$AAMI

Acadian Asset Management Inc.

CIK:0001748824|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 185.1	$ 127.4	$ 352.1	$ 247.3
Operating expenses:
Total operating expenses	152.7	111.2	277.8	199.2
Operating income	32.4	16.2	74.3	48.1
Non-operating income and (expense):
Investment income (loss)	2.0	(0.2)	2.1	0.1
Interest income	0.8	0.8	1.7	1.9
Interest expense	(3.6)	(5.3)	(7.0)	(10.1)
Total non-operating income	6.4	7.4	2.1	7.6
Income before income taxes	38.8	23.6	76.4	55.7
Income tax expense	9.4	4.5	22.6	12.8
Consolidated net income	29.4	19.1	53.8	42.9
Net income attributable to redeemable non-controlling interests in consolidated Funds	2.1	9.0	2.2	12.7
Net income attributable to controlling interests	$ 27.3	$ 10.1	$ 51.6	$ 30.2
Earnings per share (basic) attributable to controlling interests (in dollars per share)	$ 0.77	$ 0.28	$ 1.45	$ 0.82
Earnings per share (diluted) attributable to controlling interests (in dollars per share)	$ 0.76	$ 0.28	$ 1.44	$ 0.82
Weighted average common stock outstanding (in shares)	35,624,977	35,912,023	35,660,348	36,633,243
Weighted average diluted common stock outstanding (in shares)	35,723,914	35,929,662	35,739,596	36,651,092
Management fees
Revenue:
Total revenue	$ 176.5	$ 122.3	$ 335.8	$ 235.2
Consolidated Entity Excluding Consolidated Funds
Operating expenses:
Compensation and benefits	121.2	83.8	217.2	144.6
General and administrative expense	27.0	21.8	51.9	44.1
Depreciation and amortization	3.7	4.2	7.3	8.4
Non-operating income and (expense):
Investment income (loss)	2.0	(0.2)	2.1	0.1
Interest income	0.8	0.8	1.7	1.9
Interest expense	(3.6)	(5.3)	(7.0)	(10.1)
Consolidated net income			53.8	42.9
Consolidated Entity Excluding Consolidated Funds \| Management fees
Revenue:
Total revenue	176.5	122.3	335.8	235.2
Consolidated Entity Excluding Consolidated Funds \| Performance fees
Revenue:
Total revenue	6.7	2.6	12.4	7.9
Consolidated Funds
Revenue:
Total revenue	1.9	2.5	3.9	4.2
Operating expenses:
Total operating expenses	0.8	1.4	1.4	2.1
Non-operating income and (expense):
Net consolidated Funds’ investment gains (losses)	7.2	12.1	5.3	15.7
Net income attributable to redeemable non-controlling interests in consolidated Funds	$ 2.1	$ 9.0	$ 2.2	$ 12.7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 53.8	$ 42.9
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
Total net cash flows from operating activities	(18.9)	12.8
Cash flows from investing activities:
Net cash flows from investing activities	(12.0)	9.1
Cash flows from financing activities of consolidated Funds:
Total net cash flows from financing activities	(7.9)	(26.9)
Effect of foreign exchange rate changes on cash and cash equivalents	0.2	0.4
Net decrease in cash and cash equivalents	(38.6)	(4.6)
Cash and cash equivalents at beginning of period (including restricted cash)	124.4	98.5
Cash and cash equivalents at end of period (including restricted cash)	85.8	93.9
Cash and cash equivalents
Cash and cash equivalents at end of period (including restricted cash)	85.8	93.9
Supplemental disclosure of cash flow information:
Income taxes paid	44.2	22.4
Supplemental disclosure of non-cash investing and financing transactions:
Excise tax on repurchase of common stock	0.1	0.4
Consolidated Entity Excluding Consolidated Funds
Cash flows from operating activities:
Net income	53.8	42.9
Less: Net income attributable to redeemable non-controlling interests in consolidated Funds	(2.2)	(12.7)
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	7.3	8.4
Amortization of debt-related costs	0.5	2.3
Amortization and revaluation of non-cash compensation awards	54.5	22.0
Deferred income taxes	(15.8)	(4.9)
(Gains) on other investments	(11.9)	(6.7)
Changes in operating assets and liabilities:
(Increase) decrease in investment advisory fees receivable	(35.1)	40.5
(Increase) in other receivables, prepayments, deposits and other assets	(9.6)	(6.7)
(Decrease) in accrued incentive compensation, operating lease liabilities and other liabilities	(41.3)	(67.7)
(Decrease) in accounts payable, accrued expenses and accrued income taxes	(1.5)	(6.7)
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
(Gains) on other investments	(11.9)	(6.7)
Total net cash flows from operating activities	(1.3)	10.7
Cash flows from investing activities:
Additions of fixed assets	(9.5)	(5.4)
Purchase of investment securities	(19.8)	(2.6)
Sale of investment securities	17.3	17.1
Cash flows from financing activities:
Proceeds from third party borrowings and revolving credit facility	95.0	125.0
Repayment of third party borrowings and revolving credit facility	(95.0)	(105.0)
Repurchase of common stock including excise taxes	(15.8)	(43.8)
Withholding tax payments related to stock option exercise and restricted stock vesting	(0.5)	(0.2)
Cash and cash equivalents
Cash and cash equivalents	64.6	90.2
Supplemental disclosure of cash flow information:
Interest paid (excluding consolidated Funds)	6.6	7.7
Consolidated Entity Excluding Consolidated Funds \| Nonrelated Party
Cash flows from financing activities:
Dividends paid to stockholders	(4.8)	(0.5)
Consolidated Entity Excluding Consolidated Funds \| Related Party
Cash flows from financing activities:
Dividends paid to stockholders	(2.4)	(0.3)
Consolidated Funds
Cash flows from operating activities:
Less: Net income attributable to redeemable non-controlling interests in consolidated Funds	2.2	12.7
Adjustments to reconcile net income to net cash flows from operating activities:
(Gains) on other investments	0.3	(10.5)
Adjustments to reconcile net income (loss) attributable to redeemable non-controlling interests of consolidated Funds to net cash flows from operating activities of consolidated Funds:
(Gains) on other investments	0.3	(10.5)
Purchase of investments	(208.3)	(135.4)
Sale of investments	115.1	139.7
(Increase) in receivables and other assets	(18.5)	(5.1)
Increase in accounts payable and other liabilities	91.6	0.7
Total net cash flows from operating activities	(17.6)	2.1
Cash flows from financing activities of consolidated Funds:
Redeemable non-controlling interest capital raised	19.4	(2.1)
Redeemable non-controlling interest capital redeemed	(3.8)	0.0
Cash and cash equivalents
Cash and cash equivalents of consolidated Funds, restricted	$ 21.2	$ 3.7

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Investments	$ 282.7	$ 141.6
Total assets	856.9	677.0
Liabilities and stockholders’ equity
Operating lease liabilities	57.5
Total liabilities	723.7	593.0
Commitments and contingencies (Note 8)
Equity:
Total equity and redeemable non-controlling interests in consolidated Funds	133.2	84.0
Total liabilities and equity	856.9	677.0
Consolidated Entity Excluding Consolidated Funds
Assets
Cash and cash equivalents	64.6	101.2
Investment advisory fees receivable	213.6	178.5
Income taxes receivable	6.7	2.9
Fixed assets, net	33.3	31.0
Right of use assets	44.4	47.6
Investments	47.4	51.2
Goodwill	20.3	20.3
Other assets	33.3	28.3
Deferred tax assets	93.3	77.5
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	37.9	37.6
Accrued incentive compensation	90.6	129.9
Other compensation liabilities	179.0	128.9
Accrued income taxes	2.0	4.1
Operating lease liabilities	57.5	61.4
Revolving credit facility	0.0	0.0
Third party borrowings	200.0	200.0
Equity:
Common stock (par value $0.001; 35,490,128 and 35,709,120 shares, respectively, issued)	0.0	0.0
Additional paid-in capital	0.0	1.0
Retained earnings	88.7	56.2
Accumulated other comprehensive income	3.3	3.4
Consolidated Funds
Assets
Investments	235.3	90.4
Other assets	43.5	24.9
Cash and cash equivalents, restricted	21.2	23.2
Liabilities and stockholders’ equity
Accounts payable and accrued expenses	113.3	21.8
Other liabilities	2.1	1.5
Securities sold short	41.3	7.8
Redeemable non-controlling interests in consolidated Funds	$ 41.2	$ 23.4