[10-Q] VIRTUS INVESTMENT PARTNERS, INC. Quarterly Earnings Report

Q: What were Virtus (VRTS) Q3 2025 revenues and EPS?

Revenue was $216.4 million and diluted EPS was $4.65 for Q3 2025.

Q: How did Virtus’ AUM change as of September 30, 2025?

Assets under management were $169.3 billion , down 7.8% year over year.

Q: What were Virtus’ net flows and sales in Q3 2025?

Total sales were $6.3 billion and net flows were $(3.9) billion .

Q: What financing actions did Virtus take in Q3 2025?

Virtus entered a new credit agreement with a $400.0M term loan and a $250.0M revolver, repaying $234.7M of the prior term loan.

Q: Did Virtus return capital to shareholders?

Yes. Virtus declared a $2.40 quarterly dividend and repurchased 287,072 shares year-to-date for $50.0M .

Q: How did liquidity and leverage change?

Cash and cash equivalents increased to $370.6M , while debt rose to $390.6M .

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Virtus Investment Partners (VRTS) reported Q3 2025 results showing softer top-line performance and lower earnings versus last year. Revenue was $216.4 million, down 4.7% year over year, with investment management fees at $183.8 million. Operating income was $47.1 million, down 14.8%. Diluted EPS was $4.65, compared with $5.71 a year ago.

Assets under management were $169.3 billion as of September 30, 2025, down 7.8% from a year earlier. The quarter reflected total sales of $6.3 billion and net flows of $(3.9) billion. Cash and cash equivalents rose to $370.6 million from $265.9 million at year-end, while debt increased to $390.6 million from $232.1 million.

Virtus refinanced its capital structure on September 26, 2025, entering a new credit agreement with a $400.0 million seven-year term loan and a $250.0 million five-year revolving credit facility, using a portion to repay $234.7 million of the prior term loan. The company declared a quarterly cash dividend of $2.40 per share and repurchased 287,072 shares year-to-date for $50.0 million. Year-to-date net income attributable to Virtus was $102.9 million, up from $88.5 million in the prior-year period.

Insights

Revenue and EPS declined; AUM and flows pressured; refinancing extends maturities.

Virtus posted Q3 revenue of $216.4M (down 4.7% YoY) as investment management fees softened. Operating income of $47.1M fell 14.8%, and diluted EPS declined to $4.65. The mix shows steady fee categories with modest decreases across open-end and institutional sources.

AUM was $169.3B, down 7.8% YoY, with quarterly total sales of $6.3B and net flows of $(3.9)B. Cash rose to $370.6M, while debt increased to $390.6M, reflecting the new $400.0M term loan and $250.0M revolver. The agreement uses SOFR-based pricing and introduces modest amortization.

The company declared a $2.40 dividend and executed $50.0M in YTD buybacks. Actual impact will hinge on future net flows and market performance; the refinancing provides funding flexibility within covenant limits.

11/07/2025 - 04:02 PM

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-10994

VIRTUS INVESTMENT PARTNERS, INC.

(Exact name of registrant as specified in its charter)



Delaware						26-3962811
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Financial Plaza, Hartford, CT 06103

(Address of principal executive offices, including Zip Code)

(800) 248-7971

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

VRTS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock was 6,754,405 as of October 31, 2025.

Table of Contents

VIRTUS INVESTMENT PARTNERS, INC.

INDEX


		Page
Part I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2025 and December 31, 2024	1
	Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	2
	Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	3
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	29
Item 4.	Controls and Procedures	29

Part II. OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5.	Other Information	30
Item 6.	Exhibits	31
	Signatures	32

"We," "us," "our," the "Company," and "Virtus" as used in this Quarterly Report on Form 10-Q refer to Virtus Investment Partners, Inc., a Delaware corporation, and its subsidiaries.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Virtus Investment Partners, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


(in thousands, except share data)	September 30, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	370,563	$	265,888
Investments	149,512		119,216
Accounts receivable, net	106,470		117,207
Assets of consolidated investment products ("CIP")
Cash and cash equivalents of CIP	90,769		133,694
Cash pledged or on deposit of CIP	911		727
Investments of CIP	2,238,718		2,270,717
Other assets of CIP	52,463		174,371
Furniture, equipment and leasehold improvements, net	22,689		22,718
Operating lease right-of-use assets	76,894		57,131
Intangible assets, net	339,396		378,229
Goodwill	397,098		397,098
Deferred taxes, net	19,081		23,206
Other assets	41,773		34,292
Total assets	$	3,906,337	$	3,994,494
Liabilities and Equity
Liabilities:
Accrued compensation and benefits	$	162,566	$	224,501
Accounts payable and accrued liabilities	51,663		49,492

Contingent consideration	37,351		63,505
Debt	390,622		232,130
Operating lease liabilities	94,255		70,037
Other liabilities	20,388		15,932
Liabilities of CIP
Notes payable of CIP	2,030,580		2,171,946
Securities purchased payable and other liabilities of CIP	95,944		158,033
Total liabilities	2,883,369		2,985,576
Commitments and Contingencies (Note 12)
Redeemable noncontrolling interests	103,191		107,282
Equity:
Equity attributable to Virtus Investment Partners, Inc.:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,317,249 shares issued and 6,753,444 shares outstanding at September 30, 2025; and 12,243,880 shares issued and 6,967,147 shares outstanding at December 31, 2024	123		122
Additional paid-in capital	1,335,254		1,319,108
Retained earnings (accumulated deficit)	322,321		268,221
Accumulated other comprehensive income (loss)	598		(364)
Treasury stock, at cost, 5,563,805 and 5,276,733 shares at September 30, 2025 and December 31, 2024, respectively	(739,594)		(689,594)
Total equity attributable to Virtus Investment Partners, Inc.	918,702		897,493
Noncontrolling interests	1,075		4,143
Total equity	919,777		901,636
Total liabilities and equity	$	3,906,337	$	3,994,494

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Virtus Investment Partners, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024
Revenues
Investment management fees	$	183,762	$	193,843	$	549,329	$	573,855
Distribution and service fees	12,517		13,567		37,238		41,007
Administration and shareholder service fees	18,869		18,560		54,924		55,546
Other income and fees	1,237		1,059		3,351		3,047
Total revenues	216,385		227,029		644,842		673,455
Operating Expenses
Employment expenses	98,807		105,555		305,930		326,385
Distribution and other asset-based expenses	22,034		24,175		66,905		72,218
Other operating expenses	32,428		30,363		98,051		94,788
Other operating expenses of consolidated investment products ("CIP")	496		465		2,306		4,064
Change in fair value of contingent consideration	—		(4,000)		(3,014)		(7,300)
Restructuring expense	693		—		693		1,487
Depreciation expense	1,922		2,330		6,273		6,628
Amortization expense	12,945		12,883		38,833		43,416
Total operating expenses	169,325		171,771		515,977		541,686
Operating Income (Loss)	47,060		55,258		128,865		131,769
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	2,257		4,552		5,237		6,415
Realized and unrealized gain (loss) of CIP, net	(14,913)		(5,128)		(27,766)		(16,529)
Other income (expense), net	536		548		2,671		1,695
Total other income (expense), net	(12,120)		(28)		(19,858)		(8,419)
Interest Income (Expense)
Interest expense	(5,299)		(5,807)		(14,442)		(17,099)
Interest and dividend income	2,200		2,913		7,270		9,025
Interest and dividend income of investments of CIP	45,918		50,628		139,508		154,128
Interest expense of CIP	(33,310)		(38,063)		(101,346)		(120,035)
Total interest income (expense), net	9,509		9,671		30,990		26,019
Income (Loss) Before Income Taxes	44,449		64,901		139,997		149,369
Income tax expense (benefit)	13,108		15,797		37,861		36,376
Net Income (Loss)	31,341		49,104		102,136		112,993
Noncontrolling interests	585		(8,124)		810		(24,541)


Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$	31,926	$	40,980	$	102,946	$	88,452
Earnings (Loss) per Share—Basic	$	4.73	$	5.80	$	15.02	$	12.45
Earnings (Loss) per Share—Diluted	$	4.65	$	5.71	$	14.81	$	12.23


Weighted Average Shares Outstanding—Basic	6,757		7,071		6,854		7,105
Weighted Average Shares Outstanding—Diluted	6,867		7,176		6,953		7,234

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Virtus Investment Partners, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net Income (Loss)	$	31,341	$	49,104	$	102,136	$	112,993
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $226 and $(144) for the three months ended September 30, 2025 and 2024, respectively and $(105) and $(106) for the nine months ended September 30, 2025 and 2024, respectively	12		430		962		317

Other comprehensive income (loss)	12		430		962		317
Comprehensive income (loss)	31,353		49,534		103,098		113,310
Comprehensive (income) loss attributable to noncontrolling interests	585		(8,124)		810		(24,541)
Comprehensive Income (Loss) Attributable to Virtus Investment Partners, Inc.	$	31,938	$	41,410	$	103,908	$	88,769

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Virtus Investment Partners, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended September 30,
(in thousands)	2025		2024
Cash Flows from Operating Activities:
Net income (loss)	$	102,136	$	112,993
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	48,080		52,851
Stock-based compensation	19,231		24,259
Equity in earnings of equity method investments	(2,698)		(2,097)
Distributions from equity method investments	3,639		3,227

Realized and unrealized (gains) losses on investments, net	(5,238)		(6,417)
Change in fair value of contingent consideration	(3,014)		(7,300)
Lease termination	—		(1,318)
Deferred taxes, net	6,501		2,226
Changes in operating assets and liabilities:
Sales (purchases) of investments, net	(21,859)		(16,322)
Accounts receivable, net and other assets	14,196		9,994
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(61,429)		(60,793)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net	19,931		10,073
Purchases of investments by CIP	(799,487)		(924,052)
Sales of investments by CIP	861,104		907,925
Net proceeds (purchases) of short-term investments and securities sold short by CIP	(112)		(353)
Change in other assets and liabilities of CIP	(736)		(2,221)
Amortization of discount on notes payable of CIP	—		1,887
Net cash provided by (used in) operating activities	180,245		104,562
Cash Flows from Investing Activities:
Capital expenditures	(5,946)		(3,658)

Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net	522		(1,158)


Net cash provided by (used in) investing activities	(5,424)		(4,816)
Cash Flows from Financing Activities:

Repayments on credit agreement	(39,254)		(17,063)
Refinancing of credit agreement	201,191		—
Payment of deferred financing costs	(7,132)		—
Common stock dividends paid	(48,326)		(42,256)
Repurchase of common shares	(50,000)		(32,368)
Payment of contingent consideration	(23,140)		(24,234)
Taxes paid related to net share settlement of restricted stock units	(7,639)		(11,271)
Investment management subsidiary equity sales (purchases)	(15,849)		(29,014)
Net contributions from (distributions to) noncontrolling interests	9,499		23,894

Payments on borrowings by CIP	(133,596)		(735,258)
Borrowings by CIP	—		738,064
Net cash provided by (used in) financing activities	(114,246)		(129,506)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,359		659
Net increase (decrease) in cash, cash equivalents and restricted cash	61,934		(29,101)
Cash, cash equivalents and restricted cash, beginning of period	400,309		341,014
Cash, cash equivalents and restricted cash, end of period	$	462,243	$	311,913




Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net	$	(10)	$	(26,276)
Common stock dividends payable	$	16,208	$	15,950


(in thousands)	September 30, 2025		December 31, 2024
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	370,563	$	265,888
Cash and cash equivalents of CIP	90,769		133,694
Cash pledged or on deposit of CIP	911		727
Cash, cash equivalents and restricted cash at end of period	$	462,243	$	400,309

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Virtus Investment Partners, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)



	Permanent Equity															Temporary Equity
	Common Stock			Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Treasury Stock			Total Attributed To Virtus Investment Partners, Inc.		Non- controlling Interests		Total Equity		Redeemable Non- controlling Interests
(in thousands, except per share data)	Shares	Par Value									Shares									Amount
Balances at June 30, 2024	7,082,071	$	122		$	1,304,176	$	226,540	$	(200)	5,151,707	$	(661,963)	$	868,675	$	3,443	$	872,118		$	129,450

Net income (loss)	—	—			—		40,980		—		—	—		40,980		401		41,381			7,723

Foreign currency translation adjustments	—	—			—		—		430		—	—		430		—		430			—
Net subscriptions (redemptions) and other	—	—			5,187		—		—		—	—		5,187		(168)		5,019			(39,062)



Cash dividends declared ($2.25 per common share)	—	—			—		(16,222)		—		—	—		(16,222)		—		(16,222)			—
Repurchases of common shares	(72,850)	—			—		—		—		72,850	(14,869)		(14,869)		—		(14,869)			—

Issuance of common shares related to employee stock transactions	7,212	—			—		—		—		—	—		—		—		—			—
Taxes paid on stock-based compensation	—	—			(827)		—		—		—	—		(827)		—		(827)			—
Stock-based compensation	—	—			5,692		—		—		—	—		5,692		—		5,692			—
Balances at September 30, 2024	7,016,433	$	122		$	1,314,228	$	251,298	$	230	5,224,557	$	(676,832)	$	889,046	$	3,676	$	892,722		$	98,111
Balances at June 30, 2025	6,748,088	$	123		$	1,327,872	$	307,409	$	586	5,563,805	$	(739,594)	$	896,396	$	1,933	$	898,329		$	123,097

Net income (loss)	—	—			—		31,926		—		—	—		31,926		(606)		31,320			21

Foreign currency translation adjustments	—	—			—		—		12		—	—		12		—		12			—
Net subscriptions (redemptions) and other	—	—			2,262		—		—		—	—		2,262		(252)		2,010			(19,927)




Cash dividends declared ($2.40 per common share)	—	—			—		(17,014)		—		—	—		(17,014)		—		(17,014)			—


Issuance of common shares related to employee stock transactions	5,356	—			—		—		—		—	—		—		—		—			—
Taxes paid on stock-based compensation	—	—			(673)		—		—		—	—		(673)		—		(673)			—
Stock-based compensation	—	—			5,793		—		—		—	—		5,793		—		5,793			—
Balances at September 30, 2025	6,753,444	$	123		$	1,335,254	$	322,321	$	598	5,563,805	$	(739,594)	$	918,702	$	1,075	$	919,777		$	103,191


	Permanent Equity															Temporary Equity
	Common Stock			Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Treasury Stock			Total Attributed To Virtus Investment Partners, Inc.		Non- controlling Interests		Total Equity		Redeemable Non- controlling Interests
(in thousands, except per share data)	Shares	Par Value									Shares									Amount
Balances at December 31, 2023	7,087,728	$	122		$	1,300,999	$	207,356	$	(87)	5,075,500	$	(644,464)	$	863,926	$	4,363	$	868,289		$	104,869
Net income (loss)	—	—			—		88,452		—		—	—		88,452		119		88,571			24,422
Foreign currency translation adjustments	—	—			—		—		317		—	—		317		—		317			—
Net subscriptions (redemptions) and other	—	—			5,249		—		—		—	—		5,249		(806)		4,443			(31,180)




Cash dividends declared ($6.05 per common share)	—	—			—		(44,510)		—		—	—		(44,510)		—		(44,510)			—
Repurchases of common shares	(149,057)	—			—		—		—		149,057	(32,368)		(32,368)		—		(32,368)			—
Issuance of common shares related to employee stock transactions	77,762	—			—		—		—		—	—		—		—		—			—
Taxes paid on stock-based compensation	—	—			(11,271)		—		—		—	—		(11,271)		—		(11,271)			—
Stock-based compensation	—	—			19,251		—		—		—	—		19,251		—		19,251			—
Balances at September 30, 2024	7,016,433	$	122		$	1,314,228	$	251,298	$	230	5,224,557	$	(676,832)	$	889,046	$	3,676	$	892,722		$	98,111
Balances at December 31, 2024	6,967,147	$	122		$	1,319,108	$	268,221	$	(364)	5,276,733	$	(689,594)	$	897,493	$	4,143	$	901,636		$	107,282

Net income (loss)	—	—			—		102,946		—		—	—		102,946		(932)		102,014			122
Foreign currency translation adjustments	—	—			—		—		962		—	—		962		—		962			—
Net subscriptions (redemptions) and other	—	—			2,457		—		—		—	—		2,457		(2,136)		321			(4,213)
Cash dividends declared ($6.90 per common share)	—	—			—		(48,846)		—		—	—		(48,846)		—		(48,846)			—
Repurchases of common shares	(287,072)	1			(1)		—		—		287,072	(50,000)		(50,000)		—		(50,000)			—
Issuance of common shares related to employee stock transactions	73,369	—			—		—		—		—	—		—		—		—			—
Taxes paid on stock-based compensation	—	—			(7,639)		—		—		—	—		(7,639)		—		(7,639)			—
Stock-based compensation	—	—			21,329		—		—		—	—		21,329		—		21,329			—
Balances at September 30, 2025	6,753,444	$	123		$	1,335,254	$	322,321	$	598	5,563,805	$	(739,594)	$	918,702	$	1,075	$	919,777		$	103,191

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Virtus Investment Partners, Inc.

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Organization and Business

Virtus Investment Partners, Inc. (the "Company," "we," "us," "our" or "Virtus"), a Delaware corporation, operates in the investment management industry through its subsidiaries.

The Company provides investment management and related services to institutions and individuals. The Company's investment strategies are offered to institutional clients through institutional separate and commingled accounts, including subadvisory services to other investment advisers as well as collateral management of structured products. The Company’s retail investment management services are provided to individuals through products consisting of: mutual funds registered pursuant to the Investment Company Act of 1940, as amended that include U.S. retail funds, exchange-traded funds ("ETFs"), Undertaking for Collective Investment in Transferable Securities and Qualifying Investor Funds ("global funds" and collectively with U.S. retail funds and ETFs the "open-end funds"); closed-end funds (collectively with open-end funds, the "funds"); retail separate accounts sold through intermediaries and wealth advisory services provided to high net worth clients through our wealth management business.

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") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K") filed with the Securities and Exchange Commission (the "SEC"). The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2024 Annual Report on Form 10-K.

Recent Accounting Pronouncements

New Accounting Standards Implemented

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

New Accounting Standards Not Yet Implemented

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The standard requires enhanced disclosures of certain expense captions presented on the face of the Consolidated Income Statement. In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date which clarifies that the standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted with amendments to be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40). The standard amends certain aspects of the accounting for internal-use software costs by requiring an entity to capitalize software costs when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is

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effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027. Early adoption is permitted using a prospective, modified or retrospective transition approach. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its condensed consolidated financial statements.

3. Revenues

The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.

Investment Management Fees by Source

The following table summarizes investment management fees by source:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Investment management fees
Open-end funds	$	73,270	$	79,428	$	217,686	$	237,991
Closed-end funds	15,635		14,942		45,369		43,741

Retail separate accounts	52,172		52,068		158,262		153,265
Institutional accounts	42,685		47,405		128,012		138,858



Total investment management fees	$	183,762	$	193,843	$	549,329	$	573,855

4. Intangible Assets, Net

Below is a summary of intangible assets, net:


	Definite-Lived						Indefinite-Lived		Total
(in thousands)	Gross Book Value		Accumulated Amortization		Net Book Value		Net Book Value		Net Book Value
Balances at December 31, 2024	$	809,064	$	(473,133)	$	335,931	$	42,298	$	378,229

Intangible amortization	—		(38,833)		(38,833)		—		(38,833)
Balances at September 30, 2025	$	809,064	$	(511,966)	$	297,098	$	42,298	$	339,396

Definite-lived intangible asset amortization for the remainder of fiscal year 2025 and succeeding fiscal years is estimated as follows:


Fiscal Year	Amount (in thousands)
Remainder of 2025	12,944
2026	50,797
2027	47,695
2028	42,033
2029	36,440
2030 and thereafter	107,189
Total	$	297,098

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5. Investments

Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 14, at September 30, 2025 and December 31, 2024 were as follows:


(in thousands)	September 30, 2025		December 31, 2024
Investment securities - fair value	$	110,561	$	83,771

Equity method investments (1)	19,345		20,286
Nonqualified retirement plan assets	19,606		15,159

Total investments	$	149,512	$	119,216

(1) The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.

Investment Securities - fair value

Investment securities - fair value consist of investments in the Company's sponsored funds and in separate accounts. The composition of the Company’s investment securities - fair value was as follows:


	September 30, 2025				December 31, 2024
(in thousands)	Cost		Fair Value		Cost		Fair Value
Investment Securities - fair value
Sponsored funds	$	53,466	$	56,383	$	63,220	$	63,296
Equity securities	19,020		22,124		17,406		19,019
Debt securities	32,059		32,054		1,457		1,456
Total investment securities - fair value	$	104,545	$	110,561	$	82,083	$	83,771

For the three and nine months ended September 30, 2025, the Company recognized net realized gains of $0.8 million and $0.8 million, respectively, related to its investment securities - fair value. For the three and nine months ended September 30, 2024, the Company recognized net realized gains of $0.5 million and $1.2 million, respectively, related to its investment securities - fair value.

6. Fair Value Measurements

The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:

September 30, 2025


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	331,918	$	—	$	—	$	331,918
Investment securities - fair value
Sponsored funds	56,383		—		—		56,383
Equity securities	22,124		—		—		22,124
Debt securities	—		2,403		29,651		32,054

Nonqualified retirement plan assets	19,606		—		—		19,606
Total assets measured at fair value	$	430,031	$	2,403	$	29,651	$	462,085

Liabilities
Contingent consideration	$	—	$	—	$	20,000	$	20,000
Total liabilities measured at fair value	$	—	$	—	$	20,000	$	20,000

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December 31, 2024


(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	225,736	$	—	$	—	$	225,736
Investment securities - fair value
Sponsored funds	63,296		—		—		63,296
Equity securities	19,019		—		—		19,019
Debt securities	—		1,456		—		1,456

Nonqualified retirement plan assets	15,159		—		—		15,159
Total assets measured at fair value	$	323,210	$	1,456	$	—	$	324,666

Liabilities
Contingent consideration	$	—	$	—	$	36,100	$	36,100
Total liabilities measured at fair value	$	—	$	—	$	36,100	$	36,100

The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value:

Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in funds for which the Company acts as the investment manager. The fair values of U.S. retail funds and global funds are determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1.

Equity securities represent securities traded on active markets, are valued at the official closing price (typically the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1.

Debt securities represent investments in corporate and government bonds and the note securities of collateralized loan obligations ("CLO"). The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2. The fair values of note securities of CLOs are based on valuations received from an independent valuation firm and are categorized as Level 3.

The following table presents a reconciliation of beginning and ending balances of the Company's Level 3 debt securities:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Debt securities, beginning of period	$	—	$	—	$	—	$	—

Purchases (sales), net	29,651		24,443		29,651		24,443


Debt securities, end of period	$	29,651	$	24,443	$	29,651	$	24,443

Nonqualified retirement plan assets represent U.S. retail funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.

Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company's business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3.

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The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024









Contingent consideration, beginning of period	$	20,000	$	38,408	$	36,100	$	56,200


Reduction for payments made	—		—		(13,086)		(14,492)
Increase (reduction) of liability related to re-measurement of fair value	—		(4,000)		(3,014)		(7,300)
Contingent consideration, end of period	$	20,000	$	34,408	$	20,000	$	34,408

The contingent consideration liability at September 30, 2025 of $20.0 million is related to the NFJ Group transaction. This liability is measured using an options pricing model valuation technique. The most significant unobservable inputs used relate to the revenue growth rates, discount rates (range of 6.06% - 6.12%) and the market price of risk adjustment (6.00%).

Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.

7. Equity Transactions

Dividends Declared

On August 13, 2025, the Company declared a quarterly cash dividend of $2.40 per common share to be paid on November 14, 2025 to shareholders of record at the close of business on October 31, 2025.

Common Stock Repurchases

During the nine months ended September 30, 2025, the Company repurchased 287,072 common shares under its share repurchase program at a weighted average price of $174.14 per share, for a total cost, including fees and expenses, of $50.0 million. On May 14, 2025 the Board of Directors authorized an additional 750,000 shares to be repurchased under the program. There were no share repurchases during the three months ended September 30, 2025. As of September 30, 2025, 866,240 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.

8. Stock-Based Compensation

Equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock, may be granted to officers, employees and directors of the Company pursuant to the Company's Amended and Restated Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At September 30, 2025, 688,839 shares of common stock remained available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan.

Stock-based compensation expense is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Stock-based compensation expense	$	5,688	$	8,239	$	19,231	$	24,259

Restricted Stock Units

Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Omnibus Plan and are not issued from treasury stock.

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RSU activity, inclusive of PSUs, for the nine months ended September 30, 2025 is summarized as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	317,489	$	205.86
Granted	167,110	$	173.85
Forfeited	(31,913)	$	218.76
Settled	(112,055)	$	202.91
Outstanding at September 30, 2025	340,631	$	189.92

For the nine months ended September 30, 2025 and 2024, a total of 43,532 and 49,086 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations and for which the Company paid $7.6 million and $11.3 million, respectively, in minimum employee tax withholding obligations. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting.

During the nine months ended September 30, 2025 and 2024, the Company granted 37,777 and 26,757 PSUs, respectively, that contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (i) the intrinsic value method for awards that contain a performance metric that represents a "performance condition" in accordance with Accounting Standards Codification ("ASC") 718, Stock Compensation ("ASC 718") and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period.

As of September 30, 2025, unamortized stock-based compensation expense for unvested RSUs and PSUs was $34.1 million with a weighted-average remaining contractual life of 1.3 years.

9. Earnings (Loss) Per Share

Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method.

The computation of basic and diluted EPS is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2025		2024		2025		2024
Net Income (Loss)	$	31,341	$	49,104	$	102,136	$	112,993
Noncontrolling interests	585		(8,124)		810		(24,541)


Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$	31,926	$	40,980	$	102,946	$	88,452
Shares:
Basic: Weighted-average number of shares outstanding	6,757		7,071		6,854		7,105
Plus: Incremental shares from assumed conversion of dilutive instruments	110		105		99		129
Diluted: Weighted-average number of shares outstanding	6,867		7,176		6,953		7,234
Earnings (Loss) per Share—Basic	$	4.73	$	5.80	$	15.02	$	12.45
Earnings (Loss) per Share—Diluted	$	4.65	$	5.71	$	14.81	$	12.23

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The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2025	2024	2025	2024
Restricted stock units	2	12	26	—

Total anti-dilutive securities	2	12	26	—

10. Income Taxes

In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter.

The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 27.0% and 24.4% for the nine months ended September 30, 2025 and 2024, respectively. The higher estimated effective tax rate for the nine months ended September 30, 2025 was primarily due to a change in valuation allowances in the current year related to the tax effects of lower realized and unrealized gains on Company investments compared to the prior year.

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company will continue to evaluate the potential impact of the OBBBA on future periods as further guidance becomes available; however, the Company does not anticipate it will have a material impact on the Company’s consolidated financial statements.

11. Debt

Credit Agreement

On September 26, 2025, the Company refinanced its existing credit agreement by entering into a new credit agreement (the “Credit Agreement”). The Credit Agreement provides for (i) a $400.0 million term loan for the Company with a seven-year term (the "Term Loan") expiring in September 2032, and (ii) a $250.0 million revolving credit facility with a five-year term expiring in September 2030. A portion of the proceeds of the refinancing have been used to repay the $234.7 million outstanding on the previous term loan. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement. In accordance with ASC 835, Interest, the amounts outstanding under the Company's Term Loan are presented on the Condensed Consolidated Balance Sheets net of related debt issuance costs, which were $9.4 million as of September 30, 2025.

Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either Term SOFR for interest periods of one, three or six months or an alternate base rate, in either case plus an applicable margin. The applicable margins are 2.25%, in the case of a SOFR-based Term Loan, and 1.25%, in the case of an alternate base rate loan. The Company is also required to pay a quarterly commitment fee on the average unused amount of the revolving credit facility which ranges from 0.15% to 0.25%, based on the secured net leverage ratio of the Company as of the last day of the preceding fiscal quarter.

The Term Loan will amortize at the rate of 1.00% per annum, payable in equal quarterly installments on the last day of each March, June, September and December (commencing on December 31, 2025), based on the aggregate principal amount of the Term Loan's outstanding balance on the closing date. In addition, the Credit Agreement requires that the term loans be mandatorily prepaid with excess cash flow each fiscal year commencing with the fiscal year ended December 31, 2026 if the secured net leverage ratio at the end of such excess cash flow period is (a) greater than 3:1, 50%, (b) greater than or equal to 2.5:1 but less than or equal to 3:1, 25%, and (c) less than 2.5:1, 0%, (d) 50% of the net proceeds of certain asset sales, casualty or condemnation events, subject to customary reinvestment rights; and (e) 100% of the proceeds of any indebtedness incurred to refinance the term loans or other refinancing indebtedness as well as indebtedness incurred other than indebtedness

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permitted to be incurred by the Credit Agreement. At any time, upon timely notice, the Company may terminate the Credit Agreement in full, reduce the commitment under the facility in minimum specified increments or prepay loans in whole or in part, and in the case of any term loans that are prepaid in connection with a “repricing transaction” occurring within the six-month period following the closing date of the Credit Agreement, a 1.00% premium.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the Company and its subsidiaries to incur additional indebtedness, create liens, merge or dissolve, make investments, dispose of assets, engage in sale and leaseback transactions, make distributions and dividends and prepayments of junior indebtedness, engage in transactions with affiliates, enter into restrictive agreements, amend documentation governing junior indebtedness, modify its fiscal year and modify its organizational documents, subject to customary exceptions, thresholds and qualifications. In addition, the Credit Agreement contains a financial performance covenant that is only applicable when greater than 35% of the revolving credit facility is outstanding, requiring a maximum leverage ratio, as of the last day of each of the four fiscal quarter periods, of no greater than the levels set forth in the Credit Agreement.

Future minimum Term Loan payments (exclusive of any mandatory excess cash flow repayments) as of September 30, 2025 were as follows:


	Amount
Year	(in thousands)
Remainder of 2025	$	1,000
2026	4,000
2027	4,000
2028	4,000
2029	4,000
2030 and thereafter	383,000
Total	$	400,000

12. Commitments and Contingencies

Legal Matters

The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities.

The Company records a liability when it believes that it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company's results of operations, cash flows or consolidated financial condition. However, in the event of unexpected subsequent developments, and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could have a material adverse effect on the Company's results of operations or cash flows in particular quarterly or annual periods.

13. Redeemable Noncontrolling Interests

Redeemable noncontrolling interests

Minority interests held in a majority-owned investment management subsidiary are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing equity of the investment management subsidiary, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated

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with any purchased equity. The minority interests are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.

Redeemable noncontrolling interests for the nine months ended September 30, 2025 included the following amounts:


	Redeemable Noncontrolling Interests
(in thousands)	CIP		Investment Manager		Total
Balances at December 31, 2024	$	45,667	$	61,615	$	107,282

Net income (loss) attributable to noncontrolling interests	2,755		4,524		7,279
Changes in redemption value (1)	—		(7,157)		(7,157)
Total net income (loss) attributable to noncontrolling interests	2,755		(2,633)		122
Investment management subsidiary equity sales (purchases)	—		(15,849)		(15,849)
Net subscriptions (redemptions) and other	16,063		(4,427)		11,636

Balances at September 30, 2025	$	64,485	$	38,706	$	103,191

(1) Relates to noncontrolling interests redeemable at other than fair value.

Equity awards of majority owned investment management subsidiary

The Company also issues equity-based profit-interest awards of a majority owned investment manager to certain of its employees, with certain awards having up to a three-year vesting period when issued. These profit-interest awards are subject to holder put rights and Company call rights at established multiples of earnings before interest, taxes, depreciation and amortization, with certain awards also subject to pre-established thresholds. The awards are accounted for as cash-settled liability awards under ASC 718, with changes in value at each reporting date recognized as compensation expense over the requisite service period, if any, in the Company’s Consolidated Statements of Operations. The awards are classified as a liability within accrued compensation and benefits on the Consolidated Balance Sheets until the awards are settled. Additionally, these awards have a right to participate in distributions of the investment manager which are recorded as employment expense in the Company’s Condensed Consolidated Statements of Operations.

Accrued compensation associated with these awards was $16.5 million and $19.4 million at September 30, 2025 and December 31, 2024, respectively. Compensation expense related to these awards totaled $(1.4) million and $5.5 million for the nine months ended September 30, 2025 and 2024, respectively.

14. Consolidation

The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A voting interest entity ("VOE") is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.

The Company evaluates any variable interest entity ("VIE") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support, or (ii) where, as a group, the holders of the equity investment at risk do not possess any one of the following: (a) the power through voting or similar rights to direct the activities that most significantly impact the entity's economic performance, (b) the obligation to absorb expected losses or the right to receive expected residual returns of the entity, or (c) proportionate voting and economic interests and where substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.

In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. CIP includes both VOEs, made up primarily of U.S. retail funds and ETFs in which the Company holds a controlling financial interest, and VIEs, which consist of collateralized loan obligations ("CLO") and certain global and private funds ("GF") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on the Company's net income (loss). The Company's risk with respect to these

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investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company's investments in, and fees generated from, these products.

The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024:


	As of
	September 30, 2025						December 31, 2024
	VOEs		VIEs				VOEs		VIEs
(in thousands)			CLOs		GFs				CLOs		GFs
Cash and cash equivalents	$	4,048	$	85,952	$	1,680	$	5,179	$	125,995	$	3,247
Investments	52,332		2,079,838		106,548		40,678		2,141,626		88,413
Other assets	605		50,259		1,599		403		172,707		1,261
Notes payable	—		(2,030,580)		—		—		(2,171,946)		—
Securities purchased payable and other liabilities	(371)		(94,366)		(1,207)		(4,271)		(151,922)		(1,840)
Noncontrolling interests	(14,512)		(1,075)		(49,973)		(12,452)		(4,143)		(33,215)
Net interests in CIP	$	42,102	$	90,028	$	58,647	$	29,537	$	112,317	$	57,866

Consolidated CLOs

The majority of the Company's CIP that are VIEs are CLOs. A majority-owned consolidated private fund, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, is also included. At September 30, 2025, the Company consolidated seven CLOs. On September 12, 2025, the Company issued a new CLO and in conjunction with the issuance, made a $29.7 million investment in the subordinated notes. The financial information of CLOs is included in the Company's condensed consolidated financial statements on a one-month lag based upon the availability of their financial information.

Investments of CLOs

The CLOs held investments of $2.1 billion at September 30, 2025, consisting of bank loan investments that comprise the majority of the CLOs' portfolio asset collateral and are senior secured corporate loans across a variety of industries. These bank loan investments mature at various dates between 2025 and 2033 and generally pay interest at SOFR plus a spread.

Notes Payable of CLOs

The CLOs held notes payable with a total value, at par, of $2.3 billion at September 30, 2025, consisting of senior secured floating rate notes payable with a par value of $2.0 billion and subordinated notes with a par value of $238.8 million. These note obligations bear interest at variable rates based on SOFR plus a pre-defined spread.

The Company's beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, Consolidation (Topic 810) ("ASU 2014-13"), results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2025, as shown in the table below:





	(in thousands)
Subordinated notes	$	88,609
Accrued investment management fees	1,419
Total Beneficial Interests	$	90,028

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The following table represents income and expenses of the consolidated CLOs included in the Company’s Condensed Consolidated Statements of Operations for the period indicated:


	Nine Months Ended September 30, 2025
	(in thousands)
Income:
Realized and unrealized gain (loss), net	$	(31,172)
Interest income	133,080

Total Income	101,908

Expenses:
Other operating expenses	1,322
Interest expense	101,346
Total Expense	102,668
Noncontrolling interests	932
Net Income (Loss) Attributable to CLOs	$	172

The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation:


	Nine Months Ended September 30, 2025
	(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company	$	(6,795)
Investment management fees	6,967

Total Economic Interests	$	172

Fair Value Measurements of CIP

The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:


As of September 30, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	85,952	$	—	$	—	$	85,952
Debt investments	53		2,163,678		28,649		2,192,380
Equity investments	45,736		25		577		46,338

Total assets measured at fair value	$	131,741	$	2,163,703	$	29,226	$	2,324,670
Liabilities
Notes payable	$	—	$	2,030,580	$	—	$	2,030,580
Short sales	272		—		—		272

Total liabilities measured at fair value	$	272	$	2,030,580	$	—	$	2,030,852

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As of December 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents	$	127,695	$	—	$	—	$	127,695
Debt investments	—		2,239,924		6,676		2,246,600
Equity investments	22,993		111		1,013		24,117

Total assets measured at fair value	$	150,688	$	2,240,035	$	7,689	$	2,398,412
Liabilities
Notes payable	$	—	$	2,171,946	$	—	$	2,171,946

Short sales	356		—		—		356
Total liabilities measured at fair value	$	356	$	2,171,946	$	—	$	2,172,302

The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP measured at fair value:

Level 1 assets represent cash investments in money market funds and debt and equity investments that are valued using published net asset values or the official closing price on the exchange on which the securities are traded.

Level 2 assets represent most debt securities (including bank loans) and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments, other than bank loans, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments, are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics.

Level 3 assets include debt and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. These securities are valued using unadjusted prices from an independent pricing service.

Level 1 liabilities consist of short sales transactions in which a security is sold that is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded on the Condensed Consolidated Balance Sheets within other liabilities of CIP and are classified as Level 1 based on the underlying equity security.

Level 2 liabilities consist of notes payable issued by CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (i) the fair value of the beneficial interests held by the Company, and (ii) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment.

The securities purchased payable at September 30, 2025 and December 31, 2024 approximated fair value due to the short-term nature of the instruments.

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The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Balance at beginning of period	$	7,689	$	37,062


Realized and unrealized gains (losses), net	(1,872)		918

Purchases	2,398		19


Sales	(49,282)		(36,452)
Transfers to Level 2	(50,208)		(71,236)
Transfers from Level 2	120,501		125,527
Balance at end of period (1)	$	29,226	$	55,838

(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.

Nonconsolidated VIEs

The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.

The Company has interests in certain other VIEs that the Company does not consolidate as it is not the primary beneficiary since its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance. At September 30, 2025, the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $25.8 million.

15. Segments

The key GAAP measure of segment profit or loss that the chief operating decision maker ("CODM") uses to evaluate the Company’s financial performance and allocate resources of the Company is net income, as reported on the Company’s Condensed Consolidated Statements of Operations. In addition, the CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense categories on the Condensed Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Condensed Consolidated Balance Sheets.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q contains statements that are, or may be considered to be, forward-looking statements within the meaning of federal securities laws, including Section 27A of the securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and the Private Securities Litigation Reform Act of 1995, as amended. All statements that are not historical facts, including statements about our beliefs or expectations, are "forward-looking statements." These statements may be identified by such forward-looking terminology as "expect," "estimate," "intent," "plan," "intend," "believe," "anticipate," "may," "will," "should," "could," "continue," "project," "opportunity," "predict," "would," "potential," "future," "forecast," "guarantee," "assume," "likely," "target" or similar statements or variations of such terms.

Our forward-looking statements are based on a series of expectations, assumptions and projections about the Company and the markets in which we operate, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, net asset inflows and outflows, operating cash flows, business plans and ability to borrow, for all future periods. All forward-looking statements contained in this Quarterly Report on Form 10-Q are as of the date of this Quarterly Report on Form 10-Q only.

We can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. We do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If there are any future public statements or disclosures by us that modify or impact any of the forward-looking statements contained in or accompanying this Quarterly Report on Form 10-Q, such statements or disclosures will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.

Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including those discussed under "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K and this Quarterly Report on Form 10-Q, resulting from: (i) reduction in our assets under management; (ii) financial or business risks from strategic transactions; (iii) withdrawal, renegotiation or termination of investment management agreements; (iv) damage to our reputation; (v) inability to satisfy financial debt covenants and required payments; (vi) lack of sufficient capital on satisfactory terms; (vii) inability to attract and retain key personnel; (viii) challenges from competition; (ix) adverse developments related to unaffiliated subadvisers; (x) negative changes in key distribution relationships; (xi) interruptions, breaches, or failures of technology systems; (xii) loss on our investments; (xiii) adverse regulatory and legal developments; (xiv) failure to comply with investment guidelines or other contractual requirements; (xv) adverse civil litigation, government investigations, or proceedings; (xvi) unfavorable changes in tax laws or unanticipated tax obligations; (xvii) impediments from certain corporate governance provisions; (xviii) losses or costs not covered by insurance; (xix) impairment of goodwill or other intangible assets; and other risks and uncertainties. Any occurrence of, or any material adverse change in, one or more risk factors or risks and uncertainties referred to above, in our 2024 Annual Report on Form 10-K, this Quarterly Report on Form 10-Q and our other periodic reports filed with the Securities and Exchange Commission (the "SEC") could materially and adversely affect our operations, financial results, cash flows, prospects and liquidity.

Certain other factors that may impact our continuing operations, prospects, financial results and liquidity, or that may cause actual results to differ from such forward-looking statements, are discussed or included in the Company’s periodic reports filed with the SEC and are available on our website at www.virtus.com under "Investor Relations." You are urged to carefully consider all such factors.

Overview

Our Business

We provide investment management and related services to institutions and individuals. We use a multi-manager, multi-style approach, offering investment strategies from investment managers, each having its own distinct investment style, autonomous investment process and individual brand, as well as from select unaffiliated managers for certain of our retail funds. By offering a broad array of products, we believe we can appeal to a greater number of investors and have offerings across market cycles and through changes in investor preferences. Our earnings are primarily from asset-based fees charged for services relating to these various products, including investment management, fund administration, distribution, and shareholder services.

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We offer investment strategies for institutional and individual investors in different investment products and through multiple distribution channels. Our investment strategies are available in a diverse range of styles and disciplines, managed by differentiated investment managers. We have offerings in various asset classes (equity, fixed income, multi-asset and alternatives), geographies (domestic, global, international and emerging), market capitalizations (large, mid and small), styles (growth, core and value) and investment approaches (fundamental and quantitative). Our institutional products are offered to a variety of institutional clients through institutional separate accounts and commingled accounts, including subadvisory services to other investment advisers as well as collateral management of structured products. Our retail products include open-end funds, closed-end funds and retail separate accounts.

Our institutional distribution resources include investment manager-specific sales teams primarily focused on the U.S. market, supported by shared consultant relations and U.S. and non-U.S. institutional sales distribution. Our institutional products are marketed through relationships with consultants as well as directly to clients. We target key market segments, including foundations and endowments, corporations, public and private pension plans, sovereign wealth funds and subadvisory relationships.

Our retail distribution resources in the U.S. consist of regional sales professionals, a national account relationship group and specialized teams for retirement and exchange traded funds ("ETFs"). Our U.S. retail funds and retail separate accounts are distributed through financial intermediaries. We have broad distribution access in the U.S. retail market, with distribution partners that include national and regional broker-dealers, independent broker-dealers and registered investment advisers, banks and insurance companies. In many of these firms, we have a number of products that are on preferred "recommended" lists and on fee-based advisory programs. Our wealth management business is marketed directly to individual clients by financial advisory teams at our investment managers.

Financial Highlights

▪Total revenues were $216.4 million in the third quarter of 2025, a decrease of $10.6 million, or 4.7%, compared to total revenues of $227.0 million in the third quarter of 2024.

▪Operating income was $47.1 million in the third quarter of 2025, a decrease of $8.2 million, or 14.8%, compared to $55.3 million in the third quarter of 2024.

▪Net income per diluted share was $4.65 in the third quarter of 2025, a decrease of $1.06, or 18.6%, compared to net income per diluted share of $5.71 in the third quarter of 2024.

Assets Under Management

Total sales were $6.3 billion in the third quarter of 2025, a decrease of $0.3 billion, or 4.9%, from $6.6 billion in the third quarter of 2024. Net flows were $(3.9) billion in the third quarter of 2025 compared to net flows of $(1.7) billion in the third quarter of 2024.

At September 30, 2025, total assets under management were $169.3 billion, representing a decrease of $14.4 billion, or 7.8%, from September 30, 2024, and a decrease of $5.7 billion, or 3.2%, from December 31, 2024. The decrease in total assets under management from September 30, 2024 primarily included $15.6 billion from net outflows partially offset by $3.8 billion from positive market performance. The decrease in total assets under management from December 31, 2024 included $10.8 billion from net outflows partially offset by $6.6 billion from positive market performance.

Assets Under Management by Product

The following table summarizes our assets under management by product:


	As of September 30,				Change
(in millions)	2025		2024		$		%
Open-End Funds (1)	$	55,724	$	58,100	$	(2,376)	(4.1)	%
Closed-End Funds	10,867		10,432		435		4.2	%
Retail Separate Accounts (2)	46,798		50,610		(3,812)		(7.5)	%
Institutional Accounts (3)	55,936		64,600		(8,664)		(13.4)	%


Total	$	169,325	$	183,742	$	(14,417)	(7.8)	%
Average Assets Under Management (4)	$	170,275	$	174,841	$	(4,566)	(2.6)	%

(1)Represents assets under management of U.S. retail funds, global funds and ETFs.

(2)Includes investment models provided to managed account sponsors.

(3)Represents assets under management of institutional separate and commingled accounts including structured products.

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(4)Calculated according to revenue earning basis that includes average daily, weekly, monthly beginning balance, monthly ending balance, or quarter beginning and ending balance, as well as quarter beginning or ending spot balance.

Asset Flows by Product

The following table summarizes asset flows by product:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2025		2024		2025		2024
Open-End Funds (1)
Beginning balance	$	55,653	$	55,852	$	56,073	$	56,062
Inflows	2,815		3,118		8,678		9,371
Outflows	(3,901)		(4,143)		(11,817)		(12,367)
Net flows	(1,086)		(1,025)		(3,139)		(2,996)
Market performance	1,335		3,410		3,296		5,490
Other (2)	(178)		(137)		(506)		(456)
Ending balance	$	55,724	$	58,100	$	55,724	$	58,100

Closed-End Funds
Beginning balance	$	10,481	$	9,915	$	10,225	$	10,026
Inflows	3		—		12		—
Outflows	(10)		—		(52)		(41)
Net flows	(7)		—		(40)		(41)
Market performance	581		845		1,216		1,167
Other (2)	(188)		(328)		(534)		(720)
Ending balance	$	10,867	$	10,432	$	10,867	$	10,432


Retail Separate Accounts (3)
Beginning balance	$	47,445	$	45,672	$	49,536	$	43,202
Inflows	1,449		2,260		4,659		6,805
Outflows	(2,666)		(1,829)		(7,340)		(5,212)
Net flows	(1,217)		431		(2,681)		1,593
Market performance	579		4,507		(46)		5,812
Other (2)	(9)		—		(11)		3
Ending balance	$	46,798	$	50,610	$	46,798	$	50,610

Institutional Accounts (4)
Beginning balance	$	57,131	$	62,146	$	59,167	$	62,969
Inflows	2,006		1,219		4,744		4,141
Outflows	(3,548)		(2,349)		(9,662)		(8,284)
Net flows	(1,542)		(1,130)		(4,918)		(4,143)
Market performance	498		3,790		2,172		6,242
Other (2)	(151)		(206)		(485)		(468)
Ending balance	$	55,936	$	64,600	$	55,936	$	64,600


















Total
Beginning balance	$	170,710	$	173,585	$	175,001	$	172,259
Inflows	6,273		6,597		18,093		20,317
Outflows	(10,125)		(8,321)		(28,871)		(25,904)
Net flows	(3,852)		(1,724)		(10,778)		(5,587)
Market performance	2,993		12,552		6,638		18,711
Other (2)	(526)		(671)		(1,536)		(1,641)
Ending balance	$	169,325	$	183,742	$	169,325	$	183,742

(1)Represents assets under management of U.S. retail funds, global funds and ETFs.

(2)Represents open-end and closed-end fund distributions net of reinvestments, the impact of non-sales related activities such as

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asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage.

(3)Includes investment models provided to managed account sponsors.

(4)Represents assets under management of institutional separate and commingled accounts including structured products.

Assets Under Management by Asset Class

The following table summarizes assets under management by asset class:


	As of September 30,				Change				% of Total
(in millions)	2025		2024		$		%		2025		2024
Asset Class
Equity	$	92,066	$	106,784	$	(14,718)	(13.8)	%	54.4	%	58.1	%
Fixed income	39,750		39,014		736		1.9	%	23.5	%	21.2	%
Multi-asset (1)	22,078		21,619		459		2.1	%	13.0	%	11.8	%
Alternatives (2)	15,431		16,325		(894)		(5.5)	%	9.1	%	8.9	%
Total	$	169,325	$	183,742	$	(14,417)	(7.8)	%	100.0	%	100.0	%

(1) Consists of multi-asset offerings not included in equity, fixed income and alternatives.

(2) Consists of real estate securities, managed futures, event-driven, infrastructure and other strategies.

Average Assets Under Management and Average Fees Earned

The following tables summarize the average management fees earned in basis points and average assets under management:


	Three Months Ended September 30,
	Average Fee Earned (expressed in basis points)		Average Assets Under Management (in millions) (4)
	2025	2024	2025		2024
Products
Open-End Funds (1)	47.0	49.7	$	55,889	$	56,731
Closed-End Funds	58.5	58.5	10,598		10,159
Retail Separate Accounts (2)	41.8	43.7	47,363		45,672
Institutional Accounts (3)	31.6	31.0	56,426		63,428


All Products	41.2	41.9	$	170,276	$	175,990

	Nine Months Ended September 30,
	Average Fee Earned (expressed in basis points)		Average Assets Under Management (in millions) (4)
	2025	2024	2025		2024
Products
Open-End Funds (1)	47.2	50.2	$	55,245	$	56,750
Closed-End Funds	58.6	58.6	10,356		9,972
Retail Separate Accounts (2)	42.6	43.6	47,774		45,230
Institutional Accounts (3)	31.7	30.9	56,900		62,889


All Products	41.4	42.0	$	170,275	$	174,841

(1)Represents assets under management of U.S. retail funds, global funds and ETFs.

(2)Includes investment models provided to managed account sponsors.

(3)Represents assets under management of institutional separate and commingled accounts including structured products.

Average fees earned represent investment management fees, net of revenue-related adjustments, and excluding the impact of consolidated investment products ("CIP") divided by average net assets. Revenue-related adjustments are based on specific agreements and reflect the portion of investment management fees passed-through to third-party client intermediaries for services to investors in sponsored investment products. Fund fees are calculated based on average daily or

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weekly net assets. Retail separate account fees, which include wealth management accounts, are calculated based on the end of the preceding or current quarter’s asset values or on an average of month-end balances. Institutional account fees are calculated based on an average of month-end balances, an average of current quarter’s asset values or on a combination of the underlying cash flows and the principal value of the product. Average fees earned will vary based on several factors, including the asset mix and expense reimbursements to the funds.

The average fee rate earned decreased for the three and nine months ended September 30, 2025 compared to the same periods in the prior year primarily due to a shift in the asset mix in our open-end funds to certain strategies, which have a lower fee rate, partially offset by an increase in average fee rates of our institutional accounts due to the redemptions of lower fee earning assets.

Results of Operations

Summary Financial Data



	Three Months Ended September 30,				Change				Nine Months Ended September 30,				Change
(in thousands)	2025		2024		$		%		2025		2024		$		%
Investment management fees	$	183,762	$	193,843	$	(10,081)	(5.2)	%	$	549,329	$	573,855	$	(24,526)	(4.3)	%
Other revenue	32,623		33,186		(563)		(1.7)	%	95,513		99,600		(4,087)		(4.1)	%
Total revenues	216,385		227,029		(10,644)		(4.7)	%	644,842		673,455		(28,613)		(4.2)	%
Total operating expenses	169,325		171,771		(2,446)		(1.4)	%	515,977		541,686		(25,709)		(4.7)	%
Operating income (loss)	47,060		55,258		(8,198)		(14.8)	%	128,865		131,769		(2,904)		(2.2)	%
Other income (expense), net	(12,120)		(28)		(12,092)		N/M		(19,858)		(8,419)		(11,439)		135.9	%
Interest income (expense), net	9,509		9,671		(162)		(1.7)	%	30,990		26,019		4,971		19.1	%
Income (loss) before income taxes	44,449		64,901		(20,452)		(31.5)	%	139,997		149,369		(9,372)		(6.3)	%
Income tax expense (benefit)	13,108		15,797		(2,689)		(17.0)	%	37,861		36,376		1,485		4.1	%
Net income (loss)	31,341		49,104		(17,763)		(36.2)	%	102,136		112,993		(10,857)		(9.6)	%
Noncontrolling interests	585		(8,124)		8,709		(107.2)	%	810		(24,541)		25,351		(103.3)	%


Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$	31,926	$	40,980	$	(9,054)	(22.1)	%	$	102,946	$	88,452	$	14,494	16.4	%
Earnings (loss) per share-diluted	$	4.65	$	5.71	$	(1.06)	(18.6)	%	$	14.81	$	12.23	$	2.58	21.1	%

N/M = Not Meaningful

In the third quarter of 2025, total revenues decreased 4.7% to $216.4 million from $227.0 million in the third quarter of 2024, primarily as a result of decreased average assets under management. Operating income decreased by $8.2 million to $47.1 million in the third quarter of 2025 compared to $55.3 million in the third quarter of 2024, due primarily to decreased revenues as mentioned above.

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Revenues

Revenues by source were as follows:


	Three Months Ended September 30,				Change				Nine Months Ended September 30,				Change
(in thousands)	2025		2024		$		%		2025		2024		$		%
Investment management fees
Open-end funds	$	73,270	$	79,428	$	(6,158)	(7.8)	%	$	217,686	$	237,991	$	(20,305)	(8.5)	%
Closed-end funds	15,635		14,942		693		4.6	%	45,369		43,741		1,628		3.7	%

Retail separate accounts	52,172		52,068		104		0.2	%	158,262		153,265		4,997		3.3	%
Institutional accounts	42,685		47,405		(4,720)		(10.0)	%	128,012		138,858		(10,846)		(7.8)	%



Total investment management fees	183,762		193,843		(10,081)		(5.2)	%	549,329		573,855		(24,526)		(4.3)	%
Distribution and service fees	12,517		13,567		(1,050)		(7.7)	%	37,238		41,007		(3,769)		(9.2)	%
Administration and shareholder service fees	18,869		18,560		309		1.7	%	54,924		55,546		(622)		(1.1)	%
Other income and fees	1,237		1,059		178		16.8	%	3,351		3,047		304		10.0	%
Total Revenues	$	216,385	$	227,029	$	(10,644)	(4.7)	%	$	644,842	$	673,455	$	(28,613)	(4.2)	%

Investment Management Fees

Investment management fees are earned based on a percentage of assets under management and are paid pursuant to the terms of the respective investment management agreements, which generally require monthly or quarterly payments. Investment management fees decreased by $10.1 million, or 5.2%, and $24.5 million, or 4.3%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to decreased average assets under management.

Distribution and Service Fees

Distribution and service fees are sales- and asset-based fees earned from open-end funds for marketing and distribution services. Distribution and service fees decreased by $1.1 million, or 7.7%, and $3.8 million, or 9.2%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to lower sales and average assets under management for open-end funds in share classes that have sales- and asset-based distribution and service fees.

Administration and Shareholder Service Fees

Administration and shareholder service fees represent fees earned for fund administration and shareholder services from our U.S. retail funds, ETFs and closed-end funds. Fund administration and shareholder service fees remained consistent during the three and nine months ended September 30, 2025 compared to the same periods in the prior year.

Other Income and Fees

Other income and fees primarily represent fees related to other fee-earning assets and certain ETFs. Other income and fees increased $0.3 million, or 10.0%, for the nine months ended September 30, 2025, compared to the same period in the prior year primarily due to increased marketing fees earned during the current year period.

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Operating Expenses

Operating expenses by category were as follows:


	Three Months Ended September 30,				Change				Nine Months Ended September 30,				Change
(in thousands)	2025		2024		$		%		2025		2024		$		%
Operating expenses
Employment expenses	$	98,807	$	105,555	$	(6,748)	(6.4)	%	$	305,930	$	326,385	$	(20,455)	(6.3)	%
Distribution and other asset-based expenses	22,034		24,175		(2,141)		(8.9)	%	66,905		72,218		(5,313)		(7.4)	%
Other operating expenses	32,428		30,363		2,065		6.8	%	98,051		94,788		3,263		3.4	%
Other operating expenses of CIP	496		465		31		6.7	%	2,306		4,064		(1,758)		(43.3)	%
Change in fair value of contingent consideration	—		(4,000)		4,000		(100.0)	%	(3,014)		(7,300)		4,286		(58.7)	%
Restructuring expense	693		—		693		100.0	%	693		1,487		(794)		(53.4)	%
Depreciation expense	1,922		2,330		(408)		(17.5)	%	6,273		6,628		(355)		(5.4)	%
Amortization expense	12,945		12,883		62		0.5	%	38,833		43,416		(4,583)		(10.6)	%
Total operating expenses	$	169,325	$	171,771	$	(2,446)	(1.4)	%	$	515,977	$	541,686	$	(25,709)	(4.7)	%

Employment Expenses

Employment expenses consist of fixed and variable compensation and related employee benefit costs. Employment expenses decreased by $6.7 million, or 6.4%, and $20.5 million, or 6.3%, for the three and nine months ended September 30, 2025, respectively, primarily due to a decrease in profit- and sales-based compensation and stock-based compensation expense.

Distribution and Other Asset-Based Expenses

Distribution and other asset-based expenses consist primarily of payments to third-party client intermediaries for providing services to investors in sponsored investment products. These payments are primarily based on assets under management. Distribution and other asset-based expenses decreased $2.1 million, or 8.9%, and $5.3 million, or 7.4%, for the three and nine months ended September 30, 2025, respectively, primarily due to decreases in assets under management in share classes that have asset-based distribution and other asset-based expenses.

Other Operating Expenses

Other operating expenses primarily consist of investment research and technology costs, software application and development expenses, professional fees, travel and distribution-related costs, rent and occupancy expenses, and other business costs. Other operating expenses increased $2.1 million, or 6.8%, and $3.3 million, or 3.4%, for the three and nine months ended September 30, 2025 compared to the same periods in the prior year primarily due to increased legal and professional fees associated with the refinancing of the Company's credit facility and discrete business initiatives.

Other Operating Expenses of CIP

Other operating expenses of CIP decreased by $1.8 million, or 43.3%, for the nine months ended September 30, 2025, compared to the same period in the prior year primarily due to refinancing activities associated with two CLO's in the prior year period.

Change in Fair Value of Contingent Consideration

Contingent consideration related to the Company's acquisitions are fair valued on each reporting date incorporating changes in various estimates, including underlying performance estimates, discount rates and amount of time until the conditions of the contingent payments are achieved. The change in fair value is recorded in the current period as a gain or loss. The change in fair value of contingent consideration for the nine months ended September 30, 2025 was primarily attributable to changes in underlying performance estimates and the passage of time.

Depreciation Expense

Depreciation expense consists primarily of the straight-line depreciation of furniture, equipment and leasehold improvements. Depreciation expense decreased by $0.4 million, or 17.5%, and $0.4 million, or 5.4% for the three and nine

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months ended September 30, 2025, compared to the same periods in the prior year primarily due to the prior year acceleration of depreciation on leasehold improvements associated with a terminated lease, partially offset by an increase as a result of software and equipment purchases.

Amortization Expense

Amortization expense consists of the amortization of definite-lived intangible assets over their estimated useful lives. Amortization expense decreased by $4.6 million, or 10.6%, for the nine months ended September 30, 2025, compared to the same period in the prior year, primarily due to intangible assets becoming fully amortized.

Other Income (Expense)

Other Income (Expense), net by category were as follows:


	Three Months Ended September 30,				Change				Nine Months Ended September 30,				Change
(in thousands)	2025		2024		$		%		2025		2024		$		%
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	$	2,257	$	4,552	$	(2,295)	(50.4)	%	$	5,237	$	6,415	$	(1,178)	(18.4)	%
Realized and unrealized gain (loss) of CIP, net	(14,913)		(5,128)		(9,785)		190.8	%	(27,766)		(16,529)		(11,237)		68.0	%
Other income (expense), net	536		548		(12)		(2.2)	%	2,671		1,695		976		57.6	%
Total Other Income (Expense), net	$	(12,120)	$	(28)	$	(12,092)	N/M		$	(19,858)	$	(8,419)	$	(11,439)	135.9	%

N/M = Not Meaningful

Realized and unrealized gain (loss) on investments, net

Realized and unrealized gain (loss) on investments, net changed during the three and nine months ended September 30, 2025 by $(2.3) million and $(1.2) million, respectively, compared to the same periods in the prior year. The change for the three and nine months ended September 30, 2025 is primarily attributable to a decrease in unrealized gains due to changes in market values of our investments.

Realized and unrealized gain (loss) of CIP, net

Realized and unrealized gain (loss) of CIP, net changed by $(9.8) million and $(11.2) million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year. The change for the three months ended September 30, 2025 consisted primarily of changes in net unrealized losses of $21.8 million related to the value of the notes payable, partially offset by net unrealized and realized gains of $12.0 million due to changes in market values of leveraged loans. The change for the nine months ended September 30, 2025 consisted primarily of changes in net unrealized and realized losses of $33.7 million, due to changes in market values of leveraged loans, partially offset by net unrealized gains of $22.5 million related to the value of the notes payable.

Other income (expense), net

Other income (expense), net changed by $1.0 million for the nine months ended September 30, 2025, compared to the same period in the prior year due to changes in the gains and losses on our equity method investments, as well as foreign currency gains and losses.

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Interest Income (Expense)

Interest Income (Expense), net by category were as follows:


	Three Months Ended September 30,				Change				Nine Months Ended September 30,				Change
(in thousands)	2025		2024		$		%		2025		2024		$		%
Interest Income (Expense)
Interest expense	$	(5,299)	$	(5,807)	$	508	(8.7)	%	$	(14,442)	$	(17,099)	$	2,657	(15.5)	%
Interest and dividend income	2,200		2,913		(713)		(24.5)	%	7,270		9,025		(1,755)		(19.4)	%
Interest and dividend income of investments of CIP	45,918		50,628		(4,710)		(9.3)	%	139,508		154,128		(14,620)		(9.5)	%
Interest expense of CIP	(33,310)		(38,063)		4,753		(12.5)	%	(101,346)		(120,035)		18,689		(15.6)	%
Total Interest Income (Expense), net	$	9,509	$	9,671	$	(162)	(1.7)	%	$	30,990	$	26,019	$	4,971	19.1	%

Interest Expense

Interest expense decreased $0.5 million, or 8.7%, and $2.7 million, or 15.5%, for the three and nine months ended September 30, 2025, respectively, primarily due to lower average debt outstanding and lower average interest rates during the current year periods.

Interest and Dividend Income

Interest and dividend income is earned on cash equivalents and our marketable securities. Interest and dividend income decreased $0.7 million, or 24.5%, and $1.8 million, or 19.4%, during the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to lower average interest rates and average investments in the current year period.

Interest and Dividend Income of Investments of CIP

Interest and dividend income of investments of CIP decreased $4.7 million, or 9.3%, and $14.6 million, or 9.5%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year primarily due to lower average interest rates in the current year period.

Interest Expense of CIP

Interest expense of CIP represents interest expense on the notes payable of CIP. Interest expense of CIP decreased by $4.8 million, or 12.5%, and $18.7 million, or 15.6%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in the prior year, primarily due to lower average interest rates in the current year period.

Income Tax Expense (Benefit)

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Liquidity and Capital Resources

Certain Financial Data

The following table summarizes certain financial data relating to our liquidity and capital resources:


	September 30, 2025		December 31, 2024		Change
(in thousands)					$		%
Balance Sheet Data
Cash and cash equivalents	$	370,563	$	265,888	$	104,675	39.4	%
Investments	149,512		119,216		30,296		25.4	%
Contingent consideration	37,351		63,505		(26,154)		(41.2)	%
Debt	390,622		232,130		158,492		68.3	%
Redeemable noncontrolling interests	103,191		107,282		(4,091)		(3.8)	%
Total equity	919,777		901,636		18,141		2.0	%


	Nine Months Ended September 30,				Change
(in thousands, Provided by (Used in);	2025		2024		$		%
Cash Flow Data
Operating activities	$	180,245	$	104,562	$	75,683	72.4	%
Investing activities	(5,424)		(4,816)		(608)		12.6	%
Financing activities	(114,246)		(129,506)		15,260		(11.8)	%

Overview

At September 30, 2025, we had $370.6 million of cash and cash equivalents and $149.5 million of investments, which included $110.6 million of investment securities, compared to $265.9 million of cash and cash equivalents and $119.2 million of investments, which included $83.8 million of investment securities, at December 31, 2024.

Uses of Capital

Our operating expenses consist of employee compensation and related benefit costs and other operating expenses, which primarily consist of costs related to distribution, investment research and data, occupancy, software application and development and professional fees, as well as interest on our indebtedness and income taxes. Annual incentive compensation, our largest annual operating cash expenditure, is paid in the first quarter of the year. In 2025 and 2024, we paid $158.4 million and $146.1 million, respectively, in incentive compensation earned during the years ended December 31, 2024 and 2023, respectively.

In addition to operating activities, other uses of cash could include: (i) investments in organic growth, including seeding or launching new products and expanding distribution; (ii) debt principal payments through scheduled amortization or additional paydowns; (iii) dividend payments to common stockholders; (iv) repurchases of our common stock, or withholding obligations for the net settlement of employee share transactions; (v) investments in our technology infrastructure; (vi) investments in inorganic growth opportunities that may require upfront and/or future payments; (vii) integration costs, including restructuring and severance, related to acquisitions, if any; and (viii) purchases of our investment management subsidiary equity interests.

Capital and Reserve Requirements

Certain of our subsidiaries are registered with the SEC, Central Bank of Ireland, Financial Conduct Authority or other regulators that subject them to certain rules regarding minimum net capital. Failure to meet these requirements could result in adverse consequences to us, including additional reporting requirements, or interruption of our business. At September 30, 2025, these subsidiaries were in compliance with all minimum net capital requirements.

Balance Sheet

Cash and cash equivalents consist of cash in banks and money market fund investments. Investments consist primarily of investments in our sponsored funds. CIP represent investment products for which we provide investment management

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services and where we have either a controlling financial interest or are considered the primary beneficiary of an investment product that is considered a variable interest entity.

Operating Cash Flow

Net cash provided by operating activities of $180.2 million for the nine months ended September 30, 2025 increased by $75.7 million from net cash provided by operating activities of $104.6 million for the same period in the prior year primarily due to an increase of $78.0 million in net sales of investments by CIP in the current year period.

Investing Cash Flow

Cash flows from investing activities consist primarily of capital expenditures and other investing activities related to our business operations. Net cash used in investing activities of $5.4 million for the nine months ended September 30, 2025 increased by $0.6 million from net cash used in investing activities of $4.8 million for the same period in the prior year primarily due to increased capital expenditures in the current year period.

Financing Cash Flow

Cash flows from financing activities consist primarily of transactions related to our common shares, issuance and repayment of debt by us and CIP, payments of contingent consideration and purchases and sales of noncontrolling interests. Net cash used in financing activities of $114.2 million for the nine months ended September 30, 2025 decreased by $15.3 million from net cash used of $129.5 million for the same period in the prior year primarily due to a $179.0 million increase in net borrowings as a result of the refinancing of our credit facility partially offset by $136.4 million decrease in net borrowings of CIP and a $17.6 million increase in repurchases of our common shares during the current year period.

Credit Agreement

On September 26, 2025, the Company refinanced its existing credit agreement by entering into a new credit agreement (the “Credit Agreement”). The Credit Agreement provides for (i) a $400.0 million term loan for the Company with a seven-year term (the "Term Loan") expiring in September 2032, and (ii) a $250.0 million revolving credit facility with a five-year term expiring in September 2030. A portion of the proceeds of the refinancing have been used to repay the $234.7 million outstanding on the previous term loan. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement. At September 30, 2025, $400.0 million was outstanding under the Term Loan, and there were no outstanding borrowings under the revolving credit facility. In accordance with Accounting Standards Codification 835, Interest, the amounts outstanding under the Term Loan are presented on the Condensed Consolidated Balance Sheet net of related debt issuance costs, which were $9.4 million as of September 30, 2025.

Critical Accounting Policies and Estimates

Our financial statements and the accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, which require the use of estimates. Actual results will vary from these estimates. A discussion of our critical accounting policies and estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K. A complete description of our significant accounting policies is included in our 2024 Annual Report on Form 10-K. There were no material changes in our critical accounting policies and estimates in the three months ended September 30, 2025.

Recently Issued Accounting Pronouncements

For a discussion of accounting standards, see Note 2 in our condensed consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is primarily exposed to market risk associated with unfavorable movements in interest rates and securities prices. During the three and nine months ended September 30, 2025, there were no material changes to the information contained in Part II, Item 7A of the Company's 2024 Annual Report on Form 10-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed,

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summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2025, the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) under the Exchange Act) identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) of the Exchange Act that occurred during the period covered by this Quarterly Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

The information set forth in response to Item 103 of Regulation S-K under "Legal Proceedings" is incorporated by reference from Part I, Financial Information Item 1. "Financial Statements" Note 14 "Commitments and Contingencies" of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the Company’s risk factors from those previously reported in our 2024 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

An aggregate of 6,430,045 shares of our common stock have been authorized to be repurchased under a share repurchase program since it was initially approved in 2010 by our Board of Directors. As of September 30, 2025, 866,240 shares remained available for repurchase. Under the terms of the program, we may repurchase shares of our common stock from time to time at our discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price, prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time. We did not repurchase any shares during the three months ended September 30, 2025.

Item 5. Other Information

During the three months ended September 30, 2025, none of the Company's directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended), adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

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Item 6. Exhibits


Exhibit Number						Description

10.1						Credit Agreement, dated as of September 26, 2025, by and among Virtus Investment Partners, Inc. as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on October 1, 2025)

31.1						Certification of the Registrant’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2						Certification of the Registrant’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1#						Certification of the Registrant’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

# This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended or the Exchange Act.

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SIGNATURES

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

Dated: November 7, 2025


			VIRTUS INVESTMENT PARTNERS, INC.
			(Registrant)

			By:			/s/ Michael A. Angerthal
						Michael A. Angerthal
						Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Source: View Original Filing on SEC EDGAR

FAQ

What were Virtus (VRTS) Q3 2025 revenues and EPS?

Revenue was $216.4 million and diluted EPS was $4.65 for Q3 2025.

How did Virtus’ AUM change as of September 30, 2025?

Assets under management were $169.3 billion, down 7.8% year over year.

What were Virtus’ net flows and sales in Q3 2025?

Total sales were $6.3 billion and net flows were $(3.9) billion.

What financing actions did Virtus take in Q3 2025?

Virtus entered a new credit agreement with a $400.0M term loan and a $250.0M revolver, repaying $234.7M of the prior term loan.

Did Virtus return capital to shareholders?

Yes. Virtus declared a $2.40 quarterly dividend and repurchased 287,072 shares year-to-date for $50.0M.

How did liquidity and leverage change?

Cash and cash equivalents increased to $370.6M, while debt rose to $390.6M.

What was year-to-date net income attributable to Virtus?

Year-to-date net income attributable to Virtus was $102.9 million.

[10-Q] VIRTUS INVESTMENT PARTNERS, INC. Quarterly Earnings Report

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What were Virtus (VRTS) Q3 2025 revenues and EPS?

How did Virtus’ AUM change as of September 30, 2025?

What were Virtus’ net flows and sales in Q3 2025?

What financing actions did Virtus take in Q3 2025?

Did Virtus return capital to shareholders?

How did liquidity and leverage change?

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[10-Q] VIRTUS INVESTMENT PARTNERS, INC. Quarterly Earnings Report

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Asset management analyst neutral

FAQ

What were Virtus (VRTS) Q3 2025 revenues and EPS?

How did Virtus’ AUM change as of September 30, 2025?

What were Virtus’ net flows and sales in Q3 2025?

What financing actions did Virtus take in Q3 2025?

Did Virtus return capital to shareholders?

How did liquidity and leverage change?

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