Financial Analysis

"Keystone Agreement On December 5, 2025, the Company entered into an agreement to acquire a majority interest in Keystone National Group (""Keystone""), an investment manager specializing in asset-centric private credit. Under the agreement, the Company would purchase a majority interest in Keystone for consideration of $200.0 million at closing and up to an additional $170.0 million of deferred consideration, including earnout payments subject to the achievement of future revenue targets. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, necessary regulatory approvals and client approvals, including approvals by the Keystone registered fund shareholders."

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Commitments and Contingencies Legal Matters The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. The Company records a liability when it believes that it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company's results of operations, cash flows or consolidated financial condition. However, in the event of unexpected subsequent developments, and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could have a material adverse effect on the Company's results of operations or cash flows in particular …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Retirement Savings Plan The Company sponsors a defined contribution 401(k) retirement plan (the ""401(k) Plan"") covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. The Company matches employees' contributions at a rate of 100% of employees' contributions up to the first 5.0% of the employees' compensation contributed to the 401(k) Plan. The Company's matching contributions were $8.7 million, $8.7 million and $8.3 million in 2025, 2024 and 2023, respectively."

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"Debt Credit Agreement On September 26, 2025, the Company refinanced its existing credit agreement by entering into a new credit agreement (the ""Credit Agreement""). The Credit Agreement provides for (i) a $400.0 million term loan with a seven-year term (the ""Term Loan"") expiring in September 2032, and (ii) a $250.0 million revolving credit facility with a five-year term expiring in September 2030. A portion of the proceeds of the refinancing have been used to repay the $234.7 million outstanding on the previous term loan. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement. The Company had $399.0 million outstanding at December 31, 2025 under the Term Loan. In accordance with ASC 835, Interest , the amounts outstanding under the Company's Term Loan are presented on the Consolidated Balance Sheet net of related debt issuance costs, which were $9.0 million as of December 31, 2025. Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either Term SOFR for interest periods of one, three or six months or an alternate base rate, in either case plus an applicable margin. The applicable margins are 2.25%, in the case of a SOFR-based Term Loan, and 1.25%, in the case of an alternate base rate loan. The Company is also required to pay a quarterly commitme …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes investment management fees by source: Years Ended December 31, (in thousands) 2025 2024 2023 Investment management fees Open-end funds $ 286,610 $ 317,990 $ 305,238 Closed-end funds 61,305 59,184 58,136 Retail separate accounts 209,538 209,467 171,357 Institutional accounts 167,586 187,189 176,744 Total investment management fees $ 725,039 $ 773,830 $ 711,475

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"Stock-Based Compensation Equity-based awards, including restricted stock units (""RSUs""), performance stock units (""PSUs""), stock options and unrestricted shares of common stock, may be granted to officers, employees and directors of the Company pursuant to the Company's Omnibus Incentive and Equity Plan (the ""Omnibus Plan""). At December 31, 2025, 689,477 shares of common stock remain available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan. Stock-based compensation expense is summarized as follows: Years Ended December 31, (in thousands) 2025 2024 2023 Stock-based compensation expense $ 23,964 $ 32,841 $ 26,825 Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Omnibus Plan and are not issued from treasury stock. RSU activity, inclusive of PSUs, for the year ended December 31, 2025 is summarized as follows: Number of shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2024 317,489 $ 205.86 Granted 167,264 $ 173.84 Forfeited (32,705) $ 218.16 Settled (115,251) $ 202.74 Outstanding at December 31, 2025 336,797 $ 189.84 The grant-date intrinsic value of RSUs granted during the year ended December 31, 2025 was $29.1 mill …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Company's assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 17, as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: December 31, 2025 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 340,276 $ $ $ 340,276 Investment securities - fair value Sponsored funds 51,013 51,013 Equity securities 22,903 22,903 Debt securities 2,546 2,546 Nonqualified retirement plan assets 20,090 20,090 Total assets measured at fair value $ 434,282 2,546 $ $ 436,828 Liabilities Contingent consideration $ $ $ 20,800 $ 20,800 Total liabilities measured at fair value $ $ $ 20,800 $ 20,800 December 31, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 225,736 $ $ $ 225,736 Investment securities - fair value Sponsored funds 63,296 63,296 Equity securities 19,019 19,019 Debt securities 1,456 1,456 Nonqualified retirement plan assets 15,159 15,159 Total assets measured at fair value $ 323,210 1,456 $ $ 324,666 Liabilities Contingent consideration $ $ $ 36,100 $ 36,100 Total liabilities measured at fair value $ $ $ 36,100 $ 36,100 The following is a discussion of the valuation methodologies used for the Company's assets and liabilities measured at fair value. Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets Below is a summary of intangible assets, net: Definite-Lived Indefinite-Lived Total (in thousands) Gross Book Value Accumulated Amortization Net Book Value Net Book Value Net Book Value Balances of December 31, 2023 $ 806,655 $ (416,834) $ 389,821 $ 42,298 $ 432,119 Adjustments 2,409 2,409 2,409 Intangible amortization (56,299) (56,299) (56,299) Balances of December 31, 2024 809,064 (473,133) 335,931 42,298 378,229 Adjustments 957 957 957 Intangible amortization (51,777) (51,777) (51,777) Balances of December 31, 2025 $ 810,021 $ (524,910) $ 285,111 $ 42,298 $ 327,409 Definite-lived intangible asset amortization for the next five and succeeding fiscal years is estimated as follows: Fiscal Year Amount (in thousands) 2026 $ 50,906 2027 47,804 2028 42,142 2029 36,544 2030 35,119 2031 and thereafter 72,596 Total $ 285,111 At December 31, 2025, the weighted average estimated remaining amortization period for definite-lived intangible assets was 6.7 years. There have been no changes to goodwill for the years ended December 31, 2025 and 2024. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"Income Taxes The components of the provision for income taxes were as follows: Years Ended December 31, (in thousands) 2025 2024 2023 Current Federal $ 35,884 $ 37,536 $ 33,523 State 6,293 10,767 10,171 Foreign 683 Total current tax expense (benefit) 42,860 48,303 43,694 Deferred Federal 5,632 5,164 789 State 2,625 1,956 605 Foreign 144 Total deferred tax expense (benefit) 8,401 7,120 1,394 Total expense (benefit) for income taxes $ 51,261 $ 55,423 $ 45,088 The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the year ended December 31, 2025, subsequent to the adoption of ASU 2023-09: (in thousands) Year Ended December 31, 2025 U.S. Federal income tax expense (benefit) and tax rate $ 39,322 21 % State and local income taxes, net of federal income tax effect (1) 7,597 4 % Foreign tax effects 169 % Effect of cross-border tax laws 329 % Tax credits (704) % Change in valuation allowance 2,024 1 % Nontaxable or Nondeductible Items Excess tax benefits related to share-based compensation 367 % Nondeductible compensation 2,216 1 % Effect of net (income) loss attributable to noncontrolling interests (1,472) (1) % Other 342 % Other, net 1,071 1 % Income tax expense (benefit) $ 51,261 27 % (1) State and local taxes in Connecticut, California, New Jersey, New York and New York City made up the majority (greater than …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases All of the Company's leases qualify as operating leases and consist primarily of leases for office facilities, which have remaining initial lease terms ranging from 0.7 to 12.6 years and a weighted average remaining lease term of 10.5 years. The Company has options to renew certain of its leases for periods ranging from 5.0 to 10.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and, therefore, were excluded from the initial lease term used to determine the Company's right-of-use asset and lease liability. The Company's right-of-use asset and lease liability on the Consolidated Balance Sheets at December 31, 2025 were $75.2 million and $93.2 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 7.0% at December 31, 2025. Lease expense totaled $17.3 million, $15.1 million and $14.7 million for fiscal years 2025, 2024 and 2023, respectively. Cash payments relating to operating leases during 2025 were $12.7 million. Lease liability maturities as of December 31, 2025 were as follows: Fiscal Year Amount (in thousands) 2026 $ 12,827 2027 13,156 2028 10,986 2029 12,894 2030 12,717 Thereafter 73,990 Total lease payments 136,570 Less: Imputed interest 43,345 Present value of lease liabilities $ 93,225

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New Accounting Standards Implemented In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025 on a prospective basis, effective for annual financial statements for the year ended December 31, 2025. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. New Accounting Standards Not Yet Implemented In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . The standard requires enhanced disclosures of certain expense captions presented on the face of the Consolidated Income Statement. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date which clarifies that the standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted with amendments to be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenues Investment Management Fees by Source The following table summarizes investment management fees by source: Years Ended December 31, (in thousands) 2025 2024 2023 Investment management fees Open-end funds $ 286,610 $ 317,990 $ 305,238 Closed-end funds 61,305 59,184 58,136 Retail separate accounts 209,538 209,467 171,357 Institutional accounts 167,586 187,189 176,744 Total investment management fees $ 725,039 $ 773,830 $ 711,475 No Company clients or sponsored funds provided 10 percent or more of the Company's investment management, administration and shareholder service fee revenues in the preceding three years.

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Segments ASC 280 establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the CODM in deciding how to allocate resources to the segment and assess its performance. The Company's Chief Executive Officer is the Company's CODM. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company's determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company's CODM reviews the Company's financial performance on a consolidated level. The key GAAP measure of segment profit or loss that the CODM uses to evaluate the Companys financial performance and allocate resources of the Company is net income, as reported on the Companys Consolidated Statements of Operations. In addition, the CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense ca …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equity Transactions Dividends During the first and second quarters of the year ended December 31, 2025, the Board of Directors declared quarterly cash dividends on the Company's common stock of $2.25 each. During the third and fourth quarters of the year ended December 31, 2025, the Board of Directors declared quarterly cash dividends on the Company's common stock of $2.40 each. Total dividends declared on the Company's common stock were $65.7 million for the year ended December 31, 2025. At December 31, 2025, $21.2 million was included in accounts payable and accrued liabilities on the Consolidated Balance Sheet representing the fourth quarter dividends to be paid on February 11, 2026 for common stock shareholders of record as of January 31, 2026. On February 25, 2026, the Company declared a quarterly cash dividend of $2.40 per common share to be paid on May 13, 2026 to shareholders of record at the close of business on April 30, 2026. Common Stock Repurchases During the year ended December 31, 2025, the Company repurchased 347,364 common shares at a weighted average price of $172.70 per share, for a total cost, including fees and expenses, of $60.0 million under its share repurchase program. As of December 31, 2025, 805,948 shares remain available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Legal Matters The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. The Company records a liability when it believes that it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company's results of operations, cash flows or consolidated financial condition. However, in the event of unexpected subsequent developments, and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could have a material adverse effect on the Company's results of operations or cash flows in particular …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Credit Agreement On September 26, 2025, the Company refinanced its existing credit agreement by entering into a new credit agreement (the Credit Agreement). The Credit Agreement provides for (i) a $400.0 million term loan for the Company with a seven-year term (the ""Term Loan"") expiring in September 2032, and (ii) a $250.0 million revolving credit facility with a five-year term expiring in September 2030. A portion of the proceeds of the refinancing have been used to repay the $234.7 million outstanding on the previous term loan. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement. In accordance with ASC 835, Interest , the amounts outstanding under the Company's Term Loan are presented on the Condensed Consolidated Balance Sheets net of related debt issuance costs, which were $9.4 million as of September 30, 2025. Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either Term SOFR for interest periods of one, three or six months or an alternate base rate, in either case plus an applicable margin. The applicable margins are 2.25%, in the case of a SOFR-based Term Loan, and 1.25%, in the case of an alternate base rate loan. The Company is also required to pay a quarterly commitment fee on the average unused amount of the revolving credit f …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes investment management fees by source: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Investment management fees Open-end funds $ 73,270 $ 79,428 $ 217,686 $ 237,991 Closed-end funds 15,635 14,942 45,369 43,741 Retail separate accounts 52,172 52,068 158,262 153,265 Institutional accounts 42,685 47,405 128,012 138,858 Total investment management fees $ 183,762 $ 193,843 $ 549,329 $ 573,855

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"Stock-Based Compensation Equity-based awards, including restricted stock units (""RSUs""), performance stock units (""PSUs""), stock options and unrestricted shares of common stock, may be granted to officers, employees and directors of the Company pursuant to the Company's Amended and Restated Omnibus Incentive and Equity Plan (the ""Omnibus Plan""). At September 30, 2025, 688,839 shares of common stock remained available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan. Stock-based compensation expense is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Stock-based compensation expense $ 5,688 $ 8,239 $ 19,231 $ 24,259 Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Omnibus Plan and are not issued from treasury stock. RSU activity, inclusive of PSUs, for the nine months ended September 30, 2025 is summarized as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2024 317,489 $ 205.86 Granted 167,110 $ 173.85 Forfeited (31,913) $ 218.76 Settled (112,055) $ 202.91 Outstanding at September 30, 2025 340,631 $ 189.92 For the nine mon …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"Fair Value Measurements The Companys assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows: September 30, 2025 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 331,918 $ $ $ 331,918 Investment securities - fair value Sponsored funds 56,383 56,383 Equity securities 22,124 22,124 Debt securities 2,403 29,651 32,054 Nonqualified retirement plan assets 19,606 19,606 Total assets measured at fair value $ 430,031 $ 2,403 $ 29,651 $ 462,085 Liabilities Contingent consideration $ $ $ 20,000 $ 20,000 Total liabilities measured at fair value $ $ $ 20,000 $ 20,000 December 31, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 225,736 $ $ $ 225,736 Investment securities - fair value Sponsored funds 63,296 63,296 Equity securities 19,019 19,019 Debt securities 1,456 1,456 Nonqualified retirement plan assets 15,159 15,159 Total assets measured at fair value $ 323,210 $ 1,456 $ $ 324,666 Liabilities Contingent consideration $ $ $ 36,100 $ 36,100 Total liabilities measured at fair value $ $ $ 36,100 $ 36,100 The following is a discussion of the valuation methodologies used for the Companys assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are cla …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 27.0% and 24.4% for the nine months ended September 30, 2025 and 2024, respectively. The higher estimated effective tax rate for the nine months ended September 30, 2025 was primarily due to a change in valuation allowances in the current year related to the tax effects of lower realized and unrealized gains on Company investments compared to the prior year. On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (OBBBA) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company will continue to evaluate the potential impact of the OBBBA on future periods as further guidance b …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements New Accounting Standards Implemented In December 2023, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements. New Accounting Standards Not Yet Implemented In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . The standard requires enhanced disclosures of certain expense captions presented on the face of the Consolidated Income Statement. In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date which clarifies that the standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted with amendments to be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the im …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenues The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable. Investment Management Fees by Source The following table summarizes investment management fees by source: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2025 2024 2025 2024 Investment management fees Open-end funds $ 73,270 $ 79,428 $ 217,686 $ 237,991 Closed-end funds 15,635 14,942 45,369 43,741 Retail separate accounts 52,172 52,068 158,262 153,265 Institutional accounts 42,685 47,405 128,012 138,858 Total investment management fees $ 183,762 $ 193,843 $ 549,329 $ 573,855

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"Segments The key GAAP measure of segment profit or loss that the chief operating decision maker (""CODM"") uses to evaluate the Companys financial performance and allocate resources of the Company is net income, as reported on the Companys Condensed Consolidated Statements of Operations. In addition, the CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense categories on the Condensed Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Condensed Consolidated Balance Sheets."

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Equity Transactions Dividends Declared On August 13, 2025, the Company declared a quarterly cash dividend of $2.40 per common share to be paid on November 14, 2025 to shareholders of record at the close of business on October 31, 2025. Common Stock Repurchases During the nine months ended September 30, 2025, the Company repurchased 287,072 common shares under its share repurchase program at a weighted average price of $174.14 per share, for a total cost, including fees and expenses, of $50.0 million. On May 14, 2025 the Board of Directors authorized an additional 750,000 shares to be repurchased under the program. There were no share repurchases during the three months ended September 30, 2025. As of September 30, 2025, 866,240 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.

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