Discretionary AUM Growth for Full Year; Modest Q4 Dip
Discretionary AUM finished 2025 at $24.0B, up 3.0% year-over-year from $23.3B, while dipping 1.2% in Q4 from $24.3B to $24.0B.
Strong Organic Net New Client Flows
Organic new client account flows of $124.5M in Q4 and $688.3M for full year 2025 — described as one of the stronger annual levels in recent years.
Revenue and Adjusted Profitability
Q4 revenue was $32M with a reported consolidated net loss of $0.1M. Adjusted EBITDA for Q4 was ~$2.9M (8.9% of revenue). Full year revenue increased $1.7M or 1.3% YoY, with full year adjusted EBITDA of ~$19.6M (15.7% of revenue) and adjusted net income of ~$11.8M (adjusted EPS $1.91).
Institutional Momentum and Product Expansion
Firm reports over $2B in global and international strategies, strong performance across those strategies, and growing institutional interest; ranked #6 in Nasdaq Investments Q4 2025 brand awareness among consultants in the midsized peer universe.
International Distribution Build-Out
Expanded business development and distribution footprint with professionals in London and Australia, opened a Singapore office, launched an Australian investment trust and a UCITS vehicle, and expects regulatory approval to market proactively from Dublin (Bank of Ireland) in Q2 2026.
Active Capital Return via Share Repurchases
Management repurchased approximately $50.4M of shares year-to-date and repurchased ~ $7M in Q4; company emphasizes strong balance sheet, a substantial dividend, and willingness to return capital as a priority.
Investment in Talent and Incentives
Significant hiring and talent investments including new portfolio manager in Atlanta, expanded analyst staff for international strategies, Dublin hiring planned, and shareholder approval to increase shares issuable under equity incentive plan to reward staff during growth phase.