Revenue up 56.5% on evergreen fund fees; buyback executed, $275.3M authorization in place

Filed August 4, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 5, 2025 · ~2 min read

Key Changes

• high

  Total revenue rose 56.5% to $275.3M, driven by $71.7M surge in incentive fees (primarily evergreen fund performance fees) and $26.1M increase in specialized fund management fees from $6.7B AUM growth in evergreen products.

  MD&A: Revenue verify on EDGAR →
• high

  Board doubled share repurchase authorization to $100M (no expiration or share-count cap) in May 2026; company executed first material buyback, repurchasing 558,591 shares for $50M at $89.51/share, leaving $30M available.

  Controls & MD&A: Capital Allocation verify on EDGAR →
• high

  Consolidated fund entered $250M bridge facility (guaranteed by HLA) to finance portfolio acquisitions ahead of capital calls; $145M drawn as of June 30, 2026, creating new contingent liability.

  MD&A & Notes: Financing verify on EDGAR →