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

The Company’s determination of whether it is the primary beneficiary of a Fund that is a VIE is based in part on an assessment of whether or not the Company and its related parties have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company, through Acadian LLC in its capacity as the investment advisor to the Funds, generally has power over the Funds and therefore the Company may be required to consolidate a Fund that is a VIE if it has potentially significant economics. Typically, the Fund’s investors are entitled to substantially all of the economics of these VIEs with the exception of management fees and performance fees, if any, earned by the Company or any investment the Company has made into the Funds. The Company generally is not the primary beneficiary of Fund VIEs created to manage assets for clients unless the Company’s ownership interest, including interests of related parties, is substantial.

When the Company’s ownership interest in a Fund, including interests of related parties, is significant, the Company generally consolidates the VIE. If the Company subsequently determines that it no longer controls the managed funds in which it has invested, or no longer has an obligation to absorb losses or rights to receive benefits, the Company will deconsolidate the Fund.


	2025		2024
Assets
Cash and cash equivalents	$	23.2	$	3.7
Investments	90.4		$	154.0
Other assets of consolidated Funds	24.9		1.6

Total Assets	$	138.5	$	159.3
Liabilities


Securities sold short	$	7.8	$	20.4
Other liabilities of consolidated Funds	23.3		$	0.8
Total Liabilities	$	31.1	$	21.2

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

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

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