Victory Capital Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
VCTR$119.24+6.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-337010
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001193125-26-448759
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 131 previous paragraphs and 137 current paragraphs.
74 unchanged; 55 reworded; 7 added; 1 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Three months ended September 30, 2025 includes the impact of approximately $1 billion of divested assets from the closure of three Investment Franchises. Nine months ended September 30, 2025 includes the impact of Pioneer Investments, increasing AUM by $114.6 billion, partially offset by assets divested due to the closure of three Investment Franchises.
Current report
Three months ended September 30, 2025 includes the impact of approximately $1 billion of divested assets from the closure of three Investment Franchises. Nine months ended September 30, 2025 includes the impact of Pioneer Investments, increasing AUM by $114.6 billion, partially offset by assets divested due to the closure of three Investment Franchises.
Current report
Three months ended September 30, 2025 includes the impact of approximately $1 billion of divested assets from the closure of three Investment Franchises.
Current report
Nine months ended September 30, 2025 includes the impact of Pioneer Investments, increasing AUM by $114.6 billion, partially offset by assets divested due to the closure of three Investment Franchises.
Current report
Three months ended September 30, 2025 includes the impact of approximately $1 billion of divested assets from the closure of three Investment Franchises. Nine months ended September 30, 2025 includes the impact of Pioneer Investments, increasing AUM by $114.6 billion, partially offset by assets divested due to the closure of three Investment Franchises.
Current report
On September 23, 2025, pursuant to the Sixth Amendment of the 2019 Credit Agreement, the Company extended the maturity date of the first lien revolving credit facility (the "Revolving Facility") from March 31, 2026 to September 23, 2030 and decreased the drawn interest rate margin by 0.25% per annum. The Company also refinanced its Existing Term Loans with the Repriced Term Loans in an aggregate principal amount of $985 million.
Current report
There were no financing cash outflows or inflows or costs incurred associated with this transaction during the three months ended September 30, 2026.
Removed paragraphs (1)
Previous report
The 2019 Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the first lien leverage ratio, measured as of the last day of each fiscal quarter on which outstanding borrowings under the revolving credit facility exceed 35.0% of the commitments thereunder (excluding certain letters of credit), of no greater than 4.00 to 1.00. As of June 30, 2026 and December 31, 2025, there were no outstanding borrowings under the revolving credit facility and the Company was in compliance with its financial performance covenant.
Reworded paragraphs (55)
Previous wording
The objective of this section of the Quarterly Report on Form 10-Q is intended to provide a discussion and analysis, from management’s perspective, of the key performance indicators and material information necessary to assess our financial condition and results of operations for the three and six months ended June 30, 2026 and 2025 and cash flows for the six months ended June 30, 2026 and 2025. In addition, we also discuss the Company’s contractual and off-balance sheet arrangements. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). This discussion and analysis contains forward-looking statements and should also be read in conjunction with the disclosures and information contained in “Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q and in “Item 1A. Risk Factors” included in the 2025 Annual Report.
Current wording
The objective of this section of the Quarterly Report on Form 10-Q is intended to provide a discussion and analysis, from management’s perspective, of the key performance indicators and material information necessary to assess our financial condition and results of operations for the three and nine months ended September 30, 2026 and 2025 and cash flows for the nine months ended September 30, 2026 and 2025. In addition, we also discuss the Company’s contractual and off-balance sheet arrangements. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report"). This discussion and analysis contains forward-looking statements and should also be read in conjunction with the disclosures and information contained in “Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q and in “Item 1A. Risk Factors” included in the 2025 Annual Report.
Previous wording
Our Business –Victory is a diversified global asset management firm with total client assets of $346.1 billion, assets under management of $342.5 billion and other assets of $3.6 billion as of June 30, 2026. The Company operates a next-generation business model combining boutique investment qualities with the benefits of an integrated, centralized operating and distribution platform.
Current wording
Our Business –Victory is a diversified global asset management firm with total client assets of $355.5 billion, assets under management of $351.9 billion and other assets of $3.6 billion as of September 30, 2026. The Company operates a next-generation business model combining boutique investment qualities with the benefits of an integrated, centralized operating and distribution platform.
Previous wording
The Company provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with multiple autonomous Investment Franchises and a Solutions Platform. Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (“ETFs”), institutional separate accounts, variable insurance products (“VIPs”), alternative investments, private closed end funds, and a 529 Education Savings Plan. Victory Capital’s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (“SMAs”) and unified managed accounts (“UMAs”) through wrap account programs, Collective Investment Trusts (“CITs”), and undertakings for the collective investment in transferable securities (“UCITS”). As of June 30, 2026, our Franchises and our Solutions Platform collectively managed a diversified set of 189 investment strategies for a wide range of institutional and retail clients and direct investors.
Current wording
The Company provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors with multiple autonomous Investment Franchises and a Solutions Platform. Victory Capital offers a wide array of investment products, including actively and passively managed mutual funds, rules-based and active exchange traded funds (“ETFs”), institutional separate accounts, variable insurance products (“VIPs”), alternative investments, private closed end funds, and a 529 Education Savings Plan. Victory Capital’s strategies are also offered through third-party investment products, including mutual funds, third-party ETF model strategies, retail separately managed accounts (“SMAs”) and unified managed accounts (“UMAs”) through wrap account programs, Collective Investment Trusts (“CITs”), and undertakings for the collective investment in transferable securities (“UCITS”). As of September 30, 2026, our Franchises and our Solutions Platform collectively managed a diversified set of 187 investment strategies for a wide range of institutional and retail clients and direct investors.
Previous wording
We have grown our total client assets from $17.9 billion following the management-led buyout in August 2013 to $346.1 billion at June 30, 2026. We attribute this growth to our success in sourcing acquisitions and evolving them into organic growers, generating strong investment returns, and developing institutional, retail, international, and direct investor channels with deep penetration.
Current wording
We have grown our total client assets from $17.9 billion following the management-led buyout in August 2013 to $355.5 billion at September 30, 2026. We attribute this growth to our success in sourcing acquisitions and evolving them into organic growers, generating strong investment returns, and developing institutional, retail, international, and direct investor channels with deep penetration.
Previous wording
Pioneer Investments -On April 1, 2025, the Company completed the transactions contemplated by the Contribution Agreement to combine Amundi’s U.S. business into the Company and reintroduced the brand Pioneer Investments for the acquired business and investment products. The addition of Pioneer Investments as the Company's largest Investment Franchise meaningfully enhances the Company's scale, expands its global client base and further diversifies its investment capabilities. The sequential results reflect Pioneer Investments as of April 1, 2025, which significantly impacted our financial results for the three and six months ended June 30, 2026 when compared to the comparable period. Refer to Note 3 of the condensed consolidated financial statements for further details related to the acquisition.
Current wording
Pioneer Investments -On April 1, 2025, the Company completed the transactions contemplated by the Contribution Agreement to combine Amundi’s U.S. business into the Company and reintroduced the brand Pioneer Investments for the acquired business and investment products. The addition of Pioneer Investments as the Company's largest Investment Franchise meaningfully enhances the Company's scale, expands its global client base and further diversifies its investment capabilities. The sequential results reflect Pioneer Investments as of April 1, 2025, which significantly impacted our financial results for the three and nine months ended September 30, 2026 when compared to the comparable period. Refer to Note 3 of the condensed consolidated financial statements for further details related to the acquisition.
Previous wording
AUM at June 30, 2026 increased by $32.6 billion, or 10.5%, to $342.5 billion from $309.8 billion at March 31, 2026, driven by positive market action of $28.5 billion and net inflows of $4.1 billion. Total gross flows for the second quarter were $22.4 billion, including long-term gross flows of $22.1 billion.
Current wording
AUM at September 30, 2026 increased by $9.4 billion, or 2.8%, to $351.9 billion from $342.5 billion at June 30, 2026, driven by net inflows of $11.7 billion partially offset by negative market action of $2.2 billion. Total gross flows for the third quarter were $30.8 billion, including long-term gross flows of $30.5 billion.
Previous wording
AUM at June 30, 2026 and 2025 was $342.5 billion and $298.6 billion, respectively. We generated $22.4 billion in gross flows and $4.1 billion in net inflows for the three months ended June 30, 2026 compared to $15.7 billion in gross flows and $0.8 billion in net outflows for the same period in 2025.
Current wording
AUM at September 30, 2026 and 2025 was $351.9 billion and $310.6 billion, respectively. We generated $30.8 billion in gross flows and $11.7 billion in net inflows for the three months ended September 30, 2026 compared to $17.3 billion in gross flows and $0.3 billion in net outflows for the same period in 2025.
Previous wording
AUM at June 30, 2026 and 2025 was $342.5 billion and $298.6 billion, respectively. We generated $41.6 billion in gross flows and $3.5 billion in net inflows for the six months ended June 30, 2026 compared to $25.2 billion in gross flows and $2.1 billion in net outflows for the same period in 2025. Net flows for the six months ended June 30, 2026 were comprised of $3.7 billion of net long-term inflows and $0.3 billion of short-term outflows.
Current wording
AUM at September 30, 2026 and 2025 was $351.9 billion and $310.6 billion, respectively. We generated $72.4 billion in gross flows and $15.2 billion in net inflows for the nine months ended September 30, 2026 compared to $42.5 billion in gross flows and $2.3 billion in net outflows for the same period in 2025. Net flows for the nine months ended September 30, 2026 were comprised of $15.4 billion of net long-term inflows and $0.3 billion of short-term outflows.
Previous wording
57 of our Victory Capital mutual funds and ETFs had overall Morningstar ratings of four or five stars and 60% of our fund and ETF AUM were rated four or five stars overall by Morningstar. 71% of our strategies by AUM had investment returns in excess of their respective benchmarks over a one-year period, 68% over a three-year period, 65% over a five-year period and 81% over a ten-year period. On an equal-weighted basis, 66% of our strategies have outperformed their benchmarks over a one-year period, 64% over a three-year period, 67% over a five-year period and 69% over a ten-year period.
Current wording
56 of our Victory Capital mutual funds and ETFs had overall Morningstar ratings of four or five stars and 62% of our fund and ETF AUM were rated four or five stars overall by Morningstar. 60% of our strategies by AUM had investment returns in excess of their respective benchmarks over a one-year period, 69% over a three-year period, 63% over a five-year period and 77% over a ten-year period. On an equal-weighted basis, 64% of our strategies have outperformed their benchmarks over a one-year period, 63% over a three-year period, 66% over a five-year period and 69% over a ten-year period.
Previous wording
Total revenue for the three months ended June 30, 2026 was $435.4 million compared to $351.2 million for the same period in 2025. For the six months ended June 30, 2026 and 2025, total revenue was $823.4 million and $570.8 million, respectively.
Current wording
Total revenue for the three months ended September 30, 2026 was $396.6 million compared to $361.2 million for the same period in 2025. For the nine months ended September 30, 2026 and 2025, total revenue was $1.2 billion and $932.0 million, respectively.
Previous wording
Net income was $139.4 million for the three months ended June 30, 2026 compared to $58.7 million for the same period in 2025. For the six months ended June 30, 2026 and 2025, net income was $251.5 million and $120.7 million, respectively.
Current wording
Net income was $91.3 million for the three months ended September 30, 2026 compared to $96.5 million for the same period in 2025. For the nine months ended September 30, 2026 and 2025, net income was $342.8 million and $217.3 million, respectively.
Previous wording
Adjusted EBITDA was $242.7 million for the three months ended June 30, 2026, or 55.8% of revenue, compared to $178.5 million, or 50.8% of revenue, for the same period in 2025. For the six months ended June 30, 2026, Adjusted EBITDA was $446.7 million, or 54.3% of revenue, compared to $294.9 million, or 51.7% of revenue, for the same period in 2025. Refer to “Supplemental Non-GAAP Financial Information” for further information about the Adjusted EBITDA calculation and reconciliation of generally accepted accounting principles (“GAAP”) net income to Adjusted EBITDA.
Current wording
Adjusted EBITDA was $212.1 million for the three months ended September 30, 2026, or 53.5% of revenue, compared to $190.5 million, or 52.7% of revenue, for the same period in 2025. For the nine months ended September 30, 2026, Adjusted EBITDA was $658.9 million, or 54.0% of revenue, compared to $485.4 million, or 52.1% of revenue, for the same period in 2025. Refer to “Supplemental Non-GAAP Financial Information” for further information about the Adjusted EBITDA calculation and reconciliation of generally accepted accounting principles (“GAAP”) net income to Adjusted EBITDA.
Previous wording
Adjusted Net Income with tax benefit was $182.9 million for the three months ended June 30, 2026 compared to $132.8 million for the three months ended June 30, 2025. For the six months ended June 30, 2026, Adjusted Net Income with tax benefit was $336.1 million compared to $220.9 million for the same period in 2025. Refer to “Supplemental Non-GAAP Financial Information” for further information about the Adjusted Net Income calculation and reconciliation of GAAP net income to Adjusted Net Income.
Current wording
Adjusted Net Income with tax benefit was $163.2 million for the three months ended September 30, 2026 compared to $141.3 million for the three months ended September 30, 2025. For the nine months ended September 30, 2026, Adjusted Net Income with tax benefit was $499.3 million compared to $362.2 million for the same period in 2025. Refer to “Supplemental Non-GAAP Financial Information” for further information about the Adjusted Net Income calculation and reconciliation of GAAP net income to Adjusted Net Income.
Previous wording
The Company includes participating securities in its computation of adjusted earnings per diluted share, including shares of series A Non-Voting Convertible Preferred stock for the three and six months ended June 30, 2026 and 2025.
Current wording
The Company includes participating securities in its computation of adjusted earnings per diluted share, including shares of series A Non-Voting Convertible Preferred stock for the three and nine months ended September 30, 2026 and 2025.
Previous wording
June 30, 2026 AUM compared to March 31, 2026 AUM. At June 30, 2026, our total AUM was $342.5 billion, an increase of $32.6 billion, or 10.5%, from $309.8 billion at March 31, 2026, primarily due to positive market action of $28.5 billion and net inflows of $4.1 billion.
Current wording
September 30, 2026 AUM compared to June 30, 2026 AUM. At September 30, 2026, our total AUM was $351.9 billion, an increase of $9.4 billion, or 2.8%, from $342.5 billion at June 30, 2026, primarily due to net inflows of $11.7 billion partially offset by negative market action of $2.2 billion.
Previous wording
Net inflows were driven by our fixed income strategies, global non-U.S. equity strategies, Solutions platform, and alternative investments of $2.7 billion, $2.0 billion, $3.0 billion, $0.3 billion, respectively, partially offset by net outflows from our U.S. mid cap, U.S. small cap, and U.S. large cap equity strategies of $1.7 billion, $1.0 billion, and $1.0 billion, respectively.
Current wording
Net inflows were driven by our fixed income strategies, global non-U.S. equity strategies, Solutions platform, and alternative investments of $6.8 billion, $1.3 billion, $7.2 billion, $0.4 billion, respectively, partially offset by net outflows from our U.S. mid cap, U.S. small cap, and U.S. large cap equity strategies of $2.0 billion, $1.0 billion, and $1.0 billion, respectively.
Previous wording
June 30, 2026 AUM compared to December 31, 2025 AUM. At June 30, 2026, our total AUM was $342.5 billion, an increase of $28.7 billion, or 9.1%, from $313.8 billion at December 31, 2025, primarily due to positive market action of $25.7 billion and net inflows of $3.5 billion.
Current wording
September 30, 2026 AUM compared to December 31, 2025 AUM. At September 30, 2026, our total AUM was $351.9 billion, an increase of $38.1 billion, or 12.1%, from $313.8 billion at December 31, 2025, primarily due to positive market action of $23.5 billion and net inflows of $15.2 billion.
Previous wording
Net inflows were driven by our fixed income strategies, global non-U.S. equity strategies, Solutions platform, and alternatives investments of $2.1 billion, $2.9 billion, $5.8 billion, and $0.3 billion, respectively, partially offset by net outflows from our U.S. mid cap, U.S. small cap, and U.S. large cap equity strategies of $3.3 billion, $2.1 billion, and $1.9 billion, respectively.
Current wording
Net inflows were driven by our fixed income strategies, global non-U.S. equity strategies, Solutions platform, and alternative investments of $8.9 billion, $4.2 billion, $12.9 billion, and $0.7 billion, respectively, partially offset by net outflows from our U.S. mid cap, U.S. small cap, and U.S. large cap equity strategies of $5.3 billion, $3.0 billion, and $2.9 billion, respectively.
Previous wording
The following table presents our GAAP results of operations for the three and six months ended June 30, 2026 and 2025.
Current wording
The following table presents our GAAP results of operations for the three and nine months ended September 30, 2026 and 2025.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Investment management fees increased by $79.9 million, or 28.3%, to $362.2 million for the three months ended June 30, 2026 from $282.3 million for the same period in 2025 due to an increase in average AUM year over year. Average AUM was $331.3 billion for the three months ended June 30, 2026 compared to $285.0 billion for the same period in 2025.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Investment management fees increased by $33.6 million, or 11.6%, to $322.1 million for the three months ended September 30, 2026 from $288.5 million for the same period in 2025 due to an increase in average AUM year over year. Average AUM was $350.6 billion for the three months ended September 30, 2026 compared to $303.6 billion for the same period in 2025.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Investment management fees increased by $223.0 million, or 48.9%, to $678.6 million for the six months ended June 30, 2026 from $455.6 million for the same period in 2025 due an increase in average AUM. Average AUM was $325.0 billion for the six months ended June 30, 2026 compared to $229.4 billion for the same period in 2025.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Investment management fees increased by $256.6 million, or 34.5%, to $1.0 billion for the nine months ended September 30, 2026 from $744.1 million for the same period in 2025 due the crystallization of certain annual fees received in the second quarter and an increase in average AUM. Average AUM was $333.6 billion for the nine months ended September 30, 2026 compared to $254.1 billion for the same period in 2025.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Fund administration and distribution fees increased by $4.2 million, or 6.1%, to $73.1 million for the three months ended June 30, 2026 from $68.9 million for the same period in 2025 primarily due to an increase in fund administration fees as a result of higher mutual fund average net assets.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Fund administration and distribution fees increased by $1.8 million, or 2.5%, to $74.5 million for the three months ended September 30, 2026 from $72.7 million for the same period in 2025 primarily due to an increase in fund administration fees as a result of higher mutual fund average net assets.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Fund administration and distribution fees increased by $29.5 million, or 25.6%, to $144.7 million for the six months ended June 30, 2026 from $115.2 million for the same period in 2025 primarily due to the same factors discussed above in the quarterly section.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Fund administration and distribution fees increased by $31.3 million, or 16.7%, to $219.2 million for the nine months ended September 30, 2026 from $187.9 million for the same period in 2025 primarily due to the same factors discussed above in the quarterly section.
Previous wording
The following table presents the components of GAAP personnel compensation and benefits expense for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table presents the components of GAAP personnel compensation and benefits expense for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Personnel compensation and benefits were $125.5 million for the second quarter of 2026, an increase of $16.6 million, or 15.2%, from $108.9 million for the same period in 2025. Incentive compensation expense and equity awards granted to employees and directors increased $17.6 million and $10.1 million, respectively, primarily due to an increase in operating results. Salaries, payroll related taxes and employee benefits expense, sales-based compensation, and acquisition and transaction-related compensation decreased $2.1 million, $0.5 million, and $8.4 million.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Personnel compensation and benefits were $126.0 million for the third quarter of 2026, an increase of $29.0 million, or 29.9%, from $97.0 million for the same period in 2025. Equity awards granted to employees and directors, incentive compensation expense, and sales-based compensation expense increased $30.8 million, $4.1 million, and $4.9 million, respectively, primarily due to the vesting of Tranche's 1 and 2 of the Founder's Plan performance-stock award and an increase in variable compensation expense as a result of an increase in operating results. Salaries, payroll related taxes and employee benefits expense and transaction-related compensation decreased $7.2 million and $3.6 million, respectively.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Personnel compensation and benefits were $231.4 million for the six months ended June 30, 2026, an increase of $66.3 million, or 40.2%, from $165.1 million for the same period in 2025. Salaries, payroll related taxes and employee benefits expense, incentive compensation expense, sales-based compensation, and equity awards granted to employees and directors increased $14.8 million, $37.6 million, $4.0 million, and $14.0 million, respectively, primarily due to an expanded business and an increase in variable costs as a result of an increase in operating results. Acquisition and transaction-related compensation decreased $4.1 million due to a decrease in contingent payment compensation expense.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Personnel compensation and benefits were $357.4 million for the nine months ended September 30, 2026, an increase of $95.3 million, or 36.4%, from $262.0 million for the same period in 2025. Equity awards granted to employees and directors, incentive compensation expense, sales based compensation expense and salaries, payroll related taxes and employee benefits expense increased $44.8 million, $41.7 million, $8.9 million, and $7.6 million, respectively, primarily due to the vesting of Tranche's 1 and 2 of the Founder's Plan performance-stock award, an expanded business, and an increase in variable costs as a result of an increase in operating results. Acquisition and transaction-related compensation decreased $7.7 million due to a decrease in contingent payment compensation expense.
Previous wording
The following table presents the components of distribution and other asset-based expenses for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table presents the components of distribution and other asset-based expenses for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Distribution and other asset-based expenses were $68.6 million for the three months ended June 30, 2026, compared to $62.0 million for the same period in 2025. The increase of $6.6 million, or 10.6% was primarily due to higher broker-dealer and platform distribution fees over the comparable period as a result of higher average AUM and an expanded business.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Distribution and other asset-based expenses were $72.4 million for the three months ended September 30, 2026, compared to $66.2 million for the same period in 2025. The increase of $6.2 million, or 9.4% was primarily due to higher broker-dealer and platform distribution fees over the comparable period as a result of higher average AUM and an expanded business.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Distribution and other asset-based expenses were $136.0 million for the six months ended June 30, 2026, compared to $97.5 million for the same period in 2025. The increase of $38.5 million, or 39.5% was primarily due to higher broker-dealer and platform distribution fees over the comparable period as a result of higher average AUM and an expanded business.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Distribution and other asset-based expenses were $208.4 million for the nine months ended September 30, 2026, compared to $163.7 million for the same period in 2025. The increase of $44.7 million, or 27.3% was primarily due to higher broker-dealer and platform distribution fees over the comparable period as a result of higher average AUM and an expanded business.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. General and administrative expenses were $22.9 million for the three months ended June 30, 2026 compared to $23.4 million for the same period in 2025. The decrease of $0.5 million, or 2.0%, was primarily due to decreases in facilities and technology related expenses partially offset by increases in travel and entertainment costs and professional fees.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. General and administrative expenses were $22.9 million for the three months ended September 30, 2026 compared to $23.5 million for the same period in 2025. The decrease of $0.6 million, or 2.4%, was primarily due to decreases in professional and technology related expenses.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. General and administrative expenses were $43.5 million for the six months ended June 30, 2026 compared to $37.7 million for the same period in 2025. The increase of $5.8 million, or 15.4%, was primarily due to increases in professional fees and technology related expenses.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. General and administrative expenses were $66.4 million for the nine months ended September 30, 2026 compared to $61.2 million for the same period in 2025. The increase of $5.3 million, or 8.6%, was primarily due to increases in professional fees and technology related expenses.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Depreciation and amortization decreased $1.2 million, or 5.5%, to $20.6 million for the three months ended June 30, 2026 from $21.8 million for the same period in 2025, primarily due to a decrease in depreciation expense related to information technology equipment.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Depreciation and amortization decreased $1.5 million, or 6.9%, to $20.5 million for the three months ended September 30, 2026 from $22.0 million for the same period in 2025, primarily due to a decrease in depreciation expense related to information technology equipment.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Depreciation and amortization increased $11.9 million, or 40.8%, to $41.2 million for the six months ended June 30, 2026 from $29.2 million for the same period in 2025, primarily due to six months worth of amortization expense of definite-lived intangible assets associated with the Amundi US acquisition in 2026 compared with three months worth of amortization expense of definite-lived intangible assets associated with Amundi US acquisition in 2025.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Depreciation and amortization increased $10.4 million, or 20.3%, to $61.7 million for the nine months ended September 30, 2026 from $51.3 million for the same period in 2025, primarily due to nine months worth of amortization expense of definite-lived intangible assets associated with the Amundi US acquisition in 2026 compared with six months worth of amortization expense of definite-lived intangible assets associated with Amundi US acquisition in 2025.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. The change in value of consideration payable for acquisition of business increased $0.9 million as a result of an increase of $2.0 million in the fair value of contingent consideration associated with the WestEnd Acquisition for the three months ended June 30, 2026 compared to an increase of $1.1 million for the three months ended June 30, 2025. Refer to Note 3, Acquisitions, for further details on the fair value of contingent consideration payable.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. The change in value of consideration payable for acquisition of business decreased $3.3 million as a result of an increase of $0.6 million in the fair value of contingent consideration associated with the WestEnd Acquisition for the three months ended September 30, 2026 compared to an increase of $3.8 million for the three months ended September 30, 2025. Refer to Note 3, Acquisitions, for further details on the fair value of contingent consideration payable.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. The change in value of consideration payable for acquisition of business increased $1.1 million as a result of an increase of $5.6 million in the fair value of contingent consideration associated with the WestEnd Acquisition for the six months ended June 30, 2026 compared to an increase of $4.5 million for the six months ended June 30, 2025. Refer to Note 3, Acquisitions, for further details on the fair value of contingent consideration payable.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. The change in value of consideration payable for acquisition of business decreased $2.2 million as a result of an increase of $6.1 million in the fair value of contingent consideration associated with the WestEnd Acquisition for the nine months ended September 30, 2026 compared to an increase of $8.3 million for the nine months ended September 30, 2025. Refer to Note 3, Acquisitions, for further details on the fair value of contingent consideration payable.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Acquisition-related costs was income of $0.7 million for the three months ended June 30, 2026, compared to expense of $25.8 million for the same period in 2025. The decrease of $26.4 million was due to a decrease in legal and professional fees.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Acquisition-related costs were $15.5 million for the three months ended September 30, 2026, compared to expense of $0.4 million for the same period in 2025. The increase of $15.2 million was due to an increase in legal and professional fees.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Acquisition-related costs were $7.0 million for the six months ended June 30, 2026, compared to $34.5 million for the same period in 2025. The decrease of $27.5 million was due to the same factors discussed in the quarterly section.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Acquisition-related costs were $22.5 million for the nine months ended September 30, 2026, compared to $34.9 million for the same period in 2025. The decrease of $12.4 million was due to a decrease in legal and professional fees.
Previous wording
Three months ended June 30, 2026 compared to June 30, 2025. Restructuring and integration costs for the three months ended June 30, 2026 and 2025 were $2.6 million and $14.0 million, respectively. Restructuring and integration costs for the three months ended June 30, 2026 and 2025 were primarily due to integration and conversions related costs associated with the Amundi US acquisition.
Current wording
Three months ended September 30, 2026 compared to September 30, 2025. Restructuring and integration costs for the three months ended September 30, 2026 and 2025 were $0.9 million and $10.2 million, respectively. The decrease in restructuring and integration costs for the three months ended September 30, 2026 and 2025 were primarily due to a decrease in integration and conversions related costs associated with the Amundi US acquisition.
Previous wording
Six months ended June 30, 2026 compared to June 30, 2025. Restructuring and integration costs for the six months ended June 30, 2026 and 2025 were $5.8 million and $15.2 million, respectively. The decrease of $9.4 million was due to a decrease in costs associated with the Amundi US acquisition.
Current wording
Nine months ended September 30, 2026 compared to September 30, 2025. Restructuring and integration costs for the nine months ended September 30, 2026 and 2025 were $6.7 million and $25.4 million, respectively. The decrease is due to the same factors discussed in the quarterly section.
Previous wording
Interest Income and Other Income (Expense)
Current wording
Interest Income and Other Income
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Nine months ended September 30, 2026 compared to September 30, 2025. For the nine months ended September 30, 2026 and 2025, loss on debt extinguishment was $2.0 million and $0.6 million, respectively, and was due to the write-off of unamortized debt issuance costs and unamortized debt discount as a result of debt refinancing. Refer to Note 10, Debt, for further details.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Six months ended June 30, 2026 compared to June 30, 2025. For the six months ended June 30, 2026, loss on debt extinguishment was $2.0 million and was due to the same factors discussed in the quarterly section. For the six months ended June 30, 2025, the Company had no losses on debt extinguishment. Refer to Note 10, Debt, for further details.