0001628280-25-049860
SEC filingSegment ENI grew 13% YoY to $379M in 9M 2025, driven by management fees; balance sheet carries $275M senior notes and $117M cash.
As of September 30, 2025, Acadian Asset Management held $117.3M in cash and equivalents, with total investments of $222.5M (including $181.7M in consolidated Funds). Total debt stood at $274.6M, consisting entirely of 4.80% Senior Notes due July 2026 (carrying value $274.6M). The revolving credit facility had no outstanding balance. Shareholders' equity (controlling interest) was $20.4M, reflecting significant redeemable non-controlling interests ($90.9M) in consolidated Funds. Notably, subsequent to quarter-end, the company entered a $200M term loan facility and a $175M revolver, with plans to redeem the senior notes on October 30, 2025, indicating a refinancing to extend maturities.
No material purchase commitments were disclosed in the Notes. The only explicit commitment is a $2.5M office space security deposit guaranty extending to 2033. Operating lease liabilities totaled $62.3M, with remaining lease payments of $71.1M (discounted). The company maintains financial covenants under its credit facilities (leverage ≤2.5x, interest coverage ≥4.0x).
During the nine months ended September 30, 2025, Acadian repurchased 1,799,423 shares for $48.0M (avg price $26.64), compared to $94.9M in the prior year period. Dividends totaled $1.1M ($0.01 per share quarterly). Capital expenditures were $8.2M (2.1% of total revenue). No new stock buyback authorization was announced. The debt structure remained stable, with only a slight increase in carrying value due to amortization.
The sole reportable segment, Quant & Solutions, generated ENI revenue of $379.4M for the nine months (up 13% YoY) and ENI of $118.4M (operating margin 31.2%). Management fees account for nearly all revenue; performance fees were $8.1M for the nine months. Geographically, U.S. clients contributed $280.5M (74%) of management fees and non-U.S. clients $90.8M (24%). The segment excludes consolidated Fund revenues, which are eliminated in the U.S. GAAP reconciliation.