ANDG 10-K & 10-Q changes, risk factors and insider trading
Andersen Group Inc. · NYSE · Services-Business Services, Nec · CIK 2065708 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Comparison not available: Not available: fewer than two 10-K filings on EDGAR to compare (only one so far)..
What changed in the latest 10-Q
Risk Factors
For a discussion of the risk factors affecting us, see Part I, Item 1A "Risk Factors" in the 2025 Annual Report on Form 10-K.
Full comparison: every changed paragraph (1)
For a discussion of the risk factors affecting the Company,us, see Risk Factors in Part I, Item 1A of"Risk Factors" in the 2025 Annual Report on Form 10-K.
Management's Discussion & Analysis (MD&A)
New heading “EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin”
New heading “Net Loss Attributable to Noncontrolling Interest”
New heading “Comparison of the Six Months Ended June 30, 2026 and 2025”
New heading “Operating Expenses”
New heading “Cost of services”
New heading “Sales, general and administrative”
New heading “Interest Income”
New heading “Interest Expense”
New heading “Other Income, Net”
New heading “Income Tax Expense (Benefit)”
New heading “Revolving Line of Credit”
New heading “Revolving Credit Facility”
New heading “Business Combinations”
Largest changes
“The Credit Agreement includes certain financial and liquidity covenants, which require us to maintain a net after tax profit of not less than $1.00 each year; prohibit us from having certain indebtedness outstanding, subject to certain exceptions; require us to maintain unencumbered liquid assets (other than the security interest granted to the lender) equal to at least (i) the sum of all outstanding indebtedness under the Credit Agreement (collectively, the Liquidity Indebtedness) and (ii) 1.25 times the aggregate amount of all Liquidity Indebtedness; …”see in full comparison
“The New Credit Agreement includes certain financial and liquidity covenants. The New Credit Agreement includes a springing minimum fixed charge coverage ratio (“FCCR”) requirement of 1.00x, tested monthly on a trailing twelve-month basis, that becomes effective if borrowing availability falls below 25% of the line cap (with a $6.0 million floor). …”see in full comparison
“During the three and six months ended June 30, 2026, we had no uncured events of default with respect to the financial covenants required by the New Credit Agreement.”see in full comparison
“We define Adjusted Net Income as net income plus expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-recurring equity restructuring costs and non-cash equity-based compensation expense associated with equity interests that were issued in anticipation of, and in connection with, the IPO. We define Adjusted Net Income Margin as Adjusted Net Income divided by revenue. …”see in full comparison
“We define Adjusted Net Income as net income plus expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-recurring equity restructuring costs and non-cash equity-based compensation expense. We define Adjusted Net Income Margin as Adjusted Net Income divided by revenue. …”see in full comparison
“We define EBITDA as net income plus income tax expense, interest expense, and depreciation and amortization less interest income. We define Adjusted EBITDA as EBITDA with adjustments to exclude results from expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-cash equity-based compensation expense and non-recurring equity restructuring costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.”see in full comparison
Full comparison: every changed paragraph (104)
The following discussion is intended to assist in the understanding of our financial position at MarchJune 31,30, 2026 and December 31, 2025, results of operations for the three and six months ended MarchJune 31,30, 2026 and 2025, and cash flows for the threesix months ended MarchJune 31,30, 2026 and 2025, and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties and should be read in conjunction with the disclosures and information contained in “Special Note Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q and in Part I, Item 1A. "Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025.
We are a leading provider of independent tax, valuation and financial advisory services to individuals, wealthy families, businesses and institutional clients in the United States.States and internationally. From our roots as a tax advisory firm, we have strategically expanded our business to build an integrated platform of service offerings that enables us to solve our clients’ most complex challenges. We have achieved this by delivering market-leading technical expertise combined with practical advice, supported by our unique firm culture, integrated services offerings and our relationship with Andersen Global, a Swiss association of over 300 member and collaborating firms.
Andersen’s relationships with over 400 Andersen Global and Andersen Consulting member and collaborating firms provide opportunities for domestic and international expansion through closer partnerships and,partnerships, future acquisitions and future business combinations. In Maythe second quarter of 2026, the Company announced it closed the acquisitionacquisitions of tax firms in Ireland and New Zealand, a tax firm and a consulting firm in Nigeria, and a tax firm and a law firm in Uruguay, expanding its presence across key developed and high-growth markets as it continues to scale its global platform. In addition, in the third quarter of 2026, Andersen signed agreements forclosed the acquisition of a tax firm in Switzerland and a business combination in Canada,Canada bothand entered into definitive agreements for the acquisitions of a tax and legal firm in Mexico, a tax firm in the United Kingdom and six consulting firms in the United States. These eight additional acquisitions are expected to close in the thirdfourth quarter of 2026, subject to the satisfaction of certain closing conditions.
Revenue for the three months ended MarchJune 31,30, 2026 was $240.7$217.7 million, representing 15.7%23.7% year-over-year growth,growth as compared to $176.0 million for the three months ended June 30, 2025. Revenue for the six months ended June 30, 2026 was $458.4 million, representing 19.4% year-over-year growth as compared with $384.1 million for the six months ended June 30, 2025. Revenue growth in 2026 was driven by strong execution and continued demand across our core markets, as compared with $208.1 million of revenue for the three months ended March 31, 2025. Growth in 2026 was supported by client growth, higher volume and service line expansion.expansion along with inorganic growth from acquisitions closed in the second quarter of 2026. There were no large one-time 2026 revenue items, and all of our service lines grew revenues in the three months ended March 31, 2026 as compared with the three months ended March 31, 2025.year-over-year.
We monitor the following key financial and businessoperational metrics to evaluate our business, measure our performance and make strategic decisions:
Clients
People Metrics
We generate our revenue from providing tax and financial advisory services to our clients. During the three and six months ended MarchJune 31,30, 2026 and 2025, the substantial majority of our revenue was generated on a time and materials basis and, to a lesser extent, on a fixed fee basis and contingent fee basis. In the future, our revenue and profitability could vary materially depending on changes in the nature of services provided, as well as the stage of performance at which the right to receive fees is finally determined. We provide services in four primary areas:
During the three months ended MarchJune 31,30, 2026, our revenue increased by 15.7%23.7% to $240.7$217.7 million from $208.1$176.0 million during the three months ended MarchJune 31,30, 2025. During the six months ended June 30, 2026, our revenue increased by 19.4% to $458.4 million from $384.1 million during the six months ended June 30, 2025. Revenue consists of professional services revenue and reimbursable expenses, which primarily includeincludes travel and out-of-pocketcontracted costs from third parties that are billable to clients.
Since our founding, we have expanded our geographic reach across the United States, serving clients from 2728 offices as of MarchJune 31,30, 2026. While our offices are primarily situated in major metropolitan areas, our expansive presence across the United States allows us to adapt to regional market fluctuations and capitalize on localized opportunities. Geographic revenue contribution is derived from the assigned office of each employee working on an engagement. This regional allocation typically aligns with the region in which the client is located, but in some cases, the client may be in a region different from the location of the office or employees. In the second quarter of 2026, we also expanded internationally as part of our inorganic growth strategy.
Revenue by U.S. region was:
Client groups will often comprise multiple client engagements with different entities or individuals, such as multiple subsidiaries of an entity, multiple principals within a single private equity fund or multiple individuals or trusts within a single wealthy family. AcrossWe evaluate our portfolio of client groups,groups we had over 18,970and client engagements duringon thea threeperiodic monthsbasis endedusing Marcha 31, 2026, representing an increasevariety of approximatelyquality-based 2%metrics and may, from thetime-to-time, overmodify, 18,600consolidate or discontinue client engagementsrelationships weor servedclient during the three months ended March 31, 2025.engagements.
Our workforce, which excludes temporary staff, consists of predominantly client serving professionals, and grew to 2,2712,690 total employees as of MarchJune 31,30, 2026. DuringAs theof threeJune months ended March 31,30, 2026, attrition,our annualized attrition rate, excluding involuntaryinternational terminations,acquisitions, increased by 1.5%1.5 percentage points to 15.7% from 14.2% duringas theof three months ended MarchDecember 31, 2025.
As of MarchJune 31,30, 2026, our workforce had a balanced distribution of tenure, reflecting a blend of experienced professionals and newer talent. Our 2,2712,690 total employees included 323349 Managing Directors as of MarchJune 31,30, 2026.
We define Adjusted Net Income as net income plus expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-recurring equity restructuring costs and non-cash equity-based compensation expense. We define Adjusted Net Income Margin as Adjusted Net Income divided by revenue. We believe Adjusted Net Income and Adjusted Net Income Margin enhance an investor’s understanding of our financial and operating performance because they exclude transaction-related costs allowing for greater transparency into what measures we use in operating our business and measuring our performance. In addition, these measures enable comparison of financial trends and results between periods.
In the second quarter of 2026, we revised our definition of Adjusted Net Income and Adjusted Net Income Margin to include all non-cash equity-based compensation, and in the last twelve months ended June 30, 2026, non-cash equity-based compensation expenses for LTIP Units and restricted stock units were added to conform to the current presentation. The change is intended to provide a more meaningful measure of our underlying operating performance by excluding equity-based compensation charges which are non-cash in nature and do not reflect our core operating results. The additional adjustments are consistent with our treatment of other equity-based compensation expenses and are intended to provide greater consistency in presentation. We applied the revised definition consistently to current and comparative periods, where applicable, to enhance period-to-period comparability. The impact of the revision is not material to previously disclosed figures.
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
We define EBITDA as net income plus income tax expense, interest expense, and depreciation and amortization less interest income. We define Adjusted EBITDA as EBITDA with adjustments to exclude results from expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-cash equity-based compensation expense and non-recurring equity restructuring costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue.
In the second quarter of 2026, we revised our definition of Adjusted EBITDA and Adjusted EBITDA Margin to include all non-cash equity-based compensation, and in the last twelve months ended June 30, 2026, non-cash equity-based compensation expenses for LTIP Units and restricted stock units were added to conform to the current presentation. The change is intended to provide a more meaningful measure of our underlying operating performance by excluding equity-based compensation charges which are non-cash in nature and do not reflect our core operating results. The additional adjustments are consistent with our treatment of other equity-based compensation expenses and are intended to provide greater consistency in presentation. We applied the revised definition consistently to current and comparative periods, where applicable, to enhance period-to-period comparability. The impact of the revision is not material to previously disclosed figures.
The following table reflects the reconciliation of net (loss) income to Adjusted Net Income and Adjusted Net Income Margin for each of the periods indicated:
We define Adjusted Net Income as net income plus expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-recurring equity restructuring costs and non-cash equity-based compensation expense associated with equity interests that were issued in anticipation of, and in connection with, the IPO. We define Adjusted Net Income Margin as Adjusted Net Income divided by revenue. We believe Adjusted Net Income and Adjusted Net Income Margin enhance an investor’s understanding of our financial and operating performance because they exclude transaction-related costs allowing for greater transparency into what measures we use in operating our business and measuring our performance. In addition, these measures enable comparison of financial trends and results between periods. The following table reflects the reconciliation of net income to Adjusted Net Income and Adjusted Net Income Margin for each of the periods indicated:
(1)Transaction costs include certain legal, accounting and consulting costs incurred related to planned mergers, acquisitions, and business combinations during the three months ended March 31, 2026 and certain legal, accounting and consulting costs incurred for public company readiness not eligible for capitalization and related to the planned restructuring during the three months ended March 31, 2025.
(2)Equity-based compensation expense associated with the vesting of Class X Aggregator Units consists of non-cash expenses associated with the vesting of Class X Aggregator Units, which were part of the Reorganization Transactions and described in Note 13, “Equity-based Compensation—Class X Aggregator Units” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report. We recognized $37.5 million of non-cash equity-based compensation expense associated with Class X Aggregator Units in cost of services and $3.6 million in sales, general and administrative expense during the three months ended March 31, 2026.
The following table is a reconciliation of net (loss) income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for each of the periods indicated:
We define EBITDA as net income plus income tax expense, interest expense, and depreciation and amortization less interest income. We define Adjusted EBITDA as EBITDA with adjustments to exclude results from expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations and non-cash equity-based compensation expense associated with equity interests that were issued in anticipation of, and in connection with, the IPO. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. The following table is a reconciliation of net income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for each of the periods indicated:
(1)Transaction costs include certain legal, accounting and consulting costs incurred related to planned mergers, acquisitions, and business combinations during the three and six months ended MarchJune 31,30, 2026 and certain legal, accounting and consulting costs incurred for public company readiness not eligible for capitalization and related to the planned restructuring during the three and six months ended MarchJune 31,30, 2025.
(2)Equity-based compensation expense associated with the vesting of Class X Aggregator Units consists of non-cash expenses associated with the vesting of Class X Aggregator Units, which were part of the Reorganization Transactions and described in Note 13,12, “Equity-based Compensation—Class X Aggregator Units” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report. WeDuring the three and six months ended June 30, 2026, we recognized $37.5$36.2 million and $73.7 million, respectively, of non-cash equity-based compensation expense associated with Class X Aggregator Units in cost of servicesservices, and $3.6$6.1 million and $9.7 million, respectively, in sales, general and administrative expense during the three months March 31, 2026.expense.
(3)Profits interest units at AT Umbrella LLC (“LTIP Units”) are exchangeable for Class A common stock from Andersen Group Inc. During the three and six months ended June 30, 2026, we recognized $1.5 million and $2.4 million, respectively, of non-cash equity-based compensation expense associated with LTIP Units in cost of services, and $0.3 million and $0.3 million, respectively, in sales, general and administrative expense.
(4)Restricted stock issued to acquired firms represents shares of Class A common stock subject to a service period of 5 years. During each of the three and six months ended June 30, 2026, we recognized $0.8 million of non-cash equity-based compensation expense associated with restricted stock issued to acquired firms in cost of services.
(5)Restricted stock units granted to employees are subject to a vesting service period of 6 years. During the three and six months ended June 30, 2026, we recognized $2.7 million and $5.5 million, respectively, of non-cash equity-based compensation expense associated with restricted stock units issued to employees in cost of services, and $0.7 million and $1.5 million, respectively, in sales, general and administrative expense.
(6)In connection with the Reorganization Transactions, we incurred certain equity restructuring expenses as a result of the exchange of historical equity interests of the Management Holdcos for new Class H Aggregator Units and/or the combination of Class X Aggregator Units and Member Notes. The expense for these were incurred in December 2025.
Revenue
Our busiest periods typically align with U.S. tax filing deadlines, particularly the months leading up to March 15th for corporate tax filings, April 15th for individual tax filings, and the extension deadlines in September and October. During these peak times, we typically experience a substantial increase in client engagements and workload, which has historically driven an increase in billable hours and revenue in the first and third quarters of the year.
Interest expense consists primarily of interest related to the CACapital Account Notes and the HOHoldover Note. We expect to incur lower interest expense in the future related to the CACapital Account Notes and the HOHoldover Note as principal amounts are paid down.
Comparison of the Three Months Ended MarchJune 31,30, 2026 and 2025
The following table summarizes our consolidated results of operations for the three months ended MarchJune 31,30, 2026 and 2025:
(1) NM—fluctuation in terms of percentage change is not meaningful.
Revenue
Our revenue during the three months ended MarchJune 31,30, 2026 increased by $32.7$41.7 million, or 15.7%,23.7%, to $240.7$217.7 million, compared to $208.1$176.0 million during the three months ended MarchJune 31,30, 2025. Revenue growth was broad-based across all service lines, driven by client additions, higher volume, and service line expansion during the three months ended MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025. Inorganic growth also contributed $5.5 million to the increase in revenue during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Our busiest periods typically align with U.S. tax filing deadlines, particularly the months leading up to April 15th for individual and corporate tax filings and the extension deadlines in October. During these peak times, we typically experience a substantial increase in client engagements and workload, which has historically driven an increase in billable hours and revenue in the first and third quarters of the year.
Our cost of services during the three months ended MarchJune 31,30, 2026 increaseddecreased by $48.4$51.7 million, or 41.0%,22.9%, to $166.4$173.6 million compared to $118.0$225.2 million during the three months ended MarchJune 31,30, 2025. The increasedecrease in cost of services was primarily attributable to a large one-time expense related to pre-IPO profits interest units during the three months ended June 30, 2025 of $104.5 million. We incurred $41.2 million in non-cash equity-based compensation in the firstsecond quarter of 2026 resulting from new Class X UmbrellaAggregator Units, LTIP UnitsUnits, RSUs and RSUsrestricted grantedshares inof connectionClass withA thecommon IPOstock granted. This decrease was offset partly by organic and Reorganizationinorganic Transactions. Other personnel costs increased by $7.3 million as our headcount scaled to meet higher demand for our services.growth. Cost of services as a percentage of revenue increaseddecreased period-over-period from 56.7%128.0% during the three months ended MarchJune 31,30, 2025 to 69.1%79.7% for the three months ended MarchJune 31,30, 2026.
Our sales, general and administrative expenses during the three months ended MarchJune 31,30, 2026 increaseddecreased by $12.6$3.4 million, or 35.8%,6.3%, to $48.0$50.5 million compared to $35.4$53.9 million during the three months ended MarchJune 31,30, 2025. The increasedecrease was primarily related to equity-based compensation costscosts. We incurred $25.0 million of $4.4equity based compensation expense related to pre-IPO profits interest units during the three months ended June 30, 2025. During the three months ended June 30, 2026, we incurred expenses of $7.1 million resulting from grants of equity-based unitscompensation. inThis connectiondecrease withwas theoffset IPOpartly in December 2025, as well as a $2.2 million increase in salaries and related expenses in connection with ourby increased headcount year-over-year. We also incurred $1.3 million in increased technologylegal expenses as the three months ended June 30, 2025 incurred a resultgain on a reversal of additionala softwarelegal whichaccrual wasof implemented$9.5 to adhere to various regulatory requirements in connection with the IPO.million. Sales, general and administrative costs as a percentage of revenue increaseddecreased period-over-period from 17.0%30.6% for the three months ended MarchJune 31,30, 2025 to 19.9%23.2% for the three months ended MarchJune 31,30, 2026.
Our depreciation and amortization expenses during the three months ended MarchJune 31,30, 2026 increased by $0.2$0.5 million or 8.5%,23.9%, to $2.3$2.5 million compared to $2.1$2.0 million during the three months ended MarchJune 31,30, 2025. Depreciation and amortization costs as a percentage of revenue remained relatively consistent period-over-period at 0.9% compared to 1.0%.1.2%.
Interest income during the three months ended MarchJune 31,30, 2026 increased by $0.7$0.5 million, or 56.6%,45.3%, to $1.9$1.5 million, compared to $1.2$1.0 million during the three months ended MarchJune 31,30, 2025. The increase was primarily driven by increasedin interest fromincome moneyis marketattributable funds.to higher average balances held in interest-bearing cash and investment accounts.
Interest expense for the three months ended MarchJune 31,30, 2026 was approximately $6.2$5.9 million, and was $0.1 million for the three months ended MarchJune 31,30, 2025. The increase was attributable to the CACapital Account Notes and HOHoldover Note incurred in connection with the IPO and Reorganization Transactions described in Note 1, “Organization and Business Description” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report.
Other income, net during the three months ended MarchJune 31,30, 2026 decreasedincreased by $0.2$1.9 million, or 17.6%,143.6%, to $0.8$3.1 million, compared to $1.0$1.3 million during the three months ended MarchJune 31,30, 2025. The increase was primarily attributable to a gain on bargain purchase recognized during the three months ended June 30, 2026 of $1.4 million.
Income Tax ExpenseBenefit
For the three months ended MarchJune 31,30, 2026 and 2025, we recorded an income tax provisionbenefit of $2.8$0.1 million and $4.1$7.0 million, respectivelyrespectively, on pre-tax incomeloss of $20.6$10.2 million and $54.7$103.0 million respectively. Our effective tax rate for the three months ended MarchJune 31,30, 2026 was 13.7%0.7% compared to 7.5%,6.8% for the three months ended MarchJune 31,30, 2025. The effective tax rate for the three months ended MarchJune 31,30, 2026 differed from the U.S. statutory rate of 21.0% primarily due to non-controlling interest as Andersen Group Inc. is only subject to income tax on its allocable share of partnership income from AT Umbrella LLC and state and local income taxes. The effective tax rate for the three months ended MarchJune 31,30, 2025 differed from the U.S. statutory rate of 21.0% primarily related to income not subject to entity level tax as we were taxed as a partnership and compensation expense recorded for accounting purposes related to profit interest units that are not deductible for tax purposes and certain state and local entity level taxes.
As of MarchJune 31,30, 2026, our conclusion regarding the realizability of our US deferred tax assets did not change and we continued to conclude that substantially all of its investment in AT Umbrella LLC is not realizable on a more-likely-than-not basis as the investment in AT Umbrella LLC is capital in nature.
Net Loss Attributable to Noncontrolling Interest
The net loss attributable to the noncontrolling interest of AT Umbrella LLC for the three months ended June 30, 2026 was $9.1 million, which was 88.1% of the earnings of AT Umbrella LLC for the three months ended June 30, 2026.
Comparison of the Six Months Ended June 30, 2026 and 2025
The following table summarizes our consolidated results of operations for the six months ended June 30, 2026 and 2025:
(1) NM—fluctuation in terms of percentage change is not meaningful.
The following table sets forth our consolidated results of operations expressed as a percentage of revenue:
Our revenue during the six months ended June 30, 2026 increased by $74.3 million, or 19.4%, to $458.4 million, compared to $384.1 million during the six months ended June 30, 2025. Revenue growth was broad-based across all service lines, driven by client additions, higher volume, and service line expansion during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Inorganic growth also contributed $5.5 million to the increase in revenue during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Operating Expenses
Cost of services
Our cost of services during the six months ended June 30, 2026 decreased by $3.3 million, or 1.0%, to $339.9 million compared to $343.2 million during the six months ended June 30, 2025. The decrease in cost of services was primarily attributable to the decrease in non-cash equity-based compensation in the second quarter of 2026 compared to the six months ended June 30, 2025, which had a large one-time expense incurred of $104.5 million related to pre-IPO profits interest units. This was offset partially by an increase in other personnel costs as a result of the organic and inorganic growth in the business and an increase in billable expenses from the growth in consulting client engagements. Cost of services as a percentage of revenue decreased period-over-period from 89.4% during the six months ended June 30, 2025 to 74.2% for the six months ended June 30, 2026.
Sales, general and administrative
ANDG insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 1 Form 4 filing (1 insider, 1 trade date, 2,367 shares, about $84.8K) and open-market sales in 1 filing (1 insider, 1 trade date, 336,736 shares, about $13.5M). Net open-market shares: -334,369 (purchases minus sales); net value about -$13.4M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-07 | Durable Capital Partners Lp |
Open-market sale | 336,736 | $40.01 | $13.5M |
| 2026-05-20 | Gunderson Robert V Jr |
Open-market purchase | 2,367 | $35.82 | $84.8K |
Well-known investors holding ANDG (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Durable Capital Partners (Henry Ellenbogen) | 2026-06-30 | 1,670,485 | $63.0M | 0.61% | No change |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 394,866 | $14.9M | 0.01% | Added 4% |
| Two Sigma Investments | 2026-06-30 | 238,973 | $9.0M | 0.01% | Added 201% |
| Renaissance Technologies | 2026-06-30 | 116,700 | $4.4M | 0.01% | Added 88% |
| Millennium Management (Israel Englander) | 2026-06-30 | 97,047 | $3.7M | 0.0% | Added 1017% |
| Soros Fund Management | 2026-06-30 | 72,600 | $2.7M | 0.04% | Added 45% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 70,663 | $2.7M | 0.0% | New position |
| D. E. Shaw & Co. | 2026-06-30 | 17,986 | $678.4K | 0.0% | New position |