ACGP — what changed in the latest 10-Q
A section-by-section comparison of ACGP'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 · 2025-08-07 vs the prior 10-Q · 2025-05-09
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +17 | −6 | ~14 | 25 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 5 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
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): Risk factors
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 · 2025-08-07
Incentive fees are not recognized until the uncertainty surrounding the amount of variable consideration ends and the fee is crystalized, typically on an annual basis on December 31. Unrecognized incentive fees amounted to $9.5 million for the quarter ended June 30, 2025. There were no material unre…
Compensation, which includes variable compensation, salaries, bonuses and benefits, was $5.3 million and $3.9 million for the three month periods ended June 30, 2025 and 2024, respectively, primarily driven by higher variable compensation of $1.6 million, offset partially by lower salary expense. Va…
Net gain/(loss) from investments is primarily related to the performance of our securities portfolio and investments in partnerships. Investment gains were $27.1 million in the 2025 quarter compared to losses of $0.2 million in the comparable 2024 quarter. The primary driver of the 2025 quarter's re…
There were no Shareholder-designated contributions in the 2025 quarter compared to $0.4 million in the prior year’s quarter, the difference driven by timing of contributions.
The effective tax rate for the three months ended June 30, 2025 and 2024 was 25.0% and 19.1%, respectively. The difference in effective tax rate period over period is primarily driven by certain nondeductible compensation expenses in the 2025 quarter which increased the current year's effective tax …
Text removed vs the prior filing · source: 10-Q · 2025-05-09
In March 2025, Doug Jamieson retired as our Chief Executive Officer and President but will continue serving the Company as a Director. We thank him for his years of dedicated service and look forward to his continued contributions as a member of the Board of Directors. Patrick Huvane was named Inter…
Incentive fees are not recognized until the uncertainty surrounding the amount of variable consideration ends and the fee is crystalized, typically on an annual basis on December 31. Unrecognized incentive fees amounted to $2.0 million for the quarter ended March 31, 2025. There were no material unr…
Compensation, which includes variable compensation, salaries, bonuses and benefits, was $4.4 million and $3.8 million for the three month periods ended March 31, 2024 and 2023, respectively, primarily driven by higher mark to market stock-based compensation expense of $0.9 million in 2025, partially…
Net gain from investments is primarily related to the performance of our merger arbitrage partnerships. Investment gains were $10.9 million in the 2025 quarter compared to $16.8 million in the comparable 2024 quarter.
The effective rate for the three months ended March 31, 2025 and March 31, 2024 was 26.3% and 21.5%, respectively. The difference in effective rate period over period is primarily driven by deferred tax benefits from a foreign investment which reduced the prior quarter's effective tax rate.
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