Based on normal market conditions and assets at the end of 2025, we anticipate 2026 adjusted operating expenses, excluding carried interest expense, will be up 3 to 6% over 2025's $4.6 billion. This range includes our ongoing expense management program that allows us to continue investing in growth areas of the market.

Feb 4, 2026 / CFO / receipt, needs a key / Jen Dardis, CFO | earnings call 2026-02-04 | transcript 547253a1-b9f4-4f84-b138-389ed78fdd0c | chars 13437-13757 | segment 13

This expense management program will enable us to realign resources to our areas of strength, while also helping to offset ongoing inflationary pressure on salaries and contractual spending.

Aug 1, 2025 / CFO / receipt, needs a key / Jen Dardis, CFO | earnings call 2025-08-01 | transcript d0edc511-065d-4dad-b29a-4401b8327656 | chars 10364-10554 | segment 10

Considering average market conditions, we anticipate 2025 adjusted operating expenses, excluding carried interest expense, will be up 4 to 6% over 2024's $4.46 billion. This includes continued expense management to allow us to invest in our strategic priorities to support growth, and the impact of real estate costs in 2025 as we move into our new headquarters in Baltimore.

Feb 5, 2025 / CFO / receipt, needs a key / Jen Dardis, CFO | earnings call 2025-02-05 | transcript e0aa18fc-7551-42d5-a2fa-cd3ab21287cb | chars 9098-9473 | segment 9

This quarter also included an increase in advertising and promotional spend as we continue executing on the investment in our brand to support future growth and higher professional fees and travel and entertainment.

Jul 26, 2024 / CFO / receipt, needs a key / Jen Dardis, CFO | earnings call 2024-07-26 | transcript ca226a67-85ad-4d99-b747-524fb03e270b | chars 8113-8328 | segment 8