\n | \n | \n\n December 31,<\/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 December 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 December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAssets Under Management1<\/sup><\/td>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n\n| Ending<\/td>\n | | \n$<\/td>\n | \n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n176,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Average<\/td>\n | | \n | \n\n \n175,741<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n171,876<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n151,870<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n169,658<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n153,455<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \nAUM Long-term Flows2<\/sup><\/td>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n\n| Long-term Gross<\/td>\n | | \n$<\/td>\n | \n \n6,615<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,876<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n6,357<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n25,255<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n22,651<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Long-term Net<\/td>\n | | \n | \n\n \n(1,729<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,631<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,334<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,090<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(5,584<\/p>\n<\/td>\n | \n \n)<\/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| AUM Money Market\/Short-term Flows<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Money Market \/ Short-term Gross<\/td>\n | | \n$<\/td>\n | \n \n178<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n188<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n912<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n853<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Money Market \/ Short-term Net<\/td>\n | | \n | \n\n \n(140<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(47<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(287<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(391<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| AUM Total Flows<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Total Gross<\/td>\n | | \n$<\/td>\n | \n \n6,793<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n6,120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n6,545<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n26,167<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n23,504<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total Net<\/td>\n | | \n | \n\n \n(1,870<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,636<\/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(7,377<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(5,976<\/p>\n<\/td>\n | \n \n)<\/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| Consolidated Financial Results (GAAP)<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Revenue<\/td>\n | | \n$<\/td>\n | \n \n232.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n225.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n205.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n893.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n821.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| AUM revenue realization (in bps)<\/td>\n | | \n | \n\n \n52.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n52.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n53.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n52.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n53.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating expenses<\/td>\n | | \n | \n\n \n120.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n105.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n119.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n466.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n492.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income from operations<\/td>\n | | \n | \n\n \n111.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n120.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n86.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n427.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n328.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating margin<\/td>\n | | \n | \n\n \n48.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n53.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n41.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n47.8<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n40.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| Net income<\/td>\n | | \n | \n\n \n76.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n82.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n55.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n288.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n213.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Earnings per diluted share<\/td>\n | | \n$<\/td>\n | \n \n1.17<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4.38<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3.12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Cash flow from operations<\/td>\n | | \n | \n\n \n91.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n99.8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n97.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n340.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n330.3<\/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 Performance Results (Non-GAAP)3<\/sup><\/td>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n\n| Adjusted EBITDA<\/td>\n | | \n$<\/td>\n | \n \n125.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n121.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n107.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n475.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n418.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA margin<\/td>\n | | \n | \n\n \n54.0<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n53.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n52.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n53.2<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | \n\n \n50.9<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income<\/td>\n | | \n | \n\n \n85.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n78.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n67.4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n312.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n269.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Tax benefit of goodwill and acquired intangible assets<\/td>\n | | \n | \n\n \n10.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n9.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n40.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n38.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income with tax benefit<\/td>\n | | \n | \n\n \n95.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n89.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n77.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n353.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n307.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income with tax benefit per diluted share<\/td>\n | | \n$<\/td>\n | \n \n1.45<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.35<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.15<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5.36<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4.51<\/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<\/table>\n\n\n| \n 1 <\/sup>Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.<\/p>\n<\/td>\n<\/tr>\n\n| \n 2<\/sup> Long-term AUM is defined as total AUM excluding Money Market and Short-term assets.<\/p>\n<\/td>\n<\/tr>\n\n| \n 3<\/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>\nAUM, Flows and Investment Performance<\/b><\/p>\n \nAt December 31, 2024, Victory Capital had total client assets of $176.1 billion, assets under management of $171.9 billion, and other assets of $4.2 billion. Total AUM decreased by $4.2 billion to $171.9 billion at December 31, 2024, compared with $176.1 billion at September 30, 2024. The decrease was due to negative market action of $2.2 billion and net outflows of $1.9 billion. Total gross flows for the fourth quarter were $6.8 billion, including long-term gross flows of $6.6 billion.<\/p>\n \nAs of December 31, 2024, Victory Capital offered 124 investment strategies through its 11 autonomous Investment Franchises and Solutions Platform. The table below presents outperformance against benchmarks by AUM as of December 31, 2024.<\/p>\n \n\nPercentage of AUM Outperforming Benchmark<\/b><\/td>\n<\/tr>\n\n| \n Trailing<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Trailing<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Trailing<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Trailing<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n 1-Year<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 3-Years<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5-Years<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10-Years<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n47%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n59%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n73%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n79%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Fourth Quarter 2024 Compared with Third Quarter 2024<\/b><\/p>\n \nRevenue increased 3.0% to $232.4 million in the fourth quarter, compared with $225.6 million in the third quarter, primarily due to higher average AUM over the comparable period. GAAP operating margin contracted 520 basis points in the fourth quarter to 48.1%, down from 53.3% in the third quarter primarily due to a $15.6 million increase in compensation related expenses partially offset by a $2.9 million decrease in acquisition-related costs. Fourth quarter GAAP net income decreased 6.2% to $76.9 million, or $1.17 per diluted share, down from $82.0 million, or $1.24 per diluted share, in the prior quarter.<\/p>\n \nAdjusted net income with tax benefit increased 6.8% to $95.1 million, or $1.45 per diluted share in the fourth quarter, up from $89.0 million, or $1.35 per diluted share, in the third quarter. Adjusted EBITDA increased 3.5% to $125.5 million in the fourth quarter, versus $121.3 million in the third quarter. Adjusted EBITDA margin expanded 30 basis points in the fourth quarter of 2024 to 54.0% compared with 53.7% in the prior quarter.<\/p>\n Fourth Quarter 2024 Compared with Fourth Quarter 2023<\/b><\/p>\n \nRevenue for the three months ended December 31, 2024, increased 12.9% to $232.4 million, compared with $205.8 million in the same quarter of 2023 as a result of higher average AUM over the comparable period. Operating expenses increased 1.0% to $120.6 million, compared with $119.5 million in last year\u2019s fourth quarter due to the combination of increases in compensation and acquisition related expenses, partially offset by a non-cash difference in amounts recorded to the change in the fair value of consideration payable for acquisitions as well as a decrease in general and administrative expenses. GAAP operating margin expanded 620 basis points to 48.1% in the fourth quarter, from 41.9% in the same quarter of 2023. GAAP net income increased 39.4% to $76.9 million, or $1.17 per diluted share, in the fourth quarter compared with $55.2 million, or $0.82 per diluted share, in the same quarter of 2023.<\/p>\n \nAdjusted net income with tax benefit increased 23.5% to $95.1 million, or $1.45 per diluted share, in the fourth quarter, compared with $77.0 million, or $1.15 per diluted share in the same quarter last year. Adjusted EBITDA increased 16.7% to $125.5 million, compared with $107.6 million in the same quarter of last year. Year-over-year, adjusted EBITDA margin expanded 170 basis points to 54.0% in the fourth quarter of 2024, compared with 52.3% in the same quarter last year.<\/p>\n Year Ended December 31, 2024 Compared with Year Ended December 31, 2023<\/b><\/p>\n \nRevenue for the year ended December 31, 2024, increased 8.8% to $893.5 million, compared with $821.0 million in the same period of 2023. The increase was primarily due to higher average AUM.<\/p>\n \nOperating expenses decreased 5.4% to $466.0 million for the year ended December 31, 2024, compared with $492.6 million in the same period in 2023 due to the combination of a non-cash $20.5 million difference in amounts recorded to the change in the fair value of consideration payable for acquisitions as well as a decreases in compensation related expenses, distribution and other asset based expenses, and depreciation and amortization expense, partially offset by an increase in acquisition-related costs. GAAP operating margin was 47.8% for the year ended December 31, 2024, a 780 basis point increase from the 40.0% recorded in the same period in 2023. GAAP net income increased 35.5% to $288.9 million, or $4.38 per diluted share, in 2024 compared with $213.2 million, or $3.12 per diluted share, in 2023.<\/p>\n \nAdjusted net income with tax benefit increased 14.7% to $353.1 million for the year ended December 31, 2024, up from $307.9 million in 2023. On a per-share basis, adjusted net income with tax benefit increased 18.8% to $5.36 per diluted share for the year ended December 31, 2024 compared to $4.51 per diluted share in 2023. For the year ended December 31, 2024, adjusted EBITDA increased 13.8% to $475.6 million, compared with $418.0 million for the same period in 2023. Year-over-year, adjusted EBITDA margin expanded 230 basis points to 53.2% for the year ended December 31, 2024, compared with 50.9% in the previous year.<\/p>\n Balance Sheet \/ Capital Management<\/b><\/p>\n \nThe total debt outstanding as of December 31, 2024 was approximately $972 million and consisted of an existing term loan balance of $625 million and the 2021 Incremental Term Loans balance of $347 million.<\/p>\n \nThe Company\u2019s Board of Directors approved a regular quarterly cash dividend of $0.47 per share. The dividend is payable on March 10, 2025, to shareholders of record on February 18, 2025.<\/p>\n Conference Call, Webcast and Slide Presentation<\/b><\/p>\n \nThe Company will host a conference call tomorrow morning, February 7, at 8:00 a.m. ET to discuss the results. Analysts and investors may participate in the question-and-answer session. To participate in the conference call, please call 1-800-715-9871 (domestic) or 1-646-307-1963 (international), shortly before 8:00 a.m. ET and reference the Victory Capital Conference Call. A live, listen-only webcast will also be available via the investor relations section of the Company\u2019s website at https:\/\/ir.vcm.com<\/a>. Prior to the call, a supplemental slide presentation that will be used during the conference call will be available on the Events and Presentations page of the Company\u2019s investor relations website. For anyone who is unable to join the live event, an archive of the webcast will be available for replay shortly after the call concludes.<\/p>\nAbout Victory Capital<\/b><\/p>\n \nVictory Capital is a diversified global asset management firm with total assets under management of $171.9 billion, and $176.1 billion in total client assets, as of December 31, 2024. The Company employs a next-generation business strategy that combines boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.<\/p>\n \nVictory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With 11 autonomous Investment Franchises and a Solutions Business, Victory Capital offers a wide array of investment products and services, including mutual funds, ETFs, separately managed accounts, alternative investments, third-party ETF model strategies, collective investment trusts, private funds, a 529 Education Savings Plan, and brokerage services.<\/p>\n \nVictory Capital is headquartered in San Antonio, Texas, with offices and investment professionals in the U.S. and around the world. To learn more please visit www.vcm.com<\/a> or follow Victory Capital on Facebook, Twitter, and LinkedIn.<\/p>\nFORWARD-LOOKING STATEMENTS<\/b><\/p>\n \nThis earnings release may contain forward-looking statements within the meaning of applicable U.S. federal and non-U.S. securities laws. These statements may include, without limitation, any statements preceded by, followed by or including words such as \u201ctarget,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201caim,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201canticipate,\u201d \u201cassume,\u201d \u201cbudget,\u201d \u201ccontinue,\u201d \u201cestimate,\u201d \u201cfuture,\u201d \u201cobjective,\u201d \u201coutlook,\u201d \u201cplan,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d \u201cwill,\u201d \u201ccan have,\u201d \u201clikely,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201ccould\u201d and other words and terms of similar meaning or the negative thereof and include, but are not limited to, statements regarding the proposed transaction and the outlook for Victory Capital\u2019s or Amundi\u2019s future business and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Victory Capital\u2019s and Amundi\u2019s control and could cause Victory Capital\u2019s and Amundi\u2019s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements.<\/p>\n \nAlthough it is not possible to identify all such risks and factors, they include, among others, the following: continued geopolitical uncertainty including the conflicts in Ukraine and Israel, risks that the conditions to closing the transaction with Amundi US will be satisfied and the transaction will close on the anticipated timeline, if at all; risks associated with expected benefits, or impact on our business, of the proposed transaction, including our ability to achieve any expected synergies; reductions in AUM based on investment performance, client withdrawals, difficult market conditions and other factors such as a pandemic; the nature of the Company\u2019s contracts and investment advisory agreements; the Company\u2019s ability to maintain historical returns and sustain its historical growth; the Company\u2019s dependence on third parties to market its strategies and provide products or services for the operation of its business; the Company\u2019s ability to retain key investment professionals or members of its senior management team; the Company\u2019s reliance on the technology systems supporting its operations; the Company\u2019s ability to successfully acquire and integrate new companies; the concentration of the Company\u2019s investments in long-only small- and mid-cap equity and U.S. clients; risks and uncertainties associated with non-U.S. investments; the Company\u2019s efforts to establish and develop new teams and strategies; the ability of the Company\u2019s investment teams to identify appropriate investment opportunities; the Company\u2019s ability to limit employee misconduct; the Company\u2019s ability to meet the guidelines set by its clients; the Company\u2019s exposure to potential litigation (including administrative or tax proceedings) or regulatory actions; the Company\u2019s ability to implement effective information and cyber security policies, procedures and capabilities; the Company\u2019s substantial indebtedness; the potential impairment of the Company\u2019s goodwill and intangible assets; disruption to the operations of third parties whose functions are integral to the Company\u2019s ETF platform; the Company\u2019s determination that Victory Capital is not required to register as an “investment company” under the 1940 Act; the fluctuation of the Company\u2019s expenses; the Company\u2019s ability to respond to recent trends in the investment management industry; the level of regulation on investment management firms and the Company\u2019s ability to respond to regulatory developments; the competitiveness of the investment management industry; the level of control over the Company retained by Crestview GP; and other risks and factors listed under “Risk Factors” and elsewhere in the Company\u2019s filings with the SEC.<\/p>\n \nSuch forward-looking statements are based on numerous assumptions regarding Victory Capital\u2019s present and future business strategies and the environment in which it will operate in the future. Any forward-looking statement made in this press release speaks only as of the date hereof. Except as required by law, Victory Capital assumes no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.<\/p>\n \n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Unaudited Consolidated Statements of Operations<\/b><\/p>\n (in thousands except per share data and percentages)<\/i><\/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 | \n | \n\n For the Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n December 31,<\/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 December 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 December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/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 \n183,826<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n177,809<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n160,677<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n704,583<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n640,876<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Fund administration and distribution fees<\/td>\n | | \n | \n\n \n48,545<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n47,819<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n45,117<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n188,894<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n180,152<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total revenue<\/b><\/td>\n | | \n | \n\n 232,371<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 225,628<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 205,794<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 893,477<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 821,028<\/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 \n58,857<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n43,243<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n53,949<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n217,214<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n220,992<\/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 \n36,924<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n36,828<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n36,438<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n146,489<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n149,596<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| General and administrative<\/td>\n | | \n | \n\n \n14,268<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n14,029<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n16,702<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n56,694<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n56,287<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | | \n | \n\n \n7,514<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n7,510<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n7,984<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n30,176<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n41,647<\/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 \n294<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(1,600<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n4,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,694<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n23,236<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition-related costs<\/td>\n | | \n | \n\n \n2,135<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,075<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n83<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,285<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n217<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Restructuring and integration costs<\/td>\n | | \n | \n\n \n634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n180<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n320<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,411<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n595<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Total operating expenses<\/b><\/td>\n | | \n | \n\n 120,626<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 105,265<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 119,476<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 465,963<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 492,570<\/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 111,745<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 120,363<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 86,318<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 427,514<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 328,458<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Operating margin<\/b><\/td>\n | | \n | \n\n 48.1<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 53.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 41.9<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 47.8<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 40.0<\/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 (expense)<\/td>\n | | \n | \n\n \n1,768<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,551<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,765<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,441<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,732<\/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(14,657<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(16,414<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(16,561<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(63,836<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(61,282<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Loss on debt extinguishment<\/td>\n | | \n | \n\n \n(263<\/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(363<\/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 | \n| Total other expense, net<\/td>\n | | \n | \n\n (13,152<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (12,863<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (12,796<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (53,758<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (52,550<\/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 98,593<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 107,500<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 73,522<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 373,756<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 275,908<\/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 (21,654<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (25,517<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (18,316<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (84,892<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n | \n\n (62,751<\/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$<\/b><\/td>\n | \n 76,939<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 81,983<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 55,206<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 288,864<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 213,157<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Earnings per share of common stock<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Basic<\/td>\n | | \n$<\/td>\n | \n \n1.19<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.26<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.85<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4.47<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3.22<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n1.17<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1.24<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n0.82<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4.38<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3.12<\/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 \n64,428<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n64,875<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n65,309<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n64,607<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,202<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | | \n | \n\n \n65,519<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,057<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n66,935<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n65,928<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n68,214<\/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$<\/td>\n | \n \n0.44<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.41<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n0.32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.555<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n1.28<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Reconciliation of GAAP to Non-GAAP Measures1<\/sup><\/b><\/p>\n(unaudited; in thousands except per share data and percentages)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\n For the Three Months Ended<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n For the Year Ended<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Net income (GAAP)<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 76,939<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 81,983<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 55,206<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 288,864<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 213,157<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Income tax expense<\/td>\n | | \n | \n\n \n(21,654<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(25,517<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(18,316<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(84,892<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(62,751<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Income before income taxes<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 98,593<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 107,500<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 73,522<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 373,756<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 275,908<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | | \n | \n\n \n13,971<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n15,649<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n15,532<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n60,799<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n57,820<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Depreciation<\/td>\n | | \n | \n\n \n2,228<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,210<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,273<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,959<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n8,842<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other business taxes<\/td>\n | | \n | \n\n \n376<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n366<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n305<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,525<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,707<\/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 \n5,286<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,300<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,711<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,217<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n32,805<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n1,007<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n972<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,503<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,496<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition, restructuring and exit costs<\/td>\n | | \n | \n\n \n3,063<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(11,513<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n5,586<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,735<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n28,982<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Debt issuance costs<\/td>\n | | \n | \n\n \n981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n775<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,128<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,385<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,394<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 125,505<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 121,259<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 107,560<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 475,622<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 417,954<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted EBITDA margin<\/b><\/td>\n | | \n | \n\n 54.0<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 53.7<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 52.3<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 53.2<\/b><\/p>\n<\/td>\n | \n %<\/b><\/p>\n<\/td>\n | | \n | \n\n 50.9<\/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 | \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$<\/b><\/td>\n | \n 76,939<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 81,983<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 55,206<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 288,864<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 213,157<\/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 \n376<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n366<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n305<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,525<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,707<\/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 \n5,286<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,300<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,711<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,217<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n32,805<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Stock-based compensation<\/td>\n | | \n | \n\n \n1,007<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n972<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,503<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,246<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,496<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Acquisition, restructuring and exit costs<\/td>\n | | \n | \n\n \n3,063<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(11,513<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n5,586<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,735<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n28,982<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Debt issuance costs<\/td>\n | | \n | \n\n \n981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n775<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,128<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,385<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,394<\/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(2,679<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n1,025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(4,061<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,028<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(18,847<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Adjusted net income<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 84,973<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 78,908<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 67,378<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 312,944<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 269,694<\/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$<\/b><\/td>\n | \n 1.30<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.19<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.01<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 4.75<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 3.95<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Tax benefit of goodwill and acquired intangible assets<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 10,141<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 10,141<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 9,655<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 40,171<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 38,252<\/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$<\/b><\/td>\n | \n 0.15<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.15<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/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 0.61<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 0.56<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted net income with tax benefit<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 95,114<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 89,049<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 77,033<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 353,115<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 307,946<\/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$<\/b><\/td>\n | \n 1.45<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.35<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 1.15<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 5.36<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 4.51<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n 1<\/sup> The Company reports its financial results in accordance with GAAP. Adjusted EBITDA and Adjusted Net Income are not defined by GAAP and should not be regarded as an alternative to any measurement under GAAP. Please refer to the section \u201cInformation Regarding Non-GAAP Financial Measures\u201d at the end of this press release for an explanation of Non-GAAP financial measures and a reconciliation to the nearest GAAP financial measure.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Unaudited Consolidated Balance Sheets<\/b><\/p>\n (In thousands, except for shares)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \nDecember 31, 2024<\/b><\/td>\n | | \nDecember 31, 2023<\/b><\/td>\n | | <\/tr>\n \n| Assets<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Cash and cash equivalents<\/td>\n | | \n$<\/td>\n | \n \n126,731<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n123,547<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Investment management fees receivable<\/td>\n | | \n | \n\n \n83,307<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n71,888<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Fund administration and distribution fees receivable<\/td>\n | | \n | \n\n \n16,014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n14,238<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Other receivables<\/td>\n | | \n | \n\n \n1,346<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,444<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Prepaid expenses<\/td>\n | | \n | \n\n \n8,634<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,785<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Investments in proprietary funds, at fair value<\/td>\n | | \n | \n\n \n605<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n534<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Deferred compensation plan investments, at fair value<\/td>\n | | \n | \n\n \n34,608<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n31,274<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Property and equipment, net<\/td>\n | | \n | \n\n \n11,874<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n19,578<\/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 \n1,260,614<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,281,832<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Other assets<\/td>\n | | \n | \n\n \n22,053<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,691<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Total assets<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 2,547,591<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 2,542,616<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Liabilities and stockholders’ equity<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Accounts payable and accrued expenses<\/td>\n | | \n$<\/td>\n | \n \n57,951<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n56,477<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Accrued compensation and benefits<\/td>\n | | \n | \n\n \n51,648<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n55,456<\/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 \n139,894<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n217,200<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Deferred compensation plan liability<\/td>\n | | \n | \n\n \n34,608<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n31,274<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Deferred tax liability, net<\/td>\n | | \n | \n\n \n157,120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n128,714<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Other liabilities<\/td>\n | | \n | \n\n \n20,871<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n11,225<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \nLong-term debt(1)<\/sup><\/td>\n | \n | \n\n \n963,862<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n989,269<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n\n| Total liabilities<\/b><\/td>\n | | \n | \n\n 1,425,954<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 1,489,615<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Stockholders’ equity:<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Common stock; $0.01 par value per share: 2024 – 600,000,000 shares authorized, 83,947,949 shares issued and 63,653,212 shares outstanding; 2023 – 600,000,000 shares authorized, 82,404,305 shares issued and 64,254,714 shares outstanding<\/td>\n | | \n | \n\n \n839<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n824<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Additional paid-in capital<\/td>\n | | \n | \n\n \n752,371<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n728,283<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Treasury stock, at cost: 2024 – 20,294,737 shares; 2023 – 18,149,591 shares<\/td>\n | | \n | \n\n \n(574,856<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(444,286<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | <\/tr>\n \n| Accumulated other comprehensive income<\/td>\n | | \n | \n\n \n18,683<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n31,328<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Retained earnings<\/td>\n | | \n | \n\n \n924,600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n736,852<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Total stockholders’ equity<\/b><\/td>\n | | \n | \n\n 1,121,637<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n 1,053,001<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n| Total liabilities and stockholders\u2019 equity<\/b><\/td>\n | | \n$<\/b><\/td>\n | \n 2,547,591<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/b><\/td>\n | \n 2,542,616<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n 1 <\/sup>Balances at December 31, 2024 and 2023 are shown net of unamortized loan discount and debt issuance costs in the amount of $8.3 million and $12.4 million, respectively. The gross amount of the debt outstanding was $972.2 million and $1,001.7 million as of December 31, 2024 and 2023, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Total Client Assets<\/b><\/p>\n (unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \nFor the Three Months Ended<\/b><\/td>\n<\/tr>\n\n | \n | \n\n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n September 30,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Beginning AUM<\/td>\n | | \n$<\/td>\n | \n \n176,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n168,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n148,879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nBeginning other assets1<\/sup><\/td>\n | \n | \n\n \n4,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,627<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Beginning total client assets<\/td>\n | | \n | \n\n \n181,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n173,775<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n153,506<\/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 \n(1,870<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,636<\/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<\/tr>\n | \n| Other assets net cash flows<\/td>\n | | \n | \n\n \n(675<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(446<\/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<\/tr>\n | \n| Total client assets net cash flows<\/td>\n | | \n | \n\n \n(2,545<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(3,082<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,181<\/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(2,237<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n10,076<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n13,853<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other assets market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(141<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n333<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n462<\/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(2,378<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n10,409<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n14,315<\/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\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(27<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired & divested assets \/ Net transfers<\/td>\n | | \n | \n\n \n(76<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2<\/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 \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n176,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Ending other assets<\/td>\n | | \n | \n\n \n4,165<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Ending total client assets<\/td>\n | | \n | \n\n \n176,096<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n181,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n166,611<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \nAverage total client assets2<\/sup><\/td>\n | \n | \n\n \n180,104<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n176,806<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n156,734<\/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 Year Ended<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n\n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Beginning AUM<\/td>\n | | \n$<\/td>\n | \n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n147,762<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \nBeginning other assets1<\/sup><\/td>\n | \n | \n\n \n5,289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,190<\/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 \n166,611<\/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 | <\/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 \n(7,377<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(5,976<\/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 \n(1,627<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(591<\/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 \n(9,004<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(6,567<\/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 \n18,100<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,188<\/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 \n504<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n690<\/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 \n18,604<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,878<\/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(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(100<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Acquired & divested assets \/ Net transfers<\/td>\n | | \n | \n\n \n(113<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,552<\/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| Ending AUM<\/td>\n | | \n | \n\n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Ending other assets<\/td>\n | | \n | \n\n \n4,165<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,289<\/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 \n176,096<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n166,611<\/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 \n174,542<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n158,268<\/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<\/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 by asset class table and in Separate Accounts and Other Pooled Vehicles within the by vehicle table. These assets are included as part of Victory\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 December 31, 2024, September 30, 2024 and December 31, 2023 total client assets revenue realization was 51.3 basis points, 50.8 basis points and 52.1 basis points, respectively.<\/p>\n<\/td>\n<\/tr>\n\n| \n 3 <\/sup>For the year ended December 31, 2024 and 2023 total client assets revenue realization was 51.2 basis points and 51.9 basis points, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Total Assets Under Management1<\/sup><\/b><\/p>\n(unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nFor the Three Months Ended<\/b><\/td>\n<\/tr>\n\n | \n | \n\n December 31,<\/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 December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n176,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n168,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n148,879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n6,793<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,545<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(8,663<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,756<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,926<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(1,870<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,636<\/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<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(2,237<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n10,076<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n13,853<\/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(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(27<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired & divested assets \/ Net Transfers<\/td>\n | | \n | \n\n \n(76<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n | \n\n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n176,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Average assets under management<\/td>\n | | \n | \n\n \n175,741<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n171,876<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n151,870<\/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 | \nFor the Year Ended<\/b><\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n\n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Beginning assets under management<\/td>\n | | \n$<\/td>\n | \n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n147,762<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n26,167<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n23,504<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(33,545<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(29,480<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Net client cash flows<\/td>\n | | \n | \n\n \n(7,377<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(5,976<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n18,100<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n21,188<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Realizations and distributions<\/td>\n | | \n | \n\n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(100<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n(113<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,552<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Ending assets under management<\/td>\n | | \n | \n\n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n161,322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | <\/tr>\n \n| Average assets under management<\/td>\n | | \n | \n\n \n169,658<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n153,455<\/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<\/table>\n\n\n| \n 1<\/sup> Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Other Assets (Institutional)1<\/sup><\/b><\/p>\n(unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n\n For the Three Months<\/b><\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n\n December 31,<\/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 December 31,<\/b><\/p>\n<\/td>\n | | <\/tr>\n \n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | <\/tr>\n \n| Beginning other assets (institutional)<\/td>\n | | \n$<\/td>\n | \n \n4,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n4,627<\/p>\n<\/td>\n | | <\/tr>\n \n| Gross client cash inflows<\/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 \n200<\/p>\n<\/td>\n | | <\/tr>\n \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(675<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(446<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | | <\/tr>\n \n| Net client cash flows<\/td>\n | | \n | \n\n \n(675<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(446<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n200<\/p>\n<\/td>\n | | <\/tr>\n \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(141<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n333<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n462<\/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 | | <\/tr>\n \n| Acquired & divested 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\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n\u2014<\/p>\n<\/td>\n | | <\/tr>\n \n| Ending other assets (institutional)<\/td>\n | | \n | \n\n \n4,165<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,289<\/p>\n<\/td>\n | | <\/tr>\n \nAverage other assets (institutional)2<\/sup><\/td>\n | \n | \n\n \n4,363<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,864<\/p>\n<\/td>\n | | <\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \nFor the Year Ended<\/b><\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n\n December 31,<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n December 31,<\/b><\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n | \n | \n\n 2024<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2023<\/b><\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Beginning other assets (institutional)<\/td>\n | | \n$<\/td>\n | \n \n5,289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n5,190<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n467<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n600<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(2,094<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,191<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Net client cash flows<\/td>\n | | \n | \n\n \n(1,627<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(591<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n504<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n690<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \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 | <\/tr>\n \n| Acquired & divested 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\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \n| Ending other assets (institutional)<\/td>\n | | \n | \n\n \n4,165<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,289<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n \nAverage other assets (institutional)3<\/sup><\/td>\n | \n | \n\n \n4,883<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n4,813<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n | \n | <\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\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 by asset class table and in Separate Accounts and Other Pooled Vehicles within the by vehicle table. These assets are included as part of Victory\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 December 31, 2024, September 30, 2024 and December 31, 2023 total other assets (institutional) revenue realization was 3.2 basis points, 3.4 basis points and 3.6 basis points, respectively.<\/p>\n<\/td>\n<\/tr>\n\n| \n 3 <\/sup>For the year ended December 31, 2024 and 2023 total other assets (institutional) revenue realization was 3.4 basis points and 3.6 basis points, respectively.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n Victory Capital Holdings, Inc. and Subsidiaries<\/b><\/p>\n Assets Under Management by Asset Class<\/b><\/p>\n (unaudited; in millions)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \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 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \nGlobal \/<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n | \n | \nU.S. Mid<\/b><\/td>\n | | \nU.S. Small<\/b><\/td>\n | | \nFixed<\/b><\/td>\n | | \nU.S. Large<\/b><\/td>\n | | \nNon-U.S.<\/b><\/td>\n | | \n | \n | \n | \nAlternative<\/b><\/td>\n | | \nTotal<\/b><\/td>\n | | \nMoney Market\/<\/b><\/td>\n | | \nTotal<\/b><\/td>\n<\/tr>\n\n | \n | \nCap Equity<\/b><\/td>\n | | \nCap Equity<\/b><\/td>\n | | \nIncome<\/b><\/td>\n | | \nCap Equity<\/b><\/td>\n | | \nEquity<\/b><\/td>\n | | \nSolutions<\/b><\/td>\n | | \nInvestments<\/b><\/td>\n | | \nLong-term<\/b><\/td>\n | | \nShort-term<\/b><\/td>\n | | \nAUM1<\/sup><\/b><\/td>\n<\/tr>\n\n| December 31, 2024<\/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$<\/td>\n | \n \n32,333<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n25,081<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n19,752<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n62,544<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,178<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n172,720<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,393<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n176,113<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n1,163<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n393<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n987<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n75<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,535<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,291<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n170<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,615<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n178<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,793<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(1,881<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,215<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,391<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(413<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,023<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,037<\/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(8,344<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(319<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,663<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(718<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(822<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(404<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(338<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n513<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n254<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(214<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,729<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(140<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,870<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n(1,008<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n21<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(342<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n279<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(1,143<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(100<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(2,279<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n43<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(2,237<\/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\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(24<\/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 \n66<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(32<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(26<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(105<\/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(125<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n48<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(76<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n30,584<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,785<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n24,402<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,148<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n19,095<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n62,593<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n2,980<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n168,586<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,344<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n171,930<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\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 | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| September 30, 2024<\/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$<\/td>\n | \n \n31,015<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,182<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n24,398<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n13,983<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n18,459<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n58,936<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,390<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n165,362<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,320<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n168,681<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n975<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n584<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,344<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n73<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n578<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n2,143<\/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 \n5,876<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n244<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,120<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(2,300<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,278<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,640<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(486<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(485<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,877<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(443<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,508<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(249<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(8,756<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(1,325<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(694<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(296<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(413<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n94<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n265<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(263<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2,631<\/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(2,636<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n2,649<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,105<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n973<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n690<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,212<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n3,368<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n51<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,049<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n27<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n10,076<\/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(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2<\/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<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Acquired assets \/ Net transfers<\/td>\n | | \n | \n\n \n(5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(21<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(13<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(25<\/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(58<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n51<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(7<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n32,333<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n25,081<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,239<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n19,752<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n62,544<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,178<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n172,720<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,393<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n176,113<\/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 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| December 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$<\/td>\n | \n \n28,235<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,650<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n23,790<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n11,596<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n14,807<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n49,371<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,222<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n145,671<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,208<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n148,879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash inflows<\/td>\n | | \n | \n\n \n1,008<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n555<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,072<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n62<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,251<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,910<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n498<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,357<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n188<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n6,545<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Gross client cash outflows<\/td>\n | | \n | \n\n \n(1,548<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(938<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,890<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(329<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(657<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1,977<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(352<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,691<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(234<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(7,926<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net client cash flows<\/td>\n | | \n | \n\n \n(541<\/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(818<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(267<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n595<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(67<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n146<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(1,334<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(47<\/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<\/tr>\n | \n| Market appreciation (depreciation)<\/td>\n | | \n | \n\n \n2,917<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,698<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,392<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,320<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n1,387<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n5,012<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n91<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n13,816<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n38<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n13,853<\/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(27<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(27<\/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(27<\/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(8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(15<\/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(20<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n(74<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | \n\n \n72<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | \n\n \n(3<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Ending assets under management<\/td>\n | | \n$<\/td>\n | \n \n30,604<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n15,959<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n24,355<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n12,635<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n16,772<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n54,296<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,431<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n158,051<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n3,271<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n$<\/td>\n | \n \n161,322<\/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 | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n| \n 1<\/sup>Total AUM includes both discretionary assets under management and non-discretionary assets under advisement and excludes other assets.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |