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Federated Hermes, Inc. reports record assets under management with fourth quarter and full-year 2025 earnings
•Q4 2025 earnings per diluted share of $1.39; full-year 2025 EPS of $5.13
•Total assets under management (AUM) at record $902.6 billion
•Money market AUM reach a record $682.6 billion
•Board declares $0.34 per share quarterly dividend
(PITTSBURGH, Pa., Jan. 29, 2026) — Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) for Q4 2025 of $1.39, compared to $1.04 for the same quarter last year, on net income of $107.0 million for Q4 2025, compared to $84.7 million for Q4 2024. Full-year 2025 EPS was $5.13, compared to $3.23 for 2024 on net income of $403.3 million for 2025, compared to $268.3 million for 2024. Federated Hermes' full-year 2024 results included a $66.3 million non-cash expense, or ($0.73) per diluted share, related to the Q2 2024 impairment of an indefinite-lived intangible asset.
Federated Hermes' total managed assets were a record $902.6 billion at Dec. 31, 2025, up $73.0 billion or 9% from $829.6 billion at Dec. 31, 2024 and up $31.4 billion or 4% from $871.2 billion at Sept. 30, 2025. Average managed assets for Q4 2025 were $873.7 billion, up $69.3 billion or 9% from $804.4 billion reported for Q4 2024 and up $14.2 billion or 2% from $859.5 billion reported for Q3 2025.
"Federated Hermes' record assets at year-end were again driven by money market asset increases, as our liquidity products provided attractive cash management resources and opportunities for risk-adjusted returns," said J. Christopher Donahue, president and chief executive officer. "We also continued to see investor interest in our growing range of investment solutions beyond mutual funds, including ETFs, CITs and SMAs, which provide additional opportunities for financial professionals to meet the needs of their customers. In the fourth quarter, SMA net sales were led by our MDT All Cap Core strategy, our MDT Mid Cap Growth equity strategy and our Core Plus fixed-income strategy."
Federated Hermes' board of directors declared a quarterly dividend of $0.34 per share. The dividend is payable on Feb. 13, 2026 to shareholders of record as of Feb. 6, 2026. During Q4 2025, Federated Hermes purchased 1,566,901 shares of Federated Hermes class B common stock for $78.7 million, bringing the total shares of Class B common stock purchased in 2025 to 6,192,433 shares for $263.4 million.
Federated Hermes' equity assets were $97.9 billion at Dec. 31, 2025, up $18.5 billion or 23% from $79.4 billion at Dec. 31, 2024 and up $3.2 billion or 3% from $94.7 billion at Sept. 30, 2025. Top-selling equity funds on a net basis during Q4 2025 were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT US Equity Fund, Federated Hermes Asia ex-Japan Fund and Federated Hermes MDT All Cap Core Fund.
Federated Hermes' fixed-income assets were $100.1 billion at Dec. 31, 2025, up $2.0 billion or 2% from $98.1 billion at Dec. 31, 2024 and down $1.7 billion or 2% from $101.8 billion at Sept. 30, 2025. Top-selling fixed-income funds on a net basis during Q4 2025 were Federated Hermes Ultrashort Bond Fund, Federated Hermes Government Ultrashort Fund, Federated Hermes Total Return Bond Fund, Federated Hermes Short-Term Income Fund and Federated Hermes Municipal Ultrashort Fund.
MEDIA:ANALYSTS:
Ed Costello 412-288-7538Ray Hanley 412-288-1920
Federated Hermes reports Q4 and full-year 2025 earnings
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Federated Hermes' alternative/private markets assets were $19.1 billion at Dec. 31, 2025, up $0.2 billion or 1% from $18.9 billion at Dec. 31, 2024 and up $0.1 billion or less than 1% from $19.0 billion at Sept. 30, 2025.
Federated Hermes' money market assets were a record $682.6 billion at Dec. 31, 2025, up $52.3 billion or 8% from $630.3 billion at Dec. 31, 2024 and up $29.8 billion or 5% from $652.8 billion at Sept. 30, 2025. Money market mutual fund assets were a record $508.4 billion at Dec. 31, 2025, up $46.7 billion or 10% from $461.7 billion at Dec. 31, 2024 and up $15.7 billion or 3% from $492.7 billion at Sept. 30, 2025. Federated Hermes' money market separate account assets were a record $174.2 billion at Dec. 31, 2025, up $5.6 billion or 3% from $168.6 billion at Dec. 31, 2024 and up $14.1 billion or 9% from $160.1 billion at Sept. 30, 2025.
Financial Summary
Q4 2025 vs. Q4 2024
Revenue increased $58.2 million or 14% primarily due to a $51.7 million increase in revenue from higher average money market and equity assets and a $7.9 million increase in real estate development fees.
During Q4 2025, Federated Hermes derived 52% of its revenue from money market assets, 45% from long-term assets (29% from equity assets, 11% from fixed-income assets and 5% from alternative/private markets and multi-asset) and 3% from sources other than managed assets.
Operating expenses increased $33.0 million or 11% primarily due to a $24.3 million increase in distribution expenses resulting primarily from higher average money market fund assets and an increase in compensation and related expense of $7.8 million primarily related to higher incentive compensation.
Nonoperating income (expenses), net increased $2.9 million primarily due to an increase in the market value of investments in Q4 2025 compared to a decrease in the market value of investments in Q4 2024.
Q4 2025 vs. Q3 2025
Revenue increased $13.4 million or 3% primarily due to a $13.5 million increase in revenue from higher average money market and equity assets and an $8.3 million increase in real estate development fees.
Operating expenses increased $7.3 million or 2% primarily due to an $8.8 million increase in distribution expenses resulting primarily from higher average money market fund assets.
Nonoperating income (expenses), net decreased $6.1 million primarily due to a smaller increase in the market value of investments in Q4 2025 as compared to the increase in the market value of investments in Q3 2025.
2025 vs. 2024
Revenue increased $168.6 million or 10% primarily due to a $142.5 million increase in revenue from higher average money market and equity assets, a $7.9 million increase in performance fees and a $7.8 million increase in real estate development fees.
During 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 increased by $16.2 million or 1% primarily due to a $52.1 million increase in distribution expenses resulting primarily from higher average money market fund assets and an increase in compensation and related expense of $37.2 million primarily related to higher incentive compensation. These increases were partially offset by lower intangible asset related expense resulting from the $66.3 million impairment of an indefinite-lived intangible asset in Q2 2024 associated with the 2018 acquisition of Federated Hermes Limited and a $16.1 million decrease in Other expense primarily due to a value added tax

Federated Hermes reports Q4 and full-year 2025 earnings
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(VAT) refund received in Q1 2025 related to amended VAT filings in the U.K. and fluctuations in foreign currency exchange rates.
Nonoperating income (expenses), net increased $13.5 million primarily due to a larger increase in the market value of investments in 2025 as compared to the increase in the market value of investments in 2024.
Earnings call information
Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Jan. 30, 2026. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, visit 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 Jan. 30, 2026. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 53455. 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, responsible investment management, with $902.6 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 11,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide.
Federated Hermes ranks in the top 6% 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 Dec. 31, 2025.
2) Morningstar, Dec. 31, 2025. Based on U.S. fund flows rankings.
3) Money Management Institute/Cerulli,Q3 2025.
Federated Securities Corp. is distributor of the U.S. registered 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.

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

Federated Hermes reports Q4 and full-year 2025 earnings
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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Quarter Ended% Change Q4 2024 to Q4 2025Quarter Ended% Change Q3 2025 to Q4 2025
Dec. 31, 2025Dec. 31, 2024Sept. 30, 2025
Revenue
Investment advisory fees, net$313,975 $288,329 9 %$310,366 1 %
Administrative service fees, net109,759 99,711 10 107,234 2 
Other service fees, net59,099 36,643 61 51,846 14 
Total Revenue482,833 424,683 14 469,446 3 
Operating Expenses
Compensation and related144,981 137,165 6 144,563 0 
Distribution122,339 98,070 25 113,569 8 
Systems and communications24,719 23,843 4 26,023 (5)
Professional service fees23,399 20,307 15 20,239 16 
Office and occupancy9,704 10,328 (6)10,129 (4)
Advertising and promotional7,001 7,785 (10)5,264 33 
Travel and related4,677 4,058 15 4,665 0 
Intangible asset related3,475 3,230 8 3,556 (2)
Other6,964 9,470 (26)11,986 (42)
Total Operating Expenses347,259 314,256 11 339,994 2 
Operating Income135,574 110,427 23 129,452 5 
Nonoperating Income (Expenses)
Investment income (loss), net7,886 5,037 57 14,105 (44)
Debt expense(3,201)(3,187)0 (3,182)1 
Other, net73 54 35 (48)252 
Total Nonoperating Income (Expenses), net4,758 1,904 150 10,875 (56)
Income before income taxes140,332 112,331 25 140,327 0 
Income tax provision32,899 28,477 16 34,232 (4)
Net income including the noncontrolling interests in subsidiaries107,433 83,854 28 106,095 1 
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries394 (862)146 1,969 (80)
Net Income$107,039 $84,716 26 %$104,126 3 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted$1.39 $1.04 34 %$1.34 4 %
Weighted-Average Shares Outstanding
Basic and Diluted73,795 78,300 74,057 
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 $4.8 million, $3.6 million and $4.7 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended Dec. 31, 2025, Dec. 31, 2024 and Sept. 30, 2025, respectively, was excluded from the computation of earnings per share.
    


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Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
Year Ended
Dec. 31, 2025Dec. 31, 2024% Change
Revenue
Investment advisory fees, net$1,199,236 $1,097,866 9 %
Administrative service fees, net—affiliates419,759 387,531 8 
Other service fees, net181,668 146,696 24 
     Total Revenue1,800,663 1,632,093 10 
Operating Expenses
Compensation and related577,686 540,486 7 
Distribution434,391 382,327 14 
Systems and communications98,449 92,515 6 
Professional service fees80,814 78,353 3 
Office and occupancy39,695 39,946 (1)
Advertising and promotional22,986 24,090 (5)
Travel and related17,012 15,399 10 
Intangible asset related13,731 79,361 (83)
Other2,017 18,149 (89)
     Total Operating Expenses1,286,781 1,270,626 1 
Operating Income513,882 361,467 42 
Nonoperating Income (Expenses)
Investment income (loss), net46,412 32,668 42 
Debt expense(12,732)(12,665)1 
Other, net(36)139 (126)
     Total Nonoperating Income (Expenses), net33,644 20,142 67 
Income before income taxes547,526 381,609 43 
Income tax provision133,431 113,179 18 
Net income including the noncontrolling interests in subsidiaries414,095 268,430 54 
Less: Net income attributable to the noncontrolling
interests in subsidiaries		10,796 116 NM
Net Income$403,299 $268,314 50 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted$5.13 $3.23 59 %
Weighted-Average Shares Outstanding
    Basic75,101 79,426 
    Diluted75,103 79,430 
Dividends Declared Per Share$1.33 $2.21 
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 $18.1 million and $11.6 million available to unvested restricted Federated Hermes shareholders for the years ended Dec. 31, 2025 and Dec. 31, 2024, respectively, was excluded from the computation of earnings per share.



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Unaudited Condensed Consolidated Balance Sheets
(in thousands)Dec. 31, 2025Dec. 31, 2024
Assets
  Cash and other investments$724,297 $641,042 
  Other current assets139,495 140,310 
  Intangible assets, net, including goodwill1,183,612 1,132,699 
  Other long-term assets181,933 170,633 
    Total Assets$2,229,337 $2,084,684 
Liabilities, Redeemable Noncontrolling Interests and Equity
  Current liabilities$314,141 $289,193 
  Long-term debt348,369 348,106 
  Other long-term liabilities303,350 296,665 
  Redeemable noncontrolling interests66,529 55,514 
Equity excluding treasury stock2,070,162 1,728,044 
Treasury stock(873,214)(632,838)
    Total Liabilities, Redeemable Noncontrolling Interests and Equity$2,229,337 $2,084,684 


Federated Hermes reports Q4 and full-year 2025 earnings
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Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)Quarter EndedYear Ended
Dec. 31, 2025Sept. 30, 2025Dec. 31, 2024Dec. 31, 2025Dec. 31, 2024
Equity
Beginning assets$94,656 $88,994 $83,609 $79,423 $79,291 
Sales1
8,949 6,845 4,868 31,167 16,201 
Redemptions1
(7,431)(6,975)(7,388)(26,579)(26,856)
Net sales (redemptions)1
1,518 (130)(2,520)4,588 (10,655)
Net exchanges139 154 (39)179 (29)
Impact of foreign exchange2
107 (85)(1,313)1,799 (1,143)
Market gains and (losses)3
1,478 5,723 (314)11,909 11,959 
Ending assets$97,898 $94,656 $79,423 $97,898 $79,423 
Fixed Income
Beginning assets$101,813 $98,687 $100,171 $98,059 $94,920 
Sales1
5,891 7,545 6,400 24,647 25,590 
Redemptions1
(8,687)(5,887)(7,345)(28,514)(25,381)
Net sales (redemptions)1
(2,796)1,658 (945)(3,867)209 
Net exchanges15 (134)35 (13)(163)
Impact of foreign exchange2
6 (22)(160)277 (141)
Market gains and (losses)3
1,089 1,624 (1,042)5,671 3,234 
Ending assets$100,127 $101,813 $98,059 $100,127 $98,059 
Alternative / Private Markets
Beginning assets$19,024 $20,738 $20,683 $18,864 $20,551 
Sales1
724 670 618 3,261 2,584 
Redemptions1
(592)(2,291)(1,487)(4,458)(4,285)
Net sales (redemptions)1
132 (1,621)(869)(1,197)(1,701)
Net exchanges0 0 (1)0 187 
Acquisitions/(dispositions)0 0 0 109 0 
Impact of foreign exchange2
35 (341)(1,188)1,317 (376)
Market gains and (losses)3
(90)248 239 8 203 
Ending assets$19,101 $19,024 $18,864 $19,101 $18,864 
Multi-asset
Beginning assets$2,940 $2,856 $2,958 $2,883 $2,867 
Sales1
59 45 45 211 169 
Redemptions1
(92)(92)(97)(426)(416)
Net sales (redemptions)1
(33)(47)(52)(215)(247)
Net exchanges(121)(3)8 (124)13 
Market gains and (losses)3
68 134 (31)310 250 
Ending assets$2,854 $2,940 $2,883 $2,854 $2,883 
Total Long-term Assets
Beginning assets$218,433 $211,275 $207,421 $199,229 $197,629 
Sales1
15,623 15,105 11,931 59,286 44,544 
Redemptions1
(16,802)(15,245)(16,317)(59,977)(56,938)
Net sales (redemptions)1
(1,179)(140)(4,386)(691)(12,394)
Net exchanges33 17 3 42 8 
Acquisitions/(dispositions)0 0 0 109 0 
Impact of foreign exchange2
148 (448)(2,661)3,393 (1,660)
Market gains and (losses)3
2,545 7,729 (1,148)17,898 15,646 
Ending assets$219,980 $218,433 $199,229 $219,980 $199,229 
1)     For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, 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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Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
Quarter Ended
Dec. 31, 2025
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Funds
Separate Accounts1
Beginning assets$54,110 $40,546 $46,478 $55,335 $11,814 $7,210 $2,813 $127 $115,215 $103,218 
Sales5,661 3,288 4,017 1,874 682 42 59 0 10,419 5,204 
Redemptions(5,278)(2,153)(5,015)(3,672)(450)(142)(92)0 (10,835)(5,967)
Net sales (redemptions)383 1,135 (998)(1,798)232 (100)(33)0 (416)(763)
Net exchanges16 123 15 0 0 0 2 (123)33 0 
Impact of foreign exchange2
10 97 5 1 19 16 0 0 34 114 
Market gains and (losses)3
469 1,009 473 616 20 (110)68 0 1,030 1,515 
Ending assets$54,988 $42,910 $45,973 $54,154 $12,085 $7,016 $2,850 $4 $115,896 $104,084 
Year Ended
Dec. 31, 2025
EquityFixed IncomeAlternative / Private MarketsMulti-assetTotal
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 
Sales19,937 11,230 14,289 10,358 3,032 229 211 0 37,469 21,817 
Redemptions(16,502)(10,077)(16,633)(11,881)(3,577)(881)(401)(25)(37,113)(22,864)
Net sales (redemptions)3,435 1,153 (2,344)(1,523)(545)(652)(190)(25)356 (1,047)
Net exchanges63 116 (9)(4)0 0 (1)(123)53 (11)
Acquisitions/(dispositions)0 0 0 0 109 0 0 0 109 0 
Impact of foreign exchange2
833 966 158 119 747 570 0 0 1,738 1,655 
Market gains and (losses)3
6,905 5,004 2,618 3,053 273 (265)277 33 10,073 7,825 
Ending assets$54,988 $42,910 $45,973 $54,154 $12,085 $7,016 $2,850 $4 $115,896 $104,084 
1)    Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products. 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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Unaudited Changes in Long-Term Assets - By Product Type
(in millions)
Quarter EndedYear Ended
Dec. 31, 2025Sept. 30, 2025Dec. 31, 2024Dec. 31, 2025Dec. 31, 2024
Total Fund Assets
Beginning assets$115,215 $110,409 $106,799 $103,567 $101,530 
Sales10,419 9,018 7,704 37,469 27,834 
Redemptions(10,835)(8,349)(8,392)(37,113)(32,613)
Net sales (redemptions)(416)669 (688)356 (4,779)
Net exchanges33 17 4 53 26 
Acquisitions/(dispositions)0 0 0 109 0 
Impact of foreign exchange1
34 (294)(1,372)1,738 (737)
Market gains and (losses)2
1,030 4,414 (1,176)10,073 7,527 
Ending assets$115,896 $115,215 $103,567 $115,896 $103,567 
Total Separate Accounts Assets3
Beginning assets$103,218 $100,866 $100,622 $95,662 $96,099 
Sales4
5,204 6,087 4,227 21,817 16,710 
Redemptions4
(5,967)(6,896)(7,925)(22,864)(24,325)
Net sales (redemptions)4
(763)(809)(3,698)(1,047)(7,615)
Net exchanges0 0 (1)(11)(18)
Impact of foreign exchange1
114 (154)(1,289)1,655 (923)
Market gains and (losses)2
1,515 3,315 28 7,825 8,119 
Ending assets$104,084 $103,218 $95,662 $104,084 $95,662 
Total Long-term Assets3
Beginning assets$218,433 $211,275 $207,421 $199,229 $197,629 
Sales4
15,623 15,105 11,931 59,286 44,544 
Redemptions4
(16,802)(15,245)(16,317)(59,977)(56,938)
Net sales (redemptions)4
(1,179)(140)(4,386)(691)(12,394)
Net exchanges33 17 3 42 8 
Acquisitions/(dispositions)0 0 0 109 0 
Impact of foreign exchange1
148 (448)(2,661)3,393 (1,660)
Market gains and (losses)2
2,545 7,729 (1,148)17,898 15,646 
Ending assets$219,980 $218,433 $199,229 $219,980 $199,229 
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 products.
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.



Federated Hermes reports Q4 and full-year 2025 earnings
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Unaudited Managed Assets
(in millions)
Dec. 31, 2025Sept. 30, 2025June 30, 2025March 31, 2025Dec. 31, 2024
By Asset Class
Equity$97,898 $94,656 $88,994 $80,913 $79,423 
Fixed-Income100,127 101,813 98,687 99,486 98,059 
Alternative / Private Markets19,101 19,024 20,738 19,426 18,864 
Multi-Asset2,854 2,940 2,856 2,826 2,883 
Total Long-Term Assets219,980 218,433 211,275 202,651 199,229 
 Money Market682,604 652,767 634,400 637,122 630,349 
Total Managed Assets$902,584 $871,200 $845,675 $839,773 $829,578 
By Offering Type
Funds:
Equity$54,988 $54,110 $49,359 $43,910 $43,752 
Fixed-Income45,973 46,478 45,415 45,800 45,550 
Alternative / Private Markets12,085 11,814 12,905 11,879 11,501 
Multi-Asset2,850 2,813 2,730 2,700 2,764 
Total Long-Term Assets115,896 115,215 110,409 104,289 103,567 
Money Market508,403 492,701 468,044 464,912 461,720 
Total Fund Assets$624,299 $607,916 $578,453 $569,201 $565,287 
Separate Accounts:
Equity$42,910 $40,546 $39,635 $37,003 $35,671 
Fixed-Income54,154 55,335 53,272 53,686 52,509 
Alternative / Private Markets7,016 7,210 7,833 7,547 7,363 
Multi-Asset4 127 126 126 119 
Total Long-Term Assets104,084 103,218 100,866 98,362 95,662 
Money Market174,201 160,066 166,356 172,210 168,629 
Total Separate Account Assets$278,285 $263,284 $267,222 $270,572 $264,291 
Total Managed Assets$902,584 $871,200 $845,675 $839,773 $829,578 



Federated Hermes reports Q4 and full-year 2025 earnings
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Unaudited Average Managed AssetsQuarter Ended
(in millions)
Dec. 31, 2025Sept. 30, 2025June 30, 2025March 31, 2025Dec. 31, 2024
By Asset Class
Equity$96,404 $92,436 $83,564 $82,105 $82,247 
Fixed-Income100,855 99,206 98,365 99,360 98,254 
Alternative / Private Markets18,971 19,862 20,053 19,012 19,754 
Multi-Asset2,836 2,895 2,779 2,900 2,934 
Total Long-Term Assets219,066 214,399 204,761 203,377 203,189 
 Money Market654,635 645,092 632,543 639,827 601,169 
Total Avg. Managed Assets$873,701 $859,491 $837,304 $843,204 $804,358 
By Offering Type
Funds:
Equity$55,101 $51,828 $45,965 $45,260 $45,261 
Fixed-Income46,116 45,743 44,972 45,715 45,654 
Alternative / Private Markets11,871 12,347 12,370 11,610 12,010 
Multi-Asset2,833 2,770 2,654 2,774 2,811 
Total Long-Term Assets115,921 112,688 105,961 105,359 105,736 
Money Market493,355 482,237 462,683 463,727 445,775 
Total Avg. Fund Assets$609,276 $594,925 $568,644 $569,086 $551,511 
Separate Accounts:
Equity$41,303 $40,608 $37,599 $36,845 $36,986 
Fixed-Income54,739 53,463 53,393 53,645 52,600 
Alternative / Private Markets7,100 7,515 7,683 7,402 7,744 
Multi-Asset3 125 125 126 123 
Total Long-Term Assets103,145 101,711 98,800 98,018 97,453 
Money Market161,280 162,855 169,860 176,100 155,394 
Total Avg. Separate Account Assets$264,425 $264,566 $268,660 $274,118 $252,847 
Total Avg. Managed Assets$873,701 $859,491 $837,304 $843,204 $804,358 




Federated Hermes reports Q4 and full-year 2025 earnings
Page 13 of 13
Unaudited Average Managed AssetsYear Ended
(in millions)
Dec. 31, 2025Dec. 31, 2024
By Asset Class
Equity$88,627 $79,893 
Fixed-Income99,446 96,773 
Alternative / Private Markets19,474 20,250 
Multi-Asset2,853 2,902 
Total Long-Term Assets210,400 199,818 
Money Market643,025 588,653 
Total Avg. Managed Assets
$853,425 $788,471 
By Offering Type
Funds:
Equity$49,538 $43,380 
Fixed-Income45,636 44,600 
Alternative / Private Markets12,049 12,292 
Multi-Asset2,758 2,766 
Total Long-Term Assets109,981 103,038 
Money Market475,501 429,273 
Total Avg. Fund Assets
$585,482 $532,311 
Separate Accounts:
Equity1
$39,089 $36,513 
Fixed-Income53,810 52,173 
Alternative / Private Markets7,425 7,958 
Multi-Asset1
95 136 
Total Long-Term Assets100,419 96,780 
Money Market167,524 159,380 
Total Avg. Separate Account Assets
$267,943 $256,160 
Total Avg. Managed Assets
$853,425 $788,471 
1) A Separate Account was reclassified from Multi-Asset to Equity. Average assets are represented under Multi-Asset for the quarters ended March 31, 2025, June 30, 2025 and Sept. 30, 2025. Average assets are represented under Equity for the quarter ended Dec. 31, 2025.