Victory Capital reports May AUM of $289.4B; guides Q2 fee rate 46-47 bps

Victory Capital Holdings, Inc.

Total AUM $289.4B as of May 31, 2025, up from $279.3B in April; average AUM $285.5B.
Issued 5.4M preferred shares to Amundi on May 23; estimated fully diluted shares ~85M for Q2.
Post-Pioneer integration, consolidated fee rate guidance 46-47 bps; no EBITDA impact from net accounting.
Pioneer Fund administration reimbursements and broker-dealer commissions now shown on net basis.

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