\n | \n | \n\n September 30,<\/b><\/p>\n<\/td>\n | | \n\n June 30,<\/b><\/p>\n<\/td>\n | | \n\n September 30,<\/b><\/p>\n<\/td>\n | | \n\n September 30,<\/b><\/p>\n<\/td>\n | | \n\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2026<\/b><\/p>\n<\/td>\n | | \n\n 2026<\/b><\/p>\n<\/td>\n | | \n\n 2025<\/b><\/p>\n<\/td>\n | | \n\n 2026<\/b><\/p>\n<\/td>\n | | \n\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Investment management fees<\/td>\n | | \n$<\/td>\n | \n \n322,085<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n362,243<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n288,509<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1,000,697<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n744,116<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Fund administration and distribution fees<\/td>\n | | \n | \n\n \n74,488<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n73,118<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n72,686<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n219,226<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n187,893<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total revenue<\/b><\/td>\n | | \n | \n\n 396,573<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 435,361<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 361,195<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 1,219,923<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 932,009<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Expenses<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Personnel compensation and benefits<\/td>\n | | \n | \n\n \n126,001<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n125,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n96,983<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n357,356<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n262,037<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Distribution and other asset-based expenses<\/td>\n | | \n | \n\n \n72,403<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n68,590<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,160<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n208,403<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n163,676<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative<\/td>\n | | \n | \n\n \n22,899<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n22,915<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n23,463<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,429<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n61,172<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | | \n | \n\n \n20,516<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n20,585<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n22,032<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n61,677<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n51,258<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Change in value of consideration payable for acquisition of business<\/td>\n | | \n | \n\n \n561<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,041<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,841<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,139<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,339<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition-related costs<\/td>\n | | \n | \n\n \n15,529<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(653<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n379<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n22,534<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n34,909<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Restructuring and integration costs<\/td>\n | | \n | \n\n \n941<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,211<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,728<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n25,370<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total operating expenses<\/b><\/td>\n | | \n | \n\n 258,850<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 241,612<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 223,069<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 729,266<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 606,761<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Income from operations<\/b><\/td>\n | | \n | \n\n 137,723<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 193,749<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 138,126<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 490,657<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 325,248<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating margin<\/b><\/td>\n | | \n | \n\n 34.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 44.5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 38.2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 40.2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 34.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Other income (expense)<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Interest income and other income<\/td>\n | | \n | \n\n \n82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n7,721<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,875<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,559<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,585<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense and other financing costs<\/td>\n | | \n | \n\n \n(13,865<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(12,192<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(13,113<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(40,138<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(39,558<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on debt extinguishment<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(2,028<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(614<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,028<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(614<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total other expense, net<\/td>\n | | \n | \n\n (13,783<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (6,499<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (8,852<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (31,607<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (28,587<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Income before income taxes<\/b><\/td>\n | | \n | \n\n 123,940<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 187,250<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 129,274<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 459,050<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 296,661<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Income tax expense<\/b><\/td>\n | | \n | \n\n (32,639<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (47,846<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (32,733<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (116,205<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (79,411<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 91,301<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 139,404<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 96,541<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 342,845<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 217,250<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Preferred stock dividends<\/td>\n | | \n | \n\n \n(10,018<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(10,018<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(9,696<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(29,806<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(19,369<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Income attributable to Preferred stockholders<\/td>\n | | \n | \n\n \n(12,254<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(23,969<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(12,528<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(53,084<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(15,913<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net income attributable to common shareholders<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 69,029<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 105,417<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 74,317<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 259,955<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 181,968<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Earnings per share of common stock<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n$<\/td>\n | \n \n1.12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.70<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4.16<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n2.77<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n1.11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1.68<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1.11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4.11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2.73<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted average number of shares outstanding<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n | \n\n \n61,740<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n62,151<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,206<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n62,502<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n65,728<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n62,471<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n62,782<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,964<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n63,301<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,620<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Dividends declared per share<\/td>\n | | \n$<\/td>\n | \n \n0.50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.50<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.49<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.49<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.45<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Reconciliation of GAAP to Non-GAAP Measures1<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited; in thousands except per share data and percentages)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\n For the Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net income (GAAP)<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 91,301<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 139,404<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 96,541<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 342,845<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 217,250<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax expense<\/td>\n | | \n | \n\n \n(32,639<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(47,846<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(32,733<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(116,205<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(79,411<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Income before income taxes<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 123,940<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 187,250<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 129,274<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 459,050<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 296,661<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | | \n | \n\n \n14,114<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n12,283<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n12,136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n40,055<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n36,857<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation<\/td>\n | | \n | \n\n \n2,218<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,288<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,295<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,785<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,699<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other business taxes<\/td>\n | | \n | \n\n \n481<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n637<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n357<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,252<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Amortization of acquisition-related intangible assets<\/td>\n | | \n | \n\n \n18,297<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n18,297<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n18,737<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n54,891<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n42,559<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Share-based compensation<\/td>\n | | \n | \n\n \n32,547<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,022<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n46,968<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,182<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition, restructuring and exit costs<\/td>\n | | \n | \n\n \n20,364<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,716<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,400<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n47,779<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n88,711<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Debt issuance costs<\/td>\n | | \n | \n\n \n174<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,617<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,950<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,987<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,454<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 212,135<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 242,717<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 190,451<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 658,872<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 485,375<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA margin<\/b><\/td>\n | | \n | \n\n 53.5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 55.8<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 52.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 54.0<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 52.1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (GAAP)<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 91,301<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 139,404<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 96,541<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 342,845<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 217,250<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjustment to reflect the operating performance of the Company<\/i><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Other business taxes<\/td>\n | | \n | \n\n \n481<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n637<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n357<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,252<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Amortization of acquisition-related intangible assets<\/td>\n | | \n | \n\n \n18,297<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n18,297<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n18,737<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n54,891<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n42,559<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Share-based compensation<\/td>\n | | \n | \n\n \n32,547<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,022<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n46,968<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,182<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition, restructuring and exit costs<\/td>\n | | \n | \n\n \n20,364<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,716<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,400<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n47,779<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n88,711<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Debt issuance costs<\/td>\n | | \n | \n\n \n174<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,617<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,950<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,987<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,454<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Tax effect of above adjustments<\/td>\n | | \n | \n\n \n(10,646<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,142<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(11,437<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(28,471<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(29,094<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 152,518<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 172,158<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 130,850<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 467,356<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 331,314<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nAdjusted net income per diluted share2<\/sup><\/b><\/td>\n | \n$<\/b><\/td>\n | \n 1.85<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 2.08<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.51<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 5.61<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 4.20<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted average number of shares outstanding – diluted (GAAP)<\/b><\/td>\n | | \n | \n\n 62,471<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 62,782<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 66,964<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 63,301<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 66,620<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nWeighted average number of shares outstanding – diluted (Non-GAAP)2<\/sup><\/b><\/td>\n | \n | \n\n 82,508<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 82,818<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 86,751<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 83,310<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 78,833<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Tax benefit of goodwill and acquired intangible assets<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 10,716<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 10,716<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 10,487<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 31,947<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 30,883<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nTax benefit of goodwill and acquired intangible assets per diluted share2<\/sup><\/b><\/td>\n | \n$<\/b><\/td>\n | \n 0.13<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.13<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.12<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.38<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.39<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted net income with tax benefit<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 163,234<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 182,874<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 141,337<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 499,303<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 362,197<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAdjusted net income with tax benefit per diluted share2<\/sup><\/b><\/td>\n | \n$<\/b><\/td>\n | \n 1.98<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 2.21<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.63<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 5.99<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 4.59<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n 1 <\/sup>The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section \u201cInformation Regarding Non-GAAP Financial Measures\u201d at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.<\/p>\n<\/td>\n<\/tr>\n\n| \n 2 <\/sup>The Company includes participating securities in its computation of adjusted earnings per diluted share, including shares of series A Non-Voting Convertible Preferred stock.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Unaudited Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (In thousands, except for per share amounts)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,
\n
2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,
\n
2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Assets<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Cash and cash equivalents<\/td>\n | | \n$<\/td>\n | \n \n207,724<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n163,690<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Receivables<\/td>\n | | \n | \n\n \n188,759<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n181,141<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid expenses<\/td>\n | | \n | \n\n \n23,738<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n16,071<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Investments, at fair value<\/td>\n | | \n | \n\n \n90,862<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n99,394<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Property and equipment, net<\/td>\n | | \n | \n\n \n20,658<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n23,833<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Goodwill<\/td>\n | | \n | \n\n \n1,235,940<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,235,940<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other intangible assets, net<\/td>\n | | \n | \n\n \n2,423,362<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,477,617<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating lease right-of-use assets<\/td>\n | | \n | \n\n \n44,694<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n48,650<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets<\/td>\n | | \n | \n\n \n591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,514<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total assets<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 4,236,328<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 4,247,850<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Liabilities and stockholders’ equity<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Accounts payable and accrued expenses<\/td>\n | | \n$<\/td>\n | \n \n83,071<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n72,387<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued compensation and benefits<\/td>\n | | \n | \n\n \n89,404<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n86,355<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Consideration payable for acquisition of business<\/td>\n | | \n | \n\n \n53,760<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n87,564<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred tax liability, net<\/td>\n | | \n | \n\n \n497,530<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n479,792<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating lease liabilities<\/td>\n | | \n | \n\n \n42,405<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n45,610<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other liabilities<\/td>\n | | \n | \n\n \n81,598<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n81,399<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nLong-term debt, net1<\/sup><\/td>\n | \n | \n\n \n965,911<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n970,014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities<\/b><\/td>\n | | \n | \n\n 1,813,679<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 1,823,121<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Stockholders’ equity<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \nCommon stock, $0.01 par value per share:
2026 – 600,000 shares authorized, 89,269 shares issued and 61,902 shares outstanding; 2025 – 600,000 shares authorized, 87,867 shares issued and 64,150 shares outstanding<\/td>\n | | \n | \n\n \n893<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nPreferred stock, $0.01 par value per share:
2026 – 100,000 shares authorized, 20,037 shares issued and outstanding; 2025 – 100,000 shares authorized, 19,937 shares issued and outstanding<\/td>\n | | \n | \n\n \n200<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n199<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Additional paid-in capital<\/td>\n | | \n | \n\n \n2,165,543<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,102,938<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Treasury stock, at cost: 2026 – 27,367 shares; 2025 – 23,717 shares<\/td>\n | | \n | \n\n \n(1,067,358<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(786,008<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income<\/td>\n | | \n | \n\n \n6,768<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n9,020<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Retained earnings<\/td>\n | | \n | \n\n \n1,316,603<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,097,701<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total stockholders’ equity<\/b><\/td>\n | | \n | \n\n 2,422,649<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 2,424,729<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities and stockholders’ equity<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 4,236,328<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 4,247,850<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n 1 <\/sup>Balances at September 30, 2026 and December 31, 2025 are shown net of unamortized loan discount and debt issuance costs in the amount of $9.3 million and $12.5 million, respectively. The gross amount of debt outstanding was $975.2 million and $982.5 million at September 30, 2026 and December 31, 2025, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Total Client Assets<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the Three Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n June 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Beginning AUM<\/td>\n | | \n$<\/td>\n | \n \n342,450<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n309,835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n298,563<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nBeginning other assets1<\/sup><\/td>\n | \n | \n\n \n3,611<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,268<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,050<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Beginning total client assets<\/td>\n | | \n | \n\n \n346,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n313,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n301,613<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM net cash flows<\/td>\n | | \n | \n\n \n11,700<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,110<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(292<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets net cash flows<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(502<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total client assets net cash flows<\/td>\n | | \n | \n\n \n11,700<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,110<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(794<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(2,208<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n28,510<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n14,515<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets market appreciation (depreciation)<\/td>\n | | \n | \n\n \n31<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n343<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n177<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total client assets market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(2,177<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n28,853<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n14,692<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM realizations and distributions<\/td>\n | | \n | \n\n \n(56<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAcquired & divested assets \/ Net transfers4<\/sup><\/td>\n | \n | \n\n \n(16<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(2,141<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Ending AUM<\/td>\n | | \n | \n\n \n351,869<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n342,450<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n310,644<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Ending other assets<\/td>\n | | \n | \n\n \n3,642<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,611<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,726<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Ending total client assets<\/td>\n | | \n | \n\n \n355,511<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n346,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n313,370<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAverage total client assets2<\/sup><\/td>\n | \n | \n\n \n354,304<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n334,856<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n306,457<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\n For the Nine Months Ended<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n\n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Beginning AUM<\/td>\n | | \n$<\/td>\n | \n \n313,775<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \nBeginning other assets1<\/sup><\/td>\n | \n | \n\n \n2,846<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,165<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n\n| Beginning total client assets<\/td>\n | | \n | \n\n \n316,621<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n176,096<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM net cash flows<\/td>\n | | \n | \n\n \n15,156<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(2,345<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Other assets net cash flows<\/td>\n | | \n | \n\n \n390<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(1,948<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Total client assets net cash flows<\/td>\n | | \n | \n\n \n15,546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(4,293<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM market appreciation (depreciation)<\/td>\n | | \n | \n\n \n23,505<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n31,589<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Other assets market appreciation (depreciation)<\/td>\n | | \n | \n\n \n406<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n509<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Total client assets market appreciation (depreciation)<\/td>\n | | \n | \n\n \n23,911<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n32,098<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM realizations and distributions<\/td>\n | | \n | \n\n \n(518<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(24<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \nAcquired & divested assets \/ Net transfers4<\/sup><\/td>\n | \n | \n\n \n(49<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n109,493<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Ending AUM<\/td>\n | | \n | \n\n \n351,869<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n310,644<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Ending other assets<\/td>\n | | \n | \n\n \n3,642<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,726<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Ending total client assets<\/td>\n | | \n | \n\n \n355,511<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n313,370<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \nAverage total client assets3<\/sup><\/td>\n | \n | \n\n \n336,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n257,625<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n<\/table>\n\n\n| \n 1 <\/sup>Includes 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\u2019s Regulatory Assets Under Management reported in Form ADV Part 1.<\/p>\n<\/td>\n<\/tr>\n\n| \n 2 <\/sup>For the three-month periods ending September 30, 2026, June 30, 2026 and September 30, 2025 total client assets revenue realization was 44.4 basis points, 47.4 basis points and 46.8 basis points, respectively | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |