May 11th, 2026

The call presented multiple clear positives: strong top-line growth (revenue +28% YoY), AUM expansion (+9% YoY), substantial investment distributions (+75% YoY) and sequential improvement in adjusted EBITDA and margins. However, these gains are partly offset by elevated reported expenses, ongoing strategic-review and restructuring costs, and the need to accelerate organic revenue growth. Management emphasized progress on cost discipline and expects strategic-review costs to subside in the back half of the year, while cautioning that some incentive-related revenue may not be fully repeatable. On balance, the call communicated improving profitability and momentum but with near-term expense drag and execution priorities to sustain organic growth.

Company Guidance

Management's guidance was that strategic-review and restructuring-related costs will persist through Q2 and may bleed into Q3 but should largely abate in the back half of 2026 when the benefits of cost actions and zero‑based budgeting become visible; they reiterated a priority on materially increasing organic revenue growth and improving profitability by lowering the expense base. Relevant Q1 metrics cited to frame that guidance: AUM $49.0 billion; total revenue $73 million (+28% YoY); recurring management and advisory fees $52 million (+16% YoY); investment distributions $21 million (+75% YoY) including $19 million of incentive income (≈$18 million from Zebedee, which returned 15.3% in 2025); reported operating expenses $84 million (up $18 million YoY) with normalized operating expenses $58 million vs. $45 million in Q1 2025 and down $19 million sequentially; adjusted EBITDA $15 million (+21% YoY; +32% sequential) and adjusted EBITDA margin 20% (vs. 13% prior quarter); GAAP net income from continuing operations $8 million (up $4 million).