We remain focused on expense management and will be disciplined, but balanced as we see investment opportunities in our business.

Oct 17, 2025 / CFO / receipt, needs a key / Raja Dhikori, CFO | earnings call 2025-10-17 | transcript 9646b4c1-3246-4c49-b08a-93a214683c35 | chars 5352-5481 | segment 5

G&A was lower across areas including talent acquisition and travel costs.

Oct 17, 2025 / CFO / receipt, needs a key / Raja Dhikori, CFO | earnings call 2025-10-17 | transcript 9646b4c1-3246-4c49-b08a-93a214683c35 | chars 4091-4164 | segment 4

The change in G&A is primarily driven by talent acquisition costs during 2025, as well as travel and other business development activities.

Jul 18, 2025 / CFO / receipt, needs a key / Raja Dhikori, CFO | earnings call 2025-07-18 | transcript bee56a87-463a-499f-82e9-3c5e05000029 | chars 5099-5238 | segment 5

We remain focused on expense management and will be disciplined while continuing to make selective investments in our business.

Jul 18, 2025 / CFO / receipt, needs a key / Raja Dhikori, CFO | earnings call 2025-07-18 | transcript bee56a87-463a-499f-82e9-3c5e05000029 | chars 5525-5652 | segment 5

G&A was impacted by travel and other business development activities, including, for example, the launch of our active ETFs. This activity is consistent with our focus on sales and distribution.

Jul 18, 2025 / CFO / receipt, needs a key / Raja Dhikori, CFO | earnings call 2025-07-18 | transcript bee56a87-463a-499f-82e9-3c5e05000029 | chars 4032-4226 | segment 4

In addition, we did experience higher G&A expenses during the quarter, primarily related to travel and other business development activities.

Jan 23, 2025 / CFO / receipt, needs a key / Raja Dhikori, CFO | earnings call 2025-01-23 | transcript b7f0a5c2-1b22-450e-9d3f-5d6bacf07b94 | chars 4511-4652 | segment 4