First Quarter Performance And Impact Report
Message from the CEO
Performance and Purpose in Lockstep
The first quarter of 2026 reflects continued momentum across both dimensions of our model: delivering high-quality capital markets execution while scaling measurable outcomes by creating a robust pipeline of qualified military veteran talent for our partner companies.
Creating a Robust Pipeline of Military Veteran Talent
Through our partnership with VetJobs, the AVG Veteran Jobs Network continued to produce meaningful employment outcomes for veterans while simultaneously creating value for current and prospect client companies. From the program’s inception in April 2023 through March 31, 2026, more than 1,030 veterans have been placed into private-sector roles across the country. During the first quarter, 127 veterans secured new positions. These roles continue to deliver strong economic outcomes, with average salaries generally in the high five-figure to low six-figure range. Importantly, approximately 80% of those placed are former enlisted service members or their immediate family members, underscoring our commitment to supporting those who often face the greatest barriers in transition.
Deepening Employer Engagement
We are equally encouraged by the growing engagement of employers. During the quarter, 13 new companies joined the AVG Veteran Jobs Network, bringing total participation to 174 organizations. This expansion reflects increasing recognition among leading employers that veteran talent is both a competitive advantage and a strategic
workforce solution.
Building the Talent Pipeline Through Internships
Our partnership with the U.S. Chamber of Commerce Foundation’s Hiring Our Heroes initiative continues to strengthen the talent pipeline as well. From July 2024 through March 2026, more than 1,080 active-duty service members have participated in internships with companies in our network. During the first quarter, 53 service members were placed into internships, including a significant increase in participation as the quarter progressed. These internships remain a critical bridge, translating military experience into private-sector opportunity.
Scaling Impact Through Private Equity Partnerships
We also continued to expand our Private Equity Employment Initiative, working with ten leading firms to encourage veteran hiring across portfolio companies. By embedding veteran recruitment into the operating priorities of private equity, we are extending the reach and scalability of our model into a powerful segment of the economy.
Consistent Execution in Capital Markets
On the capital markets side, AVG remained active and engaged, serving as a co-manager on 15 corporate and public finance debt transactions during the quarter. These transactions included a diverse mix of leading financial institutions and municipal issuers, reflecting the breadth of our relationships and our ability to contribute meaningfully across market segments.
Industry Leadership and Engagement
Our voice in the industry also continues to grow. In January, I had the opportunity to participate in a panel hosted by FINRA in Washington, D.C., focused on the challenges facing small- and mid-sized broker-dealers. The discussion highlighted the importance of thoughtful collaboration between firms and regulators to ensure a healthy, well-functioning market, which is an area where AVG remains actively engaged.
Best-in-Class Trading Performance
Perhaps most notably, our execution platform delivered exceptional results during the quarter. Independent analysis from ACA Global ranked AVG #1 across all Trading Cost Analysis categories among our peer group. Across $2.6 billion in traded principal and more than 18,000 executions, we generated measurable value for clients through both arrival price and VWAP benchmarks, with more than $2.3 million in combined execution benefit. These results reflect a disciplined, consistent approach to trading that not only minimizes cost but captures positive execution alpha.
Positioned for Continued Growth and Impact
As we look ahead, we remain focused on scaling what works: delivering value for current and prospective clients by connecting them with a robust pipeline of military veteran talent; expanding our employer network; deepening partnerships; and continuing to deliver best-in-class execution for our clients. The progress we made during the first quarter reinforces our conviction that a purpose-driven model, grounded in performance, accountability, and impact, can deliver enduring value for all stakeholders.
Disclaimer: American Veterans Group PBC (“AVG”) is a broker-dealer registered with the United States Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Municipal Securities Rulemaking Board (“MSRB”). AVG engages in broker-dealer business in corporate and government securities. The firm is not, and does not hold itself out to be, a municipal advisor. The opinions or views expressed in this communication may change based upon new market, sector, political, or economic conditions. The information and opinions contained herein are derived from proprietary and nonproprietary sources deemed to be reliable, are not necessarily all-inclusive, and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by AVG (or affiliated companies), its
officers, employees, or agents. Nothing here shall be construed as superseding any issuer prospectus, offering memorandum, or registration statement filed with the SEC. his communication may contain forward-looking information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon such information is at the sole discretion of the reader. This communication may contain general information only and is, therefore, not intended to represent general or specific investment or professional advice. Unless otherwise indicated, this communication does not consider an individual’s or institution’s financial circumstances or goals, nor is it intended to do so. Any security’s past performance should not be construed as indicative of future performance or future returns. A copy of AVG’s Client Relationship Summary should be reviewed, and the reader can find it at
www.americanvetsgroup.com.
