# EDGAR Filing Document

**Accession Number:** 0001570827
**File Stem:** 0000950170-25-086555
**Filing Date:** 2025-6
**Character Count:** 215928
**Document Hash:** b3e888fa0875e024a4e59026d3c396f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-086555.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0000950170-25-086555

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250401

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Victory Capital Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001570827
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38388
- **FILM NUMBER:** 251048626

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMANN ROAD
- **STREET 2:** 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 216-898-2400

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMANN ROAD
- **STREET 2:** 4TH FLOOR
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

?xml version='1.0' encoding='ASCII'? 8-K/A

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 8-K/A

(Amendment No. 1)

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**June 16, 2025 (**April 1, 2025**)**

Date of Report (date of earliest event reported)

------

Victory Capital Holdings, Inc.

(Exact name of registrant as specified in its charter)

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-38388 | 32-0402956 |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| 15935 La Cantera Parkway**;** San Antonio**,** TX | 78256 |
| (Address of principal executive offices) | (Zip Code) |

---

**(**216**)** 898-2400

(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 registrants under any of the following provisions (see General Instruction A.2. below):

☐ 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** |
| Class A Common Stock, Par Value $0.01 | VCTR | NASDAQ |

---

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. ☐

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**Item 2.01. Completion of Acquisition or Disposition of Assets.**

On July 8, 2024, Victory Capital Holdings, Inc., a Delaware corporation (along with its wholly-owned subsidiaries, collectively referred to as the "Company" or "Victory"), and Amundi Asset Management S.A.S ("Amundi") entered into the Contribution Agreement (the "Contribution Agreement") to combine Amundi's U.S. business into the Company. Amundi US's activities are principally conducted by its wholly owned subsidiary Amundi US, Inc. and Amundi US, Inc.'s two wholly owned subsidiaries, Amundi Asset Management US, Inc. and Amundi Distributor US, Inc. (Amundi US, Inc. together with its subsidiaries, "Amundi US").

On April 1, 2025, the Company completed the transactions contemplated by the Contribution Agreement (the "contribution"). In exchange for the contribution of all the shares of the Amundi US to the Company, the Company issued to Amundi (a) 3,293,471 newly issued shares of Common Stock, representing 4.9% of the number of issued and outstanding shares of Common Stock after giving effect to such issuance, and (b) 19,742,300 newly issued shares of Preferred Stock, which, together with the shares of Common Stock issued to Amundi represented in the aggregate 26.1% of the Company's fully diluted shares after giving effect to such share issuances. The Preferred Stock issued to Amundi includes 14,305,982 shares issued on April 1, 2025 and 5,436,318 shares issued on May 23, 2025 as a true up payment in respect of client consents obtained in the 30 days following the Closing. Closing consideration due to Amundi is subject to a customary post-closing adjustment, which has not yet been determined.

This Current Report on Form 8-K/A amends the Current Report on Form 8-K filed by the Company on April 3, 2025 in order to include the financial statements of Amundi US and the pro forma financial information required by Item 9.01 of Form 8-K. The pro forma financial information included in this Form 8-K/A has been presented for informational purposes only, as required by Form 8-K. It does not purport to represent the actual results of operations that Victory and Amundi US would have achieved had the companies been combined during the periods presented in the pro forma financial information and is not intended to project the future results of operations that the combined company may achieve after Victory's acquisition of Amundi US. Except as described above, all other information in Victory's Current Report on Form 8-K filed on April 3, 2025 remains unchanged.

**Item 9.01. Financial Statements and Exhibits.**

*(a) Financial Statements of Business Acquired.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The audited financial statements of Amundi US as of and for the years ended December 31, 2024 and 2023 and the related notes to the financial statements incorporated herein by reference to Exhibit 99.2 to this Form 8-K/A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The unaudited financial statements of Amundi US as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 and the related notes to the financial statements incorporated herein by reference to Exhibit 99.3 to this Form 8-K/A.

*(b) Pro Forma Financial Information.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The unaudited pro forma condensed combined financial statements, and the related notes thereto, of Victory and Amundi US, as of and for the three months ended March 31, 2025 and as of and for the year ended December 31, 2024 incorporated herein by reference to Exhibit 99.4 to this Form 8-K/A.

------

*(c) Exhibits.*

---

| | |
|:---|:---|
| **Exhibit** |  |
| **Number** | **Description** |
| 23.1 | [<u>Consent of Ernst & Young LLP</u>](vctr-ex23_1.htm) |
| 23.2 | [<u>Consent of Deloitte & Touche LLP</u>](vctr-ex23_2.htm)<br>|
| 99.1 | [<u>Press Release, dated April 1, 2025 (filed as Exhibit 99.1 to the Company's Form 8-K, File No. 001-04659, on April 3, 2025 and incorporated herein by reference).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/1570827/000110465925031690/tm2510918d1_8k.htm)<br>|
| 99.2 | [<u>Audited financial statements of Amundi US as of and for the years ended December 31, 2024 and 2023.</u>](vctr-ex99_2.htm)<br>|
| 99.3 | [<u>Unaudited financial statements of Amundi US as of March 31, 2025 and for the three months ended March 31, 2025 and 2024.</u>](vctr-ex99_3.htm)<br>|
| 99.4 | [<u>The unaudited pro forma condensed combined financial statements, and the related notes thereto, of Victory and Amundi US, as of and for the three months ended March 31, 2025 and as of and for the year ended December 31, 2024.</u>](vctr-ex99_4.htm)<br>|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)<br>|

---

*(d)* ------

**SIGNATURE(S)**

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

---

| | | |
|:---|:---|:---|
|  | **VICTORY CAPITAL HOLDINGS, INC.** | **VICTORY CAPITAL HOLDINGS, INC.** |
| Date: June 16, 2025 | By: | /s/ MICHAEL D. POLICARPO |
|  |  | Name: Michael D. Policarpo |
|  |  | Title: President, Chief Financial Officer and Chief Administrative Officer |

---

------

## Exhibit 23.1

**<br>Exhibit 23.1**

**Consent of Independent Auditors**

We consent to the incorporation by reference in Registration Statement No. 333-259784 on Form S-3 and Registration Statement Nos. 333-279981 and 333-222937 on Form S-8 of Victory Capital Holdings, Inc. of our report dated August 6, 2024, relating to the consolidated financial statements of Amundi US, Inc. as of and for the year ended December 31, 2023 appearing in this Current Report on Form 8-K/A of Victory Capital Holdings, Inc.

/s/ Ernst & Young LLP

Boston, Massachusetts<br>June 16, 2025

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## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the incorporation by reference in Registration Statement No. 333-259784 on Form S-3 and Registration Nos. 333-279981 and 333-222937 on Form S-8 of Victory Capital Holdings, Inc. of our report dated February 28, 2025, relating to the financial statements of Amundi US, Inc. included in this Current Report on Form 8-K/A dated June 16, 2025.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 16, 2025

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## Exhibit 99.2

Exhibit 99.2

**AMUNDI US, INC.**

Consolidated Financial Statements

As of and for the Years Ended December 31, 2024 and 2023

With Reports of Independent Auditors

------

Exhibit 99.2

CONTENTS

---

| | |
|:---|:---|
| Report of Independent Auditors |  |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023](#consolidated_balance_sheets) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations for the years ended December 31, 2024 and 2023](#consolidated_statements_operations) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Stockholder's Equity for the years ended December 31, 2024 and 2023](#consolidated_stateme_change_stock_equity) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023](#consolidated_statements_cash_flows) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#notes_consolidated_financial_statements) | 9 |

---

------

**INDEPENDENT AUDITOR'S REPORT**

To the Board of Directors and Stockholder of Amundi US, Inc.:

**Opinion**

We have audited the consolidated financial statements of Amundi US, Inc. (the "Company"), which comprise the consolidated balance sheet as of December 31, 2024, and the related consolidated statements of operations, changes in stockholder's equity, and cash flows for the year then ended, and the related notes to the consolidated financial statements (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the

------

Exhibit 99.2

aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 28, 2025

------

Exhibit 99.2

**Report of Independent Auditors**

To the Board of Directors and Stockholder of Amundi US, Inc.:

**Opinion**

We have audited the consolidated financial statements of Amundi US, Inc. (the Company), which comprise the consolidated balance sheet as of December 31, 2023, and the related consolidated statements of operations, changes in stockholder's equity and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for the year then ended, in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

------

Exhibit 99.2

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;estimates made by management, as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Ernst & Young LLP

Boston, Massachusetts August 6, 2024

------

Exhibit 99.2

**AMUNDI US, INC.**

Consolidated Balance Sheets

(in thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | **December 31,<br>2024** | **December 31,<br>2023** |
| **Assets** |  |  |
| Cash and cash equivalents | $164252 | $148497 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees, distribution fees, and the Pioneer Family of<br> Mutual Funds | 22354 | 20395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 24478 | 22130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 69 | 114 |
| Prepaid service fees and dealer advances | 1245 | 617 |
| Prepaid expenses | 5031 | 6267 |
| Other assets | 10231 | 11423 |
| Investment in deferred compensation plans | 82432 | 71406 |
| Property, software and equipment (net of accumulated depreciation/<br> amortization of $18,032 and $15,580, respectively) | 11958 | 14998 |
| Right of use property, operating (net of accumulated depreciation of $18,177<br> and $15,246, respectively) | 23443 | 26873 |
| Intangible assets (net of accumulated amortization of $0 and $15,604,<br> respectively) | 715994 | 716816 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**1061487** | $**1039536** |
| **Liabilities and Stockholder's Equity** |  |  |
| Liabilities: |  |  |
| Accrued compensation and related benefits | $40856 | $29318 |
| Accounts payable and accrued expenses | 14950 | 16803 |
| Distribution and service fees due to brokers and dealers | 13163 | 11155 |
| Due to affiliates | 6085 | 14993 |
| Income tax payable | 720 | 5000 |
| Deferred income taxes | 136362 | 140364 |
| Deferred compensation plans | 60075 | 51681 |
| Lease liability, operating | 32891 | 37378 |
| Long-term incentive plans | 9062 | 11575 |
| **Total liabilities** | **314164** | **318267** |
| Stockholder's Equity: |  |  |
| Common stock, $0.01 par value. Authorized 1,000 shares; issued and<br> outstanding 100 shares |  |  |
| Paid-in capital | 1132167 | 1131802 |
| Accumulated deficit | (384844) | (410533) |
| **Total stockholder's equity** | **747323** | **721269** |
| **Total liabilities and stockholder's equity** | $**1061487** | $**1039536** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

Exhibit 99.2

**AMUNDI US, INC.**

Consolidated Statements of Operations

(in thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees, net | $310849 | $260336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees, distribution fees and underwriting revenues | 72350 | 63628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party revenues | 93276 | 78159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement for expenses incurred on behalf of the Pioneer Family of<br> Mutual Funds and other Amundi affiliates | 40060 | 40386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements for administrative services and other revenue | 27188 | 24748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 543723 | 467257 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service and distribution fee expenses | 71058 | 62796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related benefits | 175526 | 158740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party expenses | 29640 | 30377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 43247 | 38382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4002 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and facilities | 8918 | 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3800 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data-related services | 8052 | 7751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses incurred on behalf of the Pioneer Family of<br> Mutual Funds and other Amundi affiliates | 40060 | 40386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 15069 | 20904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 399372 | 377688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 144351 | 89569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 30662 | 13328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income and comprehensive income** | $113689 | $76241 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

Exhibit 99.2

**AMUNDI US, INC.**

Consolidated Statements of Changes in Stockholder's Equity

(in thousands, except share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** |  |  | **Total** |
|  | **Number of<br>shares** | **Amount** | **Paid-in<br>capital** | **Accumulated<br>deficit** | **stockholder's<br>equity** |
| Balance at December 31, 2022 | 100 | $— | $1131802 | $(416774) | $715028 |
| Net income |  |  |  | 76241 | 76241 |
| Intercompany contribution of capital |  |  |  |  |  |
| Dividends paid |  |  |  | (70000) | (70000) |
| **Balance at December 31, 2023** | 100 | $— | $1131802 | $(410533) | $721269 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** |  |  | **Total** |
|  | **Number of<br>shares** | **Amount** | **Paid-in<br>capital** | **Accumulated<br>deficit** | **stockholder's<br>equity** |
| Balance at December 31, 2023 | 100 | $— | $1131802 | $(410533) | $721269 |
| Net income |  |  |  | 113689 | 113689 |
| Intercompany contribution of capital |  |  | 365 |  | 365 |
| Dividends paid |  |  |  | (88000) | (88000) |
| **Balance at December 31, 2024** | 100 | $— | $1132167 | $(384844) | $747323 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

Exhibit 99.2

**AMUNDI US, INC.**

Consolidated Statements of Cash Flows

(in thousands)

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $113689 | $76241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating<br> activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4002 | 4122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (4002) | (12183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3800 | 5634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment management fees and from the Pioneer<br> Family of Mutual Funds | (1959) | 2613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | (2348) | 2402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 45 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid service fees and dealer advances | (628) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1236 | (274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 1192 | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in deferred compensation plans | (11026) | (9046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use property, operating | 3430 | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related benefits | 11538 | (2558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (1853) | (3038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees due to brokers and dealers | 2008 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (8908) | 9410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | (4280) | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plans | 8394 | 8774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability, operating | (4487) | (3644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentive plans | (6313) | 324 |
| **Net cash provided by operating activities** | **103530** | **84755** |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (140) | (157) |
| **Net cash used by investing activities** | **(140)** | **(157)** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividend to parent company | (88000) | (70000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercompany contribution of capital | 365 |  |
| **Net cash used in financing activities** | **(87635)** | **(70000)** |
| Net increase (decrease) in cash and cash equivalents | 15755 | 14598 |
| Cash and cash equivalents at beginning of year | 148497 | 133899 |
| **Cash and cash equivalents at end of year** | $**164252** | $**148497** |
| Supplemental disclosure: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes, net of refunds | $25525 | $22598 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(1)** **Nature of Operations and Organization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Nature of Operations***

Amundi US, Inc., (the Company, or AUS), a Delaware corporation, is a holding company operating primarily out of Boston, MA and Durham, NC. The Company and its subsidiaries are wholly owned by Amundi Holdings US, Inc. (AHUS), a wholly owned subsidiary of Amundi Asset Management S.A.S. (Amundi), a global asset manager headquartered in Paris, France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Organization***

Amundi Asset Management US, Inc. (AAMUS), a wholly owned subsidiary of Amundi US, Inc., serves as the investment adviser for the US registered investment companies comprising the Pioneer Family of Mutual Funds (the Pioneer Funds), and also provides advisory and sub-advisory services to institutional, related party, and other accounts.

Amundi Distributor US, Inc. (AD), a wholly owned subsidiary of the Company, serves as the principal underwriter and distributor of shares of the Pioneer Funds through a network of independent broker-dealers, is the exclusive distributor of the Pioneer Variable Contracts Trust, and provides marketing and promotional services on behalf of affiliates for non-US distributed portfolios. AD is a registered securities broker-dealer under the US Securities and Exchange Commission (SEC) Act of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA).

Up until 2015, Vanderbilt Capital Advisors, LLC (VCA), which was a wholly owned subsidiary of the Company, provided advisory and other services to various institutional clients, and was a registered adviser with the SEC. During 2015, VCA deregistered as an adviser, and from 2016 to 2023, VCA had minimal operations. VCA liquidated in 2023 and all remaining balances were transferred to Amundi Asset Management US, Inc.

On July 9, 2024, Amundi entered into a definitive agreement to sell AHUS and its subsidiaries to Victory Capital Holdings, Inc. (Victory Capital), subject to regulatory and shareholder approval and customary closing conditions. AHUS's activities are principally conducted by its wholly owned subsidiary AUS. The consolidated financial information for AUS included in these consolidated financial statements does not include the financial information of AHUS as the consolidated financial statements of AUS materially reflect the acquired assets and operations of AHUS and their impact on Victory Capital's ongoing operations. In addition, presenting financial statements for AHUS would require the inclusion of financial information for a business acquired by AHUS in 2022 and sold in 2023, which was not integrated into the operations of AUS and none of that business's assets, obligations or operations will be acquired by Victory Capital as a result of the proposed transaction. Therefore, the consolidated financial statements of AUS herein are presented in lieu of consolidated financial statements for AHUS.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(2)** **Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Basis of Presentation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP), which require the use of judgments, estimates and assumptions by management that affect the amounts reported in the consolidated financial statements and related disclosures. Actual results could differ from those estimates. The information furnished in these consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. All amounts are expressed in US dollars unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Principles of Consolidation***

The consolidated financial statements include the accounts of the Company, its subsidiaries and any other entities in which it has a controlling financial interest. In evaluating whether or not an entity must be consolidated, the Company determines if such entity is a voting interest entity (VOE) or a variable interest entity (VIE). Under the VOE model, a controlling financial interest is typically present if the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company consolidates any variable interest entity (VIE), including any open-end registered investment companies (company-sponsored funds), for which the Company has a controlling financial interest and the Company is therefore considered the primary beneficiary. The Company is the primary beneficiary, which is when it has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. As of December 31, 2024 and 2023, the Company was not the primary beneficiary of any variable interest entities. The Company recognizes non-controlling interest in consolidated affiliates in which the Company's ownership is less than 100 percent. All intercompany accounts and transactions have been eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Operating Segments***

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Sales of Pioneer Family of Mutual Fund Shares***

Upon the sale of shares by the Pioneer Funds, the Company records accounts receivable from the third-party broker dealer and corresponding accounts payable to the Pioneer Funds, on a trade-date basis. Similarly, upon the redemption of shares of the Pioneer Funds, the Company records accounts receivable from the Pioneer Funds and corresponding accounts payable to the third-party broker dealer. The receivables and payables to and from broker-dealers and the Pioneer Funds for unsettled fund shares sold or redeemed are presented on a net basis. The net presentation of these receivables and payables is determined based on the Company's role as an agent, rather than as a principal, regarding these transactions, in that the Company is acting as a conduit between two counterparties, the broker-dealers and the Pioneer Funds, and bears no financial responsibility to either party.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Recognition of Revenues and Expenses***

The Company's revenue is largely dependent on the total value and composition of assets under management of AAMUS, which includes domestic and international equity and debt portfolios; accordingly, fluctuations in financial markets and in the composition of assets under management affect revenue and results of operations.

The Company has contractual arrangements with third parties to provide distribution-related services. Management's determination of whether revenue should be reported gross based on the amount paid by the Funds or net of payments to third-party service providers is based on management's assessment as to whether the Company is acting as the principal service provider or is acting as an agent. The primary factors considered in assessing the nature of the Company's role include (1) whether the Company is responsible for the fulfillment of the obligation, including the acceptability of the services provided; (2) whether the Company has reasonable latitude to establish the price of the services provided; (3) whether the Company has the discretion to select the service provider; and (4) whether the Company assumes credit risk in the arrangement. Management has determined that the Company is acting as the principal service provider, as such, gross presentation is appropriate.

*Investment Management Fees, Net*

Investment management fees represent fees earned by the Company for providing the Pioneer Funds with overall management of their net assets, including oversight of fund operations, maintenance of books and records related to investments, and paying expenses of the funds. The combination of these services represents the combined output of overall investment management and advisory services. Agreements with certain of the Pioneer Funds provide for fee reductions as well as performance fees. Fee reductions are based on the excess of annual expenses of each mutual fund over certain limits. Performance fees are based on the achievement of a specified performance threshold over a contractually defined benchmark. Investment management fee revenue is inclusive of performance fees and net of fee waivers. Investment management fee revenue and fee waivers are calculated by applying a contractually agreed upon rate to assets under management. The revenue is recognized over time, as the customer simultaneously receives and consumes the benefits of the investment management services by the Company. Performance fees are recorded at a point in time, as a fund's performance is crystallized at the end of a predetermined period without the possibility of future clawback. Investment management fee revenue also includes revenue earned for rendering investment advisory and management services for the closed-end Pioneer Funds. Investment management fees are reported net of the amortization of fees paid to underwriters for organizational and offering costs incurred when launching a new closed-end fund (see note 2j). Investment management fees are recorded net of performance fee reductions, waived fees and closed-end fund offering cost amortization on the accompanying Consolidated Statements of Operations.

*Service Fee, Distribution Fee, and Underwriting Revenues and Expenses*

Distribution and service fee revenue is earned from the Pioneer Funds for the ongoing performance of distribution and related fund services, contractually agreed upon and subject to annual renewal by the participating Pioneer Funds' Board of Trustees. Distribution fee revenues include distribution fees earned based on an annual rate of 0.75% (0.25% for short-term funds) of net assets of Class C shares of the Pioneer Funds and 0.25% per annum for Class R shares. Service fee revenues include a service fee based on annual rate of 0.25% (0.20% for short-term funds) that is collected by the Company as reimbursement

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

from the Pioneer Funds for service fees prepaid to brokers and dealers in the initial year that an account is established. Payments of a portion of these fees may be made to third-party distributors who ultimately fulfill those contractual performance obligations. The Company may elect to waive these fees. Simultaneous receipt and consumption of the service by the customer occurs, therefore, the fee is earned over time.

In subsequent years, these distribution and service fees will be collected by the Company and remitted to third-party brokers and dealers as compensation pursuant to the underlying funds' distribution plans. The expenses associated with third-party distribution and service fee arrangements are recorded in service and distribution fee expense on the accompanying Consolidated Statements of Operations, as the services are provided by the third party.

Underwriting revenues consist of underwriting commissions and commissions a dealer or the Company earned from the distribution of Class A shares of the Pioneer Funds through a network of independent broker-dealers. For Class A shares, the shareholder pays an underwriter commission to the Company of up to 5.75% of the dollar value of the shares sold, which is recorded as revenue as a point in time, on the trade (execution) date of the sale of the Class A share. Up to 5.00% of the dollar value of shares sold is then paid to the third-party broker dealer and recorded by the Company as an expense. Under certain conditions, the Company may waive the underwriting commission of Class A shares (known as front-end sales load) and sell the shares at net asset value. In these circumstances, the Company does not earn an underwriting commission. Variable annuity commissions are earned on the distribution of variable annuity contracts.

Certain of the Pioneer Funds maintain a multi-class share structure whereby the participating funds offer traditional front-end load shares (Class A shares), back-end load shares (Class C shares), and no-load shares (Class R and Class Y shares). The investor may be required to pay a contingent deferred sales charge (CDSC) on certain shares if there is a redemption within one year. The CDSC is paid based on the lower of original cost or current market value at declining rates starting at 1% on Class C shares and up to 1% on Class A shares.

The Company capitalizes and amortizes Class C share dealer advances for financial statement purposes over a twelve-month period. Amortization is included in service and distribution fee expense in the accompanying Consolidated Statements of Operations. Distribution fees received by the Company from participating funds are recorded as revenue when earned, gross of any distribution payments made to third parties. CDSCs received by the Company from redeeming shareholders are recognized as revenue at a point in time, upon redemption of the investment during the redemption period. Prepaid service fees are capitalized and amortized for financial statement purposes over a twelve-month period. Amortization is included in service and distribution fee expense in the accompanying Consolidated Statements of Operations.

*Reimbursement for expenses incurred on behalf of the Pioneer Family of Mutual Funds and other Amundi affiliates*

The Company pays certain expenses, on behalf of and reimbursed by the Pioneer Family of Mutual Funds and other Amundi affiliates, related to services rendered to these entities. Such amounts are recorded as revenue at a point in time, in the period in which the services are provided to these entities when the Company is deemed to be acting as the principal in the arrangement.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

*Related party revenues, reimbursement for administrative services and other revenue*

Related party revenue primarily consists of revenues earned from other Amundi affiliates (see note 10). Other revenue primarily consists of interest and dividend income, and reimbursement for other administrative services provided to the Pioneer Family of Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)*** ***Cash and Cash Equivalents***

The Company considers liquid investments with original maturities of fewer than 90 days to be cash equivalents and carries them at fair value. Cash and cash equivalents of $164,252 and $148,497 on December 31, 2024 and 2023, respectively, includes cash equivalents comprising amounts invested in the Pioneer U.S. Government Money Market Fund of $28,000 as of December 31, 2024 and 2023. The Company's investment in the Pioneer U.S. Government Money Market Fund is valued at net asset value which is fair value. Cash and cash equivalents also includes checking and other accounts of $136,252 and $120,497 on December 31, 2024 and 2023, respectively, representing funds available for use in the normal day-to-day operations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Investment in Deferred Compensation Plans***

The Company has established Rabbi Trusts to fund the obligations of the various deferred compensation plans and directs the investment of Rabbi Trust assets in a manner similar to investments proposed by participants (see note 9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Fair Value Measurements***

The Company follows the Financial Accounting Standards Board's (FASB) Accounting Standard Codification (ASC) 820, *Fair Value Measurements and Disclosures*. In accordance with ASC 820, fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy for measuring fair value and enhancing disclosure. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – quoted prices in active markets for identical instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – significant unobservable inputs (including management's own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of current assigned levels within the hierarchy. The Company recognizes transfers, if any, between fair value hierarchy levels at the end of the reporting period.

There were no transfers between the assigned hierarchy levels during the years ended December 31, 2024 and 2023.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Foreign Currency Transactions***

Assets and liabilities denominated in foreign currencies are translated at applicable rates as of the balance sheet date. Revenues and expenses are translated based on actual contracted exchange rates at settlement. The difference between the exchange rate at settlement and the rate at the time incurred is recognized as an exchange rate gain or loss. Share-based compensation expenses are translated using average exchange rates during the period. Gains and losses realized on foreign currency transactions principally relate to the settlement of intercompany arrangements with non-US affiliates and are included in administrative services and other revenue and other expenses in the accompanying Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)*** ***Capitalized Closed End Fund Offering Costs***

The Company recognizes certain organizational expenses and offering costs paid to underwriters that are associated with the launch of a new closed-end fund as an asset in the accompanying Consolidated Balance Sheets, in accordance with ASC 606, *Revenue from Contracts with Customers*. The asset is assessed annually for impairment. These costs are amortized over the life of the fund and are presented as a reduction of the management fee revenue received from the fund. As of December 31, 2024 and 2023, the capitalized closed-end fund offering costs amounted to $10,231 and $11,423, respectively, which is included as other assets in the accompanying Consolidated Balance Sheets, and $1,192 each for the years ended December 31, 2024 and 2023, was included as a reduction of investment management fee revenue in the accompanying Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)*** ***Property, Software and Equipment***

Property, software and equipment are reported at cost less accumulated depreciation, computed on a straight-line basis over the estimated useful lives, which range between three and five years for equipment, furniture and fixtures, three years for software and over the lease term or 10 years, whichever is shorter, for leasehold improvements. Additions, renewals, and betterments of fixed assets are capitalized. Expenditures for maintenance and repairs are charged to expense when incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(l)*** ***Leases***

The Company is party to several operating leases related to rental properties that expire at various dates through 2031, with options to renew. The Company assesses at contract inception whether the contract is, or contains, a lease. The Company's lease agreements typically do not contain any significant guarantees of asset values at the end of a lease or restrictive covenants.

The lease liability on the accompanying Consolidated Balance Sheets represents the Company's obligation to make payments arising from a lease, measured on a discounted basis, and the right of use asset on the accompanying Consolidated Balance Sheets represents the Company's right to use, or control the use of a specified asset for the lease term. The lease liability is determined based on the present value of unpaid future minimum lease payments for the population of leases determined at the time of adoption or upon commencement of a new lease. The Company uses the incremental borrowing rate of Amundi to calculate the present value of lease payments. The right of use asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments and less lease incentives received.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

Fixed payments representing rental of the property are included in the calculation of the right of use asset and lease liability and payments that are variable in nature (primarily operating expenses) are excluded and expensed as incurred. The Company made an accounting policy election to not recognize lease assets or liabilities for leases with a term of 12 months or less. Lease payments related to short-term leases with a term of 12 months or less are recognized on a straight-line basis as short-term lease expense. Lease expenses are included as a component of occupancy and facilities in the accompanying Consolidated Statement of Operations.

At the commencement of a new lease, the Company assesses whether it is reasonably certain to exercise a renewal option to determine whether it should be included in the calculation of the right of use asset and lease liability. There are no renewal options deemed reasonably certain to be exercised for any of the Company's current leases and therefore no renewal options are included in the calculation of the right of use asset and lease liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** ***Dividends***

During years ended December 31, 2024 and 2023, the Company paid cash dividends of $88,000 and $70,000, respectively, to AHUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(n)*** ***Concentration of Credit Risk***

The Company is primarily engaged in the advising, selling, and distribution of shares of the Pioneer Family of Mutual Funds. In the event counterparties do not fulfill their obligations to the Company, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties. It is the Company's policy to review, as necessary, the credit standing of each counterparty. For the years ended December 31, 2024, and 2023, revenues from Pioneer Fund represented approximately 16% and 14% of total investment fees, respectively, and the Pioneer Fundamental Growth Fund represented approximately 15% and 14% of total investment management fees, respectively. Additionally, revenues from the Pioneer Fund represented approximately 30% and 27% of the total service fee, distribution fee, and underwriting revenues of the Company for the years ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, the Pioneer Fundamental Growth Fund and the Multi Asset Income Fund each represented 10% of the total service fee, distribution fee, and underwriting revenues of the Company.

The Company has certain cash balances that exceed the insured limits set by the Federal Deposit Insurance Corporation in the United States, which exposes the Company to credit risk. The Company does not believe that cash balances are subject to any unusual risk associated with the Company's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(o)*** ***Legal and Other Loss Contingencies***

The Company, AHUS, and Amundi may from time to time be subject to claims pursuant to U.S. lawsuits, which seek damages, including trebled damages, in amounts, which could, if assessed, be significant. Refer to note 14 for further detail.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

The Company records liabilities for contingencies when it is probable that a liability has been incurred before the balance sheet date and the amount can be reasonably estimated. Significant management judgment is required to comply with this guidance. The Company analyzes its litigation exposure based on available information, including consultation with outside counsel handling the defense of these matters, to assess its potential liability. Contingent liabilities, if any, are not discounted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(p)*** ***Share-Based Compensation***

Certain employees of the Company are eligible to participate in a long-term incentive plan granted by Amundi whereby participants are granted a number of shares based on performance targets (refer to note 8). This award is classified as an equity award. Equity awards are recognized at estimated fair value at the grant date and amortized over the requisite service period on a straight-line basis. Compensation expense is recorded on the Consolidated Statements of Operations (net of estimated forfeitures). Amundi recharges the Company for the shares based on their cost for acquiring the shares in the open market. The difference between the amount recorded by the Company and the amount recharged by Amundi, if any, is recorded as paid-in-capital, recognized as an intercompany contribution or redemption of capital in the accompanying Statement of Changes in Stockholder's Equity and classified as a financing cash flow in the accompanying Statement of Cash Flows.

Amounts payable in connection with these plans, including any unrealized foreign currency translation gains or losses, are recorded in long-term incentive plans in the accompanying Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(q)*** ***Long-Lived Assets***

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company uses an estimate of the future undiscounted net cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. These assets are amortized on a straight-line basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(r)*** ***Intangible Assets***

Intangible assets that have indefinite useful lives are subject to annual impairment testing in accordance with ASC 350, *Intangibles – Goodwill and Other*. Intangibles may be tested using a qualitative approach and/or an income approach (discounted cash flows) on an interim or annual basis, with consideration of whether events or changes in circumstances between annual tests indicate the assets might be impaired. The Company is defined as a single reporting unit for purposes of impairment testing.

Definite lived intangibles are amortized on a straight-line basis over time (see note 5).

All indefinite lived intangible assets are categorized as management contracts, which are contractual arrangements the company has with third parties to provide fund services, where the Company expects to, and has the ability to, continue to manage these funds indefinitely.

Indefinite-lived intangible assets are reviewed for impairment annually as of September 30th using a qualitative approach which weighs various factors in order to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. Management also periodically considers whether there were events or circumstances that continue to support an indefinite useful life. Indicators monitored by

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

management that may indicate an indefinite useful life is no longer supported include adverse changes in the discount rate, assets under management (AUM) levels, management fee rates, or the cost to income ratio. If the qualitative approach indicates that it is more likely than not that an indefinite-lived intangible asset is impaired, the Company estimates the fair-value of the asset and compares it to the book value of the asset to determine whether an impairment change is necessary. Management has determined that is it not more likely than not that the indefinite-lived intangible assets are impaired as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(s)*** ***Income Taxes***

The Company is included in a consolidated federal income tax return filed by AHUS, which files a federal income tax return as the common parent corporation of an affiliated group of corporations which includes the Company. The Company files in various states, either separately or as part of a combined return. The Company is not taxable in any foreign jurisdictions. For federal income tax allocation purposes, consolidated income tax provisions are allocated among the companies included in the consolidated return based on the income tax expenses that would have been recognized had separate returns been filed for each entity or when subsidiary losses are utilized in consolidation, pursuant to the modified separate return method. For state income tax allocation purposes, the Company uses a parent-company-down approach, which allocates taxes based on each consolidated affiliate's relative contribution to the group's consolidated state income tax expense. The Company follows an asset and liability approach to accounting for income taxes, which generally requires that deferred income taxes be recognized when assets and liabilities have different values for financial statement and tax reporting purposes. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts and tax bases of the Company's assets and liabilities measured using rates expected to be in effect when such differences reverse. US GAAP allows for the recognition of deferred tax assets that are more likely than not to be realized in future years. If necessary, a valuation allowance is established to reduce the carrying amount of deferred income taxes to amounts that are more likely than not to be realized.

The Company follows the provisions of ASC 740, *Accounting for Income Taxes*, which applies a more likely than not threshold to the recognition and derecognition of uncertain tax positions. The Company is permitted to recognize the tax benefit of uncertain tax positions only when the position is more likely than not to be sustained upon examination by the tax authorities based on the position's technical merit. The amount recognized is that which represents the amount of tax benefit that has a greater than 50% likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, in its provision for income taxes and includes these amounts in its liability for unrecognized tax benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(t)*** ***Deferred Compensation and Other Retention Plans***

Certain employees of the Company are eligible to participate in various deferred compensation plans established by the Company. The Company has established Rabbi Trusts to fund the obligations of certain deferred compensation plans and directs the investment of Rabbi Trust assets in a manner similar to investments proposed by participants. The Rabbi Trusts are consolidated in the financial statements of the Company. Participants do not have a security interest in the assets of the Rabbi Trusts through participation in the plans. An increase in the fair value of the assets in the Rabbi Trusts will increase

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

compensation cost (i.e., expense) whereas a decrease in the fair value is recorded as a reduction in compensation cost (i.e., benefit) in the accompanying Consolidated Statements of Operations (see note 9).

Deferred compensation plans with requisite service periods are expensed over the respective vesting period. The expenses associated with these plans are included as a component of compensation and related benefits in the accompanying Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(u)*** ***Allowance for Credit Losses***

Provisions for credit losses of the investment management fees and distribution fees receivables are made in amounts required to maintain an adequate allowance to cover anticipated losses. All investment management fees and distribution fees receivables were determined to be collectible as of December 31, 2024 and 2023. No reserve for credit losses and no provision for credit losses were recognized for the years ended December 31, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(v)*** ***New Accounting Standards***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax* Disclosures, which modifies the disclosures related to accounting for income taxes. The guidance enhances annual income tax disclosures, particularly in the areas of disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for calendar-year public business entities for annual periods beginning after December 15, 2024 and for other entities for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company has not adopted this standard and is currently evaluating the impact it will have on the Company's financial statements and related disclosures.

**(3)** **Fair Value Measurements**

The following table represents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Investment in Pioneer U.S. Government |  |  |  |  |
| Money Market Fund <sup>(1)</sup> | $28000 | $— | $— | $28000 |
| Investment in deferred compensation plans | 82432 |  |  | 82432 |
| Total Investments | 110432 |  |  | 110432 |
| **Total financial assets, at fair value** | $110432 | $— | $— | $110432 |
| Long-term incentive plans | $— | $— | $9062 | $9062 |
| **Total financial liabilities, at fair value** | $— | $— | $9062 | $9062 |

---

<sup>(1)</sup> *Classified as a component of cash and cash equivalents on the accompanying Consolidated Balance Sheets*

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

The following table represents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Investment in Pioneer U.S. Government |  |  |  |  |
| Money Market Fund <sup>(1)</sup> | $28000 | $— | $— | $28000 |
| Investment in deferred compensation plans | 71406 |  |  | 71406 |
| Total Investments | 99406 |  |  | 99406 |
| **Total financial assets, at fair value** | $99406 | $— | $— | $99406 |
| Long-term incentive plans | $— | $— | $11575 | $11575 |
| **Total financial liabilities, at fair value** | $— | $— | $11575 | $11575 |

---

<sup>(1)</sup> *Classified as a component of cash and cash equivalents on the accompanying Consolidated Balance Sheets*

The following table presents a reconciliation of the beginning and ending fair value measurements of liabilities valued on a recurring basis and classified as Level 3 within the fair value measurement hierarchy for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Long-term Incentive plans** | **Long-term Incentive plans** |
|  | **2024** | **2023** |
| Beginning balance | $11575 | $5617 |
| Payments | (5936) |  |
| Expenses | 3800 | 5634 |
| Net gain/(loss) on foreign exchange | (377) | 324 |
| **Ending balance** | $9062 | $11575 |

---

**(4)** **Property, Software, and Equipment**

The composition of property, software and equipment is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Equipment | $961 | $1030 |
| Computer software |  | 591 |
| Furniture and fixtures | 6235 | 6163 |
| Leasehold improvements | 22794 | 22794 |
| Total cost | 29990 | 30578 |
| Less: Accumulated depreciation | 18032 | 15580 |
| Property, software and equipment, net of accumulated depreciation | $11958 | $14998 |

---

Depreciation expense totaled $3,180 and $3,300 for the years ended December 31, 2024 and 2023, respectively.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(5)** **Intangible Assets**

Intangible assets consisted of the following as of December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indefinite<br>Lived** | **Definite<br>Lived** | **Total** |
| Gross carrying amount, December 31, 2023 | $715994 | $16426 | $732420 |
| Accumulated amortization |  | (15604) | (15604) |
| Net carrying amount, December 31, 2023 | $715994 | $822 | $716816 |
| Gross carrying amount, December 31, 2024 | $715994 | $16426 | $732420 |
| Accumulated amortization |  | (16426) | (16426) |
| Net carrying amount, December 31, 2024 | $715994 | $— | $715994 |

---

Definite lived intangible assets, principally customer lists and distribution channels, are fully amortized and written off as of December 31, 2024. The amortization expense on definite lived intangible assets was $822 for the years ended December 31, 2024 and 2023. Such expense was recognized as a component of depreciation and amortization in the accompanying Consolidated Statements of Operations.

**(6)** **Income Taxes**

The provision (benefit) for income taxes consists of the following:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Current: |  |  |
| Federal | $32663 | $20706 |
| State | 2001 | 4805 |
|  | $34664 | $25511 |
| Deferred: |  |  |
| Federal | $(2477) | $(366) |
| State | (1525) | (11817) |
|  | (4002) | (12183) |
| Total provision for income taxes | $30662 | $13328 |

---

The reconciliation of the difference between the Company's U.S. Federal statutory income tax rate and effective tax rate for continuing operations for the years ended December 31, 2024 and 2023, respectively, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Federal statutory tax rate | 21.0% | 21.0% |
| Change in tax rate resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State income taxes (net of effect on federal income taxes) | 3.3% | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nondeductible items |  | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable true-up adjustment | (0.3)% | (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrecognized tax benefit adjustment | (2.3)% | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred true-up adjustment | (0.3)% | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of MA legislation |  | (10.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (0.2)% | 0.2% |
| Effective tax rate | 21.2% | 14.9% |

---

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

The reconciliation of the difference between the Company's U.S. Federal statutory income tax rate and the carrying value of the Company's deferred tax assets is determined by the enacted US and state corporate income tax rates. On October 4, 2023, Massachusetts enacted legislation (the MA legislation) that adopts single sales factor apportionment for all corporations effective on January 1, 2025. Consequently, in 2023 the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which will decrease when the MA legislation is effective. The Company's 2023 effective income tax rate is lower than what would be expected if the federal statutory rate were applied to income before income taxes primarily because of the impact of this legislation.

As of December 31, 2024, the Company has a payable to AHUS for $3,633 related to income taxes accrued, which is included as a component of due to affiliates on the accompanying Consolidated Balance Sheets, of which cash is expected to settle in 2025. As of December 31, 2023, the Company has a receivable from AHUS for $2,660 related to income taxes accrued, which is included as a component of due from affiliates on the accompanying Consolidated Balance Sheets, of which cash settlement occurred in 2024.

The liability for unrecognized tax benefits, which primarily relates to state income taxes, at December 31, 2024 and 2023 is $450 and $3,564, respectively, of which $356 and $2,815 would affect the Company's effective tax rate if recognized in the years ended December 31, 2024 and 2023, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Beginning balance | $3564 | $2967 |
| Increase due to tax positions related to the current year | 34 | 664 |
| Decrease due to tax positions related to the prior years | (3148) | (67) |
| Ending balance | $450 | $3564 |

---

The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense. At December 31, 2024, the Company had accrued interest and penalties of $269, of which $1,166 was recognized as a reduction to the provision for income taxes for the year ended December 31, 2024 in the accompanying Consolidated Statements of Operations. At December 31, 2023, the Company had accrued interest and penalties of $1,436, of which $372 was recognized as an increase to the provision for income taxes for the year ended December 31, 2023 in the accompanying Consolidated Statements of Operations. The Company does not expect a material change to the liability for unrecognized tax benefits will occur over the next 12 months.

The tax years from 2021 and forward remain open to examination by the major jurisdictions in which the Company is subject to tax.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

The components of deferred income taxes recorded in the accompanying Consolidated Balance Sheets comprise a net deferred tax liability of $136,362 and $140,364 as December 31, 2024 and 2023, respectively. The approximate income tax effect of each type of temporary difference is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation related | $23356 | $20135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 7354 | 8651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1476 | 2355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 32186 | 31141 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangibles | (160991) | (162410) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use property | (5241) | (6220) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | (1590) | (2183) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (726) | (692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (168548) | (171505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax liability | $(136362) | $(140364) |

---

Based on the Company's historical and current pretax earnings, management believes it is more likely than not

that the Company will realize its remaining deferred income tax assets existing at December 31, 2024. Management believes that existing net deductible temporary differences, which give rise to deferred tax assets, will reverse during periods in which the Company generates net taxable income. In addition, gross deductible temporary differences are expected to reverse in periods during which offsetting gross taxable temporary differences are expected to reverse.

**(7)** **Benefit Plans**

The Company has two defined contribution plans for eligible employees: a retirement benefit plan and a savings and investment plan (together the Benefit Plans) qualified under Section 401 of the Internal Revenue Code. The Company makes contributions to a trustee, on behalf of eligible employees, to fund both Benefit Plans.

Both of the Benefit Plans cover all full-time employees who have met certain age and length-of-service requirements. Under the retirement benefit plan, the Company contributes an amount that would purchase a certain targeted monthly pension benefit at the participant's normal retirement date. Pursuant to the savings and investment plan, participants may voluntarily contribute up to 50% of their compensation, and the Company will match this contribution up to 2.5% of the participant's contribution. For the years ended December 31, 2024 and 2023, the Company's expenses under the retirement benefit plan were $7,521 and $7,091, respectively, and under the savings and investment plan were $1,654 and $1,436, respectively. Both of these expenses are included as a component of compensation and related benefits on the accompanying Consolidated Statements of Operations.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(8)** **Incentive Plans**

##  ***2021 Plan*** 
In April 2021, Amundi granted certain participants a target number of performance shares of Amundi stock under the 2021 Long-term Incentive Plan (2021 Plan). The 2021 Plan provides participants with performance shares that vest in 2024 based on the performance of financial years 2021 through 2023. The number of shares that vest is based on predetermined key performance indicators (KPIs). These KPIs are the same for all beneficiaries of the plan and are based on the global consolidated figures of the listed entity Amundi. Metrics used include group net income, cost to income ratio, net inflows, and ESG policy. The number of shares vested range from 0% to 125% of the target number of shares.

Outstanding and exercisable restricted shares under the 2021 Plan is as follows:

---

| | | |
|:---|:---|:---|
|  | **2021 Plan<br>(in shares)** | **2021 Plan<br>(in shares)** |
|  | **2024** | **2023** |
| Outstanding at January 1, | 80770 | 81800 |
| KPI Factor Adjustment | 6476 |  |
| Vested and paid | (83706) |  |
| Forfeitures | (3540) | (1030) |
| Outstanding at December 31, |  | 80770 |

---

##  ***2022 Plan*** 
In April 2022, Amundi granted certain participants a target number of performance shares of Amundi stock under the 2022 Long-term Incentive Plan (2022 Plan). The 2022 Plan provides participants with performance shares that vest in 2025 based on the performance of financial years 2022 through 2024. The number of shares that will vest is based on predetermined KPIs. These KPIs are the same for all beneficiaries of the plan and are based on the global consolidated figures of the listed entity Amundi. Metrics used include group net income, cost to income ratio, net inflows, and ESG policy. The number of shares vested range from 0% to 125% of the target number of shares.

Outstanding and exercisable restricted shares under the 2022 Plan is as follows:

---

| | | |
|:---|:---|:---|
|  | **2022 Plan<br>(in shares)** | **2022 Plan<br>(in shares)** |
|  | **2024** | **2023** |
| Outstanding at January 1, | 128670 | 128670 |
| Forfeitures | (3490) |  |
| Outstanding at December 31, | 125180 | 128670 |

---

##  ***2023 Plan*** 
In April 2023, Amundi granted certain participants a target number of performance shares of Amundi stock under the 2023 Long-term Incentive Plan (2023 Plan). The 2023 Plan provides participants with performance shares that vest in 2026 based on the performance of financial years 2023 through 2025. The number of shares that will vest is based on predetermined KPIs. These KPIs are the same for all beneficiaries of the plan and are based on the global consolidated figures of the listed entity Amundi. Metrics used include group net income, cost to income ratio, net inflows, and ESG policy. The number of shares vested range from 0% to 125% of the target number of shares.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

Outstanding and exercisable restricted shares under the 2023 Plan is as follows:

---

| | | |
|:---|:---|:---|
|  | **2023 Plan<br>(in shares)** | **2023 Plan<br>(in shares)** |
|  | **2024** | **2023** |
| Outstanding at January 1, | 118200 |  |
| Issued |  | 118200 |
| Forfeitures | (3220) |  |
| Outstanding at December 31, | 114980 | 118200 |

---

For the years ended December 31, 2024 and 2023, the net compensation related expense associated with the plans noted above and recorded in the accompanying Consolidated Statements of Operations amounted to $3,800 and $5,634, respectively. The net expense comprises compensation expense related to the vesting of restricted awards and recognition of forfeitures as they occurred. The inputs utilized to determine the fair value of the expense recognized are considered significant unobservable inputs and, accordingly, the liability associated with these incentive plans as December 31, 2024 and 2023 is included in level 3 of the fair value hierarchy table.

**(9)** **Deferred Compensation Plans**

The Company offers various deferred compensation plans, including Mandatory Bonus Deferral Plans (MDP) and a Voluntary Deferred Compensation Plan (VDP), whereby a percentage of total incentive compensation earned by such employees may be deferred for a specific period.

The purpose of the MDP is to govern bonuses mandatorily deferred under bonus plans maintained by the Company. This plan is unfunded for tax purposes. Participant accounts vest on a pro-rata basis over a three-year period. Participants have the right to receive distribution of the vested account balance in cash or may elect to convert the vested balance (all or part) to the VDP. Balances may be subject to forfeiture in the event of termination of employment with the Company prior to the vesting of the award.

The purpose of the VDP is to allow a select group of management or highly compensated employees of the Company who satisfy eligibility provisions of the VDP to defer, on a voluntary basis, the receipt of compensation to some future date. The VDP is unfunded for tax purposes. Participants are fully vested in the VDP as of the date of contribution and shall receive a distribution of his or her deferred account on the future date elected by the participant. All distributions under the VDP shall be in cash.

Certain employees of the Company are eligible to participate in the Amundi Intermediate Deferred Compensation Award Plan (AIDCAP), a deferred compensation plan established by AUS. The AIDCAP provides supplemental compensation in order to reward performance and provide a mechanism for key employee retention. Awards under AIDCAP generally vest at the end of the three-year period following the date of grant.

Certain employees of the Company are granted a Special Award (SA) to provide supplemental compensation in order to reward performance and encourage the retention of key contributors to the Company. Awards under SA generally vest over a three-year period, with 25% vesting over each of the first two years and 50% vesting in the third year, following the grant date.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

The Rabbi Trust balances as of December 31, 2024 and December 31, 2023 of $21,862 and $23,848, respectively, for the MDP, $19,705 and $16,783, respectively, for the VDP, $40,011 and $28,483, respectively, for the AIDCAP, and $282 and $1,792, respectively, for the SA are invested in various Pioneer Funds and are included in deferred compensation plans in the accompanying Consolidated Balance Sheets. As of December 31, 2024, the unrecognized compensation expense associated with the MDP and AIDCAP, and SA that will be recognized by the Company in the future is $20,855.

In addition, certain individuals are participants in the Company's Executive Supplemental Retirement Benefit Plan (SERP). The SERP is intended to serve as deferred compensation for a select group of management employees. As December 31, 2024 and 2023, the balance in the SERP is $572 and $500, respectively, and is included in deferred compensation plans in the accompanying Consolidated Balance Sheets.

**(10)** **Related Party Transactions**

Certain officers and/or directors of the Company are officers and/or trustees of the Pioneer Funds. Included in net investment management fees in the accompanying Consolidated Statements of Operations is $261,471, and $221,125 for the years ended December 31, 2024 and 2023, respectively, of investment management and performance fees (net of fees waived) earned from the Pioneer Funds. Underwriting commissions, distribution fees and service fees earned from the sale of the shares of the Pioneer Funds were $72,350, and $63,628 for years ended December 31, 2024 and 2023, respectively. Reimbursement for expenses incurred on behalf of the Pioneer Funds and other Amundi affiliates of $40,060 and $40,386 for the years ended December 31, 2024 and 2023, respectively, in the accompanying Consolidated Statements of Operations, represents amounts earned from the Pioneer Family of Funds and other Amundi affiliates for reimbursement of expenses paid to service providers providing certain services to these entities, for which the Company is deemed to be the principal in the arrangement. Included in administrative services and other revenue in the accompanying Consolidated Statements of Operations is $12,888 and $11,339 for the years ended December 31, 2024 and 2023, respectively, of reimbursements for administrative services performed by the Company for the Pioneer Funds.

As of December 31, 2024 and 2023, the Company was due $12,420 and $13,370, respectively, from the Pioneer Funds related to these arrangements, for which cash settlement is expected, which is reported as a component of receivables from investment management fees, distribution fees, and from the Pioneer Family of Mutual Funds in the accompanying Consolidated Balance Sheets.

Included in related party revenues in the accompanying Consolidated Statements of Operations are $89,079 and $73,785 of advisory and sub-advisory management fees, which the Company earned from other Amundi affiliates for the years ended December 31, 2024 and 2023, respectively. Also included is $4,196 and $4,374 which the Company earned from Amundi affiliates primarily for marketing, salaries, administrative and other operating expenses incurred on their behalf for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the Company was due $24,478 and $22,130, respectively, from Amundi affiliates related to these arrangements, for which cash settlement is expected, representing the due from affiliates balance in the accompanying Consolidated Balance Sheets.

Related party expenses of $29,640 and $30,377 for the years ended December, 2024 and 2023, respectively, in the accompanying Consolidated Statements of Operations include payments made to affiliates for sub-advisory management fees and recharges for operating expenses incurred on the Company's behalf. As of December 31, 2024 and 2023, the Company owed $6,085 and $14,993, respectively, to Amundi affiliates related to these arrangements for which cash settlement is expected, representing the due to affiliates balance on the accompanying Consolidated Balance Sheets.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

All transactions with AHUS, Amundi and other affiliates are charged or credited through related party accounts and may not be the same as those that would otherwise exist or result from agreements and transactions among unaffiliated third parties. However, the Company believes that it is in compliance with the transfer pricing regulations of the Internal Revenue Service. All balances due to and from AHUS and Amundi affiliates represent amounts for which the Company has the solvency, ability, and intent to settle.

**(11)** **Leases**

Information related to the Company's operating leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Operating lease costs | $4698 | $4792 |
| Rental payments | $5754 | $5621 |
| Weighted-average discount rate | 3.6% | 3.6% |
| Weighted-average remaining lease term (years) | 6.1 | 7.1 |

---

Future undiscounted cash payments related to operating leases as of December 31, 2024 are shown in the table below.

---

| | |
|:---|:---|
| 2025 | 5812 |
| 2026 | 5946 |
| 2027 | 5806 |
| 2028 | 5833 |
| 2029 | 5495 |
| 2030 and thereafter | 7861 |
| Total undiscounted lease payments | 36753 |
| Less: imputed interest | 3862 |
| Total lease liabilities | $32891 |

---

**(12)** **Indemnifications**

In the normal course of business, the Company may enter into contracts that contain a variety of indemnifications. Since inception and commencement of operations, the Company has not had any claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**(13)** **Net Capital and Reserve Requirements**

As the principal underwriter and distributor of shares of the Pioneer Funds, AD is subject to the SEC's regulations and operating guidelines applicable to broker-dealers, including the Net Capital Rule, which requires AD to maintain a specified amount of net capital, as defined under Uniform Net Capital Rule 15c3-l (Rule 15c3-1). Net capital may fluctuate on a daily basis. AD has elected and uses the Alternative Standard as its method of net capital computation, in which the minimum net capital required is the greater of $250 or 2% of aggregate debits. AD's net capital, as computed under Rule 15c3-l, was $42,021 and $41,165 at December 31, 2024 and 2023, respectively, which exceeds minimum net capital required of $250 by $41,771 and $40,915, respectively.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

AD is exempt from the reserve requirements of Rule 15c3-3, pursuant to paragraph (k)(2)(i), since it does not carry customer margin accounts; promptly transmits all customer funds and delivers all securities received in connection with activities as a broker-dealer; does not otherwise hold funds or securities for, or owe money or securities to, customers; and effects all customer receipts and disbursements, if received, through a special account for the benefit of customers.

**(14)** **Legal and Other Loss Contingencies**

The Company, AHUS, and Amundi are subject to claims pursuant to US lawsuits, which seek damages, including trebled damages, in amounts, which could, if assessed, be significant.

##  ***New Mexico Litigation*** 
Beginning in 2009, several lawsuits and related appeals were filed on behalf of the state of New Mexico, in connection with losses suffered by the New Mexico Educational Retirement Board (ERB) and the New Mexico State Investment Council (SIC) on their investments in Vanderbilt Financial, LLC (VF), a vehicle sponsored by VCA. The matter closed in 2022, and the Company liquidated VCA in 2023. In 2023, the Company received $5,462 of insurance proceeds in connection with the New Mexico litigation, which is included as a component of other expenses in the accompanying Statement of Operations.

**(15)** **Disaggregated Revenue from Contracts with Customers**

The following table presents revenue from contracts with customers by major source:

# **Revenue from contracts with customers:** 

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Investment management fees, net | $310849 | $260336 |
| Service fee, distribution fees and underwriting revenues | 72350 | 63628 |
| Reimbursement for expenses incurred on behalf of the Pioneer Family<br> of Mutual Funds and other Amundi affiliates | 40060 | 40386 |
| Advisory and sub-advisory management fee revenue from affiliates | 89079 | 73785 |
| Reimbursement for administrative services provided to the Pioneer<br> Family of Mutual Funds | 12888 | 11339 |
| Other reimbursement revenue from affiliates | 4196 | 4374 |
| **Total revenue from contract with customers** | $529422 | $453848 |

---

**(16)** **Subsequent Events**

In preparing these consolidated financial statements, the Company has evaluated subsequent events after December 31, 2024, through February 28, 2025, the date the consolidated financial statements were available to be issued.

On July 9, 2024, Amundi entered into a definitive agreement to sell AHUS and its subsidiaries to Victory Capital, subject to regulatory and shareholder approval and customary closing conditions. Under the proposed transaction, AHUS would be combined into Victory Capital in exchange for a 26.1% economic stake in Victory Capital, subject to customary adjustment. Amundi would become a strategic shareholder of Victory Capital with two of its representatives joining the Victory Capital Board of Directors when the transaction closes. The transaction is subject to customary closing conditions, including regulatory approvals and the consent of the Company's clients, and is expected to be completed in early 2025.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

In conjunction with the transaction, Amundi and Victory Capital have entered into reciprocal 15-year distribution agreements which will be effective upon closing of the transaction. Under the distribution agreements, Victory Capital will be the supplier of US-manufactured active asset management products for Amundi's distribution outside of the US. Additionally, Victory Capital will become the distributor of Amundi's non-US manufactured products in the US.

The financial impact of this subsequent event cannot be quantified at this stage and thus has not been included in the accompanying financial statements. The Company will make appropriate adjustments or disclosures in the financial statements of the period in which the acquisition is completed. As this is a non-recognized subsequent event under ASC 855, *Subsequent Events*, no adjustment to the financial statements has been made in the reported year ended on December 31, 2024.

------

## Exhibit 99.3

Exhibit 99.3

**AMUNDI US, INC.**

Consolidated Interim Financial Statements (unaudited)

As of and for the Three Months Ended March 31, 2025 and 2024

------

CONTENTS

---

| | |
|:---|:---|
| Financial Statements:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024](#consolidated_balance_sheets) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2025 and 2024](#consolidated_statements_of_operations) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Stockholder's Equity (unaudited) for the three months ended](#changes_in_stockholders_equity)[March 31, 2025 and 2024](#changes_in_stockholders_equity) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2025 and 2024](#consolidated_statements_of_cash_flows) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements (unaudited)](#notes) | 7 |

---

------

**AMUNDI US, INC.**

Consolidated Balance Sheets

(in thousands, except share amounts)

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2025** | **December 31,<br>2024** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| Cash and cash equivalents | $53572 | $164252 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees, distribution fees, and the Pioneer Family of Mutual<br> Funds | 25942 | 22354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 34638 | 24478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 211 | 69 |
| Prepaid service fees and dealer advances | 1235 | 1245 |
| Prepaid expenses | 4438 | 5031 |
| Other assets | 9933 | 10231 |
| Investment in deferred compensation plans | 84095 | 82432 |
| Property, software and equipment (net of accumulated depreciation/amortization of<br> $18,807 and $18,032, respectively) | 11183 | 11958 |
| Right of use property, operating (net of accumulated depreciation of $18,987 and<br> $18,177, respectively) | 22573 | 23443 |
| Intangible assets |  |  |
|  | 715994 | 715994 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**963814** | $**1061487** |
| **Liabilities and Stockholder's Equity** |  |  |
| Liabilities: |  |  |
| Accrued compensation and related benefits | $29110 | $40856 |
| Accounts payable and accrued expenses | 9670 | 14950 |
| Distribution and service fees due to brokers and dealers | 12736 | 13163 |
| Due to affiliates | 2884 | 6085 |
| Income tax payable | 729 | 720 |
| Deferred income taxes | 144408 | 136362 |
| Deferred compensation plans | 45946 | 60075 |
| Lease liability, operating | 31744 | 32891 |
| Long-term incentive plans | 18666 | 9062 |
| **Total liabilities** | **295893** | **314164** |
| Stockholder's Equity: |  |  |
| Common stock, $0.01 par value. Authorized 1,000 shares; issued and outstanding<br> 100 shares |  |  |
| Paid-in capital | 1132167 | 1132167 |
| Accumulated deficit | (464246) | (384844) |
| **Total stockholder's equity** | **667921** | **747323** |
| **Total liabilities and stockholder's equity** | $**963814** | $**1061487** |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**AMUNDI US, INC.**

Consolidated Statements of Operations

(in thousands, except share amounts)

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
|  | **2025** | **2024** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees, net | $81474 | $72065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service fees, distribution fees and underwriting revenues | 18428 | 17233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party revenues | 23014 | 19649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement for expenses incurred on behalf of the Pioneer Family of Mutual<br> Funds | 10015 | 9150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements for administrative services and other revenue | 5466 | 7771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 138397 | 125868 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service and distribution fee expenses | 18396 | 17052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related benefits | 67929 | 42362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party expenses | 6655 | 7932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 10955 | 10267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 775 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and facilities | 2240 | 2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 9773 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data-related services | 2675 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses incurred on behalf of the Pioneer Family of Mutual Funds | 10015 | 9150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 4914 | 4161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 134327 | 97056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 4070 | 28812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 810 | 6870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income and comprehensive income** | $3260 | $21942 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**AMUNDI US, INC.**

Consolidated Statements of Changes in Stockholder's Equity

(in thousands, except share amounts)

**(unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** |  |  | **Total** |
|  | **Number of<br>shares** | **Amount** | **Paid-in<br>capital** | **Accumulated<br>deficit** | **stockholder's<br>equity** |
| Balance at December 31, 2023 | 100 | $— | $1131802 | $(410533) | $721269 |
| Net income |  |  |  | 21942 | 21942 |
| Dividends paid |  |  |  |  |  |
| **Balance at March 31, 2024** | 100 | $— | $1131802 | $(388591) | $743211 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** |  |  | **Total** |
|  | **Number of<br>shares** | **Amount** | **Paid-in<br>capital** | **Accumulated<br>deficit** | **stockholder's<br>equity** |
| Balance at December 31, 2024 | 100 | $— | $1132167 | $(384844) | $747323 |
| Net income |  |  |  | 3260 | 3260 |
| Dividends paid |  |  |  | (82662) | (82662) |
| **Balance at March 31, 2025** | 100 | $— | $1132167 | $(464246) | $667921 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**AMUNDI US, INC.** 

Consolidated Statements of Cash Flows

(in thousands)

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $3260 | $21942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 775 | 1021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 801 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 9773 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment management fees and from the Pioneer Family of<br> Mutual Funds | (3588) | (2773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | (10160) | 2191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | (142) | (320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid service fees and dealer advances | 10 | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 593 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 298 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in deferred compensation plans | (1663) | (4511) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use property, operating | 870 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related benefits | (11746) | (17357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (5280) | 1641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution and service fees due to brokers and dealers | (427) | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 4044 | 6145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred compensation plans | (14129) | (7201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability, operating | (1147) | (1115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term incentive plans | (169) | (254) |
| **Net cash provided by operating activities** | **(28018)** | **8923** |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment |  | (40) |
| **Net cash used by investing activities** | **—** | **(40)** |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividend to parent company | (82662) |  |
| **Net cash used in financing activities** | **(82662)** | **—** |
| Net increase (decrease) in cash and cash equivalents | (110680) | 8883 |
| Cash and cash equivalents at beginning of year | 164252 | 148497 |
| **Cash and cash equivalents at end of year** | $**53572** | $**157380** |
| Supplemental disclosure: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for taxes, net of refunds | $2180 | $321 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

**(1)** **Nature of Operations and Organization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Nature of Operations***

Amundi US, Inc., (the Company, or AUS), a Delaware corporation, is a holding company operating primarily out of Boston, MA and Durham, NC. The Company and its subsidiaries are wholly owned by Amundi Holdings US, Inc. (AHUS), a wholly owned subsidiary of Amundi Asset Management S.A.S. (Amundi), a global asset manager headquartered in Paris, France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Organization***

Amundi Asset Management US, Inc. (AAMUS), a wholly owned subsidiary of Amundi US, Inc., serves as the investment adviser for the US registered investment companies comprising the Pioneer Family of Mutual Funds (the Pioneer Funds), and also provides advisory and sub-advisory services to institutional, related party, and other accounts.

Amundi Distributor US, Inc. (AD), a wholly owned subsidiary of the Company, serves as the principal underwriter and distributor of shares of the Pioneer Funds through a network of independent broker-dealers, is the exclusive distributor of the Pioneer Variable Contracts Trust, and provides marketing and promotional services on behalf of affiliates for non-US distributed portfolios. AD is a registered securities broker-dealer under the US Securities and Exchange Commission (SEC) Act of 1934 and is a member of the Financial Industry Regulatory Authority (FINRA).

On July 9, 2024, Amundi entered into a definitive agreement to sell AHUS and its subsidiaries to Victory Capital Holdings, Inc. (Victory Capital), subject to regulatory and shareholder approval and customary closing conditions (Victory Transaction). AHUS's activities are principally conducted by its wholly owned subsidiary AUS. The consolidated financial information for AUS included in these consolidated financial statements does not include the financial information of AHUS as the consolidated financial statements of AUS materially reflect the acquired assets and operations of AHUS and their impact on Victory Capital's ongoing operations. Therefore, the consolidated financial statements of AUS herein are presented in lieu of consolidated financial statements for AHUS. See note 15 for further detail.

**(2)** **Summary of Significant Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)*** ***Basis of Presentation***

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP), which require the use of judgments, estimates and assumptions by management that affect the amounts reported in the unaudited consolidated financial statements and related disclosures. Actual results could differ from those estimates. The information furnished in these unaudited consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. All amounts are expressed in US dollars unless otherwise specified.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)*** ***Principles of Consolidation***

The unaudited consolidated financial statements include the accounts of the Company, its subsidiaries and any other entities in which it has a controlling financial interest. In evaluating whether or not an entity must be consolidated, the Company determines if such entity is a voting interest entity (VOE) or a variable interest entity (VIE). Under the VOE model, a controlling financial interest is typically present if the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company consolidates any variable interest entity (VIE), including any open-end registered investment companies (company-sponsored funds), for which the Company has a controlling financial interest and the Company is therefore considered the primary beneficiary. The Company is the primary beneficiary, which is when it has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. As of March 31, 2025 and December 31, 2024, the Company was not the primary beneficiary of any variable interest entities. The Company recognizes non-controlling interest in consolidated affiliates in which the Company's ownership is less than 100 percent. All intercompany accounts and transactions have been eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)*** ***Operating Segments***

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)*** ***Sales of Pioneer Family of Mutual Fund Shares***

Upon the sale of shares by the Pioneer Funds, the Company records accounts receivable from the third-party broker dealer and corresponding accounts payable to the Pioneer Funds, on a trade-date basis. Similarly, upon the redemption of shares of the Pioneer Funds, the Company records accounts receivable from the Pioneer Funds and corresponding accounts payable to the third-party broker dealer. The receivables and payables to and from broker-dealers and the Pioneer Funds for unsettled fund shares sold or redeemed are presented on a net basis. The net presentation of these receivables and payables is determined based on the Company's role as an agent, rather than as a principal, regarding these transactions, in that the Company is acting as a conduit between two counterparties, the broker-dealers and the Pioneer Funds, and bears no financial responsibility to either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)*** ***Recognition of Revenues and Expenses***

The Company's revenue is largely dependent on the total value and composition of assets under management of AAMUS, which includes domestic and international equity and debt portfolios; accordingly, fluctuations in financial markets and in the composition of assets under management affect revenue and results of operations.

The Company has contractual arrangements with third parties to provide distribution-related services. Management's determination of whether revenue should be reported gross based on the amount paid by the Funds or net of payments to third-party service providers is based on management's assessment as to whether the Company is acting as the principal service provider or is acting as an agent. The primary factors considered in assessing the nature of the Company's role include (1) whether the Company is responsible for the fulfillment of the obligation, including the acceptability of the services provided; (2) whether the Company has reasonable latitude to establish the price of the services provided; (3) whether the Company has the discretion to select the service provider; and (4) whether the Company assumes credit risk in the arrangement. Management has determined that the Company is acting as the principal service provider, as such, gross presentation is appropriate.

*Invest*ment Management Fees, Net

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

Investment management fees represent fees earned by the Company for providing the Pioneer Funds with overall management of their net assets, including oversight of fund operations, maintenance of books and records related to investments, and paying expenses of the funds. The combination of these services represents the combined output of overall investment management and advisory services. Agreements with certain of the Pioneer Funds provide for fee reductions as well as performance fees. Fee reductions are based on the excess of annual expenses of each mutual fund over certain limits. Performance fees are based on the achievement of a specified performance threshold over a contractually defined benchmark. Investment management fee revenue is inclusive of performance fees and net of fee waivers. Investment management fee revenue and fee waivers are calculated by applying a contractually agreed upon rate to assets under management. The revenue is recognized over time, as the customer simultaneously receives and consumes the benefits of the investment management services by the Company. Performance fees are recorded at a point in time, as a fund's performance is crystallized at the end of a predetermined period without the possibility of future clawback. Investment management fee revenue also includes revenue earned for rendering investment advisory and management services for the closed-end Pioneer Funds. Investment management fees are reported net of the amortization of fees paid to underwriters for organizational and offering costs incurred when launching a new closed-end fund (see note 2j). Investment management fees are recorded net of performance fee reductions, waived fees and closed-end fund offering cost amortization on the accompanying unaudited Consolidated Statements of Operations.

*Ser*vice Fee, Distribution Fee, and Underwriting Revenues and Expenses

Distribution and service fee revenue is earned from the Pioneer Funds for the ongoing performance of distribution and related fund services, contractually agreed upon and subject to annual renewal by the participating Pioneer Funds' Board of Trustees. Distribution fee revenues include distribution fees earned based on an annual rate of 0.75% (0.25% for short-term funds) of net assets of Class C shares of the Pioneer Funds and 0.25% per annum for Class R shares. Service fee revenues include a service fee based on annual rate of 0.25% (0.20% for short-term funds) that is collected by the Company as reimbursement from the Pioneer Funds for service fees prepaid to brokers and dealers in the initial year that an account is established. Payments of a portion of these fees may be made to third-party distributors who ultimately fulfill those contractual performance obligations. The Company may elect to waive these fees. Simultaneous receipt and consumption of the service by the customer occurs, therefore, the fee is earned over time.

In subsequent years, these distribution and service fees will be collected by the Company and remitted to third-party brokers and dealers as compensation pursuant to the underlying funds' distribution plans. The expenses associated with third-party distribution and service fee arrangements are recorded in service and distribution fee expense on the accompanying unaudited Consolidated Statements of Operations, as the services are provided by the third party.

Underwriting revenues consist of underwriting commissions and commissions a dealer or the Company earned from the distribution of Class A shares of the Pioneer Funds through a network of independent broker-dealers. For Class A shares, the shareholder pays an underwriter commission to the Company of up to 5.75% of the dollar value of the shares sold, which is recorded as revenue as a point in time, on the trade (execution) date of the sale of the Class A share. Up to 5.00% of the dollar value of shares sold is then paid to the third-party broker dealer and recorded by the Company as an expense. Under certain conditions, the Company may waive the underwriting commission of Class A shares (known as front-end sales load) and sell the shares at net asset value. In these circumstances, the Company does not

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

earn an underwriting commission. Variable annuity commissions are earned on the distribution of variable annuity contracts.

Certain of the Pioneer Funds maintain a multi-class share structure whereby the participating funds offer traditional front-end load shares (Class A shares), back-end load shares (Class C shares), and no-load shares (Class R and Class Y shares). The investor may be required to pay a contingent deferred sales charge (CDSC) on certain shares if there is a redemption within one year. The CDSC is paid based on the lower of original cost or current market value at declining rates starting at 1% on Class C shares and up to 1% on Class A shares.

The Company capitalizes and amortizes Class C share dealer advances for financial statement purposes over a twelve-month period. Amortization is included in service and distribution fee expense in the accompanying unaudited Consolidated Statements of Operations. Distribution fees received by the Company from participating funds are recorded as revenue when earned, gross of any distribution payments made to third parties. CDSCs received by the Company from redeeming shareholders are recognized as revenue at a point in time, upon redemption of the investment during the redemption period. Prepaid service fees are capitalized and amortized for financial statement purposes over a twelve-month period. Amortization is included in service and distribution fee expense in the accompanying unaudited Consolidated Statements of Operations.

Reimbursement for expenses incurred on behalf of the Pioneer Family of Mutual Funds and other Amundi affiliates

The Company pays certain expenses, on behalf of and reimbursed by the Pioneer Family of Mutual Funds and other Amundi affiliates, related to services rendered to these entities. Such amounts are recorded as revenue at a point in time, in the period in which the services are provided to these entities when the Company is deemed to be acting as the principal in the arrangement.

Related party revenues, reimbursement for administrative services and other revenue

Related party revenue primarily consists of revenues earned from other Amundi affiliates (see note 10). Other revenue primarily consists of interest and dividend income, and reimbursement for other administrative services provided to the Pioneer Family of Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)*** ***Cash and Cash Equivalents***

The Company considers liquid investments with original maturities of fewer than 90 days to be cash equivalents and carries them at fair value. Cash and cash equivalents totaled $53,572 on March 31, 2025. Cash and cash equivalents of $164,252 on December 31, 2024 includes cash equivalents comprising amounts invested in the Pioneer U.S. Government Money Market Fund of $28,000. The Company's investment in the Pioneer U.S. Government Money Market Fund is valued at net asset value which is fair value. Cash and cash equivalents also includes checking and other accounts of $136,252 on December 31, 2024, representing funds available for use in the normal day-to-day operations of the Company.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)*** ***Investment in Deferred Compensation Plans***

The Company has established Rabbi Trusts to fund the obligations of the various deferred compensation plans and directs the investment of Rabbi Trust assets in a manner similar to investments proposed by participants (see note 9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)*** ***Fair Value Measurements***

The Company follows the Financial Accounting Standards Board's (FASB) Accounting Standard Codification (ASC) 820, Fair Value Measurements and Disclosures. In accordance with ASC 820, fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy for measuring fair value and enhancing disclosure. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 – quoted prices in active markets for identical instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 – significant unobservable inputs (including management's own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of current assigned levels within the hierarchy. The Company recognizes transfers, if any, between fair value hierarchy levels at the end of the reporting period.

There were no transfers between the assigned hierarchy levels during the periods ended March 31, 2025 and December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)*** ***Foreign Currency Transactions***

Assets and liabilities denominated in foreign currencies are translated at applicable rates as of the interim reporting date. Revenues and expenses are translated based on actual contracted exchange rates at settlement. The difference between the exchange rate at settlement and the rate at the time incurred is recognized as an exchange rate gain or loss. Share-based compensation expenses are translated using average exchange rates during the period. Gains and losses realized on foreign currency transactions principally relate to the settlement of intercompany arrangements with non-US affiliates and are included in administrative services and other revenue and other expenses in the accompanying unaudited Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(j)*** ***Capitalized Closed End Fund Offering Costs***

The Company recognizes certain organizational expenses and offering costs paid to underwriters that are associated with the launch of a new closed-end fund as an asset in the accompanying unaudited Consolidated Balance Sheets, in accordance with ASC 606, Revenue from Contracts with Customers. The asset is assessed annually for impairment. These costs are amortized over the life of the fund and are presented as a reduction of the management fee revenue received from the fund. As of March 31, 2025 and December 31, 2024, the capitalized closed-end fund offering costs amounted to $9,933 and $10,231, respectively, which is included as other assets in the accompanying unaudited Consolidated Balance Sheets, and

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

$298 for the three months ended March 31, 2025 and 2024, was included as a reduction of investment management fee revenue in the accompanying unaudited Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(k)*** ***Property, Software and Equipment***

Property, software and equipment are reported at cost less accumulated depreciation, computed on a straight-line basis over the estimated useful lives, which range between three and five years for equipment, furniture and fixtures, three years for software and over the lease term or 10 years, whichever is shorter, for leasehold improvements. Additions, renewals, and betterments of fixed assets are capitalized. Expenditures for maintenance and repairs are charged to expense when incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(l)*** ***Leases***

The Company is party to several operating leases related to rental properties that expire at various dates through 2031, with options to renew. The Company assesses at contract inception whether the contract is, or contains, a lease. The Company's lease agreements typically do not contain any significant guarantees of asset values at the end of a lease or restrictive covenants.

The lease liability on the accompanying unaudited Consolidated Balance Sheets represents the Company's obligation to make payments arising from a lease, measured on a discounted basis, and the right of use asset on the accompanying unaudited Consolidated Balance Sheets represents the Company's right to use, or control the use of a specified asset for the lease term. The lease liability is determined based on the present value of unpaid future minimum lease payments for the population of leases determined at the time of adoption or upon commencement of a new lease. The Company uses the incremental borrowing rate of Amundi to calculate the present value of lease payments. The right of use asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments and less lease incentives received.

Fixed payments representing rental of the property are included in the calculation of the right of use asset and lease liability and payments that are variable in nature (primarily operating expenses) are excluded and expensed as incurred. The Company made an accounting policy election to not recognize lease assets or liabilities for leases with a term of 12 months or less. Lease payments related to short-term leases with a term of 12 months or less are recognized on a straight-line basis as short-term lease expense. Lease expenses are included as a component of occupancy and facilities in the accompanying Consolidated Statement of Operations.

At the commencement of a new lease, the Company assesses whether it is reasonably certain to exercise a renewal option to determine whether it should be included in the calculation of the right of use asset and lease liability. There are no renewal options deemed reasonably certain to be exercised for any of the Company's current leases and therefore no renewal options are included in the calculation of the right of use asset and lease liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(m)*** ***Dividends***

During three months ended March 31, 2025 and 2024, the Company paid cash dividends of $82,662 and $0, respectively, to AHUS.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(n)*** ***Concentration of Credit Risk***

The Company is primarily engaged in the advising, selling, and distribution of shares of the Pioneer Family of Mutual Funds. In the event counterparties do not fulfill their obligations to the Company, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties. It is the Company's policy to review, as necessary, the credit standing of each counterparty. For the three months ended March 31, 2025, and 2024, revenues from Pioneer Fund represented approximately 14% and 15% of total investment management fees, respectively, and revenues from the Pioneer Fundamental Growth Fund represented approximately 13% and 15% of total investment management fees, respectively. Additionally, revenues from the Pioneer Fund represented approximately 29% of the total service fee, distribution fee, and underwriting revenues of the Company for each of the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, revenues from the Multi Asset Income Fund represented 12% of the total service fee, distribution fee, and underwriting revenues of the Company. For the three months ended March 31, 2024, revenues from the Pioneer Fundamental Growth Fund represented 10% of the total service fee, distribution fee, and underwriting revenues of the Company.

The Company has certain cash balances that exceed the insured limits set by the Federal Deposit Insurance Corporation in the United States, which exposes the Company to credit risk. The Company does not believe that cash balances are subject to any unusual risk associated with the Company's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(o)*** ***Legal and Other Loss Contingencies***

The Company, AHUS, and Amundi may from time to time be subject to claims pursuant to U.S. lawsuits, which seek damages, including trebled damages, in amounts, which could, if assessed, be significant.

The Company records liabilities for contingencies when it is probable that a liability has been incurred before the balance sheet date and the amount can be reasonably estimated. Significant management judgment is required to comply with this guidance. The Company analyzes its litigation exposure based on available information, including consultation with outside counsel handling the defense of these matters, to assess its potential liability. Contingent liabilities, if any, are not discounted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(p)*** ***Share-Based Compensation***

Certain employees of the Company were eligible to participate in a long-term incentive plan granted by Amundi whereby participants were granted a number of shares based on performance targets (refer to note 8). This award was classified as an equity award. Equity awards are recognized at estimated fair value at the grant date and amortized over the requisite service period on a straight-line basis. Compensation expense is recorded on the unaudited Consolidated Statements of Operations (net of estimated forfeitures). Up until 2025, Amundi recharged the Company for the shares based on their cost for acquiring the shares in the open market. The difference between the amount recorded by the Company and the amount recharged by Amundi, if any, was recorded as paid-in-capital, recognized as an intercompany contribution or redemption of capital in the accompanying unaudited Statement of Changes in Stockholder's Equity and classified as a financing cash flow in the accompanying unaudited Statement of Cash Flows. As a result of the Victory Transaction, in 2025, the vesting of these awards was accelerated, all remaining participants were entirely vested, and the awards were converted to cash-settled liability awards (refer to note 8 for further detail).

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

Amounts payable in connection with these plans, including any unrealized foreign currency translation gains or losses, are recorded in long-term incentive plans in the accompanying unaudited Consolidated Balance Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(q)*** ***Long-Lived Assets***

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company uses an estimate of the future undiscounted net cash flows of the related asset or asset grouping over the remaining life in measuring whether the assets are recoverable. These assets are amortized on a straight-line basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(r)*** ***Intangible Assets***

Intangible assets that have indefinite useful lives are subject to annual impairment testing in accordance with ASC 350, *Intangibles – Goodwill and Other*. Intangibles may be tested using a qualitative approach and/or an income approach (discounted cash flows) on an interim or annual basis, with consideration of whether events or changes in circumstances between annual tests indicate the assets might be impaired. The Company is defined as a single reporting unit for purposes of impairment testing.

Definite lived intangibles are amortized on a straight-line basis over time (see note 5).

All indefinite lived intangible assets are categorized as management contracts, which are contractual arrangements the company has with third parties to provide fund services, where the Company expects to, and has the ability to, continue to manage these funds indefinitely.

Indefinite-lived intangible assets are reviewed for impairment annually as of September 30th using a qualitative approach which weighs various factors in order to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. Management also periodically considers whether there were events or circumstances that continue to support an indefinite useful life. Indicators monitored by management that may indicate an indefinite useful life is no longer supported include adverse changes in the discount rate, assets under management (AUM) levels, management fee rates, or the cost to income ratio. If the qualitative approach indicates that it is more likely than not that an indefinite-lived intangible asset is impaired, the Company estimates the fair-value of the asset and compares it to the book value of the asset to determine whether an impairment change is necessary. Management has determined that is it not more likely than not that the indefinite-lived intangible assets are impaired as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(s)*** ***Income Taxes***

The Company is included in a consolidated federal income tax return filed by AHUS, which files a federal income tax return as the common parent corporation of an affiliated group of corporations which includes the Company. The Company files in various states, either separately or as part of a combined return. The Company is not taxable in any foreign jurisdictions. For federal income tax allocation purposes, consolidated income tax provisions are allocated among the companies included in the consolidated return based on the income tax expenses that would have been recognized had separate returns been filed for each entity or when subsidiary losses are utilized in consolidation, pursuant to the modified separate return method. For state income tax allocation purposes, the Company uses a parent-company-down approach, which allocates taxes based on each consolidated affiliate's relative contribution to the group's consolidated state income tax expense. The Company

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

follows an asset and liability approach to accounting for income taxes, which generally requires that deferred income taxes be recognized when assets and liabilities have different values for financial statement and tax reporting purposes. Deferred income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts and tax bases of the Company's assets and liabilities measured using rates expected to be in effect when such differences reverse. US GAAP allows for the recognition of deferred tax assets that are more likely than not to be realized in future years. If necessary, a valuation allowance is established to reduce the carrying amount of deferred income taxes to amounts that are more likely than not to be realized.

The Company follows the provisions of ASC 740, *Accounting for Income Taxes*, which applies a more likely than not threshold to the recognition and derecognition of uncertain tax positions. The Company is permitted to recognize the tax benefit of uncertain tax positions only when the position is more likely than not to be sustained upon examination by the tax authorities based on the position's technical merit. The amount recognized is that which represents the amount of tax benefit that has a greater than 50% likelihood of being ultimately realized upon settlement. It further requires that a change in judgment related to the expected ultimate resolution of uncertain tax positions be recognized in earnings in the period of such change.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, in its provision for income taxes and includes these amounts in its liability for unrecognized tax benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(t)*** ***Deferred Compensation and Other Retention Plans***

Certain employees of the Company are eligible to participate in various deferred compensation plans established by the Company. The Company has established Rabbi Trusts to fund the obligations of certain deferred compensation plans and directs the investment of Rabbi Trust assets in a manner similar to investments proposed by participants. The Rabbi Trusts are consolidated in the financial statements of the Company. Participants do not have a security interest in the assets of the Rabbi Trusts through participation in the plans. An increase in the fair value of the assets in the Rabbi Trusts will increase compensation cost (i.e., expense) whereas a decrease in the fair value is recorded as a reduction in compensation cost (i.e., benefit) in the accompanying unaudited Consolidated Statements of Operations (see note 9).

Deferred compensation plans with requisite service periods are expensed over the respective vesting period. The expenses associated with these plans are included as a component of compensation and related benefits in the accompanying unaudited Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(u)*** ***Allowance for Credit Losses***

Provisions for credit losses of the investment management fees and distribution fees receivables are made in amounts required to maintain an adequate allowance to cover anticipated losses. All investment management fees and distribution fees receivables were determined to be collectible as of March 31, 2025 and December 31, 2024. No reserve for credit losses and no provision for credit losses were recognized for the three months ended March 31, 2025 and 2024.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(v)*** ***New Accounting Standards***

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax* Disclosures, which modifies the disclosures related to accounting for income taxes. The guidance enhances annual income tax disclosures, particularly in the areas of disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for calendar-year public business entities for annual periods beginning after December 15, 2024 and for other entities for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company has not adopted this standard and is currently evaluating the impact it will have on the Company's financial statements and related disclosures.

**(3)** **Fair Value Measurements**

The following table represents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Investment in deferred compensation plans | $84095 | $— | $— | $84095 |
| **Total financial assets, at fair value** | $84095 | $— | $— | $84095 |
| Long-term incentive plans | $**—** | $**—** | $7812 | $7812 |
| **Total financial liabilities, at fair value** | $— | $— | $7812 | $7812 |

---

The following table represents information about the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Investment in Pioneer U.S. Government<br> Money Market Fund <sup>(1)</sup> | $28000 | $— | $— | $28000 |
| Investment in deferred compensation plans | 82432 |  |  | 82432 |
| Total Investments | 110432 |  |  | 110432 |
| **Total financial assets, at fair value** | $110432 | $— | $— | $110432 |
| Long-term incentive plans | $— | $— | $9062 | $9062 |
| **Total financial liabilities, at fair value** | $— | $— | $9062 | $9062 |

---

<sup>(1)</sup> *Classified as a component of cash and cash equivalents on the accompanying Consolidated Balance Sheets*

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

The following table presents a reconciliation of the beginning and ending fair value measurements of liabilities valued on a recurring basis and classified as Level 3 within the fair value measurement hierarchy for the three months ended March 31, 2025 and the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Long-term Incentive plans** | **Long-term Incentive plans** |
|  | **March 31, 2025** | **December 31, 2024** |
| Beginning balance | $9062 | $11575 |
| Payments |  | (5936) |
| Expenses | 9773 | 3800 |
| Cash conversion <sup>(1)</sup> | (10854) |  |
| Net gain/(loss) on foreign exchange | (169) | (377) |
| **Ending balance** | $7812 | $9062 |

---

<sup>(1)</sup> *See note 8 for further detail.*

**(4)** **Property, Software, and Equipment**

The composition of property, software and equipment is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br>March 31, 2025** | **As of<br>December 31, 2024** |
| Equipment | $961 | $961 |
| Computer software |  |  |
| Furniture and fixtures | 6235 | 6235 |
| Leasehold improvements | 22794 | 22794 |
| Total cost | 29990 | 29990 |
| Less: Accumulated depreciation | 18807 | 18032 |
| Property, software and equipment, net of accumulated depreciation | $**11183** | $**11958** |

---

Depreciation expense totaled $775 and $1,021 for the three months ended March 31, 2025 and 2024, respectively.

**(5)** **Intangible Assets**

Intangible assets consisted of the following as of March 31, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indefinite<br>Lived** | **Definite<br>Lived** | **Total** |
| Gross carrying amount, December 31, 2024 | $715994 | $16426 | $732420 |
| Accumulated amortization |  | (16426) | (16426) |
| Net carrying amount, December 31, 2024 | $715994 | $— | $715994 |
| Gross carrying amount, March 31, 2025 | $715994 | $— | $715994 |
| Accumulated amortization |  |  |  |
| Net carrying amount, March 31, 2025 | $715994 | $— | $715994 |

---

Definite lived intangible assets, principally customer lists and distribution channels, were fully amortized and written off as of December 31, 2024.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

**(6)** **Income Taxes**

The provision (benefit) for income taxes consists of the following:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
|  | **2025** | **2024** |
| Current: |  |  |
| Federal | $— | $284 |
| State | 9 | 73 |
|  | $9 | $357 |
| Deferred: |  |  |
| Federal | $717 | $5824 |
| State | 84 | 689 |
|  | 801 | 6513 |
| Total provision for income taxes | $810 | $6870 |

---

The reconciliation of the difference between the Company's U.S. Federal statutory income tax rate and effective tax rate for continuing operations for the three months ended March 31, 2025 and 2024, respectively, is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
|  | **2025** | **2024** |
| Federal statutory tax rate | 21.0% | 21.0% |
| Change in tax rate resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State income taxes (net of effect on federal income taxes) | 1.7% | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nondeductible items | 1.5% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred true-up adjustment | (4.5%) | (0.9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 0.2% |  |
| Effective tax rate | 19.9% | 23.8% |

---

As of March 31, 2025, the Company has a receivable from AHUS for $5,759 related to income taxes accrued, which is included as a component of due from affiliates on the accompanying unaudited Consolidated Balance Sheets. As of December 31, 2024, the Company has a payable to AHUS for $3,633 related to income taxes accrued, which is included as a component of due to affiliates on the accompanying unaudited Consolidated Balance Sheets, of which settlement occurred in 2025.

The liability for unrecognized tax benefits, which primarily relates to state income taxes, at March 31, 2025 and December 31, 2024 is $450, of which $356 would affect the Company's effective tax rate if recognized.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three<br>Months Ended<br>March 31, 2025** | **For the<br>Year Ended<br>December 31, 2024** |
| Beginning balance | $450 | $3564 |
| Increase due to tax positions related to the current year |  | 34 |
| Decrease due to tax positions related to the prior years |  | (3148) |
| Ending balance | $450 | $450 |

---

The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense. At March 31, 2025 and December 31, 2024, the Company had accrued interest and penalties of $278 and $269, respectively, of which $9 was recognized as an increase to the provision for income taxes for the three months ended March 31, 2025. The Company does not expect a material change to the liability for unrecognized tax benefits will occur over the next 12 months.

The tax years from 2021 and forward remain open to examination by the major jurisdictions in which the Company is subject to tax.

The components of deferred income taxes recorded in the accompanying unaudited Consolidated Balance Sheets comprise a net deferred tax liability of $144,408 and $136,362 as March 31, 2025 and December 31, 2024, respectively. The approximate income tax effect of each type of temporary difference is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of<br>March 31, 2025** | **As of<br>December 31, 2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation related | $15345 | $23356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 7097 | 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1264 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 23706 | 32186 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangibles | (160991) | (160991) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use property | (5047) | (5241) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed assets | (1457) | (1590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (619) | (726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (168114) | (168548) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net deferred tax liability | $(144408) | $(136362) |

---

Based on the Company's historical and current pretax earnings, management believes it is more likely than not that the Company will realize its remaining deferred income tax assets existing at March 31, 2025. Management believes that existing net deductible temporary differences, which give rise to deferred tax assets, will reverse during periods in which the Company generates net taxable income. In addition, gross deductible temporary differences are expected to reverse in periods during which offsetting gross taxable temporary differences are expected to reverse.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

**(7)** **Benefit Plans**

The Company has two defined contribution plans for eligible employees: a retirement benefit plan and a savings and investment plan (together the Benefit Plans) qualified under Section 401 of the Internal Revenue Code. The Company makes contributions to a trustee, on behalf of eligible employees, to fund both Benefit Plans.

Both of the Benefit Plans cover all full-time employees who have met certain age and length-of-service requirements. Under the retirement benefit plan, the Company contributes an amount that would purchase a certain targeted monthly pension benefit at the participant's normal retirement date. Pursuant to the savings and investment plan, participants may voluntarily contribute up to 50% of their compensation, and the Company will match this contribution up to 2.5% of the participant's contribution. For the three months ended March 31, 2025 and 2024 the Company's expenses under the retirement benefit plan were $2,098 and $1,786, respectively, and under the savings and investment plan were $386 and $460, respectively. Both of these expenses are included as a component of compensation and related benefits on the accompanying unaudited Consolidated Statements of Operations.

**(8)** **Incentive Plans**

##  ***2021 Plan*** 
In April 2021, Amundi granted certain participants a target number of performance shares of Amundi stock under the 2021 Long-term Incentive Plan (2021 Plan). The 2021 Plan provided participants with performance shares that vested in 2024 based on the performance of financial years 2021 through 2023. The number of shares that vested is based on predetermined key performance indicators (KPIs). These KPIs are the same for all beneficiaries of the plan and are based on the global consolidated figures of the listed entity Amundi. Metrics used include group net income, cost to income ratio, net inflows, and ESG policy. The number of shares vested range from 0% to 125% of the target number of shares.

Outstanding and exercisable restricted shares under the 2021 Plan is as follows:

---

| | | |
|:---|:---|:---|
|  | **2021 Plan<br>(in shares)** | **2021 Plan<br>(in shares)** |
|  | **2025** | **2024** |
| Outstanding at January 1, |  | 80770 |
| Forfeitures |  | (3540) |
| Outstanding at March 31, |  | 77230 |

---

***2022 Plan***

In April 2022, Amundi granted certain participants a target number of performance shares of Amundi stock under the 2022 Long-term Incentive Plan (2022 Plan). The 2022 Plan provided participants with performance shares that vest in 2025 based on the performance of financial years 2022 through 2024. The number of shares that vest were based on predetermined KPIs. These KPIs are the same for all beneficiaries of the plan and were based on the global consolidated figures of the listed entity Amundi. Metrics used include group net income, cost to income ratio, net inflows, and ESG policy. The number of shares vested range from 0% to 125% of the target number of shares.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

In connection with the Victory Transaction, the vesting of the 2022 plan was accelerated, all remaining participants were entirely vested, and the plan converted to a liability award, which will be cash settled in May 2025 based on the following: number of shares granted, KPI achievement rate, Amundi opening share price on April 28, 2025 and the USD/EUR exchange rate on April 25, 2025.

Outstanding and exercisable restricted shares under the 2022 Plan is as follows:

---

| | | |
|:---|:---|:---|
|  | **2022 Plan<br>(in shares)** | **2022 Plan<br>(in shares)** |
|  | **2025** | **2024** |
| Outstanding at January 1, | 125180 | 128670 |
| Forfeitures |  | (3490) |
| Cash conversion | (125180) |  |
| Outstanding at March 31, |  | 125180 |

---

##  ***2023 Plan*** 
In April 2023, Amundi granted certain participants a target number of performance shares of Amundi stock under the 2023 Long-term Incentive Plan (2023 Plan). The 2023 Plan provides participants with performance shares that vest in 2026 based on the performance of financial years 2023 through 2025. The number of shares that vest is based on predetermined KPIs. These KPIs are the same for all beneficiaries of the plan and are based on the global consolidated figures of the listed entity Amundi. Metrics used include group net income, cost to income ratio, net inflows, and ESG policy. The number of shares vested range from 0% to 125% of the target number of shares.

In connection with the Victory Transaction, the vesting of the 2023 plan was accelerated, all remaining participants were entirely vested, and the plan converted to a liability award, which will be cash settled in January 2026 based on the following: number of shares granted, Amundi opening share price on February 3, 2025 and the USD/EUR exchange rate on January 31, 2025.

Outstanding and exercisable restricted shares under the 2023 Plan is as follows:

---

| | | |
|:---|:---|:---|
|  | **2023 Plan<br>(in shares)** | **2023 Plan<br>(in shares)** |
|  | **2025** | **2024** |
| Outstanding at January 1, | 114980 | 118200 |
| Forfeitures |  | (3220) |
| Cash conversion | (114980) |  |
| Outstanding at March 31, |  | 114980 |

---

For the three months ended March 31, 2025 and 2024, the net compensation related expense associated with the plans noted above and recorded in the accompanying unaudited Consolidated Statements of Operations amounted to $9,773 and $842, respectively. The net expense comprises compensation expense related to the vesting of units and restricted awards and recognition of forfeitures as they occurred. As of December 31, 2024, the inputs utilized to determine the fair value of the award recognized are considered significant unobservable inputs and, accordingly, the liability of $9,062 associated with these incentive plans as of December 31, 2024 in the accompanying unaudited Consolidated Balance Sheet is included in level 3 of the fair value hierarchy

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

table. As of March 31, 2025, the liability of $18,666 in the accompanying unaudited Consolidated Balance Sheet associated with these plans is comprised of $7,812 related to the 2022 Plan and $10,854 related to the 2023 Plan. As the inputs utilized to determine the fair value of the 2022 Plan are considered significant unobservable inputs, the 2022 Plan liability is included in level 3 of the fair value hierarchy table. As the 2023 Plan has been converted to a cash amount based on a historical share price and exchange rate, the 2023 Plan is not included in the fair value hierarchy table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Deferred Compensation Plans**

The Company offers various deferred compensation plans, including Mandatory Bonus Deferral Plans (MDP) and a Voluntary Deferred Compensation Plan (VDP), whereby a percentage of total incentive compensation earned by such employees may be deferred for a specific period.

The purpose of the MDP is to govern bonuses mandatorily deferred under bonus plans maintained by the Company. This plan is unfunded for tax purposes. Participant accounts vest on a pro-rata basis over a three-year period. Participants have the right to receive distribution of the vested account balance in cash or may elect to convert the vested balance (all or part) to the VDP. Balances may be subject to forfeiture in the event of termination of employment with the Company prior to the vesting of the award.

The purpose of the VDP is to allow a select group of management or highly compensated employees of the Company who satisfy eligibility provisions of the VDP to defer, on a voluntary basis, the receipt of compensation to some future date. The VDP is unfunded for tax purposes. Participants are fully vested in the VDP as of the date of contribution and shall receive a distribution of his or her deferred account on the future date elected by the participant. All distributions under the VDP shall be in cash.

Certain employees of the Company are eligible to participate in the Amundi Intermediate Deferred Compensation Award Plan (AIDCAP), a deferred compensation plan established by AUS. The AIDCAP provides supplemental compensation in order to reward performance and provide a mechanism for key employee retention. Awards under AIDCAP generally vest at the end of the three-year period following the date of grant.

Certain employees of the Company are granted a Special Award (SA) to provide supplemental compensation in order to reward performance and encourage the retention of key contributors to the Company. Awards under SA generally vest over a three-year period, with 25% vesting over each of the first two years and 50% vesting in the third year, following the grant date.

The Rabbi Trust balances as of March 31, 2025 and December 31, 2024 of $23,709 and $21,862, respectively, for the MDP, $20,586 and $19,705, respectively, for the VDP, $39,515 and $40,011, respectively, for the AIDCAP, and $285 and $282, respectively, for the SA are invested in various Pioneer Funds and are included in deferred compensation plans in the accompanying unaudited Consolidated Balance Sheets. As of March 31, 2025, the unrecognized compensation expense associated with the MDP and AIDCAP, and SA that will be recognized by the Company in the future is $37,754.

In addition, certain individuals are participants in the Company's Executive Supplemental Retirement Benefit Plan (SERP). The SERP is intended to serve as deferred compensation for a select group of management employees. The SERP balance was paid out to participants in 2025. As December 31, 2024, the balance in the SERP is $572, and is included in deferred compensation plans in the accompanying unaudited Consolidated Balance Sheets.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

**(10)** **Related Party Transactions**

Certain officers and/or directors of the Company are officers and/or trustees of the Pioneer Funds. Included in net investment management fees in the accompanying unaudited Consolidated Statements of Operations is $67,289, and $60,507 for the three months ended March 31, 2025 and 2024, respectively, of investment management and performance fees (net of fees waived) earned from the Pioneer Funds. Underwriting commissions, distribution fees and service fees earned from the sale of the shares of the Pioneer Funds were

$18,428, and $17,233 for the three months ended March 31, 2025 and 2024, respectively. Reimbursement for expenses incurred on behalf of the Pioneer Funds of $10,015 and $9,150 for the three months ended March 31, 2025 and 2024, respectively, in the accompanying unaudited Consolidated Statements of Operations, represents amounts earned from the Pioneer Family of Funds for reimbursement of expenses paid to service providers providing certain services to these entities, for which the Company is deemed to be the principal in the arrangement. Included in administrative services and other revenue in the accompanying unaudited Consolidated Statements of Operations is $3,028 and $3,247 for the three months ended March 31, 2025 and 2024, respectively, of reimbursements for administrative services performed by the Company for the Pioneer Funds.

As of March 31, 2025 and December 31, 2024, the Company was due $14,885 and $12,420, respectively, from the Pioneer Funds related to these arrangements, for which cash settlement is expected, which is reported as a component of receivables from investment management fees, distribution fees, and from the Pioneer Family of Mutual Funds in the accompanying Consolidated Balance Sheets.

Included in related party revenues in the accompanying unaudited Consolidated Statements of Operations are $21,817 and $18,759 of advisory and sub-advisory management fees, which the Company earned from other Amundi affiliates for the three months ended March 31, 2025 and 2024, respectively. Also included is $1,197 and $891 which the Company earned from Amundi affiliates primarily for marketing, salaries, administrative and other operating expenses incurred on their behalf for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025 and December 31, 2024, the Company was due $34,638 and $24,478, respectively, from Amundi affiliates related to these arrangements, for which cash settlement is expected, representing the due from affiliates balance in the accompanying unaudited Consolidated Balance Sheets.

Related party expenses of $6,655 and $7,932 for the three months ended March 31, 2025 and 2024, respectively, in the accompanying unaudited Consolidated Statements of Operations include payments made to affiliates for sub-advisory management fees and recharges for operating expenses incurred on the Company's behalf. As of March 31, 2025 and December 31, 2024, the Company owed $2,884 and $6,085, respectively, to Amundi affiliates related to these arrangements for which cash settlement is expected, representing the due to affiliates balance on the accompanying unaudited Consolidated Balance Sheets.

All transactions with AHUS, Amundi and other affiliates are charged or credited through related party accounts and may not be the same as those that would otherwise exist or result from agreements and transactions among unaffiliated third parties. However, the Company believes that it is in compliance with the transfer pricing regulations of the Internal Revenue Service. All balances due to and from AHUS and Amundi affiliates represent amounts for which the Company has the solvency, ability, and intent to settle.

------

**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

**(11)** **Leases**

Information related to the Company's operating leases is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended<br>March 31,** | **For the Three Months Ended<br>March 31,** |
|  | **2025** | **2024** |
| Operating lease costs | $1155 | $1201 |
| Rental payments | $1432 | $1443 |

---

---

| | | |
|:---|:---|:---|
|  | **As of<br>March 31, 2025** | **As of<br>December 31, 2024** |
| Weighted-average discount rate | 3.6% | 3.6% |
| Weighted-average remaining lease term (years) | 5.9 | 6.1 |

---

Future undiscounted cash payments related to operating leases as of March 31, 2025 are shown in the table below.

---

| | |
|:---|:---|
| 2025 | 4380 |
| 2026 | 5946 |
| 2027 | 5806 |
| 2028 | 5833 |
| 2029 | 5495 |
| 2030 and thereafter | 7861 |
| Total undiscounted lease payments | 35321 |
| Less: imputed interest | 3577 |
| Total lease liabilities | $31744 |

---

**(12)** **Indemnifications**

In the normal course of business, the Company may enter into contracts that contain a variety of indemnifications. Since inception and commencement of operations, the Company has not had any claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**(13)** **Net Capital and Reserve Requirements**

As the principal underwriter and distributor of shares of the Pioneer Funds, AD is subject to the SEC's regulations and operating guidelines applicable to broker-dealers, including the Net Capital Rule, which requires AD to maintain a specified amount of net capital, as defined under Uniform Net Capital Rule 15c3-l (Rule 15c3-1). Net capital may fluctuate on a daily basis. AD has elected and uses the Alternative Standard as its method of net capital computation, in which the minimum net capital required is the greater of $250 or 2% of aggregate debits. AD's net capital, as computed under Rule 15c3-l, was $4,820 and $42,021 at March 31, 2025 and December 31, 2024, respectively, which exceeds minimum net capital required of $250 by $4,570 and $41,771, respectively.

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**AMUNDI US, INC.** 

Notes to Consolidated Financial Statements

(in thousands, except share amounts)

**(unaudited)**

AD is exempt from the reserve requirements of Rule 15c3-3, pursuant to paragraph (k)(2)(i), since it does not carry customer margin accounts; promptly transmits all customer funds and delivers all securities received in connection with activities as a broker-dealer; does not otherwise hold funds or securities for, or owe money or securities to, customers; and effects all customer receipts and disbursements, if received, through a special account for the benefit of customers.

**(14)** **Disaggregated Revenue from Contracts with Customers**

The following table presents revenue from contracts with customers by major source:

# **Revenue from contracts with customers:** 

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2025** | **2024** |
| Investment management fees, net | $81474 | $72065 |
| Service fee, distribution fees and underwriting revenues | 18428 | 17233 |
| Reimbursement for expenses incurred on behalf of the Pioneer Family of<br> Mutual Funds and other Amundi affiliates | 10015 | 9150 |
| Advisory and sub-advisory management fee revenue from affiliates | 21817 | 18759 |
| Reimbursement for administrative services provided to the Pioneer<br> Family of Mutual Funds | 3028 | 3247 |
| Other reimbursement revenue from affiliates | 1197 | 891 |
| **Total revenue from contract with customers** | $135959 | $121345 |

---

**(15)** **Subsequent Events**

In preparing these consolidated financial statements, the Company has evaluated subsequent events after March 31, 2025, through May 15, 2025, the date the consolidated financial statements were available to be issued.

On July 9, 2024, Amundi entered into a definitive agreement to sell AHUS and its subsidiaries to Victory Capital, subject to regulatory and shareholder approval and customary closing conditions. The transaction was completed on April 1, 2025, and AHUS was combined into Victory Capital in exchange for 21.2% economic stake in Victory Capital. The closing consideration is subject to a customary post-closing adjustment as well as true-up payments in respect of client consents obtained in the 180 days following the closing. Also as a result of the Victory Transaction, Amundi became a strategic shareholder of Victory Capital with two of its representatives joining the Victory Capital Board of Directors.

In conjunction with the transaction, Amundi and Victory Capital have entered into reciprocal 15-year distribution agreements which became effective upon closing of the transaction. Under the distribution agreements, Victory Capital is the supplier of US-manufactured active asset management products for Amundi's distribution outside of the US. Additionally, Victory Capital became the distributor of Amundi's non- US manufactured products in the US.

The financial impact of this subsequent event cannot be quantified at this stage and thus has not been included in the accompanying financial statements. The Company will make appropriate adjustments or disclosures in the financial statements of the period in which the acquisition is completed. As this is a non-recognized subsequent event under ASC 855, *Subsequent Events*, no adjustment to the unaudited financial statements has been made in the reported three months ended on March 31, 2025.

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## Exhibit 99.4

**Exhibit 99.4**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

***Amundi US Acquisition*** 

On July 8, 2024, Victory Capital Holdings, Inc., a Delaware corporation (along with its wholly-owned subsidiaries, collectively referred to as the "Company" or "Victory"), and Amundi Asset Management S.A.S ("Amundi") entered into the Contribution Agreement (the "Contribution Agreement") to combine Amundi's U.S. business into the Company. Amundi US's activities are principally conducted by its wholly owned subsidiary Amundi US, Inc. and Amundi US, Inc.'s two wholly owned subsidiaries, Amundi Asset Management US, Inc. and Amundi Distributor US, Inc. (Amundi US, Inc. together with its subsidiaries, "Amundi US").

On April 1, 2025, the Company completed the transactions contemplated by the Contribution Agreement (the "contribution"). In exchange for the contribution of all the shares of the Amundi US to the Company, the Company issued to Amundi (a) 3,293,471 newly issued shares of Common Stock, representing 4.9% of the number of issued and outstanding shares of Common Stock after giving effect to such issuance, and (b) 19,742,300 newly issued shares of Preferred Stock, which, together with the shares of Common Stock issued to Amundi represented in the aggregate 26.1% of the Company's fully diluted shares after giving effect to such share issuances. The Preferred Stock issued to Amundi includes 14,305,982 shares issued on April 1, 2025 and 5,436,318 shares issued on May 23, 2025 as a true up payment in respect of client consents obtained in the 30 days following the Closing. Closing consideration due to Amundi is subject to a customary post-closing adjustment, which has not yet been determined.

***Pro Forma Presentation***

The following unaudited pro forma condensed combined financial statements ("Unaudited Pro Forma Condensed Combined Financial Statements") give effect to the contribution on a combined basis. The unaudited pro forma condensed combined statements of operations ("Unaudited Pro Forma Combined Statements of Operations") give effect to the contribution as if it had occurred on January 1, 2024 and combines the consolidated statements of operations of Victory and Amundi US for the three months ended March 31, 2025 and the year ended December 31, 2024. The unaudited pro forma condensed combined balance sheet ("Unaudited Pro Forma Condensed Combined Balance Sheet") gives effect to the contribution as if it had occurred on March 31, 2025 and combines the consolidated balance sheets of Victory and Amundi US as of March 31, 2025. These statements and accompanying notes, (collectively, the "Unaudited Pro Forma Condensed Combined Financial Information"), have been prepared in accordance with Article 11 of Regulation S-X and have been derived from, and should be read in conjunction with (i) the Company's separate historical unaudited consolidated financial statements and the related notes included in the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025; (ii) the Company's separate historical audited consolidated financial statements and the related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024; (iii) the Amundi US separate historical unaudited consolidated financial statements and related notes as of and for the three months ended March 31, 2025, included in this Current Report on Form 8-K/A as Exhibit 99.3; and (iv) the Amundi US separate historical audited consolidated financial statements and related notes as of and for the year ended December 31, 2024, included in this Current Report on Form 8-K/A as Exhibit 99.2.

The Unaudited Pro Forma Condensed Combined Financial Information has been prepared for illustrative purposes only and is not necessarily indicative of what the combined company's financial position or results of operations actually would have been had the contribution been completed at the dates indicated. In addition, the Unaudited Pro Forma Condensed Combined Financial Information does not purport to project the future financial position or operating results of the combined company and does not give consideration to the impact of cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the contribution or the costs necessary to achieve these cost savings, operating synergies or revenue enhancements.

***Other Amundi US Adjustments***

The consolidated financial information for Amundi US included in the Unaudited Pro Forma Combined Statements of Operations does not include the legal entity Amundi Holdings US, Inc. ("Holdco"), which is a

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holding company with no current substantive operations. Holdco has not been included because the Amundi US consolidated financial statements materially reflect operations of Amundi US and their impact on Victory's ongoing operations. Therefore, the consolidated financial statements of Amundi US herein are presented in lieu of consolidated financial statements for Holdco. The Unaudited Pro Forma Condensed Combined Balance Sheet includes assets acquired and liabilities assumed from Holdco. These balances are shown in a separate column as Other Amundi US adjustments.

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**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET**

As of March 31, 2025 (in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Victory Capital (Historical)** | **Amundi US (Reclassified)<br>Note 3** | **Other Amundi US adjustments <br>Note 4** | **Transaction accounting adjustments** | **Pro forma combined** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $175607 | $53572 | $— | $— | $229179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | 95823 | 60791 | (21776) | 259<br> (a) | 135097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 8868 | 5673 |  |  | 14541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value | 34511 | 84095 |  |  | 118606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 11124 | 11183 |  | 8147<br> (b) | 30454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 981805 |  |  | 251926<br> (c) | 1233731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 1255351 | 715994 |  | 562006<br> (d) | 2533351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 20397 | 32506 |  | 2486<br> (e) | 55389 |
| **Total assets** | $**2583486** | $**963814** | $**(21776)** | $**824824** | $**4350348** |
| **Liabilities and stockholders' equity (deficit)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $71064 | $26019 | $3983 | $15488<br> (f) | $116554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 42361 | 47776 |  |  | 90137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration payable for acquisition of business | 143300 |  |  |  | 143300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability, net | 163435 | 144408 | (9025) | 161356<br> (g) | 460174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 53997 | 77690 |  | (6177) (h) | 125510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 964763 |  |  |  | 964763 |
| **Total liabilities** | **1438920** | **295893** | **(5042)** | **170667** | **1900438** |
| **Stockholders' equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 844 |  |  | 33<br> (i) | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  |  |  | 197<br> (i) | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 756420 | 1132167 |  | 197688<br> (i) | 2086275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (584051) |  |  |  | (584051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 15707 |  |  |  | 15707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | 955646 | (464246) | (16734) | 456239<br> (i) | 930905 |
| **Total stockholders' equity (deficit)** | **1144566** | **667921** | **(16734)** | **654157** | **2449910** |
| **Total liabilities and stockholders' equity** | $**2583486** | $**963814** | $**(21776)** | $**824824** | $**4350348** |

---

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**UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS**

For the three months ended March 31, 2025 (in thousands, except for earnings per share)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Victory Capital (Historical)** | **Amundi US (Reclassified)<br>Note 3** | **Transaction accounting adjustments** | **Note 5** | **Pro Forma Combined** |
| **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees | $173301 | $104488 | $— |  | $277789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and distribution fees | 46301 | 21456 |  |  | 67757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **219602** | **125944** | **—** |  | **345546** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel compensation and benefits | 56136 | 76921 | 1113 | (j) | 134170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and other asset-based expenses | 35477 | 22934 |  |  | 58411 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 14328 | 22635 |  |  | 36963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 7432 | 775 | 13723 | (k) | 21930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of consideration payable for acquisition of business | 3406 |  |  |  | 3406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | 8750 |  |  |  | 8750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and integration costs | 1165 |  |  |  | 1165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **126694** | **123265** | **14836** |  | **264795** |
| **Income from operations** | **92908** | **2679** | **(14836)** |  | **80751** |
| **Other income (expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other income (expense) | 704 | 1391 |  |  | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other financing costs | (13211) |  |  |  | (13211) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | **(12507)** | **1391** | **—** |  | **(11116)** |
| **Income before income taxes** | **80401** | **4070** | **(14836)** |  | **69635** |
| **Income tax expense** | **(18426)** | **(810)** | **3580** | (m) | **(15656)** |
| **Net income** | $**61975** | $**3260** | $**(11256)** |  | $**53979** |
| **Earnings per share of common stock** <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.97 |  |  |  | $0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.96 |  |  |  | $0.61 |
| **Weighted average number of shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 63711 |  | 3349 | (i) | 67060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 64714 |  | 3349 | (i) | 68063 |
| **Dividends declared per share of common stock** | $0.47 |  |  |  | $0.47 |

---

(1) Refer to Note 6. Earnings per share for details regarding the impact of the Common Stock and Preferred Stock issuance on Earnings per share of common stock.

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**UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS**

For the year ended December 31, 2024 (in thousands, except for earnings per share)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Victory Capital (Historical)** | **Amundi US (Reclassified)<br>Note 3** | **Transaction accounting adjustments** | **Note 5** | **Pro Forma Combined** |
| **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees | $704583 | $404125 | $— |  | $1108708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and distribution fees | 188894 | 85238 |  |  | 274132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **893477** | **489363** | **—** |  | **1382840** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel compensation and benefits | 217214 | 173314 | 4452 | (j) | 394980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and other asset-based expenses | 146489 | 89395 |  |  | 235884 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 56694 | 85300 |  |  | 141994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 30176 | 4002 | 54071 | (k) | 88249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of consideration payable for acquisition of business | 2694 |  |  |  | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | 11285 |  | 24000 | (l) | 35285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and integration costs | 1411 |  |  |  | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **465963** | **352011** | **82523** |  | **900497** |
| **Income from operations** | **427514** | **137352** | **(82523)** |  | **482343** |
| **Other income (expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other income (expense) | 10441 | 6999 |  |  | 17440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other financing costs | (63836) |  |  |  | (63836) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (363) |  |  |  | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | **(53758)** | **6999** | **—** |  | **(46759)** |
| **Income before income taxes** | **373756** | **144351** | **(82523)** |  | **435584** |
| **Income tax expense** | **(84892)** | **(30662)** | **12931** | (m) | **(102623)** |
| **Net income** | $**288864** | $**113689** | $**(69592)** |  | $**332961** |
| **Earnings per share of common stock** <sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $4.47 |  |  |  | $3.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $4.38 |  |  |  | $3.74 |
| **Weighted average number of shares outstanding** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 64607 |  | 3293 | (i) | 67900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 65928 |  | 3293 | (i) | 69221 |
| **Dividends declared per share of common stock** | $1.56 |  |  |  | $1.56 |

---

(1) Refer to Note 6. Earnings per share for details regarding the impact of the Common Stock and Preferred Stock issuance on Earnings per share of common stock.

**Note 1. Basis of Preparation**

The consolidated financial statements of Victory and Amundi US. were prepared in accordance with U.S. GAAP. This Unaudited Pro Forma Condensed Combined Financial Information has been derived from the

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unaudited condensed consolidated financial statements of Victory and Amundi US as of and for the three months ended March 31, 2025, and the audited consolidated financial statements of Victory and Amundi US as of and for the year ended December 31, 2024. The Unaudited Pro Forma Condensed Combined Financial Information has been prepared in accordance with Article 11 of Regulation S-X using assumptions set forth in the notes herein.

The Unaudited Pro Forma Condensed Combined Financial Information has been prepared using the acquisition method of accounting in accordance with Accounting Standard Codification ("ASC") 805, "Business Combinations" which requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. ASC 805 requires that one of the two companies in an acquisition be designated as the acquirer for accounting purposes based on the evidence available. Victory is treated as the acquiring entity for accounting purposes, and accordingly, the Amundi US assets acquired and liabilities assumed have been adjusted based on preliminary estimates of fair value at the completion of the contribution on April 1, 2025. The excess of the preliminary purchase price over the fair value of identified assets acquired and liabilities assumed is recognized as goodwill.

The Unaudited Pro Forma Condensed Combined Financial Information does not reflect any cost savings, operating synergies or revenue enhancements that the combined entity may achieve as a result of the contribution. The Unaudited Pro Forma Condensed Combined Financial Information and underlying pro forma adjustments are based upon currently available information and include certain estimates and assumptions made by management; accordingly, actual results could differ materially from the pro forma information. Management believes the assumptions provide a reasonable and supportable basis for presenting the estimated significant effects of the contribution. The Unaudited Pro Forma Condensed Combined Financial Information may not provide an indication of results in the future.

The accounting policies used in the presentation of the unaudited pro forma combined financial statements are those used in Victory's Annual Report on Form 10-K for the year ended December 31, 2024, except where disclosed in the notes to the Unaudited Pro Forma Condensed Combined Financial Information herein.

**Note 2. Purchase Price and Preliminary Purchase Price Allocation**

The preliminary purchase price allocation has been used to prepare pro forma adjustments in the Unaudited Pro Forma Condensed Combined Financial Statements. The final purchase price allocation will be determined when the Company has completed the detailed valuations and necessary calculations. The final purchase price allocation could differ materially from the preliminary purchase price allocation used for the pro forma adjustments herein and may include changes to various balances, including fixed assets, intangible assets and goodwill. The finalization of the purchase price allocation will not extend beyond the one-year measurement period provided under ASC 805.

Total purchase price consideration was approximately $1,328 million, which consisted of approximately 3.3 million and 19.7 million shares of the Company's Common Stock and Preferred Stock, respectively. The fair value of each share of the Company's Common Stock and Preferred Stock was based on the opening stock price on April 1, 2025.

The following table summarizes the preliminary allocation of the assets acquired and liabilities assumed based on their fair values on the acquisition date:

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---

| | |
|:---|:---|
| *(in thousands)* |  |
| Cash and cash equivalents | $53572 |
| Receivables | 45951 |
| Prepaid expenses | 5673 |
| Investments, at fair value | 84095 |
| Property and equipment, net | 19330 |
| Goodwill | 251926 |
| Other intangible assets | 1278000 |
| Other assets | 34992 |
| Accounts payable and accrued expenses | (34128) |
| Accrued compensation and benefits | (47776) |
| Deferred tax liability | (291783) |
| Other liabilities | (71513) |
| **Total purchase price consideration** | $1328339 |

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**Note 3. Reclassification Adjustments**

The following table presents reclassification adjustments to conform Amundi US's historical Consolidated Balance Sheet presentation to Victory Capital's historical Consolidated Condensed Balance Sheet presentation. The reclassification adjustments have no impact on net assets as of March 31, 2025 and are summarized below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |  |  |
| **Victory Capital<br>(Historical)<br>Balance Sheet Line Items** | **Amundi US<br>(Historical)<br>Balance Sheet Line Items** | **March 31, 2025** | **Reclassification** | **Note 3** | **Amundi US<br>(Reclassified)<br>March 31, 2025** |
| **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | Cash and cash equivalents | $53572 | $- |  | $53572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables |  |  | 60791 | (a) | 60791 |
|  | Investment management fees, distribution fees, and the Pioneer Family of Mutual Funds | 25942 | (25942) | (a) | - |
|  | Due from affiliates | 34638 | (34638) | (a) | - |
|  | Other | 211 | (211) | (a) | - |
|  | Prepaid service fees and dealer advances | 1235 | (1235) | (b) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | Prepaid expenses | 4438 | 1235 | (b) | 5673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at fair value |  |  | 84095 |  | 84095 |
|  | Investment in deferred compensation plans | 84095 | (84095) |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | Property, software and equipment (net of accumulated depreciation) | 11183 | - |  | 11183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | Intangible assets | 715994 |  |  | 715994 |
|  | Right of use property, operating (net of accumulated depreciation) | 22573 | (22573) | (c) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | Other assets | 9933 | 22573 | (c) | 32506 |
| **Total assets** |  | $**963814** | $**-** |  | $**963814** |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | Accounts payable and accrued expenses | $9670 | $16349 | (d) | $26019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | Accrued compensation and related benefits | 29110 | 18666 | (e) | 47776 |
|  | Distribution and service fees due to brokers and dealers | 12736 | (12736) | (d) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration payable for acquisition of business | Due to affiliates | 2884 | (2884) | (d) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability, net | Income tax payable | 729 | (729) | (d) | - |
|  | Deferred income taxes | 144408 | - |  | 144408 |
|  | Deferred compensation plans | 45946 | (45946) | (f) | - |
|  | Lease liability, operating | 31744 | (31744) | (f) | - |
|  | Long-term incentive plans | 18666 | (18666) | (e) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | - | 77690 | (f) | 77690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net |  | - |  |  |  |
| **Total liabilities** |  | $**295893** | $**-** |  | $**295893** |
| **Stockholders' equity (deficit)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | Common stock | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | Paid-in capital | 1132167 | - |  | 1132167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | Common stock | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | Accumulated deficit | (464246) | - |  | (464246) |
| **Total stockholders' equity (deficit)** |  | $**667921** | $**-** |  | $**667921** |
| **Total liabilities and stockholders' equity** |  | $**963814** | $**-** |  | $**963814** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Reclassified Investment management fees, distribution fees, and the Pioneer Family of Mutual Funds, Due from affiliates and Other to Receivables to conform with Victory's presentation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Reclassified Prepaid service fees and dealer advances totaling $1.2 million for inclusion within Prepaid expenses to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Reclassified Right of us property, operating totaling $22.6 million to Other assets to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reclassified the March 31, 2025 balances from Distribution and service fees due to brokers and dealers, Due from affiliates and Income tax payable to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Reclassified Long-term incentive plans totaling $18.7 million to Accrued compensation and related benefits to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Reclassified Deferred compensation plans totaling $18.7 million and Lease liability, operating totaling $31.7 million to Other liabilities to conform with Victory's presentation.

The following table presents reclassification adjustments to conform Amundi US's historical Consolidated Statement of Operations presentation to Victory Capital's historical Consolidated Statement of Operations presentation. The reclassification adjustments have no impact on Net Income as of March 31, 2025 and are summarized below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |  |  |
| **Victory Capital<br>(Historical)<br>Statement of Operations Line Items** | **Amundi US<br>(Historical)<br>Statement of Operations Line Items** | **Amundi US<br>(Historical)<br>Three months ended<br>March 31, 2025** | **Reclassification** | **Note 3** | **Amundi US<br>(Reclassified)<br>Three months ended<br>March 31, 2025** |
| **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees, net | $81474 | $23014 | (g) | $104488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and distribution fees |  |  | 21456 | (h), (j) | 21456 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Service fees, distribution fees and underwriting revenues | 18428 | (18428) | (h) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Related party revenues | 23014 | (23014) | (g) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement for expenses incurred on behalf of the Pioneer Family of Mutual Funds | 10015 | (10015) | (i) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements for administrative services and other revenue | 5466 | (5466) | (j) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **138397** | **(12453)** |  | **125944** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel compensation and benefits |  | - | 76921 | (k) | 76921 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related benefits | 67929 | (67929) | (k) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and other asset-based expenses |  | - | 22934 | (l) | 22934 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Service and distribution fee expenses | 18396 | (18396) | (l) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  |  | 22635 | (m) | 22635 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Related party expenses | 6655 | (6655) | (l), (m) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 10955 | (10955) | (m) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 775 |  |  | 775 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and facilities | 2240 | (2240) | (m) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 9773 | (9773) | (k) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Data-related services | 2675 | (2675) | (m) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expenses incurred on behalf of the Pioneer Family of Mutual Funds | 10015 | (10015) | (i) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 4914 | (4914) | (l), (m) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of consideration payable for acquisition of business |  | **-** | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and integration costs |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **134327** | **(11062)** |  | **123265** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from operations** |  |  |  |  |  |
| **Other income (expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other income (expense) |  | - | 1391 | (n) | 1391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other financing costs |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** |  | **-** | **1391** |  | **1391** |
|  |  |  |  |  | - |
| **Income before income taxes** | &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | **4070** | **-** |  | **4070** |
|  |  |  |  |  | - |
| **Income tax expense** | &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 810 | - |  | 810 |
|  |  |  |  |  | - |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;**Net income and comprehensive income** | $**3260** | $**-** |  | $**3260** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Reclassified Related party revenues totaling $23.0 million to Investment management fees, net to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Reclassified Service fees, distribution fees and underwriting revenues totaling $18.4 million to Fund administration and distribution fees to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Expenses paid on behalf of the Mutual Funds or other affiliates in shown on a net basis to conform with Victory's accounting policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Reclassified Reimbursements for administrative services and other revenue totaling $3.0 million to Fund administration and distribution fees to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Reclassified Compensation and related benefits totaling $67.1 million and Share-based compensation totaling $9.8 million to Personnel compensation and benefits to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Reclassified Service and distribution fee expenses totaling $18.4 million, Related party expenses totaling $3.0 million and Other expenses totaling $1.5 million to Distribution and other asset-based expenses to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Reclassified Other expenses totaling $3.3 million and Related party expenses totaling $3.7 million to General and administrative. In addition, total expense for the period relating to Sales and marketing, Occupancy and facilities, and Data-related services were reclassified to General and administrative to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Reclassified Reimbursements for administrative services and other revenue totaling $2.3 million, Compensation and related benefits totaling $0.8 million, and Other expenses totaling $0.1 million to Interest income and other income (expense) to conform with Victory's presentation.

The following table presents reclassification adjustments to conform Amundi US's historical Consolidated Statement of Operations presentation to Victory Capital's historical Consolidated Statement of Operations presentation. The reclassification adjustments have no impact on Net Income for the year ending December 31, 2024 and are summarized below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands)* |  |  |  |  |  |
| **Victory Capital<br>(Historical)<br>Statement of Operations Line Items** | **Amundi US<br>(Historical)<br>Statement of Operations Line Items** | **Amundi US<br>(Historical)<br>Year ended<br>December 31, 2024** | **Reclassification** | **Note 3** | **Amundi US<br>(Reclassified)<br>Year ended<br>December 31, 2024** |
| **Revenue** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees | &nbsp;&nbsp;&nbsp;&nbsp;Investment management fees, net | $310849 | $93276 | (o) | $404125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund administration and distribution fees |  |  | 85238 | (p), (r) | 85238 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Service fees, distribution fees and underwriting revenues | 72350 | (72350) | (p) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Related party revenues | 93276 | (93276) | (o) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement for expenses incurred on behalf of the Pioneer Family<br>of Mutual Funds | 40060 | (40060) | (q) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Reimbursements for administrative services and other revenue | 27188 | (27188) | (r) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **543723** | **(54360)** |  | **489363** |
| **Expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel compensation and benefits |  | - | 173314 | (s) | 173314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related benefits | 175526 | (175526) | (s) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and other asset-based expenses |  | - | 89395 | (t) | 89395 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Service and distribution fee expenses | 71058 | (71058) | (t) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  |  | 85300 | (u) | 85300 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Related party expenses | 29640 | (29640) | (t), (u) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 43247 | (43247) | (u) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4002 | - |  | 4002 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Occupancy and facilities | 8918 | (8918) | (u) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3800 | (3800) | (s) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Data-related services | 8052 | (8052) | (u) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Expenses incurred on behalf of the Pioneer Family of Mutual Funds | 40060 | (40060) | (q) | - |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 15069 | (15069) | (t), (u) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of consideration payable for acquisition of business |  | **-** | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and integration costs |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | **399372** | **(47361)** |  | **352011** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from operations** |  |  |  |  |  |
| **Other income (expense)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income and other income (expense) |  | - | 6999 | (v) | 6999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other financing costs |  | - | - |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** |  | **-** | **6999** |  | **6999** |
|  |  |  |  |  | - |
| **Income before income taxes** | &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | **144351** | **-** |  | **144351** |
|  |  |  |  |  | - |
| **Income tax expense** | &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 30662 | - |  | 30662 |
|  |  |  |  |  | - |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;**Net income and comprehensive income** | $**113689** | $**-** |  | $**113689** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Reclassified Related party revenues totaling 93.3 million to Investment management fees, net to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Reclassified Service fees, distribution fees and underwriting revenues totaling $72.4 million to Fund administration and distribution fees to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Expenses paid on behalf of the Mutual Funds or other affiliates in shown on a net basis to conform with Victory's accounting policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)Reclassified Reimbursements for administrative services and other revenue totaling $12.9 million to Fund administration and distribution fees to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Reclassified Compensation and related benefits totaling $169.5 million and Share-based compensation totaling $3.8 million to Personnel compensation and benefits to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)Reclassified Service and distribution fee expenses totaling $71.1 million, Related party expenses totaling $12.8 million and Other expenses totaling $5.5 million to Distribution and other asset-based expenses to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)Reclassified Other expenses totaling $9.1 million and Related party expenses totaling $16.8 million to General and administrative. In addition, total expense for the period relating to Sales and marketing, Occupancy and facilities, and Data-related services were reclassified to General and administrative to conform with Victory's presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Reclassified Reimbursements for administrative services and other revenue totaling $13.5 million, Compensation and related benefits totaling $6.0 million, and Other expenses totaling $0.5 million to Interest income and other income (expense) to conform with Victory's presentation.

**Note 4. Other Amundi US Adjustments**

The consolidated financial statements of Amundi US exclude the consolidated financial statements for Holdco. The Unaudited Pro Forma Condensed Combined Balance Sheet includes assets acquired and liabilities assumed from Holdco. These balances are shown in a separate column as Other Amundi US adjustments.

**Note 5. Pro forma adjustments**

The Unaudited Pro Forma Condensed Combined Financial Information does not reflect any cost savings, operating synergies or revenue enhancements that the combined entity may achieve as a result of the contribution. The unaudited pro forma condensed combined financial statements do, however, reflect the following adjustments, which are based on preliminary estimates and assumptions that are subject to change.

(a) Receivables

The adjustment relates to the net amount due from Amundi relating to reimbursement of certain acquisition-related expenses, which were recorded as operating expenses by Victory.

(b) Property and equipment, net

The adjustment represents an increase in carrying value of Amundi US's property and equipment from its recorded book value to its preliminary estimated fair value. The estimated fair value is expected to be depreciated on a straight-line basis:

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| | |
|:---|:---|
| *(in thousands)* |  |
| Furniture & Fixtures | $3515 |
| Leasehold Improvements | 4632 |
| Total | $8147 |

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(c) Goodwill

Goodwill is calculated as the excess of the purchase price over the net assets acquired. Goodwill related to the contribution represents cost synergies and enhancements to Victory's existing asset management business. Net adjustments totaling $251.9 million are due to recording the excess of the purchase price over the estimated fair value of net assets acquired. The final calculation of goodwill related to the contribution remains subject to

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change pending the final determination of the fair value of the net assets acquired. Goodwill related to the contribution is not deductible for tax purposes.

(d) Other intangible assets, net

The adjustment is to record the preliminary estimated fair value of intangible assets of $1,278.0 million, which is an increase of $562.0 million over Amundi's book value of intangible assets. The fair values of intangible assets were determined using an income valuation approach. Amortization is on a straight-line basis over the estimated weighted average life of the assets. The fair values of the intangible assets are subject to change upon completion of the final valuations and the changes may be material.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Pro Forma Amortization Expense** | **Pro Forma Amortization Expense** |
|  |  | **Weighted-Average** |  |  |
|  |  | **Estimated Useful** | **Three Months Ended** | **Twelve Months Ended** |
| ***(in thousands)*** | **Estimated** | **Life in Years** | **March 31, 2025** | **December 31, 2024** |
| Fund Advisory & Distribution Contracts | $949000 | Indefinite | $- | $- |
| Trade name | 17000 | Indefinite | - | - |
| Other Fund Contracts | 312000 | 6 | 13082 | 52329 |
| Total intangible assets | $1278000 |  | $13082 | $52329 |

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(e) Other assets adjustments, as follows:

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| | |
|:---|:---|
| *(in thousands)* |  |
| Elimination of Amundi US Right-of-use ("ROU") assets | $(22573) |
| Acquired ROU assets | 29692 |
| Fair value adjustment for favorable lease terms | 5300 |
| Elimination of prepaid underwriting costs not assumed | (9933) |
| Total | $2486 |

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(f) Accounts payable and accrued expenses adjustments, as follows:

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| | |
|:---|:---|
| *(in thousands)* |  |
| Company transaction costs accrued | $24000 |
| Income tax impact of pre-tax changes in retained earnings | (4215) |
| Adjustment to eliminate intercompany transaction | (8423) |
| Acquired Lease Liabilities - current portion | 4126 |
| Total from transaction accounting adjustments | $15488 |

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(g) Deferred tax liability

The deferred tax impact of the contribution adjustments was recorded using a blended statutory tax rate of approximately 25% and primarily relates to the increase in the book value of intangible assets, the remeasurement of acquired deferred tax balances using Victory's current deferred tax rate and the reversal of deferred tax assets for acquisition-related expenses preliminarily determined to be non-deductible for income tax purposes.

(h) Other liabilities adjustments, as follows:

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| | |
|:---|:---|
| *(in thousands)* |  |
| Elimination of Amundi US Lease Liabilities | $(31744) |
| Acquired Lease liabilities - non-current portion | 25567 |
| Total | $(6177) |

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(i) Stockholders' Equity

*Common stock and Preferred stock* 

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The increases to Common stock and Preferred stock represent the issuance of 3,293,471 shares of common stock at $0.01 par value and the issuance of 19,742,300 shares of preferred stock at $0.01 par value, with an offset to Additional paid-in capital.

*Additional paid-in capital*

The adjustment is to reflect the elimination of the Amundi US additional paid-in capital of $1,132.2 million. The remaining change relates to amounts in excess of the par value of Victory common stock and Victory preferred stock issued under the contribution agreement.

*Retained earnings (deficit)*

The adjustment is to reflect the elimination of the Amundi US retained deficit of $464.2 million and the recognition of transaction costs directly attributable to the contribution of $24.0 million, net of tax.

(j) Personnel compensation and benefits

The adjustment represents estimated expense related to new restricted stock awards granted in connection with the contribution that are not replacements for existing Amundi US equity awards. The restricted stock awards are expensed ratably over the applicable requisite service period.

(k) Depreciation and amortization

The adjustment represents amortization expense of $13.3 million and $53.2 million related to newly acquired intangible assets, including a favorable lease term intangible asset, for the three months ended March 31, 2025 and for the year ended December 31, 2024, respectively. The remaining adjustment reflects depreciation expense relating to the adjustment in carrying value of the Amundi US property and equipment from its recorded book value to its preliminary estimated fair value.

(l) Acquisition-related costs

The adjustment is to reflect the recognition of Victory transaction costs directly attributable to the contribution of $24.0 million that were incurred or expected to be incurred after the balance sheet date of March 31, 2025.

(m) Income taxes

A blended statutory tax rate of approximately 25% was used to record the tax effects of the statement of operations contribution adjustments. The adjustment in the Unaudited Pro Forma Combined Statements of Operations for the year ended December 31, 2024 also includes the impact of acquisition-related expenses preliminarily determined to be non-deductible for income tax purposes.

**Note 6. Earnings per share**

Victory includes participating securities (preferred stock) in the computation of earnings per share pursuant to the two-class method. The two-class method of calculating earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. Under the two-class method, total dividends provided to and undistributed earnings allocated to the holders of preferred stock are subtracted from Net income in determining income attributable to common stockholders. The calculation of basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares of Victory common stock outstanding during the period.

Diluted earnings per share is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Victory had vested and unvested stock options and unvested restricted stock grants outstanding during the periods presented and applies the treasury stock method to these securities in its calculation of diluted earnings per share. The treasury stock method assumes that the proceeds of exercise are used to purchase common stock at the average market price for the period. Assumed proceeds include the amount the employee must pay upon exercise and the average unrecognized compensation cost.

The following table assumes the issuance of common stock and preferred stock in connection with the contribution, assuming the contribution occurred on January 1, 2024.

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| | | |
|:---|:---|:---|
| *(in thousands, except per share amounts)* | **<u>Three Months Ended<br>March 31, 2025</u>** | **<u>Year Ended<br>December 31, 2024</u>** |
| **Pro Forma Earnings per Share** |  |  |
| **Numerator for earnings per common share:** |  |  |
| Net income | $53979 | $332961 |
| Victory preferred stock dividends | - | - |
| Income attributable to Victory preferred stockholders | 12277 | 75002 |
| **Income attributable to common stockholders for basic earnings per share** | $**41702** | $**257959** |
| Allocation adjustment to income attributable to Victory preferred stockholders | 140 | 1114 |
| **Income attributable to common stockholders for diluted earnings per share** | $**41842** | $**259073** |
| **Denominator for earnings per common share:** |  |  |
| <u>Basic</u>: Weighted average number of shares outstanding | 67060 | 67900 |
| <u>Plus</u>: Incremental shares from assumed conversion of dilutive instruments | 1003 | 1321 |
| <u>Diluted</u>: Weighted average number of shares outstanding | 68063 | 69221 |
| **Earnings per share** |  |  |
| Basic: | $0.62 | $3.80 |
| Diluted: | $0.61 | $3.74 |
| **<u>Pro Forma Weighted Average Shares</u>** |  |  |
| Basic weighted average number of common shares outstanding-historical | 63711 | 64607 |
| Vesting of restricted share grants | 56 | - |
| Common stock issued as part of the contribution | 3293 | 3293 |
| Pro forma weighted average number of common shares - Basic | 67060 | 67900 |
| Preferred stock issued as part of the contribution | 19742 | 19742 |
| Diluted weighted average number of common shares outstanding-historical | 64714 | 65928 |
| Vesting of restricted share grants | 56 | - |
| Common stock issued as part of the contribution | 3293 | 3293 |
| Pro forma weighted average number of common shares - Diluted | 68063 | 69221 |
| Preferred stock issued as part of the contribution | 19742 | 19742 |

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