# EDGAR Filing Document

**Accession Number:** 0001056288
**File Stem:** 0001056288-26-000016
**Filing Date:** 2026-4
**Character Count:** 40030
**Document Hash:** b2ab7b9e0759554f7352fcb360df7c1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001056288-26-000016.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001056288-26-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260430

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FEDERATED HERMES, INC.
- **CENTRAL INDEX KEY:** 0001056288
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 251111467
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14818
- **FILM NUMBER:** 26927249

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 LIBERTY AVENUE
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15222
- **BUSINESS PHONE:** 4122881900

**MAIL ADDRESS:**
- **STREET 1:** 1001 LIBERTY AVENUE
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED INVESTORS INC /PA/
- **DATE OF NAME CHANGE:** 20200130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED HERMES, INC.
- **DATE OF NAME CHANGE:** 20200130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED INVESTORS INC /PA/
- **DATE OF NAME CHANGE:** 19980219

?xml version='1.0' encoding='ASCII'? fhi-20260430

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**Form 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): April 30, 2026** 

**FEDERATED HERMES, INC.** 

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Pennsylvania** | **001-14818** | **25-1111467** |
| **(State or other jurisdiction** | **(Commission File Number)** | **(I.R.S. Employer** |
| **of incorporation)** | | **Identification No.)** |

---

**1001 Liberty Avenue** 

**Pittsburgh, Pennsylvania 15222-3779** 

**(Address of principal executive offices, including zip code)**

**(412) 288-1900** 

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Class B common stock, no par value FHI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 30, 2026, Federated Hermes, Inc. (Federated Hermes) issued the earnings press release attached hereto as Exhibit 99.1 to report first quarter 2026 results.

&nbsp;&nbsp;&nbsp;&nbsp;

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

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| | |
|:---|:---|
| <u>[Exhibit 99.1](a991-2026q1earningspressre.htm)</u> | Earnings press release issued by Federated Hermes, Inc. dated April 30, 2026 |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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SIGNATURES

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| | | | FEDERATED HERMES, INC. |
| | | | (REGISTRANT) |
| Date | April 30, 2026 | By: | /s/ Thomas R. Donahue |
|  |  |  | Thomas R. Donahue |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

![fhipressreleaseimageq12020.gif](fhipressreleaseimageq12020.gif)

**Federated Hermes, Inc. reports record assets under management with first quarter 2026 earnings** 

**• Total assets under management reach a record $907.1 billion**

**• Money market assets reach a record $684.7 billion**

**• Equity assets reach a record $100.8 billion**

**• Q1 2026 earnings per diluted share of $1.27**

**• Quarterly dividend increased by 11.8% from previous quarter to $0.38 per share**

(PITTSBURGH, Pa., April 30, 2026) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.27 for Q1 2026, compared to $1.25 for the same quarter last year, on net income of $96.4 million for Q1 2026, compared to $101.1 million for Q1 2025. Federated Hermes' Q1 2025 results included a $12.9 million decrease in other operating expense, or $0.15 per diluted share, resulting from a value-added tax (VAT) refund received as part of amended VAT filings in the U.K.

Federated Hermes' total managed assets were a record $907.1 billion at March 31, 2026, up $67.3 billion or 8% from $839.8 billion at March 31, 2025 and up $4.5 billion from $902.6 billion at Dec. 31, 2025. Total average managed assets for Q1 2026 were $915.6 billion, up $72.4 billion or 9% from $843.2 billion for Q1 2025 and up $41.9 billion or 5% from $873.7 billion for Q4 2025.

"In the first quarter, we saw record gross sales and positive net flows in our equity offerings as we continued momentum from the previous year, with investor interest in a range of our offering types," said J. Christopher Donahue, president and chief executive officer. "Separate accounts reached new record assets on overall demand for our MDT suite of quantitative investment solutions, led by our MDT All Cap Core and MDT Mid Cap Growth offerings. Investors with interest in capital preservation and liquidity continued to rely on our money market offerings and—for those interested in moving further out the yield curve in the pursuit of higher yields than money market products—our ultrashort funds."

Federated Hermes' board of directors declared a dividend of $0.38 per share, which was an increase of $0.04 or 11.8% from the previous quarter. The dividend is payable on May 15, 2026 to shareholders of record as of May 8, 2026. During Q1 2026, Federated Hermes purchased 1,191,300 shares of Federated Hermes class B common stock for $66.0 million.

Equity assets were a record $100.8 billion at March 31, 2026, up $19.9 billion or 25% from $80.9 billion at March 31, 2025 and up $2.9 billion or 3% from $97.9 billion at Dec. 31, 2025. Top-selling equity funds during Q1 2026 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes MDT US Equity Fund and Federated Hermes MDT Small Cap Core Fund.

Fixed-income assets were $99.8 billion at March 31, 2026, up $0.3 billion from $99.5 billion at March 31, 2025 and down $0.3 billion from $100.1 billion at Dec. 31, 2025. Top-selling fixed-income funds during Q1 2026 on a net basis were Federated Hermes Ultrashort Bond Fund, Federated Hermes Total Return Bond ETF, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Government Ultrashort Fund and Federated Hermes Short-Term Income Fund.

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| | |
|:---|:---|
| **MEDIA:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ANALYSTS:** |
| Ed Costello 412-288-7538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ray Hanley 412-288-1920 |

---

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 **&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 2 of 10** |

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Alternative/private markets assets were $19.0 billion at March 31, 2026, down $0.4 billion or 2% from $19.4 billion at March 31, 2025 and down $0.1 billion or 1% from $19.1 billion at Dec. 31, 2025.

Money market assets were a record $684.7 billion at March 31, 2026, up $47.6 billion or 7% from $637.1 billion at March 31, 2025 and up $2.1 billion from $682.6 billion at Dec. 31, 2025. Money market fund assets were $502.8 billion at March 31, 2026, up $37.9 billion or 8% from $464.9 billion at March 31, 2025 and down $5.6 billion or 1% from $508.4 billion at Dec. 31, 2025.

**Financial Summary**

***Q1 2026 vs. Q1 2025***

Revenue increased $55.4 million or 13% primarily due to an increase in revenue due to higher average money market and equity assets. This increase was partially offset by a decrease in performance fees and carried interest of $5.6 million, which includes a decrease of $1.0 million in carried interest from consolidated carried interest vehicles, which is largely offset in compensation expense.

During Q1 2026, Federated Hermes derived 54% of its revenue from money market assets, 45% from long-term assets (30% from equity, 10% from fixed-income, and 5% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.

Operating expenses increased $60.9 million or 21% primarily due to a $26.7 million increase in distribution expenses resulting primarily from higher average money market fund assets, an $18.2 million increase in other expense primarily due to a value added tax (VAT) refund received in Q1 2025 related to amended VAT filings in the U.K. and fluctuations in foreign currency exchange rates, and a $10.8 million increase in compensation and related expense primarily due to higher incentive compensation.

Nonoperating income (expenses), net for Q1 2026 decreased $0.8 million due primarily to lower net gains on securities.

***Q1 2026 vs. Q4 2025***

Revenue decreased $3.9 million or 1% primarily due to a $10.5 million decrease in revenue resulting from two fewer days in Q1 2026 and a decrease in development fees of $8.6 million. These decreases were partially offset by an increase in revenue due to higher average money market and equity assets.

Operating expenses increased $5.4 million or 2% primarily due to a $9.1 million increase in compensation and related expense primarily from higher stock-based compensation expense, partially offset by a $3.4 million decrease in Other expense primarily due to lower charitable contributions.

Nonoperating income (expenses), net decreased $1.3 million due primarily to lower net gains on securities .

**Earnings call information**

Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, May 1, 2026. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, go to the About section of FederatedHermes.com/us to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on May 1, 2026. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53870. The online replay will be available via FederatedHermes.com/us for one year.

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 **&nbsp;&nbsp;&nbsp;&nbsp;**

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|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 3 of 10** |

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**About Federated Hermes**

Federated Hermes, Inc. is a global leader in active investment management, with $907.1 billion in assets under management<sup>1</sup>. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 11,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide.

Federated Hermes ranks in the top 5% of equity fund managers, the top 8% of money market fund managers and the top 11% of fixed-income fund managers<sup>2</sup> in the industry. Federated Hermes also ranks as the 10th-largest manager of model-delivered separately managed accounts<sup>3</sup>. For more information, including an analyst presentation, which is updated periodically, visit **FederatedHermes.com/us**.

###

*1) As of March 31, 2026.*

*2) Morningstar, March 31, 2026. Based on U.S. fund flows rankings.*

*3) Money Management Institute/Cerulli,Q4 2025.*

*Federated Securities Corp. is distributor of the Federated Hermes funds.*

*Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling, Federated MDTA LLC, Hermes Fund Managers Ireland Limited, Hermes Investment Management Limited, and Hermes GPE LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.***<br>Cautionary statements**

Certain statements in this press release, such as those related to performance, investment strategies, opportunities to meet client needs, investor preferences and demand, asset flows and asset mix constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements can include statements that do not relate strictly to historical or current facts and are typically identified by words or phrases such as "trend," "forecast," "project," "predict," "potential," "approximate," "opportunity," "believe," "expect," "anticipate," "current," "intention," "estimate," "position," "projection," "plan," "assume," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "can," "may," and similar expressions. Any forward-looking statement, and Federated Hermes' level of business activity and financial results, are inherently subject to significant business, market, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Federated Hermes' control. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, predict whether performance fees or carried interest will be earned and retained, the ability of the company to sustain product demand, the timing and level of product sales and redemptions, market appreciation or depreciation, revenues, and asset levels, flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future.

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 **&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 4 of 10** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Unaudited Condensed Consolidated Statements of Income*** | ***Unaudited Condensed Consolidated Statements of Income*** | ***Unaudited Condensed Consolidated Statements of Income*** | ***Unaudited Condensed Consolidated Statements of Income*** | ***Unaudited Condensed Consolidated Statements of Income*** | ***Unaudited Condensed Consolidated Statements of Income*** |
| *(in thousands, except per share data)* |  |  |  |  |  |
|  | **Quarter Ended** | **Quarter Ended** | **% Change Q1 2025 to Q1 2026** | **Quarter Ended** | **% Change Q4 2025 to Q1 2026** |
|  | **March 31, 2026** | **March 31, 2025** | **% Change Q1 2025 to Q1 2026** | **Dec. 31, 2025** | **% Change Q4 2025 to Q1 2026** |
| **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees, net | $319408 | $287460 | 11% | $313975 | 2% |
| &nbsp;&nbsp;&nbsp;Administrative service fees, net—affiliates | 110285 | 101109 | 9 | 109759 | 0 |
| &nbsp;&nbsp;&nbsp;Other service fees, net | 49264 | 34971 | 41 | 59099 | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Revenue* | 478957 | 423540 | 13 | 482833 | (1) |
| **Operating Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and related | 154119 | 143270 | 8 | 144981 | 6 |
| &nbsp;&nbsp;&nbsp;Distribution | 125745 | 99085 | 27 | 122339 | 3 |
| &nbsp;&nbsp;&nbsp;Systems and communications | 26463 | 24226 | 9 | 24719 | 7 |
| &nbsp;&nbsp;&nbsp;Professional service fees | 21336 | 18548 | 15 | 23399 | (9) |
| &nbsp;&nbsp;&nbsp;Office and occupancy | 10062 | 9952 | 1 | 9704 | 4 |
| &nbsp;&nbsp;&nbsp;Advertising and promotional | 4098 | 4576 | (10) | 7001 | (41) |
| &nbsp;&nbsp;&nbsp;Travel and related | 3850 | 3553 | 8 | 4677 | (18) |
| &nbsp;&nbsp;&nbsp;Intangible asset related | 3422 | 3196 | 7 | 3475 | (2) |
| &nbsp;&nbsp;&nbsp;Other | 3531 | (14638) | (124) | 6964 | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Operating Expenses* | 352626 | 291768 | 21 | 347259 | 2 |
| &nbsp;&nbsp;&nbsp;Operating Income | 126331 | 131772 | (4) | 135574 | (7) |
| **Nonoperating Income (Expenses)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment income (loss), net | 6653 | 7475 | (11) | 7886 | (16) |
| &nbsp;&nbsp;&nbsp;Debt expense | (3185) | (3179) | 0 | (3201) | 0 |
| &nbsp;&nbsp;&nbsp;Other, net | (30) | (27) | (11) | 73 | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Total Nonoperating Income (Expenses), net* | 3438 | 4269 | (19) | 4758 | (28) |
| &nbsp;&nbsp;&nbsp;Income before income taxes | 129769 | 136041 | (5) | 140332 | (8) |
| &nbsp;&nbsp;&nbsp;Income tax provision | 33823 | 32165 | 5 | 32899 | 3 |
| &nbsp;&nbsp;&nbsp;Net income including the noncontrolling interests in subsidiaries | 95946 | 103876 | (8) | 107433 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries | (432) | 2742 | (116) | 394 | (210) |
| &nbsp;&nbsp;&nbsp;Net Income | $96378 | $101134 | (5)% | $107039 | (10)% |
| **Amounts Attributable to Federated Hermes, Inc.** |  |  |  |  |  |
| &nbsp;&nbsp;**Earnings Per Share**<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | $1.27 | $1.25 | 2% | $1.39 | (9)% |
| &nbsp;&nbsp;&nbsp;**Weighted-Average Shares Outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 72648 | 77541 |  | 73795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 72650 | 77542 |  | 73795 |  |
| &nbsp;&nbsp;&nbsp;**Dividends Declared Per Share** | $0.34 | $0.31 |  | $0.34 |  |

---

*1) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $4.4 million, $4.5 million and $4.8 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended March 31, 2026, March 31, 2025 and Dec. 31, 2025, respectively, was excluded from the computation of earnings per share.*

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| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 5 of 10** |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; ***Unaudited Condensed Consolidated Balance Sheets*** | | |
| &nbsp;&nbsp;&nbsp;*(in thousands)* |<br>**March 31, 2026** |<br>**Dec. 31, 2025** |
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and other investments | $645417 | $724297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 143153 | 139495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets, net, including goodwill | 1173986 | 1183612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | 181251 | 181933 |
| &nbsp;&nbsp;&nbsp; *Total Assets* | $2143807 | $2229337 |
| &nbsp;&nbsp;&nbsp;**Liabilities, Redeemable Noncontrolling Interests and Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Current liabilities | $240680 | $314141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term debt | 348434 | 348369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities | 291853 | 303350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemable noncontrolling interests | 58520 | 66529 |
| &nbsp;&nbsp;Equity excluding treasury stock | 2133825 | 2070162 |
| &nbsp;&nbsp;Treasury stock | (929505) | (873214) |
| &nbsp;&nbsp;&nbsp; *Total Liabilities, Redeemable Noncontrolling Interests and Equity* | $2143807 | $2229337 |

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| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 6 of 10** |

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| | | | |
|:---|:---|:---|:---|
| ***Unaudited Changes in Long-Term Assets - By Asset Class*** | ***Unaudited Changes in Long-Term Assets - By Asset Class*** | ***Unaudited Changes in Long-Term Assets - By Asset Class*** | ***Unaudited Changes in Long-Term Assets - By Asset Class*** |
| *(in millions)* | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **March 31, 2026** | **Dec. 31, 2025** | **March 31, 2025** |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning assets | $97898 | $94656 | $79423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> | 9091 | 8949 | 7412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>1</sup> | (6878) | (7431) | (5993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>1</sup> | 2213 | 1518 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | (139) | 139 | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>2</sup> | (287) | 107 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>3</sup> | 1147 | 1478 | (569) |
| &nbsp;&nbsp;&nbsp;Ending assets | $100832 | $97898 | $80913 |
| **Fixed Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning assets | $100127 | $101813 | $98059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> | 5927 | 5891 | 5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>1</sup> | (6349) | (8687) | (6288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>1</sup> | (422) | (2796) | (344) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | 148 | 15 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>2</sup> | (40) | 6 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>3</sup> | (15) | 1089 | 1585 |
| &nbsp;&nbsp;&nbsp;Ending assets | $99798 | $100127 | $99486 |
| **Alternative/Private Markets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning assets | $19101 | $19024 | $18864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> | 629 | 724 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>1</sup> | (547) | (592) | (1024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>1</sup> | 82 | 132 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | 0 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>2</sup> | (275) | 35 | 532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>3</sup> | 83 | (90) | (32) |
| &nbsp;&nbsp;&nbsp;Ending assets | $18991 | $19101 | $19426 |
| **Multi-asset** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning assets | $2854 | $2940 | $2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> | 58 | 59 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>1</sup> | (94) | (92) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>1</sup> | (36) | (33) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | 1 | (121) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>3</sup> | (41) | 68 | (17) |
| &nbsp;&nbsp;&nbsp;Ending assets | $2778 | $2854 | $2826 |
| **Total Long-term Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning assets | $219980 | $218433 | $199229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>1</sup> | 15705 | 15623 | 14504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>1</sup> | (13868) | (16802) | (13410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>1</sup> | 1837 | (1179) | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | 10 | 33 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>2</sup> | (602) | 148 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>3</sup> | 1174 | 2545 | 967 |
| &nbsp;&nbsp;&nbsp;Ending assets | $222399 | $219980 | $202651 |

---

*1) &nbsp;&nbsp;&nbsp;&nbsp;For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.*

*2) Reflects the impact of translating non-U.S. dollar denominated assets under management (AUM) into U.S. dollars for reporting purposes.*

*3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.*

------

 **&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 7 of 10** |

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** | &nbsp;&nbsp;&nbsp;***Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type*** |
| *(in millions)*  | | | | | | | | | | |
|  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Equity** | **Equity** | **Fixed Income** | **Fixed Income** | **Alternative / Private Markets** | **Alternative / Private Markets** | **Multi-asset** | **Multi-asset** | **Total** | **Total** |
|  | Funds | Separate Accounts<sup>1</sup> | Funds | Separate Accounts<sup>1</sup> | Funds | Separate Accounts<sup>1</sup> | Funds | Separate Accounts<sup>1</sup> | Funds<sup>.</sup> | Separate Accounts<sup>1</sup> |
| Beginning assets | $54988 | $42910 | $45973 | $54154 | $12085 | $7016 | $2850 | $4 | $115896 | $104084 |
| &nbsp;&nbsp;&nbsp;Sales | 5855 | 3236 | 3985 | 1942 | 609 | 20 | 58 | 0 | 10507 | 5198 |
| &nbsp;&nbsp;&nbsp;Redemptions | (4561) | (2317) | (3993) | (2356) | (318) | (229) | (94) | 0 | (8966) | (4902) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions) | 1294 | 919 | (8) | (414) | 291 | (209) | (36) | 0 | 1541 | 296 |
| &nbsp;&nbsp;&nbsp;Net exchanges | (169) | 30 | 148 | 0 | 0 | 0 | 1 | 0 | (20) | 30 |
| &nbsp;&nbsp;Impact of foreign exchange<sup>2</sup> | (158) | (129) | (26) | (14) | (159) | (116) | 0 | 0 | (343) | (259) |
| &nbsp;&nbsp;Market gains and (losses)<sup>3</sup> | (767) | 1914 | (166) | 151 | 122 | (39) | (41) | 0 | (852) | 2026 |
| Ending assets | $55188 | $45644 | $45921 | $53877 | $12339 | $6652 | $2774 | $4 | $116222 | $106177 |

---

*1)&nbsp;&nbsp;&nbsp;&nbsp;Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.*

*2)&nbsp;&nbsp;&nbsp;&nbsp;Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.*

*3)&nbsp;&nbsp;&nbsp;&nbsp;Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.*

------

 **&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 8 of 10** |

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---

| | | | |
|:---|:---|:---|:---|
| ***Unaudited Changes in Long-Term Assets - By Offering Type*** | ***Unaudited Changes in Long-Term Assets - By Offering Type*** | ***Unaudited Changes in Long-Term Assets - By Offering Type*** | ***Unaudited Changes in Long-Term Assets - By Offering Type*** |
| *(in millions)*  | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
|  | **March 31, 2026** | **Dec. 31, 2025** | **March 31, 2025** |
| **Total Fund Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning assets | $115896 | $115215 | $103567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | 10507 | 10419 | 9279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (8966) | (10835) | (8763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions) | 1541 | (416) | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | (20) | 33 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>1</sup> | (343) | 34 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>2</sup> | (852) | 1030 | (479) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets | $116222 | $115896 | $104289 |
| **Total Separate Account Assets**<sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning assets | $104084 | $103218 | $95662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>4</sup> | 5198 | 5204 | 5225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>4</sup> | (4902) | (5967) | (4647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>4</sup> | 296 | (763) | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | 30 | 0 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>1</sup> | (259) | 114 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>2</sup> | 2026 | 1515 | 1446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets | $106177 | $104084 | $98362 |
| **Total Long-term Assets**<sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning assets | $219980 | $218433 | $199229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales<sup>4</sup> | 15705 | 15623 | 14504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions<sup>4</sup> | (13868) | (16802) | (13410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net sales (redemptions)<sup>4</sup> | 1837 | (1179) | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net exchanges | 10 | 33 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of foreign exchange<sup>1</sup> | (602) | 148 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market gains and (losses)<sup>2</sup> | 1174 | 2545 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets | $222399 | $219980 | $202651 |

---

*1) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.* 

*2) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.*

*3) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings.*

*4) For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.*

*<br>*

------

 **&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 9 of 10** |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Unaudited Managed Assets*** | | | | | |
| <br>(*in millions)* | **March 31, 2026** | **Dec. 31, 2025** | **Sept. 30, 2025** | **June 30, 2025** | **March 31, 2025** |
| **<u>By Asset Class</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $100832 | $97898 | $94656 | $88994 | $80913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Income | 99798 | 100127 | 101813 | 98687 | 99486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative / Private Markets | 18991 | 19101 | 19024 | 20738 | 19426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset | 2778 | 2854 | 2940 | 2856 | 2826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-Term Assets | 222399 | 219980 | 218433 | 211275 | 202651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market | 684748 | 682604 | 652767 | 634400 | 637122 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Managed Assets* | $907147 | $902584 | $871200 | $845675 | $839773 |
| **<u>By Offering Type</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Funds:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $55188 | $54988 | $54110 | $49359 | $43910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Income | 45921 | 45973 | 46478 | 45415 | 45800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative / Private Markets | 12339 | 12085 | 11814 | 12905 | 11879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset | 2774 | 2850 | 2813 | 2730 | 2700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-Term Assets | 116222 | 115896 | 115215 | 110409 | 104289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market | 502775 | 508403 | 492701 | 468044 | 464912 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Fund Assets* | $618997 | $624299 | $607916 | $578453 | $569201 |
| &nbsp;&nbsp;&nbsp;**Separate Accounts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $45644 | $42910 | $40546 | $39635 | $37003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Income | 53877 | 54154 | 55335 | 53272 | 53686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative / Private Markets | 6652 | 7016 | 7210 | 7833 | 7547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset | 4 | 4 | 127 | 126 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-Term Assets | 106177 | 104084 | 103218 | 100866 | 98362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market | 181973 | 174201 | 160066 | 166356 | 172210 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Separate Account Assets* | $288150 | $278285 | $263284 | $267222 | $270572 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Managed Assets* | $907147 | $902584 | $871200 | $845675 | $839773 |

---

------

 **&nbsp;&nbsp;&nbsp;&nbsp;**

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| | |
|:---|:---|
| **Federated Hermes reports Q1 2026 earnings** | &nbsp;&nbsp;**Page 10 of 10** |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Unaudited Average Managed Assets*** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** |
| &nbsp;&nbsp;&nbsp;&nbsp;(*in millions)* | **March 31, 2026** | **Dec. 31, 2025** | **Sept. 30, 2025** | **June 30, 2025** | **March 31, 2025** |
| &nbsp;&nbsp;&nbsp;**<u>By Asset Class</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $102037 | $96404 | $92436 | $83564 | $82105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Income | 100996 | 100855 | 99206 | 98365 | 99360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative / Private Markets | 19232 | 18971 | 19862 | 20053 | 19012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset | 2859 | 2836 | 2895 | 2779 | 2900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-Term Assets | 225124 | 219066 | 214399 | 204761 | 203377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market | 690450 | 654635 | 645092 | 632543 | 639827 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Avg. Managed Assets* | $915574 | $873701 | $859491 | $837304 | $843204 |
| &nbsp;&nbsp;&nbsp;**<u>By Offering Type</u>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Funds:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | $56987 | $55101 | $51828 | $45965 | $45260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Income | 46096 | 46116 | 45743 | 44972 | 45715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative / Private Markets | 12254 | 11871 | 12347 | 12370 | 11610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset | 2855 | 2833 | 2770 | 2654 | 2774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-Term Assets | 118192 | 115921 | 112688 | 105961 | 105359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market | 507752 | 493355 | 482237 | 462683 | 463727 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Avg. Fund Assets* | $625944 | $609276 | $594925 | $568644 | $569086 |
| &nbsp;&nbsp;&nbsp;**Separate Accounts:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity<sup>1</sup> | $45050 | $41303 | $40608 | $37599 | $36845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed-Income | 54900 | 54739 | 53463 | 53393 | 53645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative / Private Markets | 6978 | 7100 | 7515 | 7683 | 7402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Asset<sup>1</sup> | 4 | 3 | 125 | 125 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Long-Term Assets | 106932 | 103145 | 101711 | 98800 | 98018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market | 182698 | 161280 | 162855 | 169860 | 176100 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Avg. Separate Account Assets* | $289630 | $264425 | $264566 | $268660 | $274118 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Avg. Managed Assets* | $915574 | $873701 | $859491 | $837304 | $843204 |

---

*1) A Separate Account was reclassified from Multi-Asset to Equity effective October 1, 2025.*

<br>