0001628280-26-031710
SEC filingSegment ENI rose 76% YoY to $61.4M; $85M drawn on revolver; no material purchase commitments disclosed.
As of March 31, 2026, the company held $129.0 million in unrestricted cash and equivalents, plus $21.0 million in restricted cash within consolidated Funds. Total debt stood at $285.0 million, comprising $200.0 million of a delayed draw term loan and $85.0 million drawn on the $175.0 million revolving credit facility. The revolver had $90.0 million undrawn commitments (net of a $2.5 million letter of credit). The company's leverage remains manageable with a conservative debt structure. Total shareholders' equity attributable to controlling interests was $77.5 million, up from $60.6 million at year-end 2025, driven by net income and offset by dividends and share repurchases.
Note 8 disclosed no material purchase commitments or supply agreements. The only notable commitment is a $2.5 million guarantee on an office space security deposit, expiring in 2033. No material litigation or tax contingencies were accrued. The company's off-balance-sheet commitments are minimal, with no significant contractual obligations beyond operating leases (total lease payments $67.4 million, with $59.5 million recognized as liabilities).
During Q1 2026, the company repurchased 95,132 shares for approximately $4.7 million at an average price of $49.77. The company did not disclose remaining authorization. Dividends totaled $3.6 million, or $0.10 per share, a significant increase from $0.01 per share in the prior-year quarter. Debt activity included $95.0 million in proceeds and $10.0 million in repayments, resulting in a net $85.0 million increase, primarily from revolver draws. Capital expenditures were $3.9 million, primarily for fixed asset additions.
The company operates a single reportable segment: Quant & Solutions. Segment ENI revenue for Q1 2026 was $165.0 million, up 39.6% year-over-year from $118.2 million, driven by higher management fees. Geographic disaggregation of management fee revenue (Note 10) showed U.S. clients contributed $118.8 million (72%) and non-U.S. clients $40.5 million (28%). Segment economic net income (ENI) was $61.4 million, up 76% from $34.9 million, reflecting operating leverage and revenue growth. The CODM uses ENI as the primary performance measure, which adjusts GAAP results for non-cash items and consolidated fund activity.