Macroeconomic conditions, including inflation, geopolitical developments, and other factors contributing to market volatility, may heighten investor concerns and adversely affect financial markets. Negative investor sentiment arising from such conditions, including uncertainty related to geopolitical conflicts, cryptocurrency market disruptions, or broader economic trends, may result in declines in asset values, increased market volatility, and reduced investment activity. These developments could negatively impact the Company’s revenue, operating results, cash flows, the fair value of the Company's corporate investments, and its stock price. Additionally, prolonged or intensifying trade tensions, including tariffs, trade restrictions, and retaliatory measures, may further exacerbate investor concerns, disrupt global capital flows, and depress asset prices. Such uncertainty may lead to shifts in investor behavior, changes in asset allocation preferences, and increased redemption activity, which could reduce the Company's assets under management and management fees. Market declines may also adversely affect the valuation of the Company’s corporate investments, further impacting the Company’s financial position and results of operations. Investment Management and Administrative Services Fees Revenues are generally based upon a percentage of assets under management in accordance with contractual agreements. Accordingly, fluctuations in the financial markets have a direct effect on the Company’s operating results. A portion of assets under management have exposure to international markets and/or natural resource sectors, which may experience volatility. In addition, fluctuations in interest rates may affect the value of assets under management in fixed income funds. Corporate Investments The Company’s Consolidated Balance Sheets include significant amounts of assets whose fair values are subject to market risk. The market risks are primarily associated with equity prices and foreign currency exchange rates. The fair values of corporate investments with exposure to the cryptocurrency industry are subject to considerable volatility. The Company’s investment activities are reviewed and monitored by Company compliance personnel, and various reports are provided to certain investment advisory clients. Written procedures are in place to manage compliance with the code of ethics and other policies affecting the Company’s investment practices. Equity price risk Due to the Company’s investments in securities carried at fair value, equity price fluctuations represent a market risk factor affecting the Company’s consolidated financial position. The carrying values of investments subject to equity price risks are based on quoted market prices or, if not actively traded, management’s estimate of fair value as of the balance sheet date. Market prices fluctuate, and the amount realized in the subsequent sale of an investment may differ significantly from the reported fair value. The following table summarizes the Company’s equity price risks in securities carried at fair value on a recurring basis as of March 31, 2026, and shows the effects of a hypothetical 25 percent increase and a 25 percent decrease in market prices. Estimated Fair Value Estimated Increase Fair Value at Hypothetical After Hypothetical (Decrease) in (dollars in thousands) March 31, 2026 Percentage Change Price Change Net Income (Loss)(1) Trading securities at fair value $ 12,428 25% increase $ 15,535 $ 2,455 25% decrease $ 9,321 $ (2,455 ) 1. Changes in unrealized gains and losses on trading securities at fair value are included in earnings in the Consolidated Statements of Operations. The estimated increase (decrease) is after income taxes at the statutory rate in effect as of the balance sheet date. The selected hypothetical changes do not reflect what could be considered best- or worst-case scenarios. Results could be significantly different due to both the nature of markets and the concentration of the Company’s investment portfolio. Page 27 Table of Contents Interest rate risk Due to the Company’s investments in debt securities, interest rate fluctuations represent a market risk factor affecting the Company’s consolidated financial position. Debt securities may fluctuate in value due to changes in interest rates. Generally, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. Fluctuations in interest rates could have a material impact on the Company’s investments in debt securities included on the Consolidated Balance Sheets and interest income recognized in net investment income (loss). Foreign currency risk A portion of cash and certain corporate investments are denominated in foreign currencies. Adverse changes in foreign currency exchange rates may reduce the value of those assets. In addition, certain assets under management have exposure to foreign currency fluctuations in various markets, which may adversely impact their valuation and, consequently, the revenue received by the Company. Additionally, escalating trade tensions and retaliatory measures, such as tariffs, trade restrictions, or capital controls, could contribute to currency volatility, disrupt cross-border transactions, and affect the liquidity and valuation of foreign-denominated assets. These factors may further impact the Company's financial condition and operating results. Indirect exposure to cryptocurrencies risk Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to function as a medium of exchange. While the Company does not have any current intention of directly investing in cryptocurrencies, it has indirect exposure to cryptocurrency-related market risk through investments in securities of issuers with operations in the cryptocurrency industry, such as mining companies, as well as exchange-traded funds that hold cryptocurrency-related assets. Cryptocurrency markets are subject to significant price volatility and evolving regulatory oversight, which may heighten investor concerns and contribute to broader market uncertainty. Cryptocurrencies are not backed by any government or central authority, and their trading markets are subject to a fragmented and developing regulatory framework across jurisdictions. As a result, these markets may be more susceptible to operational disruptions, technical issues, and market integrity risks, including fraud or manipulation, when compared to established and regulated securities markets. The value of cryptocurrency-related assets may fluctuate significantly and unpredictably due to a variety of factors, including changes in investor sentiment, regulatory developments, macroeconomic conditions, technological developments, cybersecurity risks, and public perceptions regarding adoption, use, and environmental impact. Adverse developments in cryptocurrency markets may negatively affect the value of the Company's indirect cryptocurrency-related investments and contribute to increased volatility in the Company's results of operations and financial condition.