We believe that staying true to our roots while also adapting and learning has been the key to our success, and we will continue to apply this mindset going forward. We also know KAR would not be where it is today without the trust of our clients, and we appreciate the formal opportunity this milestone represents to thank you for your continued support throughout our long history. We truly appreciate you!

Milestones provide an opportunity to reflect, and 40 years represents a significant enough time to discern between what we believe matters and what does not. We have learned some lessons and weathered some storms. We’ve navigated different market environments, significant world events, industry changes, evolutions in technology, a pandemic, and new ways to approach our work. We’ve added new investment strategies, investment vehicles, expanded our wealth advisory services, and grown from a Los Angeles-focused firm to one with a global footprint. We’ve seen our AUM grow from our humble beginnings, through various market cycles, to nearly $70 billion today. The list could go on and on.

But what is gleaned from the ups and downs is that what does not change may be more important than what does. The foundation of KAR’s success is built upon two core tenets: our unwavering commitment to quality in both our investments and business practices, and a focus on how we treat people, both clients and employees. We believe it is these enduring values that have sustained us over time and will carry us forward into the future.

We have always been committed to doing the right thing. We know that our reputation and integrity are paramount and have been so since the beginning. Doing the right thing is a value that was ingrained by John Anderson since day one and we continue to hold it dear today. It is the theme that has guided and continues to guide every decision that is made.

As we look forward, we recognize that change will be certain. Knowing this, we remain focused on the characteristics that we believe are at the core of who we are:

• Quality – It is the cornerstone of how we invest and how we approach our work.
• Entrepreneurial – It is where our roots come from and helps to keep us agile.
• Open Minded – It helps us adapt our thinking in an ever-evolving environment.
• Steadfast – It reflects our commitment to our core values, to our clients, and each other.

What started with the idea of a partnership between Ric Kayne, John Anderson, and Allan Rudnick, has grown into a firm today with 124 employees and almost $70 billion in assets under management (as of September 30, 2024). We are proud of our history and where we are at today. But, most importantly, we are grateful for all the support from our clients and business partners. We would not be where we are without all of you. We sincerely thank you for the last 40 years and we look forward to navigating the decades ahead together.