing

2025 filing

Biggest changeData Protection Laws give strong enforcement powers to data protection authorities in the EU/U.K., and introduce significant penalties for non-compliance, with fines of up to 4% of total annual worldwide turnover or €20 million (whichever is higher), depending on the type and severity of the breach. 18 In the United States, we are subject to rules adopted pursuant to the Gramm Leach Bliley Act and an ever-increasing number of state laws and regulations, such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act (together, the “CCPA”).

Biggest changeThe EU/U.K. Data Protection Laws give strong enforcement powers to data protection authorities in the EU/U.K., and introduce significant penalties for non-compliance, with fines of up to 4% of total annual worldwide turnover or €20 million/£17.5 million (as applicable) (whichever is higher), depending on the type and severity of the breach.

We have entered into non-competition agreements with some, but not all, of our investment and management personnel, but these agreements may not be enforceable or may not be enforceable to their full extent. Additionally, key employees 11 receive equity awards that limit a recipient’s right to provide competitive services to our clients or solicit our employees for prescribed periods.

We have entered into non-competition agreements with some, but not all, of our investment and management personnel, but these agreements may not be enforceable or may not be enforceable to their full extent. Additionally, key employees receive equity awards that limit a recipient’s right to provide competitive services to our clients or solicit our employees for prescribed periods.

There is no assurance that we will be completely effective in ensuring our compliance with all applicable anti-corruption laws or Trade Control Laws. In addition, we cannot predict the nature, scope or effect of future regulatory 19 requirements to which our internal operations might be subject or the manner in which existing laws might be administered or interpreted.

There is no assurance that we will be completely effective in ensuring our compliance with all applicable anti-corruption laws or Trade Control Laws. In addition, we cannot predict the nature, scope or effect of future regulatory requirements to which our internal operations might be subject or the manner in which existing laws might be administered or interpreted.

Our ability to attract and retain assets under management and generate earnings is dependent on maintaining competitive investment performance, as well as market and other factors. Our financial performance is dependent upon our ability to minimize outflows and increase inflows through sound relative investment performance over measured periods of time compared to relevant benchmarks and peer performance results.

Our ability to attract and retain assets under management and generate earnings is dependent on maintaining competitive investment performance, as well as market, economic and other factors. Our financial performance is dependent upon our ability to minimize outflows and increase inflows through sound relative investment performance over measured periods of time compared to relevant benchmarks and peer performance results.

To the extent that we do not anticipate or effectively mitigate these risks through policies, controls and procedures, and systems, there could be a material adverse effect on our financial condition and results of operations. We may be exposed to potential liability as a general partner or a controlling person.

To the extent that we do not anticipate or effectively mitigate these risks through policies, controls and procedures, and systems, there could be a material adverse effect on our financial condition and results of operations. 17 We may be exposed to potential liability as a general partner or a controlling person.

The exclusive forum provision described above does not impact the Federal courts’ exclusive jurisdiction over Exchange Act claims or the Federal and state courts’ concurrent jurisdiction over Securities Act claims. There can be no assurance that we will repurchase shares of our common stock or that we will repurchase shares of our common stock at favorable prices.

The exclusive forum provision described above does not impact the Federal courts’ exclusive jurisdiction over Exchange Act claims or the Federal and state courts’ concurrent jurisdiction over Securities Act claims. 25 There can be no assurance that we will repurchase shares of our common stock or that we will repurchase shares of our common stock at favorable prices.

These risks also could impact the performance of strategies that invest in such markets and, in particular, strategies that concentrate investments in emerging market companies and countries. We rely on certain key personnel, and our results are dependent upon our ability to retain and attract key personnel.

These risks also could impact the performance of strategies that invest in such markets and, in particular, strategies that concentrate investments in emerging market companies and countries. 13 We rely on certain key personnel, and our results are dependent upon our ability to retain and attract key personnel.

This choice of forum provision may limit our stockholders’ ability to bring a claim in a 22 judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and our directors, officers, employees and agents.

This choice of forum provision may limit our stockholders’ ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, employees or agents, which may discourage such lawsuits against us and our directors, officers, employees and agents.

Our inability to mitigate the negative consequences of any resolution of audits and examinations could cause our global tax rate to increase, our use of cash to increase and our financial condition and results of operations to suffer. Changes in tax laws could have an adverse impact on our business, financial condition, and results of operations.

Our inability to mitigate the negative consequences of any resolution of audits and examinations could cause our global tax rate to increase, our use of cash to increase and our financial condition and results of operations to suffer. 26 Changes in tax laws could have an adverse impact on our business, financial condition, and results of operations.

Damage to our brand or reputation would negatively impact our standing in the industry and result in loss of business in both the short term and the long term. We may not always successfully manage actual or potential conflicts of interests that may arise in our business.

Damage to our brand or reputation would negatively impact our standing in the industry and result in loss of business in both the short term and the long term. 14 We may not always successfully manage actual or potential conflicts of interests that may arise in our business.

The expansion of those and similar programs could, over time, make it more difficult for us to maintain our fee rates. 14 If our techniques for managing risk are ineffective, we may be exposed to material unanticipated losses.

The expansion of those and similar programs could, over time, make it more difficult for us to maintain our fee rates. If our techniques for managing risk are ineffective, we may be exposed to material unanticipated losses.

The agreements generally provide for fees to be paid on the basis of the value of assets under management, although a portion also provide for performance-based fees to be paid on the basis of investment performance against stated benchmarks. Acadian LLC is a U.S. registered investment adviser.

The agreements generally provide for fees to be paid on the basis of the value of assets under management, although a portion also provide for performance-based fees to be paid on the basis of investment performance against stated benchmarks. 15 Acadian LLC is a U.S. registered investment adviser.

In addition, assets could be withdrawn for any number of reasons other than poor absolute or relative investment performance, including macro-economic factors unrelated to investment performance, a reduction in market demand 10 for the asset classes, products or strategies we offer, the loss of key personnel, price declines in the securities markets generally, price declines in those assets in which client assets are concentrated or changes in investment patterns of clients, a failure by us to comply with applicable client and regulatory investment guidelines, or factors wholly unrelated to us.

In addition, assets could be withdrawn for any number of reasons other than poor absolute or relative investment performance, including macro-economic factors unrelated to investment performance, a reduction in market demand 12 for the asset classes, products or strategies we offer, the loss of key personnel, price declines in the securities markets generally, price declines in those assets in which client assets are concentrated or changes in investment patterns of clients, a failure by us to comply with applicable client and regulatory investment guidelines, or factors wholly unrelated to us.

Some investors may prefer to invest with an investment manager that is not publicly traded based on the perception that a publicly traded asset manager may focus on the manager’s own growth to the detriment of investment performance for clients.

Some investors may prefer to invest with an investment manager that is not publicly 22 traded based on the perception that a publicly traded asset manager may focus on the manager’s own growth to the detriment of investment performance for clients.

Moreover, if at any time we are not able to comply with the requirements of Section 404 in a timely manner, or if we identify material weaknesses or other deficiencies in our internal control over financial reporting, the market price of our common stock could decline, and we could be subject to sanctions or investigations by the NYSE, the SEC or other regulatory authorities, which would require additional financial and management resources. 25

From time to time, we may have to engage in litigation to attempt to achieve the results reflected in our estimates, which may be 23 time-consuming and expensive and may have other adverse impacts.

From time to time, we may have to engage in litigation to attempt to achieve the results reflected in our estimates, which may be time-consuming and expensive and may have other adverse impacts.

If we fail to comply with these laws, we could be subject to civil or criminal penalties, other remedial measures, and legal expenses, which could adversely affect our business, results of operations and financial condition. Our operations are subject to anti-corruption laws, including the U.S. Foreign Corrupt Practices Act, or the FCPA, the U.K.

In the U.K., we are subject to regulation by the Financial Conduct Authority, or FCA, which imposes a comprehensive system of regulation on investment advisers and the manner in which we conduct our business. We may also be registered from time to time in jurisdictions outside of the United States and will be subject to applicable regulation in those jurisdictions.

In the U.K., we are subject to regulation by the Financial Conduct Authority, which imposes a comprehensive system of regulation on investment advisers and the manner in which we conduct our business. We may also be registered from time to time in jurisdictions outside of the United States and will be subject to applicable regulation in those jurisdictions.

Total run rate gross management fee revenue reflects the sum for each account at Acadian LLC, of the product of (a) assets under management in each account at December 31, 2024, multiplied by (b) the relevant management fee rate on that account.

Total run rate gross management fee revenue reflects the sum for each account at Acadian LLC, of the product of (a) assets under management in each account at December 31, 2025, multiplied by (b) the relevant management fee rate on that account.

For additional information regarding our long-term bonds, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity—Working Capital and Long-Term Debt.” We may incur additional indebtedness in the future for a variety of business reasons, including in relation to our share repurchases, for seed or co-investment capital, or for other strategic reasons.

For additional information regarding our long-term debt, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity—Borrowings and Debt.” We may incur additional indebtedness in the future for a variety of business reasons, including in relation to our share repurchases, for seed or co-investment capital, or for other strategic reasons.

Some competitors may operate in a different regulatory environment than we do, which may give them certain competitive advantages in the investment products and portfolio structures that they offer. Furthermore, the development and use of various technologies based on machine learning and artificial intelligence is expanding rapidly in our industry.

As required by the Investment Company Act of 1940, or the Investment Company Act, investment advisory agreements and sub-advisory agreements between Acadian LLC and investment company clients and/or the investment advisers to those investment companies terminate upon their assignment.

As required by the Investment Company Act of 1940, (the “Investment Company Act”), investment advisory agreements and sub-advisory agreements between Acadian LLC and investment company clients and/or the investment advisers to those investment companies terminate upon their assignment.

Losses on our seed capital could adversely impact our results of operations or financial condition. 15 As of December 31, 2024, we had approximately $90 million committed to seed capital, which is currently invested in seven products.

Losses on our seed capital could adversely impact our results of operations or financial condition. As of December 31, 2025, we had approximately $90 million committed to seed capital, which is currently invested in seven products.

Risks Related to Operations Our overall financial results are dependent on the ability of Acadian LLC to generate earnings. Substantially all of our revenue generation is dependent on Acadian LLC, who receives the majority of their fees based on the values of assets under management. Substantially all of our cash flows consist of distributions received from Acadian LLC.

Risks Related to Operations Our overall financial results are dependent on the ability of Acadian LLC to generate earnings. Substantially all of our revenue generation is dependent on Acadian LLC, which receives the majority of its fees based on the values of assets under management. Substantially all of our cash flows consist of distributions received from Acadian LLC.

Consequently, our results of operations are dependent upon our ability to minimize the risk of outflows from these strategies through relatively strong performance over measured periods of time compared to relevant benchmarks and peer performance results. Also, certain investors may evaluate us on the basis of the asset-weighted performance of our assets under management.

Equity ($12 billion, or 6%). Consequently, our results of operations are dependent upon our ability to minimize the risk of outflows from these strategies through relatively strong performance over measured periods of time compared to relevant benchmarks and peer performance results. Also, certain investors may evaluate us on the basis of the asset-weighted performance of our assets under management.

To the extent that our revenues associated with such products and/or capabilities do not increase as much as our related expenses, our profitability could be adversely affected. Our outstanding indebtedness may impact our business and may restrict our growth and results of operations. As of December 31, 2024, we had $275.0 million of long-term bonds outstanding.

To the extent that our revenues associated with such products and/or capabilities do not increase as much as our related expenses, our profitability could be adversely affected. Our outstanding indebtedness may impact our business and may restrict our growth and results of operations. As of December 31, 2025, we had $200.0 million of long-term debt outstanding.

A significant amount of our assets under management is represented by strategies that invest in securities of non-U.S. companies. As of December 31, 2024, approximately 80% of our AUM is in non-US denominated currencies.

A significant amount of our assets under management is represented by strategies that invest in securities of non-U.S. companies. As of December 31, 2025, approximately 70% of our AUM is in non-US denominated currencies.

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and are required to implement specific corporate governance practices and adhere to a variety of reporting requirements under the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley, and the related rules and regulations of the SEC, as well as the rules of the NYSE.

We are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), and are required to implement specific corporate governance practices and adhere to a variety of reporting requirements under the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), and the related rules and regulations of the SEC, as well as the rules of the NYSE.

Any failure or perceived failure by us or our employees, representatives, contractors, consultants, collaborators, or other third parties to comply with such requirements or adequately address privacy and security concerns, even if unfounded, could result in additional cost and liability to us, damage our reputation, and adversely affect our business and results of operations.

In addition, the development and use of various technologies based on machine learning and artificial intelligence is expanding rapidly in our industry.

In addition, the development and use of various technologies based on machine learning and AI is expanding rapidly in our industry.

Bribery Act 2010, or the Bribery Act, and other anti-corruption laws that apply in countries where we do business.

Bribery Act 2010 (the “Bribery Act”), and other anti-corruption laws that apply in countries where we do business.

Reputational harm could result in a loss of assets under management and revenues. The integrity of our brand and reputation is critical to our ability to attract and retain clients, business partners and employees and maintain relationships with consultants. We operate within the highly regulated financial services industry and various potential scenarios could result in harm to our reputation.

The integrity of our brand and reputation is critical to our ability to attract and retain clients, business partners and employees and maintain relationships with consultants. We operate within the highly regulated financial services industry and various potential scenarios could result in harm to our reputation.

Even if an investigation or proceeding did not result in a fine or sanction, or the fine or sanction imposed against us or our respective employees by a regulator were small in monetary amount, the adverse publicity relating to an investigation, proceeding or imposition of a fine or sanction could cause us to suffer financial loss, harm our reputation and cause us to lose business or fail to attract new business which would have a direct adverse impact on our business, financial condition and results of operations.

Risks Related to Our Industry We operate in a competitive environment. The investment management industry is highly competitive, with competition based on a variety of factors, including investment performance, investment management fee rates, continuity of investment professionals and client relationships, the quality of services provided to clients, reputation and the strategies offered.

The investment management industry is highly competitive, with competition based on a variety of factors, including investment performance, investment management fee rates, continuity of investment professionals and client relationships, the quality of services provided to clients, reputation and the strategies offered.

GDPR”), along with the Data Protection Act 2018 in the U.K. (“Act”) (together “EU/U.K. Data Protection Laws”). The EU/U.K.

GDPR”), along with the Data Protection Act 2018 and the Data (Use and Access) Act in the U.K. (together “EU/U.K. Data Protection Laws”). The EU/U.K.

Any new laws or regulations could make compliance more difficult and expensive and affect the manner in which we conduct business. 21 Failure to comply with applicable laws or regulations could result in fines, suspension or revocation of Acadian LLC’s registration as an investment adviser, suspensions of individual employees, revocation of licenses to operate in certain jurisdictions or other sanctions, which could materially adversely affect our business, financial condition and results of operations.

Failure to comply with applicable laws or regulations could result in fines, suspension or revocation of Acadian LLC’s registration as an investment adviser, suspensions of individual employees, revocation of licenses to operate in certain jurisdictions or other sanctions, which could materially adversely affect our business, financial condition and results of operations.

Any significant limitation on the use of our facilities or the failure or security breach of our software applications or operating systems and networks, including the potential risk of cyber-attacks, could result in the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to, confidential client information or personal data, damage to our reputation, additional costs, regulatory penalties and financial losses.

Substantial legal liability levied on us could have a material adverse effect on our business, financial condition, or results of operations and could cause significant reputational harm. 19 Any significant limitation on the use of our facilities or the failure or security breach of our software applications or operating systems and networks, including the potential risk of cyber-attacks, could result in the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to, confidential client information or personal data, damage to our reputation, additional costs, regulatory penalties and financial losses.

Any of these consequences could have a material adverse effect on our financial condition or results of operations. 16 We may be unable to obtain sufficient capital and liquidity to meet the requirements of our business.

Any of these consequences could have a material adverse effect on our financial condition or results of operations. We may be unable to obtain sufficient capital and liquidity to meet the requirements of our business. Our ability to finance our operations, strategic initiatives and maturing obligations is dependent on our future operating performance and other financing options.

Should such review indicate impairment, a write-down of the carrying value of goodwill or the intangible asset could occur, resulting in a non-cash charge that may, in turn, affect our reported results of operations, financial condition and shareholders’ equity. 27 Our ability to pay regular dividends to our stockholders is subject to the discretion of our Board of Directors and may be limited by our structure and applicable provisions of Delaware law.

Acadian LLC may also be subject to the rules and regulations adopted by the Commodity Futures Trading Commission, under the Commodity Exchange Act; by the Department of Labor, under ERISA; the Financial Industry Regulatory Authority, Inc. and state regulators. 23 We also are subject to the regulatory environments of the non-U.S. jurisdictions in which we operate, some of which also recently implemented or are in the process of implementing changes in regulations.

Likewise, any investigation of any potential violations of anti-corruption laws or Trade Control Laws by U.K., U.S. or other authorities could also have an adverse impact on our reputation, business, results of operations and financial condition. The U.K. exit from the EU (“Brexit”) could adversely impact our business. Beginning January 1, 2021, EU laws ceased to apply in the U.K.

Likewise, any investigation of any potential violations of anti-corruption laws or Trade Control Laws by U.K., U.S. or other authorities could also have an adverse impact on our reputation, business, results of operations and financial condition. Risks Related to Our Industry We operate in a competitive environment.

This concentration of ownership may have the effect of delaying or preventing a change in control of us or discouraging others from making tender offers for our common stock.

As of December 31, 2025, Paulson & Co. Inc. (“Paulson”) and related parties thereof held 21.8% of our common stock. This concentration of ownership may have the effect of delaying or preventing a change in control of us or discouraging others from making tender offers for our common stock.

Such innovation may require significant time and resources, including upfront and ongoing expenses, as well as expose us to additional risks, including but not limited to legal and regulatory risks.

Our continued growth depends in part on our effectiveness in developing and introducing new products and/or capabilities. Such innovation may require significant time and resources, including upfront and ongoing expenses, as well as expose us to additional risks, including but not limited to legal and regulatory risks.

It is impossible to determine the extent of the impact of any new laws, regulations or initiatives that may be proposed, or whether any of the proposals will become law.

It is impossible to determine the extent of the impact of any new laws, regulations or initiatives that may be proposed, or whether any of the proposals will become law. Any new laws or regulations could make compliance more difficult and expensive and affect the manner in which we conduct business.

In order for us to maintain our fee structure in a competitive environment, we may elect to decline to manage additional assets from potential clients who demand lower fees even though our revenues may be adversely affected in the short term. 16 Furthermore, a shift in the mix of assets under management from asset classes or products that generate higher fees to those that generate lower fees may result in a decrease in revenues while aggregate assets under management remain unchanged or increase.

We are subject to data protection laws including in the European Union (“EU”), United Kingdom (“U.K.”), United States (“U.S.”) and other jurisdictions, and any failure to comply with such legislation could adversely affect our business, reputation, results of operations and financial condition.

A successful attack could result in significant adverse consequences, including regulatory inquiries or litigation, increased costs and expenses including costs related to insurance and remediation of any security vulnerabilities, reputational damage, lost revenue, and fines or penalties. 20 We are subject to data protection laws including in the European Union (“EU”), United Kingdom (“U.K.”), United States (“U.S.”) and other jurisdictions, and any failure to comply with such legislation could adversely affect our business, reputation, results of operations and financial condition.

Additionally, it is possible that any such disruption or disaster could have a significant impact on the general economy, domestic and local financial and capital markets or specific industries, including the financial services industry. 17 A significant portion of our operations relies heavily on the secure processing, storage and transmission of confidential and other information as well as the monitoring of a large number of complex transactions.

As a result, we may be more impacted by trends and issues and more susceptible to negative events impacting us and the asset management industry than other more diversified asset managers or other financial services companies that provide asset management and other financial services. 20 We operate in a highly regulated industry, and continually changing federal, state, local and foreign laws and regulations could materially adversely affect our business, financial condition and results of operations.

Any of these factors could have a negative impact on our results of operations and financial condition. We derive a substantial portion of our revenue from a limited number of investment strategies. A significant portion of our assets are invested in a limited number of investment strategies.

We derive a substantial portion of our revenue from a limited number of investment strategies. A significant portion of our assets are invested in a limited number of investment strategies.

The investment management business is highly regulated and, as a result, we are required to comply with a wide array of domestic and international laws and regulations.

We operate in a highly regulated industry, and continually changing federal, state, local and foreign laws and regulations could materially adversely affect our business, financial condition and results of operations. The investment management business is highly regulated and, as a result, we are required to comply with a wide array of domestic and international laws and regulations.

A decrease in revenues resulting from termination of an investment advisory agreement or sub-advisory agreement for any reason could have a material adverse effect on our revenue and profits and a negative effect on our results of operations. 13 Pursuant to the Advisers Act, investment advisory agreements between Acadian LLC, who is a U.S. registered investment advisers and their clients are not assignable without the consent of the client.

Declines in the market price of our common stock or failure of the market price to increase could also harm our ability to retain key employees, reduce our access to capital and otherwise harm our business. 24 The carrying value of goodwill and other intangible assets on our balance sheet could become impaired, which would adversely affect our financial condition and results of operations.

Certain client accounts have similar investment objectives and may engage in transactions in the same types of securities and instruments.

Certain client accounts have similar investment objectives and may engage in transactions in the same types of securities and instruments. These transactions could impact the prices and availability of the securities and instruments in which a client account invests and could have an adverse impact on an account’s performance.

Like many other financial institutions, we have been subject to cyber-attacks and will continue to be subject to an increasing risk of cyber incidents from these activities. Cyber-attacks are growing in sophistication and come from a variety of sources, including criminal hackers, activists, state-sponsored intrusions, industrial espionage, and insider threats.

Cyber-attacks are growing in sophistication and come from a variety of sources, including criminal hackers, activists, state-sponsored intrusions, industrial espionage, and insider threats.

In addition, we may obtain additional liability insurance for our directors and officers. There have been historical periods in which directors’ and officers’ liability insurance and errors and omissions insurance have been available only with limited coverage amounts, less favorable terms or at prohibitive cost, and these conditions could recur.

There have been historical periods in which directors’ and officers’ liability insurance and errors and omissions insurance have been available only with limited coverage amounts, less favorable terms or at prohibitive cost, and these conditions could recur. 18 Our growth initiatives, including the development and introduction of new products and/or capabilities, may be unsuccessful, may expose us to risks and may not facilitate the growth of our business.

We have recorded goodwill and intangible asset impairments in the past and could incur such charges in the future if acquisitions occur and we take on more goodwill.

The carrying value of goodwill and other intangible assets on our balance sheet could become impaired, which would adversely affect our financial condition and results of operations. We have recorded goodwill and intangible asset impairments in the past and could incur such charges in the future if acquisitions occur and we take on more goodwill.

As of December 31, 2024, $52 billion, or 45%, of our assets under management were concentrated across three investment strategies: Acadian Global Equity ($19 billion, or 16%) Acadian Emerging Markets Equity ($18 billion, or 16%), and Acadian All-Country World ex-US Equity ($15 billion, or 13%).

As of December 31, 2025, $81 billion, or 46%, of our assets under management were concentrated across five investment strategies: Acadian Emerging Markets Equity ($21 billion, or 12%) Acadian Enhanced Global Equity ($18 billion, or 10%), Acadian All-Country World ex-U.S. Equity ($17 billion, or 10%), Acadian Non-U.S. Small-Cap Equity ($14 billion, or 8%), and Acadian Non-U.S.

These transactions could impact the prices and availability of the securities and instruments in which a client account invests and could have an adverse impact on an account’s performance. 12 The SEC and other regulators have increased their scrutiny of conflicts of interest.

The SEC and other regulators have increased their scrutiny of conflicts of interest.

Removed

Furthermore, a shift in the mix of assets under management from asset classes or products that generate higher fees to those that generate lower fees may result in a decrease in revenues while aggregate assets under management remain unchanged or increase.

Added

Our investment strategies are materially affected by market and economic conditions throughout the world, including conditions relating to interest rates, availability of credit, inflation rates, economic uncertainty and growth (or contraction), changes in laws (including laws relating to taxation), trade barriers, commodity prices, currency exchange rates, and liquidity conditions in equity and debt capital markets.

Removed

Our growth initiatives, including the development and introduction of new products and/or capabilities, may be unsuccessful, may expose us to risks and may not facilitate the growth of our business. Our continued growth depends in part on our effectiveness in developing and introducing new products and/or capabilities.

Added

Although decelerating, inflation remains above the U.S. Federal Reserve’s target levels. Despite multiple federal fund rate decreases since 2024, interest rates remain elevated, and the pace of future rate decreases remains uncertain.

Removed

Our ability to finance our operations, strategic initiatives and maturing obligations under our long-terms bonds is dependent on future issuances of long-term bonds or other financing options and our future operating performance.

Added

Periods of elevated inflation and high interest rates can contribute to significant volatility in debt and equity markets and economic deceleration, which may adversely impact the value of our clients' investments and our ability to attract and retain assets under management. Any of these factors could have a negative impact on our results of operations and financial conditions.

Removed

Substantial legal liability levied on us could have a material adverse effect on our business, financial condition, or results of operations and could cause significant reputational harm.

Added

Our or our third-party service providers’ use of artificial intelligence (“AI”) technologies could result in new and expanded risks, particularly as the use of AI applications increases in prevalence and scope.

Removed

Added

Our failure to effectively manage the development and use of AI, our competitors' development or use of AI, and an evolving AI regulatory environment could have an adverse effect on our growth prospects, reputation, or business and results of operations. Reputational harm could result in a loss of assets under management and revenues.

Removed

The failure of a counterparty to meet its obligations could affect our business adversely.

Added

Pursuant to the Advisers Act, investment advisory agreements between Acadian LLC, which is a U.S. registered investment advisers and its clients are not assignable without the consent of the client.

Removed

Brexit has resulted in increased complexity to our operations, including the ability of our UK subsidiary to access the European Economic Area. Future EU or U.K.-based legislation or agreements enacted in response to Brexit may have a further adverse impact on us or our investments.

Added

In addition, we may obtain additional liability insurance for our directors and officers.

Removed

Brexit also may result in significant market dislocation, heightened counterparty risk and an adverse effect on the management of market risk, particularly asset and liability management due in part to redenomination of financial assets and liabilities, an adverse effect on our ability to manage, operate and invest and increased legal, regulatory or compliance burden for us, each of which could have a negative impact on our operations, investments, financial condition, returns or prospects.

Added

A significant portion of our operations relies heavily on the secure processing, storage and transmission of confidential and other information as well as the monitoring of a large number of complex transactions. Like many other financial institutions, we have been subject to cyber-attacks and will continue to be subject to an increasing risk of cyber incidents from these activities.

Removed

We also are subject to the regulatory environments of the non-U.S. jurisdictions in which we operate, some of which also recently implemented or are in the process of implementing changes in regulations.

Added

In the United States, we are subject to rules adopted pursuant to the Gramm Leach Bliley Act and an ever-increasing number of state laws and regulations, such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act (together, the “CCPA”).

Removed

Risks Related to Our Ownership Structure and Governance Paulson has meaningful ability to influence our business. As of February 14, 2025, Paulson & Co. Inc. (“Paulson”) owns 23.9% of our common stock.

Removed

Our ability to pay regular dividends to our stockholders is subject to the discretion of our Board of Directors and may be limited by our structure and applicable provisions of Delaware law.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

4 edited+0 added−0 removed5 unchanged

2024 filing

2025 filing

Biggest changeThe Audit Committee of our Board of Directors has primary responsibility for oversight of cybersecurity and is briefed on cybersecurity risks quarterly and following any material cybersecurity incidents. Our cybersecurity program is managed by our Head of IT and CISO, who reports to our Chief Administrative Officer and has served in this role since 2019.

Biggest changeThe Audit Committee of our Board of Directors has primary responsibility for oversight of cybersecurity and is briefed on cybersecurity risks quarterly and following any material cybersecurity incidents. Our cybersecurity program is managed by our CTO and CISO, who have served in this role since 2025.

Our Management Risk Committee (MRC) collaborates with our Head of IT and Chief Information Security Officer (CISO) along with the IT Department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our Head of IT and CISO along with the IT Department implement processes and technologies to provide security monitoring and vulnerability management.

Our Management Risk Committee (MRC) collaborates with our Chief Technology Officer (CTO) and Chief Information Security Officer (CISO) along with the IT Department to evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our CTO and CISO along with the IT Department implement processes and technologies to provide security monitoring and vulnerability management.

Reporting to the Audit Committee of our Board of Directors quarterly, our Head of IT and CISO may address overall assessment of the Company’s compliance with our cybersecurity policies and procedures, risk management, service provider arrangements, testing results and security incident response and makes recommendations for changes and updates to policies, procedures, and technologies related to cybersecurity and IT risk management. 26

Reporting to the Audit Committee of our Board of Directors, our CTO and CISO may address overall assessment of the Company’s compliance with our cybersecurity policies and procedures, risk management, service provider arrangements, testing results and security incident response and makes recommendations for changes and updates to policies, procedures, and technologies related to cybersecurity and IT risk management. 29

Our Head of IT and CISO has over 20 years of industry experience in information technology and maintains industry certifications such as the ISC2 CISSP.

Our CISO has over 25 years of industry experience in information technology and maintains industry certifications such as the ISC2 CISSP.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed1 unchanged

2024 filing

2025 filing

Biggest changeItem 2. Properties. Our principal executive office is located at 200 State Street, 13th Floor, Boston, Massachusetts 02109. Acadian LLC has its own primary office in Boston, MA where core investment management activities take place. In addition, Acadian LLC has leased secondary offices to support research, distribution and client servicing.

Biggest changeItem 2. Properties. Our principal executive office is located at 200 State Street, Suite 601A, Boston, Massachusetts 02109. Acadian LLC has its own primary office in Boston, MA where core investment management activities take place. In addition, Acadian LLC has leased secondary offices to support research, distribution and client servicing.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged

2024 filing

2025 filing

Biggest changeAlthough the amount of liability that may result from these matters cannot be ascertained, we do not currently believe that, in the aggregate, they will result in liabilities material to our consolidated financial condition, future results of operations or cash flow. Item 4. Mine Safety Disclosures. Not applicable. 27 PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

2 edited+0 added−0 removed1 unchanged

2024 filing

2025 filing

Biggest changeThe following graph compares the cumulative stockholder return on our common stock during the five-year period ending December 31, 2024, with the cumulative total return, during the same period, of the Standard & Poor’s 500 Index and the Standard & Poor’s 500 Financial Sector Index. 28 Item 6. [Reserved] 29

Biggest changeThe following graph compares the cumulative stockholder return on our common stock during the five-year period ending December 31, 2025, with the cumulative total return, during the same period, of the Standard & Poor’s 500 Index and the Standard & Poor’s 500 Financial Sector Index. 31 Item 6. [Reserved] 32

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information for Common Stock Our common stock trades on the New York Stock Exchange under the symbol “AAMI.” As of February 26, 2025 there were two registered stockholders of record.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information for Common Stock Our common stock trades on the New York Stock Exchange under the symbol “AAMI.” As of February 25, 2026 there were two registered stockholders of record.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

173 edited+47 added−24 removed126 unchanged

2024 filing

2025 filing

Biggest changeThe following table presents our assets under management by strategy as of each of the dates indicated: ($ in billions) December 31, 2024 December 31, 2023 December 31, 2022 Developed Markets $ 91.0 $ 80.7 $ 73.2 Developing Markets 26.3 23.0 20.4 Total assets under management $ 117.3 $ 103.7 $ 93.6 The following table shows assets under management by client type as of each of the dates indicated: ($ in billions) December 31, 2024 December 31, 2023 December 31, 2022 AUM % of total AUM % of total AUM % of total Public/Government $ 50.7 43.2 % $ 43.7 42.1 % $ 39.3 42.0 % Commingled Trust/UCITS 28.0 23.9 % 25.2 24.3 % 21.7 23.2 % Corporate/Union 15.7 13.4 % 12.0 11.6 % 13.1 14.0 % Sub-advisory 10.9 9.3 % 12.8 12.3 % 11.8 12.6 % Endowment/Foundation 3.5 3.0 % 3.4 3.3 % 3.1 3.3 % Other 8.5 7.2 % 6.6 6.4 % 4.6 4.9 % Total assets under management $ 117.3 $ 103.7 $ 93.6 The following table shows assets under management by client location as of each of the dates indicated: ($ in billions) December 31, 2024 December 31, 2023 December 31, 2022 AUM % of total AUM % of total AUM % of total U.S. $ 75.3 64.2 % $ 69.9 67.4 % $ 62.7 67.0 % Europe 15.9 13.6 % 16.6 16.0 % 16.3 17.4 % Asia 9.5 8.1 % 4.4 4.2 % 3.2 3.4 % Australia 8.6 7.3 % 6.5 6.3 % 5.6 6.0 % Other 8.0 6.8 % 6.3 6.1 % 5.8 6.2 % Total assets under management $ 117.3 $ 103.7 $ 93.6 35 AUM flows Net client cash flows for all periods include reinvested income and distributions.

Biggest changeEquity 38.4 21.6 % $ 26.6 22.7 % $ 24.6 23.7 % Small Cap Equity 32.8 18.5 % 25.0 21.3 % 21.9 21.1 % Global Equity 22.9 12.9 % 19.0 16.2 % 14.5 14.0 % Emerging Markets Equity 26.0 14.7 % 18.1 15.4 % 16.7 16.1 % Other 17.4 9.8 % 17.8 15.2 % 21.6 20.9 % Total assets under management 177.5 $ 117.3 $ 103.7 The following table shows assets under management by client type as of each of the dates indicated: ($ in billions) December 31, 2025 December 31, 2024 December 31, 2023 AUM % of total AUM % of total AUM % of total Institutional $ 144.5 81.4 % $ 93.0 79.3 % $ 81.7 78.8 % Sub-advisory 16.8 9.5 % 13.1 11.2 % 13.6 13.1 % Wealth/Other 16.2 9.1 % 11.2 9.5 % 8.4 8.1 % Total assets under management $ 177.5 $ 117.3 $ 103.7 The following table shows assets under management by client location as of each of the dates indicated: ($ in billions) December 31, 2025 December 31, 2024 December 31, 2023 AUM % of total AUM % of total AUM % of total U.S. $ 99.5 56.1 % $ 74.7 63.7 % $ 70.2 67.7 % EMEA 37.7 21.2 % 16.9 14.4 % 16.5 15.9 % Asia Pacific 31.2 17.6 % 18.8 16.0 % 11.2 10.8 % Other 9.1 5.1 % 6.9 5.9 % 5.8 5.6 % Total assets under management $ 177.5 $ 117.3 $ 103.7 AUM flows Net client cash flows for all periods include reinvested income and distributions.

Interest Expense Year ended December 31, 2024 compared to year ended December 31, 2023: Interest expense decreased $0.2 million, or 1.0%, from $19.6 million for the year ended December 31, 2023 to $19.4 million for the year ended December 31, 2024, reflecting lower interest rates in the current year, partially offset by higher balances drawn on the revolving credit facility in the year ended December 31, 2024.

Year ended December 31, 2024 compared to year ended December 31, 2023: Interest expense decreased $(0.2) million, or (1.0)%, from $19.6 million for the year ended December 31, 2023 to $19.4 million for the year ended December 31, 2024, reflecting lower interest rates in the current year, partially offset by higher balances drawn on the revolving credit facility in the year ended December 31, 2024.

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.

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.

Our most significant uses of cash include share repurchases, repayment of third-party borrowings and revolving credit facility, third-party interest payments, tax payments, seed capital investments, dividends and compensation and general and administrative expenses.

Our most significant uses of cash include repayment of third-party borrowings and revolving credit facility, share repurchases, third-party interest payments, tax payments, seed capital investments, dividends and compensation and general and administrative expenses.

For a further discussion of how we use ENI and why ENI is useful to investors, see “—Overview—How We Measure Performance.” To calculate economic net income, we re-categorize certain line items on our Consolidated Statements of Operations to reflect the following: • We exclude the effect of Funds’ consolidation by removing the portion of Fund revenues, expenses and investment return which were not attributable to our stockholders. • We include within management fee revenue any fees paid to the Company by consolidated Funds. • We treat sales-based compensation as a general and administrative expense, rather than part of fixed compensation and benefits. • We identify separately from operating expenses variable compensation and Acadian LLC key employee distributions, which represent Acadian LLC earnings shared with key employees. 49 We also make the following adjustments to U.S.

Variable compensation increased $10.5 million, or 9.4%, from $112.2 million for the year ended December 31, 2023 to $122.7 million for the year ended December 31, 2024. The increase was primarily attributable to higher pre-bonus profits in the year ended December 31, 2024, partially offset by lower restructuring expenses in the current year.

(2) For the year ended December 31, 2024, includes severance-related items of $(1.0) million, costs associated with the transfer of an insurance policy from our former parent of $1.3 million, and costs associated with the wind-down of the MACS business in the standalone format of $1.3 million.

(2) For the year ended December 31, 2025, includes severance-related items of $(1.0) million. For the year ended December 31, 2024, includes severance-related items of $(1.0) million, costs associated with the transfer of an insurance policy from our former parent of $1.3 million and costs associated with the wind-down of the MACS business in the standalone format of $1.3 million.

(b) The year ended December 31, 2024 excludes $(1.0) million of severance-related items that is included within restructuring costs and $0.9 million of costs associated with the wind-down of the MACS business in the standalone format that is included within restructuring costs. The year ended December 31, 2023 excludes $7.3 million of severance costs that are included within restructuring costs.

The year ended December 31, 2024 excludes $(1.0) million of severance-related items that is included within restructuring costs and $0.9 million of costs associated with the wind-down of the MACS business in the standalone format that is included within restructuring costs. The year ended December 31, 2023 excludes $7.3 million of severance costs that are included within restructuring costs.

Revaluations of Acadian LLC key employee equity changed by $23.3 million in 2024, reflecting revaluations of key employee ownership interests at Acadian LLC, as the value of the equity plan liability decreased $(0.1) million for the year ended December 31, 2023, and increased $23.2 million for the year ended December 31, 2024.

Revaluations of Acadian LLC key employee equity changed by $23.3 million, reflecting revaluations of key employee ownership interests at Acadian LLC, as the value of the equity plan liability decreased $(0.1) million for the year ended December 31, 2023, and increased $23.2 million for the year ended December 31, 2024.

(b) ENI earnings after Acadian LLC key employee distributions is calculated as ENI operating income (ENI revenue, less ENI operating expense, less ENI variable compensation), less Acadian LLC key employee distributions. Refer to “—Key Non-GAAP Operating Metrics” for a reconciliation from U.S. GAAP operating income (loss) to ENI earnings after Acadian LLC key employee distributions. (2) Taxed at U.S.

(b) ENI earnings after Acadian LLC key employee distributions is calculated as ENI operating income (ENI revenue, less ENI operating expense, less ENI variable compensation), less Acadian LLC key employee distributions. Refer to “—Key Non-GAAP Operating Metrics” for a reconciliation from U.S. GAAP operating income to ENI earnings after Acadian LLC key employee distributions. (2) Taxed at U.S.

Quant & Solutions segment ENI variable compensation expense is based on contractual percentage of earnings before variable compensation and also includes a formulaic split of performance fee revenue that gets deferred and recognized as variable compensation expense over a three-year vesting period.

Quant & Solutions ENI variable compensation expense is based on a contractual percentage of earnings before variable compensation and also includes a formulaic split of performance fee revenue that gets deferred and recognized as variable compensation expense over a three-year vesting period.

(2) For the year ended December 31, 2024, excludes $(1.0) million of severance-related items that is included within restructuring costs and $0.9 million of costs associated with the wind-down of the MACS business in the standalone format that is included within restructuring costs.

For the year ended December 31, 2024, excludes $(1.0) million of severance-related items that is included within restructuring costs and $0.9 million of costs associated with the wind-down of the MACS business in the standalone format that is included within restructuring costs.

The deferred compensation pool is based on a contractual percentage of Acadian LLC performance fee revenues and post-bonus profits, and is subject to a three-year vesting period. Compensation expense is recognized over the requisite service period.

The majority of the deferred compensation pool is based on a contractual percentage of Acadian LLC performance fee revenues and post-bonus profits, and is subject to a three-year vesting period. Compensation expense is recognized over the requisite service period.

Sales-based compensation increased $4.5 million, or 59.2%, from $7.6 million for the year ended December 31, 2023 to $12.1 million for the year ended December 31, 2024, driven by higher gross sales in the current year.

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. 31 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 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. 34 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.

Our ability to secure short-term and long-term financing in the future will depend on several factors, including our future profitability, our relative levels of debt and equity and the overall condition of the credit markets. 66 Commitments, Contingencies and Off-Balance Sheet Obligations Indemnifications In the normal course of business, we occasionally enter into contracts that contain a variety of representations and warranties and which provide general indemnifications.

Our ability to secure short-term and long-term financing in the future will depend on several factors, including our future profitability, our relative levels of debt and equity and the overall condition of the credit markets. 70 Commitments, Contingencies and Off-Balance Sheet Obligations Indemnifications In the normal course of business, we occasionally enter into contracts that contain a variety of representations and warranties and which provide general indemnifications.

For additional discussion of our compensation programs, please refer to the compensation discussions contained within our definitive proxy statement for our 2025 annual meeting of stockholders incorporated herein by reference. Supplemental Liquidity Measure—Adjusted EBITDA As supplemental information, we provide information regarding Adjusted EBITDA, which we define as economic net income before net interest, income taxes, depreciation and amortization.

For additional discussion of our compensation programs, please refer to the compensation discussions contained within our definitive proxy statement for our 2026 annual meeting of stockholders incorporated herein by reference. Supplemental Liquidity Measure—Adjusted EBITDA As supplemental information, we provide information regarding Adjusted EBITDA, which we define as economic net income before net interest, income taxes, depreciation and amortization.

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

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

We exclude deferred tax resulting from changes in tax law and expiration of statutes, adjustments for uncertain tax positions, deferred tax attributable to intangible assets and other unusual items not related to current operating results to reflect ENI tax normalization. We also adjust our income tax expense to reflect any tax impact of our ENI adjustments. 50 Reconciliation of U.S.

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 years ended December 31, 2024, 2023 and 2022 includes an explanation of changes in our U.S.

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 years ended December 31, 2025, 2024 and 2023 includes an explanation of changes in our U.S.

Depreciation and Amortization Expense Year ended December 31, 2024 compared to year ended December 31, 2023: Depreciation and amortization expense increased $1.2 million, or 6.9%, from $17.3 million for the year ended December 31, 2023 to $18.5 million for the year ended December 31, 2024. The increase was primarily attributable to additional software and technology investments in the business.

Year ended December 31, 2024 compared to year ended December 31, 2023: Depreciation and amortization expense increased $1.2 million, or 6.9%, from $17.3 million for the year ended December 31, 2023 to $18.5 million for the year ended December 31, 2024. The increase was primarily attributable to additional software and technology investments in the business. 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 pre-determined hurdles; and iii. revenue from consolidated Funds, a portion of which is attributable to the holders of non-controlling interests in consolidated Funds.

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.

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) Years ended December 31, 2024 2023 2022 U.S.

GAAP net income attributable to controlling interests and ENI for the years ended December 31, 2024, 2023 and 2022, 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.

GAAP net income attributable to controlling interests and ENI for the years ended December 31, 2025, 2024 and 2023, 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 this way, key employees are aligned with the public stockholders to generate profits and growth over time. 32 How We Measure Performance We manage our business based on one segment, reflecting how our management assesses the performance of our business.

In this way, key employees are aligned with the public stockholders to generate profits and growth over time. 35 How We Measure Performance We manage our business based on one segment, reflecting how our management assesses the performance of our business.

GAAP management fees. (2) ENI performance fees correspond to U.S. GAAP performance fees. 52 ENI Operating Expenses The largest difference between U.S. GAAP operating expense and ENI operating expense relates to compensation. As shown in the following reconciliation, we exclude the impact of key employee equity revaluations.

GAAP management fees. (2) ENI performance fees correspond to U.S. GAAP performance fees. 55 ENI Operating Expenses The largest difference between U.S. GAAP operating expense and ENI operating expense relates to compensation. As shown in the following reconciliation, we exclude the impact of key employee equity revaluations.

We believe Adjusted EBITDA is a useful liquidity metric because it indicates our ability to make further investments in our business, service debt and meet working capital requirements. 65 The following table reconciles our U.S.

GAAP net income attributable to controlling interests to Adjusted EBITDA. 30 • 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.

GAAP net income attributable to controlling interests to Adjusted EBITDA. 33 • 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.

Seed/Co-investment (gains) losses and financings (1) (2.8) (1.5) 0.6 v. Tax benefit of goodwill and acquired intangibles deductions 1.5 1.5 1.5 vi. Discontinued operations attributable to controlling interests and restructuring (2) 1.6 9.5 1.3 vii.

Seed/Co-investment (gains) losses and financings (1) (4.2) (2.8) (1.5) v. Tax benefit of goodwill and acquired intangibles deductions 1.0 1.5 1.5 vi. Discontinued operations attributable to controlling interests and restructuring (2) (1.0) 1.6 9.5 vii.

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.

The variable compensation earned on performance fees vests over three-years and compensation expense is recognized over that service period. Hold Co variable compensation includes cash and our equity. Equity-based compensation awards typically vest over several years and are recognized as compensation expense over that service period.

For the year ended December 31, 2023, $104.9 million of variable compensation expense (of the $112.2 million above) is included within economic net income, which excludes the variable compensation associated with restructuring of $7.3 million. For the year ended December 31, 2022, $100.3 million of variable compensation expense (of the $100.3 million above) is included within economic net income.

GAAP results of operations were as follows for the years ended December 31, 2024, 2023 and 2022. Years ended December 31, Increase (Decrease) ($ in millions unless otherwise noted) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 U.S.

GAAP results of operations were as follows for the years ended December 31, 2025, 2024 and 2023. Years ended December 31, Increase (Decrease) ($ in millions unless otherwise noted) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 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. amortization of acquired intangible assets; iv. depreciation and amortization charges; and v. expenses of consolidated Funds, a portion of which is attributable to the holders of non-controlling interests in consolidated Funds.

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.

GAAP management fee revenue. 56 (4) The ENI operating expense ratio is used by management and is useful to investors to evaluate the level of operating expense as measured against our recurring management fee revenue.

GAAP management fee revenue. 59 (4) The ENI operating expense ratio is used by management and is useful to investors to evaluate the level of operating expense as measured against our recurring management fee revenue.

GAAP Net Income to Economic Net Income for the Years Ended December 31, 2024, 2023 and 2022 The following table reconciles U.S. GAAP net income attributable to controlling interests to economic net income for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 U.S.

GAAP Net Income to Economic Net Income for the Years Ended December 31, 2025, 2024 and 2023 The following table reconciles U.S. GAAP net income attributable to controlling interests to economic net income for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 U.S.

The following table reconciles U.S. GAAP compensation and benefits expense to ENI fixed compensation and benefits expense for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 Total U.S.

The following table reconciles U.S. GAAP compensation and benefits expense to ENI fixed compensation and benefits expense for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 Total U.S.

GAAP compensation and benefits expense $ 265.5 $ 217.9 $ 159.2 (1) Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided. 42 (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.

GAAP compensation and benefits expense $ 313.9 $ 265.5 $ 217.9 (1) Fixed compensation and benefits includes base salaries, payroll taxes and the cost of benefit programs provided. 45 (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.

Years ended December 31, ($ in millions) 2024 2023 2022 Seed/Co-investment (gains) losses $ (6.5) $ (2.9) $ 0.2 Financing costs: Seed/Co-investment average balance 57.5 22.1 6.1 Blended interest rate* 6.5 % 6.5 % 6.5 % Financing costs 3.7 1.4 0.4 Net seed/co-investment (gains) losses and financing $ (2.8) $ (1.5) $ 0.6 * The blended rate is based on the weighted average rate of the long-term debt.

Years ended December 31, ($ in millions) 2025 2024 2023 Seed/Co-investment (gains) losses $ (9.4) $ (6.5) $ (2.9) Financing costs: Seed/Co-investment average balance 79.7 57.5 22.1 Blended interest rate* 6.5 % 6.5 % 6.5 % Financing costs 5.2 3.7 1.4 Net seed/co-investment (gains) losses and financing $ (4.2) $ (2.8) $ (1.5) * The blended rate is based on the weighted average rate of the long-term debt.

It differs from economic net income because it does not include the effects of Acadian LLC key employee distributions, net interest expense or income tax expense. 55 The following table reconciles U.S. GAAP operating income (loss) to ENI operating earnings: Years ended December 31, ($ in millions) 2024 2023 2022 U.S.

It differs from economic net income because it does not include the effects of Acadian LLC key employee distributions, net interest expense or income tax expense. 58 The following table reconciles U.S. GAAP operating income (loss) to ENI operating earnings: Years ended December 31, ($ in millions) 2025 2024 2023 U.S.

The increase in income tax expense is primarily related to the increase in pre-tax income from controlling interests for the year ended December 31, 2024.

The increase in income tax expense is primarily related to the increase in pre-tax income from controlling interests for the year ended December 31, 2024. U.S.

GAAP net income and economic net income, see “—Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis.” 33 Summary Results of Operations The following table summarizes our results of operations for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, Increase (Decrease) ($ in millions, unless otherwise noted) 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 U.S.

GAAP net income and economic net income, see “—Non-GAAP Supplemental Performance Measure — Economic Net Income and Segment Analysis.” 36 Summary Results of Operations The following table summarizes our results of operations for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, Increase (Decrease) ($ in millions, unless otherwise noted) 2025 2024 2023 2025 vs. 2024 2024 vs. 2023 U.S.

GAAP operating expense to ENI operating expense for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 U.S.

GAAP operating expense to ENI operating expense for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 U.S.

Puts related to Acadian LLC equity and profits interests are also excluded on a short-term basis because they are funded through recycling. Working capital is defined as current assets less current liabilities, excluding the non-controlling interest portion of consolidated Funds. Our net working capital has been positive over the past several years and was $182.2 million at December 31, 2024.

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; Working Capital and Long-Term Debt; Adjusted EBITDA; Future Capital Needs; and Commitments, Contingencies and Off-Balance Sheet Obligations.

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; Working Capital and Long-Term Debt; Borrowings and Debt; Other Compensation Liabilities ; Adjusted EBITDA; Future Capital Needs; and Commitments, Contingencies and Off-Balance Sheet Obligations.

GAAP revenue to ENI revenue for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 U.S.

GAAP revenue to ENI revenue for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 U.S.

GAAP operating expense / management fee revenue (3) 85.6 % 85.2 % 67.7 % Numerator: Variable compensation $ 122.7 $ 112.2 $ 100.3 Denominator: Operating income before variable compensation and Acadian LLC key employee distributions (2)(4)(5) $ 265.7 $ 223.1 $ 273.3 U.S.

GAAP operating expense / management fee revenue (3) 81.6 % 85.6 % 85.2 % Numerator: Variable compensation $ 125.7 $ 122.7 $ 112.2 Denominator: Operating income before variable compensation and Acadian LLC key employee distributions (2)(4)(5) $ 273.7 $ 265.7 $ 223.1 U.S.

ENI tax normalization 0.08 0.06 0.08 Tax effect of above adjustments (0.16) (0.05) 0.21 Economic net income per share $ 2.76 $ 1.78 $ 1.89 Limitations of Economic Net Income Economic net income is the key measure our management uses to evaluate the financial performance of, and make operational decisions for, our business.

ENI tax normalization 0.06 0.08 0.06 Tax effect of above adjustments (0.35) (0.16) (0.05) Economic net income per share $ 3.25 $ 2.76 $ 1.78 Limitations of Economic Net Income Economic net income is the key measure our management uses to evaluate the financial performance of, and make operational decisions for, our business.

GAAP general and administrative expense $ 85.2 $ 82.6 $ 71.1 Sales-based compensation 12.1 7.6 7.7 Restructuring costs (a) (1.3) (2.2) (1.3) ENI general and administrative expense $ 96.0 $ 88.0 $ 77.5 (a) Reflects $1.3 million of costs associated with the transfer of an insurance policy from our former parent for the year ended December 31, 2024.

GAAP general and administrative expense $ 92.0 $ 85.2 $ 82.6 Sales-based compensation 17.0 12.1 7.6 Restructuring costs (a) — (1.3) (2.2) ENI general and administrative expense $ 109.0 $ 96.0 $ 88.0 (a) Reflects $1.3 million of costs associated with the transfer of an insurance policy from our former parent for the year ended December 31, 2024.

GAAP net income attributable to controlling interests $ 85.0 $ 65.8 $ 100.6 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-owned equity and profit interest revaluations 23.2 (0.1) (40.0) ii. Goodwill impairment and amortization of acquired intangible assets — — 0.1 iii. Capital transaction costs 0.3 0.3 5.2 iv.

GAAP net income attributable to controlling interests $ 80.0 $ 85.0 $ 65.8 Adjustments to reflect the economic earnings of the Company: i. Non-cash key employee-owned equity and profit interest revaluations 47.7 23.2 (0.1) ii. Goodwill impairment and amortization of acquired intangible assets — — — iii. Capital transaction costs 4.6 0.3 0.3 iv.

Consolidated Funds’ expense decreased $(1.9) million, from $2.8 million for the year ended December 31, 2023 to $0.9 million for the year ended December 31, 2024. These movements relate to the underlying activity of our consolidated Funds.

Consolidated Funds’ expense increased $8.2 million, from $0.9 million for the year ended December 31, 2024 to $9.1 million for the year ended December 31, 2025. These movements relate to the underlying activity of our consolidated Funds.

GAAP Acadian LLC key employee distributions ratio. 57 Tax on Economic Net Income The following table reconciles the United States statutory tax to tax on economic net income: Years ended December 31, ($ in millions) 2024 2023 2022 Pre-tax economic net income (1) $ 146.2 $ 103.4 $ 112.0 Taxes at the U.S. federal and state statutory rates (2) (39.9) (28.3) (30.6) Other reconciling tax adjustments (0.5) 0.6 0.2 Tax on economic net income (40.4) (27.7) (30.4) Economic net income $ 105.8 $ 75.7 $ 81.6 Economic net income effective tax rate (3) 27.6 % 26.8 % 27.1 % (1) Includes interest income and third-party ENI interest expense, as shown in the following table: Years ended December 31, ($ in millions) 2024 2023 2022 U.S.

GAAP Acadian LLC key employee distributions ratio. 60 Tax on Economic Net Income The following table reconciles the United States statutory tax to tax on economic net income: Years ended December 31, ($ in millions) 2025 2024 2023 Pre-tax economic net income (1) $ 163.7 $ 146.2 $ 103.4 Taxes at the U.S. federal and state statutory rates (2) (44.7) (39.9) (28.3) Other reconciling tax adjustments (1.4) (0.5) 0.6 Tax on economic net income (46.1) (40.4) (27.7) Economic net income $ 117.6 $ 105.8 $ 75.7 Economic net income effective tax rate (3) 28.2 % 27.6 % 26.8 % (1) Includes interest income and third-party ENI interest expense, as shown in the following table: Years ended December 31, ($ in millions) 2025 2024 2023 U.S.

GAAP net interest expense (15.9) (13.5) (19.7) Other ENI interest expense exclusions (a) 4.0 1.7 2.4 ENI net interest income (expense) (11.9) (11.8) (17.3) ENI earnings after Acadian LLC key employee distributions (b) 158.1 115.2 129.3 Pre-tax economic net income $ 146.2 $ 103.4 $ 112.0 (a) Other ENI interest expense exclusions represent cost of financing on seed capital and co-investments and amortization of debt issuance costs.

GAAP net interest expense (18.0) (15.9) (13.5) Other ENI interest expense exclusions (a) 8.4 4.0 1.7 ENI net interest income (expense) (9.6) (11.9) (11.8) ENI earnings after Acadian LLC key employee distributions (b) 173.3 158.1 115.2 Pre-tax economic net income $ 163.7 $ 146.2 $ 103.4 (a) Other ENI interest expense exclusions represent cost of financing on seed capital and co-investments and amortization of debt issuance costs.

(4) Excludes consolidated Funds’ revenue of $3.1 million for the year ended December 31, 2024, $3.0 million for the year ended December 31, 2023 and $0.4 million for the year ended December 31, 2022. 48 (5) The following table identifies the components of operating income before variable compensation and Acadian LLC key employee distributions, as well as operating income before Acadian LLC key employee distributions: Years ended December 31, ($ in millions) 2024 2023 2022 Operating income $ 135.5 $ 106.0 $ 167.9 Acadian LLC key employee distributions 9.7 5.1 5.1 Operating (income) loss of consolidated Funds (2.2) (0.2) — Operating income before Acadian LLC key employee distributions $ 143.0 $ 110.9 $ 173.0 Variable compensation 122.7 112.2 100.3 Operating income before variable compensation and Acadian LLC key employee distributions $ 265.7 $ 223.1 $ 273.3 Non-GAAP Supplemental Performance Measure—Economic Net Income and Segment Analysis As supplemental information, we provide a non-GAAP performance measure that we refer to as economic net income, or ENI, which represents our management’s view of the underlying economic earnings generated by us.

(4) Excludes consolidated Funds’ revenue of $14.6 million for the year ended December 31, 2025, $3.1 million for the year ended December 31, 2024 and $3.0 million for the year ended December 31, 2023. 51 (5) The following table identifies the components of operating income before variable compensation and Acadian LLC key employee distributions, as well as operating income before Acadian LLC key employee distributions: Years ended December 31, ($ in millions) 2025 2024 2023 Operating income $ 132.1 $ 135.5 $ 106.0 Acadian LLC key employee distributions 21.4 9.7 5.1 Operating (income) loss of consolidated Funds (5.5) (2.2) (0.2) Operating income before Acadian LLC key employee distributions $ 148.0 $ 143.0 $ 110.9 Variable compensation 125.7 122.7 112.2 Operating income before variable compensation and Acadian LLC key employee distributions $ 273.7 $ 265.7 $ 223.1 Non-GAAP Supplemental Performance Measure—Economic Net Income and Segment Analysis As supplemental information, we provide a non-GAAP performance measure that we refer to as economic net income, or ENI, which represents our management’s view of the underlying economic earnings generated by us.

GAAP operating margin equals operating income divided by total revenue. 40 The following table reconciles our net income attributable to controlling interests to our pre-tax income from attributable to controlling interests: Years ended December 31, ($ in millions) 2024 2023 2022 U.S.

GAAP operating margin equals operating income divided by total revenue. 43 The following table reconciles our net income attributable to controlling interests to our pre-tax income attributable to controlling interests: Years ended December 31, ($ in millions) 2025 2024 2023 U.S.

ENI tax normalization (3) 3.1 2.4 3.3 Tax effect of above adjustments, as applicable (4) (6.1) (2.2) 9.0 Economic net income $ 105.8 $ 75.7 $ 81.6 (1) The net return on seed/co-investment (gains) losses and financings for the years ended December 31, 2024, 2023 and 2022 are shown in the following table.

ENI tax normalization (3) 2.3 3.1 2.4 Tax effect of above adjustments, as applicable (4) (12.8) (6.1) (2.2) Economic net income $ 117.6 $ 105.8 $ 75.7 (1) The net return on seed/co-investment (gains) losses and financings for the years ended December 31, 2025, 2024 and 2023 are shown in the following table.

GAAP operating margin (2) 27 % 25 % 40 % 195 bps (1540) bps (1) Certain Funds have been consolidated due to our seed capital investments in the Funds. (2) U.S.

GAAP operating margin (2) 23 % 27 % 25 % (337) bps 195 bps (1) Certain Funds have been consolidated due to our seed capital investments in the Funds. (2) U.S.

The following table summarizes our other compensation liabilities: Years ended December 31, ($ in millions) 2024 2023 Share-based payments liability $ 25.4 $ 23.0 Profit interests liability 18.7 — Employee equity 44.1 23.0 Voluntary deferral plan liability 48.4 44.5 Total $ 92.5 $ 67.5 Share-based payments liability represents the value of Acadian LLC key employee-owned equity that may under certain circumstances be repurchased by us that is considered an equity award under U.S.

The following table summarizes our other compensation liabilities: Years ended December 31, ($ in millions) 2025 2024 Share-based payments liability $ 37.0 $ 25.4 Profit interests liability 54.0 18.7 Employee equity 91.0 44.1 Voluntary deferral plan liability 37.9 48.4 Total $ 128.9 $ 92.5 68 Share-based payments liability represents the value of Acadian LLC key employee-owned equity that may under certain circumstances be repurchased by us that is considered an equity award under U.S.

Average basis points earned on average assets under management were 38.4 bps for the year ended December 31, 2024, 37.9 bps for the year ended December 31, 2023 and 37.2 bps for the year ended December 31, 2022.

Average basis points earned on average assets under management were 35.9 bps for the year ended December 31, 2025, 38.4 bps for the year ended December 31, 2024 and 37.9 bps for the year ended December 31, 2023.

(2) Excludes consolidated Funds’ expense of $0.9 million for the year ended December 31, 2024, $2.8 million for the year ended December 31, 2023 and $0.4 million for the year ended December 31, 2022. (3) Excludes the effect of Funds’ consolidation for the years ended December 31, 2024, 2023 and 2022.

(2) Excludes consolidated Funds’ expense of $9.1 million for the year ended December 31, 2025, $0.9 million for the year ended December 31, 2024 and $2.8 million for the year ended December 31, 2023. (3) Excludes the effect of Funds’ consolidation for the years ended December 31, 2025, 2024 and 2023.

Reinvested income and distributions of $3.3 billion, $3.6 billion, and $3.8 billion are reflected in the net flows for the years ended December 31, 2024, 2023 and 2022, respectively. 39 U.S. GAAP Results of Operations For the Years Ended December 31, 2024, 2023 and 2022 Our U.S.

Reinvested income and distributions of $3.6 billion, $3.3 billion, and $3.6 billion are reflected in the net flows for the years ended December 31, 2025, 2024 and 2023, respectively. 42 U.S. GAAP Results of Operations For the Years Ended December 31, 2025, 2024 and 2023 Our U.S.

GAAP variable compensation ratio (3) 46.2 % 50.3 % 36.7 % Numerator: Acadian LLC key employee distributions $ 9.7 $ 5.1 5.1 Denominator: Operating income before Acadian LLC key employee distributions (2)(4)(5) $ 143.0 $ 110.9 $ 173.0 U.S.

GAAP variable compensation ratio (3) 45.9 % 46.2 % 50.3 % Numerator: Acadian LLC key employee distributions $ 21.4 $ 9.7 5.1 Denominator: Operating income before Acadian LLC key employee distributions (2)(4)(5) $ 148.0 $ 143.0 $ 110.9 U.S.

GAAP Acadian LLC key employee distributions ratio (3) 6.8 % 4.6 % 2.9 % (1) Excluding the effect of Funds’ consolidation in the applicable periods, the U.S. GAAP operating margin would be 26.5% for the year ended December 31, 2024, 25.0% for the year ended December 31, 2023 and 40.3% for the year ended December 31, 2022.

GAAP Acadian LLC key employee distributions ratio (3) 14.5 % 6.8 % 4.6 % (1) Excluding the effect of Funds’ consolidation in the applicable periods, the U.S. GAAP operating margin would be 23.1% for the year ended December 31, 2025, 26.5% for the year ended December 31, 2024 and 25.0% for the year ended December 31, 2023.

GAAP Consolidated Statements of Operations Net income attributable to controlling interests $ 85.0 $ 65.8 $ 100.6 Add: Income tax expense 38.9 29.4 44.2 Pre-tax income attributable to controlling interests $ 123.9 $ 95.2 $ 144.8 U.S. GAAP Revenues Our U.S.

GAAP Consolidated Statements of Operations Net income attributable to controlling interests $ 80.0 $ 85.0 $ 65.8 Add: Income tax expense 36.6 38.9 29.4 Pre-tax income attributable to controlling interests $ 116.6 $ 123.9 $ 95.2 U.S. GAAP Revenues Our U.S.

For the year ended December 31, 2023, excludes variable compensation related to severance of $7.3 million that is included within restructuring costs. 53 The following table identifies the components of ENI operating expense: Years ended December 31, ($ in millions) 2024 2023 2022 Fixed compensation & benefits (1) $ 97.8 $ 93.1 $ 86.1 General and administrative expenses (2) 96.0 88.0 77.5 Depreciation and amortization 18.1 17.3 18.5 ENI operating expense $ 211.9 $ 198.4 $ 182.1 (1) Fixed compensation and benefits include base salaries, payroll taxes and the cost of benefit programs provided.

For the year ended December 31, 2023, excludes variable compensation related to severance of $7.3 million that is included within restructuring costs. 56 The following table identifies the components of ENI operating expense: Years ended December 31, ($ in millions) 2025 2024 2023 Fixed compensation & benefits (1) $ 102.1 $ 97.8 $ 93.1 General and administrative expenses (2) 109.0 96.0 88.0 Depreciation and amortization 16.6 18.1 17.3 ENI operating expense $ 227.7 $ 211.9 $ 198.4 (1) Fixed compensation and benefits include base salaries, payroll taxes and the cost of benefit programs provided.

Additionally, we have recorded accrued incentive compensation of $119.6 million and $101.3 million on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. Included within the accrued incentive compensation balance is the vested portion of our deferred compensation pool.

Additionally, we have recorded accrued incentive compensation of $129.9 million and $119.6 million on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. Included within the accrued incentive compensation balance is the vested portion of our deferred compensation pool.

Loss on Extinguishment of Debt Year ended December 31, 2024 compared to year ended December 31, 2023: There was no loss on extinguishment of debt for the years ended December 31, 2024 and 2023.

There was no loss on extinguishment of debt for the year ended December 31, 2024. Year ended December 31, 2024 compared to year ended December 31, 2023: There was no loss on extinguishment of debt for the year ended December 31, 2024 and 2023. 49 U.S.

The decrease in income tax expense is primarily related to the decrease in pre-tax income from controlling interests for the year ended December 31, 2023. U.S.

The decrease in income tax expense is primarily related to the decrease in pre-tax income from controlling interests for the year ended December 31, 2025.

GAAP compensation expense for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 Fixed compensation and benefits (1) $ 97.8 $ 93.1 $ 86.1 Sales-based compensation (2) 12.1 7.6 7.7 Variable compensation (3) 122.7 112.2 100.3 Acadian LLC key employee distributions (4) 9.7 5.1 5.1 Non-cash Acadian LLC key employee equity revaluations (5) 23.2 (0.1) (40.0) Total U.S.

GAAP compensation expense for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 Fixed compensation and benefits (1) $ 102.1 $ 97.8 $ 93.1 Sales-based compensation (2) 17.0 12.1 7.6 Variable compensation (3) 125.7 122.7 112.2 Acadian LLC key employee distributions (4) 21.4 9.7 5.1 Non-cash Acadian LLC key employee equity revaluations (5) 47.7 23.2 (0.1) Total U.S.

All amounts presented exclude the non-controlling interest portion of consolidated Funds: Years ended December 31, ($ in millions) 2024 2023 2022 Balance Sheet Data (1) Current assets Cash and cash equivalents $ 94.8 $ 146.8 108.4 Investment advisory fees receivable 164.7 143.4 122.5 Investments 87.5 37.9 18.8 Other current assets (2) 3.0 2.7 2.0 Total current assets 350.0 330.8 251.7 Current liabilities Accounts payable and accrued expenses $ 37.9 $ 39.1 31.0 Accrued short-term incentive compensation 118.6 99.3 92.5 Other short-term liabilities (3) 11.3 10.8 10.4 Total current liabilities 167.8 149.2 133.9 Working Capital $ 182.2 $ 181.6 $ 117.8 Long-term notes payable and other debt $ 274.3 273.9 $ 273.5 (1) Excludes the non-controlling interest portion of consolidated Funds.

All amounts presented exclude the non-controlling interest portion of consolidated Funds: Years ended December 31, ($ in millions) 2025 2024 2023 Balance Sheet Data (1) Current assets Cash and cash equivalents $ 101.2 $ 94.8 146.8 Investment advisory fees receivable 178.5 164.7 143.4 Investments 94.1 87.5 37.9 Other current assets (2) 2.9 3.0 2.7 Total current assets 376.7 350.0 330.8 Current liabilities Accounts payable and accrued expenses $ 37.6 $ 37.9 39.1 Accrued short-term incentive compensation 129.9 118.6 99.3 Other short-term liabilities (3) 12.5 11.3 10.8 Total current liabilities 180.0 167.8 149.2 Working Capital $ 196.7 $ 182.2 $ 181.6 Long-term notes payable and other debt $ 200.0 274.3 $ 273.9 (1) Excludes the non-controlling interest portion of consolidated Funds.

Excludes severance costs of $7.3 million, legal-related restructuring costs at the Hold Co of $0.9 million, and costs associated with the transfer of an insurance policy from our former parent of $1.3 million for the year ended December 31, 2023.

For the year ended December 31, 2023, includes $7.3 million of severance costs, $0.9 million of legal-related restructuring costs at the Hold Co and $1.3 million costs associated with the transfer of an insurance policy from our former parent. (2) For the year ended December 31, 2025, excludes $(1.0) million of severance-related items that is included within restructuring costs.

(3) The economic net income effective tax rate is calculated by dividing the tax on economic net income by pre-tax economic net income. 58 Investments The value of our seed capital investments was $90.3 million as of December 31, 2024 and $41.4 million as of December 31, 2023, including direct investments in consolidated Funds.

(3) The economic net income effective tax rate is calculated by dividing the tax on economic net income by pre-tax economic net income. 61 Investments The value of our seed capital investments was $97.2 million as of December 31, 2025 and $90.3 million as of December 31, 2024, including direct investments in consolidated Funds.

GAAP Operating Metrics The following table shows our key U.S. GAAP operating metrics for the years ended December 31, 2024, 2023 and 2022. The second, third and fourth metrics below have each been adjusted to eliminate the effect of consolidated Funds to more accurately reflect the economics of our Company.

GAAP operating metrics for the years ended December 31, 2025, 2024 and 2023. The second, third and fourth metrics below have each been adjusted to eliminate the effect of consolidated Funds to more accurately reflect the economics of our Company.

Included in restructuring for the year ended December 31, 2023 are $7.3 million of severance costs, $0.9 million of legal-related restructuring costs at the Hold Co and $1.3 million costs associated with the transfer of an insurance policy from our former parent.

Included in restructuring for the year ended December 31, 2023 are $7.3 million of severance costs, $0.9 million of legal-related restructuring costs at the Hold Co and $1.3 million of costs associated with the transfer of an insurance policy from our former parent. (2) Includes non-cash equity-based award amortization expense.

Segment ENI Expense The following table identifies the components of Quant & Solutions segment ENI expenses for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 Fixed compensation & benefits $ 90.7 $ 86.6 $ 79.0 Variable compensation 119.9 102.2 96.0 Acadian LLC key employee distributions 9.7 5.1 5.1 Depreciation and amortization 18.1 17.3 18.1 General and administrative expense 87.9 80.3 68.4 Segment ENI expenses $ 326.3 $ 291.5 $ 266.6 60 Quant & Solutions Segment ENI Expense Year ended December 31, 2024 compared to year ended December 31, 2023: Quant & Solutions segment ENI expenses increased $34.8 million, or 12%, from $291.5 million for the year ended December 31, 2023 to $326.3 million for the year ended December 31, 2024.

Segment ENI Expense The following table identifies the components of Quant & Solutions segment ENI expenses for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 Fixed compensation & benefits $ 96.1 $ 90.7 $ 86.6 Variable compensation 121.8 119.9 102.2 Acadian LLC key employee distributions 21.4 9.7 5.1 Depreciation and amortization 16.6 18.1 17.3 General and administrative expense 101.6 87.9 80.3 Segment ENI expenses $ 357.5 $ 326.3 $ 291.5 63 Quant & Solutions Segment ENI Expense Year ended December 31, 2025 compared to year ended December 31, 2024: Quant & Solutions segment ENI expenses increased $31.2 million, or 10%, from $326.3 million for the year ended December 31, 2024 to $357.5 million for the year ended December 31, 2025.

GAAP Operating expense to ENI Operating expense, variable compensation and Acadian LLC key employee distributions disclosed previously within this section. 59 Segment ENI Revenue The following table identifies the components of Quant & Solutions segment ENI revenue for the years ended December 31, 2024, 2023 and 2022: Years ended December 31, ($ in millions) 2024 2023 2022 Management fees $ 431.1 $ 373.2 $ 367.4 Performance fees 71.4 50.4 49.4 Segment ENI revenue $ 502.5 $ 423.6 $ 416.8 Quant & Solutions Segment ENI Revenue Year ended December 31, 2024 compared to year ended December 31, 2023: Quant & Solutions ENI revenue increased $78.9 million, or 18.6%, from $423.6 million for the year ended December 31, 2023 to $502.5 million for the year ended December 31, 2024.

GAAP Operating expense to ENI Operating expense, variable compensation and Acadian LLC key employee distributions disclosed previously within this section. 62 Segment ENI Revenue The following table identifies the components of Quant & Solutions segment ENI revenue for the years ended December 31, 2025, 2024 and 2023: Years ended December 31, ($ in millions) 2025 2024 2023 Management fees $ 517.7 $ 431.1 $ 373.2 Performance fees 31.4 71.4 50.4 Segment ENI revenue $ 549.1 $ 502.5 $ 423.6 Quant & Solutions Segment ENI Revenue Year ended December 31, 2025 compared to year ended December 31, 2024: Quant & Solutions ENI revenue increased $46.6 million, or 9.3%, from $502.5 million for the year ended December 31, 2024 to $549.1 million for the year ended December 31, 2025.

Periodic distributions of Acadian LLC earnings to Hold Co and Acadian LLC key employee equity holders are made according to our distribution policies, with Hold Co having the ability to access any surplus cash at Acadian LLC as necessary during interim periods. 63 Borrowings and Long-Term Debt The following table summarizes our financing arrangements as of the dates indicated: ($ in millions) December 31, 2024 December 31, 2023 Interest rate Maturity Revolving credit facility: $140 million revolving credit facility (1) $ — $ — Variable rate August 29, 2027 Total revolving credit facility $ — $ — Third-party borrowings: 4.80% Senior Notes Due 2026 $ 274.3 $ 273.9 4.80% July 27, 2026 Total third-party borrowings $ 274.3 $ 273.9 (1) On August 29, 2024, Acadian LLC’s $125 million revolving credit facility was terminated and replaced with a new $140 million revolving credit facility.

Periodic distributions of Acadian LLC earnings to Hold Co and Acadian LLC key employee equity holders are made according to our distribution policies, with Hold Co having the ability to access surplus cash at Acadian LLC as necessary during interim periods. 66 Borrowings and Debt The following table summarizes our financing arrangements as of the dates indicated: ($ in millions) December 31, 2025 December 31, 2024 Interest rate Maturity Revolving credit facilities: $140 million revolving credit facility (1) $ — $ — Variable rate August 29, 2027 $175 million revolving credit facility — — Variable rate October 28, 2028 Total revolving credit facility $ — $ — Third-party borrowings: $275 million 4.80% Senior Notes Due July 27, 2026 (2) $ — $ 274.3 4.80% July 27, 2026 $200 million Delayed Draw Term Loan Due October 28, 2028 200.0 — Variable rate October 28, 2028 Total third-party borrowings $ 200.0 $ 274.3 (1) On October 28, 2025, Acadian LLC’s $140 million revolving credit facility was terminated and replaced with a new $175 million revolving credit facility.

The year ended December 31, 2023 includes $7.3 million of severance costs, $0.9 million of legal-related restructuring costs at the Hold Co and $1.3 million associated with the transfer of an insurance policy from our former parent. (b) The year ended December 31, 2025 excludes $(1.0) million of severance-related items that are included within restructuring costs.

GAAP operating margin, excluding the effect of consolidated Funds, was 26.5% for the year ended December 31, 2024, 25.0% for the year ended December 31, 2023 and 40.3% for the year ended December 31, 2022.

GAAP operating margin, excluding the effect of consolidated Funds, was 23.1% for the year ended December 31, 2025, 26.5% for the year ended December 31, 2024 and 25.0% for the year ended December 31, 2023.

GAAP operating expense $ 370.1 $ 320.6 $ 249.3 Less: items excluded from economic net income Non-cash key employee equity and profit interest revaluations (23.2) 0.1 40.0 Amortization of acquired intangible assets — — (0.1) Capital transaction costs — — — Restructuring costs (1) (1.6) (9.5) (1.3) Funds’ operating expenses (0.9) (2.8) (0.4) Less: items segregated out of U.S.

GAAP operating expense $ 431.6 $ 370.1 $ 320.6 Less: items excluded from economic net income Non-cash key employee equity and profit interest revaluations (47.7) (23.2) 0.1 Capital transaction costs — — — Restructuring costs (1) 1.0 (1.6) (9.5) Funds’ operating expenses (9.1) (0.9) (2.8) Less: items segregated out of U.S.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

19 edited+3 added−0 removed7 unchanged

2024 filing

2025 filing

Biggest changeOur profit sharing economic structure, described more fully in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—The Economics of Our Business,” results in a sharing of market risk between us and our employees. Approximately 40% of our ENI cost structure is variable, representing variable compensation and Acadian LLC key employee distributions.

Biggest changeThe basis for the analysis is performance fees earned for the twelve months ended December 31, 2025. 73 Our profit sharing economic structure, described more fully in “Management’s Discussion and Analysis of Financial Condition and Results of Operation—The Economics of Our Business,” results in a sharing of market risk between us and our employees.

Our model for assessing the impact of market risk on our results uses December 31, 2024 ending AUM and management fee rates as the basis for management fee revenue calculations. With respect to performance fee revenue, we assume that relative investment performance remains the same as it was on December 31, 2024.

Our model for assessing the impact of market risk on our results uses December 31, 2025 ending AUM and management fee rates as the basis for management fee revenue calculations. With respect to performance fee revenue, we assume that relative investment performance remains the same as it was on December 31, 2025.

Approximately $14 billion, or 15%, of our foreign currency denominated AUM are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return that differs from the relative benchmark returns.

Approximately $16 billion, or 13%, of our foreign currency denominated AUM are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return that differs from the relative benchmark returns.

Approximately $20 billion, or 17%, of our AUM, are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return that differs from the relative benchmark returns.

Approximately $23 billion, or 13%, of our AUM, are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return that differs from the relative benchmark returns.

Approximately $18 billion, or 16%, of our equity markets-based AUM are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return in excess of the relative benchmark returns.

Approximately $23 billion, or 13%, of our equity markets-based AUM are in accounts subject to performance fees. Of these assets, the majority are in accounts for which performance fees are calculated based on investment return in excess of the relative benchmark returns.

Assuming the market change does not impact our relative performance, a 10% increase or decrease in AUM would have a $7 million impact to our gross performance fees based on our trailing twelve-month performance fees of $71 million as of December 31, 2024.

Assuming the market change does not impact our relative performance, a 10% increase or decrease in AUM would have a $3 million impact to our gross performance fees based on our trailing twelve-month performance fees of $31 million as of December 31, 2025.

In modeling the impact of market risk, we assume that these operating expenses remain unchanged, but the resulting impact on profit driven by increases or decreases in revenue will change variable compensation and Acadian LLC key employee distributions in line with their formulaic calculations.

A 10% increase or decrease in equity markets would cause our approximately $114 billion of long-only equity assets under management to increase or decrease by $11 billion, resulting in a change in annualized management fee revenue of $43 million and an annual change in post-tax economic net income of approximately $17 million, given our current cost structure, operating model, and weighted average equity fee rates of 38 basis points at the current mix of strategies as of December 31, 2024.

A 10% increase or decrease in equity markets would cause our approximately $177 billion of long-only equity assets under management to increase or decrease by $18 billion, resulting in a change in annualized management fee revenue of $60 million and an annual change in post-tax economic net income of approximately $23 million, given our current cost structure, operating model, and weighted average equity fee rates of 34 basis points at the current mix of strategies as of December 31, 2025.

A 10% increase or decrease in the value of our assets under management, if proportionally distributed over all of our investment strategies, asset classes and client relationships, would cause an annualized increase or decrease in our gross management fee revenues of approximately $44.0 million based on our current weighted average fee rate of approximately 38 basis points.

A 10% increase or decrease in the value of our assets under management, if proportionally distributed over all of our investment strategies, asset classes and client relationships, would cause an annualized increase or decrease in our gross management fee revenues of approximately $61 million based on our effective weighted average fee rate of approximately 34 basis points in the most recent quarter.

While the analysis above assumes that market changes occur in a uniform manner across the relevant portfolio, because of our declining fee rates for larger relationships and differences in our fee rates across asset classes, a change in the composition of our assets under management, in particular an increase in the proportion of our total assets under management attributable to strategies, clients or relationships with lower effective fee rates, could have a material negative impact on our overall weighted average fee rate. 70 As is customary in the asset management industry, clients invest in particular strategies to gain exposure to certain asset classes, which exposes their investment to the benefits and risks of such asset classes.

The impact that market changes have on performance fee eligible accounts varies due to high-water marks and other measurement hurdles which are not factored in this analysis. Changes in performance fee revenues could be significant in each period. The basis for the analysis is performance fees earned for the twelve months ended December 31, 2024.

Any reduction in the value of our assets under management would result in a reduction in our revenues. Interest Rate Risk We are exposed to interest rate risks primarily through borrowings under Acadian LLC’s revolving credit facility. Interest on borrowings under the revolving credit facility is based upon variable interest rates.

Assuming the market change does not impact our relative performance, a 10% change in foreign currency exchange rates would have an approximate incremental $2 million impact from performance fees on our post-tax economic net income, given our current cost structure and operating model.

Assuming the market change does not impact our relative performance, a 10% change in foreign currency exchange rates would have an approximate incremental $1 million impact from performance fees on our post-tax economic net income. The analysis is based on our operating model, effective cost and fee structure in the quarter ended December 31, 2025.

The combined impact on our management fees and performance fees would have a direct impact on our earnings and result in an annual change of approximately $19 million in our post-tax economic net income, given our current cost structure and operating model.

The combined impact on our management fees and performance fees would have a direct impact on our earnings and result in an annual change of approximately $25 million in our post-tax economic net income. The analysis is based on our operating model, effective cost and fee structure in the quarter ended December 31, 2025.

These variable expenses generally are linked in a formulaic manner to the profitability of the business after covering operating expenses, which include base compensation and benefits, general and administrative expenses, and depreciation and amortization.

Approximately 39% of our ENI cost structure is variable, representing variable compensation and Acadian LLC key employee distributions. These variable expenses generally are linked in a formulaic manner to the profitability of the business after covering operating expenses, which include base compensation and benefits, general and administrative expenses, and depreciation and amortization.

A 10% increase or decrease in foreign exchange rates against the U.S. dollar would cause our $94 billion of foreign currency denominated AUM to increase or decrease by $9 billion, resulting in a change in annualized management fee revenue of $37 million and an annual change in post-tax economic net income of $14 million, based on weighted average fees earned on our foreign currency denominated AUM of 39 basis points at the mix of strategies as of December 31, 2024.

Assuming that all other factors remain constant, including client activity and asset flows and pricing, we estimate that a 10% increase or decrease in foreign exchange rates against the U.S. dollar would cause our $125 billion of foreign currency denominated AUM to increase or decrease by $13 billion, resulting in a change in annualized management fee revenue of $48 million and an annual change in post-tax economic net income of $19 million, based on effective weighted average fees earned on our foreign currency denominated AUM of 39 basis points at the mix of strategies as of December 31, 2025.

Assuming the market change does not impact our relative performance, a 10% change in equity markets would have an approximate incremental $1 million impact from performance fees on our post-tax economic net income, given our current cost structure and operating model. • Foreign currency AUM includes equity and alternative assets denominated in foreign currencies.

There was no balance drawn on our revolving credit facility as of December 31, 2024. We currently do not hedge against interest rate risk. As of December 31, 2024, a hypothetical 10% change in interest rates would have resulted in an immaterial change to our interest expense during the twelve months ended December 31, 2024. 71

As of December 31, 2025, a hypothetical 10% change in interest rates would have resulted in an immaterial change to our interest expense during the twelve months ended December 31, 2025. 75

Any change in pre-tax profit is tax-affected to calculate profit after tax. 69 The value of our assets under management was $117.3 billion as of December 31, 2024.

The value of our assets under management was $177.5 billion as of December 31, 2025.

Added

The analysis is based on our operating model, effective cost and fee structure in the quarter ended December 31, 2025. 74 • Foreign currency AUM includes equity assets denominated in foreign currencies.

Added

As is customary in the asset management industry, clients invest in particular strategies to gain exposure to certain asset classes, which exposes their investment to the benefits and risks of such asset classes.

Added

Interest on borrowings under the revolving credit facility and Delayed Draw Term Loan are based upon variable interest rates. There was no balance drawn on our revolving credit facility as of December 31, 2025. We currently do not hedge against interest rate risk.

Top changes in Acadian Asset Management Inc.'s 2025 10-K

Item 1. Business

Item 1A. Risk Factors

Item 1C. Cybersecurity

Item 2. Properties

Item 3. Legal Proceedings

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Other AAMI 10-K year-over-year comparisons