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HARTFORD, Conn.--(BUSINESS WIRE)--Virtus Investment Partners, Inc. (NYSE: VRTS) today reported financial results for the three months ended June 30, 2026.
Financial Highlights (Unaudited) | |||||||||||||||||
(in millions, except per share data or as noted) | |||||||||||||||||
| Three Months Ended |
|
|
| Three Months Ended |
|
| ||||||||||
| 6/30/2026 |
| 6/30/2025 |
| Change |
| 3/31/2026 |
| Change | ||||||||
U.S. GAAP Financial Measures |
|
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| ||||||||
Revenues | $ | 201.4 |
|
| $ | 210.5 |
|
| (4 | %) |
| $ | 199.5 |
|
| 1 | % |
Operating expenses | $ | 174.0 |
|
| $ | 165.3 |
|
| 5 | % |
| $ | 184.1 |
|
| (5 | %) |
Operating income (loss) | $ | 27.3 |
|
| $ | 45.2 |
|
| (40 | %) |
| $ | 15.4 |
|
| 77 | % |
Operating margin |
| 13.6 | % |
|
| 21.5 | % |
|
|
|
| 7.7 | % |
|
| ||
Net income (loss) attributable to Virtus Investment Partners, Inc. | $ | 45.3 |
|
| $ | 42.4 |
|
| 7 | % |
| $ | 7.1 |
|
| N/M |
|
Earnings (loss) per share - diluted | $ | 6.68 |
|
| $ | 6.12 |
|
| 9 | % |
| $ | 1.05 |
|
| N/M |
|
Weighted average shares outstanding - diluted |
| 6.778 |
|
|
| 6.922 |
|
| (2 | %) |
|
| 6.806 |
|
| — | % |
|
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|
|
|
|
|
|
|
| ||||||||
Non-GAAP Financial Measures (1) |
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|
|
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| ||||||||
Revenues, as adjusted | $ | 183.6 |
|
| $ | 191.0 |
|
| (4 | %) |
| $ | 182.3 |
|
| 1 | % |
Operating expenses, as adjusted | $ | 135.7 |
|
| $ | 131.2 |
|
| 3 | % |
| $ | 138.5 |
|
| (2 | %) |
Operating income (loss), as adjusted | $ | 47.9 |
|
| $ | 59.8 |
|
| (20 | %) |
| $ | 43.8 |
|
| 9 | % |
Operating margin, as adjusted |
| 26.1 | % |
|
| 31.3 | % |
|
|
|
| 24.0 | % |
|
| ||
Net income (loss) attributable to Virtus Investment Partners, Inc., as adjusted | $ | 37.6 |
|
| $ | 47.9 |
|
| (21 | %) |
| $ | 36.6 |
|
| 3 | % |
Earnings (loss) per share - diluted, as adjusted | $ | 5.54 |
|
| $ | 6.91 |
|
| (20 | %) |
| $ | 5.38 |
|
| 3 | % |
N/M - Not Meaningful |
(1) See the information beginning on page 10 for reconciliations to the most directly comparable U.S. GAAP measures and other important disclosures. As disclosed in the Company’s Current Report on Form 8-K filed April 17, 2026, certain non-GAAP financial measures now include tax benefits realized on amortization of goodwill and intangible assets. Prior-period non-GAAP measures are presented on a consistent basis to show comparability. |
Earnings Summary
The company presents U.S. GAAP and non-GAAP earnings information in this release. Management believes that the non-GAAP financial measures presented reflect the company’s operating results from providing investment management and related services to individuals and institutions and uses these measures to evaluate financial performance. Non-GAAP financial measures have material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures. Non-GAAP information and reconciliations to the most comparable U.S. GAAP measures can be found beginning on page 10 of this earnings release.
Assets Under Management and Asset Flows | |||||||||||||||||
(in billions) | |||||||||||||||||
| Three Months Ended |
|
|
| Three Months Ended |
|
| ||||||||||
| 6/30/2026 |
| 6/30/2025 |
| Change |
| 3/31/2026 |
| Change | ||||||||
Ending total assets under management | $ | 152.2 |
|
| $ | 170.7 |
|
| (11 | %) |
| $ | 149.0 |
|
| 2 | % |
Average total assets under management | $ | 153.3 |
|
| $ | 167.0 |
|
| (8 | %) |
| $ | 158.2 |
|
| (3 | %) |
Total sales | $ | 6.1 |
|
| $ | 5.6 |
|
| 9 | % |
| $ | 5.8 |
|
| 5 | % |
Net flows | $ | (5.6 | ) |
| $ | (3.9 | ) |
| 43 | % |
| $ | (8.4 | ) |
| (33 | %) |
Total assets under management of $152.2 billion at June 30, 2026 increased from $149.0 billion in the prior quarter due to market performance and positive net flows in exchange-traded funds (ETFs) and wealth management, partially offset by net outflows in other products. In addition, the company provided services to $1.7 billion of other fee-earning assets that are not included in assets under management.
Total sales increased 5% to $6.1 billion from $5.8 billion in the prior quarter due to higher institutional, wealth management, and ETF sales. Institutional sales of $2.2 billion increased from $1.2 billion primarily reflecting a large inflow into a global listed real estate strategy. Retail separate account sales of $1.2 billion declined from $1.4 billion as lower intermediary-sold sales were partially offset by higher wealth management. Open-end fund sales, including $0.6 billion of ETFs, decreased 14% to $2.6 billion due to lower sales of U.S. retail and global funds.
Net flows of ($5.6) billion improved meaningfully from ($8.4) billion in the prior quarter, with net outflows due to quality-oriented equity strategies partially offset by positive net flows in alternatives, fixed income, and multi-asset. Institutional net flows of ($0.7) billion improved from ($3.2) billion due to higher sales and lower redemptions. Retail separate account net flows of ($3.1) billion compared with ($3.9) billion and included positive wealth management net flows. Open-end fund net flows of ($1.8) billion compared with ($1.3) billion in the prior quarter with net outflows largely due to quality-oriented equity strategies. ETF net flows were $0.3 billion.
GAAP Results
Operating income of $27.3 million increased from $15.4 million in the prior quarter reflecting a 1% increase in revenues primarily due to higher investment management fees and a decrease in operating expenses. The lower operating expenses were primarily due to the impact of prior quarter employment expense seasonality in addition to lower other operating expenses.
Net income attributable to Virtus Investment Partners, Inc. of $6.68 per diluted share included $2.65 of realized and unrealized gains on investments, $0.50 of fair value adjustments to minority interests, and $0.49 of fair value adjustments to contingent consideration, partially offset by ($0.16) of tax adjustments, ($0.09) of restructuring, and ($0.03) of acquisition and integration costs. Net income per diluted share of $1.05 in the prior quarter included ($1.69) of realized and unrealized losses on investments, ($0.62) of acquisition and integration costs, ($0.32) of restructuring and severance, ($0.22) of tax adjustments, and ($0.05) of fair value adjustments to contingent consideration, partially offset by $0.21 of fair value adjustments to minority interests.
The effective tax rate of 16% decreased from 54% in the prior quarter reflecting the meaningful sequential change from unrealized losses in the prior quarter to unrealized gains.
Non-GAAP Results
Revenues, as adjusted, of $183.6 million increased 1% from $182.3 million in the prior quarter primarily due to a higher average fee rate partially offset by lower average assets under management.
Employment expenses, as adjusted, of $102.1 million decreased from $106.2 million due to prior quarter seasonal items partially offset by the full quarter impact of Keystone National Group (Keystone) and $3.8 million for a discrete non-cash expense item. The discrete item related to multi-year stock-based awards primarily due to required acceleration of awards to retirement-eligible employees. Other operating expenses, as adjusted, of $31.9 million increased from $30.6 million in the prior quarter due to the $0.7 million annual equity grant to the Board of Directors and a full quarter of Keystone.
Operating income, as adjusted, of $47.9 million and the related margin of 26.1% increased from $43.8 million and 24.0%, respectively, due to prior quarter seasonal expenses and higher revenues, partially offset by the discrete expense item.
Net income attributable to Virtus Investment Partners, Inc., as adjusted, per diluted share of $5.54, which included $0.43 from the discrete expense item, increased from $5.38 in the prior quarter primarily reflecting the prior quarter seasonal items and higher revenues.
The effective tax rate, as adjusted, of 13% was relatively unchanged from the prior quarter.
Select Balance Sheet Items and Metrics (Unaudited) | ||||||||||||||
(in millions) | ||||||||||||||
| As of |
|
|
| As of |
|
| |||||||
Select Balance Sheet Items | 6/30/2026 |
| 6/30/2025 |
| Change |
| 3/31/2026 |
| Change | |||||
Cash and cash equivalents | $ | 176.2 |
| $ | 172.2 |
| 2 | % |
| $ | 136.6 |
| 29 | % |
Gross debt (1) | $ | 427.0 |
| $ | 234.7 |
| 82 | % |
| $ | 448.0 |
| (5 | %) |
Contingent consideration (2) | $ | 122.7 |
| $ | 37.4 |
| 228 | % |
| $ | 126.3 |
| (3 | %) |
Manager noncontrolling interests liability (3) | $ | 152.5 |
| $ | 18.6 |
| N/M |
|
| $ | 151.5 |
| 1 | % |
Redeemable noncontrolling interests (4) | $ | 127.3 |
| $ | 56.3 |
| 126 | % |
| $ | 130.8 |
| (3 | %) |
Total equity excluding noncontrolling interests | $ | 945.3 |
| $ | 896.4 |
| 5 | % |
| $ | 917.4 |
| 3 | % |
Metrics |
|
|
|
|
|
|
|
|
| |||||
Working capital (5) | $ | 71.6 |
| $ | 144.0 |
| (50 | %) |
| $ | 54.0 |
| 33 | % |
Net debt (cash) (6) | $ | 250.8 |
| $ | 62.5 |
| 301 | % |
| $ | 311.4 |
| (19 | %) |
| N/M - Not Meaningful | ||
| (1) | Excludes deferred financing costs of $8.4 million, $3.4 million, and $8.7 million, as of June 30, 2026, June 30, 2025, and March 31, 2026, respectively | |
| (2) | Includes time-based payments as well as fair value estimates of revenue-based earnout and participation payments | |
| (3) | Represents minority interests in investment managers held by its employees | |
| (4) | Represents minority interests in investment managers subject to equity purchase arrangements. Excludes redeemable noncontrolling interests of consolidated investment products of $78.0 million, $66.8 million, and $62.2 million as of June 30, 2026, June 30, 2025, and March 31, 2026, respectively | |
| (5) | Defined as cash and cash equivalents plus accounts receivable, net, and deferred compensation related investments less accrued compensation and benefits, accounts payable and accrued liabilities, dividends payable, as well as investment manager minority interests distributions, debt principal payments and contingent consideration obligations due within 12 months | |
| (6) | Defined as gross debt less cash and cash equivalents in accordance with the company's credit agreement | |
Cash and equivalents at June 30, 2026 of $176.2 million increased from $136.6 million at March 31, 2026 primarily due to cash earnings in excess of return of capital to shareholders and debt repayment. Working capital at June 30, 2026 was $71.6 million.
During the quarter, the company repurchased 70,097 shares for $10.0 million and paid its quarterly dividend which totaled $16.3 million.
Gross debt at June 30, 2026 was $427 million, down from $448 million primarily due to a $20 million repayment of the amount drawn on the company's revolving credit facility. Net debt declined to $251 million, or 0.9x EBITDA.
Conference Call and Investor Presentation
Management will host an investor conference call and webcast on Thursday, July 30, 2026, at 10 a.m. Eastern to discuss these financial results and related matters. The presentation that will accompany the conference call is available in the Investor Relations section of virtus.com. A replay of the call will be available in the Investor Relations section for at least one year. We routinely post important information for investors on the Investor Relations section of our website and may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. We may also use social media channels to communicate with our investors and the public about our company, our products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.
About Virtus Investment Partners, Inc.
Virtus Investment Partners (NYSE: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. We provide investment products and services from our investment managers, each with a distinct investment style and autonomous investment process, as well as select subadvisers. Investment solutions are available across multiple disciplines and product types to meet a wide array of investor needs. Additional information about our firm, investment partners, and strategies is available at virtus.com.
U.S. GAAP Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||||||||
| Three Months Ended |
|
|
| Three Months Ended |
|
|
| Six Months Ended |
|
| |||||||||||||||||
| 6/30/2026 |
| 6/30/2025 |
| Change |
| 3/31/2026 |
| Change |
| 6/30/2026 |
| 6/30/2025 |
| Change | |||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Investment management fees | $ | 170,850 |
|
| $ | 179,476 |
|
| (5 | %) |
| $ | 169,133 |
|
| 1 | % |
| $ | 339,983 |
|
| $ | 365,567 |
|
| (7 | %) |
Distribution and service fees |
| 11,758 |
|
|
| 11,968 |
|
| (2 | %) |
|
| 11,633 |
|
| 1 | % |
|
| 23,391 |
|
|
| 24,721 |
|
| (5 | %) |
Administration and shareholder service fees |
| 17,340 |
|
|
| 18,048 |
|
| (4 | %) |
|
| 17,311 |
|
| — | % |
|
| 34,651 |
|
|
| 36,055 |
|
| (4 | %) |
Other income and fees |
| 1,414 |
|
|
| 1,033 |
|
| 37 | % |
|
| 1,458 |
|
| (3 | %) |
|
| 2,872 |
|
|
| 2,114 |
|
| 36 | % |
Total revenues |
| 201,362 |
|
|
| 210,525 |
|
| (4 | %) |
|
| 199,535 |
|
| 1 | % |
|
| 400,897 |
|
|
| 428,457 |
|
| (6 | %) |
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Employment expenses |
| 102,472 |
|
|
| 98,030 |
|
| 5 | % |
|
| 105,213 |
|
| (3 | %) |
|
| 207,685 |
|
|
| 207,123 |
|
| — | % |
Distribution and other asset-based expenses |
| 20,283 |
|
|
| 21,975 |
|
| (8 | %) |
|
| 20,534 |
|
| (1 | %) |
|
| 40,817 |
|
|
| 44,871 |
|
| (9 | %) |
Other operating expenses |
| 32,204 |
|
|
| 32,564 |
|
| (1 | %) |
|
| 36,203 |
|
| (11 | %) |
|
| 68,407 |
|
|
| 65,623 |
|
| 4 | % |
Operating expenses of consolidated investment products ("CIP") |
| 926 |
|
|
| 810 |
|
| 14 | % |
|
| 2,015 |
|
| (54 | %) |
|
| 2,941 |
|
|
| 1,810 |
|
| 62 | % |
Restructuring expense |
| 825 |
|
|
| — |
|
| N/M |
|
|
| 2,871 |
|
| (71 | %) |
|
| 3,696 |
|
|
| — |
|
| N/M |
|
Change in fair value of contingent consideration |
| (4,407 | ) |
|
| (3,014 | ) |
| 46 | % |
|
| 409 |
|
| N/M |
|
|
| (3,998 | ) |
|
| (3,014 | ) |
| 33 | % |
Depreciation expense |
| 1,679 |
|
|
| 2,006 |
|
| (16 | %) |
|
| 1,667 |
|
| 1 | % |
|
| 3,346 |
|
|
| 4,351 |
|
| (23 | %) |
Amortization expense |
| 20,056 |
|
|
| 12,944 |
|
| 55 | % |
|
| 15,175 |
|
| 32 | % |
|
| 35,231 |
|
|
| 25,888 |
|
| 36 | % |
Total operating expenses |
| 174,038 |
|
|
| 165,315 |
|
| 5 | % |
|
| 184,087 |
|
| (5 | %) |
|
| 358,125 |
|
|
| 346,652 |
|
| 3 | % |
Operating Income (Loss) |
| 27,324 |
|
|
| 45,210 |
|
| (40 | %) |
|
| 15,448 |
|
| 77 | % |
|
| 42,772 |
|
|
| 81,805 |
|
| (48 | %) |
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Realized and unrealized gain (loss) on investments, net |
| 4,541 |
|
|
| 3,971 |
|
| 14 | % |
|
| 845 |
|
| 437 | % |
|
| 5,386 |
|
|
| 2,980 |
|
| 81 | % |
Realized and unrealized gain (loss) of CIP, net |
| 14,375 |
|
|
| (5,204 | ) |
| N/M |
|
|
| (14,344 | ) |
| N/M |
|
|
| 31 |
|
|
| (12,853 | ) |
| N/M |
|
Other income (expense), net |
| (725 | ) |
|
| 1,137 |
|
| N/M |
|
|
| 623 |
|
| N/M |
|
|
| (102 | ) |
|
| 2,135 |
|
| N/M |
|
Total other income (expense), net |
| 18,191 |
|
|
| (96 | ) |
| N/M |
|
|
| (12,876 | ) |
| N/M |
|
|
| 5,315 |
|
|
| (7,738 | ) |
| N/M |
|
Interest Income (Expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Interest expense |
| (7,146 | ) |
|
| (4,582 | ) |
| 56 | % |
|
| (6,765 | ) |
| 6 | % |
|
| (13,911 | ) |
|
| (9,143 | ) |
| 52 | % |
Interest and dividend income |
| 1,372 |
|
|
| 2,054 |
|
| (33 | %) |
|
| 2,947 |
|
| (53 | %) |
|
| 4,319 |
|
|
| 5,070 |
|
| (15 | %) |
Interest and dividend income of investments of CIP |
| 46,750 |
|
|
| 46,037 |
|
| 2 | % |
|
| 48,631 |
|
| (4 | %) |
|
| 95,381 |
|
|
| 93,590 |
|
| 2 | % |
Interest expense of CIP |
| (33,478 | ) |
|
| (33,477 | ) |
| — | % |
|
| (34,082 | ) |
| (2 | %) |
|
| (67,560 | ) |
|
| (68,036 | ) |
| (1 | %) |
Total interest income (expense), net |
| 7,498 |
|
|
| 10,032 |
|
| (25 | %) |
|
| 10,731 |
|
| (30 | %) |
|
| 18,229 |
|
|
| 21,481 |
|
| (15 | %) |
Income (Loss) Before Income Taxes |
| 53,013 |
|
|
| 55,146 |
|
| (4 | %) |
|
| 13,303 |
|
| 299 | % |
|
| 66,316 |
|
|
| 95,548 |
|
| (31 | %) |
Income tax expense (benefit) |
| 8,406 |
|
|
| 12,403 |
|
| (32 | %) |
|
| 7,152 |
|
| 18 | % |
|
| 15,558 |
|
|
| 24,753 |
|
| (37 | %) |
Net Income (Loss) |
| 44,607 |
|
|
| 42,743 |
|
| 4 | % |
|
| 6,151 |
|
| N/M |
|
|
| 50,758 |
|
|
| 70,795 |
|
| (28 | %) |
Noncontrolling interests |
| 699 |
|
|
| (370 | ) |
| N/M |
|
|
| 974 |
|
| (28 | %) |
|
| 1,673 |
|
|
| 225 |
|
| N/M |
|
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. | $ | 45,306 |
|
| $ | 42,373 |
|
| 7 | % |
| $ | 7,125 |
|
| N/M |
|
| $ | 52,431 |
|
| $ | 71,020 |
|
| (26 | %) |
Earnings (Loss) Per Share - Basic | $ | 6.79 |
|
| $ | 6.18 |
|
| 10 | % |
| $ | 1.07 |
|
| N/M |
|
| $ | 7.85 |
|
| $ | 10.29 |
|
| (24 | %) |
Earnings (Loss) Per Share - Diluted | $ | 6.68 |
|
| $ | 6.12 |
|
| 9 | % |
| $ | 1.05 |
|
| N/M |
|
| $ | 7.72 |
|
| $ | 10.15 |
|
| (24 | %) |
Cash Dividends Declared Per Common Share | $ | 2.40 |
|
| $ | 2.25 |
|
| 7 | % |
| $ | 2.40 |
|
| — | % |
| $ | 4.80 |
|
| $ | 4.50 |
|
| 7 | % |
Weighted Average Shares Outstanding - Basic |
| 6,670 |
|
|
| 6,855 |
|
| (3 | %) |
|
| 6,690 |
|
| — | % |
|
| 6,680 |
|
|
| 6,905 |
|
| (3 | %) |
Weighted Average Shares Outstanding - Diluted |
| 6,778 |
|
|
| 6,922 |
|
| (2 | %) |
|
| 6,806 |
|
| — | % |
|
| 6,792 |
|
|
| 6,997 |
|
| (3 | %) |
|
N/M - Not Meaningful |
Assets Under Management - Product and Asset Class | ||||||||||||||
(in millions) | ||||||||||||||
| Three Months Ended | |||||||||||||
| 6/30/2025 |
| 9/30/2025 |
| 12/31/2025 |
| 3/31/2026 |
| 6/30/2026 | |||||
By Product (period end): |
|
|
|
|
|
|
|
|
| |||||
Open-End Funds (1) | $ | 55,653 |
| $ | 55,724 |
| $ | 52,759 |
| $ | 50,231 |
| $ | 52,113 |
Closed-End Funds (2) |
| 10,481 |
|
| 10,867 |
|
| 10,635 |
|
| 12,794 |
|
| 13,471 |
Retail Separate Accounts (3) |
| 47,445 |
|
| 46,798 |
|
| 43,091 |
|
| 37,341 |
|
| 36,217 |
Institutional Accounts (4) |
| 57,131 |
|
| 55,936 |
|
| 53,008 |
|
| 48,660 |
|
| 50,361 |
Total | $ | 170,710 |
| $ | 169,325 |
| $ | 159,493 |
| $ | 149,026 |
| $ | 152,162 |
|
|
|
|
|
|
|
|
|
| |||||
By Product (average) (5) |
|
|
|
|
|
|
|
|
| |||||
Open-End Funds (1) | $ | 53,742 |
| $ | 55,889 |
| $ | 54,502 |
| $ | 53,168 |
| $ | 52,506 |
Closed-End Funds (2) |
| 10,183 |
|
| 10,598 |
|
| 10,828 |
|
| 11,632 |
|
| 13,351 |
Retail Separate Accounts (3) |
| 46,637 |
|
| 47,363 |
|
| 46,287 |
|
| 42,736 |
|
| 37,227 |
Institutional Accounts (4) |
| 56,397 |
|
| 56,426 |
|
| 53,603 |
|
| 50,670 |
|
| 50,247 |
Total | $ | 166,959 |
| $ | 170,276 |
| $ | 165,220 |
| $ | 158,206 |
| $ | 153,331 |
|
|
|
|
|
|
|
|
|
| |||||
By Asset Class (period end): |
|
|
|
|
|
|
|
|
| |||||
Equity | $ | 96,232 |
| $ | 92,066 |
| $ | 82,584 |
| $ | 70,079 |
| $ | 68,754 |
Fixed Income |
| 38,594 |
|
| 39,750 |
|
| 39,879 |
|
| 39,352 |
|
| 40,525 |
Multi-Asset (6) |
| 21,430 |
|
| 22,078 |
|
| 21,617 |
|
| 21,586 |
|
| 23,231 |
Alternatives (7) |
| 14,454 |
|
| 15,431 |
|
| 15,413 |
|
| 18,009 |
|
| 19,652 |
Total | $ | 170,710 |
| $ | 169,325 |
| $ | 159,493 |
| $ | 149,026 |
| $ | 152,162 |
Assets Under Management - Average Management Fees Earned (8) | |||||||||
(in basis points) | |||||||||
| Three Months Ended | ||||||||
| 6/30/2025 |
| 9/30/2025 |
| 12/31/2025 |
| 3/31/2026 |
| 6/30/2026 |
By Product: |
|
|
|
|
|
|
|
|
|
Open-End Funds (1) | 46.7 |
| 47.0 |
| 44.7 |
| 43.5 |
| 42.1 |
Closed-End Funds (2) | 58.6 |
| 58.5 |
| 58.4 |
| 72.3 |
| 86.8 |
Retail Separate Accounts (3) | 42.9 |
| 41.8 |
| 42.0 |
| 42.9 |
| 43.7 |
Institutional Accounts (4)(9) | 31.8 |
| 31.6 |
| 31.5 |
| 32.5 |
| 32.2 |
All Products (9) | 41.3 |
| 41.2 |
| 40.6 |
| 41.9 |
| 43.1 |
(1) | Represents U.S. retail funds, exchange-traded funds, and global funds | |
(2) | Consists of traditional closed-end and tender offer funds | |
(3) | Includes investment models provided to managed account sponsors | |
(4) | Represents institutional separate and commingled accounts including structured products | |
(5) | 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 | |
(6) | Consists of multi-asset offerings not included in equity, fixed income, and alternatives | |
(7) | Consists of listed real estate, managed futures, infrastructure, event-driven, private markets, and other strategies | |
(8) | Represents investment management fees, as adjusted, divided by average assets. Investment management fees, as adjusted, exclude the impact of consolidated investment products and are net of revenue-related adjustments. 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 | |
(9) | Includes performance-related fees, in basis points, earned during the three months ended as follows: | |
| 6/30/2025 |
| 9/30/2025 |
| 12/31/2025 |
| 3/31/2026 |
| 6/30/2026 | |
Closed-end Funds | — |
| — |
| — |
| 7.9 |
| 13.8 | |
Institutional Accounts | 0.7 |
| 0.2 |
| 0.1 |
| — |
| 0.1 | |
All Products | 0.2 |
| 0.1 |
| — |
| 0.6 |
| 1.2 |
Assets Under Management - Asset Flows by Product | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
| Three Months Ended |
| Six Months Ended | ||||||||||||||||||||||||
| 6/30/2025 |
| 9/30/2025 |
| 12/31/2025 |
| 3/31/2026 |
| 6/30/2026 |
| 6/30/2025 |
| 6/30/2026 | ||||||||||||||
Open-End Funds (1) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Beginning balance | $ | 53,608 |
|
| $ | 55,653 |
|
| $ | 55,724 |
|
| $ | 52,759 |
|
| $ | 50,231 |
|
| $ | 56,073 |
|
| $ | 52,759 |
|
Inflows |
| 2,825 |
|
|
| 2,815 |
|
|
| 2,760 |
|
|
| 3,056 |
|
|
| 2,624 |
|
|
| 5,863 |
|
|
| 5,680 |
|
Outflows |
| (3,806 | ) |
|
| (3,901 | ) |
|
| (5,260 | ) |
|
| (4,402 | ) |
|
| (4,452 | ) |
|
| (7,916 | ) |
|
| (8,854 | ) |
Net flows |
| (981 | ) |
|
| (1,086 | ) |
|
| (2,500 | ) |
|
| (1,346 | ) |
|
| (1,828 | ) |
|
| (2,053 | ) |
|
| (3,174 | ) |
Market performance |
| 3,211 |
|
|
| 1,335 |
|
|
| 82 |
|
|
| (1,185 | ) |
|
| 3,913 |
|
|
| 1,961 |
|
|
| 2,728 |
|
Other (2) |
| (185 | ) |
|
| (178 | ) |
|
| (547 | ) |
|
| 3 |
|
|
| (203 | ) |
|
| (328 | ) |
|
| (200 | ) |
Ending balance | $ | 55,653 |
|
| $ | 55,724 |
|
| $ | 52,759 |
|
| $ | 50,231 |
|
| $ | 52,113 |
|
| $ | 55,653 |
|
| $ | 52,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Closed-End Funds (3) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Beginning balance | $ | 10,273 |
|
| $ | 10,481 |
|
| $ | 10,867 |
|
| $ | 10,635 |
|
| $ | 12,794 |
|
| $ | 10,225 |
|
| $ | 10,635 |
|
Inflows |
| 4 |
|
|
| 3 |
|
|
| — |
|
|
| 48 |
|
|
| 68 |
|
|
| 9 |
|
|
| 116 |
|
Outflows (4) |
| (2 | ) |
|
| (10 | ) |
|
| (52 | ) |
|
| (106 | ) |
|
| (79 | ) |
|
| (42 | ) |
|
| (185 | ) |
Net flows |
| 2 |
|
|
| (7 | ) |
|
| (52 | ) |
|
| (58 | ) |
|
| (11 | ) |
|
| (33 | ) |
|
| (69 | ) |
Market performance |
| 378 |
|
|
| 581 |
|
|
| 52 |
|
|
| 563 |
|
|
| 867 |
|
|
| 635 |
|
|
| 1,430 |
|
Other (2) |
| (172 | ) |
|
| (188 | ) |
|
| (232 | ) |
|
| 1,654 |
|
|
| (179 | ) |
|
| (346 | ) |
|
| 1,475 |
|
Ending balance | $ | 10,481 |
|
| $ | 10,867 |
|
| $ | 10,635 |
|
| $ | 12,794 |
|
| $ | 13,471 |
|
| $ | 10,481 |
|
| $ | 13,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Retail Separate Accounts (5) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Beginning balance | $ | 46,920 |
|
| $ | 47,445 |
|
| $ | 46,798 |
|
| $ | 43,091 |
|
| $ | 37,341 |
|
| $ | 49,536 |
|
| $ | 43,091 |
|
Inflows |
| 1,468 |
|
|
| 1,449 |
|
|
| 1,205 |
|
|
| 1,439 |
|
|
| 1,170 |
|
|
| 3,210 |
|
|
| 2,609 |
|
Outflows |
| (2,264 | ) |
|
| (2,666 | ) |
|
| (3,724 | ) |
|
| (5,307 | ) |
|
| (4,298 | ) |
|
| (4,674 | ) |
|
| (9,605 | ) |
Net flows |
| (796 | ) |
|
| (1,217 | ) |
|
| (2,519 | ) |
|
| (3,868 | ) |
|
| (3,128 | ) |
|
| (1,464 | ) |
|
| (6,996 | ) |
Market performance |
| 1,322 |
|
|
| 579 |
|
|
| (1,187 | ) |
|
| (1,882 | ) |
|
| 2,005 |
|
|
| (625 | ) |
|
| 123 |
|
Other (2) |
| (1 | ) |
|
| (9 | ) |
|
| (1 | ) |
|
| — |
|
|
| (1 | ) |
|
| (2 | ) |
|
| (1 | ) |
Ending balance | $ | 47,445 |
|
| $ | 46,798 |
|
| $ | 43,091 |
|
| $ | 37,341 |
|
| $ | 36,217 |
|
| $ | 47,445 |
|
| $ | 36,217 |
|
Institutional Accounts (6) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Beginning balance | $ | 56,662 |
|
| $ | 57,131 |
|
| $ | 55,936 |
|
| $ | 53,008 |
|
| $ | 48,660 |
|
| $ | 59,167 |
|
| $ | 53,008 |
|
Inflows |
| 1,283 |
|
|
| 2,006 |
|
|
| 1,381 |
|
|
| 1,238 |
|
|
| 2,193 |
|
|
| 2,738 |
|
|
| 3,431 |
|
Outflows |
| (3,455 | ) |
|
| (3,548 | ) |
|
| (4,408 | ) |
|
| (4,392 | ) |
|
| (2,872 | ) |
|
| (6,114 | ) |
|
| (7,264 | ) |
Net flows |
| (2,172 | ) |
|
| (1,542 | ) |
|
| (3,027 | ) |
|
| (3,154 | ) |
|
| (679 | ) |
|
| (3,376 | ) |
|
| (3,833 | ) |
Market performance |
| 2,844 |
|
|
| 498 |
|
|
| 274 |
|
|
| (1,377 | ) |
|
| 2,517 |
|
|
| 1,674 |
|
|
| 1,140 |
|
Other (2) |
| (203 | ) |
|
| (151 | ) |
|
| (175 | ) |
|
| 183 |
|
|
| (137 | ) |
|
| (334 | ) |
|
| 46 |
|
Ending balance | $ | 57,131 |
|
| $ | 55,936 |
|
| $ | 53,008 |
|
| $ | 48,660 |
|
| $ | 50,361 |
|
| $ | 57,131 |
|
| $ | 50,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Beginning balance | $ | 167,463 |
|
| $ | 170,710 |
|
| $ | 169,325 |
|
| $ | 159,493 |
|
| $ | 149,026 |
|
| $ | 175,001 |
|
| $ | 159,493 |
|
Inflows |
| 5,580 |
|
|
| 6,273 |
|
|
| 5,346 |
|
|
| 5,781 |
|
|
| 6,055 |
|
|
| 11,820 |
|
|
| 11,836 |
|
Outflows |
| (9,527 | ) |
|
| (10,125 | ) |
|
| (13,444 | ) |
|
| (14,207 | ) |
|
| (11,701 | ) |
|
| (18,746 | ) |
|
| (25,908 | ) |
Net flows |
| (3,947 | ) |
|
| (3,852 | ) |
|
| (8,098 | ) |
|
| (8,426 | ) |
|
| (5,646 | ) |
|
| (6,926 | ) |
|
| (14,072 | ) |
Market performance |
| 7,755 |
|
|
| 2,993 |
|
|
| (779 | ) |
|
| (3,881 | ) |
|
| 9,302 |
|
|
| 3,645 |
|
|
| 5,421 |
|
Other (2) |
| (561 | ) |
|
| (526 | ) |
|
| (955 | ) |
|
| 1,840 |
|
|
| (520 | ) |
|
| (1,010 | ) |
|
| 1,320 |
|
Ending balance | $ | 170,710 |
|
| $ | 169,325 |
|
| $ | 159,493 |
|
| $ | 149,026 |
|
| $ | 152,162 |
|
| $ | 170,710 |
|
| $ | 152,162 |
|
(1) | Represents U.S. retail funds, exchange-traded funds, and global funds | |
(2) | Represents open-end and closed-end fund distributions net of reinvestments, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products, and the use of leverage | |
(3) | Consists of traditional closed-end and tender offer funds | |
(4) | Primarily represents fund shares repurchased due to tender offers | |
(5) | Includes investment models provided to managed account sponsors | |
(6) | Represents institutional separate and commingled accounts including structured products | |
Non-GAAP Information and Reconciliations
(in thousands except per share data)
The non-GAAP financial measures included in this release differ from financial measures determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items, as well as the exclusion of certain expenses and other items that are not reflective of the earnings generated from providing investment management and related services. Management uses these measures to evaluate the company’s financial performance and operational decision-making. Management believes that these non-GAAP financial measures, when presented together with directly comparable U.S. GAAP measures, are useful to investors and other interested parties to provide additional insight, promote transparency and allow for a more comprehensive understanding of the information used by management.
Investor Relations Contact
Sean Rourke
(860) 263-4709
sean.rourke@virtus.com
Media Relations Contact
Laura Parsons
(860) 503-1382
laura.parsons@virtus.com
| Jul-30 | |
| Jul-30 | |
| Jul-30 | |
| Jul-29 | |
| Jul-29 | |
| Jul-29 | |
| Jul-20 | |
| Jul-13 | |
| Jul-02 | |
| Jun-29 | |
| Jun-29 | |
| Jun-29 | |
| Jun-15 | |
| Jun-15 | |
| Jun-15 |
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