v3.24.1.1.u2
Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue by Type and Product

In accordance with the revenue recognition standard requirements, the following table disaggregates our revenue by type and product:

 

 

Three Months Ended March 31,

 

(in thousands)

 

2024

 

 

2023

 

Investment management fees

 

 

 

 

 

 

Mutual funds (Victory Funds)

 

$

115,173

 

 

$

108,416

 

ETFs (VictoryShares)

 

 

5,179

 

 

 

5,441

 

Separate accounts and other vehicles

 

 

47,312

 

 

 

42,582

 

Performance-based fees

 

 

 

 

 

 

Mutual funds (Victory Funds III)

 

 

2,023

 

 

 

690

 

Separate accounts and other vehicles

 

 

98

 

 

 

(293

)

Total investment management fees

 

 

169,785

 

 

 

156,836

 

 

 

 

 

 

 

Fund administration and distribution fees

 

 

 

 

 

 

Administration fees

 

 

 

 

 

 

Mutual funds (Victory Funds)

 

 

26,334

 

 

 

24,376

 

ETFs (VictoryShares)

 

 

744

 

 

 

710

 

Distribution fees

 

 

 

 

 

 

Mutual funds (Victory Funds)

 

 

5,583

 

 

 

5,740

 

Transfer agent fees

 

 

 

 

 

 

Mutual funds (Victory Funds III)

 

 

13,411

 

 

 

13,658

 

Total fund administration and distribution fees

 

 

46,072

 

 

 

44,484

 

 

 

 

 

 

 

Total revenue

 

$

215,857

 

 

$

201,320

 

Schedule of Balances of Receivables from Contracts with Customers

The following table presents balances of receivables:

 

(in thousands)

 

March 31, 2024

 

 

December 31, 2023

 

Customer receivables

 

 

 

 

 

 

Mutual funds (Victory Funds)

 

$

58,200

 

 

$

55,858

 

ETFs (VictoryShares)

 

 

2,213

 

 

 

2,079

 

Separate accounts and other vehicles

 

 

36,099

 

 

 

28,189

 

Receivables from contracts with customers

 

 

96,512

 

 

 

86,126

 

Non-customer receivables

 

 

699

 

 

 

1,444

 

Total receivables

 

$

97,211

 

 

$

87,570