The decrease in distribution and service fees during the quarter was due to reduced fees paid to intermediaries As investors shifted into lower fee-paying share classes, G&A expenses were higher during the quarter, primarily related to travel and other business development-related activities, as well as increased talent acquisition costs.

Jan 23, 2026 / CFO / receipt, needs a key / Mike Donahue, CFO | earnings call 2026-01-23 | transcript 0b19510f-4b09-4c21-84ce-7ca8db72e58b | chars 4614-4954 | segment 4