v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance Table

As required by Item 402(v) of Regulation S-K, the Company is providing the following information regarding the relationship between the “compensation actually paid” (“CAP”) for its NEOs and certain financial performance measures. The CAP to the NEOs as reported in this section of the Proxy Statement does not reflect the actual amount of compensation earned by or paid to the NEOs, but is a calculation derived from the total compensation reported for each NEO in the SCT, as adjusted pursuant to the requirements of Item 402(v) of Regulation S-K. Additional discussion of the Company’s philosophy on pay for performance is available above under the heading “Compensation Discussion and Analysis”.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Value of initial fixed $100
investment based on:

 

 

 

 

 

 

 

Year

 

Summary
compensation
table total
for PEO(1)

 

 

Compensation
actually
paid to
PEO(2)

 

 

Average
summary
compensation
table total
for non-PEO
NEOs(3)

 

 

Average
compensation
actually paid
to non-PEO
NEOs (4)

 

 

Total
shareholder
return(5)

 

 

Peer group
total
shareholder
return(6)

 

 

Net income

 

 

Net Operating Income, Adjusted Non-GAAP Basis(7)

 

(a)

 

(b)

 

 

(c)

 

 

(d)

 

 

(e)

 

 

(f)

 

 

(g)

 

 

(h)

 

 

(i)

 

2025

 

$

6,955,598

 

 

$

8,182,688

 

 

$

3,333,598

 

 

$

3,902,685

 

 

$

153

 

 

$

177

 

 

$

49,359,999

 

 

$

43,045,647

 

2024

 

$

3,004,885

 

 

$

3,045,084

 

 

$

1,851,600

 

 

$

1,842,681

 

 

$

151

 

 

$

239

 

 

$

43,177,918

 

 

$

48,696,087

 

2023

 

$

2,702,743

 

 

$

2,247,845

 

 

$

1,494,700

 

 

$

1,320,528

 

 

$

156

 

 

$

182

 

 

$

43,085,548

 

 

$

41,433,752

 

2022

 

$

3,999,171

 

 

$

4,091,451

 

 

$

1,268,100

 

 

$

1,308,631

 

 

$

168

 

 

$

132

 

 

$

36,870,762

 

 

$

60,352,296

 

2021

 

$

3,147,029

 

 

$

4,738,862

 

 

$

1,293,100

 

 

$

1,933,397

 

 

$

167

 

 

$

170

 

 

$

75,589,539

 

 

$

83,680,496

 

 

(1)
The dollar amounts in column (b) are the amounts reported in the “Total” column of the SCT for the Company’s principal executive officer (“PEO”), Ms. Brilliant, for each applicable year. Ms. Brilliant was the only PEO for each year reported in this table.
(2)
The dollar amounts in column (c) represent the CAP to the PEO. The determination of CAP in accordance with Item 402(v) of Regulation S-K requires the following adjustments to the amounts reported in the “Total” column of the SCT:

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

SCT total

 

$

6,955,598

 

 

$

3,004,885

 

 

$

2,702,743

 

 

$

3,999,171

 

 

$

3,147,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less stock awards per SCT(i)

 

 

(5,250,000

)

 

 

(1,000,000

)

 

 

(750,000

)

 

 

(1,650,000

)

 

 

(1,300,000

)

Equity award adjustments(ii):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-end fair value of equity awards granted in the year and unvested at year end(iii)

 

 

6,115,221

 

 

 

1,010,632

 

 

 

648,782

 

 

 

785,225

 

 

 

373,504

 

Year over year change in fair value of outstanding and unvested equity awards(iv)

 

 

80,554

 

 

 

(41,823

)

 

 

(488,761

)

 

 

(211,729

)

 

 

976,486

 

Fair value as of vesting date of equity awards granted and vested in the year(v)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

900,000

 

 

 

1,000,000

 

Year over year change in fair value of equity awards granted in prior years that vested in the year(vi)

 

 

(60,184

)

 

 

(124,893

)

 

 

(42,474

)

 

 

(4,525

)

 

 

—

 

Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation(vii)

 

 

341,500

 

 

 

196,283

 

 

 

177,555

 

 

 

273,309

 

 

 

541,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAP to the PEO

 

$

8,182,688

 

 

$

3,045,084

 

 

$

2,247,845

 

 

$

4,091,451

 

 

$

4,738,862

 

 

(i)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column of the SCT.
(ii)
The relevant required equity award adjustments for each year presented include the addition or subtraction, as applicable, of the following:
(iii)
The year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of that year;
(iv)
The amount of change as of the end of the applicable year (from the end of the prior year) in fair value of any equity awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
(v)
For equity awards that are granted and vest in same applicable year, the fair value as of the vesting date;
(vi)
For equity awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior year) in fair value; and
(vii)
The dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
(3)
The dollar amounts in column (d) represent the average of the amounts reported in the “Total” column of the SCT for the NEOs as a group (excluding the PEO) for each applicable year. Mr. Line, the Company’s principal financial officer, was its only non-PEO NEO for 2021 and 2022. Mr. Line and Ms. Quinif were the Company’s non-PEO NEOs for 2023, 2024, and 2025.
(4)
The dollar amounts in column (e) represent the CAP to the non-PEO NEOs. The determination of CAP in accordance with Item 402(v) of Regulation S-K requires the following adjustments to the amounts reported in the “Total” column of the SCT. The adjustments made to determine the CAP to the non-PEO NEOs are of the same nature as described in footnotes (2)(i)-(vii) above for the PEO and are as follows:

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

Average SCT total

 

$

3,333,598

 

 

$

1,851,600

 

 

$

1,494,700

 

 

$

1,268,100

 

 

$

1,293,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less stock awards per SCT(i)

 

 

(2,150,000

)

 

 

(600,000

)

 

 

(425,000

)

 

 

(350,000

)

 

 

(250,000

)

Equity award adjustments(ii):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-end fair value of equity awards granted in the year and unvested at year end(iii)

 

 

2,569,620

 

 

 

606,364

 

 

 

367,610

 

 

 

366,525

 

 

 

311,351

 

Year over year change in fair value of outstanding and unvested equity awards(iv)

 

 

47,700

 

 

 

(27,609

)

 

 

(136,437

)

 

 

(83,424

)

 

 

359,680

 

Fair value as of vesting date of equity awards granted and vested in the year(v)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Year over year change in fair value of equity awards granted in prior years that vested in the year(vi)

 

 

(39,588

)

 

 

(29,806

)

 

 

(38,632

)

 

 

(3,777

)

 

 

—

 

Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation(vii)

 

 

141,356

 

 

 

42,132

 

 

 

58,287

 

 

 

111,207

 

 

 

219,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average CAP to the non-PEO NEOs

 

$

3,902,685

 

 

$

1,842,681

 

 

$

1,320,528

 

 

$

1,308,631

 

 

$

1,933,397

 

 

(5)
Cumulative total shareholder return (“TSR”) is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming an initial investment of $100 and dividend reinvestment, and the difference between the Company’s stock price at the end and the beginning of the measurement period by the Company’s stock price at the beginning of the measurement period.
(6)
The dollar amounts in column (g) represent the weighted peer group TSR, weighted according to the respective company’s stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Russell 2000 Asset Managers & Custodians Index (“R2000 A&C Index”), which is comprised of the Asset Managers & Custodians subsector of the Russell 2000 Index. The R2000 A&C Index used to calculate the returns includes the following companies by year:

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

Arlington Asset Investment Corp.

 

Associated Capital Group, Inc.

 

Associated Capital Group, Inc.

 

AlTi Global, Inc.

 

Acadian Asset Management., Inc.

 

 

 

 

 

 

 

 

 

Associated Capital Group, Inc.

 

AssetMark Financial Holdings, Inc.

 

AlTi Global, Inc.

 

AssetMark Financial Holdings, Inc.

 

AlTi Global, Inc.

 

 

 

 

 

 

 

 

 

 

AssetMark Financial Holdings, Inc.

 

Artisan Partners Asset Management, Inc.

 

AssetMark Financial Holdings, Inc.

 

Artisan Partners Asset Management, Inc.

 

Artisan Partners Asset Management, Inc.

 

 

 

 

 

 

 

 

 

Artisan Partners Asset Management, Inc.

 

Blucora, Inc.

 

Artisan Partners Asset Management, Inc.

 

BrightSphere Investment Group Inc

 

Brookfield Business Corp.

 

 

 

 

 

 

 

 

 

Blucora, Inc.

 

Brookfield Business Corp.

 

Avantax, Inc.

 

Brookfield Business Corp.

 

Burford Capital Limited

 

 

 

 

 

 

 

 

 

 

BrightSphere Investment Group, Inc.

 

BrightSphere Investment Group, Inc.

 

Brookfield Business Corp.

 

Burford Capital Limited

 

Cohen & Steers, Inc.

 

 

 

 

 

 

 

 

 

 

Cohen & Steers, Inc.

 

Cohen & Steers, Inc.

 

BrightSphere Investment Group, Inc.

 

Cohen & Steers, Inc.

 

Diamond Hill Investment Group, Inc.

 

 

 

 

 

 

 

 

 

Cowen Inc

 

Diamond Hill Investment Group, Inc.

 

Cohen & Steers, Inc.

 

Diamond Hill Investment Group, Inc.

 

GCM Grosvenor, Inc.

 

 

 

 

 

 

 

 

 

 

Diamond Hill Investment Group, Inc.

 

Federated Hermes, Inc.

 

Diamond Hill Investment Group, Inc.

 

GCM Grosvenor, Inc.

 

Hamilton Lane Incorporated

 

 

 

 

 

 

 

 

 

Federated Hermes, Inc.

 

Focus Financial Partners, Inc.

 

Federated Hermes, Inc.

 

Hamilton Lane Incorporated

 

P10, Inc.

 

 

 

 

 

 

 

 

 

 

Focus Financial Partners, Inc.

 

GAMCO Investors, Inc.

 

Focus Financial Partners, Inc.

 

Patria Investments Ltd.

 

Patria Investments Ltd.

 

 

 

 

 

 

 

 

 

 

GAMCO Investors, Inc.

 

GCM Grosvenor, Inc.

 

GCM Grosvenor, Inc.

 

PJT Partners, Inc.

 

Perella Weinberg Partners

 

 

 

 

 

 

 

 

 

GCM Grosvenor, Inc.

 

Greenhill & Co., Inc.

 

Hamilton Lane Incorporated

 

Perella Weinberg Partners

 

PJT Partners, Inc.

 

 

 

 

 

 

 

 

 

 

Greenhill & Co., Inc.

 

Hamilton Lane Incorporated

 

Oppenheimer Holdings Inc.

 

P10, Inc.

 

Silvercrest Asset Management Group Inc.

 

 

 

 

 

 

 

 

 

Hamilton Lane Incorporated

 

Manning & Napier, Inc.

 

Patria Investments Ltd.

 

Silvercrest Asset Management Group Inc.

 

StepStone Group, Inc.

 

 

 

 

 

 

 

 

 

 

MMA Capital Holdings, Inc.

 

Oppenheimer Holdings Inc.

 

PJT Partners, Inc.

 

StepStone Group, Inc.

 

Victory Capital Holdings, Inc.

 

 

 

 

 

 

 

 

 

Oppenheimer Holdings Inc.

 

PJT Partners, Inc.

 

Perella Weinberg Partners

 

Victory Capital Holdings, Inc.

 

Virtus Investment Partners, Inc.

 

 

 

 

 

 

 

 

 

PJT Partners, Inc.

 

Perella Weinberg Partners

 

P10, Inc.

 

Virtus Investment Partners, Inc.

 

Westwood Holdings Group, Inc.

 

 

 

 

 

 

 

 

 

Pzena Investment Management, Inc.

 

Pzena Investment Management, Inc.

 

Silvercrest Asset Management Group Inc.

 

WisdomTree, Inc.

 

WisdomTree, Inc.

 

 

 

 

 

 

 

 

 

 

Silvercrest Asset Management Group Inc.

 

Silvercrest Asset Management Group Inc.

 

Sculptor Capital Management, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Sculptor Capital Management, Inc.

 

Sculptor Capital Management, Inc.

 

StepStone Group, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

StepStone Group, Inc.

 

StepStone Group, Inc.

 

Victory Capital Holdings, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Virtus Investment Partners, Inc.

 

Victory Capital Holdings, Inc.

 

Virtus Investment Partners, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Waddell & Reed Financial, Inc.

 

Virtus Investment Partners, Inc.

 

WisdomTree, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Westwood Holdings Group, Inc.

 

WisdomTree, Inc.

 

 

 

 

 

 

WisdomTree Investments, Inc.

 

 

 

 

 

 

 

 

 

 

(7)
The company-selected measure (“CSM”) is net operating income, adjusted non-GAAP basis, which adjusts net operating income, for the impact of market movements on the deferred compensation liability and related economic hedges, and the impact of the Consolidated Funds. Net operating income, adjusted non-GAAP basis is a financial measure based on non-GAAP. The Company believes this measure and other non-GAAP financial measures provide relevant and meaningful information to investors about its core operating results. See the “Reconciliation of Non-GAAP Measures” section in this Proxy Statement. While the Company uses several financial and non-financial performance measures for the purpose of evaluating its executive compensation programs, it has determined that net operating income, adjusted non-GAAP basis is the financial performance measure that represents the most important performance measure used by it to link CAP to the NEOs, for the most recently completed year, to the Company’s performance.
        
Company Selected Measure Name net operating income, adjusted non-GAAP basis        
Named Executive Officers, Footnote
(3)
The dollar amounts in column (d) represent the average of the amounts reported in the “Total” column of the SCT for the NEOs as a group (excluding the PEO) for each applicable year. Mr. Line, the Company’s principal financial officer, was its only non-PEO NEO for 2021 and 2022. Mr. Line and Ms. Quinif were the Company’s non-PEO NEOs for 2023, 2024, and 2025.
        
Peer Group Issuers, Footnote
(6)
The dollar amounts in column (g) represent the weighted peer group TSR, weighted according to the respective company’s stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the Russell 2000 Asset Managers & Custodians Index (“R2000 A&C Index”), which is comprised of the Asset Managers & Custodians subsector of the Russell 2000 Index. The R2000 A&C Index used to calculate the returns includes the following companies by year:

 

2021

 

2022

 

2023

 

2024

 

2025

 

 

 

 

 

 

 

 

 

Arlington Asset Investment Corp.

 

Associated Capital Group, Inc.

 

Associated Capital Group, Inc.

 

AlTi Global, Inc.

 

Acadian Asset Management., Inc.

 

 

 

 

 

 

 

 

 

Associated Capital Group, Inc.

 

AssetMark Financial Holdings, Inc.

 

AlTi Global, Inc.

 

AssetMark Financial Holdings, Inc.

 

AlTi Global, Inc.

 

 

 

 

 

 

 

 

 

 

AssetMark Financial Holdings, Inc.

 

Artisan Partners Asset Management, Inc.

 

AssetMark Financial Holdings, Inc.

 

Artisan Partners Asset Management, Inc.

 

Artisan Partners Asset Management, Inc.

 

 

 

 

 

 

 

 

 

Artisan Partners Asset Management, Inc.

 

Blucora, Inc.

 

Artisan Partners Asset Management, Inc.

 

BrightSphere Investment Group Inc

 

Brookfield Business Corp.

 

 

 

 

 

 

 

 

 

Blucora, Inc.

 

Brookfield Business Corp.

 

Avantax, Inc.

 

Brookfield Business Corp.

 

Burford Capital Limited

 

 

 

 

 

 

 

 

 

 

BrightSphere Investment Group, Inc.

 

BrightSphere Investment Group, Inc.

 

Brookfield Business Corp.

 

Burford Capital Limited

 

Cohen & Steers, Inc.

 

 

 

 

 

 

 

 

 

 

Cohen & Steers, Inc.

 

Cohen & Steers, Inc.

 

BrightSphere Investment Group, Inc.

 

Cohen & Steers, Inc.

 

Diamond Hill Investment Group, Inc.

 

 

 

 

 

 

 

 

 

Cowen Inc

 

Diamond Hill Investment Group, Inc.

 

Cohen & Steers, Inc.

 

Diamond Hill Investment Group, Inc.

 

GCM Grosvenor, Inc.

 

 

 

 

 

 

 

 

 

 

Diamond Hill Investment Group, Inc.

 

Federated Hermes, Inc.

 

Diamond Hill Investment Group, Inc.

 

GCM Grosvenor, Inc.

 

Hamilton Lane Incorporated

 

 

 

 

 

 

 

 

 

Federated Hermes, Inc.

 

Focus Financial Partners, Inc.

 

Federated Hermes, Inc.

 

Hamilton Lane Incorporated

 

P10, Inc.

 

 

 

 

 

 

 

 

 

 

Focus Financial Partners, Inc.

 

GAMCO Investors, Inc.

 

Focus Financial Partners, Inc.

 

Patria Investments Ltd.

 

Patria Investments Ltd.

 

 

 

 

 

 

 

 

 

 

GAMCO Investors, Inc.

 

GCM Grosvenor, Inc.

 

GCM Grosvenor, Inc.

 

PJT Partners, Inc.

 

Perella Weinberg Partners

 

 

 

 

 

 

 

 

 

GCM Grosvenor, Inc.

 

Greenhill & Co., Inc.

 

Hamilton Lane Incorporated

 

Perella Weinberg Partners

 

PJT Partners, Inc.

 

 

 

 

 

 

 

 

 

 

Greenhill & Co., Inc.

 

Hamilton Lane Incorporated

 

Oppenheimer Holdings Inc.

 

P10, Inc.

 

Silvercrest Asset Management Group Inc.

 

 

 

 

 

 

 

 

 

Hamilton Lane Incorporated

 

Manning & Napier, Inc.

 

Patria Investments Ltd.

 

Silvercrest Asset Management Group Inc.

 

StepStone Group, Inc.

 

 

 

 

 

 

 

 

 

 

MMA Capital Holdings, Inc.

 

Oppenheimer Holdings Inc.

 

PJT Partners, Inc.

 

StepStone Group, Inc.

 

Victory Capital Holdings, Inc.

 

 

 

 

 

 

 

 

 

Oppenheimer Holdings Inc.

 

PJT Partners, Inc.

 

Perella Weinberg Partners

 

Victory Capital Holdings, Inc.

 

Virtus Investment Partners, Inc.

 

 

 

 

 

 

 

 

 

PJT Partners, Inc.

 

Perella Weinberg Partners

 

P10, Inc.

 

Virtus Investment Partners, Inc.

 

Westwood Holdings Group, Inc.

 

 

 

 

 

 

 

 

 

Pzena Investment Management, Inc.

 

Pzena Investment Management, Inc.

 

Silvercrest Asset Management Group Inc.

 

WisdomTree, Inc.

 

WisdomTree, Inc.

 

 

 

 

 

 

 

 

 

 

Silvercrest Asset Management Group Inc.

 

Silvercrest Asset Management Group Inc.

 

Sculptor Capital Management, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Sculptor Capital Management, Inc.

 

Sculptor Capital Management, Inc.

 

StepStone Group, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

StepStone Group, Inc.

 

StepStone Group, Inc.

 

Victory Capital Holdings, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Virtus Investment Partners, Inc.

 

Victory Capital Holdings, Inc.

 

Virtus Investment Partners, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Waddell & Reed Financial, Inc.

 

Virtus Investment Partners, Inc.

 

WisdomTree, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

Westwood Holdings Group, Inc.

 

WisdomTree, Inc.

 

 

 

 

 

 

WisdomTree Investments, Inc.

 

 

 

 

 

 

 

 

 

 

        
PEO Total Compensation Amount $ 6,955,598 $ 3,004,885 $ 2,702,743 $ 3,999,171 $ 3,147,029
PEO Actually Paid Compensation Amount $ 8,182,688 3,045,084 2,247,845 4,091,451 4,738,862
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts in column (c) represent the CAP to the PEO. The determination of CAP in accordance with Item 402(v) of Regulation S-K requires the following adjustments to the amounts reported in the “Total” column of the SCT:

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

SCT total

 

$

6,955,598

 

 

$

3,004,885

 

 

$

2,702,743

 

 

$

3,999,171

 

 

$

3,147,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less stock awards per SCT(i)

 

 

(5,250,000

)

 

 

(1,000,000

)

 

 

(750,000

)

 

 

(1,650,000

)

 

 

(1,300,000

)

Equity award adjustments(ii):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-end fair value of equity awards granted in the year and unvested at year end(iii)

 

 

6,115,221

 

 

 

1,010,632

 

 

 

648,782

 

 

 

785,225

 

 

 

373,504

 

Year over year change in fair value of outstanding and unvested equity awards(iv)

 

 

80,554

 

 

 

(41,823

)

 

 

(488,761

)

 

 

(211,729

)

 

 

976,486

 

Fair value as of vesting date of equity awards granted and vested in the year(v)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

900,000

 

 

 

1,000,000

 

Year over year change in fair value of equity awards granted in prior years that vested in the year(vi)

 

 

(60,184

)

 

 

(124,893

)

 

 

(42,474

)

 

 

(4,525

)

 

 

—

 

Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation(vii)

 

 

341,500

 

 

 

196,283

 

 

 

177,555

 

 

 

273,309

 

 

 

541,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAP to the PEO

 

$

8,182,688

 

 

$

3,045,084

 

 

$

2,247,845

 

 

$

4,091,451

 

 

$

4,738,862

 

 

(i)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column of the SCT.
(ii)
The relevant required equity award adjustments for each year presented include the addition or subtraction, as applicable, of the following:
(iii)
The year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of that year;
(iv)
The amount of change as of the end of the applicable year (from the end of the prior year) in fair value of any equity awards granted in prior years that are outstanding and unvested as of the end of the applicable year;
(v)
For equity awards that are granted and vest in same applicable year, the fair value as of the vesting date;
(vi)
For equity awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior year) in fair value; and
(vii)
The dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
        
Non-PEO NEO Average Total Compensation Amount $ 3,333,598 1,851,600 1,494,700 1,268,100 1,293,100
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,902,685 1,842,681 1,320,528 1,308,631 1,933,397
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The dollar amounts in column (e) represent the CAP to the non-PEO NEOs. The determination of CAP in accordance with Item 402(v) of Regulation S-K requires the following adjustments to the amounts reported in the “Total” column of the SCT. The adjustments made to determine the CAP to the non-PEO NEOs are of the same nature as described in footnotes (2)(i)-(vii) above for the PEO and are as follows:

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

Average SCT total

 

$

3,333,598

 

 

$

1,851,600

 

 

$

1,494,700

 

 

$

1,268,100

 

 

$

1,293,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less stock awards per SCT(i)

 

 

(2,150,000

)

 

 

(600,000

)

 

 

(425,000

)

 

 

(350,000

)

 

 

(250,000

)

Equity award adjustments(ii):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-end fair value of equity awards granted in the year and unvested at year end(iii)

 

 

2,569,620

 

 

 

606,364

 

 

 

367,610

 

 

 

366,525

 

 

 

311,351

 

Year over year change in fair value of outstanding and unvested equity awards(iv)

 

 

47,700

 

 

 

(27,609

)

 

 

(136,437

)

 

 

(83,424

)

 

 

359,680

 

Fair value as of vesting date of equity awards granted and vested in the year(v)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Year over year change in fair value of equity awards granted in prior years that vested in the year(vi)

 

 

(39,588

)

 

 

(29,806

)

 

 

(38,632

)

 

 

(3,777

)

 

 

—

 

Value of dividends or other earnings paid on stock or option awards not otherwise reflected in fair value or total compensation(vii)

 

 

141,356

 

 

 

42,132

 

 

 

58,287

 

 

 

111,207

 

 

 

219,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average CAP to the non-PEO NEOs

 

$

3,902,685

 

 

$

1,842,681

 

 

$

1,320,528

 

 

$

1,308,631

 

 

$

1,933,397

 
       
Compensation Actually Paid vs. Total Shareholder Return

The following graph compares the change in CAP to the PEO and non-PEO NEOs, with the Company’s TSR, and the TSR for the R2000 A&C Index for the five-year period ended December 31, 2025. The R2000 A&C Index is comprised of the Asset Managers & Custodians sub-sector of the Russell 2000 Index. The Company uses the R2000 A&C Index as its peer group comparison because it believes that index is the most relevant, comparable index available.

 

img252644481_9.gif

        
Compensation Actually Paid vs. Net Income The following graph compares the change in CAP to the PEO and non-PEO NEOs with the Company’s net income and its net operating income, adjusted non-GAAP basis for the five-year period ended December 31, 2025.

 

img252644481_8.gif

        
Compensation Actually Paid vs. Company Selected Measure The following graph compares the change in CAP to the PEO and non-PEO NEOs with the Company’s net income and its net operating income, adjusted non-GAAP basis for the five-year period ended December 31, 2025.

 

img252644481_8.gif

        
Total Shareholder Return Vs Peer Group

The following graph compares the change in CAP to the PEO and non-PEO NEOs, with the Company’s TSR, and the TSR for the R2000 A&C Index for the five-year period ended December 31, 2025. The R2000 A&C Index is comprised of the Asset Managers & Custodians sub-sector of the Russell 2000 Index. The Company uses the R2000 A&C Index as its peer group comparison because it believes that index is the most relevant, comparable index available.

 

img252644481_9.gif

        
Tabular List, Table

Tabular List of Important Performance Measures

As described in greater detail above under the heading “Compensation Discussion and Analysis”, the metrics that the Company uses for both its long-term and short-term incentive awards are selected based on an objective of aligning the interests of its NEOs with the interest of its shareholders. The Company considers the measures below to be the most important to link CAP to the NEOs for the most recently completed year to its performance.

 

Performance Measure

Net operating income, adjusted non-GAAP Basis

Net operating profit margin, adjusted non-GAAP basis

Earnings per share attributable to common shareholders - diluted, adjusted non-GAAP basis

Long-term investment performance
       
Total Shareholder Return Amount $ 153 151 156 168 167
Peer Group Total Shareholder Return Amount 177 239 182 132 170
Net Income (Loss) $ 49,359,999 $ 43,177,918 $ 43,085,548 $ 36,870,762 $ 75,589,539
Company Selected Measure Amount 43,045,647 48,696,087 41,433,752 60,352,296 83,680,496
PEO Name Ms. Brilliant        
Measure:: 1          
Pay vs Performance Disclosure          
Name Net operating income, adjusted non-GAAP Basis        
Non-GAAP Measure Description
(7)
The company-selected measure (“CSM”) is net operating income, adjusted non-GAAP basis, which adjusts net operating income, for the impact of market movements on the deferred compensation liability and related economic hedges, and the impact of the Consolidated Funds. Net operating income, adjusted non-GAAP basis is a financial measure based on non-GAAP. The Company believes this measure and other non-GAAP financial measures provide relevant and meaningful information to investors about its core operating results. See the “Reconciliation of Non-GAAP Measures” section in this Proxy Statement. While the Company uses several financial and non-financial performance measures for the purpose of evaluating its executive compensation programs, it has determined that net operating income, adjusted non-GAAP basis is the financial performance measure that represents the most important performance measure used by it to link CAP to the NEOs, for the most recently completed year, to the Company’s performance.
        
Measure:: 2          
Pay vs Performance Disclosure          
Name Net operating profit margin, adjusted non-GAAP basis        
Measure:: 3          
Pay vs Performance Disclosure          
Name Earnings per share attributable to common shareholders - diluted, adjusted non-GAAP basis        
Measure:: 4          
Pay vs Performance Disclosure          
Name Long-term investment performance        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (5,250,000) $ (1,000,000) $ (750,000) $ (1,650,000) $ (1,300,000)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 6,115,221 1,010,632 648,782 785,225 373,504
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 80,554 (41,823) (488,761) (211,729) 976,486
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 900,000 1,000,000
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (60,184) (124,893) (42,474) (4,525) 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 341,500 196,283 177,555 273,309 541,843
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,150,000) (600,000) (425,000) (350,000) (250,000)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,569,620 606,364 367,610 366,525 311,351
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 47,700 (27,609) (136,437) (83,424) 359,680
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (39,588) (29,806) (38,632) (3,777) 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 141,356 $ 42,132 $ 58,287 $ 111,207 $ 219,266