Victory Capital Holdings, Inc. has demonstrated significant growth in assets under management (AUM), reaching $313.8 billion by the end of 2025, driven largely by its acquisition of Pioneer Investments and strong organic flows. The firm operates a diversified model blending autonomous boutique franchises with a centralized distribution and operations platform, supporting 187 investment strategies across multiple asset classes and geographies. Financially, Victory improved operating income and net income year over year through 2025 while maintaining disciplined capital allocation with dividends and share repurchases. Debt refinancing extended maturities and improved interest margins, supporting financial flexibility for ongoing operations and acquisitions.