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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2026

FEDERATED HERMES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

001-14818

25-1111467

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

Identification No.)

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Address of principal executive offices, including zip code)

(412) 288-1900

(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 registrant under any of the following provisions:

☐ 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 B common stock, no par value			FHI			New York Stock Exchange

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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 29, 2026, Federated Hermes, Inc. issued the earnings press release attached hereto as Exhibit 99.1 to report fourth quarter 2025 results.

    

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

			Exhibit 99.1						Earnings press release issued by Federated Hermes, Inc. dated January 29, 2026
			Exhibit 104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

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

                                    

FEDERATED HERMES, INC.

(REGISTRANT)

Date

January 29, 2026

By:

/s/ Thomas R. Donahue

Thomas R. Donahue

Chief Financial Officer

Exhibit 99.1

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 412-288-7538						Ray Hanley 412-288-1920

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 2 of 13

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

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 3 of 13

(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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Federated Hermes reports Q4 and full-year 2025 earnings						Page 4 of 13

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.

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 5 of 13

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
			Quarter Ended						% Change Q4 2024 to Q4 2025			Quarter Ended			% Change Q3 2025 to Q4 2025
			Dec. 31, 2025			Dec. 31, 2024						Sept. 30, 2025
Revenue
Investment advisory fees, net			$	313,975		$	288,329		9		%	$	310,366		1		%
Administrative service fees, net			109,759			99,711			10			107,234			2
Other service fees, net			59,099			36,643			61			51,846			14
Total Revenue			482,833			424,683			14			469,446			3
Operating Expenses
Compensation and related			144,981			137,165			6			144,563			0
Distribution			122,339			98,070			25			113,569			8
Systems and communications			24,719			23,843			4			26,023			(5)
Professional service fees			23,399			20,307			15			20,239			16
Office and occupancy			9,704			10,328			(6)			10,129			(4)
Advertising and promotional			7,001			7,785			(10)			5,264			33
Travel and related			4,677			4,058			15			4,665			0
Intangible asset related			3,475			3,230			8			3,556			(2)
Other			6,964			9,470			(26)			11,986			(42)
Total Operating Expenses			347,259			314,256			11			339,994			2
Operating Income			135,574			110,427			23			129,452			5
Nonoperating Income (Expenses)
Investment income (loss), net			7,886			5,037			57			14,105			(44)
Debt expense			(3,201)			(3,187)			0			(3,182)			1
Other, net			73			54			35			(48)			252
Total Nonoperating Income (Expenses), net			4,758			1,904			150			10,875			(56)
Income before income taxes			140,332			112,331			25			140,327			0
Income tax provision			32,899			28,477			16			34,232			(4)
Net income including the noncontrolling interests in subsidiaries			107,433			83,854			28			106,095			1
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries			394			(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 Diluted			73,795			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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Federated Hermes reports Q4 and full-year 2025 earnings						Page 6 of 13

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
						Year Ended
						Dec. 31, 2025						Dec. 31, 2024						% Change
Revenue
Investment advisory fees, net						$	1,199,236					$	1,097,866					9		%
Administrative service fees, net—affiliates						419,759						387,531						8
Other service fees, net						181,668						146,696						24
Total Revenue						1,800,663						1,632,093						10
Operating Expenses
Compensation and related						577,686						540,486						7
Distribution						434,391						382,327						14
Systems and communications						98,449						92,515						6
Professional service fees						80,814						78,353						3
Office and occupancy						39,695						39,946						(1)
Advertising and promotional						22,986						24,090						(5)
Travel and related						17,012						15,399						10
Intangible asset related						13,731						79,361						(83)
Other						2,017						18,149						(89)
Total Operating Expenses						1,286,781						1,270,626						1
Operating Income						513,882						361,467						42
Nonoperating Income (Expenses)
Investment income (loss), net						46,412						32,668						42
Debt expense						(12,732)						(12,665)						1
Other, net						(36)						139						(126)
Total Nonoperating Income (Expenses), net						33,644						20,142						67
Income before income taxes						547,526						381,609						43
Income tax provision						133,431						113,179						18
Net income including the noncontrolling interests in subsidiaries						414,095						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
Basic						75,101						79,426
Diluted						75,103						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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Federated Hermes reports Q4 and full-year 2025 earnings						Page 7 of 13

Unaudited Condensed Consolidated Balance Sheets
(in thousands)			Dec. 31, 2025			Dec. 31, 2024
Assets
Cash and other investments			$	724,297		$	641,042
Other current assets			139,495			140,310
Intangible assets, net, including goodwill			1,183,612			1,132,699
Other long-term assets			181,933			170,633
Total Assets			$	2,229,337		$	2,084,684
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities			$	314,141		$	289,193
Long-term debt			348,369			348,106
Other long-term liabilities			303,350			296,665
Redeemable noncontrolling interests			66,529			55,514
Equity excluding treasury stock			2,070,162			1,728,044
Treasury stock			(873,214)			(632,838)
Total Liabilities, Redeemable Noncontrolling Interests and Equity			$	2,229,337		$	2,084,684

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 8 of 13

Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)			Quarter Ended												Year Ended
			Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024						Dec. 31, 2025			Dec. 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 exchanges			139			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 exchanges			15			(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 exchanges			0			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 exchanges			33			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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Federated Hermes reports Q4 and full-year 2025 earnings						Page 9 of 13

Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
			Quarter Ended
			Dec. 31, 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			$	54,110		$	40,546		$	46,478		$	55,335		$	11,814		$	7,210		$	2,813		$	127		$	115,215		$	103,218
Sales			5,661			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 exchanges			16			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
			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			19,937			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 exchanges			63			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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Federated Hermes reports Q4 and full-year 2025 earnings						Page 10 of 13

Unaudited Changes in Long-Term Assets - By Product Type

(in millions)

			Quarter Ended												Year Ended
			Dec. 31, 2025			Sept. 30, 2025			Dec. 31, 2024						Dec. 31, 2025			Dec. 31, 2024
Total Fund Assets
Beginning assets			$	115,215		$	110,409		$	106,799					$	103,567		$	101,530
Sales			10,419			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 exchanges			33			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 exchanges			0			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 exchanges			33			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.

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 11 of 13

Unaudited Managed Assets (in millions)			Dec. 31, 2025			Sept. 30, 2025			June 30, 2025			March 31, 2025			Dec. 31, 2024
By Asset Class
Equity			$	97,898		$	94,656		$	88,994		$	80,913		$	79,423
Fixed-Income			100,127			101,813			98,687			99,486			98,059
Alternative / Private Markets			19,101			19,024			20,738			19,426			18,864
Multi-Asset			2,854			2,940			2,856			2,826			2,883
Total Long-Term Assets			219,980			218,433			211,275			202,651			199,229
Money Market			682,604			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-Income			45,973			46,478			45,415			45,800			45,550
Alternative / Private Markets			12,085			11,814			12,905			11,879			11,501
Multi-Asset			2,850			2,813			2,730			2,700			2,764
Total Long-Term Assets			115,896			115,215			110,409			104,289			103,567
Money Market			508,403			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-Income			54,154			55,335			53,272			53,686			52,509
Alternative / Private Markets			7,016			7,210			7,833			7,547			7,363
Multi-Asset			4			127			126			126			119
Total Long-Term Assets			104,084			103,218			100,866			98,362			95,662
Money Market			174,201			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

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 12 of 13

Unaudited Average Managed Assets			Quarter Ended
(in millions)			Dec. 31, 2025			Sept. 30, 2025			June 30, 2025			March 31, 2025			Dec. 31, 2024
By Asset Class
Equity			$	96,404		$	92,436		$	83,564		$	82,105		$	82,247
Fixed-Income			100,855			99,206			98,365			99,360			98,254
Alternative / Private Markets			18,971			19,862			20,053			19,012			19,754
Multi-Asset			2,836			2,895			2,779			2,900			2,934
Total Long-Term Assets			219,066			214,399			204,761			203,377			203,189
Money Market			654,635			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-Income			46,116			45,743			44,972			45,715			45,654
Alternative / Private Markets			11,871			12,347			12,370			11,610			12,010
Multi-Asset			2,833			2,770			2,654			2,774			2,811
Total Long-Term Assets			115,921			112,688			105,961			105,359			105,736
Money Market			493,355			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-Income			54,739			53,463			53,393			53,645			52,600
Alternative / Private Markets			7,100			7,515			7,683			7,402			7,744
Multi-Asset			3			125			125			126			123
Total Long-Term Assets			103,145			101,711			98,800			98,018			97,453
Money Market			161,280			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

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Federated Hermes reports Q4 and full-year 2025 earnings						Page 13 of 13

Unaudited Average Managed Assets						Year Ended
(in millions)						Dec. 31, 2025						Dec. 31, 2024
By Asset Class
Equity						$	88,627					$	79,893
Fixed-Income						99,446						96,773
Alternative / Private Markets						19,474						20,250
Multi-Asset						2,853						2,902
Total Long-Term Assets						210,400						199,818
Money Market						643,025						588,653
Total Avg. Managed Assets						$	853,425					$	788,471
By Offering Type
Funds:
Equity						$	49,538					$	43,380
Fixed-Income						45,636						44,600
Alternative / Private Markets						12,049						12,292
Multi-Asset						2,758						2,766
Total Long-Term Assets						109,981						103,038
Money Market						475,501						429,273
Total Avg. Fund Assets						$	585,482					$	532,311
Separate Accounts:
Equity1						$	39,089					$	36,513
Fixed-Income						53,810						52,173
Alternative / Private Markets						7,425						7,958
Multi-Asset1						95						136
Total Long-Term Assets						100,419						96,780
Money Market						167,524						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.