Cornell Smith

Cornell Smith inquired about the expected run rate financial impact of the Stratos acquisition on the Investment Advisor segment once fully consolidated, noting the limited Q4 impact. He also asked for an updated timeline on the planned resegmentation discussed at Investor Day and whether Stratos would continue pursuing acquisitions during the integration phase.

Answer

CEO Ryan Hicke declined to provide 2026 run rate guidance for Stratos but detailed its Q4 impact: $5 million in revenue, under $1 million in operating income (including $2 million amortization), and $300,000 in non-controlling interest (NCI). He stated that more information would be available in Q1. Ryan Hicke confirmed that Stratos is continuing its acquisition strategy, with additional roll-ups and acquisitions completed or planned for early January as part of the original strategy.