Strong Revenue Growth
Total revenue of $73 million in Q1 2026, up 28% year-over-year, driven by recurring fees and investment distributions.
Recurring Fees Expansion
Recurring management and advisory fees of $52 million, up 16% year-over-year, representing the majority and stability of the revenue base.
Significant Investment Distributions and Incentive Income
Distributions from investments totaled $21 million, up 75% year-over-year, with incentive distributions of $19 million (vs. $10 million in Q1 2025); roughly $18 million of incentive income was attributable to Zebedee following a 15.3% return in 2025.
AUM Growth and Acquisition Contribution
Assets under management ended the quarter at $49 billion, up 9% year-over-year, driven by strong investment performance and the acquisition of Kontora.
Improving Profitability Metrics
Adjusted EBITDA of $15 million, up 21% year-over-year and up $4 million sequentially (+32% sequential); adjusted EBITDA margin improved to 20% from 13% the prior quarter.
Sequential Expense Improvement (Normalized)
Normalized operating expenses declined by $19 million sequentially, reflecting lower compensation (absence of arbitrage incentive bonus) and progress from zero-based budgeting.
Other Income Support
Other income of $19 million driven primarily by valuation-related gains, which supported GAAP net income from continuing operations of $8 million (up $4 million year-over-year).