During the quarter, -$16.8 million non-cash fair value adjustments were recorded in AGF Capital Partners' long-term investments, partially offset by $6.2 million in distributions received resulting in revenues from long-term investments of -$10.6 million. This represents a net -2.5% decline in the value of our long-term investments during the period.

"The long-term investments decline was driven by our legacy investments in the infrastructure space, a sector that has not been immune from the impacts of the current economic and trade environment," added Goldring.  

1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

2 Retail mutual fund net sales (redemptions) are calculated as reported mutual fund net sales (redemption) less non-recurring institutional net sales (redemptions) in excess of $5 million invested in our mutual funds.

Key Business Highlights:

AGF was selected as an Excellence Awardee at the Wealth Professional Awards in three categories: Employer of Choice, Mutual Fund Provider of the Year and CEO of the Year for Judy Goldring.

Subsequent to quarter end, AGF was named to the Nasdaq Dividend Achievers Index, recognizing the firm's consistent track record of increasing dividends and its commitment to delivering long-term shareholder value.

AGF Investments

In January, AGF Investments Inc. launched ETF series units for AGF American Growth Fund and AGF Global Select Fund, providing investors with access to two long-standing strategies with established track records through an ETF structure. The launch expanded the firm's ETF lineup, while responding to growing investor demand for greater choice in how they access AGF's investment capabilities.

AGF Investments Inc. received seven 2025 Fundata FundGrade A+? Awards for Outstanding Fund Performance, recognizing the strong, long-term results delivered by AGF's investment teams on behalf of investors across market cycles.

   * AGF American Growth Fund

   * AGF Fixed Income Plus Fund

   * AGF Global Balanced Growth Portfolio Fund

   * AGF Global Conservative Portfolio Fund

   * AGF Global Convertible Bond Fund

   * AGF Global Moderate Portfolio Fund

   * AGF Global Select Fund

AGF Capital Partners

AGF Capital Partners Affiliate Manager New Holland Capital (NHC) launched an evergreen private credit fund for institutional investors providing access to niche specialty finance investment opportunities.

NHC's overall AUM increased to C$10.5 billion over the course of two years, which includes C$2.8 billion under management in its flagship hedge fund strategies.

Financial Highlights:

      * Adjusted EBITDA3 for the three months ended February 28, 2026 was $30.3 million, compared to $52.4 million for the three months ended November 30, 2025 and $47.9 million for the comparative prior year period.

      * Net management, advisory and administration fees3 for the three months ended February 28, 2026 was $92.5 million, compared to $94.8 million for the three months ended November 30, 2025 and $85.2 million for the comparative prior year period.

      * Adjusted selling, general and administrative costs for the three months ended February 28, 2026 was $65.0 million, compared to $67.9 million for the three months ended November 30, 2025 and $63.6 million for the comparative prior year period. Adjusted SG&A decreased compared to the prior period, primarily due to lower non-compensation expenses, and increased over the comparable prior year period, driven by higher performance-based compensation and higher non-compensation expenses primarily due to inflation, an increase in sales and marketing, and AUM driven expenses.

      * Adjusted EBITDA from AGF Capital Partners for the three months ended February 28, 2026, was -$3.8 million, compared to $16.7 million for the three months ended November 30, 2025 and $18.6 million for the comparative prior year period. The decrease from the prior period and comparable prior year period is primarily related to lower revenue from long-term investments.

      * Adjusted EBITDA excluding AGF Capital Partners of $34.1 million for the three months ended February 28, 2026, compared to $35.7 million for the three months ended November 30, 2025 and $29.3 million for the comparative prior year period.

      * Adjusted net income attributable to equity owners3 for the three months ended February 28, 2026 was $19.7 million ($0.30 adjusted diluted EPS), compared to $41.2 million ($0.62 adjusted diluted EPS) for the three months ended November 30, 2025 and $32.1 million ($0.48 adjusted diluted EPS) for the comparative prior year period.

      * Free cash flow of $36.0 million for the three months ended February 28, 2026, compared to $31.5 million for the three months ended November 30, 2025 and $31.6 million for the comparative prior year period.