Segment Information (Tables)

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


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

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

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

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

Reconciling Adjustments:

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

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

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

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

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

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

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

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

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