This article includes a quote from Steve Ballmer, noting that he is a current investor in Project Black, L.P. Mr. Ballmer was not paid for this quote or any testimonial or endorsement. To Ariel’s best knowledge, Mr. Ballmer is not subject to any material conflicts of interest with respect to his investment in Project Black or in connection with the quote provided.

Ariel Investments had $16.2 billion in assets under management as of December 31, 2022. This included $1.35 billion for Ariel Alternatives, a subsidiary of Ariel Investments, which reflects aggregate commitments and excludes fund specific leverage.