Second-Quarter Highlights

Total Client Assets of $301.6 billion
Long-term gross flows of $15.4 billion
Long-term net flows of ($660) million
GAAP operating margin of 26.8%
GAAP net income per diluted share of $0.68
Adjusted EBITDA margin of 50.8%
Adjusted net income with tax benefit per diluted share of $1.57
Board authorizes increased share repurchase authorization to $500 million
Board authorizes regular quarterly cash dividend of $0.49

Victory Capital Holdings, Inc. (NASDAQ:VCTR) ("Victory Capital" or "the Company") today reported record financial results for the quarter ended June 30, 2025.

"The second quarter marked a key milestone with the successful closing of our strategic partnership with Amundi and the acquisition of Pioneer Investments, our newest Investment Franchise" said David Brown, Chairman and Chief Executive Officer. "Integration activities are progressing as planned, and by the end of June, we had achieved approximately $70 million of the expected $110 million in net expense synergies.

"Our business performance was also strong in the quarter. Gross sales increased to $15.4 billion and our long-term net flows continued to improve for the third consecutive quarter. Long-term net outflows were just 23 basis points of AUM or less than 1% on an annualized basis. Our expanded intermediary sales team continues to ramp up, and we are investing in our non-US sales efforts as well.

"Firmwide investment performance remains strong. Through the end of June, the percentage of our AUM outperforming benchmarks over the respective 3-, 5-, and 10-year periods was 58%, 67%, and 73%. In addition, 64% of our AUM in mutual funds and ETFs was rated four or five stars overall by Morningstar.

"Our financial condition continues to strengthen, and the Board increased our current share repurchase authorization to $500 million. During the quarter, we repurchased 439,000 shares and, together with cash dividends, returned approximately $71 million of capital to shareholders. At quarter end, our net debt to leverage ratio improved to 1.2x marking our lowest level since becoming a public company.

"As always, we continue to focus on serving our clients, which is our top priority."

The table below presents AUM, and certain GAAP and non-GAAP ("adjusted") financial results. Due to rounding, AUM values and other amounts in this press release may not add up precisely to the totals provided.

(in millions except per share amounts or as otherwise noted)

	For the Three Months Ended									For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Assets Under Management¹
Ending	$	298,563		$	167,468		$	168,681		$	298,563		$	168,681
Average		284,977			173,789			167,484			229,383			165,508

AUM Long-term Flows²
Long-term Gross	$	15,423		$	9,309		$	5,813		$	24,732		$	12,764
Long-term Net		(660	)		(1,205	)		(1,701	)		(1,865	)		(2,729	)

AUM Money Market/Short-term Flows
Money Market / Short-term Gross	$	308		$	177		$	255		$	485		$	491
Money Market / Short-term Net		(144	)		(44	)		(43	)		(188	)		(142	)

AUM Total Flows
Total Gross	$	15,731		$	9,486		$	6,067		$	25,217		$	13,255
Total Net		(804	)		(1,249	)		(1,744	)		(2,053	)		(2,871	)

Consolidated Financial Results (GAAP)
Revenue	$	351.2		$	219.6		$	219.6		$	570.8		$	435.5
AUM revenue realization (in bps)		49.4			51.2			52.6			50.1			52.8
Operating expenses		257.0			126.7			109.0			383.7			240.1
Income from operations		94.2			92.9			110.6			187.1			195.4
Operating margin		26.8	%		42.3	%		50.4	%		32.8	%		44.9	%
Net income		58.7			62.0			74.3			120.7			129.9
Earnings per diluted share	$	0.68		$	0.96		$	1.12		$	1.59		$	1.97
Cash flow from operations		(6.6	)		81.1			79.7			74.5			148.4

Adjusted Performance Results (Non-GAAP)³
Adjusted EBITDA	$	178.5		$	116.4		$	116.5		$	294.9		$	228.9
Adjusted EBITDA margin		50.8	%		53.0	%		53.0	%		51.7	%		52.6	%
Adjusted net income		122.5			78.0			76.5			200.5			149.1
Tax benefit of goodwill and acquired intangible assets		10.3			10.1			10.1			20.4			19.9
Adjusted net income with tax benefit		132.8			88.1			86.6			220.9			169.0
Adjusted net income with tax benefit per diluted share⁴	$	1.57		$	1.36		$	1.31		$	2.96		$	2.56

¹Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.

²Long-term AUM is defined as total AUM excluding Money Market and Short-term assets.

³The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section "Information Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.

⁴The Company includes participating securities in its computation of adjusted earnings per diluted share, including 19.7 million shares of Series A Non-Voting Convertible Preferred Stock.

AUM, Flows and Investment Performance

At June 30, 2025, Victory Capital had total client assets of $301.6 billion, assets under management of $298.6 billion, and other assets of $3.0 billion. Total AUM increased by $131.1 billion to $298.6 billion at June 30, 2025, compared with $167.5 billion at March 31, 2025. The increase was primarily due to AUM acquired from Amundi US totaling $114.6 billion and positive market action of $20.2 billion offsets by net outflows of $0.8 billion.

As of June 30, 2025, Victory Capital offered 196 investment strategies through its multiple autonomous Investment Franchises and Solutions Platform. The table below presents outperformance against benchmarks by AUM as of June 30, 2025.

Percentage of AUM Outperforming Benchmark
Trailing	Trailing	Trailing	Trailing
1-Year	3-Years	5-Years	10-Years
56%	58%	67%	73%

Second Quarter 2025 Compared with First Quarter 2025

On April 1, 2025, the Company completed the acquisition of Amundi US and reintroduced the brand Pioneer Investments ("Pioneer" or "Pioneer Investments") for the acquired business and investment products. Sequential results reflect the acquisition. The acquisition positively impacted our financial results for the three months ended June 30, 2025 when compared to the three months ended March 31, 2025. Revenue increased 59.9% to $351.2 million in the second quarter, compared with $219.6 million in the first quarter, primarily due to higher average AUM over the comparable period.

GAAP operating margin contracted 1,550 basis points in the second quarter to 26.8%, down from 42.3% in the first quarter, due to higher variable operating expenses as a result of the higher average AUM, a $17.0 million increase in acquisition-related costs and a $12.8 million increase in restructuring and integration costs related to the acquisition of Amundi US. Second quarter GAAP net income decreased 5.2% to $58.7 million, down from $62.0 million in the prior quarter.

Adjusted net income with tax benefit increased 50.7% to $132.8 million, or $1.57 per diluted share, in the second quarter, up from $88.1 million, or $1.36 per diluted share, in the first quarter. Adjusted EBITDA increased $62.1 million to $178.5 million in the second quarter compared to $116.4 million in the first quarter. Adjusted EBITDA margin contracted 220 basis points in the second quarter of 2025 to 50.8% compared with 53.0% in the prior quarter.

Second Quarter 2025 Compared with Second Quarter 2024

Year-over-year results reflect the acquisition of Amundi US, which closed on April 1, 2025. The acquisition positively impacted our financial results for the three months ended June 30, 2025 when compared to the three months ended June 30, 2024. Revenue for the three months ended June 30, 2025, increased 59.9% to $351.2 million, compared with $219.6 million in the same quarter of 2024 as a result of higher average AUM over the comparable period.

Operating expenses were $257.0 million compared with $109.0 million in last year's second quarter reflecting variable operating expenses that rose as a result of the higher average AUM and expanded business and higher acquisition-related costs and restructuring and integration costs related to the acquisition of Amundi US. GAAP operating margin contracted 2,360 basis points to 26.8% in the second quarter, from 50.4% in the same quarter of 2024. GAAP net income decreased 21% to $58.7 million in the second quarter compared with $74.3 million in the same quarter of 2024.

Adjusted net income with tax benefit increased 53.3% to $132.8 million, or $1.57 per diluted share, in the second quarter, compared with $86.6 million, or $1.31 per diluted share in the same quarter last year. Adjusted EBITDA increased 53.2% to $178.5 million, compared with $116.5 million in the same quarter of last year. Year-over-year, adjusted EBITDA margin contracted 220 basis points to 50.8% in the second quarter of 2025, compared with 53.0% in the same quarter last year.

Six Months Ended June 30, 2025 Compared with Six Months Ended June 30, 2024

Year-over-year results reflect the acquisition of Amundi US, which closed on April 1, 2025. The acquisition positively impacted our financial results for the six months ended June 30, 2025 when compared to the six months ended June 30, 2024. Revenue for the six months ended June 30, 2025, increased 31.1% to $570.8 million, compared with $435.5 million in the same period of 2024 as a result of higher average AUM over the comparable period.

GAAP operating margin contracted 1210 basis points, in the six months ended June 30, 2025 to 32.8%, down from 44.9% in the same period of 2024, due to higher variable operating expenses as a result of the higher average AUM, a $30.5 million increase in acquisition-related costs and a $14.6 million increase in restructuring and integration costs related to the acquisition of Amundi US. Six months ended June 30, 2025 GAAP net income decreased 7.1% to $120.7 million, down from $129.9 million in the prior period.

Adjusted net income with tax benefit increased 30.7% to $220.9 million, or $2.96 per diluted share, in the six months ended June 30, 2025, compared with $169.0 million, or $2.56 per diluted share in the same period last year. Adjusted EBITDA increased 28.9% to $294.9 million, compared with $228.9 million in the same period of last year. Year-over-year, adjusted EBITDA margin contracted 90 basis points to 51.7% in the first half of 2025, compared with 52.6% in the same first half of last year.

Balance Sheet / Capital Management

The total debt outstanding as of June 30, 2025 was approximately $972 million and consisted of an existing term loan balance of $625 million and the 2021 Incremental Term Loans balance of $347 million.

The Company's Board of Directors approved a regular quarterly cash dividend of $0.49 per share. The dividend is payable on September 25, 2025, to shareholders of record on September 10, 2025.

The Company's Board of Directors authorized an increase in the 2025 Share Repurchase Program from $200.0 million to up to $500.0 million and extended the authorization of the 2025 Share Repurchase Program from December 31, 2026 through December 31, 2027.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call tomorrow morning, August 8, at 8:00 a.m. ET to discuss the results. Analysts and investors may participate in the question-and-answer session. To participate in the conference call, please call (800) 715-9871 (domestic) or (646) 307-1963 (international), shortly before 8:00 a.m. ET and reference the Victory Capital Conference Call. A live, listen-only webcast will also be available via the investor relations section of the Company's website at https://ir.vcm.com. Prior to the call, a supplemental slide presentation that will be used during the conference call will be available on the Events and Presentations page of the Company's investor relations website. For anyone who is unable to join the live event, an archive of the webcast will be available for replay shortly after the call concludes.

About Victory Capital

Victory Capital (NASDAQ:VCTR) is a diversified global asset management firm with $302 billion in total client assets, as of June 30, 2025. We serve institutional, intermediary, and individual clients through our Investment Franchises and Solutions Platform, which manage specialized investment strategies across traditional and alternative asset classes. Our differentiated approach combines the power of investment autonomy with the support of a robust, fully integrated operational and distribution platform. Clients have access to focused, top-tier investment talent equipped with comprehensive resources designed to deliver competitive long-term performance.

Victory Capital is headquartered in San Antonio, Texas. To learn more, visit www.vcm.com or follow us on Facebook, Twitter (X), and LinkedIn.

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements within the meaning of applicable U.S. federal and non-U.S. securities laws. These statements may include, without limitation, any statements preceded by, followed by or including words such as "target," "believe," "expect," "aim," "intend," "may," "anticipate," "assume," "budget," "continue," "estimate," "future," "objective," "outlook," "plan," "potential," "predict," "project," "will," "can have," "likely," "should," "would," "could" and other words and terms of similar meaning or the negative thereof and include, but are not limited to, statements regarding the outlook for Victory Capital's future business and financial performance. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital's control and could cause Victory Capital's actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward looking statements.

Although it is not possible to identify all of these risks and factors, they include, among others, the following: reductions in the assets under management ("AUM") based on investment performance, client withdrawals, difficult market conditions and other factors such as the conflicts in Ukraine and Israel, a pandemic, tariffs or trade restrictions; the nature of the Company's contracts and investment advisory agreements; the Company's ability to maintain historical returns and sustain our historical growth; the Company's dependence on third parties to market our strategies and provide products or services for the operation of our business; the Company's ability to retain key investment professionals or members of our senior management team; the Company's reliance on the technology systems supporting our operations; the Company's ability to successfully acquire and integrate new companies; risks associated with expected benefits of the Amundi US transaction and the related impact on the Company's business; the concentration of the Company's investments in long only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Company's efforts to establish and develop new teams and strategies; the ability of the Company's investment teams to identify appropriate investment opportunities; the Company's ability to limit employee misconduct; the Company's ability to meet the guidelines set by our clients; the Company's exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Company's ability to implement effective information and cyber security policies, procedures and capabilities; the Company's substantial indebtedness; the potential impairment of the Company's goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Company's ETF platform; the Company's determination that we are not required to register as an "investment company" under the Investment Company Act of 1940; the fluctuation of the Company's expenses; the Company's ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Company's ability to respond to regulatory developments; the competitiveness of the investment management industry; and other risks and factors included, but not limited to, those listed under the caption "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on February 28, 2025, which is accessible on the SEC's website at www.sec.gov.

In light of these risks, uncertainties and other factors, the forward-looking statements contained in this press release might not prove to be accurate. All forward-looking statements speak only as of the date made and Victory Capital undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.


Victory Capital Holdings, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
*(in thousands except per share data and percentages)*

	For the Three Months Ended									For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Revenue
Investment management fees	$	282,306		$	173,301		$	173,163		$	455,607		$	342,948
Fund administration and distribution fees		68,906			46,301			46,458			115,207			92,530
Total revenue		351,212			219,602			219,621			570,814			435,478

Expenses
Personnel compensation and benefits		108,918			56,136			55,660			165,054			115,114
Distribution and other asset-based expenses		62,039			35,477			36,474			97,516			72,737
General and administrative		23,381			14,328			14,385			37,709			28,397
Depreciation and amortization		21,794			7,432			7,551			29,226			15,152
Change in value of consideration payable for acquisition of business		1,092			3,406			(8,200	)		4,498			4,000
Acquisition-related costs		25,780			8,750			3,049			34,530			4,075
Restructuring and integration costs		13,994			1,165			105			15,159			597
Total operating expenses		256,998			126,694			109,024			383,692			240,072

Income from operations		94,214			92,908			110,597			187,122			195,406
Operating margin		26.8	%		42.3	%		50.4	%		32.8	%		44.9	%

Other income (expense)
Interest income and other income (expense)		6,006			704			1,557			6,710			5,122
Interest expense and other financing costs		(13,234	)		(13,211	)		(16,279	)		(26,445	)		(32,765	)
Loss on debt extinguishment		—			—			(100	)		—			(100	)
Total other expense, net		(7,228	)		(12,507	)		(14,822	)		(19,735	)		(27,743	)

Income before income taxes		86,986			80,401			95,775			167,387			167,663

Income tax expense		(28,252	)		(18,426	)		(21,524	)		(46,678	)		(37,721	)

Net income	$	58,734		$	61,975		$	74,251		$	120,709		$	129,942
Preferred stock dividends		(9,673	)		—			—			(9,673	)		—
Income attributable to Preferred stockholders		(2,985	)		—			—			(5,334	)		—
Net income attributable to common shareholders	$	46,076		$	61,975		$	74,251		$	105,702		$	129,942

Earnings per share of common stock
Basic	$	0.69		$	0.97		$	1.15		$	1.61		$	2.01
Diluted		0.68			0.96			1.12			1.59			1.97

Weighted average number of shares outstanding
Basic		67,239			63,711			64,734			65,484			64,561
Diluted		67,980			64,714			66,075			66,358			66,025

Dividends declared per share	$	0.49		$	0.47		$	0.37		$	0.96		$	0.705


Victory Capital Holdings, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures¹
*(unaudited; in thousands except per share data and percentages)*


	For the Three Months Ended									For the Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Net income (GAAP)	$	58,734		$	61,975		$	74,251		$	120,709		$	129,942
Income tax expense		(28,252	)		(18,426	)		(21,524	)		(46,678	)		(37,721	)
Income before income taxes	$	86,986		$	80,401		$	95,775		$	167,387		$	167,663
Interest expense		12,200			12,521			15,468			24,721			31,179
Depreciation		3,236			2,168			2,252			5,404			4,521
Other business taxes		693			922			414			1,615			783
Amortization of acquisition-related intangible assets		18,558			5,264			5,299			23,822			10,631
Stock-based compensation		2,107			1,053			940			3,160			2,267
Acquisition, restructuring and exit costs		53,990			13,321			(4,520	)		67,311			10,185
Debt issuance costs		755			749			874			1,504			1,629
Adjusted EBITDA	$	178,525		$	116,399		$	116,502		$	294,924		$	228,858
Adjusted EBITDA margin		50.8	%		53.0	%		53.0	%		51.7	%		52.6	%


Net income (GAAP)	$	58,734		$	61,975		$	74,251		$	120,709		$	129,942
Adjustment to reflect the operating performance of the Company
Other business taxes		693			922			414			1,615			783
Amortization of acquisition-related intangible assets		18,558			5,264			5,299			23,822			10,631
Stock-based compensation		2,107			1,053			940			3,160			2,267
Acquisition, restructuring and exit costs		53,990			13,321			(4,520	)		67,311			10,185
Debt issuance costs		755			749			874			1,504			1,629
Tax effect of above adjustments		(12,330	)		(5,327	)		(753	)		(17,657	)		(6,374	)
Adjusted net income	$	122,507		$	77,957		$	76,505		$	200,464		$	149,063
Adjusted net income per diluted share	$	1.45		$	1.20		$	1.16		$	2.68		$	2.26

Tax benefit of goodwill and acquired intangible assets	$	10,255		$	10,141		$	10,141		$	20,396		$	19,889
Tax benefit of goodwill and acquired intangible assets per diluted share²	$	0.12		$	0.16		$	0.15		$	0.28		$	0.30

Adjusted net income with tax benefit	$	132,762		$	88,098		$	86,646		$	220,860		$	168,952
Adjusted net income with tax benefit per diluted share²	$	1.57		$	1.36		$	1.31		$	2.96		$	2.56

¹The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section "Information Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.

²The Company includes participating securities in its computation of adjusted earnings per diluted share, including 19.7 million shares of Series A Non-Voting Convertible Preferred Stock.

Victory Capital Holdings, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for shares)
	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	107,870		$	126,731
Receivables		205,240			100,667
Prepaid expenses		12,242			8,634
Investments, at fair value		95,788			35,213
Property and equipment, net		28,038			11,874
Goodwill		1,232,800			981,805
Other intangible assets, net		2,515,005			1,260,614
Other assets		52,464			22,053
Total assets	$	4,249,447		$	2,547,591

Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	83,907		$	57,951
Accrued compensation and benefits		72,980			51,648
Consideration payable for acquisition of business		80,659			139,894
Deferred tax liability, net		466,247			157,120
Other liabilities		114,855			55,479
Long-term debt, net¹		965,674			963,862
Total liabilities		1,784,322			1,425,954

Stockholders' equity
Common stock, $0.01 par value per share: 2025 - 600,000,000 shares authorized, 87,749,009 shares issued and 66,925,722 shares outstanding; 2024 - 600,000,000 shares authorized, 83,947,949 shares issued and 63,653,212 shares outstanding		877			839
Preferred stock, $0.01 par value per share: 2025 - 100,000,000 shares authorized, 19,742,300 shares issued and outstanding; 2024 - 100,000,000 shares authorized, no shares issued and outstanding		197			—
Additional paid-in capital		2,086,837			752,371
Treasury stock, at cost: 2025 - 20,823,287 shares; 2024 - 20,294,737 shares		(607,244	)		(574,856	)
Accumulated other comprehensive income		12,779			18,683
Retained earnings		971,679			924,600
Total stockholders' equity		2,465,125			1,121,637
Total liabilities and stockholders' equity	$	4,249,447		$	2,547,591

¹Balances at June 30, 2025 and December 31, 2024 are shown net of unamortized loan discount and debt issuance costs in the amount of $6.5 million and $8.3 million, respectively. The gross amount of debt outstanding was $972.2 million at both June 30, 2025 and December 31, 2024.


Victory Capital Holdings, Inc. and Subsidiaries
Total Client Assets
*(unaudited; in millions)*

	For the Three Months Ended
	June 30,			March 31,			June 30,
	2025			2025			2024
Beginning AUM	$	167,468		$	171,930		$	170,342
Beginning other assets¹		3,967			4,165			5,117
Beginning total client assets		171,435			176,096			175,459

AUM net cash flows		(804	)		(1,249	)		(1,744	)
Other assets net cash flows		(1,170	)		(277	)		18
Total client assets net cash flows		(1,973	)		(1,526	)		(1,727	)

AUM market appreciation (depreciation)		20,247			(3,172	)		83
Other assets market appreciation (depreciation)		253			78			(40	)
Total client assets market appreciation (depreciation)		20,500			(3,094	)		43

AUM realizations and distributions		(3	)		(21	)		—
Acquired & divested assets / Net transfers⁴		111,654			(20	)		(1	)

Ending AUM		298,563			167,468			168,681
Ending other assets		3,050			3,967			5,094
Ending total client assets		301,613			171,435			173,775
Average total client assets²		288,568			177,849			172,392


	For the Six Months Ended
	June 30,			June 30,
	2025			2024
Beginning AUM	$	171,930		$	161,322
Beginning other assets¹		4,165			5,289
Beginning total client assets		176,096			166,611

AUM net cash flows		(2,053	)		(2,871	)
Other assets net cash flows		(1,446	)		(506	)
Total client assets net cash flows		(3,499	)		(3,377	)

AUM market appreciation (depreciation)		17,075			10,261
Other assets market appreciation (depreciation)		331			311
Total client assets market appreciation (depreciation)		17,406			10,572

AUM realizations and distributions		(24	)		—
Acquired & divested assets / Net transfers⁴		111,634			(31	)

Ending AUM		298,563			168,681
Ending other assets		3,050			5,094
Ending total client assets		301,613			173,775
Average total client assets³		233,209			170,629

¹Includes low-fee (2 to 4 bps) institutional assets, previously reported in the Solutions asset class within the by asset class table and in Separate Accounts and Other Pooled Vehicles within the by vehicle table. These assets are included as part of Victory's Regulatory Assets Under Management reported in Form ADV Part 1.

²For the three-month periods ending June 30, 2025, March 31, 2025 and June 30, 2024 total assets under management revenue realization was 49.4 basis points, 51.2 basis points and 52.6 basis points, respectively.

³For the six-month periods ending June 30, 2025 and 2024 total assets under management revenue realization was 50.1 basis points and 52.8 basis points, respectively.

⁴Includes the impact of Pioneer Investments as of April 1, 2025, increasing our AUM by $114.6 billion.


Victory Capital Holdings, Inc. and Subsidiaries
Total Assets Under Management¹
*(unaudited; in millions except for percentages)*

	For the Three Months Ended
	June 30,			March 31,			June 30,
	2025			2025			2024
Beginning assets under management	$	167,468		$	171,930		$	170,342
Gross client cash inflows		15,731			9,486			6,067
Gross client cash outflows		(16,534	)		(10,736	)		(7,812	)
Net client cash flows		(804	)		(1,249	)		(1,744	)
Market appreciation (depreciation)		20,247			(3,172	)		83
Realizations and distributions		(3	)		(21	)		—
Acquired & divested assets / Net transfers²		111,654			(20	)		(1	)
Ending assets under management		298,563			167,468			168,681
Average assets under management		284,977			173,789			167,484

	For the Six Months Ended
	June 30,			June 30,
	2025			2024
Beginning assets under management	$	171,930		$	161,322
Gross client cash inflows		25,217			13,255
Gross client cash outflows		(27,270	)		(16,126	)
Net client cash flows		(2,053	)		(2,871	)
Market appreciation (depreciation)		17,075			10,261
Realizations and distributions		(24	)		—
Acquired & divested assets / Net transfers²		111,634			(31	)
Ending assets under management		298,563			168,681
Average assets under management		229,383			165,508

¹Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.

²Includes the impact of Pioneer Investments as of April 1, 2025, increasing the Company's AUM by $114.6 billion.


Victory Capital Holdings, Inc. and Subsidiaries
Other Assets (Institutional)¹
*(unaudited; in millions)*

	For the Three Months
	June 30,			March 31,			June 30,
	2025			2025			2024
Beginning other assets (institutional)	$	3,967		$	4,165		$	5,117
Gross client cash inflows		—			—			467
Gross client cash outflows		(1,170	)		(277	)		(449	)
Net client cash flows		(1,170	)		(277	)		18
Market appreciation (depreciation)		253			78			(40	)
Realizations and distributions		—			—			—
Acquired & divested assets / Net transfers		—			—			—
Ending other assets (institutional)		3,050			3,967			5,094
Average other assets (institutional)²		3,591			4,060			4,909

	For the Six Months Ended
	June 30,			June 30,
	2025			2024
Beginning other assets (institutional)	$	4,165		$	5,289
Gross client cash inflows		—			467
Gross client cash outflows		(1,446	)		(973	)
Net client cash flows		(1,446	)		(506	)
Market appreciation (depreciation)		331			311
Realizations and distributions		—			—
Acquired & divested assets / Net transfers		—			—
Ending other assets (institutional)		3,050			5,094
Average other assets (institutional)³		3,826			5,120

²For the three-month periods ending June 30, 2025, March 31, 2025 and June 30, 2024 total other assets (institutional) revenue realization was 3.1 basis points, 3.4 basis points and 3.4 basis points, respectively.

³For the six-month periods ending June 30, 2025 and 2024 total other assets (institutional) revenue realization was 3.2 basis points and 3.5 basis points, respectively.


Victory Capital Holdings, Inc. and Subsidiaries
Assets Under Management by Asset Class
(unaudited; in millions)

For the Three Months Ended	By Asset Class
													Global /
	U.S. Mid			U.S. Small			Fixed			U.S. Large			Non-U.S.						Alternative			Total			Money Market /			Total
	Cap Equity			Cap Equity			Income			Cap Equity			Equity			Solutions			Investments			Long-term			Short-term			AUM¹
June 30, 2025
Beginning assets under management	$	28,964		$	13,182		$	24,157		$	13,104		$	18,334		$	63,378		$	2,945		$	164,064		$	3,404		$	167,468
Gross client cash inflows		850			457			6,014			2,266			1,520			4,093			222			15,423			308			15,731
Gross client cash outflows		(1,597	)		(740	)		(6,012	)		(3,385	)		(1,373	)		(2,742	)		(233	)		(16,083	)		(451	)		(16,534	)
Net client cash flows		(748	)		(284	)		2			(1,118	)		147			1,351			(11	)		(660	)		(144	)		(804	)
Market appreciation (depreciation)		1,233			385			1,172			7,482			3,263			6,620			55			20,210			37			20,247
Realizations and distributions		—			—			—			—			—			—			(3	)		(3	)		—			(3	)
Acquired assets / Net transfers²		2,194			(143	)		54,420			42,376			3,833			8,639			—			111,318			335			111,654
Ending assets under management	$	31,643		$	13,140		$	79,752		$	61,844		$	25,576		$	79,988		$	2,986		$	294,930		$	3,633		$	298,563

March 31, 2025
Beginning assets under management	$	30,584		$	14,785		$	24,402		$	14,148		$	19,095		$	62,593		$	2,980		$	168,586		$	3,344		$	171,930
Gross client cash inflows		1,098			445			928			82			2,137			4,363			256			9,309			177			9,486
Gross client cash outflows		(1,733	)		(847	)		(1,545	)		(469	)		(3,251	)		(2,318	)		(351	)		(10,514	)		(222	)		(10,736	)
Net client cash flows		(635	)		(402	)		(617	)		(386	)		(1,114	)		2,045			(96	)		(1,205	)		(44	)		(1,249	)
Market appreciation (depreciation)		(979	)		(1,194	)		328			(630	)		396			(1,202	)		79			(3,202	)		30			(3,172	)
Realizations and distributions		—			—			—			—			—			—			(21	)		(21	)		—			(21	)
Acquired assets / Net transfers		(6	)		(7	)		44			(27	)		(44	)		(57	)		2			(94	)		75			(20	)
Ending assets under management	$	28,964		$	13,182		$	24,157		$	13,104		$	18,334		$	63,378		$	2,945		$	164,064		$	3,404		$	167,468

June 30, 2024
Beginning assets under management	$	32,918		$	16,297		$	24,481		$	13,895		$	18,200		$	57,833		$	3,465		$	167,089		$	3,253		$	170,342
Gross client cash inflows		1,007			559			1,283			67			558			2,035			303			5,813			255			6,067
Gross client cash outflows		(1,659	)		(778	)		(1,508	)		(309	)		(635	)		(2,184	)		(442	)		(7,514	)		(298	)		(7,812	)
Net client cash flows		(652	)		(218	)		(225	)		(241	)		(77	)		(150	)		(139	)		(1,701	)		(43	)		(1,744	)
Market appreciation (depreciation)		(1,247	)		(893	)		116			350			367			1,273			58			24			60			83
Realizations and distributions		—			—			—			—			—			—			—			—			—			—
Acquired assets / Net transfers		(4	)		(4	)		26			(21	)		(32	)		(21	)		6			(50	)		50			(1	)
Ending assets under management	$	31,015		$	15,182		$	24,398		$	13,983		$	18,459		$	58,936		$	3,390		$	165,362		$	3,320		$	168,681

¹Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.

²Includes the impact of Pioneer Investments as of April 1, 2025, increasing the Company's AUM by $114.6 billion.

Victory Capital Holdings, Inc. and Subsidiaries
Assets Under Management by Asset Class
(unaudited; in millions)

For the Six Months Ended	By Asset Class
													Global /
	U.S. Mid			U.S. Small			Fixed			U.S. Large			Non-U.S.						Alternative			Total			Money Market /			Total
	Cap Equity			Cap Equity			Income			Cap Equity			Equity			Solutions			Investments			Long-term			Short-term			AUM¹
June 30, 2025
Beginning assets under management	$	30,584		$	14,785		$	24,402		$	14,148		$	19,095		$	62,593		$	2,980		$	168,586		$	3,344		$	171,930
Gross client cash inflows		1,947			902			6,943			2,349			3,656			8,456			478			24,732			485			25,217
Gross client cash outflows		(3,331	)		(1,587	)		(7,557	)		(3,854	)		(4,623	)		(5,060	)		(585	)		(26,597	)		(673	)		(27,270	)
Net client cash flows		(1,383	)		(685	)		(614	)		(1,505	)		(967	)		3,396			(107	)		(1,865	)		(188	)		(2,053	)
Market appreciation (depreciation)		254			(809	)		1,500			6,852			3,659			5,417			134			17,008			67			17,075
Realizations and distributions		—			—			—			—			—			—			(24	)		(24	)		—			(24	)
Acquired assets / Net transfers²		2,188			(150	)		54,464			42,349			3,789			8,582			2			111,224			410			111,634
Ending assets under management	$	31,643		$	13,140		$	79,752		$	61,844		$	25,576		$	79,988		$	2,986		$	294,930		$	3,633		$	298,563

June 30, 2024
Beginning assets under management	$	30,604		$	15,959		$	24,355		$	12,635		$	16,772		$	54,296		$	3,431		$	158,051		$	3,271		$	161,322
Gross client cash inflows		2,378			1,066			2,581			136			1,648			4,200			755			12,764			491			13,255
Gross client cash outflows		(3,504	)		(1,703	)		(2,874	)		(641	)		(1,386	)		(4,595	)		(791	)		(15,493	)		(632	)		(16,126	)
Net client cash flows		(1,126	)		(637	)		(294	)		(505	)		262			(394	)		(36	)		(2,729	)		(142	)		(2,871	)
Market appreciation (depreciation)		1,548			(92	)		292			1,905			1,501			5,022			(17	)		10,159			102			10,261
Realizations and distributions		—			—			—			—			—			—			—			—			—			—
Acquired assets / Net transfers		(11	)		(49	)		44			(51	)		(76	)		12			11			(119	)		88			(31	)
Ending assets under management	$	31,015		$	15,182		$	24,398		$	13,983

Victory Capital Reports Strong Second-Quarter Results