Federated Hermes, Inc. reports record assets under management with second quarter 2025 earnings

— Total assets under management reach a record $845.7 billion

— MDT strategies reach $23.2 billion, up $6.4 billion from Q1 2025 and up $8.9 billion YTD

— Q2 2025 earnings per diluted share of $1.16

— Board declares $0.34 per share dividend and authorizes new share repurchase program

Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.16 for Q2 2025, compared to $0.20 for the same quarter last year, on net income of $91.0 million for Q2 2025, compared to $21.0 million for Q2 2024. Federated Hermes' Q2 2024 results included a $66.3 million non-cash expense, or ($0.76) per diluted share, related to the impairment of an indefinite-lived intangible asset.

Federated Hermes' total managed assets were a record $845.7 billion at June30, 2025, up $63.0 billion or 8% from $782.7 billion at June30,2024 and up $5.9 billion or 1% from $839.8 billion at March31,2025. Total average managed assets for Q2 2025 were $837.3 billion, up $57.7 billion or 7% from $779.6 billion for Q2 2024 and down $5.9 billion or 1% from $843.2 billion for Q1 2025.

“In the second quarter, we saw continued interest in our broad suite of MDT equity and alternative quantitative investment solutions, which deploy a disciplined, repeatable process that is based on fundamental and technical factors and offers the opportunity for outperformance,” said J. Christopher Donahue, president and chief executive officer. “Investors with interest in capital preservation and liquidity helped drive demand for our microshort and ultrashort funds, which are a step further out the yield curve and pursue higher yields than money market strategies. Also,ETF and collective investment trust offerings were among our quarterly leaders in net sales. We will continue to strategically introduce complementary offerings of our most popular investment strategies.”

Federated Hermes' board of directors declared a dividend of$0.34 per share. The dividend is payable on Aug15, 2025 to shareholders of record as of Aug8, 2025. During Q2 2025, Federated Hermes purchased 1,547,182 shares of Federated Hermes class B common stock for $64.5 million. The board of directors also authorized its 18th share repurchase program, allowing the buyback of up to an additional 5 million shares of Federated Hermes class B common stock in the open market with no expiration date. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities. The company's existing 5 million share repurchase program, approved in October 2024, has approximately 1.1 million shares remaining.

Equity assets were $89.0 billion at June30, 2025, up $11.1 billion or 14% from $77.9 billion at June30,2024 and up $8.1 billion or 10% from $80.9 billion at March31,2025. Top-selling equity funds during Q2 2025 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Mid Cap Growth Collective Investment Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes Asia ex-Japan Equity Fund and Federated Hermes MDT Large Cap Growth Fund.

Fixed-income assets were $98.7 billion at June30, 2025, up $3.4 billion or 4% from $95.3 billion at June30,2024 and down $0.8 billion from $99.5 billion at March31,2025. Top-selling fixed-income funds during Q2 2025 on a net basis included Federated Hermes Conservative Municipal Microshort Fund, Federated Hermes Total Return Bond ETF, Federated Hermes Ultrashort Bond Fund and Federated Hermes Conservative Microshort Fund.

Alternative/private markets assets were $20.7 billion at June30, 2025, up $0.6 billion or 3% from $20.1 billion at June30,2024 and up $1.3 billion or 7% from $19.4 billion at March31,2025.

Money market assets were $634.4 billion at June30, 2025, up $47.8 billion or 8% from $586.6 billion at June30,2024 and down $2.7 billion from $637.1 billion at March31,2025. Money market fund assets were a record $468.0 billion at June30, 2025, up $42.4 billion or 10% from $425.6 billion at June30,2024 and up $3.1 billion or 1% from $464.9 billion at March31,2025.

Financial Summary

Q2 2025vs. Q2 2024

Revenue increased $22.3 million or 6% primarily due to an increase in revenue resulting from higher average money market and equity assets.

During Q2 2025, Federated Hermes derived 53% of its revenue from money market assets, 46% from long-term assets (28% from equity, 12% from fixed-income, and 6% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.

Operating expenses decreased $54.1 million or 15% primarily due to lower intangible asset related expense due to the Q2 2024 impairment of an intangible asset associated with the 2018 acquisition of Federated Hermes Limited, and a decrease in Other expense of $7.2 million primarily due tofluctuations in foreign currency exchange rates. These decreases were partially offset by a $14.1 million increase in compensation and related expense related tohigher incentive compensation and a $5.9 million increase in distribution expenses resulting primarily fromhigher average managed money market fund assets.

Nonoperating income (expenses), net increased $11.8 million primarily due to an increase in the market value of investments in Q2 2025.

Q2 2025vs. Q1 2025

Revenue increased $1.3 million primarily due to one more day in Q2 2025. This increase was partially offset by a decrease in performance fees.

Operating expenses increased $16.0 million or 5% primarily due to a $12.3 million increase in Other expense resulting from a Q1 2025 value added tax (VAT) refund received related to amended VAT filings in the U.K.

Nonoperating income (expenses), net increased $9.5 million primarily due to a largerincrease in the market value of investments in Q2 2025 as compared to the increase in the market value of the investments in Q1 2025.

YTD 2025 vs. YTD 2024

Revenue increased $49.4 million or 6% primarily due to an increase in revenue from higher average money market and equity assets and an increase in performance fees.

For the first half of 2025, Federated Hermes derived 53% of its revenue from money market assets, 46% from long-term assets (28% from equity assets, 12% from fixed-income assets and 6% from alternative/private markets and multi-asset), and 1% from sources other than managed assets.

Operating expenses decreased $60.1 million or 9% primarily due tolower intangible asset related expense due to the Q2 2024 impairment charge and a $27.3 million decrease in Other expense resulting from theVAT refund received and fluctuations in foreign currency exchange rates. These decreases were offset by a $20.8 million increase in compensation and related expense primarily related to higher incentive compensation and a $10.1 million increase in distribution expenses resulting primarily fromhigher average managed money market fund assets.

Nonoperating income (expenses), net increased $10.6 million primarily due to a largerincrease in the market value of investments in the first six months of 2025 compared to the increase in the market value of investments for the same period in 2024.

Earnings call information

Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, Aug. 1, 2025. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the9 a.m. start time. To listen online, go to the About section of FederatedHermes.com/us at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on Aug. 1, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 52682. The online replay will be available via FederatedHermes.com/usfor one year.

About Federated Hermes

Federated Hermes, Inc. is a global leader in active investment management, with $845.7 billion in assets under management1. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employeesin London, New York, Boston and offices worldwide.

Federated Hermes ranks in the top 7% of equity fund managers, the top 8% of money market fund managers and the top 12% of fixed-income fund managers2 in the industry. Federated Hermes also ranks as the 10th-largest manager of model-delivered separately managed accounts3. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.

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1) As of June 30, 2025. 2) Morningstar, June 30, 2025. Based on U.S. fund flows rankings. 3) Money Management Institute/Cerulli,Q1 2025. Federated Securities Corp. is distributor of the Federated Hermes funds. Separately managed accounts are made available through Federated Global Investment Management Corp., Federated Investment Counseling, Federated MDTA LLC, Hermes Fund Managers Ireland Limited, Hermes Investment Management Limited, and Hermes GPE LLP, each a registered investment advisor in one or more of the U.S., U.K. or Ireland.

Cautionary statements

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

Unaudited Condensed Consolidated Statements of Income(in thousands, except per share data) Quarter Ended % Quarter Ended % Change Change Q2 2024 Q1 2025 to Q2 to 2025 Q2 2025 June30, 2025 June30,2024 March31,2025RevenueInvestment advisory fees, net $ 287,435 $ 270,622 6% $ 287,460 0%Administrative service fees, net-affiliates 101,657 95,346 7 101,109 1Other service fees, net 35,752 36,615 (2) 34,971 2 Total Revenue 424,844 402,583 6 423,540 0Operating ExpensesCompensation and related 144,872 130,748 11 143,270 1Distribution 99,399 93,503 6 99,085 0Systems and communications 23,481 23,194 1 24,226 (3)Professional service fees 18,628 19,845 (6) 18,548 0Office and occupancy 9,910 9,765 1 9,952 0Advertising and promotional 6,146 6,621 (7) 4,576 34Travel and related 4,117 3,847 7 3,553 16Intangible asset related 3,503 69,392 (95) 3,196 10Other (2,296) 4,951 (146) (14,638) 84 Total Operating Expenses 307,760 361,866 (15) 291,768 5Operating Income 117,084 40,717 188 131,772 (11)Nonoperating Income (Expenses)Investment income (loss), net 16,947 5,132 230 7,475 127Debt expense (3,170) (3,159) 0 (3,179) 0Other, net (35) (34) (3) (27) (30)Total Nonoperating Income (Expenses), net 13,742 1,939 NM 4,269 222Income before income taxes 130,826 42,656 207 136,041 (4)Income tax provision 34,135 23,431 46 32,165 6Net income including the noncontrolling interests in subsidiaries 96,691 19,225 403 103,876 (7)Less: Net income (loss) attributable to the 5,691 (1,802) 416 2,742 108noncontrolling interests in subsidiariesNet Income $ 91,000 $ 21,027 333% $ 101,134 (10)%Amounts Attributable to Federated Hermes, Inc.Earnings Per Share1Basic and diluted $ 1.16 $ 0.20 480% $ 1.25 (7)%Weighted-Average Shares OutstandingBasic 75,064 80,026 77,541Diluted 75,072 80,026 77,542Dividends Declared Per Share $ 0.34 $ 1.31 $ 0.311) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $4.1 million, $4.7 million and $4.5 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended June 30, 2025, June 30, 2024 and March 31, 2025, respectively, was excluded from the computation of earnings per share.Unaudited Condensed Consolidated Statements of Income(in thousands, except per share data) Six Months Ended June30, 2025 June30,2024 % ChangeRevenueInvestment advisory fees, net $ 574,895 $ 534,916 7%Administrative service fees, net-affiliates 202,766 190,132 7Other service fees, net 70,723 73,906 (4)Total Revenue 848,384 798,954 6Operating ExpensesCompensation and related 288,143 267,294 8Distribution 198,484 188,398 5Systems and communications 47,707 45,017 6Professional service fees 37,176 38,197 (3)Office and occupancy 19,862 19,734 1Advertising and promotional 10,722 10,927 (2)Travel and related 7,670 7,119 8Intangible asset related 6,699 72,627 NMOther (16,935) 10,343 (264)Total Operating Expenses 599,528 659,656 (9)Operating Income 248,856 139,298 79Nonoperating Income (Expenses)Investment income (loss), net 24,422 13,615 79Debt expense (6,349) (6,308) 1Other, net (62) 69 (190)Total Nonoperating Income (Expenses), net 18,011 7,376 144Income before income taxes 266,867 146,674 82Income tax provision 66,300 52,439 26Net income including the noncontrolling interests in subsidiaries 200,567 94,235 113Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries 8,433 (1,825) NMNet Income $ 192,134 $ 96,060 100%Amounts Attributable to Federated Hermes, Inc.Earnings Per Share1Basic and diluted $ 2.40 $ 1.12 114%Weighted-Average Shares OutstandingBasic 76,296 80,367Diluted 76,300 80,368Dividends Declared Per Share $ 0.65 $ 1.591) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the “two-class method.” As such, total net income of $8.7 million and $5.8 million available to unvested restricted Federated Hermes shareholders for the six months ended June 30, 2025 and June 30, 2024, respectively, was excluded from the computation of earnings per share.Unaudited Condensed Consolidated Balance Sheets(in thousands) June30, 2025 Dec.31, 2024AssetsCash and other investments $ 607,479 $ 641,042Other current assets 153,203 140,310Intangible assets, net, including goodwill 1,207,039 1,132,699Other long-term assets 183,864 170,633Total Assets $ 2,151,585 $ 2,084,684Liabilities, Redeemable Noncontrolling Interests and EquityCurrent liabilities $ 225,729 $ 289,193Long-term debt 348,237 348,106Other long-term liabilities 300,521 296,665Redeemable noncontrolling interests 162,993 55,514Equity excluding treasury stock 1,920,707 1,728,044Treasury stock (806,602) (632,838)Total Liabilities, Redeemable Noncontrolling Interests and Equity $ 2,151,585 $ 2,084,684Unaudited Changes in Long-Term Assets – By Asset Class(in millions) Quarter Ended Six Months Ended June30, 2025 March31,2025 June30,2024 June30, 2025 June30,2024EquityBeginning assets $ 80,913 $ 79,423 $ 80,157 $ 79,423 $ 79,291 Sales1 7,961 7,412 3,811 15,373 7,726 Redemptions1 (6,180) (5,993) (7,071) (12,173) (14,422) Net sales (redemptions)1 1,781 1,419 (3,260) 3,200 (6,696) Net exchanges 0 (114) 9 (114) 14 Impact of foreign exchange2 1,023 754 12 1,777 (555) Market gains and (losses)3 5,277 (569) 933 4,708 5,797Ending assets $ 88,994 $ 80,913 $ 77,851 $ 88,994 $ 77,851Fixed IncomeBeginning assets $ 99,486 $ 98,059 $ 96,325 $ 98,059 $ 94,920 Sales1 5,267 5,944 5,262 11,211 11,845 Redemptions1 (7,652) (6,288) (6,699) (13,940) (12,094) Net sales (redemptions)1 (2,385) (344) (1,437) (2,729) (249) Net exchanges 5 101 (179) 106 (186) Impact of foreign exchange2 208 85 (8) 293 (79) Market gains and (losses)3 1,373 1,585 593 2,958 888Ending assets $ 98,687 $ 99,486 $ 95,294 $ 98,687 $ 95,294Alternative/Private MarketsBeginning assets $ 19,426 $ 18,864 $ 20,465 $ 18,864 $ 20,551 Sales1 782 1,085 647 1,867 1,408 Redemptions1 (551) (1,024) (1,177) (1,575) (1,917) Net sales (redemptions)1 231 61 (530) 292 (509) Net exchanges (1) 1 174 0 176 Acquisitions/(dispositions) 109 0 0 109 0  Impact of foreign exchange2 1,091 532 21 1,623 (205)  Market gains and (losses)3 (118) (32) (69) (150) 48Ending assets $ 20,738 $ 19,426 $ 20,061 $ 20,738 $ 20,061Multi-assetBeginning assets $ 2,826 $ 2,883 $ 2,928 $ 2,883 $ 2,867 Sales1 44 63 42 107 86  Redemptions1 (137) (105) (113) (242) (225)  Net sales (redemptions)1 (93) (42) (71) (135) (139)  Net exchanges (2) 2 1 0 1 Market gains and (losses)3 125 (17) 18 108 147Ending assets $ 2,856 $ 2,826 $ 2,876 $ 2,856 $ 2,876Total Long-term AssetsBeginning assets $ 202,651 $ 199,229 $ 199,875 $ 199,229 $ 197,629 Sales1 14,054 14,504 9,762 28,558 21,065 Redemptions1 (14,520) (13,410) (15,060) (27,930) (28,658) Net sales (redemptions)1 (466) 1,094 (5,298) 628 (7,593) Net exchanges 2 (10) 5 (8) 5 Acquisitions/(dispositions) 109 0 0 109 0 Impact of foreign exchange2 2,322 1,371 25 3,693 (839) Market gains and (losses)3 6,657 967 1,475 7,624 6,880Ending assets $ 211,275 $ 202,651 $ 196,082 $ 211,275 $ 196,0821) For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.2) Reflects the impact of translating non-U.S. dollar denominated assets under management (AUM) into U.S. dollars for reporting purposes.3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.Unaudited Changes in Long-Term Assets – By Asset Class and Offering Type(in millions) Quarter Ended June30, 2025 Equity Fixed Income Alternative / Private Multi-asset Total Markets Funds Separate Funds Separate Funds Separate Funds Separate Funds. Separate Accounts1 Accounts1 Accounts1 Accounts1 Accounts1Beginning assets $ 43,910 $ 37,003 $ 45,800 $ 53,686 $ 11,879 $ 7,547 $ 2,700 $ 126 $ 104,289 $ 98,362Sales 4,764 3,197 3,271 1,996 674 108 44 0 8,753 5,301Redemptions (4,195) (1,985) (4,459) (3,193) (391) (160) (121) (16) (9,166) (5,354)Net sales (redemptions) 569 1,212 (1,188) (1,197) 283 (52) (77) (16) (413) (53)Net exchanges 0 0 6 (1) (1) 0 (2) 0 3 (1)Acquisitions/(dispositions) 0 0 0 0 109 0 0 0 109 0Impact of foreign exchange2 567 456 125 83 621 470 0 0 1,313 1,009Market gains and (losses)3 4,313 964 672 701 14 (132) 109 16 5,108 1,549Ending assets $ 49,359 $ 39,635 $ 45,415 $ 53,272 $ 12,905 $ 7,833 $ 2,730 $ 126 $ 110,409 $ 100,866 Six Months Ended June30, 2025 Equity Fixed Income Alternative / Private Multi-asset Total Markets Funds Separate Funds Separate Funds Separate Funds Separate Funds Separate Accounts1 Accounts1 Accounts1 Accounts1 Accounts1Beginning assets $ 43,752 $ 35,671 $ 45,550 $ 52,509 $ 11,501 $ 7,363 $ 2,764 $ 119 $ 103,567 $ 95,662Sales 9,479 5,894 6,716 4,495 1,730 137 107 0 18,032 10,526Redemptions (7,838) (4,335) (8,528) (5,412) (1,341) (234) (222) (20) (17,929) (10,001)Net sales (redemptions) 1,641 1,559 (1,812) (917) 389 (97) (115) (20) 103 525Net exchanges (107) (7) 110 (4) 0 0 0 0 3 (11)Acquisition-related 0 0 0 0 109 0 0 0 109 0Impact of foreign exchange2 905 872 171 122 922 701 0 0 1,998 1,695Market gains and (losses)3 3,168 1,540 1,396 1,562 (16) (134) 81 27 4,629 2,995Ending assets $ 49,359 $ 39,635 $ 45,415 $ 53,272 $ 12,905 $ 7,833 $ 2,730 $ 126 $ 110,409 $ 100,8661) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.2) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.3) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.Unaudited Changes in Long-Term Assets – By Offering Type(in millions) Quarter Ended Six Months Ended June30, 2025 March31,2025 June30,2024 June30, 2025 June30,2024Total Fund AssetsBeginning assets $ 104,289 $ 103,567 $ 103,143 $ 103,567 $ 101,530Sales 8,753 9,279 6,318 18,032 13,484Redemptions (9,166) (8,763) (8,757) (17,929) (16,987) Net sales (redemptions) (413) 516 (2,439) 103 (3,503)Net exchanges 3 0 6 3 8Acquisitions/(dispositions) 109 0 0 109 0Impact of foreign exchange1 1,313 685 (5) 1,998 (425)Market gains and (losses)2 5,108 (479) 542 4,629 3,637Ending assets $ 110,409 $ 104,289 $ 101,247 $ 110,409 $ 101,247Total Separate Account Assets3Beginning assets $ 98,362 $ 95,662 $ 96,732 $ 95,662 $ 96,099Sales4 5,301 5,225 3,444 10,526 7,581Redemptions4 (5,354) (4,647) (6,303) (10,001) (11,671)  Net sales (redemptions)4 (53) 578 (2,859) 525 (4,090)Net exchanges (1) (10) (1) (11) (3)Impact of foreign exchange1 1,009 686 30 1,695 (414)Market gains and (losses)2 1,549 1,446 933 2,995 3,243Ending assets $ 100,866 $ 98,362 $ 94,835 $ 100,866 $ 94,835Total Long-term Assets3Beginning assets $ 202,651 $ 199,229 $ 199,875 $ 199,229 $ 197,629Sales4 14,054 14,504 9,762 28,558 21,065Redemptions4 (14,520) (13,410) (15,060) (27,930) (28,658)  Net sales (redemptions)4 (466) 1,094 (5,298) 628 (7,593)Net exchanges 2 (10) 5 (8) 5Acquisitions/(dispositions) 109 0 0 109 0Impact of foreign exchange1 2,322 1,371 25 3,693 (839)Market gains and (losses)2 6,657 967 1,475 7,624 6,880Ending assets $ 211,275 $ 202,651 $ 196,082 $ 211,275 $ 196,0821) Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.2) Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.3) Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed offerings.4) For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.Unaudited Managed Assets(in millions) June30, 2025 March31,2025 Dec.31,2024 Sept.30,2024 June30,2024By Asset ClassEquity $ 88,994 $ 80,913 $ 79,423 $ 83,609 $ 77,851Fixed-income 98,687 99,486 98,059 100,171 95,294Alternative / private markets 20,738 19,426 18,864 20,683 20,061Multi-asset 2,856 2,826 2,883 2,958 2,876Total long-term assets 211,275 202,651 199,229 207,421 196,082Money market 634,400 637,122 630,349 593,030 586,647Total Managed Assets $ 845,675 $ 839,773 $ 829,578 $ 800,451 $ 782,729By Offering TypeFunds:Equity $ 49,359 $ 43,910 $ 43,752 $ 45,391 $ 42,404Fixed-income 45,415 45,800 45,550 46,027 43,842Alternative / private markets 12,905 11,879 11,501 12,558 12,258Multi-asset 2,730 2,700 2,764 2,823 2,743Total long-term assets 110,409 104,289 103,567 106,799 101,247Money market 468,044 464,912 461,720 440,397 425,627Total Fund Assets $ 578,453 $ 569,201 $ 565,287 $ 547,196 $ 526,874Separate Accounts:Equity $ 39,635 $ 37,003 $ 35,671 $ 38,218 $ 35,447Fixed-income 53,272 53,686 52,509 54,144 51,452Alternative / private markets 7,833 7,547 7,363 8,125 7,803Multi-asset 126 126 119 135 133Total long-term assets 100,866 98,362 95,662 100,622 94,835Money market 166,356 172,210 168,629 152,633 161,020Total Separate Account Assets $ 267,222 $ 270,572 $ 264,291 $ 253,255 $ 255,855Total Managed Assets $ 845,675 $ 839,773 $ 829,578 $ 800,451 $ 782,729Unaudited Average Managed Assets Quarter Ended(in millions) June30, 2025 March31,2025 Dec.31,2024 Sept.30,2024 June30,2024By Asset Class Equity $ 83,564 $ 82,105 $ 82,247 $ 80,220 $ 78,137 Fixed-income 98,365 99,360 98,254 97,563 95,484 Alternative / private markets 20,053 19,012 19,754 20,455 20,306 Multi-asset 2,779 2,900 2,934 2,910 2,889 Total long-term assets 204,761 203,377 203,189 201,148 196,816 Money market 632,543 639,827 601,169 592,304 582,758Total Avg. Managed Assets $ 837,304 $ 843,204 $ 804,358 $ 793,452 $ 779,574By Offering TypeFunds: Equity $ 45,965 $ 45,260 $ 45,261 $ 43,632 $ 42,274 Fixed-income 44,972 45,715 45,654 44,977 43,910 Alternative / private markets 12,370 11,610 12,010 12,451 12,331 Multi-asset 2,654 2,774 2,811 2,775 2,737 Total long-term assets 105,961 105,359 105,736 103,835 101,252 Money market 462,683 463,727 445,775 436,418 419,999Total Avg. Fund Assets $ 568,644 $ 569,086 $ 551,511 $ 540,253 $ 521,251Separate Accounts: Equity $ 37,599 $ 36,845 $ 36,986 $ 36,588 $ 35,863 Fixed-income 53,393 53,645 52,600 52,586 51,574 Alternative / private markets 7,683 7,402 7,744 8,004 7,975 Multi-asset 125 126 123 135 152 Total long-term assets 98,800 98,018 97,453 97,313 95,564 Money market 169,860 176,100 155,394 155,886 162,759Total Avg. Separate Account Assets $ 268,660 $ 274,118 $ 252,847 $ 253,199 $ 258,323Total Avg. Managed Assets $ 837,304 $ 843,204 $ 804,358 $ 793,452 $ 779,574Unaudited Average Managed Assets Six Months Ended(in millions) June30, 2025 June30,2024By Asset ClassEquity $ 82,834 $ 78,553Fixed-income 98,862 95,638Alternative / private markets 19,533 20,395Multi-asset 2,840 2,882Total long-term assets 204,069 197,468Money market 636,185 580,570Total Avg. Managed Assets $ 840,254 $ 778,038By Offering TypeFunds:Equity $ 45,612 $ 42,315Fixed-income 45,344 43,884Alternative / private markets 11,990 12,354Multi-asset 2,714 2,738Total long-term assets 105,660 101,291Money market 463,205 417,450Total Avg. Fund Assets $ 568,865 $ 518,741Separate Accounts:Equity $ 37,222 $ 36,238Fixed-income 53,518 51,754Alternative / private markets 7,543 8,041Multi-asset 126 144Total long-term assets 98,409 96,177Money market 172,980 163,120Total Avg. Separate Account Assets $ 271,389 $ 259,297Total Avg. Managed Assets $ 840,254 $ 778,038

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SOURCE Federated Hermes, Inc.

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