Victory Capital (VCTR) 10-Q 8 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Entity Registrant Name	Victory Capital Holdings, Inc.
Entity Central Index Key	0001570827
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Ex Transition Period	false
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	VCTR
Security Exchange Name	NASDAQ
Entity Tax Identification Number	32-0402956
Entity File Number	001-38388
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	15935 La Cantera Parkway
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78256
City Area Code	216
Local Phone Number	898-2400
Document Quarterly Report	true
Document Transition Report	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,337,956
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		51,764,082

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 64,740	$ 22,744
Receivables	103,180	88,182
Prepaid expenses	5,569	6,082
Investments, at fair value	29,801	23,493
Property and equipment, net	23,686	18,747
Goodwill	404,750	404,750
Other intangible assets, net	1,154,235	1,162,641
Other assets	5,069	4,090
Total assets	1,791,030	1,730,729
Liabilities and stockholders' equity
Accounts payable and accrued expenses	54,058	42,144
Accrued compensation and benefits	44,536	47,278
Consideration payable for acquisition of business	103,100	92,500
Deferred tax liability, net	56,914	37,684
Other liabilities	30,858	34,573
Long-term debt, net	633,897	769,009
Total liabilities	923,363	1,023,188
Stockholders' equity
Additional paid-in capital	665,898	647,602
Accumulated other comprehensive income (loss)	1,571	(7,460)
Retained earnings	344,748	161,581
Total stockholders' equity	867,667	707,541
Total liabilities and stockholders' equity	1,791,030	1,730,729
Class A
Stockholders' equity
Common stock	201	194
Treasury stock, at cost	(69,565)	(47,844)
Class B
Stockholders' equity
Common stock	563	548
Treasury stock, at cost	$ (75,749)	$ (47,080)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	20,149,558	19,388,671
Common stock, shares outstanding	16,203,371	16,205,689
Treasury stock, shares	3,946,187	3,182,982
Class B
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	56,343,339	54,766,934
Common stock, shares outstanding	51,929,173	51,336,177
Treasury stock, shares	4,414,166	3,430,757

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 226,290	$ 188,656	$ 661,143	$ 574,963
Expenses
Personnel compensation and benefits	55,837	47,375	172,305	144,051
Distribution and other asset-based expenses	44,859	39,123	131,185	135,613
General and administrative	13,795	13,196	40,818	38,373
Depreciation and amortization	4,377	3,936	13,456	12,152
Change in value of consideration payable for acquisition of business	2,400	2,000	10,600	1,800
Acquisition-related costs	6,007	1,148	6,265	1,056
Restructuring and integration costs	18	1,285	2,493	4,888
Total operating expenses	127,293	108,063	377,122	337,933
Income from operations	98,997	80,593	284,021	237,030
Other (expense) income
Interest income and other (expense) income	(119)	1,120	4,547	(86)
Interest expense and other financing costs	(5,853)	(8,187)	(18,853)	(29,305)
Loss on debt extinguishment	(669)	(758)	(4,596)	(1,675)
Total other expense, net	(6,641)	(7,825)	(18,902)	(31,066)
Income before income taxes	92,356	72,768	265,119	205,964
Income tax expense	(18,181)	(17,027)	(56,472)	(48,337)
Net income	$ 74,175	$ 55,741	$ 208,647	$ 157,627
Earnings per share of common stock
Basic	$ 1.09	$ 0.82	$ 3.08	$ 2.33
Diluted	$ 1	$ 0.76	$ 2.81	$ 2.14
Weighted average number of shares outstanding
Basic	67,980	67,743	67,840	67,785
Diluted	74,053	73,437	74,162	73,703
Dividends declared per share of common stock	$ 0.15	$ 0.06	$ 0.36	$ 0.16
Investment Management Fees
Revenue
Total revenue	$ 171,355	$ 137,240	$ 499,672	$ 414,153
Fund Administration and Distribution Fees
Revenue
Total revenue	$ 54,935	$ 51,416	$ 161,471	$ 160,810

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 74,175	$ 55,741	$ 208,647	$ 157,627
Other comprehensive income (loss), net of tax
Net unrealized income (loss) on cash flow hedges	1,276	(621)	9,078	(8,970)
Net unrealized income (loss) on foreign currency translation	(56)	37	(47)	(17)
Total other comprehensive income (loss), net of tax	1,220	(584)	9,031	(8,987)
Comprehensive income	$ 75,395	$ 55,157	$ 217,678	$ 148,640

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common StockClass A	Common StockClass B	Treasury StockClass A	Treasury StockClass B	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained (Deficit) Earnings
Balance at beginning of period at Dec. 31, 2019	$ 537,871	$ 181	$ 539	$ (21,524)	$ (31,386)	$ 624,766		$ (34,705)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	26					26
Share conversion - Class B to A		4	(4)
Repurchase of shares	(4,394)			(4,394)
Shares withheld related to net settlement of equity awards	(8,787)				(8,787)
Vesting of restricted share grants			7			(7)
Exercise of options	1,693		3			1,690
Other comprehensive income (loss)	(4,887)						$ (4,887)
Share-based compensation	5,993					5,993
Dividends paid	(3,601)							(3,601)
Net income	57,166							57,166
Balance at end of period at Mar. 31, 2020	581,080	185	545	(25,918)	(40,173)	632,468	(4,887)	18,860
Balance at beginning of period at Dec. 31, 2019	537,871	181	539	(21,524)	(31,386)	624,766		(34,705)
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)	(8,987)						(8,987)
Net income	157,627
Balance at end of period at Sep. 30, 2020	659,557	193	544	(42,488)	(42,576)	641,467	(8,987)	111,404
Balance at beginning of period at Mar. 31, 2020	581,080	185	545	(25,918)	(40,173)	632,468	(4,887)	18,860
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	32					32
Share conversion - Class B to A		2	(2)
Repurchase of shares	(7,186)			(7,186)
Shares withheld related to net settlement of equity awards	(739)				(739)
Vesting of restricted share grants			2			(2)
Exercise of options	1					1
Other comprehensive income (loss)	(3,516)						(3,516)
Share-based compensation	3,887					3,887
Dividends paid	(3,439)							(3,439)
Net income	44,720							44,720
Balance at end of period at Jun. 30, 2020	614,840	187	545	(33,104)	(40,912)	636,386	(8,403)	60,141
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	35					35
Share conversion - Class B to A		6	(6)
Repurchase of shares	(9,384)			(9,384)
Shares withheld related to net settlement of equity awards	(1,664)				(1,664)
Vesting of restricted share grants			2			(2)
Exercise of options	1,428		3			1,425
Other comprehensive income (loss)	(584)						(584)
Share-based compensation	3,623					3,623
Dividends paid	(4,478)							(4,478)
Net income	55,741							55,741
Balance at end of period at Sep. 30, 2020	659,557	193	544	(42,488)	(42,576)	641,467	(8,987)	111,404
Balance at beginning of period at Dec. 31, 2020	707,541	194	548	(47,844)	(47,080)	647,602	(7,460)	161,581
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	44					44
Share conversion - Class B to A		2	(2)
Repurchase of shares	(7,122)			(7,122)
Shares withheld related to net settlement of equity awards	(10,916)				(10,916)
Vesting of restricted share grants			9			(9)
Exercise of options	790		1			789
Other comprehensive income (loss)	10,771						10,771
Share-based compensation	5,547					5,547
Dividends paid	(6,481)							(6,481)
Net income	65,202							65,202
Balance at end of period at Mar. 31, 2021	765,376	196	556	(54,966)	(57,996)	653,973	3,311	220,302
Balance at beginning of period at Dec. 31, 2020	707,541	194	548	(47,844)	(47,080)	647,602	(7,460)	161,581
Increase (Decrease) in Stockholders' Equity
Other comprehensive income (loss)	9,031						9,031
Net income	208,647
Balance at end of period at Sep. 30, 2021	867,667	201	563	(69,565)	(75,749)	665,898	1,571	344,748
Balance at beginning of period at Mar. 31, 2021	765,376	196	556	(54,966)	(57,996)	653,973	3,311	220,302
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	53					53
Share conversion - Class B to A		2	(2)
Repurchase of shares	(8,324)			(8,324)
Shares withheld related to net settlement of equity awards	(4,929)				(4,929)
Vesting of restricted share grants			2			(2)
Exercise of options	1,553		2			1,551
Other comprehensive income (loss)	(2,960)						(2,960)
Share-based compensation	4,345					4,345
Dividends paid	(8,228)							(8,228)
Net income	69,270							69,270
Balance at end of period at Jun. 30, 2021	816,156	198	558	(63,290)	(62,925)	659,920	351	281,344
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	73					73
Share conversion - Class B to A		3	(3)
Repurchase of shares	(6,275)			(6,275)
Shares withheld related to net settlement of equity awards	(12,824)				(12,824)
Vesting of restricted share grants			5			(5)
Exercise of options	1,892		3			1,889
Other comprehensive income (loss)	1,220						1,220
Share-based compensation	4,021					4,021
Dividends paid	(10,771)							(10,771)
Net income	74,175							74,175
Balance at end of period at Sep. 30, 2021	$ 867,667	$ 201	$ 563	$ (69,565)	$ (75,749)	$ 665,898	$ 1,571	$ 344,748

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 208,647	$ 157,627
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred income taxes	16,116	25,439
Depreciation and amortization	13,456	12,152
Deferred financing costs and derivative and accretion expense	2,655	3,411
Stock-based and deferred compensation	20,779	14,187
Change in fair value of contingent consideration obligations	10,600	1,800
Unrealized (appreciation) depreciation on investments	(4,159)	1,432
Loss on equity method investment	227
Loss on debt extinguishment	4,596	1,675
Changes in operating assets and liabilities:
Receivables	(14,789)	15,487
Prepaid expenses	513	(483)
Other assets	402	(11)
Accounts payable and accrued expenses	10,615	(34,160)
Accrued compensation and benefits	(5,144)	(13,994)
Other liabilities	(453)	(1,842)
Net cash provided by operating activities	264,061	182,720
Cash flows from investing activities
Purchases of property and equipment	(8,298)	(7,046)
Purchases of investments	(9,415)	(5,527)
Sales of investments	7,267	3,553
Purchase of equity method investment		(1,500)
Cost of asset acquisition	(586)
Net cash used in investing activities	(11,032)	(10,520)
Cash flows from financing activities
Repurchase of common stock	(25,872)	(22,821)
Payments of taxes related to net share settlement of equity awards	(22,109)	(9,145)
Repayments and repurchases of long-term senior debt	(142,000)	(113,387)
Payment of dividends	(25,409)	(11,518)
Receipt of consideration for acquisition		649
Net cash used in financing activities	(210,985)	(153,007)
Effect of changes of foreign exchange rate on cash and cash equivalents	(48)	(30)
Net increase in cash and cash equivalents	41,996	19,163
Cash and cash equivalents, beginning of period	22,744	37,121
Cash and cash equivalents, end of period	64,740	56,284
Supplemental cash flow information
Cash paid for interest	14,806	32,371
Cash paid for income taxes	49,137	27,729
Class A
Cash flows from financing activities
Issuance of common stock, net of costs	170	93
Class B
Cash flows from financing activities
Issuance of common stock, net of costs	$ 4,235	$ 3,122

Organization and Nature of Busi

Organization and Nature of Business	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Nature of Business	Note 1. ORGANIZATION AND NATURE OF BUSINESS Victory Capital Holdings, Inc., a Delaware corporation (along with its wholly-owned subsidiaries, collectively referred to as the “Company,” “Victory,” or in the first-person notations of “we,” “us,” and “our”), was formed on February 13, 2013 for the purpose of acquiring Victory Capital Management Inc. (“VCM”) and Victory Capital Services, Inc. (“VCS”), formerly known as Victory Capital Advisers, Inc., which occurred on August 1, 2013. On February 12, 2018, the Company completed the initial public offering (the “IPO”) of its Class A common stock, which trades on the NASDAQ under the symbol “VCTR.” On and effective July 1, 2019, the Company completed the acquisition (the “USAA AMCO Acquisition”) of USAA Asset Management Company (“USAA Adviser”) and the Victory Capital Transfer Agency, Inc. (“VCTA”), formerly known as the USAA Transfer Agency Company d/b/a USAA Shareholder Account Services (together with USAA Adviser, the “USAA Acquired Companies”). The USAA AMCO Acquisition includes USAA’s mutual fund and ETF businesses and its 529 College Savings Plan (collectively, the “USAA Mutual Fund Business”). Refer to Note 4, Acquisitions, for further details on the acquisition. On March 1, 2021, the Company completed the acquisition of THB Asset Management (“THB”), resulting in THB becoming the Company’s tenth investment franchise. At March 1, 2021, the THB AUM that was acquired totaled $547 million. THB manages responsible investment portfolios in the micro-cap, small-cap and mid-cap asset classes, including U.S., global and international strategies. Refer to Note 4, Acquisitions, for further details on the acquisition. On September 13, 2021, the Company announced that VCM had reached a definitive agreement to acquire 100% of New Energy Capital Partners (“NEC”). Founded in 2004 and based in Hanover, New Hampshire, NEC is an alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies. On November 1, 2021, the acquisition of NEC was completed, resulting in NEC becoming the Company’s eleventh investment franchise. On September 24, 2021, the Company filed a Registration Statement on Form S-3 on behalf of Crestview Victory, Crestview, Reverence Capital Partners Opportunities Fund I, L.P., Reverence Capital Partners Opportunities Fund I (Cayman), L.P., and Reverence Capital Partners Opportunities Fund I (AI), L.P. (collectively, the “Reverence Capital Funds”) and RCP Lake Co-Invest, L.P. (the “Selling Shareholders”) to permit the Selling Shareholders to sell up to 44,973,804 shares of the Company’s Class A common stock from time to time. On October 13, 2021, the Form S-3 was declared effective. On September 27, 2021, the Company announced that its Board of Directors approved amendments to its corporate charter and bylaws to eliminate the Company’s dual-class share structure. The charter amendment is subject to shareholder approval at a Special Meeting of Stockholders scheduled for November 19, 2021. VCM is a registered investment adviser managing assets through mutual funds, institutional separate accounts, separately managed account products, unified managed account products, collective trust funds, private funds, undertakings for the collective investment in transferrable securities, other pooled vehicles and ETFs. VCM also provides mutual fund administrative services for the Victory Portfolios, Victory Variable Insurance Funds, Victory Institutional Funds and the mutual fund series of the Victory Portfolios II (collectively, the “Victory Funds”), a family of open-end mutual funds, the VictoryShares (the Company’s ETF brand), as well as the USAA Mutual Fund Business, which includes the USAA Mutual Fund Trust, a family of open-end mutual funds (the “USAA Funds”). Additionally, VCM employs all of the Company’s United States investment professionals across its Franchises and Solutions, which are not separate legal entities. VCM’s three wholly-owned subsidiaries are RS Investment Management (Singapore) Pte. Ltd., RS Investments (Hong Kong) Limited, and RS Investments (UK) Limited. VCS is registered with the SEC as a limited purpose broker-dealer and serves as distributor and underwriter for the Victory Funds and USAA Funds. VCTA is registered with the SEC as a transfer agent for the USAA Funds.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	NOTE 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial condition, results of operations, and cash flows for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current year presentation. Operating results for the three- and nine -month period s end ing September 30 , 20 2 1 are not necessarily indicative of the results that may be expected for the year ending December 31, 20 2 1 . Principles of Consolidation The unaudited condensed consolidated financial statements include the operations of the Company and its wholly-owned subsidiaries, after elimination of all intercompany balances and transactions. The Company owns a 15% equity interest in Alderwood Partners LLP (“Alderwood”). Alderwood’s operating entity, Alderwood Capital, is a London-based investment advisory firm focused on taking minority stakes in specialist boutique asset management businesses. The Company analyzed its investment in Alderwood under the voting interest model and determined that it would not consolidate Alderwood as it does not have a controlling financial interest. The Company’s involvement with non-consolidated variable interest entities (“VIEs”) include sponsored investment funds. For further discussion regarding VIEs, refer to Note 2, Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates and Assumptions The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty, and economic disruption. COVID-19 did not have a material adverse effect on our reported results for the three and nine months ended September 30, 2021. New Accounting Pronouncements Accounting Standards Adopted in 2021 • Internal-Use Software: Effective January 1, 2021, the Company adopted, on a prospective basis, Accounting Standards Update (“ASU”) 2018-15 (“ASU 2018-15”), "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)," which aligns the requirements for capitalizing implementation costs incurred in a service contract hosting arrangement with those of developing or obtaining internal-use software. The adoption had no impact on the Company’s consolidated financial statements. • Subsequent Measurement of Goodwill: Effective January 1, 2021, the Company adopted, on a prospective basis, ASU 2017-04 (“ASU 2017-04”), “Intangibles – Goodwill and Other (Topic 350)” (“ASU 2017-04”) which simplifies the test for goodwill impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (step two) to measure a goodwill impairment charge. Goodwill impairment will be based upon the results of step one of the impairment test, which is defined as the excess of the carrying amount of a reporting unit over its fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit. The adoption had no impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards • Reference Rate Reform: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, (“ASU 2020-04”), “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains optional practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The amendments in this guidance are effective for all entities from March 12, 2020 through December 31, 2022, and the amendments for contract modifications may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Interest payable on the Company’s outstanding term loans under the 2019 Credit Agreement and amounts receivable or payable under the Company’s Swap are based on the three month LIBOR rate. The Company is currently assessing the practical expedients and exceptions available under ASU 2020-04 as it prepares for the future discontinuance of this LIBOR rate. • Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 creates a new model for determining current expected credit losses (“CECL”) on trade and other receivables, net investments in leases, contract assets and long-term receivables. The CECL impairment model requires companies to consider the risk of loss even if it is remote and to include forecasts of future economic conditions as well as information about past events and current conditions. The effective date for calendar-year public business entities is January 1, 2020. As an emerging growth company (“EGC”), the Company will adopt ASU 2016-13 on January 1, 2023 and is currently reviewing the effect of this new standard on its consolidated financial statements . • Leases: In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) (the “New Lease Standard”) which supersedes previous lease guidance, Accounting Standards Codification (“ASC”) Topic 840 (“ASC Topic 840”). The New Lease Standard requires lessees to recognize a right-of-use asset and a lease liability for all leases (with the exception of short-term leases) on their balance sheet at the commencement date and recognize expenses on their income statement similar to ASC Topic 840 guidance. In addition, the FASB issued ASU 2018-11, Leases Targeted Improvements, which provides a package of practical expedients for entities to apply upon adoption. The effective date for calendar-year public business entities was January 1, 2019. In June 2020, the FASB deferred the effective date of the New Lease Standard for private companies and other companies who had not yet been required to adopt the standard. Due to Victory’s EGC status, the Company will adopt the New Lease Standard on January 1, 2022. Management has assessed and evaluated the Company’s portfolio of active real estate leases and is currently surveying the business for other leases. As outlined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company has approximately $16.5 million in undiscounted, future minimum cash commitments under net operating leases. The New Lease Standard is expected to result in a gross up on the Consolidated Balance Sheets and to have no material impact to the Consolidated Statements of Operations, liquidity or the Company’s debt covenant compliance under the current credit agreement.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3. Revenue RECOGNITION In accordance with revenue recognition standard requirements, the following table disaggregates our revenue by type and product: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Investment management fees Mutual funds (Victory/USAA Funds) $ 137,433 $ 112,983 $ 399,854 $ 337,355 ETFs (VictoryShares) 4,338 2,890 11,792 8,498 Separate accounts and other vehicles 31,357 24,318 92,000 71,920 Performance-based fees Mutual funds (USAA Funds) (1,402 ) (2,699 ) (4,394 ) (2,699 ) Separate accounts and other vehicles (371 ) (252 ) 420 (921 ) Total investment management fees 171,355 137,240 499,672 414,153 Fund administration and distribution fees Administration fees Mutual funds (Victory/USAA Funds) 30,874 27,605 89,891 83,948 ETFs (VictoryShares) 477 370 1,378 1,055 Distribution fees Mutual funds (Victory/USAA Funds) 7,340 6,296 21,624 18,999 Transfer agent fees Mutual funds (USAA Funds) 16,244 17,145 48,578 56,808 Total fund administration and distribution fees 54,935 51,416 161,471 160,810 Total revenue $ 226,290 $ 188,656 $ 661,143 $ 574,963 The following table presents balances of receivables: (in thousands) September 30, 2021 December 31, 2020 Customer receivables Mutual funds (Victory/USAA Funds) $ 65,512 $ 60,868 ETFs (VictoryShares) 1,712 1,419 Separate accounts and other vehicles 24,065 22,641 Receivables from contracts with customers 91,289 84,928 Non-customer receivables 11,891 3,254 Total receivables $ 103,180 $ 88,182 Revenue The Company’s revenue includes fees earned from providing; • investment management services, • fund administration services, • fund transfer agent services, and • fund distribution services. Revenue is recognized for each distinct performance obligation identified in customer contracts when the performance obligation has been satisfied by transferring services to a customer either over time or at the point in time when the customer obtains control of the service. Revenue is recognized in the amount of variable or fixed consideration allocated to the satisfied performance obligation that Victory expects to be entitled to in exchange for transferring services to a customer. Variable consideration is included in the transaction price only when it is probable that a significant reversal of such revenue will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Investment management, fund administration and fund distribution fees are generally considered variable consideration as they are typically calculated as a percentage of AUM. Fund transfer agent fees are also considered variable consideration as they are calculated as a percentage of AUM or based on the number of accounts in the fund. In such cases, the amount of fees earned is subject to factors outside of the Company’s control including customer or underlying investor contributions and redemptions and financial market volatility. These fees are considered constrained and are excluded from the transaction price until the asset values or number of accounts on which the customer is billed are calculated and the value of consideration is measurable. The Company has contractual arrangements with third parties to provide certain advisory, administration, transfer agent and distribution services. Management considers whether we are acting as the principal service provider or as an agent to determine whether revenue should be recorded based on the gross amount payable by the customer or net of payments to third-party service providers, respectively. Victory is considered a principal service provider if we control the service that is transferred to the customer. We are considered an agent when we arrange for the service to be provided by another party and do not control the service. Investment Management Fees Investment management fees are received in exchange for investment management services that represent a series of distinct incremental days of investment management service. Control of investment management services is transferred to the customers over time as these customers receive and consume the benefits provided by these services. Investment management fees are calculated as a contractual percentage of AUM and are generally paid in arrears on a monthly or quarterly basis. Investment management fees are recognized as revenue using a time-based output method to measure progress. Revenue is recorded at month end or quarter end when the value of consideration is measured. The amount of investment management fee revenue varies from one reporting period to another as levels of AUM change (from inflows, outflows and market movements) and as the number of days in the reporting period change. The Company may waive certain fees for investment management services provided to the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles and may subsidize certain share classes of the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles to ensure that specified operating expenses attributable to such share classes do not exceed a specified percentage. These waivers and reimbursements reduce the transaction price allocated to investment management services and are recognized as a reduction to investment management fees revenue. The amounts due to the Victory Funds, USAA Funds, VictoryShares and other pooled investment vehicles for waivers and expense reimbursements represent consideration payable to customers, which is recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, and no distinct services are received in exchange for these payments. Performance‑based investment management fees, which include fees under performance fee and fulcrum fee arrangements, are included in the transaction price for providing investment management services. Performance-based investment management fees are calculated as a percentage of investment performance on a client’s account versus a specified benchmark or hurdle based on the terms of the contract with the customer. Performance-based investment management fees are variable consideration and are recognized as revenue when and to the extent that it is probable that a significant reversal of the cumulative revenue for the contractual performance period will not occur. Performance-based investment management fees recognized as revenue in the current period may pertain to performance obligations satisfied in prior periods. Fulcrum fee arrangements include a performance fee adjustment, increasing or decreasing the total investment management fee depending on whether the assets being managed experienced better or worse investment performance than the index specified in the customer’s contract. The performance fee adjustment arrangement with certain equity and fixed income USAA Funds took effect on July 1, 2020 and is calculated monthly based on the investment performance of those funds relative to their specified benchmark indexes over the discrete performance period ending with that month. Fund Administration Fees The Company recognizes fund administration fees as revenue using a time-based output method to measure progress. Fund administration fees are determined based on the contractual rate applied to average daily net assets of the Victory Funds, USAA Funds and VictoryShares for which administration services are provided. Revenue is recorded on a monthly basis when the value of consideration is measured using actual average daily net assets and constraints are removed. The Company’s fund administration fee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with a third party to provide certain sub-administration services. We are the primary obligor under the contracts with the Victory Funds, USAA Funds and VictoryShares and have the ability to select the service provider and establish pricing. As a result, fund administration fees and sub-administration expenses are recorded on a gross basis. Fund Transfer Agent Fees The Company recognizes fund transfer agent fees using a time-based output method to measure progress. Fund transfer agent fees are determined based on the contractual rate applied to either the average daily net assets of the USAA Funds for which transfer agent services are provided or number of accounts in the USAA Funds. Revenue is recorded on a monthly basis when the value of consideration is measured using actual average daily net assets or actual number of accounts and constraints are removed. The Company’s fund transfer agent fee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company also receives fees for sub-transfer agency services under contracts with the Victory Funds for member class shares. Sub-transfer agency fees are recognized and recorded in a manner similar to fund transfer agent fees and are recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with a third party to provide certain sub-transfer agent services. As the Company is the primary obligor under the transfer agency contracts with the USAA Funds and has the ability to select the service provider and establish pricing, fund transfer agent fees and sub-transfer agent expenses are recorded on a gross basis. Fund Distribution Fees The Company receives compensation for sales and sales-related services promised under distribution contracts with the Victory Funds and USAA Funds. Revenue is measured in an amount that reflects the consideration to which the Company expects to be entitled in exchange for providing distribution services. Distribution fees are generally calculated as a percentage of average net assets in the Victory Funds and USAA Funds. The Company’s performance obligation is satisfied at the point in time when control of the services is transferred to customers, which is upon investor subscription or redemption. Based on the nature of the calculation, the revenue for these services is accounted for as variable consideration, the Company may recognize distribution fee revenue in the current period that pertains to performance obligations satisfied in prior periods, as it represents variable consideration and is recognized as uncertainties are resolved. The Company’s distribution fee revenue is recorded in fund administration and distribution fees in the unaudited Condensed Consolidated Statements of Operations. The Company has contractual arrangements with third parties to provide certain distribution services. The Company is the primary obligor under the contracts with the Victory Funds and USAA Funds and has the ability to select the service provider and establish pricing. Substantially all of the Company’s revenue is recorded gross of payments made to third parties. Costs Incurred to Obtain or Fulfill Customer Contracts The Company is required to capitalize certain costs directly related to the acquisition or fulfillment of a contract with a customer. Victory has not identified any sales-based compensation or similar costs that meet the definition of an incremental cost to acquire a contract and as such we have no intangible assets related to contract acquisitions. Direct costs incurred to fulfill services under the Company’s distribution contracts include sales commissions paid to third party dealers for the sale of Class C Shares. The Company may pay upfront sales commissions to dealers and institutions that sell Class C shares of the participating Victory Funds at the time of such sale. Upfront sales commission payments with respect to Class C shares equal 1.00% of the purchase price of the Class C shares sold by the dealer or institution. When the Company makes an upfront payment to a dealer or institution for the sale of Class C shares, the Company capitalizes the cost of such payment, which is recorded in Prepaid expenses in the unaudited Condensed Consolidated Balance Sheets and amortizes the cost over a 12-month period, the estimated period of benefit. Valuation of Assets Under Management The fair value of assets under management of the Victory Funds, USAA Funds and VictoryShares is primarily determined using quoted market prices or independent third-party pricing services or broker price quotes. In limited circumstances, a quotation or price evaluation is not readily available from a pricing service. In these cases, pricing is determined by management based on a prescribed valuation process that has been approved by the directors/trustees of the sponsored products. The same prescribed valuation process is used to price securities in separate accounts and other vehicles for which a quotation or price evaluation is not readily available from a pricing service. For the periods presented, a de minimis amount of the AUM was priced in this manner.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	NOTE 4. ACQUISITIONS NEC Acquisition On September 13, 2021, the Company announced that VCM had reached a definitive agreement to acquire 100% of NEC. Founded in 2004 and based in Hanover, New Hampshire, NEC is an alternative asset management firm focused on debt and equity investments in clean energy infrastructure projects and companies. On November 1, 2021, the acquisition of NEC was completed, resulting in NEC becoming the Company’s eleventh investment franchise. Under the terms of the purchase agreement, the Company paid the sellers approximately $65 million in cash at closing and will pay up to an additional $35 million in cash based on revenue growth over a six year period following the closing date. THB Acquisition On March 1, 2021, the Company completed the acquisition of certain assets of THB, including without limitation, (i) certain investment advisory and business contracts, (ii) certain books and records, (iii) the investment performance track record, and (iv) all business intellectual property and proprietary software, and hired the THB investment team, resulting in THB becoming the Company’s tenth investment franchise. At March 1, 2021, the THB AUM that was acquired totaled $547 million. THB . Because substantially all of the fair value of the acquired assets was concentrated in a single identifiable asset, the transaction was accounted for as an asset acquisition. Estimated acquisition costs of $0.6 million were allocated to a definite-lived customer relationship intangible asset . USAA AMCO Acquisition On and effective July 1, 2019, the Company completed the USAA AMCO Acquisition which expanded and diversified the Company’s investment platform and increased the Company’s size and scale. The acquisition also provided the Company the rights to A maximum of $150.0 million ($37.5 million per year) in contingent payments is payable to sellers based on the annual revenue of USAA Adviser attributable to all “non-managed money”-related AUM in each of the first four years following the closing. To receive any contingent payment in respect of “non-managed money”-related assets for a given year, annual revenue from “non-managed money”-related assets must be at least 80% of the revenue run-rate (as calculated under the Stock Purchase Agreement) of the USAA Adviser’s “non-managed money”-related assets under management as of the closing date, and to achieve the maximum contingent payment for a given year, such annual revenue must total at least 100% of that closing date revenue run-rate. Annual contingent payments in respect of “non-managed money”-related assets are subject to certain “catch-up” provisions set forth in the USAA Stock Purchase Agreement. The estimated fair value of contingent consideration payable to sellers is determined using the real options method. Revenue related to “non-managed money” assets is simulated in a risk-neutral framework to calculate expected probability-weighted earn out payments, which are then discounted from the expected payment dates at the relevant cost of debt. Significant assumptions and inputs include the “non-managed money” revenue projected annual growth rate, the market price of risk, which adjusts the projected revenue growth rate to a risk-neutral expected growth rate, revenue volatility and discount rate. The market price of risk and revenue volatility are based on data for comparable companies. As the contingent consideration represents a subordinate, unsecured claim of the Company, the Company assesses a discount rate which incorporates adjustments for credit risk and the subordination of the contingent consideration . Significant inputs to the valuation of contingent consideration payable to sellers as of September 30, 2021 and December 31, 2020 are as follows and are approximate values: September 30, 2021 December 31, 2020 Non-managed money revenue average annual growth rate 4.3 % 2.8 % Market price of risk (continuous) 7.3 % 6.8 % Revenue volatility 18.4 % 15.6 % Discount rate 2.4 % 3.1 % Years remaining in earn out period 2.1 2.9 Undiscounted estimated remaining earn out payments in millions $105.9 - $112.5 $97.7 - $112.5 The estimated fair value of contingent consideration payable to sellers is recorded in consideration payable for acquisition of business in the unaudited Condensed Consolidated Balance Sheets and was estimated at $103.1 million at September 30, 2021, which included $37.5 million expected to be paid for the second earnout period, as compared to $92.5 million at December 31, 2020. The increase in the liability of $2.4 million and $10.6 million in the three and nine months ended September 30, 2021, respectively, and an increase of $2.0 million and $1.8 million for the three and nine months ended September 30, 2020, respectively, was recorded in change in value of consideration payable for acquisition of business in the unaudited Condensed Consolidated Statements of Operations . Acquisition-Related Costs Costs related to acquisitions include legal and filing fees, advisory services, mutual fund proxy voting costs and other one-time expenses related to completed and potential transactions. These costs are included in acquisition-related costs in the unaudited Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, the Company recorded $6.0 million and $6.3 million, respectively, in acquisition-related costs related to the NEC, THB and USAA AMCO acquisitions and other transactions. Included in these amounts is an estimated liability for one-time payments related to the USAA AMCO Acquisition for assets not acquired in the transaction. Restructuring and Integration Costs In connection with business combinations, asset purchases and changes in business strategy, the Company incurs costs integrating investment platforms, products and personnel into existing systems, processes and service provider arrangements and restructuring the business to capture operating expense synergies. The following table presents the rollforward of restructuring and integration liabilities, which are recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Liability balance, beginning of period $ 0.8 $ 2.8 $ 1.0 $ 3.0 Severance expense - - 1.8 0.9 Integration costs - 1.3 0.7 4.0 Total restructuring and integration costs - 1.3 2.5 4.9 Settlement of liabilities (0.3 ) (1.2 ) (3.0 ) (5.0 ) Liability balance, end of period $ 0.5 $ 2.9 $ 0.5 $ 2.9 Restructuring and integration costs incurred in the three and nine month periods in 2021 and 2020 primarily relate to the USAA AMCO Acquisition.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5. Fair Value Measurements The Company determines the fair value of certain financial and nonfinancial assets and liabilities. Fair value is determined based on the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value determinations utilize a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the fair value hierarchy contains three levels: • Level 1—Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets. • Level 2—Valuation inputs are quoted prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets and other observable inputs directly or indirectly related to the asset or liability being measured. • Level 3—Valuation inputs are unobservable and significant to the fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. The table below shows assets and liabilities measured at fair value on a recurring basis. As of September 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Money Market Fund $ 10,089 $ 10,089 $ — $ — Investments in Proprietary Funds 886 886 — — Deferred Compensation Plan Investments 28,915 28,915 — — Interest Rate Swap Asset 1,989 — 1,989 — Total Financial Assets $ 41,879 $ 39,890 $ 1,989 $ — Financial Liabilities Contingent Consideration Arrangements (1) (103,100 ) — — (103,100 ) Total Financial Liabilities $ (103,100 ) $ — $ — $ (103,100 ) As of December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Money Market Fund $ 10,088 $ 10,088 $ — $ — Investments in Proprietary Funds 922 922 — — Deferred Compensation Plan Investments 22,571 22,571 — — Total Financial Assets $ 33,581 $ 33,581 $ — $ — Financial Liabilities Interest Rate Swap Liability $ (10,006 ) $ — $ (10,006 ) $ — Contingent Consideration Arrangements (1) (92,500 ) — — (92,500 ) Total Financial Liabilities $ (102,506 ) $ — $ (10,006 ) $ (92,500 ) (1) Refer to Note 4, Acquisitions, for further information regarding the Company’s contingent consideration arrangements. Level 1 assets consist of money market funds and open-end mutual funds. The fair values for these assets are determined utilizing quoted market prices for identical assets. The money market fund is included in cash and cash equivalents in the unaudited Condensed Consolidated Balance Sheets and proprietary fund investments and deferred compensation plan investments are included in investments in the unaudited Condensed Consolidated Balance Sheets. The interest rate swap (the “Swap”) asset and liability represent amounts receivable or payable under a The contingent consideration arrangement liabilities represent the USAA AMCO Acquisition estimated earn-out payment liability, which is included in consideration payable for acquisition of business in the unaudited Condensed Consolidated Balance Sheets. Refer to Note 4, Acquisitions, for further details related to the contingent consideration arrangement. Significant unobservable inputs for the option pricing model used to determine the estimated fair value of the USAA AMCO Acquisition earn-out payment liability include the “non-managed money” revenue projected growth rate, revenue volatility, market price of risk and discount rate. An increase in market price of risk, discount rate and revenue volatility results in a lower fair value for the earn-out payment liability, while an increase in the projected growth rate for “non-managed money” revenue results in a higher fair value for the earn-out payment liability. Refer to Note 4, Acquisitions, for further details related to the valuation of contingent consideration payable related to the USAA AMCO Acquisition. Changes in the fair value of contingent consideration arrangement liabilit ies , realized or unrealized, are recorded in earnings and are included in c hange in value of consideration payable for acquisition of business in the u naudited Condensed Consolidated Statements of Operations. The following table presents the change in contingent consideration arrangement liabilities for the nine months ended September 30, 2021. (in thousands) Contingent Consideration Liabilities Balance, December 31, 2020 $ (92,500 ) USAA AMCO change in fair value measurement (10,600 ) Balance, September 30, 2021 $ (103,100 ) There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy from December 31, 2020 to September 30, 2021. The Company recognizes transfers at the end of the reporting period. The net carrying value of accounts receivable and accounts payable approximates fair value due to the short‑term nature of these assets and liabilities. The fair value of our long-term debt at September 30, 2021 is considered to be its carrying value as the interest rate on the bank debt is variable and approximates current market rates. As a result, Level 2 inputs are utilized to determine the fair value of our long‑term debt.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related-Party Transactions	NOTE 6. Related-Party Transactions The Company considers certain funds that it manages, including the Victory Funds, the USAA Funds, the VictoryShares, collective trust funds that it sponsors (the “Victory Collective Funds”) and certain other pooled investment vehicles, to be related parties as a result of our advisory relationship. The Company receives investment management, administrative, distribution and compliance fees in accordance with contracts that VCM and VCS have with the Victory Funds and the USAA Funds and has invested a portion of its balance sheet cash in the USAA Treasury Money Market Fund and earns interest on the amount invested in this fund. The Company receives investment management, administrative and compliance fees in accordance with contracts that VCM has with the VictoryShares. We also receive investment management fees from the Victory Collective Funds and certain other pooled investment vehicles under VCM’s advisory contracts with these funds. In addition, VCTA receives fees for transfer agency services under contracts with the USAA Funds and sub-transfer agency services under contracts with the Victory Funds for member class shares. Director fees payable by the Company in cash and contributions made under the Director Deferred Compensation Plan for non-employee members of our Board of Directors are included in general and administrative expense in the unaudited Condensed Consolidated Statements of Operations. The table below presents balances and transactions involving related parties included in the unaudited Condensed Consolidated Balance Sheets and unaudited Condensed Consolidated Statements of Operations. • Included in cash and cash equivalents is cash held in the USAA Treasury Money Market Fund. • Included in receivables (fund administration and distribution fees) are amounts due from the Victory Funds and USAA Funds for compliance services and amounts due from the USAA Funds and Victory Funds for transfer agent and sub-transfer agent services. • Included in revenue (fund administration and distribution fees) are amounts earned for compliance services, transfer agent services and sub-transfer agent services. • Realized and unrealized gains and losses and dividend income on investments in the Victory Funds and USAA Funds classified as investments in proprietary funds and deferred compensation plan investments and dividend income on investments in the USAA Treasury Money Market Fund are recorded in interest income and other income (expense) in the unaudited Condensed Consolidated Statements of Operations. • Amounts due to the Victory Funds, USAA Funds, VictoryShares and certain other pooled investment vehicles for waivers of investment management fees and reimbursements of fund operating expenses are included in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets and represent consideration payable to customers. (in thousands) September 30, 2021 December 31, 2020 Related party assets Cash and cash equivalents $ 10,089 $ 10,088 Receivables (investment management fees) 52,166 46,958 Receivables (fund administration and distribution fees) 18,012 16,971 Investments (investments in proprietary funds, fair value) 886 922 Investments (deferred compensation plan investments, fair value) 27,170 22,062 Total $ 108,323 $ 97,001 Related party liabilities Accounts payable and accrued expenses (fund reimbursements) $ 7,015 $ 5,978 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Related party revenue Investment management fees $ 144,978 $ 115,376 $ 419,744 $ 348,653 Fund administration and distribution fees 54,935 51,416 161,471 160,809 Total $ 199,913 $ 166,792 $ 581,215 $ 509,462 Related party expense General and administrative $ 125 $ — $ 388 $ — Total $ 125 $ — $ 388 $ — Related party other income (expense) Interest income and other income (expense) $ (330 ) $ 828 $ 4,253 $ (1,268 )

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Investments Debt And Equity Securities [Abstract]
Investments	NOTE 7. Investments At September 30, 2021 and December 31, 2020, the Company had investments in proprietary funds and deferred compensation plan investments. Investments in proprietary funds consist entirely of seed capital investments in certain Victory Funds and USAA Funds. Deferred compensation plan investments are held under deferred compensation plans and include Victory Funds, USAA Funds and third-party mutual funds. Unrealized and realized gains and losses on investments in proprietary funds and deferred compensation plan investments are recorded in earnings as interest income and other income (expense). Investments in Proprietary Funds The following table presents a summary of the cost and fair value of investments in proprietary funds: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of September 30, 2021 $ 687 $ 202 $ (3 ) $ 886 As of December 31, 2020 758 164 — 922 There were no proceeds from sales and realized gains and losses from investments in proprietary funds for the three months ended September 30, 2021 and 2020. Sales and realized gains and losses for the nine months ended September 30, 2021 and 2020 were as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the nine months ended September 30, 2021 $ 215 $ 50 $ — For the nine months ended September 30, 2020 274 18 (13 ) Deferred Compensation Plan Investments The following table presents a summary of the cost and fair value of deferred compensation plan investments : Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of September 30, 2021 $ 24,125 $ 4,967 $ (177 ) $ 28,915 As of December 31, 2020 21,205 1,725 (359 ) 22,571 Proceeds from sales of deferred compensation plan investments and realized gains and losses recognized during the three and nine months ended September 30, 2021 and 2020 are as follows : Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended September 30, 2021 $ 3,246 $ 383 $ (13 ) For the three months ended September 30, 2020 1,289 48 (166 ) Sale Realized (in thousands) Proceeds Gains (Losses) For the nine months ended September 30, 2021 $ 7,051 $ 690 $ (41 ) For the nine months ended September 30, 2020 3,279 85 (308 )

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8. Income Taxes The effective tax rate for the three and nine months ended September 30, 2021 and 2020 differs from the United States federal statutory rate primarily as a result of state and local income taxes and excess tax benefits on share-based compensation. For the three months ended September 30, 2021 and 2020, the provision for income taxes was $18.2 million and $17.0 million, or 19.7% and 23.4%, of pre-tax income respectively. For the nine months ended September 30, 2021 and 2020, the provision for income taxes was $56.5 million and $48.3 million, or 21.3% and 23.5% of pre-tax income, respectively. The effective tax rate for the three and nine months ended September 30, 2021 was lower than the effective tax rate for the same periods in 2020 mainly due to higher excess tax benefits on share-based compensation. No valuation allowance was recorded for deferred tax assets in the periods ended September 30, 2021 and 2020.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	NOTE 9. Debt 2020 Debt Repricing On January 17, 2020, the Company entered into the First Amendment (the “First Amendment”) to the 2019 Credit Agreement with the other loan parties thereto, Barclays Bank PLC, as administrative agent, and the Royal Bank of Canada as fronting bank. The Company refinanced the 2019 term loans for a reduced applicable margin on LIBOR of 75 basis points. After the January 2020 repricing, the applicable margin on LIBOR was 2.50%, compared to 3.25% under the 2019 term loans. 2021 Debt Repricing On February 18, 2021, the Company entered into the Second Amendment (the “Second Amendment”) to the 2019 Credit Agreement During the nine months ended September 30, 2021 and 2020, the Company incurred costs of $ The following table summarizes the components of long-term debt in the unaudited Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020: (in thousands) September 30, 2021 December 31, 2020 Effective Interest Rate Term Loans Due July 2026, 2.73% interest rate $ — $ 788,239 3.17 % Due July 2026, 2.39% interest rate 646,239 — 2.79 % Term loan principal outstanding 646,239 788,239 Unamortized debt issuance costs (7,744 ) (12,065 ) Unamortized debt discount (4,598 ) (7,165 ) Long-term debt, net $ 633,897 $ 769,009 The 2019 Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the first lien leverage ratio, measured as of the last day of each fiscal quarter on which outstanding borrowings under the revolving credit facility exceed 35.0% of the commitments thereunder (excluding certain letters of credit), of no greater than 3.80 to 1.00. As of September 30, 2021, there were no outstanding borrowings under the revolving credit facility and the Company was in compliance with its financial performance covenant. Refer to Note 16, Subsequent Events, for information related to borrowings under the revolving credit facility subsequent to September 30, 2021. Repayments of outstanding term loans under the 2019 Credit Agreement totaled $35.0 million and $142.0 million for the three and nine months ended September 30, 2021, respectively. The Company recognized a loss on debt extinguishment of $0.7 million and $4.6 million in the three and nine months ended September 30, 2021, respectively, due to repayments of term loan principal and entering into the Second Amendment. A total of $43.5 million and $114.8 million of the outstanding term loans under the 2019 Credit Agreement was repaid or repurchased and retired during the three and nine months ended September 30, 2020, respectively. The Company recognized a net loss on debt extinguishment of $0.8 million and $1.7 million in the three and nine months ended September 30, 2020 due to term loan repurchases and repayments and entering into the First Amendment. On November 4, 2021, in connection with executing the WestEnd Purchase Agreement, the Company secured commitments for a $505.0 million senior secured incremental first lien term loan B facility. See Note 16, Subsequent Events, for additional information on the incremental facility. Interest Expense The following table summarizes the components of interest expense and other financing costs in the unaudited Condensed Consolidated Statements of Operations for the periods ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Interest expense $ 4,002 $ 6,236 $ 13,279 $ 25,260 Amortization of debt issuance costs 554 739 1,801 2,275 Amortization of debt discount 257 367 854 1,136 Interest rate swap expense 947 724 2,639 205 Other 93 121 280 429 Total $ 5,853 $ 8,187 $ 18,853 $ 29,305

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Equity	NOTE 10. Equity Shares Rollforward The following tables present the changes in the number of shares of common stock issued and repurchased (in thousands): Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2020 19,389 54,767 (3,183 ) (3,431 ) Issuance of shares 1 — — — Share conversion - Class B to A 221 (221 ) — — Repurchase of shares — — (287 ) — Vesting of restricted share grants — 953 — — Exercise of options — 109 — — Shares withheld related to net settlement of equity awards — — — (431 ) Balance, March 31, 2021 19,611 55,608 (3,470 ) (3,862 ) Issuance of shares 2 — — — Share conversion - Class B to A 204 (204 ) — — Repurchase of shares — — (288 ) — Vesting of restricted share grants — 143 — — Exercise of options — 236 — — Shares withheld related to net settlement of equity awards — — — (159 ) Balance, June 30, 2021 19,817 55,783 (3,758 ) (4,021 ) Issuance of shares 2 — — — Share conversion - Class B to A 331 (331 ) — — Repurchase of shares — — (188 ) — Vesting of restricted share grants — 501 — — Exercise of options — 390 — — Shares withheld related to net settlement of equity awards — — — (393 ) Balance, September 30, 2021 20,150 56,343 (3,946 ) (4,414 ) Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2019 18,100 53,937 (1,685 ) (2,656 ) Issuance of shares 2 — — — Share conversion - Class B to A 406 (406 ) — — Repurchase of shares — — (240 ) — Vesting of restricted share grants — 719 — — Exercise of options — 288 — — Shares withheld related to net settlement of equity awards — — — (445 ) Balance, March 31, 2020 18,508 54,538 (1,925 ) (3,101 ) Issuance of shares 2 — — — Share conversion - Class B to A 207 (207 ) — — Repurchase of shares — — (457 ) — Vesting of restricted share grants — 173 — — Exercise of options — — — — Shares withheld related to net settlement of equity awards — — — (43 ) Balance, June 30, 2020 18,717 54,504 (2,382 ) (3,144 ) Issuance of shares 2 — — — Share conversion - Class B to A 631 (631 ) — — Repurchase of shares — — (529 ) — Vesting of restricted share grants — 197 — — Exercise of options — 330 — — Shares withheld related to net settlement of equity awards — — — (91 ) Balance, September 30, 2020 19,350 54,400 (2,911 ) (3,235 ) Share Repurchase Program In May 2021, the Company’s Board of Directors authorized a share repurchase program whereby the Company may repurchase up to an additional $15.0 million of the Company’s Class A common stock in the open market or in privately negotiated transactions. The Board’s authorization does not obligate the Company to acquire any particular amount of Class A common stock. During the three and nine months ended September 30, 2021, the Company repurchased 188,525 and 763,205 shares of Class A common stock at a total cost of $6.3 million and $21.7 million for an average price of $33.29 and $28.46 per share. As of September 30, 2021, a total of $5.4 million was available for future repurchases under the current share repurchase program, and a cumulative total of 3,946,187 shares of Class A common stock had been repurchased under programs authorized by the Company’s Board of Directors at a total cost of $69.6 million for an average price of $17.63 per share. Dividend Payments Dividends paid or payable for the three and nine months ended September 30, 2021 totaled $10.8 million and $25.5 million, respectively, and included $10.2 million and $24.4 million for quarterly dividends and $0.6 million and $1.1 million in cash bonuses and distributions related to dividends previously declared upon vesting of restricted stock and stock option awards.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	NOTE 11. Share‑Based Compensation Current Period Activity During the three months ended September 30, 2021, the Company issued restricted stock awards for 10,153 shares of common stock, of which awards for 8,178 shares were fully vested on the grant date and awards for 1,975 shares vest based on service over a three year period. For the nine months ended September 30, 2021, the Company issued restricted stock awards for 260,753 shares of common stock, of which awards for 27,282 shares were fully vested on the grant date, awards for 6,595 shares vest based on service over a two year period, and awards for 226,876 shares vest based on service over a three year period. Stock option award and restricted stock award activity during the nine months ended September 30, 2021 and 2020 was as follows: Shares Subject to Stock Option Awards Nine Months Ended September 30, 2021 2020 Avg wtd Avg wtd Avg wtd Avg wtd grant-date exercise grant-date exercise fair value price Units fair value price Units Outstanding at beginning of period $ 3.91 $ 6.50 6,865,101 $ 3.83 $ 6.27 7,880,167 Forfeited 5.27 10.67 (76,849 ) 5.86 12.40 (8,746 ) Exercised 3.72 5.77 (734,712 ) 3.44 5.06 (617,412 ) Outstanding at end of the period $ 3.92 $ 6.54 6,053,540 $ 3.86 $ 6.36 7,254,009 Vested $ 3.86 $ 6.37 5,809,189 $ 3.73 $ 5.97 6,641,955 Unvested 5.29 10.62 244,351 5.30 10.67 612,054 Restricted Stock Awards Nine Months Ended September 30, 2021 2020 Avg wtd grant- Avg wtd grant- date fair value Units date fair value Units Unvested at beginning of period $ 14.99 2,827,008 $ 14.29 3,215,619 Granted 26.96 260,753 16.65 781,843 Vested 14.53 (1,596,839 ) 14.35 (1,089,780 ) Forfeited 16.38 (121,424 ) 15.88 (78,839 ) Unvested at end of period $ 17.70 1,369,498 $ 14.98 2,828,843 At September 30, 2021 and December 31, 2020, the amount of cash bonuses and distributions related to dividends previously declared on unvested and outstanding restricted share awards and stock options totaled $0.8 million and $1.2 million, respectively, which was not recorded as a liability as of the balance sheet date. A liability will be recorded for these cash bonuses and dividends when the restricted shares and options vest. The Company recorded $ 4.0 million and $ 3.6 million of share-based compensation expense in the three months ended September 30, 2021 and 2020, respectively, and $ 13.9 million and $ 13.5 million of share-based compensation in the nine months ended September 30, 2021 and 2020, respectively, in personnel compensation and benefits in the unaudited Condensed Consolidated Statements of Operations.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 12. Earnings Per Share The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands except per share amounts) 2021 2020 2021 2020 Net income $ 74,175 $ 55,741 $ 208,647 $ 157,627 Shares: Basic 67,980 67,743 67,840 67,785 Plus 6,073 5,694 6,322 5,918 Diluted 74,053 73,437 74,162 73,703 Earnings per share Basic: $ 1.09 $ 0.82 $ 3.08 $ 2.33 Diluted: $ 1.00 $ 0.76 $ 2.81 $ 2.14 Outstanding instruments excluded from the computation of weighted average shares for diluted earnings per share because the effect would be anti-dilutive were de minimus in amount for the three months and nine months ended September 30, 2021 and 2020. Holders of non-vested share-based compensation awards do not have rights to receive nonforfeitable dividends on the shares covered by the awards.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)	NOTE 13. Accumulated Other Comprehensive Income (Loss The following table presents changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2021 and 2020. Cumulative Cash Flow Translation (in thousands) Hedges (a) Adjustment Total Balance, December 31, 2020 $ (7,573 ) $ 113 $ (7,460 ) Other comprehensive income (loss) before reclassification and tax 9,356 (63 ) 9,293 Tax impact (2,275 ) 16 (2,259 ) Reclassification adjustments, before tax 2,639 — 2,639 Tax impact (642 ) — (642 ) Net current period other comprehensive income (loss) 9,078 (47 ) 9,031 Balance, September 30, 2021 $ 1,505 $ 66 $ 1,571 Balance, December 31, 2019 $ — $ — $ — Other comprehensive loss before reclassification and tax (11,977 ) (23 ) (12,000 ) Tax impact 2,853 6 2,859 Reclassification adjustments, before tax 205 — 205 Tax impact (51 ) — (51 ) Net current period other comprehensive loss (8,970 ) (17 ) (8,987 ) Balance, September 30, 2020 $ (8,970 ) $ (17 ) $ (8,987 ) (a) Reclassifications out of accumulated other comprehensive income (loss) related to cash flow hedges are recorded in interest expense and other financing costs.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	NOTE 14. DERIVATIVES Interest Rate Swaps On March 27, 2020, the Company entered into the Swap to manage interest rate risk associated with a portion of its floating-rate long-term debt. The Company does not purchase or hold any derivative instruments for trading or speculative purposes. Under the terms of the Swap, the Company pays interest at a fixed rate of interest on a quarterly basis and receives interest at the three-month LIBOR rate in effect for that quarter. The notional value, fixed rate of interest and expiration date of the Swap as of September 30, 2021 were $450 million – 0.965% – July 1, 2026. Refer to Note 5, Fair Value Measurements, for additional disclosures regarding fair value measurements. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how the Company reflects the change in fair value of the derivative instrument. A derivative qualifies for hedge accounting treatment if, at inception, it meets defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged. The Swap is assessed for effectiveness and continued qualification for hedge accounting on a quarterly basis. For the three and nine months ended September 30, 2021 and since inception, the Swap was deemed to be highly effective. The Swap is designated as a cash flow hedge. Accordingly, the Swap is measured at fair value with mark-to-market gains or losses deferred and included in accumulated other comprehensive income (loss), net of tax, to the extent the hedge is determined to be effective. Gains or losses from the Swap are reclassified to interest expense in the same period during which the hedged transaction affects earnings. The amount payable to the Swap counterparty at September 30, 2021 of $0.9 million is recorded in other liabilities in the unaudited Condensed Consolidated Balance Sheets. The following table summarizes the classification of the Swap in the unaudited Condensed Consolidated Balance Sheets at September 30, 2021 (in thousands): Balance Sheets Description September 30, 2021 December 31, 2020 Other assets (Other liabilities) Fair value of interest rate swap $ 1,989 $ (10,006 ) Notional amount 450,000 450,000 The following table summarizes the effects of the Swap in the unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Statement of Operations Description 2021 2020 2021 2020 Interest expense and other financing costs Loss reclassified from AOCI(L) $ 947 $ 724 $ 2,639 $ 205 Three Months Ended Nine Months Ended September 30, September 30, Statements of Comprehensive Income Description 2021 2020 2021 2020 Other comprehensive income (loss) Income (loss) recognized in AOCI(L), net of tax $ 1,276 $ (621 ) $ 9,078 $ (8,970 )

Equity Method Investment

Equity Method Investment	9 Months Ended
	Sep. 30, 2021
Equity Method Investments And Joint Ventures [Abstract]
Equity Method Investment	NOTE 15. EQUITY METHOD INVESTMENT On September 20, 2020, the Company acquired, through a wholly owned subsidiary, a 15% interest voting share and income share in Alderwood. Alderwood’s operating entity, Alderwood Capital, is a London-based investment advisory firm focused on taking minority stakes in specialist boutique asset management businesses. The Company has commitments to contribute additional capital of $4.5 million to Alderwood and $50 million to a private fund to be launched by Alderwood, subject to certain terms and conditions, which include receipt of required regulatory approvals from the Financial Conduct Authority of the United Kingdom and obtaining an agreed amount of aggregate legally binding commitments from investors in the private fund. On March 8, 2021, the Company announced that Alderwood Capital had received authorization from the Financial Conduct Authority of the United Kingdom and that Alderwood’s private fund had been formally launched to institutional investors. The Company analyzed its investment in Alderwood under the voting interest model and determined that it does not have a controlling financial interest over Alderwood and should not consolidate under the voting interest model. Given the level of ownership interest in Alderwood, which is an English limited liability partnership, and the fact that Alderwood will maintain specific ownership accounts for investors, the Company accounts for its investment in Alderwood using the equity method of accounting. Equity method investments are recorded in other assets in the unaudited Condensed Consolidated Balance Sheets. At September 30, 2021 and December 31, 2020, the Company’s equity method investment in Alderwood totaled $1.2 million and $1.4 million, respectively. Gains and losses from equity method investments are recorded in interest income and other income (expense) in the unaudited Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2021, losses from equity method investments were $0.1 million and $0.2 million, respectively ($0 for the three and nine months ended September 30, 2020).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 16. SUBSEQUENT EVENTS On October 12, 2021, the Company paid $37.5 million in cash to sellers for the second annual earn out period for the USAA AMCO Acquisition. On and effective November 1, 2021, the Company completed its acquisition of NEC. The Company paid approximately $65 million in cash at closing, funded by cash on hand and $7.5 million in borrowings against its revolving line of credit. On November 4, 2021, our Board of Directors declared a quarterly cash dividend of $0.17 per share on Victory common stock. The dividend is payable on December 10, 2021, to stockholders of record on December 27, 2021. WestEnd Advisors, LLC Purchase Agreement On November 4, 2021, the Company entered into a definitive agreement (the “WestEnd Purchase Agreement”) with WestEnd Advisors, LLC (“WestEnd”), pursuant to which the Company has agreed to purchase 100% of the equity interests of WestEnd (the “WestEnd Acquisition”) on the terms and subject to the conditions therein. Founded in 2004, and headquartered in Charlotte, North Carolina, WestEnd is an ETF strategist advisor that provides financial advisors with a turnkey, core model allocation strategy for either a holistic solution or complementary source of alpha. The firm offers four primary ETF strategies and one large cap core strategy, all in tax efficient Separately Managed Account (SMA) structures. The aggregate purchase price (the “WestEnd Purchase Price”) to be paid by the Company is (i) $480 million in cash, payable at the closing of the WestEnd acquisition (the “WestEnd Closing”) and (ii) contingent earn-out payments based on net revenue of the WestEnd business during each of the first four years following the WestEnd Closing, subject to certain “catch-up” provisions over a five and one half year period following the WestEnd Closing. A maximum of $320.0 million ($80.0 million per year) in earn-out payments may be paid. The WestEnd Purchase Price is subject to adjustments based on the level of client consents received, net working capital, debt, cash and unpaid transaction expenses. Closing is subject to customary approvals, conditions and consents. In connection with entering into the WestEnd Purchase Agreement, the Company secured commitments for a $505.0 million senior secured incremental first lien term loan B facility. The availability of the incremental facility is subject to the satisfaction of certain customary conditions precedent. Neither the closing of the incremental facility, nor the receipt of any other financing, is a condition to the WestEnd Closing.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial condition, results of operations, and cash flows for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current year presentation. Operating results for the three- and nine -month period s end ing September 30 , 20 2 1 are not necessarily indicative of the results that may be expected for the year ending December 31, 20 2 1 .
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the operations of the Company and its wholly-owned subsidiaries, after elimination of all intercompany balances and transactions. The Company owns a 15% equity interest in Alderwood Partners LLP (“Alderwood”). Alderwood’s operating entity, Alderwood Capital, is a London-based investment advisory firm focused on taking minority stakes in specialist boutique asset management businesses. The Company analyzed its investment in Alderwood under the voting interest model and determined that it would not consolidate Alderwood as it does not have a controlling financial interest. The Company’s involvement with non-consolidated variable interest entities (“VIEs”) include sponsored investment funds. For further discussion regarding VIEs, refer to Note 2, Significant Accounting Policies, in our Annual Report on Form 10-K for the year ended December 31, 2020.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements and the notes. Actual results may ultimately differ materially from those estimates. On March 11, 2020, the World Health Organization declared the outbreak of COVID-19 a pandemic. The global spread of COVID-19 has created significant volatility, uncertainty, and economic disruption. COVID-19 did not have a material adverse effect on our reported results for the three and nine months ended September 30, 2021.
New Accounting Pronouncements	New Accounting Pronouncements Accounting Standards Adopted in 2021 • Internal-Use Software: Effective January 1, 2021, the Company adopted, on a prospective basis, Accounting Standards Update (“ASU”) 2018-15 (“ASU 2018-15”), "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)," which aligns the requirements for capitalizing implementation costs incurred in a service contract hosting arrangement with those of developing or obtaining internal-use software. The adoption had no impact on the Company’s consolidated financial statements. • Subsequent Measurement of Goodwill: Effective January 1, 2021, the Company adopted, on a prospective basis, ASU 2017-04 (“ASU 2017-04”), “Intangibles – Goodwill and Other (Topic 350)” (“ASU 2017-04”) which simplifies the test for goodwill impairment. ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (step two) to measure a goodwill impairment charge. Goodwill impairment will be based upon the results of step one of the impairment test, which is defined as the excess of the carrying amount of a reporting unit over its fair value, not to exceed the carrying amount of goodwill allocated to that reporting unit. The adoption had no impact on the Company’s consolidated financial statements. Recently Issued Accounting Standards • Reference Rate Reform: In March 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU 2020-04, (“ASU 2020-04”), “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 contains optional practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. The amendments in this guidance are effective for all entities from March 12, 2020 through December 31, 2022, and the amendments for contract modifications may be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. Interest payable on the Company’s outstanding term loans under the 2019 Credit Agreement and amounts receivable or payable under the Company’s Swap are based on the three month LIBOR rate. The Company is currently assessing the practical expedients and exceptions available under ASU 2020-04 as it prepares for the future discontinuance of this LIBOR rate. • Expected Credit Losses: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 creates a new model for determining current expected credit losses (“CECL”) on trade and other receivables, net investments in leases, contract assets and long-term receivables. The CECL impairment model requires companies to consider the risk of loss even if it is remote and to include forecasts of future economic conditions as well as information about past events and current conditions. The effective date for calendar-year public business entities is January 1, 2020. As an emerging growth company (“EGC”), the Company will adopt ASU 2016-13 on January 1, 2023 and is currently reviewing the effect of this new standard on its consolidated financial statements . • Leases: In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) (the “New Lease Standard”) which supersedes previous lease guidance, Accounting Standards Codification (“ASC”) Topic 840 (“ASC Topic 840”). The New Lease Standard requires lessees to recognize a right-of-use asset and a lease liability for all leases (with the exception of short-term leases) on their balance sheet at the commencement date and recognize expenses on their income statement similar to ASC Topic 840 guidance. In addition, the FASB issued ASU 2018-11, Leases Targeted Improvements, which provides a package of practical expedients for entities to apply upon adoption. The effective date for calendar-year public business entities was January 1, 2019. In June 2020, the FASB deferred the effective date of the New Lease Standard for private companies and other companies who had not yet been required to adopt the standard. Due to Victory’s EGC status, the Company will adopt the New Lease Standard on January 1, 2022. Management has assessed and evaluated the Company’s portfolio of active real estate leases and is currently surveying the business for other leases. As outlined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company has approximately $16.5 million in undiscounted, future minimum cash commitments under net operating leases. The New Lease Standard is expected to result in a gross up on the Consolidated Balance Sheets and to have no material impact to the Consolidated Statements of Operations, liquidity or the Company’s debt covenant compliance under the current credit agreement.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregation of Revenue by Type and Product	In accordance with revenue recognition standard requirements, the following table disaggregates our revenue by type and product: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Investment management fees Mutual funds (Victory/USAA Funds) $ 137,433 $ 112,983 $ 399,854 $ 337,355 ETFs (VictoryShares) 4,338 2,890 11,792 8,498 Separate accounts and other vehicles 31,357 24,318 92,000 71,920 Performance-based fees Mutual funds (USAA Funds) (1,402 ) (2,699 ) (4,394 ) (2,699 ) Separate accounts and other vehicles (371 ) (252 ) 420 (921 ) Total investment management fees 171,355 137,240 499,672 414,153 Fund administration and distribution fees Administration fees Mutual funds (Victory/USAA Funds) 30,874 27,605 89,891 83,948 ETFs (VictoryShares) 477 370 1,378 1,055 Distribution fees Mutual funds (Victory/USAA Funds) 7,340 6,296 21,624 18,999 Transfer agent fees Mutual funds (USAA Funds) 16,244 17,145 48,578 56,808 Total fund administration and distribution fees 54,935 51,416 161,471 160,810 Total revenue $ 226,290 $ 188,656 $ 661,143 $ 574,963
Schedule of Balances of Receivables from Contracts with Customers	The following table presents balances of receivables: (in thousands) September 30, 2021 December 31, 2020 Customer receivables Mutual funds (Victory/USAA Funds) $ 65,512 $ 60,868 ETFs (VictoryShares) 1,712 1,419 Separate accounts and other vehicles 24,065 22,641 Receivables from contracts with customers 91,289 84,928 Non-customer receivables 11,891 3,254 Total receivables $ 103,180 $ 88,182

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Summary of Significant Inputs to Valuation of Contingent Consideration Payable	Significant inputs to the valuation of contingent consideration payable to sellers as of September 30, 2021 and December 31, 2020 are as follows and are approximate values: September 30, 2021 December 31, 2020 Non-managed money revenue average annual growth rate 4.3 % 2.8 % Market price of risk (continuous) 7.3 % 6.8 % Revenue volatility 18.4 % 15.6 % Discount rate 2.4 % 3.1 % Years remaining in earn out period 2.1 2.9 Undiscounted estimated remaining earn out payments in millions $105.9 - $112.5 $97.7 - $112.5
Summary of Rollforward of Restructuring and Integration Liabilities	The following table presents the rollforward of restructuring and integration liabilities, which are recorded in accounts payable and accrued expenses in the unaudited Condensed Consolidated Balance Sheets, for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Liability balance, beginning of period $ 0.8 $ 2.8 $ 1.0 $ 3.0 Severance expense - - 1.8 0.9 Integration costs - 1.3 0.7 4.0 Total restructuring and integration costs - 1.3 2.5 4.9 Settlement of liabilities (0.3 ) (1.2 ) (3.0 ) (5.0 ) Liability balance, end of period $ 0.5 $ 2.9 $ 0.5 $ 2.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Fair Value Measured at Fair Value on Recurring Basis	The table below shows assets and liabilities measured at fair value on a recurring basis. As of September 30, 2021 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Money Market Fund $ 10,089 $ 10,089 $ — $ — Investments in Proprietary Funds 886 886 — — Deferred Compensation Plan Investments 28,915 28,915 — — Interest Rate Swap Asset 1,989 — 1,989 — Total Financial Assets $ 41,879 $ 39,890 $ 1,989 $ — Financial Liabilities Contingent Consideration Arrangements (1) (103,100 ) — — (103,100 ) Total Financial Liabilities $ (103,100 ) $ — $ — $ (103,100 ) As of December 31, 2020 (in thousands) Total Level 1 Level 2 Level 3 Financial Assets Money Market Fund $ 10,088 $ 10,088 $ — $ — Investments in Proprietary Funds 922 922 — — Deferred Compensation Plan Investments 22,571 22,571 — — Total Financial Assets $ 33,581 $ 33,581 $ — $ — Financial Liabilities Interest Rate Swap Liability $ (10,006 ) $ — $ (10,006 ) $ — Contingent Consideration Arrangements (1) (92,500 ) — — (92,500 ) Total Financial Liabilities $ (102,506 ) $ — $ (10,006 ) $ (92,500 ) (1) Refer to Note 4, Acquisitions, for further information regarding the Company’s contingent consideration arrangements.
Summary of Change in Contingent Consideration Arrangement Liabilities	The following table presents the change in contingent consideration arrangement liabilities for the nine months ended September 30, 2021. (in thousands) Contingent Consideration Liabilities Balance, December 31, 2020 $ (92,500 ) USAA AMCO change in fair value measurement (10,600 ) Balance, September 30, 2021 $ (103,100 )

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Summary of Related-Party Transactions	(in thousands) September 30, 2021 December 31, 2020 Related party assets Cash and cash equivalents $ 10,089 $ 10,088 Receivables (investment management fees) 52,166 46,958 Receivables (fund administration and distribution fees) 18,012 16,971 Investments (investments in proprietary funds, fair value) 886 922 Investments (deferred compensation plan investments, fair value) 27,170 22,062 Total $ 108,323 $ 97,001 Related party liabilities Accounts payable and accrued expenses (fund reimbursements) $ 7,015 $ 5,978 Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Related party revenue Investment management fees $ 144,978 $ 115,376 $ 419,744 $ 348,653 Fund administration and distribution fees 54,935 51,416 161,471 160,809 Total $ 199,913 $ 166,792 $ 581,215 $ 509,462 Related party expense General and administrative $ 125 $ — $ 388 $ — Total $ 125 $ — $ 388 $ — Related party other income (expense) Interest income and other income (expense) $ (330 ) $ 828 $ 4,253 $ (1,268 )

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Proprietary Funds
Gain (Loss) on Securities [Line Items]
Summary of Cost and Fair Value of Investments in Proprietary Funds	The following table presents a summary of the cost and fair value of investments in proprietary funds: Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of September 30, 2021 $ 687 $ 202 $ (3 ) $ 886 As of December 31, 2020 758 164 — 922
Summary of Sales and Realized Gains and Losses	Sales and realized gains and losses for the nine months ended September 30, 2021 and 2020 were as follows: Sale Realized (in thousands) Proceeds Gains (Losses) For the nine months ended September 30, 2021 $ 215 $ 50 $ — For the nine months ended September 30, 2020 274 18 (13 )
Deferred Compensation Plan Investments
Gain (Loss) on Securities [Line Items]
Summary of Cost and Fair Value of Deferred Compensation Plan Investments	The following table presents a summary of the cost and fair value of deferred compensation plan investments : Gross Unrealized Fair (in thousands) Cost Gains (Losses) Value As of September 30, 2021 $ 24,125 $ 4,967 $ (177 ) $ 28,915 As of December 31, 2020 21,205 1,725 (359 ) 22,571
Summary of Proceeds from Sales of Deferred Compensation Plan Investments and Realized Gains and Losses Recognized	Proceeds from sales of deferred compensation plan investments and realized gains and losses recognized during the three and nine months ended September 30, 2021 and 2020 are as follows : Sale Realized (in thousands) Proceeds Gains (Losses) For the three months ended September 30, 2021 $ 3,246 $ 383 $ (13 ) For the three months ended September 30, 2020 1,289 48 (166 ) Sale Realized (in thousands) Proceeds Gains (Losses) For the nine months ended September 30, 2021 $ 7,051 $ 690 $ (41 ) For the nine months ended September 30, 2020 3,279 85 (308 )

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Components of Long-Term Debt	The following table summarizes the components of long-term debt in the unaudited Condensed Consolidated Balance Sheets at September 30, 2021 and December 31, 2020: (in thousands) September 30, 2021 December 31, 2020 Effective Interest Rate Term Loans Due July 2026, 2.73% interest rate $ — $ 788,239 3.17 % Due July 2026, 2.39% interest rate 646,239 — 2.79 % Term loan principal outstanding 646,239 788,239 Unamortized debt issuance costs (7,744 ) (12,065 ) Unamortized debt discount (4,598 ) (7,165 ) Long-term debt, net $ 633,897 $ 769,009
Schedule of Components of Interest Expense and Other Financing Costs	The following table summarizes the components of interest expense and other financing costs in the unaudited Condensed Consolidated Statements of Operations for the periods ended September 30, 2021 and 2020 For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands) 2021 2020 2021 2020 Interest expense $ 4,002 $ 6,236 $ 13,279 $ 25,260 Amortization of debt issuance costs 554 739 1,801 2,275 Amortization of debt discount 257 367 854 1,136 Interest rate swap expense 947 724 2,639 205 Other 93 121 280 429 Total $ 5,853 $ 8,187 $ 18,853 $ 29,305

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Changes in Number of Shares of Common Stock Issued and Repurchased	The following tables present the changes in the number of shares of common stock issued and repurchased (in thousands): Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2020 19,389 54,767 (3,183 ) (3,431 ) Issuance of shares 1 — — — Share conversion - Class B to A 221 (221 ) — — Repurchase of shares — — (287 ) — Vesting of restricted share grants — 953 — — Exercise of options — 109 — — Shares withheld related to net settlement of equity awards — — — (431 ) Balance, March 31, 2021 19,611 55,608 (3,470 ) (3,862 ) Issuance of shares 2 — — — Share conversion - Class B to A 204 (204 ) — — Repurchase of shares — — (288 ) — Vesting of restricted share grants — 143 — — Exercise of options — 236 — — Shares withheld related to net settlement of equity awards — — — (159 ) Balance, June 30, 2021 19,817 55,783 (3,758 ) (4,021 ) Issuance of shares 2 — — — Share conversion - Class B to A 331 (331 ) — — Repurchase of shares — — (188 ) — Vesting of restricted share grants — 501 — — Exercise of options — 390 — — Shares withheld related to net settlement of equity awards — — — (393 ) Balance, September 30, 2021 20,150 56,343 (3,946 ) (4,414 ) Shares of Common Stock Issued Shares of Treasury Stock Class A Class B Class A Class B Balance, December 31, 2019 18,100 53,937 (1,685 ) (2,656 ) Issuance of shares 2 — — — Share conversion - Class B to A 406 (406 ) — — Repurchase of shares — — (240 ) — Vesting of restricted share grants — 719 — — Exercise of options — 288 — — Shares withheld related to net settlement of equity awards — — — (445 ) Balance, March 31, 2020 18,508 54,538 (1,925 ) (3,101 ) Issuance of shares 2 — — — Share conversion - Class B to A 207 (207 ) — — Repurchase of shares — — (457 ) — Vesting of restricted share grants — 173 — — Exercise of options — — — — Shares withheld related to net settlement of equity awards — — — (43 ) Balance, June 30, 2020 18,717 54,504 (2,382 ) (3,144 ) Issuance of shares 2 — — — Share conversion - Class B to A 631 (631 ) — — Repurchase of shares — — (529 ) — Vesting of restricted share grants — 197 — — Exercise of options — 330 — — Shares withheld related to net settlement of equity awards — — — (91 ) Balance, September 30, 2020 19,350 54,400 (2,911 ) (3,235 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Activity Related to Stock Options Awards and Restricted Stock Awards	Stock option award and restricted stock award activity during the nine months ended September 30, 2021 and 2020 was as follows: Shares Subject to Stock Option Awards Nine Months Ended September 30, 2021 2020 Avg wtd Avg wtd Avg wtd Avg wtd grant-date exercise grant-date exercise fair value price Units fair value price Units Outstanding at beginning of period $ 3.91 $ 6.50 6,865,101 $ 3.83 $ 6.27 7,880,167 Forfeited 5.27 10.67 (76,849 ) 5.86 12.40 (8,746 ) Exercised 3.72 5.77 (734,712 ) 3.44 5.06 (617,412 ) Outstanding at end of the period $ 3.92 $ 6.54 6,053,540 $ 3.86 $ 6.36 7,254,009 Vested $ 3.86 $ 6.37 5,809,189 $ 3.73 $ 5.97 6,641,955 Unvested 5.29 10.62 244,351 5.30 10.67 612,054 Restricted Stock Awards Nine Months Ended September 30, 2021 2020 Avg wtd grant- Avg wtd grant- date fair value Units date fair value Units Unvested at beginning of period $ 14.99 2,827,008 $ 14.29 3,215,619 Granted 26.96 260,753 16.65 781,843 Vested 14.53 (1,596,839 ) 14.35 (1,089,780 ) Forfeited 16.38 (121,424 ) 15.88 (78,839 ) Unvested at end of period $ 17.70 1,369,498 $ 14.98 2,828,843

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share	The following table sets forth the reconciliation of basic earnings per share and diluted earnings per share from net income for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, (in thousands except per share amounts) 2021 2020 2021 2020 Net income $ 74,175 $ 55,741 $ 208,647 $ 157,627 Shares: Basic 67,980 67,743 67,840 67,785 Plus 6,073 5,694 6,322 5,918 Diluted 74,053 73,437 74,162 73,703 Earnings per share Basic: $ 1.09 $ 0.82 $ 3.08 $ 2.33 Diluted: $ 1.00 $ 0.76 $ 2.81 $ 2.14

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component	The following table presents changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2021 and 2020. Cumulative Cash Flow Translation (in thousands) Hedges (a) Adjustment Total Balance, December 31, 2020 $ (7,573 ) $ 113 $ (7,460 ) Other comprehensive income (loss) before reclassification and tax 9,356 (63 ) 9,293 Tax impact (2,275 ) 16 (2,259 ) Reclassification adjustments, before tax 2,639 — 2,639 Tax impact (642 ) — (642 ) Net current period other comprehensive income (loss) 9,078 (47 ) 9,031 Balance, September 30, 2021 $ 1,505 $ 66 $ 1,571 Balance, December 31, 2019 $ — $ — $ — Other comprehensive loss before reclassification and tax (11,977 ) (23 ) (12,000 ) Tax impact 2,853 6 2,859 Reclassification adjustments, before tax 205 — 205 Tax impact (51 ) — (51 ) Net current period other comprehensive loss (8,970 ) (17 ) (8,987 ) Balance, September 30, 2020 $ (8,970 ) $ (17 ) $ (8,987 ) (a) Reclassifications out of accumulated other comprehensive income (loss) related to cash flow hedges are recorded in interest expense and other financing costs.

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Classification of Swap in Unaudited Condensed Consolidated Balance Sheets	The following table summarizes the classification of the Swap in the unaudited Condensed Consolidated Balance Sheets at September 30, 2021 (in thousands): Balance Sheets Description September 30, 2021 December 31, 2020 Other assets (Other liabilities) Fair value of interest rate swap $ 1,989 $ (10,006 ) Notional amount 450,000 450,000
Summary of Effects of Swap in Unaudited Condensed Consolidated Statements of Comprehensive Income	The following table summarizes the effects of the Swap in the unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, Statement of Operations Description 2021 2020 2021 2020 Interest expense and other financing costs Loss reclassified from AOCI(L) $ 947 $ 724 $ 2,639 $ 205 Three Months Ended Nine Months Ended September 30, September 30, Statements of Comprehensive Income Description 2021 2020 2021 2020 Other comprehensive income (loss) Income (loss) recognized in AOCI(L), net of tax $ 1,276 $ (621 ) $ 9,078 $ (8,970 )

Organization and Nature of Bu_2

Organization and Nature of Business - Additional Information (Details) - USD ($) $ in Millions	Sep. 24, 2021	Mar. 01, 2021	Sep. 13, 2021
Class A
Subsidiary Sale Of Stock [Line Items]
Issuance of shares	44,973,804
THB Acquisition
Subsidiary Sale Of Stock [Line Items]
Asset under management acquired		$ 547
NEC Acquisition
Subsidiary Sale Of Stock [Line Items]
Business acquisition, acquired percentage			100.00%

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 20, 2020
Significant Accounting Policies [Line Items]
Future minimum cash commitments under operating leases		$ 16.5
Accounting Standards Update 2018-15
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Accounting Standards Update 2017-04
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 1, 2021
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Cerebellum | Alderwood Partners LLP
Significant Accounting Policies [Line Items]
Equity interest percentage	15.00%		15.00%

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue by Type and Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of revenue
Total revenue	$ 226,290	$ 188,656	$ 661,143	$ 574,963
Investment Management Fees
Disaggregation of revenue
Total revenue	171,355	137,240	499,672	414,153
Investment Management Fees | Mutual Funds
Disaggregation of revenue
Total revenue	137,433	112,983	399,854	337,355
Investment Management Fees | ETF's
Disaggregation of revenue
Total revenue	4,338	2,890	11,792	8,498
Investment Management Fees | Separate Accounts and Other Vehicles
Disaggregation of revenue
Total revenue	31,357	24,318	92,000	71,920
Performance-based Investment Fees | Mutual Funds
Disaggregation of revenue
Total revenue	(1,402)	(2,699)	(4,394)	(2,699)
Performance-based Investment Fees | Separate Accounts and Other Vehicles
Disaggregation of revenue
Total revenue	(371)	(252)	420	(921)
Administration Fees | Mutual Funds
Disaggregation of revenue
Total revenue	30,874	27,605	89,891	83,948
Administration Fees | ETF's
Disaggregation of revenue
Total revenue	477	370	1,378	1,055
Fund Distribution Fees | Mutual Funds
Disaggregation of revenue
Total revenue	7,340	6,296	21,624	18,999
Transfer Agent Fees | Mutual Funds
Disaggregation of revenue
Total revenue	16,244	17,145	48,578	56,808
Fund Administration and Distribution Fees
Disaggregation of revenue
Total revenue	$ 54,935	$ 51,416	$ 161,471	$ 160,810

Revenue - Schedule of Balances

Revenue - Schedule of Balances of Receivables from Contracts with Customers (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of revenue
Receivables from contracts with customers	$ 91,289	$ 84,928
Non-customer receivables	11,891	3,254
Total receivables	103,180	88,182
Mutual Funds
Disaggregation of revenue
Receivables from contracts with customers	65,512	60,868
ETF's
Disaggregation of revenue
Receivables from contracts with customers	1,712	1,419
Separate Accounts and Other Vehicles
Disaggregation of revenue
Receivables from contracts with customers	$ 24,065	$ 22,641

Revenue - Additional Informatio

Revenue - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021
Class C
Disaggregation of revenue
Upfront sales commission percentage	1.00%

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Sep. 13, 2021	Mar. 01, 2021	Jul. 01, 2019	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Acquisitions
Consideration payable for acquisition of business				$ 103,100,000	$ 92,500,000		$ 103,100,000		$ 92,500,000
Change in fair value of contingent consideration obligations							10,600,000	$ 1,800,000
Acquisition-related costs				6,007,000		$ 1,148,000	6,265,000	1,056,000
NEC Acquisition
Acquisitions
Business acquisition, acquired percentage	100.00%
Payments to acquire business	$ 65,000,000
Additional payments in cash to acquire business based on revenue growth	$ 35,000,000
Cash based on revenue growth period	6 years
THB Acquisition
Acquisitions
Asset under management acquired		$ 547,000,000
THB Acquisition | Customer Relationship
Acquisitions
Estimated acquisition costs allocated to definite- lived intangible asset		$ 600,000
USAA AMCO
Acquisitions
Maximum aggregate contingent payment			$ 150,000,000	112,500,000			112,500,000
Maximum annual contingent payment			$ 37,500,000				37,500,000
Period of time over which contingent payments will be made			4 years
Contingent consideration threshold percentage			80.00%
Annual revenue percentage requirement to achieve the maximum contingent payment			100.00%
Business combination, earnout payments					$ 37,500,000		$ 37,500,000
Years remaining in earn out period					3 years		2 years 1 month 6 days		2 years 10 months 24 days
Consideration payable for acquisition of business				103,100,000	$ 92,500,000		$ 103,100,000		$ 92,500,000
Change in fair value of contingent consideration obligations				$ 2,400,000		$ 2,000,000	$ 10,600,000	$ 1,800,000

Acquisitions - Summary of Signi

Acquisitions - Summary of Significant Inputs to Valuation of Contingent Consideration Payable (Details) - USAA AMCO - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Acquisitions
Non-managed money revenue average annual growth rate		4.30%	2.80%
Market price of risk (continuous)		7.30%	6.80%
Revenue volatility		18.40%	15.60%
Discount rate		2.40%	3.10%
Years remaining in earn out period	3 years	2 years 1 month 6 days	2 years 10 months 24 days
Minimum
Acquisitions
Undiscounted estimated remaining earn out payments in millions		$ 105.9	$ 97.7
Maximum
Acquisitions
Undiscounted estimated remaining earn out payments in millions		$ 112.5	$ 112.5

Acquisitions - Summary of Rollf

Acquisitions - Summary of Rollforward of Restructuring and Integration Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Roll forward of restructuring and integration liabilities
Liability balance, beginning of period	$ 800	$ 2,800	$ 1,000	$ 3,000
Severance expense			1,800	900
Integration costs		1,300	700	4,000
Total restructuring and integration costs	18	1,285	2,493	4,888
Settlement of liabilities	(300)	(1,200)	(3,000)	(5,000)
Liability balance, end of period	$ 500	$ 2,900	$ 500	$ 2,900

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial Assets
Money Market Fund	$ 10,089	$ 10,088
Investments in Proprietary Funds	886	922
Deferred Compensation Plan Investments	28,915	22,571
Interest Rate Swap Asset	1,989
Total Financial Assets	41,879	33,581
Financial Liabilities
Interest Rate Swap Liability		(10,006)
Contingent Consideration Arrangements	(103,100)	(92,500)
Total Financial Liabilities	(103,100)	(102,506)
Level 1
Financial Assets
Money Market Fund	10,089	10,088
Investments in Proprietary Funds	886	922
Deferred Compensation Plan Investments	28,915	22,571
Total Financial Assets	39,890	33,581
Level 2
Financial Assets
Interest Rate Swap Asset	1,989
Total Financial Assets	1,989
Financial Liabilities
Interest Rate Swap Liability		(10,006)
Total Financial Liabilities		(10,006)
Level 3
Financial Liabilities
Contingent Consideration Arrangements	(103,100)	(92,500)
Total Financial Liabilities	$ (103,100)	$ (92,500)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Feb. 18, 2021	Sep. 30, 2021	Dec. 31, 2020	Mar. 27, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Transfers between levels		$ 0	$ 0
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Notional amount	$ 450,000,000	$ 450,000,000	$ 450,000,000	$ 450,000,000
Rate of interest	3.215%	0.965%		3.465%
Basis spread on variable rate, increase (decrease)	0.25%

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Change in Contingent Consideration Arrangement Liabilities (Details) - Contingent Consideration Liabilities $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ (92,500)
Ending balance	(103,100)
USAA AMCO
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value measurement	$ (10,600)

Related-Party Transactions - Su

Related-Party Transactions - Summary of Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related party assets
Cash and cash equivalents	$ 64,740		$ 64,740		$ 22,744
Investments (deferred compensation plan investments, fair value)	28,915		28,915		22,571
Related party revenue
Total revenue	226,290	$ 188,656	661,143	$ 574,963
Investment Management Fees
Related party revenue
Total revenue	171,355	137,240	499,672	414,153
Fund Administration and Distribution Fees
Related party revenue
Total revenue	54,935	51,416	161,471	160,810
VCH
Related party assets
Cash and cash equivalents	10,089		10,089		10,088
Receivables (investment management fees)	52,166		52,166		46,958
Receivables (fund administration and distribution fees)	18,012		18,012		16,971
Investments (investments in proprietary funds, fair value)	886		886		922
Investments (deferred compensation plan investments, fair value)	27,170		27,170		22,062
Total	108,323		108,323		97,001
Related party liabilities
Accounts payable and accrued expenses (fund reimbursements)	7,015		7,015		$ 5,978
Related party revenue
Total revenue	199,913	166,792	581,215	509,462
Related party expense
General and administrative	125		388
Total	125		388
Related party other income (expense)
Interest income and other income (expense)	(330)	828	4,253	(1,268)
VCH | Investment Management Fees
Related party revenue
Total revenue	144,978	115,376	419,744	348,653
VCH | Fund Administration and Distribution Fees
Related party revenue
Total revenue	$ 54,935	$ 51,416	$ 161,471	$ 160,809

Investments - Summary of Cost a

Investments - Summary of Cost and Fair Value of Investments in Proprietary Funds (Details) - Proprietary Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Cost	$ 687	$ 758
Gross Unrealized Gains	202	164
Gross Unrealized (Losses)	(3)
Fair Value	$ 886	$ 922

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Sales of investments			$ 7,267,000	$ 3,553,000
Proprietary Funds
Schedule Of Available For Sale Securities [Line Items]
Sales of investments	$ 0	$ 0	215,000	274,000
Realized Gains	0	0	$ 50,000	18,000
Realized Losses	$ 0	$ 0		$ 13,000

Investments - Summary of Sales

Investments - Summary of Sales and Realized Gains and Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Proceeds and realized gains and losses recognized
Sale Proceeds			$ 7,267,000	$ 3,553,000
Proprietary Funds
Proceeds and realized gains and losses recognized
Sale Proceeds	$ 0	$ 0	215,000	274,000
Realized Gains	0	0	$ 50,000	18,000
Realized (Losses)	$ 0	$ 0		$ (13,000)

Investments - Summary of Cost_2

Investments - Summary of Cost and Fair Value of Deferred Compensation Plan Investments (Details) - Deferred Compensation Plan Investments - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Cost	$ 24,125	$ 21,205
Gross Unrealized Gains	4,967	1,725
Gross Unrealized (Losses)	(177)	(359)
Fair Value	$ 28,915	$ 22,571

Investments - Summary of Procee

Investments - Summary of Proceeds from Sales of Deferred Compensation Plan Investments and Realized Gains and Losses Recognized (Details) - Deferred Compensation Plan Investments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Proceeds and realized gains and losses recognized
Sale Proceeds	$ 3,246	$ 1,289	$ 7,051	$ 3,279
Realized Gains	383	48	690	85
Realized (Losses)	$ (13)	$ (166)	$ (41)	$ (308)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 18,181,000	$ 17,027,000	$ 56,472,000	$ 48,337,000
Federal income tax at U.S. statutory rate	19.70%	23.40%	21.30%	23.50%
Valuation allowance, deferred tax assets	$ 0	$ 0	$ 0	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Feb. 18, 2021	Jan. 17, 2020	Jul. 01, 2019	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Nov. 04, 2021
Debt Instrument [Line Items]
Loss on debt extinguishment				$ (669,000)	$ (758,000)	$ (4,596,000)	$ (1,675,000)
WestEnd Purchase Agreement | Subsequent Event
Debt Instrument [Line Items]
Principal amount								$ 505,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowing				0		0
General and Administrative Expense
Debt Instrument [Line Items]
Cost incurred				0	0	$ 400,000	900,000
2020 Debt Repricing Term Loans
Debt Instrument [Line Items]
Debt instrument interest rate description						2019 term loans for a reduced applicable margin on LIBOR of 75 basis points
Basis spread on variable rate, increase (decrease)		0.75%
2020 Debt Repricing Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base spread (as a percent)		2.50%
Term Loans
Debt Instrument [Line Items]
Repayments of debt				35,000,000	43,500,000	$ 142,000,000	114,800,000
Loss on debt extinguishment				$ (700,000)	$ (800,000)	$ (4,600,000)	$ (1,700,000)
Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base spread (as a percent)	2.50%	3.25%
Repriced Term Loans
Debt Instrument [Line Items]
Debt instrument interest rate description						Repriced Term Loans provide for a reduced applicable margin on LIBOR of 25 basis points.
Basis spread on variable rate, increase (decrease)	0.25%
Principal amount	$ 755,700,000
Debt maturity date	2026-07
Repriced Term Loans | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Base spread (as a percent)	2.25%
Credit Agreement
Debt Instrument [Line Items]
Maximum percentage of borrowings for revolving credit facility as a percent of total commitments			35.00%
Maximum first lien leverage ratio on last day of quarter (as a percent)			380.00%

Debt - Schedule of Components o

Debt - Schedule of Components of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (7,744)	$ (12,065)
Unamortized debt discount	(4,598)	(7,165)
Long-term debt, net	633,897	769,009
Term Loans
Debt Instrument [Line Items]
Principal outstanding	646,239	788,239
Due July 2026, 2.73% interest rate
Debt Instrument [Line Items]
Principal outstanding		$ 788,239
Effective interest rate (as a percent)		3.17%
Due July 2026, 2.39% interest rate
Debt Instrument [Line Items]
Principal outstanding	$ 646,239
Effective interest rate (as a percent)	2.79%

Debt - Schedule of Components_2

Debt - Schedule of Components of Long-Term Debt (Parenthetical) (Details)	Sep. 30, 2021	Dec. 31, 2020
Due July 2026, 2.44% interest rate
Debt Instrument [Line Items]
Fixed interest rate (as a percent)	2.39%
Due July 2026, 2.73% interest rate
Debt Instrument [Line Items]
Fixed interest rate (as a percent)		2.73%

Debt - Schedule of Components_3

Debt - Schedule of Components of Interest Expense and Other Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Disclosure [Abstract]
Interest expense	$ 4,002	$ 6,236	$ 13,279	$ 25,260
Amortization of debt issuance costs	554	739	1,801	2,275
Amortization of debt discount	257	367	854	1,136
Interest rate swap expense	947	724	2,639	205
Other	93	121	280	429
Total	$ 5,853	$ 8,187	$ 18,853	$ 29,305

Equity - Schedule of Changes in

Equity - Schedule of Changes in Number of Shares of Common Stock Issued and Repurchased (Detail) - shares	Sep. 24, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares	44,973,804
Repurchase of shares		(188,525)						(763,205)
Common Stock | Class A
Balance at beginning of period (in shares)		19,817,000	19,611,000	19,389,000	18,717,000	18,508,000	18,100,000	19,389,000	18,100,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares		2,000	2,000	1,000	2,000	2,000	2,000
Share conversion - Class B to A		331,000	204,000	221,000	631,000	207,000	406,000
Balance at end of period (in shares)		20,150,000	19,817,000	19,611,000	19,350,000	18,717,000	18,508,000	20,150,000	19,350,000
Common Stock | Class B
Balance at beginning of period (in shares)		55,783,000	55,608,000	54,767,000	54,504,000	54,538,000	53,937,000	54,767,000	53,937,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share conversion - Class B to A		(331,000)	(204,000)	(221,000)	(631,000)	(207,000)	(406,000)
Vesting of restricted share grants		501,000	143,000	953,000	197,000	173,000	719,000
Exercise of options		390,000	236,000	109,000	330,000		288,000
Balance at end of period (in shares)		56,343,000	55,783,000	55,608,000	54,400,000	54,504,000	54,538,000	56,343,000	54,400,000
Treasury Stock | Class A
Balance at beginning of period (in shares)		(3,758,000)	(3,470,000)	(3,183,000)	(2,382,000)	(1,925,000)	(1,685,000)	(3,183,000)	(1,685,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares		(188,000)	(288,000)	(287,000)	(529,000)	(457,000)	(240,000)
Balance at end of period (in shares)		(3,946,000)	(3,758,000)	(3,470,000)	(2,911,000)	(2,382,000)	(1,925,000)	(3,946,000)	(2,911,000)
Treasury Stock | Class B
Balance at beginning of period (in shares)		(4,021,000)	(3,862,000)	(3,431,000)	(3,144,000)	(3,101,000)	(2,656,000)	(3,431,000)	(2,656,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld related to net settlement of equity awards		(393,000)	(159,000)	(431,000)	(91,000)	(43,000)	(445,000)
Balance at end of period (in shares)		(4,414,000)	(4,021,000)	(3,862,000)	(3,235,000)	(3,144,000)	(3,101,000)	(4,414,000)	(3,235,000)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	May 31, 2021
Total dividends	$ 10,800,000	$ 25,500,000
Dividends paid	10,200,000	24,400,000
Special dividends paid	600,000	$ 1,100,000
Average cost of acquired shares (in dollars per share)		$ 17.63
Remaining authorized amount for share repurchase program	$ 69,600,000	$ 69,600,000
Class A
Authorized amount for share repurchase program			$ 15,000,000
Common stock shares repurchased			15,000,000
Repurchased of common stock shares	188,525	763,205
Average cost of acquired shares (in dollars per share)	$ 33.29	$ 28.46
Future repurchase program current share	5,400,000	5,400,000
Number of shares acquired		3,946,187
Cost of acquired shares	$ 6,300,000	$ 21,700,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of cash bonuses and distributions related to all dividends previously declared on unvested shares	$ 0.6		$ 1.1
Stock based compensation expense	$ 4	$ 3.6	$ 13.9	$ 13.5
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	10,153		260,753	781,843
Vested (in shares)			1,596,839	1,089,780
Restricted Shares | Vest Over Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted	1,975		226,876
Vested (in shares)	8,178		27,282
Vesting period from grant date	3 years		3 years
Restricted Shares | Vest Over Two Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total number of restricted shares granted			6,595
Vesting period from grant date			2 years
Stock Options and Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of cash bonuses and distributions related to all dividends previously declared on unvested shares			$ 0.8		$ 1.2

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Activity Related to Stock Options Awards and Restricted Stock Awards (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021$ / sharesshares	Sep. 30, 2021$ / sharesshares	Sep. 30, 2020$ / sharesshares
Stock Options
Avg wtd grant-date fair value
Outstanding at beginning of period		$ 3.91	$ 3.83
Forfeited		5.27	5.86
Exercised		3.72	3.44
Outstanding at end of the period	$ 3.92	3.92	3.86
Vested		3.86	3.73
Unvested		5.29	5.30
Avg wtd exercise price
Outstanding at beginning of period		6.50	6.27
Forfeited		10.67	12.40
Exercised		5.77	5.06
Outstanding at end of the period	6.54	6.54	6.36
Vested	$ 6.37	6.37	5.97
Unvested		$ 10.62	$ 10.67
Units
Outstanding at beginning of period | shares		6,865,101	7,880,167
Reversal of Forfeited | shares		(76,849)	(8,746)
Exercised | shares		(734,712)	(617,412)
Outstanding at end of the period | shares	6,053,540	6,053,540	7,254,009
Vested | shares		5,809,189	6,641,955
Unvested | shares	244,351	244,351	612,054
Restricted Shares
Avg wtd grant-date fair value
Unvested at beginning of period		$ 14.99	$ 14.29
Granted		26.96	16.65
Vested		14.53	14.35
Forfeited		16.38	15.88
Unvested at end of period	$ 17.70	$ 17.70	$ 14.98
Units
Unvested at beginning of period | shares		2,827,008	3,215,619
Granted | shares	10,153	260,753	781,843
Vested | shares		(1,596,839)	(1,089,780)
Forfeited | shares		(121,424)	(78,839)
Unvested at end of period | shares	1,369,498	1,369,498	2,828,843

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Basic Earnings Per Share and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share Reconciliation [Abstract]
Net income	$ 74,175	$ 55,741	$ 208,647	$ 157,627
Shares:
Basic: Weighted average number of shares outstanding	67,980	67,743	67,840	67,785
Plus: Incremental shares from assumed conversion of dilutive instruments	6,073	5,694	6,322	5,918
Diluted: Weighted average number of shares outstanding	74,053	73,437	74,162	73,703
Earnings per share
Basic:	$ 1.09	$ 0.82	$ 3.08	$ 2.33
Diluted:	$ 1	$ 0.76	$ 2.81	$ 2.14

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	$ 816,156	$ 765,376	$ 707,541	$ 614,840	$ 581,080	$ 537,871	$ 707,541	$ 537,871
Total other comprehensive income (loss), net of tax	1,220	(2,960)	10,771	(584)	(3,516)	(4,887)	9,031	(8,987)
Balance at end of period	867,667	816,156	765,376	659,557	614,840	581,080	867,667	659,557
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period			(7,573)				(7,573)
Other comprehensive income (loss) before reclassification and tax							9,356	(11,977)
Tax impact							(2,275)	2,853
Reclassification adjustments, before tax							2,639	205
Tax impact							(642)	(51)
Total other comprehensive income (loss), net of tax							9,078	(8,970)
Balance at end of period	1,505			(8,970)			1,505	(8,970)
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period			113				113
Other comprehensive income (loss) before reclassification and tax							(63)	(23)
Tax impact							16	6
Total other comprehensive income (loss), net of tax							(47)	(17)
Balance at end of period	66			(17)			66	(17)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at beginning of period	351	3,311	(7,460)	(8,403)	(4,887)		(7,460)
Other comprehensive income (loss) before reclassification and tax							9,293	(12,000)
Tax impact							(2,259)	2,859
Reclassification adjustments, before tax							2,639	205
Tax impact							(642)	(51)
Total other comprehensive income (loss), net of tax	1,220	(2,960)	10,771	(584)	(3,516)	(4,887)	9,031	(8,987)
Balance at end of period	$ 1,571	$ 351	$ 3,311	$ (8,987)	$ (8,403)	$ (4,887)	$ 1,571	$ (8,987)

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Feb. 18, 2021	Dec. 31, 2020	Mar. 27, 2020
Derivative [Line Items]
Amount payable to swap			$ 10,006,000
Other Liabilities
Derivative [Line Items]
Amount payable to swap	$ 900,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	$ 450,000,000	$ 450,000,000	450,000,000	$ 450,000,000
Fixed interest rate (as a percent)	0.965%	3.215%		3.465%
Expiration date of swap	Jul. 1, 2026
Interest Rate Swap | Other Liabilities
Derivative [Line Items]
Amount payable to swap			$ 10,006,000

Derivatives - Summary of Classi

Derivatives - Summary of Classification of Swap in Unaudited Condensed Consolidated Balance Sheets (Details) - USD ($)	Sep. 30, 2021	Feb. 18, 2021	Dec. 31, 2020	Mar. 27, 2020
Derivative [Line Items]
Interest Rate Swap Asset	$ 1,989,000
Fair value of interest rate swap			$ (10,006,000)
Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap	(900,000)
Interest Rate Swap
Derivative [Line Items]
Notional amount	450,000,000	$ 450,000,000	450,000,000	$ 450,000,000
Interest Rate Swap | Other Assets
Derivative [Line Items]
Interest Rate Swap Asset	$ 1,989,000
Interest Rate Swap | Other Liabilities
Derivative [Line Items]
Fair value of interest rate swap			$ (10,006,000)

Derivatives - Summary of Effect

Derivatives - Summary of Effects of Swap in Unaudited Condensed Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Income (loss) recognized in AOCI(L), net of tax	$ 1,276	$ (621)	$ 9,078	$ (8,970)
Interest Rate Swap | Reclassified from AOCI(L) | Other Comprehensive Income (Loss) | Cash Flow Hedges
Derivative [Line Items]
Income (loss) recognized in AOCI(L), net of tax	1,276	(621)	9,078	(8,970)
Interest Rate Swap | Interest Expense and Other Financing Costs
Derivative [Line Items]
Loss reclassified from AOCI(L)	$ 947	$ 724	$ 2,639	$ 205

Equity Method Investment - Addi

Equity Method Investment - Additional Information (Details) - Cerebellum - USD ($) $ in Millions	Sep. 20, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Alderwood Partners LLP
Schedule Of Equity Method Investments [Line Items]
Equity interest percentage	15.00%	15.00%		15.00%
Equity method commitments to contribute additional capital	$ 4.5
Equity method investment		$ 1.2		$ 1.2		$ 1.4
Loss from equity method investment		$ 0.1	$ 0	$ 0.2	$ 0
Private Fund
Schedule Of Equity Method Investments [Line Items]
Equity method commitments to contribute additional capital	$ 50

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Nov. 04, 2021	Nov. 01, 2021	Oct. 12, 2021	Sep. 13, 2021	Jul. 01, 2019	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Subsequent Event [Line Items]
Dividends declared per share of common stock						$ 0.15		$ 0.06	$ 0.36	$ 0.16
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of common stock	$ 0.17
Dividends, date of declared	Nov. 4, 2021
Dividends payable date	Dec. 10, 2021
Dividends payable, date of record	Dec. 27, 2021
USAA AMCO
Subsequent Event [Line Items]
Business combination, earnout payments							$ 37,500,000		$ 37,500,000
Period of time over which contingent payments will be made					4 years
USAA AMCO | Subsequent Event
Subsequent Event [Line Items]
Business combination, earnout payments			$ 37,500,000
NEC Acquisition
Subsequent Event [Line Items]
Payments to acquire business				$ 65,000,000
Business acquisition, acquired percentage				100.00%
NEC Acquisition | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire business		$ 65,000,000
Outstanding borrowing		$ 7,500,000
WestEnd Purchase Agreement | Subsequent Event
Subsequent Event [Line Items]
Payments to acquire business	$ 480,000,000
Business acquisition, acquired percentage	100.00%
Period of time over which contingent payments will be made	4 years
Period of time over which contingent "catch-up" provisions payments will be made	5 years 6 months
Maximum aggregate earn-out payments	$ 320,000,000
Maximum annual earn-out payments	80,000,000
Aggregate principal amount	$ 505,000,000