Total revenue increased by $55.4 million (13.1%) to $478.9 million for the three months ended March 31, 2026, compared to $423.5 million in the prior year period. Net income decreased by $4.8 million (4.7%) to $96.4 million in Q1 2026, down from $101.1 million in Q1 2025. Diluted earnings per share (EPS) increased by $0.02 (1.6%) to $1.27, up from $1.25 in the prior year, primarily due to a decrease in shares outstanding from repurchases. Total managed assets (AUM) grew by 8% to $907.1 billion as of March 31, 2026, compared to $839.7 billion at March 31, 2025. Average managed assets increased by 9% to $915.6 billion for the three months ended March 31, 2026, from $843.2 billion in the same period last year. Operating expenses rose by $60.9 million (20.8%) to $352.6 million, driven by higher distribution expenses ($26.7 million increase) and a significant increase in 'Other' expenses ($18.2 million increase, partly due to a VAT refund in 2025 and foreign currency fluctuations). Performance fees, including carried interest, decreased significantly to $0.4 million in Q1 2026 from $5.9 million in Q1 2025. The effective tax rate increased to 26.1% in Q1 2026 from 23.6% in Q1 2025, mainly due to increased U.S. pre-tax income and foreign losses with associated valuation allowances. Cash dividends per share increased to $0.34 in Q1 2026 from $0.31 in Q1 2025. Approximately 1.2 million shares of Class B common stock were repurchased for $66.0 million during Q1 2026, with 3.4 million shares remaining available under the current program.