MC — what changed in the latest 10-Q
A section-by-section comparison of MC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-30 vs the prior 10-Q · 2026-04-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +14 | −3 | ~28 | 37 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-30
Revenues were $729.2 million for the six months ended June 30, 2026 as compared with $672.0 million for the same period in 2025, representing an increase of 9%. The increase in revenues is primarily attributable to an increase in average fees earned per completed transaction, as compared with the pr…
For the six months ended June 30, 2026 and 2025, we earned revenues from 218 clients and 220 clients, respectively, and the number of clients that paid fees equal to or greater than $1 million was 121 clients and 117 clients, respectively.
Operating expenses were $615.8 million for the six months ended June 30, 2026 and represented 84% of revenues, compared with $574.4 million for the same period in 2025 which represented 85% of revenues. The increase in operating expenses was attributable to both increased compensation and benefits a…
For the six months ended June 30, 2026, compensation related expenses of $479.8 million represented 66% of revenues, compared with $463.7 million which represented 69% of revenues in the prior year period. The increase in compensation and benefits is primarily attributable to higher headcount, as co…
For the six months ended June 30, 2026, non‑compensation expenses of $136.0 million represented 19% of revenues, compared with $110.8 million which represented 16% of revenues in the prior year period. The increase in non-compensation expenses is primarily driven by occupancy and depreciation expens…
Text removed vs the prior filing · source: 10-Q · 2026-04-30
The Company’s provision for income taxes was an expense of $3.9 million against pre-tax income of $46.2 million and a benefit of $10.7 million against pre-tax income of $43.1 million for the three months ended March 31, 2026 and 2025, respectively. The income tax provisions for the aforementioned pe…
payments to the eligible selling holders of Group LP partnership units, we do not expect the cash payments to have a material impact on our liquidity.
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, a…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice