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

•Total assets under management reach a record $871.2 billion

•Money market assets reach a record $652.8 billion; fixed-income assets reach a record $101.8 billion

•Q3 2025 earnings per diluted share of $1.34

•Board declares $0.34 per share dividend

(PITTSBURGH, Pa., Oct. 30, 2025) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.34 for Q3 2025, compared to $1.06 for the same quarter last year, on net income of $104.1 million for Q3 2025, compared to $87.5 million for Q3 2024.

Federated Hermes' total managed assets were a record $871.2 billion at Sept. 30, 2025, up $70.7 billion or 9% from $800.5 billion at Sept. 30, 2024 and up $25.5 billion or 3% from $845.7 billion at June 30, 2025. Total average managed assets for Q3 2025 were $859.5 billion, up $66.0 billion or 8% from $793.5 billion for Q3 2024 and up $22.2 billion or 3% from $837.3 billion for Q2 2025.

"We saw record net sales of equity funds in the third quarter, driven by continued interest in our MDT equity and alternative quantitative investment offerings—a broad suite of quantitative investment solutions that employ a disciplined, bottom-up investment approach that fits a variety of portfolio structures as core or complementary strategies," said J. Christopher Donahue, president and chief executive officer. "In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve and pursue higher yields than money market strategies."

Federated Hermes' board of directors declared a dividend of $0.34 per share. The dividend is payable on Nov. 14, 2025 to shareholders of record as of Nov. 7, 2025. During Q3 2025, Federated Hermes purchased 20,808 shares of Federated Hermes class B common stock due to employee restricted stock forfeitures.

Equity assets were $94.7 billion at Sept. 30, 2025, up $11.1 billion or 13% from $83.6 billion at Sept. 30, 2024 and up $5.7 billion or 6% from $89.0 billion at June 30, 2025. Top-selling equity funds during Q3 2025 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT All Cap Core Fund, Federated Hermes Asia ex-Japan Equity Fund and Federated Hermes MDT Large Cap Value Fund.

Fixed-income assets were a record $101.8 billion at Sept. 30, 2025, up $1.6 billion or 2% from $100.2 billion at Sept. 30, 2024 and up $3.1 billion or 3% from $98.7 billion at June 30, 2025. Top-selling fixed-income funds during Q3 2025 on a net basis were Federated Hermes Ultrashort Bond Fund, Federated Hermes Sustainable Global Investment Grade Credit Fund, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Government Ultrashort Fund and Federated Hermes Short Term Income Fund.

Alternative/private markets assets were $19.0 billion at Sept. 30, 2025, down $1.7 billion or 8% from $20.7 billion at Sept. 30, 2024 and down $1.7 billion or 8% from $20.7 billion at June 30, 2025.

MEDIA:			ANALYSTS:
Ed Costello 412-288-7538			Ray Hanley 412-288-1920

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Federated Hermes reports Q3 2025 earnings						Page 2 of 13

Money market assets were a record $652.8 billion at Sept. 30, 2025, up $59.8 billion or 10% from $593.0 billion at Sept. 30, 2024 and up $18.4 billion or 3% from $634.4 billion at June 30, 2025. Money market fund assets were a record $492.7 billion at Sept. 30, 2025, up $52.3 billion or 12% from $440.4 billion at Sept. 30, 2024 and up $24.7 billion or 5% from $468.0 billion at June 30, 2025.

Financial Summary

Q3 2025 vs. Q3 2024

Revenue increased $61.0 million or 15% primarily due to an increase in revenue resulting from higher average money market and equity assets.

During Q3 2025, Federated Hermes derived 52% of its revenue from money market assets, 46% from long-term assets (29% from equity, 11% from fixed-income, and 6% from alternative/private markets and multi-asset) and 2% from sources other than managed assets.

Operating expenses increased $43.3 million or 15% primarily due to a $17.7 million increase in distribution expenses resulting primarily from higher average managed money market fund assets, an increase in Other expense of $13.7 million primarily due to fluctuations in foreign currency exchange rates and a $8.5 million increase in Compensation and related expense primarily related to higher incentive compensation.

Nonoperating income (expenses), net for Q3 2025 was flat, as compared to the same period in 2024.

Q3 2025 vs. Q2 2025

Revenue increased $44.6 million or 10% primarily due to an increase in revenue from higher average money market and equity assets.

Operating expenses increased $32.2 million or 10% including a $14.3 million increase in Other expense primarily due to fluctuations in foreign currency exchange rates and a $14.2 million increase in Distribution expenses resulting primarily from higher average managed money market fund assets.

Nonoperating income (expenses), net decreased $2.9 million primarily due to a smaller increase in the market value of investments in Q3 2025 as compared to the increase in the market value of the investments in Q2 2025.

YTD 2025 vs. YTD 2024

Revenue increased $110.4 million or 9% primarily due to an increase in revenue from higher average money market and equity assets.

For the first nine months of 2025, Federated Hermes derived 53% of its revenue from money market assets, 45% from long-term assets (28% from equity assets, 11% from fixed-income assets and 6% from alternative/private markets and multi-asset), and 2% from sources other than managed assets.

Operating expenses decreased $16.8 million or 2% primarily due to lower intangible asset related expense resulting from the $66.3 million impairment of an intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited and a $13.6 million decrease in Other expense primarily due to a value added tax (VAT) refund received in Q1 2025 related to amended VAT filings in the U.K. These decreases were partially offset by a $29.4 million increase in Compensation and related expense primarily due to higher incentive compensation and a $27.8 million increase in Distribution expenses resulting primarily from higher average managed money market fund assets.

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Federated Hermes reports Q3 2025 earnings						Page 3 of 13

Nonoperating income (expenses), net increased $10.6 million primarily due to a larger increase in the market value of investments in the first nine 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, Oct. 31, 2025. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, go to the About section of FederatedHermes.com/us at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on Oct. 31, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53063. The online replay will be available via FederatedHermes.com/us for one year.

About Federated Hermes

Federated Hermes, Inc. is a global leader in active investment management, with $871.2 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 employees in London, New York, Boston and offices worldwide.

Federated Hermes ranks in the top 6% of equity fund managers, the top 7% of money market fund managers and the top 11% 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 Sept. 30, 2025.

2) Morningstar, Sept. 30, 2025. Based on U.S. fund flows rankings.

3) Money Management Institute/Cerulli,Q2 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

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Federated Hermes reports Q3 2025 earnings						Page 4 of 13

uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future.

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Federated Hermes reports Q3 2025 earnings						Page 5 of 13

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
			Quarter Ended						% Change Q3 2024 to Q3 2025						Quarter Ended			% Change Q2 2025 to Q3 2025
			Sept. 30, 2025			Sept. 30, 2024									June 30, 2025
Revenue
Investment advisory fees, net			$	310,366		$	274,621		13		%				$	287,435		8		%
Administrative service fees, net—affiliates			107,234			97,687			10						101,657			5
Other service fees, net			51,846			36,148			43						35,752			45
Total Revenue			469,446			408,456			15						424,844			10
Operating Expenses
Compensation and related			144,563			136,027			6						144,872			0
Distribution			113,569			95,859			18						99,399			14
Systems and communications			26,023			23,656			10						23,481			11
Professional service fees			20,239			19,849			2						18,628			9
Office and occupancy			10,129			9,884			2						9,910			2
Advertising and promotional			5,264			5,378			(2)						6,146			(14)
Travel and related			4,665			4,221			11						4,117			13
Intangible asset related			3,556			3,504			1						3,503			2
Other			11,986			(1,664)			NM						(2,296)			NM
Total Operating Expenses			339,994			296,714			15						307,760			10
Operating Income			129,452			111,742			16						117,084			11
Nonoperating Income (Expenses)
Investment income (loss), net			14,105			14,015			1						16,947			(17)
Debt expense			(3,182)			(3,170)			0						(3,170)			0
Other, net			(48)			16			(400)						(35)			(37)
Total Nonoperating Income (Expenses), net			10,875			10,861			0						13,742			(21)
Income before income taxes			140,327			122,603			14						130,826			7
Income tax provision			34,232			32,262			6						34,135			0
Net income including the noncontrolling interests in subsidiaries			106,095			90,341			17						96,691			10
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries			1,969			2,803			(30)						5,691			(65)
Net Income			$	104,126		$	87,538		19		%				$	91,000		14		%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted			$	1.34		$	1.06		26		%				$	1.16		16		%
Weighted-Average Shares Outstanding
Basic			74,057			78,690									75,064
Diluted			74,057			78,706									75,072
Dividends Declared Per Share			$	0.34		$	0.31								$	0.34

1) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $4.7 million, $3.7 million and $4.1 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Sept. 30, 2025, Sept. 30, 2024 and June 30, 2025, respectively, was excluded from the computation of earnings per share.

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Federated Hermes reports Q3 2025 earnings						Page 6 of 13

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
			Nine Months Ended
			Sept. 30, 2025			Sept. 30, 2024			% Change
Revenue
Investment advisory fees, net			$	885,261		$	809,537		9		%
Administrative service fees, net—affiliates			310,000			287,819			8
Other service fees, net			122,569			110,054			11
Total Revenue			1,317,830			1,207,410			9
Operating Expenses
Compensation and related			432,705			403,321			7
Distribution			312,052			284,257			10
Systems and communications			73,730			68,672			7
Professional service fees			57,415			58,046			(1)
Office and occupancy			29,991			29,617			1
Advertising and promotional			15,985			16,306			(2)
Travel and related			12,335			11,341			9
Intangible asset related			10,255			76,131			(87)
Other			(4,946)			8,679			(157)
Total Operating Expenses			939,522			956,370			(2)
Operating Income			378,308			251,040			51
Nonoperating Income (Expenses)
Investment income (loss), net			38,527			27,630			39
Debt expense			(9,531)			(9,478)			1
Other, net			(110)			85			(229)
Total Nonoperating Income (Expenses), net			28,886			18,237			58
Income before income taxes			407,194			269,277			51
Income tax provision			100,532			84,701			19
Net income including the noncontrolling interests in subsidiaries			306,662			184,576			66
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries			10,402			978			NM
Net Income			$	296,260		$	183,598		61		%
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted			$	3.75		$	2.20		70		%
Weighted-Average Shares Outstanding
Basic			75,541			79,804
Diluted			75,544			79,809
Dividends Declared Per Share			$	0.99		$	1.90

1) Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $13.3 million and $8.0 million available to unvested restricted Federated Hermes shareholders for the nine months ended Sept. 30, 2025 and Sept. 30, 2024, respectively, was excluded from the computation of earnings per share.

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Federated Hermes reports Q3 2025 earnings						Page 7 of 13

Unaudited Condensed Consolidated Balance Sheets
(in thousands)			Sept. 30, 2025			Dec. 31, 2024
Assets
Cash and other investments			$	647,391		$	641,042
Other current assets			154,945			140,310
Intangible assets, net, including goodwill			1,195,992			1,132,699
Other long-term assets			183,942			170,633
Total Assets			$	2,182,270		$	2,084,684
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities			$	256,400		$	289,193
Long-term debt			348,303			348,106
Other long-term liabilities			326,766			296,665
Redeemable noncontrolling interests			63,515			55,514
Equity excluding treasury stock			1,993,883			1,728,044
Treasury stock			(806,597)			(632,838)
Total Liabilities, Redeemable Noncontrolling Interests and Equity			$	2,182,270		$	2,084,684

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Federated Hermes reports Q3 2025 earnings						Page 8 of 13

Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)			Quarter Ended												Nine Months Ended
			Sept. 30, 2025			June 30, 2025			Sept. 30, 2024						Sept. 30, 2025			Sept. 30, 2024
Equity
Beginning assets			$	88,994		$	80,913		$	77,851					$	79,423		$	79,291
Sales1			6,845			7,961			3,607						22,218			11,333
Redemptions1			(6,975)			(6,180)			(5,046)						(19,148)			(19,468)
Net sales (redemptions)1			(130)			1,781			(1,439)						3,070			(8,135)
Net exchanges			154			0			(4)						40			10
Impact of foreign exchange2			(85)			1,023			725						1,692			170
Market gains and (losses)3			5,723			5,277			6,476						10,431			12,273
Ending assets			$	94,656		$	88,994		$	83,609					$	94,656		$	83,609
Fixed Income
Beginning assets			$	98,687		$	99,486		$	95,294					$	98,059		$	94,920
Sales1			7,545			5,267			7,345						18,756			19,190
Redemptions1			(5,887)			(7,652)			(5,942)						(19,827)			(18,036)
Net sales (redemptions)1			1,658			(2,385)			1,403						(1,071)			1,154
Net exchanges			(134)			5			(12)						(28)			(198)
Impact of foreign exchange2			(22)			208			98						271			19
Market gains and (losses)3			1,624			1,373			3,388						4,582			4,276
Ending assets			$	101,813		$	98,687		$	100,171					$	101,813		$	100,171
Alternative/Private Markets
Beginning assets			$	20,738		$	19,426		$	20,061					$	18,864		$	20,551
Sales1			670			782			558						2,537			1,966
Redemptions1			(2,291)			(551)			(881)						(3,866)			(2,798)
Net sales (redemptions)1			(1,621)			231			(323)						(1,329)			(832)
Net exchanges			0			(1)			12						0			188
Acquisitions/(dispositions)			0			109			0						109			0
Impact of foreign exchange2			(341)			1,091			1,017						1,282			812
Market gains and (losses)3			248			(118)			(84)						98			(36)
Ending assets			$	19,024		$	20,738		$	20,683					$	19,024		$	20,683
Multi-asset
Beginning assets			$	2,856		$	2,826		$	2,876					$	2,883		$	2,867
Sales1			45			44			38						152			124
Redemptions1			(92)			(137)			(94)						(334)			(319)
Net sales (redemptions)1			(47)			(93)			(56)						(182)			(195)
Net exchanges			(3)			(2)			4						(3)			5
Market gains and (losses)3			134			125			134						242			281
Ending assets			$	2,940		$	2,856		$	2,958					$	2,940		$	2,958
Total Long-term Assets
Beginning assets			$	211,275		$	202,651		$	196,082					$	199,229		$	197,629
Sales1			15,105			14,054			11,548						43,663			32,613
Redemptions1			(15,245)			(14,520)			(11,963)						(43,175)			(40,621)
Net sales (redemptions)1			(140)			(466)			(415)						488			(8,008)
Net exchanges			17			2			0						9			5
Acquisitions/(dispositions)			0			109			0						109			0
Impact of foreign exchange2			(448)			2,322			1,840						3,245			1,001
Market gains and (losses)3			7,729			6,657			9,914						15,353			16,794
Ending assets			$	218,433		$	211,275		$	207,421					$	218,433		$	207,421

1)     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.

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Federated Hermes reports Q3 2025 earnings						Page 9 of 13

Unaudited Changes in Long-Term Assets - By Asset Class and Offering Type
(in millions)
			Quarter Ended
			Sept. 30, 2025
			Equity						Fixed Income						Alternative / Private Markets						Multi-asset						Total
			Funds			Separate Accounts1			Funds			Separate Accounts1			Funds			Separate Accounts1			Funds			Separate Accounts1			Funds.			Separate Accounts1
Beginning assets			$	49,359		$	39,635		$	45,415		$	53,272		$	12,905		$	7,833		$	2,730		$	126		$	110,409		$	100,866
Sales			4,797			2,048			3,556			3,989			620			50			45			0			9,018			6,087
Redemptions			(3,386)			(3,589)			(3,090)			(2,797)			(1,786)			(505)			(87)			(5)			(8,349)			(6,896)
Net sales (redemptions)			1,411			(1,541)			466			1,192			(1,166)			(455)			(42)			(5)			669			(809)
Net exchanges			154			0			(134)			0			0			0			(3)			0			17			0
Impact of foreign exchange2			(82)			(3)			(18)			(4)			(194)			(147)			0			0			(294)			(154)
Market gains and (losses)3			3,268			2,455			749			875			269			(21)			128			6			4,414			3,315
Ending assets			$	54,110		$	40,546		$	46,478		$	55,335		$	11,814		$	7,210		$	2,813		$	127		$	115,215		$	103,218
			Nine Months Ended
			Sept. 30, 2025
			Equity						Fixed Income						Alternative / Private Markets						Multi-asset						Total
			Funds			Separate Accounts1			Funds			Separate Accounts1			Funds			Separate Accounts1			Funds			Separate Accounts1			Funds			Separate Accounts1
Beginning assets			$	43,752		$	35,671		$	45,550		$	52,509		$	11,501		$	7,363		$	2,764		$	119		$	103,567		$	95,662
Sales			14,276			7,942			10,272			8,484			2,350			187			152			0			27,050			16,613
Redemptions			(11,224)			(7,924)			(11,618)			(8,209)			(3,127)			(739)			(309)			(25)			(26,278)			(16,897)
Net sales (redemptions)			3,052			18			(1,346)			275			(777)			(552)			(157)			(25)			772			(284)
Net exchanges			47			(7)			(24)			(4)			0			0			(3)			0			20			(11)
Acquisition-related			0			0			0			0			109			0			0			0			109			0
Impact of foreign exchange2			823			869			153			118			728			554			0			0			1,704			1,541
Market gains and (losses)3			6,436			3,995			2,145			2,437			253			(155)			209			33			9,043			6,310
Ending assets			$	54,110		$	40,546		$	46,478		$	55,335		$	11,814		$	7,210		$	2,813		$	127		$	115,215		$	103,218

1)    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.

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Federated Hermes reports Q3 2025 earnings						Page 10 of 13

Unaudited Changes in Long-Term Assets - By Offering Type
(in millions)			Quarter Ended												Nine Months Ended
			Sept. 30, 2025			June 30, 2025			Sept. 30, 2024						Sept. 30, 2025			Sept. 30, 2024
Total Fund Assets
Beginning assets			$	110,409		$	104,289		$	101,247					$	103,567		$	101,530
Sales			9,018			8,753			6,646						27,050			20,130
Redemptions			(8,349)			(9,166)			(7,234)						(26,278)			(24,221)
Net sales (redemptions)			669			(413)			(588)						772			(4,091)
Net exchanges			17			3			14						20			22
Acquisitions/(dispositions)			0			109			0						109			0
Impact of foreign exchange1			(294)			1,313			1,060						1,704			635
Market gains and (losses)2			4,414			5,108			5,066						9,043			8,703
Ending assets			$	115,215		$	110,409		$	106,799					$	115,215		$	106,799
Total Separate Account Assets3
Beginning assets			$	100,866		$	98,362		$	94,835					$	95,662		$	96,099
Sales4			6,087			5,301			4,902						16,613			12,483
Redemptions4			(6,896)			(5,354)			(4,729)						(16,897)			(16,400)
Net sales (redemptions)4			(809)			(53)			173						(284)			(3,917)
Net exchanges			0			(1)			(14)						(11)			(17)
Impact of foreign exchange1			(154)			1,009			780						1,541			366
Market gains and (losses)2			3,315			1,549			4,848						6,310			8,091
Ending assets			$	103,218		$	100,866		$	100,622					$	103,218		$	100,622
Total Long-term Assets3
Beginning assets			$	211,275		$	202,651		$	196,082					$	199,229		$	197,629
Sales4			15,105			14,054			11,548						43,663			32,613
Redemptions4			(15,245)			(14,520)			(11,963)						(43,175)			(40,621)
Net sales (redemptions)4			(140)			(466)			(415)						488			(8,008)
Net exchanges			17			2			0						9			5
Acquisitions/(dispositions)			0			109			0						109			0
Impact of foreign exchange1			(448)			2,322			1,840						3,245			1,001
Market gains and (losses)2			7,729			6,657			9,914						15,353			16,794
Ending assets			$	218,433		$	211,275		$	207,421					$	218,433		$	207,421

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

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

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

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

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Federated Hermes reports Q3 2025 earnings						Page 11 of 13

Unaudited Managed Assets
(in millions)			Sept. 30, 2025			June 30, 2025			March 31, 2025			Dec. 31, 2024			Sept. 30, 2024
By Asset Class
Equity			$	94,656		$	88,994		$	80,913		$	79,423		$	83,609
Fixed-income			101,813			98,687			99,486			98,059			100,171
Alternative / private markets			19,024			20,738			19,426			18,864			20,683
Multi-asset			2,940			2,856			2,826			2,883			2,958
Total long-term assets			218,433			211,275			202,651			199,229			207,421
Money market			652,767			634,400			637,122			630,349			593,030
Total Managed Assets			$	871,200		$	845,675		$	839,773		$	829,578		$	800,451
By Offering Type
Funds:
Equity			$	54,110		$	49,359		$	43,910		$	43,752		$	45,391
Fixed-income			46,478			45,415			45,800			45,550			46,027
Alternative / private markets			11,814			12,905			11,879			11,501			12,558
Multi-asset			2,813			2,730			2,700			2,764			2,823
Total long-term assets			115,215			110,409			104,289			103,567			106,799
Money market			492,701			468,044			464,912			461,720			440,397
Total Fund Assets			$	607,916		$	578,453		$	569,201		$	565,287		$	547,196
Separate Accounts:
Equity			$	40,546		$	39,635		$	37,003		$	35,671		$	38,218
Fixed-income			55,335			53,272			53,686			52,509			54,144
Alternative / private markets			7,210			7,833			7,547			7,363			8,125
Multi-asset			127			126			126			119			135
Total long-term assets			103,218			100,866			98,362			95,662			100,622
Money market			160,066			166,356			172,210			168,629			152,633
Total Separate Account Assets			$	263,284		$	267,222		$	270,572		$	264,291		$	253,255
Total Managed Assets			$	871,200		$	845,675		$	839,773		$	829,578		$	800,451

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Federated Hermes reports Q3 2025 earnings						Page 12 of 13

Unaudited Average Managed Assets			Quarter Ended
(in millions)			Sept. 30, 2025			June 30, 2025			March 31, 2025			Dec. 31, 2024			Sept. 30, 2024
By Asset Class
Equity			$	92,436		$	83,564		$	82,105		$	82,247		$	80,220
Fixed-income			99,206			98,365			99,360			98,254			97,563
Alternative / private markets			19,862			20,053			19,012			19,754			20,455
Multi-asset			2,895			2,779			2,900			2,934			2,910
Total long-term assets			214,399			204,761			203,377			203,189			201,148
Money market			645,092			632,543			639,827			601,169			592,304
Total Avg. Managed Assets			$	859,491		$	837,304		$	843,204		$	804,358		$	793,452
By Offering Type
Funds:
Equity			$	51,828		$	45,965		$	45,260		$	45,261		$	43,632
Fixed-income			45,743			44,972			45,715			45,654			44,977
Alternative / private markets			12,347			12,370			11,610			12,010			12,451
Multi-asset			2,770			2,654			2,774			2,811			2,775
Total long-term assets			112,688			105,961			105,359			105,736			103,835
Money market			482,237			462,683			463,727			445,775			436,418
Total Avg. Fund Assets			$	594,925		$	568,644		$	569,086		$	551,511		$	540,253
Separate Accounts:
Equity			$	40,608		$	37,599		$	36,845		$	36,986		$	36,588
Fixed-income			53,463			53,393			53,645			52,600			52,586
Alternative / private markets			7,515			7,683			7,402			7,744			8,004
Multi-asset			125			125			126			123			135
Total long-term assets			101,711			98,800			98,018			97,453			97,313
Money market			162,855			169,860			176,100			155,394			155,886
Total Avg. Separate Account Assets			$	264,566		$	268,660		$	274,118		$	252,847		$	253,199
Total Avg. Managed Assets			$	859,491		$	837,304		$	843,204		$	804,358		$	793,452

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Federated Hermes reports Q3 2025 earnings						Page 13 of 13

Unaudited Average Managed Assets						Nine Months Ended
(in millions)						Sept. 30, 2025						Sept. 30, 2024
By Asset Class
Equity						$	86,035					$	79,108
Fixed-income						98,977						96,280
Alternative / private markets						19,642						20,415
Multi-asset						2,858						2,891
Total long-term assets						207,512						198,694
Money market						639,154						584,482
Total Avg. Managed Assets						$	846,666					$	783,176
By Offering Type
Funds:
Equity						$	47,684					$	42,754
Fixed-income						45,477						44,248
Alternative / private markets						12,109						12,386
Multi-asset						2,733						2,751
Total long-term assets						108,003						102,139
Money market						469,549						423,773
Total Avg. Fund Assets						$	577,552					$	525,912
Separate Accounts:
Equity						$	38,351					$	36,354
Fixed-income						53,500						52,032
Alternative / private markets						7,533						8,029
Multi-asset						125						140
Total long-term assets						99,509						96,555
Money market						169,605						160,709
Total Avg. Separate Account Assets						$	269,114					$	257,264
Total Avg. Managed Assets						$	846,666					$	783,176