Assets under management (AUM) increased by 5.5% to $90.5 billion as of December 31, 2025, up from $85.8 billion in 2024. The AUM growth was primarily due to net inflows of $1.5 billion and market appreciation of $6.1 billion, partially offset by distributions of $2.9 billion. Total revenue grew by 7.5% to $556.1 million for the year ended December 31, 2025, compared to $517.4 million in 2024. Investment advisory and administration fees, the largest revenue component, increased by 7.8% to $524.8 million. Total expenses rose by 9.8% to $378.4 million, outpacing revenue growth. Operating income increased slightly to $177.7 million from $172.9 million in the prior year. GAAP diluted earnings per share remained flat at $2.97 for both 2025 and 2024. As adjusted diluted earnings per share increased to $3.09 in 2025 from $2.93 in 2024. The operating margin decreased to 32.0% in 2025 from 33.4% in 2024. The company launched two additional active exchange-traded fund (ETF) strategies in December 2025: listed infrastructure and short duration preferred securities.