AMG - Affiliated Managers Group Inc.

08/07/2026 | Press release | Distributed by Public on 08/07/2026 15:28

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain matters discussed in this Quarterly Report on Form 10-Q, in our other filings with the Securities and Exchange
Commission, in our press releases, and in oral statements made with the approval of an executive officer may constitute
"forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial
results, our liquidity and capital resources, and other non-historical statements, and may be prefaced with words such as
"outlook," "guidance," "believes," "expects," "potential," "preliminary," "continues," "may," "will," "should," "seeks,"
"approximately," "predicts," "projects," "positioned," "prospects," "intends," "plans," "estimates," "pending
investments," "anticipates," or the negative version of these words or other comparable words. Such statements are subject to
certain risks and uncertainties, including, among others, the factors discussed under the caption "Item 1A. Risk Factors" in our
Annual Report on Form 10-K for the year ended December 31, 2025, and from time to time, as applicable, our Quarterly
Reports on Form 10-Q . These factors (among others) could affect our financial condition, business activities, results of
operations, cash flows, or overall financial performance and cause actual results and business activities to differ materially
from historical periods and those presently anticipated and projected. Forward-looking statements speak only as of the date
they are made, and we will not undertake and we specifically disclaim any obligation to release publicly the result of any
revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such
statements or to reflect the occurrence of events, whether or not anticipated. In that respect, we caution readers not to place
undue reliance on any such forward-looking statements.
Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction
with our Consolidated Financial Statements and the notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.
References throughout this report to "AMG," "we," "us," "our," the "Company," and similar references refer to
Affiliated Managers Group, Inc., unless otherwise stated or the context otherwise requires.
Executive Overview
AMG is a strategic partner to leading independent investment firms globally. Our strategy is to generate long-term value
by investing in high-quality independent partner-owned firms, which we refer to as "Affiliates," through a proven partnership
approach, and allocating resources across our unique opportunity set to the areas of highest growth and return. With their
entrepreneurial, investment-centric cultures and alignment of interests with clients through direct equity ownership by firm
principals, independent firms have fundamental competitive advantages in offering unique return streams to the marketplace.
Through AMG's distinctive approach, we enhance these advantages to magnify the long-term success of our Affiliates and
actively support their independence. Our innovative model enables each Affiliate's management team to retain autonomy
and significant equity ownership in their firm, while they leverage our strategic capabilities and insight, including access to
growth capital, product strategy and development, capital formation capabilities, incentive alignment and succession
planning, and strategic advisory to expand their reach, diversify their business, and enhance their long-term success. As of
June 30, 2026, our aggregate assets under management were approximately $942 billion across a diverse range of private
markets, liquid alternative, and differentiated long-only investment strategies.
In the first quarter of 2026, we completed our agreement with Brown Brothers Harriman ("BBH") to acquire a minority
equity interest in BBH Credit Partners, BBH's taxable fixed income and credit franchise, our additional minority investment
in Garda Capital Partners LP ("Garda"), a liquid alternatives manager specializing in fixed income relative value strategies
and an Affiliate since 2019, and our minority investment in HighBrook Investors ("HighBrook"), a private markets manager
specializing in real estate assets. Following the close of the transactions, Affiliate management continues to hold a majority
of the equity of the respective businesses and directs the day-to-day operations, and, with respect to Garda, our investment
continues to be accounted for under the equity method.
Operating Performance Measures
Under accounting principles generally accepted in the U.S. ("GAAP"), we are required to consolidate certain of our
Affiliates and use the equity method of accounting for others. Whether we consolidate an Affiliate or use the equity method of
accounting, we maintain the same innovative partnership approach and provide support and assistance in substantially the same
manner for all of our Affiliates. Furthermore, all of our Affiliates are investment managers and are impacted by similar
marketplace factors and industry trends. Therefore, certain key aggregate operating performance measures are important in
providing management with a comprehensive view of the operating performance and material trends across our entire business.
The following table presents our key aggregate operating performance measures:
As of and for the Three
Months Ended June 30,
As of and for the Six
Months Ended June 30,
(in billions, except as noted)
2025
2026
% Change
2025
2026
% Change
Assets under management
$771.0
$942.4
22%
$771.0
$942.4
22%
Average assets under management
736.6
920.9
25%
724.3
901.3
24%
Aggregate fees (in millions)
1,173.5
1,661.5
42%
2,443.9
3,571.4
46%
Assets under management, and therefore average assets under management, include the assets under management of our
consolidated and equity method Affiliates. Assets under management is presented on a current basis without regard to the
timing of the inclusion of an Affiliate's financial results in our operating performance measures and Consolidated Financial
Statements. Average assets under management reflects the timing of the inclusion of an Affiliate's financial results in our
operating performance measures and Consolidated Financial Statements. Average assets under management for equities and
similar investment products generally represents an average of the daily net assets under management, while for liquid
alternatives and multi-asset and fixed income products, average assets under management generally represents an average of the
assets at the beginning or end of each month during the applicable period. Average assets under management for private
markets products generally represents total commitments or invested assets under management.
Aggregate fees consist of the total asset- and performance-based fees earned by all of our consolidated and equity method
Affiliates. In the case of our equity method Affiliates, asset- and performance-based fees are presented net of certain expense
reimbursements paid by the underlying products. For certain of our Affiliates accounted for under the equity method, we report
the Affiliate's aggregate fees one quarter in arrears. Aggregate fees are provided in addition to, but not as a substitute for,
Consolidated revenue or other GAAP performance measures.
Assets Under Management
Our Affiliates manage capital on behalf of clients across a diverse range of investment strategies. Our Affiliates earn asset-
based fees on the capital that they manage and certain of our Affiliates' strategies earn performance-based fees based on the
performance generated by their investment products. For the three months ended June 30, 2026, assets under management
increased $60.4 billion or 7%, and for the six months ended June 30, 2026, assets under management increased $129.1 billion
or 16%. These increases were driven by net client cash flows and market appreciation, and for the six months ended June 30,
2026, the increase was also due to the addition of assets associated with new Affiliate investments. We continue to see client
demand for alternative strategies; broad-based demand for our Affiliates' liquid alternative and private markets strategies
generated strong net inflows in the quarter, while our Affiliates' equity strategies experienced net outflows in line with trends
across the industry. As we continue to execute our growth strategy by investing in new and existing Affiliates, as well as in
AMG's strategic capabilities, we expect our business mix to further evolve and diversify, expanding our exposure to in-demand
strategies in both private markets and liquid alternatives, and better positioning AMG to continue to benefit from industry
growth trends.
The following tables present changes in our assets under management by strategy for the three and six months ended
June 30, 2026:
Alternatives
Differentiated Long-Only
(in billions)
Private
Markets
Liquid
Alternatives
Equities
Multi-Asset &
Fixed Income
Total
March 31, 2026
$148.0
$261.5
$297.8
$174.7
$882.0
Client cash inflows and commitments
8.0
30.8
10.3
13.5
62.6
Client cash outflows
(0.2)
(9.7)
(24.8)
(15.0)
(49.7)
Net client cash flows
7.8
21.1
(14.5)
(1.5)
12.9
Affiliate transactions(1)
-
-
-
(5.6)
(5.6)
Market changes
0.2
10.0
39.1
6.6
55.9
Foreign exchange(2)
(0.2)
0.2
(0.4)
(0.2)
(0.6)
Realizations and distributions (net)
(2.8)
(0.0)
(0.1)
(0.1)
(3.0)
Other(3)
0.3
0.4
0.0
0.1
0.8
June 30, 2026
$153.3
$293.2
$321.9
$174.0
$942.4
Alternatives
Differentiated Long-Only
(in billions)
Private
Markets
Liquid
Alternatives
Equities
Multi-Asset &
Fixed Income
Total
December 31, 2025
$146.0
$227.2
$312.1
$128.0
$813.3
Client cash inflows and commitments
12.3
61.8
25.2
26.1
125.4
Client cash outflows
(0.3)
(16.0)
(48.8)
(24.8)
(89.9)
Net client cash flows
12.0
45.8
(23.6)
1.3
35.5
New investments(4)
2.6
10.1
-
47.1
59.8
Affiliate transactions(1)
-
-
-
(5.6)
(5.6)
Market changes
(0.2)
9.0
35.7
5.5
50.0
Foreign exchange(2)
(0.5)
(0.9)
(2.1)
(0.5)
(4.0)
Realizations and distributions (net)
(4.6)
(0.0)
(0.2)
(0.2)
(5.0)
Other(3)
(2.0)
2.0
(0.0)
(1.6)
(1.6)
June 30, 2026
$153.3
$293.2
$321.9
$174.0
$942.4
_________________________
(1)Attributable to the myCIO Transaction as of the closing date.
(2)Foreign exchange reflects the impact of translating the assets under management of our Affiliates whose functional
currency is not the U.S. dollar into our functional currency.
(3)Other includes product transitions and reclassifications.
(4)Attributable to BBH Credit Partners and HighBrook as of their respective closing dates.
The following tables present performance of our investment strategies, where available, measured by the percentage of
assets under management ahead of their relevant benchmark:
AUM Weight
% of AUM Ahead of Benchmark(1)
IRR Latest Vintage
IRR Last Three Vintages
Private markets(2)
16 %
65 %
75 %
AUM Weight
% of AUM Ahead of Benchmark(1)
3-year
5-year
10-year
Liquid alternatives(3)
31 %
92 %
91 %
93 %
Equities(3)
34 %
43 %
45 %
62 %
Multi-asset and fixed income(4)
19 %
N/A
N/A
N/A
___________________________
(1)Past performance is not indicative of future results. Performance and AUM information is as of June 30, 2026 and is based
on data available at the time of calculation. Product returns are sourced from Affiliates while benchmark returns are
generally sourced via third-party subscriptions.
(2)For private markets products, performance is reported as the percentage of assets that have outperformed benchmarks on a
since-inception internal rate of return basis. Benchmarks utilized include a combination of public market equivalents, peer
medians, and absolute returns where benchmarks are not available. For purposes of investment performance comparisons,
the latest vintage comparison includes the most recent vehicles and strategies (traditional long-duration investment funds,
customized vehicles, and other evergreen vehicles and product structures) where meaningful performance is available and
calculable. In order to illustrate the performance of our private markets product category over a longer period of history,
the last three vintages comparison incorporates the latest vintage vehicles and the prior two vintages for traditional long-
duration investment funds, as well as additional vehicles and strategies launched during the equivalent time period as the
last three vintages of traditional long-duration investment funds. Due to the nature of these investments and vehicles,
reported performance is typically on a three- to six-month lag basis.
(3)For liquid alternative and equity products, performance is reported as the percentage of assets that have outperformed
benchmarks across the indicated periods, and excludes market-hedging products. For purposes of investment performance
comparisons, products are an aggregation of portfolios (separate accounts, investment funds, and other products) that each
represent a particular investment objective, using the most representative portfolio for the performance comparison.
Performance is presented for products with a three-, five-, and/or ten-year track record and is measured on a consistent
basis relative to the most appropriate benchmarks. Benchmark appropriateness is generally reviewed annually to reflect
any changes in how underlying portfolios/mandates are managed. Product and benchmark performance is reflected as total
return and is annualized. Reported product performance is gross-of-fees for institutional and high-net-worth separate
accounts, and generally net-of-fees across retail funds and other commingled vehicles such as hedge funds.
(4)Multi-asset and fixed income products are mainly our wealth management and solutions offerings. These investment
products are primarily customized toward wealth preservation, estate planning, and liability and tax management, and
therefore are typically not measured against a benchmark.
Aggregate Fees
Aggregate fees consist of asset- and performance-based fees of our consolidated and equity method Affiliates. In the case
of our equity method Affiliates, asset- and performance-based fees are presented net of certain expense reimbursements paid by
the underlying products. Asset-based fees include advisory and other fees earned by our Affiliates for services provided to their
clients and are typically determined as a percentage of the value of a client's assets under management, generally inclusive of
uncalled commitments. Asset-based fees are generally impacted by the level of average assets under management and the
composition of these assets across our strategies with different asset-based fee ratios. Our asset-based fee ratio is calculated as
asset-based fees divided by average assets under management.
In some cases, if product returns exceed certain performance thresholds, we will participate in performance-based fees.
Performance-based fees are based on investment performance, typically on an absolute basis or relative to a benchmark or a
hurdle rate, and are generally recognized when it is improbable that there will be a significant reversal in the amount of revenue
recognized. Performance-based fees are generally recognized less frequently than asset-based fees and will vary from period to
period because they inherently depend on investment performance. As of June 30, 2026, approximately 27% of our total assets
under management could potentially earn performance-based fees. These percentages were approximately 12% and 39% of our
assets under management for our consolidated Affiliates and Affiliates accounted for under the equity method, respectively.
We anticipate performance-based fees will be a recurring component of our aggregate fees; however we do not anticipate these
fees to be a significant component of our Consolidated revenue as these fees are predominately earned by our Affiliates
accounted for under the equity method.
Aggregate fees were $1,661.5 million for the three months ended June 30, 2026, an increase of $488.0 million or 42% as
compared to the three months ended June 30, 2025. The increase in aggregate fees was due to a $437.5 million or 37% increase
from asset-based fees and a $50.5 million or 5% increase from performance-based fees, primarily in private markets strategies.
The increase in asset-based fees was principally due to an increase in our Affiliates' average assets under management,
primarily in liquid alternative and multi-asset and fixed income strategies, including the impact of our investments in new
Affiliates and market appreciation, and changes in the composition of our assets under management, including net client cash
flows from our Affiliates managing alternative strategies, which typically have higher fee rates.
Aggregate fees were $3,571.4 million for the six months ended June 30, 2026, an increase of $1,127.5 million or 46% as
compared to the six months ended June 30, 2025. The increase in aggregate fees was due to an $838.0 million or 34% increase
from asset-based fees and a $289.5 million or 12% increase from performance-based fees, primarily in liquid alternative
strategies. The increase in asset-based fees was principally due to an increase in our Affiliates' average assets under
management, primarily in liquid alternative and multi-asset and fixed income strategies, including the impact of our
investments in new Affiliates and market appreciation, and changes in the composition of our assets under management,
including net client cash flows from our Affiliates managing alternative strategies, which typically have higher fee rates.
Financial and Supplemental Financial Performance Measures
The following table presents our key financial and supplemental financial performance measures:
For the Three Months
Ended June 30,
For the Six Months Ended
June 30,
(in millions)
2025
2026
% Change
2025
2026
% Change
Net income
$135.9
$237.4
75%
$235.1
$383.7
63%
Net income (controlling interest)
84.3
185.9
N.M.(1)
156.6
296.3
89%
Adjusted EBITDA (controlling interest)(2)
219.7
316.0
44%
447.9
633.3
41%
Economic net income (controlling interest)(2)
159.2
221.4
39%
317.9
446.1
40%
___________________________
(1)Percent change is not meaningful.
(2)Adjusted EBITDA (controlling interest) and Economic net income (controlling interest) are non-GAAP performance
measures and are discussed in "Supplemental Financial Performance Measures."
Net income (controlling interest) increased $101.6 million for the three months ended June 30, 2026. This increase was
primarily due to the impact of a $147.5 million increase in Consolidated revenue, a $59.3 million increase in Equity method
income (net), and a $38.3 million decrease in Affiliate equity expense attributable to the controlling interest, partially offset by
a $32.4 million increase in Income tax expense attributable to the controlling interest.
Net income (controlling interest) increased $139.7 million or 89% for the six months ended June 30, 2026. This increase
was primarily due to the impact of a $195.8 million increase in Consolidated revenue and a $131.3 million increase in Equity
method income (net), partially offset by a $53.3 million increase in Income tax expense attributable to the controlling interest.
Adjusted EBITDA (controlling interest) is an important supplemental financial performance measure for management.
Our Adjusted EBITDA (controlling interest) increased $96.3 million or 44% for the three months ended June 30, 2026,
primarily due to a $488.0 million or 42% increase in aggregate fees.
Adjusted EBITDA (controlling interest) increased $185.4 million or 41% for the six months ended June 30, 2026,
primarily due to a $1,127.5 million or 46% increase in aggregate fees. Adjusted EBITDA (controlling interest) increased less
than aggregate fees on a percentage basis primarily due to the recognition of performance-based fees earned by Affiliates in
which we hold a lesser economic interest.
We believe Economic net income (controlling interest) is an important supplemental financial performance measure
because it represents our performance before non-cash expenses relating to the acquisition of interests in Affiliates and
improves comparability of performance between periods. For the three months ended June 30, 2026, our Economic net income
(controlling interest) increased $62.2 million or 39%, primarily due to a $96.3 million or 44% increase in Adjusted EBITDA
(controlling interest).
Economic net income (controlling interest) increased $128.2 million or 40% for the six months ended June 30, 2026,
primarily due to a $185.4 million or 41% increase in Adjusted EBITDA (controlling interest).
Results of Operations
The following discussion includes the key operating performance measures and financial results of our consolidated and
equity method Affiliates. Our consolidated Affiliates' financial results are included in Consolidated revenue, Consolidated
expenses, and Investment and other income, and our share of our equity method Affiliates' financial results is reported, net of
intangible amortization and impairments and tax, in Equity method income (net) in our Consolidated Statements of Income.
Consolidated Revenue
The following table presents our consolidated Affiliates' average assets under management and Consolidated revenue:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions, except as noted)
2025
2026
% Change
2025
2026
% Change
Consolidated Affiliate average assets under
management (in billions)
$399.7
$429.6
7%
$398.1
$428.5
8%
Consolidated revenue
$493.2
$640.7
30%
$989.8
$1,185.6
20%
Consolidated revenue increased $147.5 million or 30% for the three months ended June 30, 2026, due to an $86.3 million
or 18% increase from asset-based fees, and a $61.2 million or 12% increase from performance-based fees, primarily in private
markets strategies. The increase in asset-based fees was principally due to an increase in our consolidated Affiliates' average
assets under management, primarily in private markets and multi-asset and fixed income strategies, including the impact of
market appreciation, and changes in the composition of our assets under management.
Consolidated revenue increased $195.8 million or 20% for the six months ended June 30, 2026, due to a $141.3 million or
14% increase from asset-based fees and a $54.5 million or 6% increase from performance-based fees, primarily in private
markets strategies. The increase in asset-based fees was principally due to an increase in our consolidated Affiliates' average
assets under management, primarily in private markets and multi-asset and fixed income strategies, including the impact of
market appreciation, and changes in the composition of our assets under management.
Consolidated Expenses
The following table presents our Consolidated expenses:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
% Change
% Change
(in millions)
2025
2026
2025
2026
Compensation and related expenses
$263.7
$316.1
20%
$494.1
$603.2
22%
Selling, general and administrative
95.7
107.4
12%
190.4
214.7
13%
Intangible amortization and impairments
6.3
7.2
14%
89.6
56.5
(37)%
Interest expense
34.5
40.5
17%
68.6
78.9
15%
Depreciation and other amortization
2.5
2.2
(12)%
5.3
4.7
(11)%
Other expenses (net)
10.0
13.3
33%
21.6
34.6
60%
Total consolidated expenses
$412.7
$486.7
18%
$869.6
$992.6
14%
Compensation and related expenses increased $52.4 million or 20% for the three months ended June 30, 2026, primarily
due to a $90.7 million increase in compensation accruals, partially offset by a $37.6 million decrease in Affiliate equity
expense.
Compensation and related expenses increased $109.1 million or 22% for the six months ended June 30, 2026, primarily due
to a $117.6 million increase in compensation accruals, partially offset by a $4.6 million decrease in share-based compensation
and a $3.9 million decrease in Affiliate equity expense.
Selling, general and administrative expenses increased $11.7 million or 12% for the three months ended June 30, 2026,
primarily due to a $10.3 million increase in distribution and investment-related expenses, principally as a result of the increase
in average assets under management on which these expenses are incurred.
Selling, general and administrative expenses increased $24.3 million or 13% for the six months ended June 30, 2026,
primarily due to a $17.4 million increase in distribution and investment-related expenses, principally as a result of the increase
in average assets under management on which these expenses are incurred, and a $6.2 million increase in professional fees.
Intangible amortization and impairments increased $0.9 million or 14% for the three months ended June 30, 2026,
primarily due to a $0.9 million increase in amortization expense due to an increase in actual and expected client attrition for
certain definite-lived acquired client relationships.
Intangible amortization and impairments decreased $33.1 million or 37% for the six months ended June 30, 2026, primarily
due to a $34.0 million decrease in expenses to reduce the carrying value of indefinite-lived acquired client relationships for
certain mutual fund assets to fair value.
Interest expense increased $6.0 million or 17% for the three months ended June 30, 2026, primarily due to a $7.7 million
increase from borrowings under our senior unsecured multicurrency revolving credit facility (the "revolver") and a $6.0 million
increase from our 5.50% senior unsecured notes issued in December 2025 (the "2036 senior notes"). These increases were
partially offset by a $4.5 million decrease due to the repayment of our junior convertible securities in January 2026 and a $3.2
million decrease due to the maturity of our 3.50% senior notes in August 2025 (the "2025 Senior Notes").
Interest expense increased $10.3 million or 15% for the six months ended June 30, 2026, primarily due to a $13.7 million
increase from borrowings under the revolver and an $11.9 million increase from the 2036 senior notes. These increases were
partially offset by an $8.9 million decrease due to the repayment of our junior convertible securities in January 2026 and a $6.4
million decrease due to the maturity of the 2025 Senior Notes.
There were no significant changes to Depreciation and other amortization for the three and six months ended June 30,
2026.
Other expenses (net) increased $3.3 million or 33% for the three months ended June 30, 2026, primarily due to a $1.1
million increase in rent and related office costs and a $0.7 million increase in expenses related to changes in the values of
contingent payment obligations.
Other expenses (net) increased $13.0 million or 60% for the six months ended June 30, 2026, primarily due to a $9.3
million increase in expenses related to the settlement of conversions with respect to our junior convertible securities (see Note
6), a $1.7 million increase in rent and related office costs, and a $0.8 million increase in expenses related to changes in the
values of contingent payment obligations.
Equity Method Income (Net)
For our Affiliates accounted for under the equity method, we use structured partnership interests in which we contractually
share in the Affiliate's revenue or revenue less agreed-upon expenses. Our share of pre-tax earnings or losses from Affiliates
accounted for under the equity method ("pre-tax equity method earnings"), net of intangible amortization and impairments and
tax, is included in Equity method income (net). For certain of our Affiliates accounted for under the equity method, we report
the Affiliate's financial results in our Consolidated Financial Statements one quarter in arrears.
The following table presents our equity method Affiliates' average assets under management and equity method Affiliate
revenue, net of certain expense reimbursements paid by the underlying products ("equity method revenue, net"), as well as pre-
tax equity method earnings, equity method intangible amortization, equity method intangible impairments, if any, and equity
method income tax, which in aggregate form Equity method income (net):
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions, except as noted)
2025
2026
% Change
2025
2026
% Change
Operating Performance Measures
Equity method Affiliate average assets under
management (in billions)
$336.9
$491.3
46%
$326.2
$472.8
45%
Equity method revenue, net
$680.3
$1,020.8
50%
$1,454.1
$2,385.8
64%
Financial Performance Measures
Pre-tax equity method earnings
$94.1
$156.7
67%
$193.6
$343.0
77%
Equity method intangible amortization
(27.0)
(29.2)
8%
(45.6)
(55.9)
23%
Equity method intangible impairments
-
-
-%
-
(8.0)
N.M.(1)
Equity method income tax
(1.5)
(2.6)
73%
(7.1)
(6.9)
(3)%
Equity method income (net)
$65.6
$124.9
90%
$140.9
$272.2
93%
___________________________
(1)Percent change is not meaningful.
Equity method revenue, net increased $340.5 million or 50% for the three months ended June 30, 2026, due to a $351.2
million or 52% increase from asset-based fees, partially offset by a $10.7 million or 2% decrease from performance-based fees,
primarily in liquid alternative strategies. The increase in asset-based fees was principally due to an increase in our equity
method Affiliates' average assets under management, primarily in liquid alternative and multi-asset and fixed income strategies,
including the impact of our investments in new Affiliates and market appreciation, and changes in the composition of our assets
under management, including net client cash flows from our equity method Affiliates managing alternative strategies, which
typically have higher fee rates.
For the three months ended June 30, 2026, pre-tax equity method earnings increased $62.6 million or 67%, primarily due to
a $340.5 million or 50% increase in equity method revenue, net. Pre-tax equity method earnings increased more than equity
method revenue, net on a percentage basis primarily due to margin expansion at certain Affiliates.
Equity method intangible amortization increased $2.2 million or 8% for the three months ended June 30, 2026, primarily
due to a $9.7 million increase in amortization expense due to investments in new Affiliates. This increase was partially offset
by a $5.4 million decrease in amortization expense related to certain definite-lived assets being fully amortized and a $2.4
million decrease due to certain Affiliate transactions.
Equity method revenue, net increased $931.7 million or 64% for the six months ended June 30, 2026, due to a $696.7
million or 48% increase from asset-based fees and a $235.0 million or 16% increase from performance-based fees, primarily in
liquid alternative strategies. The increase in asset-based fees was principally due to an increase in our equity method Affiliates'
average assets under management, primarily in liquid alternative and multi-asset and fixed income strategies, including the
impact of our investments in new Affiliates and market appreciation, and changes in the composition of our assets under
management, including net client cash flows from our equity method Affiliates managing alternative strategies, which typically
have higher fee rates.
For the six months ended June 30, 2026, pre-tax equity method earnings increased $149.4 million or 77%, primarily due to
a $931.7 million or 64% increase in equity method revenue, net. Pre-tax equity method earnings increased more than equity
method revenue, net on a percentage basis primarily due to margin expansion at certain Affiliates.
Equity method intangible amortization increased $10.3 million or 23% for the six months ended June 30, 2026, primarily
due to a $20.5 million increase in amortization expense due to investments in new Affiliates. This increase was partially offset
by a $6.4 million decrease in amortization expense related to certain definite-lived assets being fully amortized and a $4.5
million decrease in amortization expense due to certain Affiliate transactions.
Equity method intangible impairments increased $8.0 million for the six months ended June 30, 2026. See Note 9 of our
Consolidated Financial Statements.
There were no significant changes to equity method income tax for the three and six months ended June 30, 2026.
Affiliate Transaction Gains
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions)
2025
2026
% Change
2025
2026
% Change
Affiliate transaction gains
$-
$14.6
N.M.(1)
$-
$14.6
N.M.(1)
___________________________
(1)Percent change is not meaningful.
For the three and six months ended June 30, 2026, we recorded a $14.6 million gain related to the divestiture of an advisor
team at myCIO Wealth Partners, LLC ("myCIO") in June 2026 (the "myCIO Transaction"). See Note 8 of our Consolidated
Financial Statements.
Investment and Other Income
The following table presents our Investment and other income:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions)
2025
2026
% Change
2025
2026
% Change
Investment and other income
$25.5
$13.9
(45)%
$37.1
$20.4
(45)%
Investment and other income decreased $11.6 million or 45% for the three months ended June 30, 2026, primarily due to a
$10.9 million decrease in net realized and unrealized gains on other investments.
Investment and other income decreased $16.7 million or 45% for the six months ended June 30, 2026, primarily due to an
$11.6 million decrease in net realized and unrealized gains on other investments and a $7.7 million decrease in interest income.
These decreases were partially offset by a $3.7 million increase in net realized and unrealized gains on marketable securities.
Income Tax Expense
The following table presents our Income tax expense:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions)
2025
2026
% Change
2025
2026
% Change
Income tax expense
$35.7
$70.0
96%
$63.1
$116.5
85%
Our consolidated income tax provision includes taxes attributable to the controlling interest and, to a lesser extent, taxes
attributable to the non-controlling interests.
Income tax expense increased $34.3 million or 96% for the three months ended June 30, 2026. Our effective tax rate
(controlling interest) for the three months ended June 30, 2026 was 26.2% as compared to 28.5% for the three months ended
June 30, 2025. The decrease in the effective tax rate (controlling interest) is primarily due to an expense attributable to a
modification of the terms of certain equity awards at an Affiliate for which no tax benefit was recorded, which did not recur,
partially offset by higher tax windfalls attributable to share-based compensation for the three months ended June 30, 2025.
Income tax expense increased $53.4 million or 85% for the six months ended June 30, 2026. Our effective tax rate
(controlling interest) for the six months ended June 30, 2026 was 27.4% as compared to 27.1% for the six months ended June
30, 2025. The increase in the effective tax rate (controlling interest) is primarily due to lower tax windfalls attributable to
share-based compensation for the six months ended June 30, 2026.
Net Income
The following table presents Net income, Net income (non-controlling interests), and Net income (controlling interest):
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions)
2025
2026
% Change
2025
2026
% Change
Net income
$135.9
$237.4
75%
$235.1
$383.7
63%
Net income (non-controlling interests)
51.6
51.5
(0)%
78.5
87.4
11%
Net income (controlling interest)
84.3
185.9
N.M.(1)
156.6
296.3
89%
___________________________
(1)Percent change is not meaningful.
Net income (controlling interest) increased $101.6 million for the three months ended June 30, 2026, primarily due to an
increase in Consolidated revenue, an increase in Equity method income (net), and a decrease in Affiliate equity expense
attributable to the controlling interest, partially offset by an increase in Income tax expense attributable to the controlling
interest.
Net income (controlling interest) increased $139.7 million or 89% for the six months ended June 30, 2026, primarily due to
an increase in Consolidated revenue and an increase in Equity method income (net), partially offset by an increase in Income
tax expense attributable to the controlling interest.
Supplemental Financial Performance Measures
As supplemental information to our GAAP performance measures, including Net income (see Note 17 of our Consolidated
Financial Statements), we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net
income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA
(controlling interest) when comparing our financial performance to other companies in the investment management industry.
Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash
GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods.
Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of
Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation.
These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income, Net income
(controlling interest), Earnings per share, or other GAAP performance measures.
Adjusted EBITDA (controlling interest)
Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and
certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate transactions, and
non-cash items such as certain Affiliate equity-related activities, gains and losses on our contingent payment obligations, and
unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA
(controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner
commitments, and other strategic investments.
The following table presents a reconciliation of Net income (controlling interest) to Adjusted EBITDA (controlling
interest):
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions)
2025
2026
2025
2026
Net income (controlling interest)
$84.3
$185.9
$156.6
$296.3
Interest expense
34.4
40.5
68.5
78.8
Income taxes(1)
35.1
68.6
65.4
118.5
Intangible amortization and impairments(2)
31.0
33.9
116.8
103.1
Affiliate transactions(3)
-
(14.6)
-
(14.6)
Other items(4)
34.9
1.7
40.6
51.2
Adjusted EBITDA (controlling interest)
$219.7
$316.0
$447.9
$633.3
___________________________
(1)Income taxes include equity method income tax.
(2)Intangible amortization and impairments in our Consolidated Statements of Income include amortization attributable to the
non-controlling interests of our consolidated Affiliates. For our Affiliates accounted for under the equity method, we do
not separately report intangible amortization and impairments in our Consolidated Statements of Income. Our share of
these Affiliates' amortization and impairments is included in Equity method income (net). The following table presents the
Intangible amortization and impairments shown above:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions)
2025
2026
2025
2026
Consolidated intangible amortization and impairments
$6.3
$7.2
$89.6
$56.5
Consolidated intangible amortization and impairments (non-controlling
interests)
(2.3)
(2.5)
(18.4)
(17.3)
Equity method intangible amortization and impairments
27.0
29.2
45.6
63.9
Total
$31.0
$33.9
$116.8
$103.1
(3)The three and six months ended June 30, 2026 include a gain of $14.6 million related to the myCIO Transaction.
(4)Other items include certain non-income based taxes, depreciation, and non-cash items such as certain Affiliate equity-
related activities, gains and losses on our contingent payment obligations, unrealized gains and losses on seed capital,
general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed
capital, general partner commitments, and other strategic investments. For the three and six months ended June 30, 2025
and 2026, other items were predominantly the result of Affiliate equity-related activities. See Note 12 of our Consolidated
Financial Statements.
Economic Net Income (controlling interest) and Economic Earnings Per Share
Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share
of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity
method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which
do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it
is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to
Affiliate transactions, net of tax, and other economic items.
Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares
outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-
controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without
issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with
our former junior convertible securities is measured using a "treasury stock" method. Under this method, only the net number
of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be
outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in
available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities
are converted and we are relieved of our debt obligation.
The following table presents a reconciliation of Net income (controlling interest) to Economic net income (controlling
interest) and Economic earnings per share:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(in millions, except per share data)
2025
2026
2025
2026
Net income (controlling interest)
$84.3
$185.9
$156.6
$296.3
Intangible amortization and impairments(1)
31.0
33.9
116.8
103.1
Intangible-related deferred taxes(2)
14.6
13.3
13.9
17.9
Affiliate transactions(3)
-
(11.0)
-
(11.0)
Other economic items(4)
29.3
(0.7)
30.6
39.8
Economic net income (controlling interest)
$159.2
$221.4
$317.9
$446.1
Average shares outstanding (diluted)
31.4
26.9
32.3
27.3
Hypothetical issuance of shares to settle Redeemable non-controlling
interests
(0.2)
(0.2)
(0.6)
(0.3)
Assumed issuance of junior convertible securities shares
(1.7)
-
(1.7)
-
Dilutive impact of junior convertible securities shares
-
-
-
-
Average shares outstanding (adjusted diluted)
29.5
26.7
30.0
27.0
Economic earnings per share
$5.39
$8.29
$10.58
$16.52
___________________________
(1)See note (2) to the table in "Adjusted EBITDA (controlling interest)."
(2)Income taxes include equity method deferred taxes.
(3)The three and six months ended June 30, 2026 include a gain of $14.6 million related to the myCIO Transaction, net of
$3.6 million income tax expense.
(4)Other economic items include certain Affiliate equity-related activities, gains and losses related to contingent payment
obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital,
general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed
capital, general partner commitments, and other strategic investments. For the three and six months ended June 30, 2025
and 2026, other economic items were predominantly the result of Affiliate equity-related activities. See Note 12 of our
Consolidated Financial Statements.
Liquidity and Capital Resources
We generate long-term value by investing in new Affiliate partnerships, existing Affiliates, and strategic value-add
capabilities through which we can leverage our scale and resources to benefit our Affiliates and enhance their long-term growth
prospects. Given our annual cash generation from operations, in addition to investing for growth in our business, we are also
able to return excess capital to shareholders primarily through share repurchases. We continue to manage our capital structure
consistent with an investment grade company and are currently rated A3 by Moody's Investor Services and BBB+ by S&P
Global Ratings.
Cash and cash equivalents were $411.0 million as of June 30, 2026 and were attributable to both our controlling and the
non-controlling interests. In the six months ended June 30, 2026, we met our cash requirements primarily through cash
generated by operating activities and senior bank debt borrowings. Our principal uses of cash in the six months ended June 30,
2026 were for investments in new Affiliates, settlement of each of our conversion obligations with respect to our former junior
convertible securities, the return of excess capital through share repurchases, repayment of debt, and distributions to Affiliate
equity holders.
We expect investments in new Affiliates, investments in existing Affiliates, primarily through purchases of Affiliate equity
interests and general partner and seed capital investments, the return of capital through share repurchases and the payment of
cash dividends on our common stock, repayment of debt, distributions to Affiliate equity holders, payment of income taxes, and
general working capital to be the primary uses of cash on a consolidated basis for the foreseeable future. We anticipate that our
current cash balance, cash flows from operations, and borrowings under the revolver will be sufficient to support our uses of
cash for the foreseeable future. In addition, we may draw funding from the debt and equity capital markets, and our credit
ratings, among other factors, allow us to access these sources of funding on favorable terms.
The following table presents operating, investing, and financing cash flow activities:
For the Six Months
Ended June 30,
(in millions)
2025
2026
Operating cash flow
$439.7
$538.3
Investing cash flow
(529.3)
(219.3)
Financing cash flow
(518.4)
(489.0)
Operating Cash Flow
Operating cash flows are calculated by adjusting Net income for other significant sources and uses of cash, significant non-
cash items, and timing differences in the cash settlement of assets and liabilities.
For the six months ended June 30, 2026, Cash flows from operating activities were $538.3 million, primarily from
distributions of earnings received from equity method investments of $464.5 million and Net income of $383.7 million adjusted
for non-cash items of $164.6 million. These items were partially offset by timing differences in the cash settlement of
receivables, other assets, and payables, accrued liabilities, and other liabilities of $113.8 million. For the six months ended
June 30, 2026, operating cash flows were primarily attributable to the controlling interest.
Investing Cash Flow
For the six months ended June 30, 2026, Cash flows used in investing activities were $219.3 million, primarily due to
$242.3 million of investments in Affiliates and $69.1 million of purchases of investment securities. These items were partially
offset by $57.2 million of maturities and sales of investment securities and $36.2 million of proceeds received from Affiliate
transactions. For the six months ended June 30, 2026, investing cash flows were primarily attributable to the controlling
interest.
Financing Cash Flow
For the six months ended June 30, 2026, Cash flows used in financing activities were $489.0 million, primarily due to the
settlement of junior convertible securities of $514.6 million, $364.8 million of repurchases of common stock, net, repayment of
senior bank debt borrowings of $170.0 million, $146.3 million of distributions to non-controlling interests, $56.7 million of
Affiliate equity purchases, net of issuances, and $46.7 million of taxes paid on shares withheld for share-based awards. These
items were partially offset by senior bank debt borrowings of $820.0 million. For the six months ended June 30, 2026,
financing cash flows were primarily attributable to the controlling interest.
Affiliate Equity
We periodically purchase Affiliate equity from and issue Affiliate equity to our consolidated Affiliate partners and other
parties under agreements that provide us with a conditional right to call and Affiliate equity holders with a conditional right to
put their Affiliate equity interests to us at certain intervals. We have the right to settle a portion of these purchases in shares of
our common stock. For Affiliates accounted for under the equity method, we do not typically have such put and call
arrangements. The purchase price of these conditional purchases is generally calculated based upon a multiple of the Affiliate's
cash flow distributions, which is intended to represent fair value. In certain cases, Affiliate equity holders are also permitted to
sell their equity interests to Affiliate partners or other parties, subject to our approval or other restrictions.
As of June 30, 2026, the current redemption value of Affiliate equity interests was $470.6 million, of which $270.2 million
was presented as Redeemable non-controlling interests (including $32.9 million of consolidated Affiliate-sponsored investment
products primarily attributable to third-party investors), and $200.4 million was included in Other liabilities on the Consolidated
Balance Sheets. Although the timing and amounts of these purchases are difficult to predict, we paid $60.9 million for Affiliate
equity purchases and received $4.2 million for Affiliate equity issuances during the six months ended June 30, 2026, and we
expect net purchases of approximately $35 million of Affiliate equity during the remainder of 2026. In the event of a purchase,
we become the owner of the cash flow associated with the purchased equity. See Notes 11 and 12 of our Consolidated
Financial Statements.
Share Repurchases
Our Board of Directors authorized share repurchase programs in July 2024 and January 2026 to repurchase up to 5.4
million and 4.2 million shares of our common stock, respectively, and these authorizations have no expiry. Purchases may be
made from time to time, at management's discretion, in the open market or in privately negotiated transactions, including
through the use of trading plans, as well as pursuant to accelerated share repurchase programs or other share repurchase
strategies that may include derivative financial instruments. During the three and six months ended June 30, 2026, we
repurchased 0.6 million and 1.2 million shares of our common stock at an average price per share of $313.56 and $310.29,
respectively. As of June 30, 2026, there were a total of 5.0 million shares available for repurchase under our share repurchase
programs.
Debt
The following table presents the carrying value of our outstanding indebtedness and a reconciliation to Debt as presented
on our Consolidated Balance Sheets:
(in millions)
December 31,
2025
June 30,
2026
Senior bank debt
$-
$650.0
Senior notes
1,172.0
1,172.2
Junior subordinated notes
1,216.1
1,216.1
Junior convertible securities
340.6
-
Total carrying value
2,728.7
3,038.3
Debt issuance costs
(37.4)
(34.3)
Debt
$2,691.3
$3,004.0
As of June 30, 2026, the weighted average maturity of our outstanding senior and junior subordinated notes is 22 years, all
of which is maturing in 2030 and beyond. Our nearest term maturity with respect to our senior and junior subordinated notes
relates to our $350.0 million senior notes due June 2030 (the "2030 senior notes"). See Note 6 of our Consolidated Financial
Statements.
Senior Bank Debt
As of June 30, 2026, we had a $1.25 billion revolver. The Company amended and restated the revolver in June 2026,
extending the maturity from November 15, 2029 to June 9, 2031. Subject to certain conditions, we may increase the
commitments under the revolver by up to an additional $750.0 million.
As of June 30, 2026, we had outstanding borrowings under the revolver of $650.0 million, and we could borrow all
remaining capacity and maintain compliance with all of the terms of the revolver.
Senior Notes
As of June 30, 2026, we had senior notes outstanding, the respective principal terms of which are presented and described
below:
2030
Senior Notes
2034
Senior Notes
2036
Senior Notes
Issue date
June 2020
August 2024
December 2025
Maturity date
June 2030
August 2034
February 2036
Par value (in millions)
$350.0
$400.0
$425.0
Stated coupon
3.30%
5.50%
5.50%
Coupon frequency
Semi-annually
Semi-annually
Semi-annually
In addition to customary event of default provisions, the indenture governing the senior notes, including the applicable
supplemental indentures with respect to the 2030, 2034, and 2036 senior notes, limits our ability to consolidate, merge, or sell
all or substantially all of our assets, and requires us to make an offer to repurchase the applicable senior notes at 101% of the
principal amount (plus any accrued and unpaid interest), upon certain change of control triggering events. The senior notes
may be redeemed, in whole or in part, at a make-whole redemption price (plus accrued and unpaid interest), at any time prior to
March 15, 2030, in the case of the 2030 senior notes, at any time prior to May 20, 2034, in the case of the 2034 senior notes,
and at any time prior to November 15, 2035, in the case of the 2036 senior notes. In addition, the 2030, 2034, and 2036 senior
notes may be redeemed at par (plus accrued and unpaid interest), in whole or in part, at any time, on or after March 15, 2030,
May 20, 2034, and November 15, 2035, respectively. We may also repurchase senior notes in the open market or in privately
negotiated transactions from time to time at management's discretion.
Junior Subordinated Notes
As of June 30, 2026, we had junior subordinated notes outstanding, the respective principal terms of which are presented
and described below:
2059
Junior Subordinated
Notes
2060
Junior Subordinated
Notes
2061
Junior Subordinated
Notes
2064
Junior Subordinated
Notes
Issue date
March 2019
September 2020
July 2021
March 2024
Maturity date
March 2059
September 2060
September 2061
March 2064
Par value (in millions)
$300.0
$275.0
$200.0
$450.0
Stated coupon
5.875%
4.75%
4.20%
6.75%
Coupon frequency
Quarterly
Quarterly
Quarterly
Quarterly
NYSE Symbol
MGR
MGRB
MGRD
MGRE
As of June 30, 2026, each of the 2059 and the 2060 junior subordinated notes could be redeemed at any time, in whole or
in part. The other junior subordinated notes may be redeemed at any time, in whole or in part, on or after September 30, 2026,
in the case of the 2061 junior subordinated notes, and on or after March 30, 2029, in the case of the 2064 junior subordinated
notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being
redeemed, plus any accrued and unpaid interest thereon. Prior to the applicable redemption date, at our option, the applicable
junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued
and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus
any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with
features similar to the applicable notes.
Junior Convertible Securities
On December 8, 2025, we delivered notice that we had elected to redeem all of our outstanding 5.15% junior convertible
trust preferred securities (the "junior convertible securities") on December 29, 2025 (the "Redemption Date"), and announced
our intention to settle any and all conversion obligations in cash. Substantially all holders of the junior convertible securities
delivered requests to convert their securities prior to the Redemption Date. On December 15, 2025 (the "Election Date"), we
made an irrevocable election to settle our conversion obligations in cash by reference to the daily volume weighted average
price of our common stock during each applicable ten trading day conversion reference period. These conversions resulted in a
settlement value in excess of the associated carrying value (the "conversion premium"). As of December 31, 2025, the
conversion premium of $155.5 million was recorded within Other liabilities, with a corresponding reduction to Additional paid-
in capital. In addition, the conversion resulted in a reduction to Deferred tax liability (net) on the Consolidated Balance Sheets
of $38.9 million, with a corresponding increase to Additional paid-in capital. Our election to settle each applicable conversion
premium in cash using a ten-day reference period was accounted for as a forward sale contract, which resulted in a $9.2 million
expense recorded in Other expenses (net), in the fourth quarter of 2025.
On the Redemption Date, we redeemed $1.1 million of junior convertible securities which were not converted, reflecting
the principal amount of the redeemed securities, plus accrued and unpaid interest, up to, but not including, the Redemption
Date.
In January 2026, we settled each of our applicable conversion obligations in cash for an aggregate amount of
$514.6 million which resulted in an incremental expense related to the forward sale contract of $9.3 million. The junior
convertible securities were considered contingent payment debt instruments under federal income tax regulations, which
required us to deduct interest in an amount greater than our reported interest expense ("excess interest expense deductions").
As a result of the settlement of these securities, we incurred a current cash tax liability of approximately $56 million, reflective
of the recapture of excess interest expense deductions.
Prior to their redemption or requests for conversion by the holders, as applicable and described above, the junior
convertible securities bore interest at a rate of 5.15% per annum, which interest payments were payable quarterly in cash.
Equity Distribution Program
In the first quarter of 2025, we entered into an equity distribution agreement and forward sale agreements with several
major securities firms under which we may, from time to time, issue and sell shares of our common stock (immediately or on a
forward basis) having an aggregate sales price of up to $500.0 million (the "equity distribution program"). This equity
distribution program superseded and replaced our prior equity distribution program. As of June 30, 2026, no sales had occurred
under the equity distribution program.
Commitments
See Note 7 of our Consolidated Financial Statements.
Other Contingent Commitments
See Notes 4 and 7 of our Consolidated Financial Statements.
Leases
As of June 30, 2026, our lease obligations were $14.0 million for the remainder of 2026, $61.0 million from 2027 through
2028, $57.3 million from 2029 through 2030, and $62.7 million thereafter. The portion of these lease obligations attributable to
the controlling interest were $1.8 million for the remainder of 2026, $6.8 million from 2027 through 2028, $6.5 million from
2029 through 2030, and $11.0 million thereafter.
Recent Accounting Developments
See Note 2 of our Consolidated Financial Statements.
Critical Accounting Estimates and Judgments
Our 2025 Annual Report on Form 10-K includes additional information about our Critical Accounting Estimates and
Judgments, and should be read in conjunction with this Quarterly Report on Form 10-Q.
AMG - Affiliated Managers Group Inc. published this content on August 07, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 07, 2026 at 21:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]