Q2 2026 Report to Stakeholders

A Message from CEO Ben Biles 

Dear friends of American Veterans Group, 

The second quarter of 2026 reinforced something we have believed since American Veterans Group was founded: exceptional capital markets execution can create value that extends well beyond a financing transaction. 

Our clients continue to expect best-in-class institutional trading, underwriting and advisory capabilities, and we remain committed to delivering those services with the highest standards of execution. Increasingly, however, clients are also recognizing that American Veterans Group offers something few financial institutions can provide. AVG also forges strategic partnerships that address one of the most pressing business challenges of the day: attracting, hiring and retaining exceptional talent. 

Every capital markets relationship we initiate presents an opportunity to create broader business value. Through the AVG Veteran Jobs Network, our clients gain access to a  nationwide pipeline of highly qualified veterans, transitioning service members and military family members whose leadership, technical expertise and mission-focused approach strengthen organizations across every sector of the economy. That unique combination of institutional capital markets expertise and workforce solutions continues to differentiate American Veterans Group in the marketplace. 

During the second quarter, positive momentum continued across every aspect of our business. We expanded participation in the Veteran Jobs Network, welcomed new corporate partners, facilitated meaningful career opportunities for veterans and military families, strengthened relationships with public-sector leaders through our VetSuccess series, participated in financing transactions across a diverse range of industries, and continued to demonstrate how our partnership model can create lasting value for companies, investors and communities alike. 

None of this would be possible without the trust of our clients, investors, underwriting partners, participating employers and non-profit collaborators. Together, we are demonstrating that financial performance and public benefit are not competing priorities. They reinforce one another. 

Thank you for your continued confidence in American Veterans Group and for helping us advance opportunities for those who have served our nation.   

Sincerely, 

Ben

Corporate participation also continued to expand. During the quarter, Atmos Energy, Apexanalytix, Cordia Energy, NRG, Osmose, PNC and Wella joined the network, increasing employer participation to 181 companies nationwide.



Since launching in April 2023 through June 2026, the AVG Veteran Jobs Network facilitated 1,156 hires, demonstrating growing demand among employers for military talent and reinforcing the value the program delivers to participating companies. 

AVG’s partnership with Hiring Our Heroes, established in July 2024, further strengthens that pipeline by connecting employers with active-duty service members preparing to transition into civilian careers. During the second quarter, 28 fellows began placements with participating employers, increasing total fellowship placements from 1,182 to 1,210.

Together, these results illustrate what makes American Veterans Group unique. Companies that engage AVG for its capital markets expertise discover an additional strategic advantage: a proven workforce solution that helps them compete for exceptional talent while creating meaningful career opportunities for veterans and their families.

KKR Partnership Demonstrates the Power of the AVG Model

One of the most compelling examples of American Veterans Group's differentiated business model is highlighted in the company's 2025 Annual Impact Report, which we created and made available to stakeholders during the second quarter. We encourage you to access and download the report here.

In the annual report, we chronicle our expanding relationship with private equity giant KKR, illustrating how a partnership that began through the capital markets evolved into a strategic workforce initiative benefiting KKR portfolio companies.

Working alongside KKR, American Veterans Group helped connect portfolio companies with highly qualified military veterans through the AVG Veteran Jobs Network, demonstrating how private equity firms can strengthen operating performance by gaining access to one of the nation's deepest pools of proven leadership talent.

Notably, the report features a testimonial from Ken Mehlman, KKR's Global Head of Public Affairs, recognizing AVG's efforts to help portfolio companies compete more effectively for talent while creating meaningful career opportunities for military veterans. His perspective reinforces the business value that can be created when private capital and veteran workforce development work together.

The KKR relationship also points toward an important opportunity for future growth. By partnering with private equity firms and their portfolio companies, American Veterans Group can help employers address one of their most significant operating challenges, recruiting and retaining exceptional talent, while creating new pathways to civilian careers for veterans transitioning from military service.

The KKR story demonstrates that American Veterans Group is more than a securities broker-dealer. It is a strategic partner that combines institutional capital markets expertise with innovative workforce solutions, creating measurable value for clients while advancing opportunities for those who have served.

VetSuccess Series Highlights California's Commitment to Military Veterans

American Veterans Group continued to strengthen its role as a convener of public- and private-sector leaders through the latest installment of its VetSuccess series, held May 20 and featuring California State Treasurer Fiona Ma, CPA, and California Department of Veterans Affairs Secretary Lindsey Sin.

The virtual event attracted nearly 60 registrants from across the country and explored how California is leveraging public policy, innovative financing tools and workforce initiatives to improve long-term outcomes for military veterans.

The discussion highlighted a range of initiatives demonstrating California's integrated approach to veteran support, including the expansion of the CalABLE savings program, the CalCAP program supporting veteran entrepreneurs, affordable housing initiatives financed through tax-exempt private activity bonds, the CalVet Home Loan Program, and Senate Bill 1407, which provides California income tax relief for military retirement benefits.

Beyond highlighting innovative public policy, the event reinforced AVG's broader mission of helping employers strengthen their workforce through veteran hiring. By bringing together senior government officials, institutional investors and business leaders, the VetSuccess series creates an important forum for sharing best practices, highlighting successful public-private partnerships and advancing conversations around workforce development and economic opportunity.

As American Veterans Group continues expanding its relationships across the capital markets, programs such as VetSuccess demonstrate the firm's ability to connect finance, public policy and talent development in ways that create lasting value for clients, veterans and the communities they serve.

Expanding Capital Markets Presence Across Diverse Sectors

American Veterans Group continued to strengthen its capital markets platform during the second quarter, serving as co-manager on financing transactions across corporate, municipal and government-related issuers.

The firm's participation in transactions completed during April, May and June reflects the confidence issuers and underwriting partners continue to place in AVG's execution capabilities and growing institutional distribution platform.

The breadth of the firm's assignments illustrates the diversity of its expertise. During the quarter, AVG participated in financings spanning higher education, public infrastructure, financial institutions, utilities and other sectors, demonstrating the firm's ability to deliver value across a wide range of issuer types and financing structures. These engagements highlight AVG's expanding capabilities in public finance, fixed income sales and trading, corporate finance and institutional distribution.

Each financing assignment also creates opportunities that extend beyond the transaction itself. As Wall Street's first and only Public Benefit Corporation securities broker-dealer, American Veterans Group views every client relationship as an opportunity to introduce issuers, investors and corporate partners to the Veteran Jobs Network and the broader business value it creates.

As the firm's capital markets platform continues to grow, so too does its ability to expand opportunities for employers, veterans and military families across the country.

Stakeholders are encouraged to visit the Recent Transactions section of the American Veterans Group website to view the firm's growing portfolio of completed transactions and the broad range of organizations that continue to entrust AVG with important capital markets assignments.

Looking Ahead

The momentum achieved during the second quarter reflects the continued maturation of a business model unlike any other on Wall Street. American Veterans Group remains committed to delivering exceptional capital markets execution while creating measurable value that extends beyond every transaction.

As more corporations, institutional investors, private equity firms and public-sector partners engage with the firm, opportunities continue to grow, not only to expand the company's capital markets platform, but also to strengthen America's workforce by connecting employers with the leadership and talent developed through military service.



American Veterans Group looks forward to building on this momentum throughout the remainder of 2026, continuing to demonstrate that financial performance and public benefit can reinforce one another while creating lasting value for clients, veterans and communities.