Good day, and thank you for standing by. Welcome to the SS&C Technologies third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question-and-answer session. To ask a question, please press star one-one on your telephone and wait for your name to be announced. To withdraw your question, please press star one-one again. I would now like to hand the conference over to your speaker today, Justine Stone, Head of Investor Relations.
Hi, everyone. Welcome, and thank you for joining us for our third quarter 2026 earnings call. I'm Justine Stone, Head of IR for SS&C. With me today is Bill Stone, Chairman and Chief Executive Officer; Rahul Kanwar, President and Chief Operating Officer; and Brian Schell, our Chief Financial Officer. Before we get started, we need to review the safe harbor statement. Please note that various remarks we make today about future expectations, plans, and prospects, including the financial outlook we provide, constitute forward-looking statements for the purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factor section of our most recent annual report on Form 10-K, which is on file with the SEC and can also be accessed on our website. These forward-looking statements represent our expectations only as of today, October 22nd, 2026. While the company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so. During today's call, we'll be referring to certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to comparable GAAP financial measures is included in today's earnings release, which is located on the Investor Relations section of our website at www.ssctech.com. I will now turn the call over to Bill.
Thanks, Justine, and welcome everyone. I'm happy to report another strong quarter for SS&C with growth in revenues, earnings, and margin expansion. We have momentum to finish the year strong. Our third quarter results were adjusted revenues of $1.691 billion, up 7.8%, and adjusted diluted earnings per share of $1.78 at 14.8% increase. We delivered record adjusted consolidated EBITDA of $674.8 million, up 9%, and an adjusted EBITDA margin of 39.9%, 40 basis points improvement. Adjusted organic revenue growth was 5.2% with continued performance by our largest businesses. Throughout the quarter, we had strong sales to both new and existing customers, achieved implementation milestones, and benefited from market tailwinds. Our pipelines continue to grow, and we are bullish on several large mandates as we look into 2027. For the nine months ended September 30, 2026, cash from operating activities were $1.216 billion, up 10.4% year-over-year.
This quarter, we returned $225 million to shareholders, which included 1.9 million shares repurchased for $154.8 million and $70.5 million in dividends. In August, we increased our common stock dividend 11.1% to $1.20 per share annually, which reflects the strength and consistency of our cash flow. Our business keeps generating strong, recurring free cash flow, and that gives us real flexibility in how we put capital to work. We can raise our dividend, keep buying back shares, pay down debt, and pursue high-quality acquisitions all at once. We do not have to choose. On M&A, the opportunity set is growing as private equity firms look to exit some of their holdings. We continue to pursue the right deals aggressively, but we will stay disciplined on price. Financial services technology and services M&A continue to command high valuations, making our own stock one of the most attractive investments we can make.
Last month, more than 1,000 leaders from financial services and healthcare clients joined us in Orlando for SS&C Deliver, our annual client conference. The message from that room was clear. Our clients are no longer asking whether to transform. They are asking how fast, and with whom. At Deliver, we unveiled a portfolio of next-generation solutions built on two SS&C platforms, AI Gateway, our AI governance platform, and WorkHQ, our award-winning agentic orchestration platform. Together, they let our clients put AI agents to work on their most complex, highly regulated workflows. These agents work securely with governance built in from day one. Agentic AI is moving quickly from experimentation into production. We see it inside SS&C, where our Customer Zero program is driving innovation and efficiency across all operations.
To date, over 900 agentic workflows, 200 AI agents, and over 60 digital workers have been built in the WorkHQ development environment as our business units explore dozens of use cases. We are bringing the same approach to tokenization. As traditional and digital assets come together, our clients need infrastructure that handles both, and SS&C already sits at the center of that infrastructure. Across all of this, our clients are rethinking their operating models end to end. That is a transformation, not a single technology purchase. It takes a partner with deep domain expertise, global scale, and a proven track record of execution. Few companies can bring all three. SS&C can, and we are doing it today. I will now turn the call over to Rahul to discuss the quarter in more detail.
Thanks, Bill. As you noted, we delivered strong third-quarter results with 5.2% organic revenue growth and 39.9% EBITDA margins. These results are driven by deep customer relationships and the critical role our products and services play. Our clients keep growing with us, and the multiple ways we deliver broad and deep solutions, including outsourcing, co-sourcing, and lift-outs, are a competitive advantage. In our technology businesses, we see a steady rate of multi-year renewals, reflecting our customers' confidence in the enduring benefit they will receive from our applications. We also see sustained interest in our new products and services, reinforcing that as a technology provider and outsourcer with scale, we are uniquely positioned to deliver the next generation of AI-enhanced applications. We handle huge volumes of trades, reconciliations, NAV calculations, investor transactions, regulatory filings, and hundreds of other functions that require expertise.
Our Intelligent Automation & Analytics business, built around the Blue Prism acquisition in 2022, is at the center of how we capture the opportunities new technologies bring. As Bill mentioned, we have hundreds of AI-enhanced processes and agents in production, many more in development. These make us faster and more accurate and expand our capacity to take on new business as our clients grow. Externally, our new products are gaining traction. We are also bringing AI directly to clients through collaborations with frontier model companies, integrations with the leading AI platforms, and new features built into our applications. Our global footprint is growing and remains a competitive advantage. We are expanding our presence in the Middle East, Australia, and Europe, and have recently expanded our operations in Luxembourg and Thailand. With that, I will turn it over to Brian to walk through the financials.
Thanks, Rahul, and good day, everyone. Unless noted otherwise, the quarterly comparisons are to Q3 2025. As disclosed in our press release, our Q3 2026 GAAP results reflect revenues of $1.69 billion, net income of $199 million, and diluted earnings per share of $0.83. Our adjusted non-GAAP results include revenues of $1.691 billion, an increase of 7.8%, and adjusted diluted EPS of $1.78, a 14.8% increase. The adjusted revenue increase of $122 million included acquisitions of $39 million and a small favorable impact from foreign exchange of approximately $1.7 million. As a result, adjusted organic revenue growth on a constant currency basis was 5.2%, and our core expenses increased 4.3%, or $42 million, which also excludes acquisitions and impact of FX. Adjusted consolidated EBITDA was $675 million, reflecting an increase of $56 million, or 9%, a margin of 39.9%, the 40 basis point expansion.
Net interest expense for the third quarter was $107 million, an increase of $3 million compared to last year. Adjusted net income was $429 million, up 9.6%, resulting in the adjusted diluted EPS of $1.78. Our effective non-GAAP tax rate was 22.5% this quarter. Note for comparison purposes, we have recast the 2025 adjusted net income to reflect the full year effect of tax rate of 22%. The diluted share count is down nearly 5% to 240.6 million from 252.6 million shares year-over-year, primarily due to the continued impact of treasury share purchases. Cash flow from operating activities grew 10%, largely driven by growth and earnings. SS&C ended the third quarter with $525 million in cash and cash equivalents and $7.5 billion in gross debt. SS&C's net debt was $7 billion, and our last 12 months consolidated EBITDA was $2.7 billion. The resulting net leverage ratio is 2.63x.
We are currently in the process of refinancing our $2 billion of notes due next year and will provide an update when that has been completed. As we look forward to the fourth quarter and full year 2026 with respect to guidance, we will continue to focus on client service and expect that retention rates will be in the range of our most recent results. We will continue to manage our business to support our long-term growth and manage our expenses by controlling and aligning variable expenses, increasing productivity, and leveraging technology and AI tools to improve our operating margins and strategically investing in the business, especially with respect to R&D and sales and marketing.
Specifically, we have assumed short-term interest rates to remain at current levels, an effective tax rate of approximately 22.5% on an adjusted basis, capital expenditures to be 4.4%-4.8% of revenues, and a stronger weighting to share repurchases versus debt reduction. For the fourth quarter of 2026, we expect revenue to be in the range of $1.7 billion-$1.74 billion and 4% organic revenue growth at the midpoint. Adjusted net income in the range of $454 million-$470 million. Interest expense, excluding amortization of deferred financing costs and original issue discount in the range of $103 million-$105 million and adjusted diluted EPS in the range of $1.88-$1.94. For the full year 2026, we increased several revenue and earnings expectations as follows. Revenue to be in the range of $6.736 billion-$6.776 billion, and 5.5% organic revenue growth at the midpoint.
Adjusted net income in the range of $1.726 billion-$1.742 billion. Adjusted diluted EPS in the range of $7.11-$7.17, reflecting approximately 16.3% growth at the midpoint. We are now targeting EBITDA growth of 10%, EBITDA margin expansion of 90 basis points for the year, and exiting the year with 41% EBITDA margins. Now, back to Bill.
Thanks, Brian. We are pleased with our third quarter and the momentum we are carrying into the rest of the year. We exceeded expectations on revenue and margins, and we are raising our outlook for the full year. Our clients continue to invest in SS&C and expand their relationships with us, and our pipelines are healthy across our businesses and region. As we look ahead to 2027, we are excited about the opportunities in front of us. Demand for our outsourcing solutions remain strong, our technology keeps getting better, and the capabilities we are building are changing how we serve clients. As always, we will stay disciplined in how we operate, invest, and allocate capital to create long-term shareholder value. With that, we will start taking questions.
Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please limit yourself to one question and one follow-up, and then you may rejoin the queue. One moment for questions. Our first question comes from Dan Perlin with RBC Capital Markets. You may proceed.
Thanks. Good evening. I had a question on the kind of midpoint of the organic growth assumptions for 4Q. Obviously, you had big renewals in the second quarter. This quarter at 5.2% seemed more normalized. I am just trying to make sure I understand what is the getting factor to get this to decelerate. I know that there is the anniversary-ing partially of Insignia that probably plays into that, but everything else seems to be going fairly well. Any details around what would be the key drivers to that would be helpful.
Well, Dan, I think in general, right? It is, again, that we have a lot of pretty big mandates in our pipelines, and while we are getting buy signals all over the place, we prefer ink on contracts. That is the thing that changes organic revenue growth 100 basis points-1 50 basis points, 200 basis points. That is just the nature of large-scale contracts. Our contracts now could be $25 million, $50 million, and up. There are a lot of lawyers out there. They have not gone away. It is getting that down, and negotiated, and signed, and then getting them live.
Got it. That makes total sense.
Hey, Dan, very quickly.
Yeah.
If I could just add to the back of that. The other thing is.
Of course.
As you will note, absolute revenue is actually up in Q4 relative to Q3.
Yep.
Very much in line with, I'd say ahead of where we thought we were going to be for the year. So most of this is really just quarter-over-quarter timing. So if you look back at Q3 and Q4 last year, that's probably the part of the explanation. That was one of the largest growth quarters we had last year, fourth quarter of last year, as you recall, too.
Yep, that's a very good point. Just a quick follow-up, Bill, on the M&A commentary looking more interesting, I guess, as PE firms are kind of looking to exit their portfolios. I'm just wondering, what are the areas that you're most interested in looking to expand as you think about these opportunities that are facing the company in 2027 and ultimately 2028? Thank you.
Well, as you see, right? There's been a lot of fintech M&A in the last 90 days even, and the multiples are pretty eye-popping. We think we have very valuable businesses. A number of our businesses are bigger in those areas than some of the M&A that's going on, and more profitable. So, we have big, successful businesses and we'll probably expand. If we could find stuff in fund administration, we would. We've probably bought 20 fund administration companies over the last 20 years, and we were kind of the pioneer in that, and now they drive prices to points where you wonder if that's where we should go. We've also done really a great job of transforming our Global Investor and Distribution Solutions that we acquired with DST, and that's now got great momentum with Insignia.
That's still a very large client with a lot of work for us to do. But on what we've done for them so far, the outsourcing their business as usual to us has been a very big success. I believe that's what's going to happen with a number of other large institutions that become somewhat constricted in what they can do and how fast they can do it. We move a little faster. We're a little more decisive in what we do. As I've said many times, we don't dabble. As Rahul said earlier, we bought Blue Prism in 2022 for about $1.6 billion. Last year we bought Calastone, which gives us a real leg up in tokenization, and they also run about a 7,000 funds network. So we don't dabble. We get in, we get the expertise, and we distribute it on a global scale.
Excellent. Thank you.
Thank you. Our next question comes from Kevin McVeigh with UBS. You may proceed.
Great. Thank you so much, and congratulations on the results. Just really continue to execute at a super high level. I guess the margins continue to really, really impress, Bill, as you are absorbing these ever larger engagements. Maybe talk to that a little bit and where you are on the AI journey. I guess related to all of that, does that change the acquisition strategy in terms of willing to even size up something more, just given how strong you are operationally at this point?
Kevin, you have been around us for a while, and you understand the process we go through to validate what acquisitions we want and what areas we want to get larger in. We would do a big acquisition, and there is a lot of companies out there that, ever since the mass scare on SaaS businesses, some of them have not recovered nearly like we have. I do not believe they have as strong a business as we do, but that is somewhat in the eye of the beholder. We continue, like earnings are up 14.8%, and we generate $1.216 billion in cash flow in nine months. As we said in our prepared remarks, we do not have to choose on what we want to do. We can do all of them. We can fund them ourselves. We can execute. The capital markets are very friendly to us.
They know we borrow money, and we pay it back, right? We work hard for our shareholders. That's a constant theme with anyone you talk to at SS&C. We're pretty focused, we're pretty ambitious, and we're also pretty judicious. I think that's kind of what we're looking at M&A. I'm pretty certain there's some really big places that are for sale, and we just have to make sure that if we were to buy one, we got it at the right price.
Super helpful. Then just real quick, the AUA just continues to move ahead despite the volatility and concern about private equity, so on and so forth. Anything to call out in terms of just the sequential build? Because the pacing of it has just been really, really impressive. Is that just spin outs that you're winning or just normal pace? Anything to call out on the AUA?
Well, Kevin, again, we have almost all of the large-scale global macro funds, and they tend to be the ones hoovering up the most assets that are out there. We get a very large chunk of those, and we invest heavily to make sure that we can satisfy their needs, and then also branch into where they want to go, whether that's Abu Dhabi or that's private markets. It's something that we invest a lot of money, and it has proven, as you've seen on how big those assets grow every quarter, to have been a pretty successful strategy. I think Rahul's really close to that business.
Yeah. In addition to our big clients having a lot of success and getting bigger, the other thing that's happening is with all the focus on technology, folks are starting to realize that ownership of the entire technology stack that runs the fund administration business is a huge advantage, right? It gives us the opportunity to deploy AI and new functionality at a very, very quick pace. That's helped us in the win rate.
Yeah. We talk about across the entire fund administration tech stack. We have very powerful trading systems. We have a very powerful network that is in 60, 70 countries. So we have a big fixed network, right? There are not many things that we do not do. We have models that will value fixed income. We have tons of different strategies across all the different fund type companies. So we are pretty optimistic about where we sit, and we remain very competitive.
That is terrific. Congrats again. Thank you.
Thank you. Our next question comes from Jeff Schmitt with William Blair. You may proceed.
Hi. Thank you. Debt leverage is low compared with historical levels, with interest rates rising, and then you have debt refinancing coming up next year. How are you thinking about capital allocation in 2027, especially if the Fed keeps hiking?
Well, again, right now, if you look at our stock trading in the mid-$80s, we are going to generate $7.25 in cash or something like that, and we pay $1.20 dividend. So that gets you up to, say, $8.50 maybe. So $8.50 on an $85 stock is 10%. So we think buying back our stock, where we save that $8.50 on every share, is a little more attractive than paying down 6.5%, 7% debt. And know whose interest is tax-deductible. So that is kind of the math we do, but we still pay down some debt all the time, and we buy back shares all the time, and we look at acquisitions all the time, and we raise our dividend most of the time. So I think that is kind of how we look at the capital allocation.
And people say, "So why do you talk to your debt holders?" Because we might want to do a big acquisition, and we are going to have to borrow money, right? So it is making sure that we have constant communications with the banks, we have constant communications with our clients, as well as with, obviously, our workforce. And that is something that I think we really pride ourselves on.
Okay, great. And then for the Intelligent Automation & Analytics, organic growth declined 4.5% in the quarter. Just curious how much of that reflects kind of continued pressure in Blue Prism, and could newer offerings like WorkHQ return that business to growth?
I think it is two things. One, the second part of what you said there is what we think. There is a fair amount of product development, new product bringing to market, in that process, right? And so I think there is probably a natural lag that is somewhat reflected in the numbers. But I think the other thing that I would highlight is, that business is at the center of all the AI-related commentary that you have heard us make in our prepared remarks. And really, the new products, the new services, to strengthen our fund administration business, to strengthen our technology businesses. A lot of that is driven out of that. So sometimes the growth and the success we have is reflected in different places as opposed to just in that business.
Great. Okay. Thank you.
Yeah. As you well know, it is kind of a crossover. What we think some of our smarter clients recognize that RPA works very well for them in some large sections of what they do. Ripping out your infrastructure is long, painful, breaking rocks in the desert, right? If you can keep your RPA bots working for you and then add agentic agents, you get the best of both worlds because you get to transition at your speed, and you still are automating and automating and automating. That is something that we think is very attractive, and we are attracting some very big clients to our platform.
Got it. That is helpful. Thank you.
Thank you. Our next question comes from Pete Heckmann with D.A. Davidson. You may proceed.
Hey, good afternoon. I had a similar question on that. Let me get back in the queue and look at my list. Sorry.
Thank you. As a reminder, to ask a question, please press star one one on your telephone. Our next question comes from Alexei Gogolev with JP Morgan. You may proceed.
Hi, this is Bella Camaj on for Alexei. Thanks so much for taking our questions. For the first one, looking at the WIT segment's organic growth deceleration after a much stronger nearly 10% growth last quarter, could you help us dig a little more into what drove that change and whether investors should view that as mainly timing related or possibly indicative of a more normalized demand environment?
Well, we had a very large renewal in the last quarter in WIT, and those things with ASC 606, you're going to get spikes in revenue. There's no way around that. I would say that what they're doing is extending their contracts for multiple years, 5- 10 years. That's a great big flush to earnings or to revenue, which also goes to earnings pretty much. I would say our demand in WIT is high, remains high, it remains widespread, global. I don't think that the reduction in organic revenue in Q3 compared to Q2 is anything other than that really big renewal.
Got it. That makes sense. As a quick follow-up, you mentioned being bullish on several large mandates as you look into 2027. Maybe broadly speaking, can you help us understand what areas of the business those opportunities are concentrated in, and maybe whether they reflect traditional outsourcing demand or some newer AI and transformation-related initiatives, especially with WorkHQ on the horizon?
Yeah. I think we really believe that the large-scale financial institutions around the world need to have a partner that can understand their business and then platform them away from where they are now so that they get a chance to improve their business, right? When you think about a large-scale system going into a large-scale institution, sometimes the institution doesn't stay up with the releases, and they can get multiple releases behind. Then it becomes almost impossible to catch up. That means they sacrifice all the improvements in those applications when companies like us come out with new releases. That's what's driving that. I don't think it's going to change. I think that more and more institutions are going to recognize that SS&C is a specialist firm. Right?
We have thousands and thousands of CPAs and chartered accountants and MBAs and CFAs and mathematicians, so it is specialized. We are not investment bankers and we are not investment professionals from a standpoint of which sector or which area of the world that you should be investing in. But wherever you are investing, we are expert in how to process them, how to make sure the regulators are satisfied, how to get information back to you very quickly and have it in a format that you want.
Got it. That is very helpful. Thanks again, and congrats on the quarter.
Thank you.
Thank you. As a reminder, to ask a question, please press star one one on your telephone. Our next question comes from James Faucette with Morgan Stanley. You may proceed.
Thanks. A couple of, I guess, strategic and development questions here. Just wondering how, and you've talked about AI and how that's starting to provide some benefits. Wondering how and if that's been impacting customer pricing dynamics. As you've had more conversations with customers around AI and agentic automation, how's that influencing the commercial part of the negotiations on those? Are customers demonstrating a willingness to pay more for the enhanced automation, or are they increasingly viewing AI-driven productivity as a reason to push back on pricing? Just wondering how we should think about the net impact on your long-term organic growth opportunities.
Well, of course, really smart organizations are pushing back on price the whole time. This is just one more kind of arrow in their quiver about where to come at technology companies such as us. What we have to do is make sure that our offering is differentiated. You really can't walk into the Mercedes dealership and think you're going to pay for a Volkswagen. You're not going to be able to do that, and that's what we do. We spend more money on R&D. We spend more money training our people. We spend more money making sure we have a global footprint so that companies such as yours and others can feel comfortable that we have the expertise, the broad-based knowledge of different markets and different time zones, and that we're going to be there. That peace of mind for senior executives is pretty important.
That's what we strive to do, is to give, whether it's Ted Pick or Jamie Dimon, the feeling that, "Hey, we're there. We're not going anywhere, and we can process volume, and we can process it globally.
Got it. Appreciate that perspective. It's a good one. Then wanted to ask about tokenization and just what you're seeing there. We've seen a lot of headlines, and we ourselves have done quite a bit of research on how we're seeing some assets come on chain, but that could end up being wide spread. How should we think about the impact of the Calastone business and what the opportunities/challenges may be there? Thank you.
Well, we talked about it a little bit before, and Rahul's done a lot of work in this area, too. I just learned how to spell tokenization. But we really believe that the concept that the token is like a poker chip, so it becomes very portable. It also isn't something that you have to go do a 10-Q and a 10-K and everything in order to get some liquidity. So we think it's going to continue to be attractive in all kinds of different markets, and Calastone continues to grow handsomely in the double digits. What say?
I think maybe the one thing that I would add is what we've always tried to do across all of our services and capabilities is be ready for what our customers might need us for. This is a perfect example of that, right? So we've got customers at every end of the spectrum, some that are embracing it wholeheartedly, some that are experimenting, some that want to learn more. And the fact that we have this capability is yet another differentiator.
Thanks for the input there, guys.
Thank you. Our next question comes from Patrick O'Shaughnessy with Raymond James. You may proceed.
Hey, good afternoon. Is there anywhere in your business where you're seeing signs of competitive disruption from AI-native startups or clients looking to take activities in-house by leveraging AI capabilities themselves?
Patrick, I think that there's a lot of noise, and I think there's a lot of companies that are trying things. You get some of the people that are on the front office side of asset managers and different funds that basically say, "Look, I can get my kid with AI, and in two weeks we could rewrite Geneva." Yeah, good luck. I would suggest you get well-provisioned for those two weeks, because at the end of the two weeks, you'll go, "Wow, where should we get started?" The complexity, the scale, all of that comes into being able to deploy. As you know, you're highly regulated. As soon as something comes out and Agentic didn't do it right, and something got duped or something like that, the brakes come on so fast that you can't get it released again.
I think that's what we've tried to be, is a trusted partner that can show you, come into our offices. We process trades to the millions every day, all kinds of transactions all over the world in every currency. Come see how we do it. Come see how we do WorkHQ. Come see how our governance and AI Gateway protects us, and just how we can deliver to you so it protects you. That's what we're doing, and we think it's a very sound strategy. We've won some very nice accounts, and I know we've mentioned Marsh before, but there's others that we've been adding. It's new technology, and you have to get people to adopt it, and they have to get comfortable. Then you have to go.
When I started in this business, people said, "Oh, I would never put my assets on a PC." Well, you're not putting your assets on a PC. Kind of your dumb whatever. Your assets are at DTC, right? This is just an accounting system. It is something where we need to continue to teach and educate and have people be comfortable with what they're doing and how they can use AI and all the different models, which you know are coming out every week or every day, and try to make it so that you succeed with the technology. You don't drown in it. I think we've been doing this for a long time, whether it's when they first came out with Excel or dBase and then Novell Networks, and then everything's client server. We always tried to be true client server.
I never quite knew what that meant. We weren't ever false client server that I knew of. That's how technology goes. You were around when the internet and the bubble, then the bubble pops and that hurt. I think that's what we're trying to do, is take a measured approach. We have, I think, very slick technology that works, and we have a lot of confidence that it's going to drive a lot of revenue.
Understood. Thank you. Getting back to the Wealth and Investment Technologies business, is there an opportunity for that business to consistently get to mid-single digit or better revenue growth? Or is it just structurally a more mature, competitive end market?
I think if you normalize the growth rates, it probably is at mid-single digits now, right? It's what Bill said earlier, is you really do have to strip out and normalize the ASC 606-related spikes and things like that. We had a really big Q2 as one example. In general, when we think about that business and we look at it in terms of annual recurring revenue and correct for some of those kinds of things, we're seeing a business pretty close to mid-single digits.
Right. With certain of their assets growing at quite a bit higher than that. Black Diamond, which is our primary wealth platform, is growing at double digits and continues to show strength against all the other wealth platforms that are out there. We think that will continue.
All right. Terrific. Thank you.
Thank you. I would now like to turn the call back over to Bill Stone for any closing remarks.
Once again, we really appreciate everybody being on our third quarter conference call, and we are working hard in the fourth quarter, and we hope to talk to you in February and discuss another strong quarter, which will be Q4 of 2026. Thank you.
Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.