\n | \n | \n\n March 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Revenue<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Investment management fees<\/td>\n | | \n$<\/td>\n | \n \n156,836<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n156,346<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n179,465<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Fund administration and distribution fees<\/td>\n | | \n | \n\n \n44,484<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n45,169<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n50,554<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total revenue<\/b><\/td>\n | | \n | \n\n 201,320<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 201,515<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 230,019<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\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 | <\/tr>\n \n| Personnel compensation and benefits<\/td>\n | | \n | \n\n \n57,602<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n58,846<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n64,901<\/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 \n37,654<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n37,634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n43,584<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative<\/td>\n | | \n | \n\n \n12,388<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n13,389<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n12,762<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | | \n | \n\n \n11,680<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,150<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,607<\/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 \n7,400<\/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(3,500<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition-related costs<\/td>\n | | \n | \n\n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n85<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n117<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Restructuring and integration costs<\/td>\n | | \n | \n\n \n29<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n808<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total operating expenses<\/b><\/td>\n | | \n | \n\n 126,755<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 121,912<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 128,480<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Income from operations<\/b><\/td>\n | | \n | \n\n 74,565<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 79,603<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 101,539<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating margin<\/b><\/td>\n | | \n | \n\n 37.0<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 39.5<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 44.1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\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 | <\/tr>\n \n| Interest income and other income (expense)<\/td>\n | | \n | \n\n \n1,544<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(207<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense and other financing costs<\/td>\n | | \n | \n\n \n(14,239<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(13,327<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(9,233<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Gain (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 \n239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(1,555<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Total other expense, net<\/td>\n | | \n | \n\n (12,695<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (10,455<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (10,995<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\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 61,870<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 69,148<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 90,544<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Income tax expense<\/b><\/td>\n | | \n | \n\n (12,597<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (16,879<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (19,271<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\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 49,273<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 52,269<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 71,273<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\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 | <\/tr>\n \n| Basic<\/td>\n | | \n$<\/td>\n | \n \n0.73<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.77<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.04<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n0.71<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n0.74<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n0.97<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Weighted average number of shares outstanding<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n | \n\n \n67,288<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n68,054<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n68,747<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n69,727<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n70,685<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n73,652<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Dividends declared per share<\/td>\n | | \n$<\/td>\n | \n \n0.32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.25<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n\nVictory Capital Holdings, Inc. and Subsidiaries<\/b><\/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| \u00a0<\/td>\n | | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nFor the Three Months Ended<\/b><\/td>\n<\/tr>\n\n | \n | \nMarch 31,<\/b><\/td>\n | | \nDecember 31,<\/b><\/td>\n | | \nMarch 31,<\/b><\/td>\n<\/tr>\n\n | \n | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Net income (GAAP)<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 49,273<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 52,269<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 71,273<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax expense<\/td>\n | | \n | \n\n \n(12,597<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(16,879<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(19,271<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Income before income taxes<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 61,870<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 69,148<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 90,544<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | | \n | \n\n \n13,482<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n12,006<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,724<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation<\/td>\n | | \n | \n\n \n1,971<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,959<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,954<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other business taxes<\/td>\n | | \n | \n\n \n384<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n448<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n590<\/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 \n9,709<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n9,191<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n2,004<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,420<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition, restructuring and exit costs<\/td>\n | | \n | \n\n \n8,984<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,997<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(844<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Debt issuance costs<\/td>\n | | \n | \n\n \n748<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n935<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Losses from equity method investments<\/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 \n57<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 99,152<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 100,104<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 114,375<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA margin<\/b><\/td>\n | | \n | \n\n 49.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 49.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 49.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net income (GAAP)<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 49,273<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 52,269<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 71,273<\/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 | <\/tr>\n \n| Other business taxes<\/td>\n | | \n | \n\n \n384<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n448<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n590<\/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 \n9,709<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n9,191<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n2,004<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,420<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,633<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition, restructuring and exit costs<\/td>\n | | \n | \n\n \n8,984<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,997<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(844<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Debt issuance costs<\/td>\n | | \n | \n\n \n748<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n935<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,061<\/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(5,457<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(4,247<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(3,274<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 65,645<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 65,013<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 81,095<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income per diluted share<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 0.94<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.92<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.10<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\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$<\/b><\/td>\n | \n 9,524<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 9,513<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 9,322<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Tax benefit of goodwill and acquired intangible assets per diluted share<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 0.14<\/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 0.13<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0\u00a0<\/td>\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$<\/b><\/td>\n | \n 75,169<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 74,526<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 90,417<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income with tax benefit per diluted share<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 1.08<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.05<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.23<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\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<\/table>\n\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 shares)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nMarch 31, 2023<\/b><\/td>\n | | \nDecember 31, 2022<\/b><\/td>\n<\/tr>\n\n| Assets<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n \n| Cash and cash equivalents<\/td>\n | | \n$<\/td>\n | \n \n38,335<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n38,171<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Receivables<\/td>\n | | \n | \n\n \n85,368<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n84,473<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Prepaid expenses<\/td>\n | | \n | \n\n \n11,561<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,443<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Investments, at fair value<\/td>\n | | \n | \n\n \n28,869<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n27,266<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Property and equipment, net<\/td>\n | | \n | \n\n \n19,646<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,146<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Goodwill<\/td>\n | | \n | \n\n \n981,805<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n981,805<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other intangible assets, net<\/td>\n | | \n | \n\n \n1,304,927<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,314,637<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets<\/td>\n | | \n | \n\n \n57,752<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n64,958<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total assets<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 2,528,263<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 2,540,899<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\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$<\/td>\n | \n \n58,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n50,862<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Accrued compensation and benefits<\/td>\n | | \n | \n\n \n42,975<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n58,458<\/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 \n237,800<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n230,400<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Deferred tax liability, net<\/td>\n | | \n | \n\n \n111,217<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n108,138<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other liabilities<\/td>\n | | \n | \n\n \n42,454<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n42,117<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nLong-term debt, net1<\/sup><\/td>\n | \n | \n\n \n986,440<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n985,514<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities<\/b><\/td>\n | | \n | \n\n 1,479,709<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 1,475,489<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\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, $0.01 par value per share:
2023 – 600,000,000 shares authorized, 81,505,612 shares issued and 66,880,947 shares outstanding; 2022 – 600,000,000 shares authorized, 80,528,137 shares issued and 67,325,534 shares outstanding<\/td>\n | | \n | \n\n \n815<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n805<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Additional paid-in capital<\/td>\n | | \n | \n\n \n711,478<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n705,466<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Treasury stock, at cost: 2023 – 14,624,665 shares; 2022 – 13,202,603 shares<\/td>\n | | \n | \n\n \n(329,984<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(285,425<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income<\/td>\n | | \n | \n\n \n30,374<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n35,442<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Retained earnings<\/td>\n | | \n | \n\n \n635,871<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n609,122<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total stockholders’ equity<\/b><\/td>\n | | \n | \n\n 1,048,554<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 1,065,410<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities and stockholders’ equity<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 2,528,263<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 2,540,899<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Balances at March 31, 2023 and December 31, 2022 are shown net of unamortized loan discount and debt issuance costs in the amount of $15.3 million and $16.2 million, respectively. The gross amount of the debt outstanding was $1,001.7 million as of March 31, 2023 and December 31, 2022, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Assets Under Management<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited; in millions except for percentages)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n | | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nFor the Three Months Ended<\/b><\/td>\n | | \n% Change from<\/b><\/td>\n<\/tr>\n\n | \n | \nMarch 31,<\/b><\/td>\n | | \nDecember 31,<\/b><\/td>\n | | \nMarch 31,<\/b><\/td>\n | | \nDecember 31,<\/b><\/td>\n | | \nMarch 31,<\/b><\/td>\n<\/tr>\n\n | \n | \n\n 2023<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n | | \n\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n\n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n152,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n147,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n183,654<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n-17%<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n6,089<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n-9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n-45%<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(7,333<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(11,147<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,145<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n-34%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n-10%<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(1,244<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(4,466<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n2,990<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n-72%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/A<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n6,914<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,492<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(8,250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n-34%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/A<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(295<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \nN\/A<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/A<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(36<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(266<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \nN\/A<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \nN\/A<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n | \n\n \n158,621<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n152,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n178,098<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n-11%<\/p>\n<\/td>\n<\/tr>\n | \n| Average assets under management<\/td>\n | | \n | \n\n \n157,817<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n154,632<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n176,863<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n-11%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Assets Under Management by Asset Class<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n | | \n\u00a0<\/td>\n<\/tr>\n | \n| For the Three Months Ended<\/b><\/td>\n | | \nBy Asset Class<\/b><\/td>\n<\/tr>\n\n | \n | \n\n U.S. Mid Cap Equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n U.S. Small Cap Equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Fixed Income<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n U.S. Large Cap Equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Global \/ Non-U.S. Equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Solutions<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Alternative Investments<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Total
\n
Long-term<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Money Market \/ Short-term<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Total<\/b><\/p>\n<\/td>\n<\/tr>\n\n| March 31, 2023<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n27,892<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n26,353<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n10,973<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,160<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n51,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,663<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n149,649<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,302<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n152,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n1,600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n986<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,187<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n84<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n378<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,217<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n397<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,848<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n241<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,089<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(1,092<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(873<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,571<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(384<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(544<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,778<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(840<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,083<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,333<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n508<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(385<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(300<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(166<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(561<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(444<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,235<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(9<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,244<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n637<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n423<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n615<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n822<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n920<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,366<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n96<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,880<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n34<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,914<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/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\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\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\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\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<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(48<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(69<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(46<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n104<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(50<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n50<\/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<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n29,035<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,648<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n26,535<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n11,425<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,868<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n54,416<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,317<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n155,244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,377<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n158,621<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| December 31, 2022<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n25,754<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,109<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n27,198<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n10,762<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n12,293<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n48,551<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,334<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n144,001<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,256<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n147,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n1,442<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n754<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,342<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n87<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,372<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n479<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,502<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n179<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(2,259<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,133<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,694<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(450<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(767<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,697<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,907<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(10,906<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(241<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(11,147<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(818<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(379<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,352<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(362<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n258<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(324<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,427<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(4,405<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(62<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(4,466<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n2,963<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,378<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n601<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n680<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,628<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,166<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,464<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,492<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/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\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\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(295<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(295<\/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(295<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n(8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(6<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(94<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(106<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(19<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n114<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(116<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n80<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(36<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n27,892<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,103<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n26,353<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n10,973<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,160<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n51,507<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,663<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n149,649<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,302<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n152,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| March 31, 2022<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n30,578<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n20,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n35,154<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,766<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n16,050<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n60,364<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n2,548<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n180,554<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,100<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n183,654<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n2,433<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,118<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,604<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n126<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,241<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,802<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,688<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,012<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n124<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(1,834<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,352<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,149<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(383<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(618<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,475<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(157<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,969<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(176<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,145<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n599<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(235<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(545<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(258<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n624<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,531<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,043<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(53<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n2,990<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(655<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,381<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,541<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,083<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,096<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,470<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(28<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,255<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(8,250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/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\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\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(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(30<\/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(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \nAcquired assets \/ Net transfers2<\/sup><\/td>\n | \n | \n\n \n21<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n123<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n77<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(565<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(327<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n61<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(266<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n30,543<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n18,489<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n33,071<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,548<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,654<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n58,656<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4,025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n174,985<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n178,098<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n\nVictory Capital Holdings, Inc. and Subsidiaries<\/b><\/td>\n<\/tr>\n\n| \n Assets Under Management by Vehicle<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \u00a0<\/td>\n | | \n\u00a0<\/td>\n<\/tr>\n | \n| For the Three Months Ended<\/b><\/td>\n | | \nBy Vehicle<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \nSeparate<\/b><\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n | \nAccounts<\/b><\/td>\n | | \n | \n | <\/tr>\n \n | \n | \nMutual<\/b><\/td>\n | | \n | \n | \n | \nand Other<\/b><\/td>\n | | \n | \n | <\/tr>\n \n | \n | \nFunds1<\/sup><\/b><\/td>\n | \nETFs2<\/sup><\/b><\/td>\n | \nVehicles3<\/sup><\/b><\/td>\n | \nTotal<\/b><\/td>\n<\/tr>\n\n| March 31, 2023<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n99,447<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,627<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n47,877<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n152,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n4,546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n218<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,325<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,089<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(5,406<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(233<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,694<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,333<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(860<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(16<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(369<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,244<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n4,650<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(47<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n2,311<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,914<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/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\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<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(9<\/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\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n103,246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,555<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n49,819<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n158,621<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| December 31, 2022<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n96,591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,110<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n45,557<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n147,257<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n4,217<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n378<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,087<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(7,953<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(178<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(3,016<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(11,147<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(3,736<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n200<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(930<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(4,466<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n6,620<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,546<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,492<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/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(295<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(295<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n(27<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(9<\/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(36<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n99,447<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,627<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n47,877<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n152,952<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| March 31, 2022<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n124,142<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4,871<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n54,641<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n183,654<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n6,590<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n543<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,003<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(6,383<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(69<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,694<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,145<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n207<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n474<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,308<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,990<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(5,964<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(99<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,187<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,250<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Realizations and distributions<\/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(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(30<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n(266<\/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\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(266<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n118,119<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n54,733<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n178,098<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \u00a0<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n 1<\/sup> Includes institutional and retail share classes, money market and VIP funds.
\n
2<\/sup> Represents only ETF assets held by third parties. Excludes ETF assets held by other Victory Capital products.
\n
3<\/sup> Includes collective trust funds, wrap program accounts, UMAs, UCITS, private funds and non-U.S. domiciled pooled vehicles.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\nInformation Regarding Non-GAAP Financial Measures<\/span><\/span><\/b><\/p>\n\nVictory Capital uses non-GAAP financial measures referred to as Adjusted EBITDA and Adjusted Net Income to measure the operating profitability of the Company. These measures eliminate the impact of one-time acquisition, restructuring and integration costs and demonstrate the ongoing operating earnings metrics of the Company. The Company has included these non-GAAP measures to provide investors with the same financial metrics used by management to assess the operating performance of the Company.<\/p>\n Adjusted EBITDA<\/span><\/p>\n\nAdjustments made to GAAP Net Income to calculate Adjusted EBITDA, as applicable, are:<\/p>\n \n- \nAdding back income tax expense;<\/p>\n<\/li>\n
- \nAdding back interest paid on debt and other financing costs, net of interest income;<\/p>\n<\/li>\n
- \nAdding back depreciation on property and equipment;<\/p>\n<\/li>\n
- \nAdding back other business taxes;<\/p>\n<\/li>\n
- \nAdding back amortization expense on acquisition-related intangible assets;<\/p>\n<\/li>\n
- \nAdding back stock-based compensation expense associated with equity awards issued from pools created in connection with the management-led buyout and various acquisitions and as a result of equity grants related to the IPO;<\/p>\n<\/li>\n
- \nAdding back direct incremental costs of acquisitions, including restructuring costs;<\/p>\n<\/li>\n
- \nAdding back debt issuance cost expense;<\/p>\n<\/li>\n
- \nAdjusting for earnings\/losses on equity method investments.<\/p>\n<\/li>\n<\/ul>\n
Adjusted Net Income<\/span><\/p>\n\nAdjustments made to GAAP Net Income to calculate Adjusted Net Income, as applicable, are:<\/p>\n \n- \nAdding back other business taxes;<\/p>\n<\/li>\n
- \nAdding back amortization expense on acquisition-related intangible assets;<\/p>\n<\/li>\n
- \nAdding back stock-based compensation expense associated with equity awards issued from pools created in connection with the management-led buyout and various acquisitions and as a result of any equity grants related to the IPO;<\/p>\n<\/li>\n
- \nAdding back direct incremental costs of acquisitions, including restructuring costs;<\/p>\n<\/li>\n
- \nAdding back debt issuance cost expense;<\/p>\n<\/li>\n
- \nSubtracting an estimate of income tax expense applied to the sum of the adjustments above.<\/p>\n<\/li>\n<\/ul>\n
Tax Benefit of Goodwill and Acquired Intangible Assets<\/span><\/p>\n\nDue to Victory Capital\u2019s acquisitive nature, tax deductions allowed on acquired intangible assets and goodwill provide it with additional significant supplemental economic benefit. The tax benefit of goodwill and intangible assets represent the tax benefits associated with deductions allowed for intangible assets and goodwill generated from prior acquisitions in which the Company received a step-up in basis for tax purposes. Acquired intangible assets and goodwill may be amortized for tax purposes, generally over a 15-year period. The tax benefit from amortization on these assets is included to show the full economic benefit of deductions for all acquired intangible assets with a step-up in tax basis.<\/p>\n ![\"\"](\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20230504005752r1&sid=flmnd&distro=nx&lang=en\") <\/p>\n
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