Second-Quarter Highlights

Total Client Assets of $346.1 billion
Long-term gross flows of $22.1 billion
Long-term net inflows of $4.2 billion
GAAP operating margin of 44.5%
GAAP net income per diluted share of $1.68
Adjusted EBITDA margin of 55.8%
Adjusted net income with tax benefit per diluted share of $2.21
Board authorizes regular quarterly cash dividend of $0.50 per share

Victory Capital Holdings, Inc. (NASDAQ:VCTR) ("Victory Capital" or "the Company") today reported record financial results for the quarter ended June 30, 2026.

"The second quarter was a landmark period for Victory Capital, reporting record revenue, Adjusted EBITDA, Adjusted EBITDA margin, and earnings per share," said David C. Brown, Chairman and Chief Executive Officer. "We also achieved record total client assets, supported by an all-time high in long-term quarterly gross sales. Notably, we achieved $4.2 billion in positive long-term net flows for the quarter and have positive long-term net flows year to date, through June 30. This reflects the strategic investments we have made, the momentum we have built across our distribution channels, and the strength of our operating platform.

"Investment performance remained excellent during the quarter. As of June 30, 2026, 71%, 68%, 65%, and 81% of our AUM outperformed benchmarks over the respective 1-, 3-, 5-, and 10-year periods. In addition, 60% of our rated AUM in mutual funds and ETFs was rated four or five stars overall by Morningstar.

"The drivers of our record gross sales and positive net flows this quarter were broad-based. Our international distribution efforts, our U.S. institutional channel, and, within our intermediary channel, our VictoryShares ETF platform each drove meaningful flows, together producing a result that showcases the breadth and depth of our distribution platform.

"We maintained a consistent fee rate and our industry-leading margins for the quarter. Our Adjusted EBITDA margin highlights the durability of our platform and the discipline we apply across every dimension of our business.

"We continued to return capital to shareholders. We returned $138 million through share repurchases of 1.1 million shares of VCTR common stock and dividends paid during the quarter.

"Inorganic growth remains a strategic priority. The integration of Pioneer Investments is now complete, and the full run-rate of net expense synergies has been fully recognized. Our pipeline is full and active, our standards remain high, and we only pursue transactions that make our Company better.

"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,
		2026			2026			2025			2026			2025
Assets Under Management¹
Ending	$	342,450		$	309,835		$	298,563		$	342,450		$	298,563
Average		331,345			318,746			284,977			325,045			229,383

AUM Long-term Flows²
Long-term Gross	$	22,113		$	18,946		$	15,423		$	41,060		$	24,732
Long-term Net		4,201			(457	)		(660	)		3,744			(1,865	)

AUM Money Market/Short-term Flows
Money Market / Short-term Gross	$	311		$	235		$	308		$	546		$	485
Money Market / Short-term Net		(91	)		(197	)		(144	)		(288	)		(188	)

AUM Total Flows
Total Gross	$	22,424		$	19,181		$	15,731		$	41,606		$	25,217
Total Net		4,110			(654	)		(804	)		3,456			(2,053	)

Consolidated Financial Results (GAAP)
Revenue	$	435.4		$	388.0		$	351.2		$	823.4		$	570.8
AUM revenue realization (in bps)		47.9			47.6			49.4			47.7			50.1
Operating expenses		241.6			228.8			257.0			470.4			383.7
Income from operations		193.7			159.2			94.2			352.9			187.1
Operating margin		44.5	%		41.0	%		26.8	%		42.9	%		32.8	%
Net income		139.4			112.1			58.7			251.5			120.7
Earnings per diluted share	$	1.68		$	1.33		$	0.68		$	3.01		$	1.59
Cash flow from operations		135.4			121.0			(6.6	)		256.4			74.5

Adjusted Performance Results (Non-GAAP)³
Adjusted EBITDA	$	242.7		$	204.0		$	178.5		$	446.7		$	294.9
Adjusted EBITDA margin		55.8	%		52.6	%		50.8	%		54.3	%		51.7	%
Adjusted net income		172.2			142.7			122.5			314.8			200.5
Tax benefit of goodwill and acquired intangible assets		10.7			10.5			10.3			21.2			20.4
Adjusted net income with tax benefit		182.9			153.2			132.8			336.1			220.9
Adjusted net income with tax benefit per diluted share⁴	$	2.21		$	1.82		$	1.57		$	4.02		$	2.96

_______________________

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 shares of series A Non-Voting Convertible Preferred stock.

AUM, Flows and Investment Performance

At June 30, 2026, Victory Capital had total client assets of $346.1 billion, assets under management of $342.5 billion, and other assets of $3.6 billion. Total AUM increased by $32.7 billion to $342.5 billion at June 30, 2026, compared with $309.8 billion at March 31, 2026. The increase was primarily due to positive market action of $28.5 billion and net inflows of $4.1 billion.

As of June 30, 2026, Victory Capital offered 189 investment strategies through its multiple autonomous Investment Franchises and Solutions Platform. The table below presents outperformance against benchmarks by AUM as of June 30, 2026.

Percentage of AUM Outperforming Benchmark
Trailing	Trailing	Trailing	Trailing
1-Year	3-Years	5-Years	10-Years
71%	68%	65%	81%

Second Quarter 2026 Compared with First Quarter 2026

Revenue increased 12.2% to $435.4 million in the second quarter, compared with $388.0 million in the first quarter, primarily due to higher average AUM and crystallization of certain annual fees over the comparable period. GAAP operating margin expanded by 350 basis points in the second quarter to 44.5%, up from 41.0% in the first quarter, due to an increase in revenue and $8.3 million decrease in acquisition-related costs, partially offset by an increase in variable operating expenses as a result of an increase in operating results. Second quarter GAAP net income increased 24.3% to $139.4 million, up from $112.1 million in the prior quarter.

Adjusted net income with tax benefit increased 19.4% to $182.9 million, or $2.21 per diluted share, in the second quarter, up from $153.2 million, or $1.82 per diluted share, in the first quarter. Adjusted EBITDA increased $38.7 million to $242.7 million in the second quarter compared to $204.0 million in the first quarter. Adjusted EBITDA margin expanded 320 basis points in the second quarter of 2026 to 55.8% compared with 52.6% in the prior quarter.

Second Quarter 2026 Compared with Second Quarter 2025

Revenue for the three months ended June 30, 2026, increased 24.0% to $435.4 million, compared with $351.2 million in the same quarter of 2025 as a result of higher average AUM over the comparable period.

Operating expenses were $241.6 million compared with $257.0 million in last year’s second quarter reflecting decreases in acquisition-related and restructuring and integration costs of $26.4 million and $11.4 million, respectively, partially offset by increases in variable operating expenses that rose as a result of the higher average AUM. GAAP operating margin expanded 1,770 basis points to 44.5% in the second quarter, from 26.8% in the same quarter of 2025. GAAP net income increased 137.3% to $139.4 million in the second quarter compared with $58.7 million in the same quarter of 2025.

Adjusted net income with tax benefit increased 37.7% to $182.9 million, or $2.21 per diluted share, in the second quarter, compared with $132.8 million, or $1.57 per diluted share in the same quarter last year. Adjusted EBITDA increased 36.0% to $242.7 million, compared with $178.5 million in the same quarter of last year. Year-over-year, adjusted EBITDA margin expanded 500 basis points to 55.8% in the second quarter of 2026, compared with 50.8% in the same quarter last year.

Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025

On April 1, 2025, the Company completed the acquisition of Amundi US and reintroduced the brand Pioneer Investments for the acquired business and investment products. Year-over-year results reflect the acquisition of Amundi US, which closed on April 1, 2025. Revenue for the six months ended June 30, 2026, increased 44.2% to $823.4 million, compared with $570.8 million in the same period of 2025 as a result of higher average AUM over the comparable period.

GAAP operating margin expanded 1,010 basis points, in the six months ended June 30, 2026 to 42.9%, up from 32.8% in the same period of 2025, due to higher variable operating expenses as a result of the higher average AUM and an expanded business partially offset by decreases in acquisition-related and restructuring and integration costs of $27.5 million and $9.4 million, respectively, primarily related to the acquisition of Amundi US in 2025. Six months ended June 30, 2026 GAAP net income increased 108.4% to $251.5 million, up from $120.7 million in the prior period.

Adjusted net income with tax benefit increased 52.2% to $336.1 million, or $4.02 per diluted share, in the six months ended June 30, 2026, compared with $220.9 million, or $2.96 per diluted share in the same period last year. Adjusted EBITDA increased 51.5% to $446.7 million, compared with $294.9 million in the same period of last year. Year-over-year, adjusted EBITDA margin expanded 260 basis points to 54.3% in the first half of 2026, compared with 51.7% in the same first half of last year.

Balance Sheet / Capital Management

The total debt outstanding as of June 30, 2026 was approximately $978 million.

For the three months ended June 30, 2026, the Company repurchased approximately 1.1 million shares of Common Stock.

The Company’s Board of Directors approved a regular quarterly cash dividend of $0.50 per share. The dividend is payable on September 25, 2026, to shareholders of record on September 10, 2026.

Conference Call, Webcast and Slide Presentation

The Company will host a conference call tomorrow morning, August 6, 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 1-833-461-5787 (domestic) or 1-585-542-9983 (international), shortly before 8:00 a.m. ET and reference the Meeting ID 504 021 405. 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 $346.1 billion in total client assets, as of June 30, 2026. 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 ongoing conflicts and potential military conflicts in Iran, Ukraine, Venezuela, China/Taiwan, and/or the Middle East, 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, 2025, filed with the Securities and Exchange Commission (the "SEC") on February 26, 2026, 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,
		2026			2026			2025			2026			2025
Revenue
Investment management fees	$	362,243		$	316,369		$	282,306		$	678,612		$	455,607
Fund administration and distribution fees		73,118			71,620			68,906			144,738			115,207
Total revenue		435,361			387,989			351,212			823,350			570,814

Expenses
Personnel compensation and benefits		125,500			105,855			108,918			231,355			165,054
Distribution and other asset-based expenses		68,590			67,410			62,039			136,000			97,516
General and administrative		22,915			20,615			23,381			43,530			37,709
Depreciation and amortization		20,585			20,576			21,794			41,161			29,226

Change in value of consideration payable for acquisition of business		2,041			3,537			1,092			5,578			4,498
Acquisition-related costs		(653	)		7,658			25,780			7,005			34,530
Restructuring and integration costs		2,634			3,153			13,994			5,787			15,159
Total operating expenses		241,612			228,804			256,998			470,416			383,692

Income from operations		193,749			159,185			94,214			352,934			187,122
Operating margin		44.5	%		41.0	%		26.8	%		42.9	%		32.8	%

Other income (expense)
Interest income and other income		7,721			2,756			6,006			10,477			6,710
Interest expense and other financing costs		(12,192	)		(14,081	)		(13,234	)		(26,273	)		(26,445	)
Loss on debt extinguishment		(2,028	)		—			—			(2,028	)		—
Total other expense, net		(6,499	)		(11,325	)		(7,228	)		(17,824	)		(19,735	)

Income before income taxes		187,250			147,860			86,986			335,110			167,387

Income tax expense		(47,846	)		(35,720	)		(28,252	)		(83,566	)		(46,678	)

Net income	$	139,404		$	112,140		$	58,734		$	251,544		$	120,709
Preferred stock dividends		(10,018	)		(9,769	)		(9,673	)		(19,788	)		(9,673	)
Income attributable to Preferred stockholders		(23,969	)		(16,846	)		(2,985	)		(40,743	)		(5,334	)
Net income attributable to common shareholders	$	105,417		$	85,525		$	46,076		$	191,013		$	105,702

Earnings per share of common stock
Basic	$	1.70		$	1.34		$	0.69		$	3.04		$	1.61
Diluted		1.68			1.33			0.68			3.01			1.59

Weighted average number of shares outstanding
Basic		62,151			63,635			67,239			62,889			65,484
Diluted		62,782			64,388			67,980			63,593			66,358

Dividends declared per share	$	0.50		$	0.49		$	0.49		$	0.99		$	0.96

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,
		2026			2026			2025			2026			2025
Net income (GAAP)	$	139,404		$	112,140		$	58,734		$	251,544		$	120,709
Income tax expense		(47,846	)		(35,720	)		(28,252	)		(83,566	)		(46,678	)
Income before income taxes	$	187,250		$	147,860		$	86,986		$	335,110		$	167,387
Interest expense		12,283			13,658			12,200			25,941			24,721
Depreciation		2,288			2,279			3,236			4,567			5,404
Other business taxes		431			(555	)		693			(124	)		1,615
Amortization of acquisition-related intangible assets		18,297			18,297			18,558			36,594			23,822
Share-based compensation		10,835			3,586			2,107			14,421			3,160
Acquisition, restructuring and exit costs		8,716			18,699			53,990			27,415			67,311
Debt issuance costs		2,617			196			755			2,813			1,504
Adjusted EBITDA	$	242,717		$	204,020		$	178,525		$	446,737		$	294,924
Adjusted EBITDA margin		55.8	%		52.6	%		50.8	%		54.3	%		51.7	%


Net income (GAAP)	$	139,404		$	112,140		$	58,734		$	251,544		$	120,709
Adjustment to reflect the operating performance of the Company
Other business taxes		431			(555	)		693			(124	)		1,615
Amortization of acquisition-related intangible assets		18,297			18,297			18,558			36,594			23,822
Share-based compensation		10,835			3,586			2,107			14,421			3,160
Acquisition, restructuring and exit costs		8,716			18,699			53,990			27,415			67,311
Debt issuance costs		2,617			196			755			2,813			1,504
Tax effect of above adjustments		(8,142	)		(9,683	)		(12,330	)		(17,825	)		(17,657	)
Adjusted net income	$	172,158		$	142,680		$	122,507		$	314,838		$	200,464

Adjusted net income per diluted share²	$	2.08		$	1.69		$	1.45		$	3.77		$	2.68

Weighted average number of shares outstanding - diluted (GAAP)		62,782			64,388			67,980			63,593			66,358
Weighted average number of shares outstanding - diluted (Non-GAAP)²		82,818			84,341			84,801			83,587			74,723

Tax benefit of goodwill and acquired intangible assets	$	10,716		$	10,515		$	10,255		$	21,231		$	20,396
Tax benefit of goodwill and acquired intangible assets per diluted share²	$	0.13		$	0.13		$	0.12		$	0.25		$	0.28

Adjusted net income with tax benefit	$	182,874		$	153,195		$	132,762		$	336,069		$	220,860
Adjusted net income with tax benefit per diluted share²	$	2.21		$	1.82		$	1.57		$	4.02		$	2.96

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 shares of series A Non-Voting Convertible Preferred stock.

Victory Capital Holdings, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets *(In thousands, except for per share amounts)*
	June 30, 2026			December 31, 2025
Assets
Cash and cash equivalents	$	70,126		$	163,690
Receivables		244,330			181,141
Prepaid expenses		22,422			16,071
Investments, at fair value		91,672			99,394
Property and equipment, net		21,418			23,833
Goodwill		1,235,940			1,235,940
Other intangible assets, net		2,441,447			2,477,617
Operating lease right-of-use assets		46,610			48,650
Other assets		1,256			1,514
Total assets	$	4,175,221		$	4,247,850

Liabilities and stockholders' equity
Accounts payable and accrued expenses	$	77,525		$	72,387
Accrued compensation and benefits		85,499			86,355
Consideration payable for acquisition of business		53,199			87,564
Deferred tax liability, net		492,135			479,792
Operating lease liabilities		44,165			45,610
Other liabilities		79,662			81,399
Long-term debt, net¹		967,974			970,014
Total liabilities		1,800,159			1,823,121

Stockholders' equity
Common stock, $0.01 par value per share:
2026 - 600,000 shares authorized, 88,554 shares issued and 61,561 shares outstanding; 2025 - 600,000 shares authorized, 87,867 shares issued and 64,150 shares outstanding		886			879
Preferred stock, $0.01 par value per share:
2026 - 100,000 shares authorized, 20,037 shares issued and outstanding; 2025 - 100,000 shares authorized, 19,937 shares issued and outstanding		200			199
Additional paid-in capital		2,128,399			2,102,938
Treasury stock, at cost: 2026 - 26,993 shares; 2025 - 23,717 shares		(1,028,046	)		(786,008	)
Accumulated other comprehensive income		7,033			9,020
Retained earnings		1,266,590			1,097,701
Total stockholders' equity		2,375,062			2,424,729
Total liabilities and stockholders' equity	$	4,175,221		$	4,247,850

¹Balances at June 30, 2026 and December 31, 2025 are shown net of unamortized loan discount and debt issuance costs in the amount of $9.6 million and $12.5 million, respectively. The gross amount of debt outstanding was $977.6 million and $982.5 million at June 30, 2026 and December 31, 2025, respectively.

Victory Capital Holdings, Inc. and Subsidiaries Total Client Assets *(unaudited; in millions)*
	For the Three Months Ended
	June 30,			March 31,			June 30,
		2026			2026			2025
Beginning AUM	$	309,835		$	313,775		$	167,468
Beginning other assets¹		3,268			2,846			3,967
Beginning total client assets		313,103			316,621			171,435

AUM net cash flows		4,110			(654	)		(804	)
Other assets net cash flows		—			390			(1,170	)
Total client assets net cash flows		4,110			(264	)		(1,973	)

AUM market appreciation (depreciation)		28,510			(2,797	)		20,247
Other assets market appreciation (depreciation)		343			32			253
Total client assets market appreciation (depreciation)		28,853			(2,765	)		20,500

AUM realizations and distributions		(5	)		(456	)		(3	)
Acquired & divested assets / Net transfers³		—			(33	)		111,654

Ending AUM		342,450			309,835			298,563
Ending other assets		3,611			3,268			3,050
Ending total client assets		346,061			313,103			301,613
Average total client assets²		334,856			321,784			288,568

	For the Six Months Ended
	June 30,			June 30,
		2026			2025
Beginning AUM	$	313,775		$	171,930
Beginning other assets¹		2,846			4,165
Beginning total client assets		316,621			176,096

AUM net cash flows		3,456			(2,053	)
Other assets net cash flows		390			(1,446	)
Total client assets net cash flows		3,846			(3,499	)

AUM market appreciation (depreciation)		25,713			17,075
Other assets market appreciation (depreciation)		375			331
Total client assets market appreciation (depreciation)		26,089			17,406

AUM realizations and distributions		(461	)		(24	)
Acquired & divested assets / Net transfers³		(33	)		111,634

Ending AUM		342,450			298,563
Ending other assets		3,611			3,050
Ending total client assets		346,061			301,613
Average total client assets⁴		328,320			233,209

¹Includes low-fee (2 to 4 bps) institutional assets, previously reported in the Solutions asset class within the 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, 2026, March 31, 2026 and June 30, 2025 total client assets revenue realization was 47.4 basis points, 47.2 basis points and 49.4 basis points, respectively.

³Includes the impact of Pioneer Investments as of April 1, 2025, increasing our AUM by $114.6 billion.

⁴For the six-month periods ending June 30, 2026 and 2025 total client assets revenue realization was 47.3 basis points and 50.1 basis points, respectively.

Victory Capital Holdings, Inc. and Subsidiaries Total Assets Under Management¹ *(unaudited; in millions)*
	For the Three Months Ended
	June 30,			March 31,			June 30,
		2026			2026			2025
Beginning assets under management	$	309,835		$	313,775		$	167,468
Gross client cash inflows		22,424			19,181			15,731
Gross client cash outflows		(18,314	)		(19,835	)		(16,534	)
Net client cash flows		4,110			(654	)		(804	)
Market appreciation (depreciation)		28,510			(2,797	)		20,247
Realizations and distributions		(5	)		(456	)		(3	)
Acquired & divested assets / Net transfers²		—			(33	)		111,654
Ending assets under management		342,450			309,835			298,563
Average assets under management		331,345			318,746			284,977

	For the Six Months Ended
	June 30,			June 30,
		2026			2025
Beginning assets under management	$	313,775		$	171,930
Gross client cash inflows		41,606			25,217
Gross client cash outflows		(38,150	)		(27,270	)
Net client cash flows		3,456			(2,053	)
Market appreciation (depreciation)		25,713			17,075
Realizations and distributions		(461	)		(24	)
Acquired assets / Net transfers²		(33	)		111,634
Ending assets under management		342,450			298,563
Average assets under management		325,045			229,383

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,
		2026			2026			2025
Beginning other assets (institutional)	$	3,268		$	2,846		$	3,967
Gross client cash inflows		—			627			—
Gross client cash outflows		—			(237	)		(1,170	)
Net client cash flows		—			390			(1,170	)
Market appreciation (depreciation)		343			32			253
Realizations and distributions		—			—			—
Acquired & divested assets / Net transfers		—			—			—
Ending other assets (institutional)		3,611			3,268			3,050
Average other assets (institutional)²		3,511			3,039			3,591

	For the Six Months Ended
	June 30,			June 30,
		2026			2025
Beginning other assets (institutional)	$	2,846		$	4,165
Gross client cash inflows		627			—
Gross client cash outflows		(237	)		(1,446	)
Net client cash flows		390			(1,446	)
Market appreciation (depreciation)		375			331
Realizations and distributions		—			—
Acquired & divested assets / Net transfers		—			—
Ending other assets (institutional)		3,611			3,050
Average other assets (institutional)³		3,275			3,826

²For the three-month periods ending June 30, 2026, March 31, 2026 and June 30, 2025 total other assets (institutional) revenue realization was 3.4 basis points, 3.5 basis points and 3.1 basis points, respectively.

³For the six-month periods ending June 30, 2026 and 2025 total other assets (institutional) revenue realization was 3.5 basis points and 3.2 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, 2026
Beginning assets under management	$	29,283		$	10,535		$	79,716		$	59,798		$	31,473		$	92,396		$	3,033		$	306,235		$	3,599		$	309,835
Gross client cash inflows		571			286			8,305			1,894			3,879			6,740			439			22,113			311			22,424
Gross client cash outflows		(2,274	)		(1,302	)		(5,640	)		(2,917	)		(1,895	)		(3,718	)		(166	)		(17,913	)		(402	)		(18,314	)
Net client cash flows		(1,703	)		(1,016	)		2,666			(1,023	)		1,984			3,022			272			4,201			(91	)		4,110
Market appreciation (depreciation)		3,709			1,815			999			7,636			4,006			10,250			65			28,480			30			28,510
Realizations and distributions		—			—			—			—			—			—			(5	)		(5	)		—			(5	)
Acquired assets / Net transfers		(4	)		(3	)		31			(21	)		(22	)		(28	)		(1	)		(47	)		47			—
Ending assets under management	$	31,285		$	11,331		$	83,412		$	66,390		$	37,441		$	105,641		$	3,365		$	338,864		$	3,585		$	342,450

March 31, 2026
Beginning assets under management	$	29,993		$	11,179		$	80,544		$	63,380		$	30,680		$	91,228		$	3,038		$	310,042		$	3,733		$	313,775
Gross client cash inflows		776			250			5,070			3,057			2,789			6,718			287			18,946			235			19,181
Gross client cash outflows		(2,418	)		(1,329	)		(5,639	)		(3,956	)		(1,830	)		(3,960	)		(270	)		(19,403	)		(432	)		(19,835	)
Net client cash flows		(1,643	)		(1,079	)		(569	)		(899	)		959			2,757			17			(457	)		(197	)		(654	)
Market appreciation (depreciation)		942			438			(13	)		(2,632	)		(140	)		(1,594	)		170			(2,829	)		32			(2,797	)
Realizations and distributions		—			—			(266	)		—			—			—			(190	)		(456	)		—			(456	)
Acquired assets / Net transfers		(9	)		(3	)		21			(50	)		(26	)		5			(1	)		(64	)		31			(33	)
Ending assets under management	$	29,283		$	10,535		$	79,716		$	59,798		$	31,473		$	92,396		$	3,033		$	306,235		$	3,599		$	309,835

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

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 /
	Cap Equity			Cap Equity			Income			Cap Equity			Equity			Solutions			Investments			Long-term			Short-term			Total AUM¹
June 30, 2026
Beginning assets under management	$	29,993		$	11,179		$	80,544		$	63,380		$	30,680		$	91,228		$	3,038		$	310,042		$	3,733		$	313,775
Gross client cash inflows		1,347			536			13,375			4,951			6,668			13,458			726			41,060			546			41,606
Gross client cash outflows		(4,693	)		(2,631	)		(11,278	)		(6,873	)		(3,725	)		(7,678	)		(437	)		(37,316	)		(834	)		(38,150	)
Net client cash flows		(3,346	)		(2,095	)		2,096			(1,922	)		2,943			5,780			289			3,744			(288	)		3,456
Market appreciation (depreciation)		4,651			2,253			986			5,004			3,866			8,656			236			25,651			62			25,713
Realizations and distributions		—			—			(266	)		—			—			—			(195	)		(461	)		—			(461	)
Acquired assets / Net transfers		(13	)		(5	)		52			(72	)		(48	)