VCTR · Victory Capital Holdings, Inc.

This 8-K filing, anchored by Exhibit 99.1, delivers Victory Capital’s March 2026 asset metrics and confirms the upcoming release of first-quarter 2026 financial results. The disclosed $309.8 billion in AUM and $313.1 billion in total client assets represent material sequential declines: total client assets fell $14.0 billion from $327.1 billion at February 28, 2026, while long-term AUM dropped $14.0 billion to $306.2 billion. The $457 million in long-term net outflows for Q1 2026 — the only explicitly stated flow metric — indicates sustained investor redemptions across strategies, particularly in U.S. Large Cap Equity (−$3.6B), U.S. Mid Cap Equity (−$2.1B), and Global/Non-U.S. Equity (−$2.7B). These outflows occurred despite stable average balances during March ($318.5B average total client assets vs. $313.1B ending), suggesting concentrated month-end withdrawals. The press release contains no income statement data, guidance, or capital return announcements; all disclosed figures are balance-sheet-oriented asset metrics. As this is a pre-earnings disclosure tied directly to the forthcoming Q1 financial report — which will include revenue, profitability, and expense metrics — investors should treat these AUM trends as leading indicators of potential revenue pressure, given Victory Capital’s fee-based business model. The absence of any positive flow commentary or strategic initiative updates further underscores the significance of the outflow trend. The May 6–7 earnings timeline provides the next near-term catalyst for valuation reassessment.