# VIRTUS INVESTMENT PARTNERS, INC. (VRTS)

Informational only - not investment advice.

CIK: 0000883237
SIC: 6282 Investment Advice
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/)
Latest 10-K filed: 2026-02-27
SEC page: https://www.sec.gov/edgar/browse/?CIK=883237
Filing source: https://www.sec.gov/Archives/edgar/data/883237/000088323726000009/vrts-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0000883237-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000883237.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 852,865,000 USD | 2025 | verified |
| Net income | 135,988,000 USD | 2025 | verified |
| Assets | 4,291,200,000 USD | 2025 | verified |
| Free cash flow | -74,089,000 USD | 2025 | computed |
| Net margin | 15.94% | 2025 | computed |
| Operating margin | 19.78% | 2025 | computed |
| Revenue YoY | -5.96% | 2025 | computed |
| ROE | 14.56% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VRTS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 15.9% | 15.3% | 58 | 34 |
| Operating margin | 19.8% | 21.8% | 37 | 20 |
| Revenue growth | -6.0% | 7.6% | 9 | 34 |
| FCF margin | -8.7% | 20.2% | 14 | 29 |
| ROE | 14.6% | 15.5% | 45 | 34 |
| ROA | 3.2% | 4.8% | 38 | 35 |
| Liabilities / equity | 3.48 | 1.57 | 79 | 34 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 852865000 | USD | 2025 | 2026-02-27 |
| Net income | 135988000 | USD | 2025 | 2026-02-27 |
| Assets | 4291200000 | USD | 2025 | 2026-02-27 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000883237.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 322,554,000 | 425,607,000 | 552,235,000 | 563,246,000 | 603,896,000 | 979,234,000 | 886,379,000 | 845,268,000 | 906,949,000 | 852,865,000 |
| Net income | 48,763,000 | 39,939,000 | 76,080,000 | 105,508,000 | 119,963,000 | 262,835,000 | 106,628,000 | 141,476,000 | 152,453,000 | 135,988,000 |
| Operating income | 50,814,000 | 58,035,000 | 113,099,000 | 124,710,000 | 143,164,000 | 325,488,000 | 197,460,000 | 151,484,000 | 182,490,000 | 168,680,000 |
| Diluted EPS | 6.20 | 3.96 | 8.86 | 11.74 | 10.02 | 26.01 | 15.50 | 17.71 | 16.89 | 19.97 |
| Operating cash flow | 20,918,000 | -182,859,000 | -62,555,000 | -36,723,000 | -226,103,000 | 665,729,000 | 132,670,000 | 237,157,000 | 1,755,000 | -67,199,000 |
| Capital expenditures | 2,023,000 | 1,511,000 | 11,717,000 | 7,555,000 | 1,043,000 | 5,838,000 | 6,582,000 | 8,821,000 | 5,579,000 | 6,890,000 |
| Dividends paid | 13,774,000 | 12,581,000 | 14,038,000 | 16,977,000 | 22,800,000 | 31,411,000 | 47,254,000 | 52,047,000 | 58,123,000 | 64,599,000 |
| Share buybacks | 233,757,000 | 7,502,000 | 27,501,000 | 40,000,000 | 32,500,000 | 57,499,000 | 90,000,000 | 45,000,000 | 44,868,000 | 59,999,000 |
| Assets | 824,388,000 | 2,590,799,000 | 2,870,535,000 | 3,204,634,000 | 3,466,943,000 | 3,934,181,000 | 3,952,934,000 | 3,678,629,000 | 3,994,494,000 | 4,291,200,000 |
| Liabilities | 465,449,000 | 1,981,397,000 | 2,169,187,000 | 2,454,532,000 | 2,630,490,000 | 2,958,589,000 | 3,016,280,000 | 2,705,471,000 | 2,985,576,000 | 3,253,421,000 |
| Stockholders' equity | 321,673,000 | 588,557,000 | 629,909,000 | 675,699,000 | 711,141,000 | 828,277,000 | 817,019,000 | 863,926,000 | 897,493,000 | 934,043,000 |
| Free cash flow | 18,895,000 | -184,370,000 | -74,272,000 | -44,278,000 | -227,146,000 | 659,891,000 | 126,088,000 | 228,336,000 | -3,824,000 | -74,089,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 15.12% | 9.38% | 13.78% | 18.73% | 19.86% | 26.84% | 12.03% | 16.74% | 16.81% | 15.94% |
| Operating margin | 15.75% | 13.64% | 20.48% | 22.14% | 23.71% | 33.24% | 22.28% | 17.92% | 20.12% | 19.78% |
| Return on equity | 15.16% | 6.79% | 12.08% | 15.61% | 16.87% | 31.73% | 13.05% | 16.38% | 16.99% | 14.56% |
| Return on assets | 5.92% | 1.54% | 2.65% | 3.29% | 3.46% | 6.68% | 2.70% | 3.85% | 3.82% | 3.17% |
| Liabilities / equity | 1.45 | 3.37 | 3.44 | 3.63 | 3.70 | 3.57 | 3.69 | 3.13 | 3.33 | 3.48 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/VRTS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000883237.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 4.25 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 5.21 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 4.10 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 219,271,000 | 38,154,000 | 4.19 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 214,587,000 | 38,499,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 222,042,000 | 37,867,000 | 4.10 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 224,384,000 | 26,022,000 | 2.43 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 227,029,000 | 49,104,000 | 5.71 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 233,494,000 | 39,460,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 217,932,000 | 28,052,000 | 4.05 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 210,525,000 | 42,743,000 | 6.12 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 216,385,000 | 31,341,000 | 4.65 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 208,023,000 | 33,852,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 199,535,000 | 6,151,000 | 1.05 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 201,362,000 | 44,607,000 | 6.68 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VRTS's latest 10-K: [/company/VRTS/business/](/company/VRTS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VRTS's latest 10-K: [/company/VRTS/risk-factors/](/company/VRTS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/883237/000088323726000048/vrts-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

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 (the "Securities Act"); 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 2025 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 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 2025 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.

21

Table of Contents

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, ETFs and intermediary sold 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 $201.4 million in the second quarter of 2026, a decrease of $9.2 million, or 4.4%, compared to total revenues of $210.5 million in the second quarter of 2025.

▪Operating income was $27.3 million in the second quarter of 2026, a decrease of $17.9 million, or 39.6%, compared to $45.2 million in the second quarter of 2025.

▪Net income per diluted share was $6.68 in the second quarter of 2026, an increase of $0.56, or 9.2%, compared to net income per diluted share of $6.12 in the second quarter of 2025.

Keystone National Group

On March 1, 2026, the Company completed a majority investment in Keystone National Group ("Keystone"), an investment manager specializing in asset-centric private credit with $2.3 billion of assets under management at February 28, 2026.

Assets Under Management

Total sales were $6.1 billion in the second quarter of 2026, an increase of $0.5 billion, or 8.5%, from $5.6 billion in the second quarter of 2025. Net flows were $(5.6) billion in the second quarter of 2026 compared to net flows of $(3.9) billion in the second quarter of 2025.

At June 30, 2026, total assets under management were $152.2 billion, representing a decrease of $18.5 billion, or 10.9%, from June 30, 2025, and a decrease of $7.3 billion, or 4.6%, from December 31, 2025. The decrease in total assets under management from June 30, 2025 primarily included $26.0 billion from net outflows partially offset by $7.6 billion from positive market performance and $2.3 billion from the addition of Keystone. The decrease in total assets under management from December 31, 2025 included $14.1 billion from net outflows partially offset by $5.4 billion from positive market performance and $2.3 billion from the addition of Keystone.

22

Table of Contents

Assets Under Management by Product

The following table summarizes our assets under management by product:

[[GREPCENT_TABLE]]
[["","As of June 30,","","Change"],["(in millions)","2026","","2025","","$","","%"],["Open-End Funds (1)","$","52,113","","","$","55,653","","","$","(3,540)","","","(6.4)","%"],["Closed-End Funds (2)","13,471","","","10,481","","","2,990","","","28.5","%"],["Retail Separate Accounts (3)","36,217","","","47,445","","","(11,228)","","","(23.7)","%"],["Institutional Accounts (4)","50,361","","","57,131","","","(6,770)","","","(11.8)","%"],["Total","$","152,162","","","$","170,710","","","$","(18,548)","","","(10.9)","%"],["Average Assets Under Management (5)","$","155,768","","","$","170,274","","","$","(14,506)","","","(8.5)","%"]]
[[/GREPCENT_TABLE]]

(1)Represents U.S. retail funds, ETFs 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.

Asset Flows by Product    

The following table summarizes asset flows by product:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/883237/000088323726000009/vrts-20251231.htm
Complete FY 2025 MD&A: /company/VRTS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-27
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

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,

19

Table of Contents

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.

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, ETFs and intermediary sold 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.

Market Developments

The financial markets have a significant impact on the value of our assets under management and on the level of our sales and net flows. The capital and financial markets experience fluctuation, volatility and declines, which impact investment returns and asset flows of our investment offerings as well as in investor choices and preferences among investment products. The changes in our assets under management may also be affected by the factors discussed in Item 1A. "Risk Factors" of this Annual Report on Form 10-K.

The U.S. and global equity markets increased in value in 2025, as evidenced by increases in major indices as noted in the following table:

[[GREPCENT_TABLE]]
[["","","December 31,","","Change"],["Index","","2025","","2024","","%"],["MSCI World Index","","4,430","","3,708","","19.5","%"],["Standard & Poor's 500 Index","","6,846","","5,882","","16.4","%"],["Russell 2000 Index","","2,482","","2,250","","10.3","%"],["Morningstar / LSTA Leveraged Loan 100 Index","","3,172","","2,958","","7.2","%"]]
[[/GREPCENT_TABLE]]

Financial Highlights

▪Total revenues were $852.9 million in 2025, a decrease of $54.1 million, or 6.0%, compared to total revenues of $906.9 million in 2024.

▪Operating income was $168.7 million, in 2025, a decrease of $13.8 million, or 7.6%, compared to $182.5 million in 2024.

▪Net income per diluted share was $19.97 in 2025, an increase of $3.08, or 18.2%, compared to net income per diluted share of $16.89 in 2024.

Crescent Cove Advisors

On December 15, 2025, the Company completed the acquisition of a 35% minority interest in Crescent Cove Advisors, LP ("Crescent Cove"), an investment manager specializing in private capital solutions, for $41.1 million.

20

Table of Contents

Keystone National Group

On December 5, 2025, the Company entered into an agreement to acquire a majority interest in Keystone National Group ("Keystone"), an investment manager specializing in asset-centric private credit. Under the agreement, the Company would purchase a majority interest in Keystone for consideration of $200.0 million at closing and up to an additional $170.0 million of deferred consideration, including earnout payments subject to the achievement of future revenue targets. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, necessary regulatory approvals and client approvals, including approvals by the Keystone registered fund shareholders.

Assets Under Management

Total sales were $23.4 billion in 2025, a decrease of $3.3 billion, or 12.4%, from $26.8 billion in 2024. Net flows were $(18.9) billion in 2025 compared to net flows of $(10.4) billion in 2024.

At December 31, 2025, total assets under management were $159.5 billion, representing a decrease of $15.5 billion, or 8.9%, from December 31, 2024. The change in total assets under management from December 31, 2024 included $(18.9) billion of net outflows partially offset by $5.9 billion from positive market performance.

Assets Under Management by Product

The following table summarizes our assets under management by product:

[[GREPCENT_TABLE]]
[["(in millions)","As of December 31,","","","","Change"],["Product","2025","","2024","","","","$","","%"],["Open-End Funds (1)","$","52,759","","","$","56,073","","","","","$","(3,314)","","","(5.9)","%"],["Closed-End Funds","10,635","","","10,225","","","","","410","","","4.0","%"],["Retail Separate Accounts (2)","43,091","","","49,536","","","","","(6,445)","","","(13.0)","%"],["Institutional Accounts (3)","53,008","","","59,167","","","","","(6,159)","","","(10.4)","%"],["Total","$","159,493","","","$","175,001","","","","","$","(15,508)","","","(8.9)","%"],["Average Assets Under Management (4)","$","169,011","","","$","176,653","","","","","$","(7,642)","","","(4.3)","%"]]
[[/GREPCENT_TABLE]]

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

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

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

(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.

21

Table of Contents

Asset Flows by Product

The following table summarizes asset flows by product:

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["(in millions)","2025","","2024"],["Open-End Funds (1)"],["Beginning balance","$","56,073","","","$","56,062"],["Inflows","11,438","","","12,420"],["Outflows","(17,077)","","","(16,532)"],["Net flows","(5,639)","","","(4,112)"],["Market performance","3,378","","","4,949"],["Other (2)","(1,053)","","","(826)"],["Ending balance","$","52,759","","","$","56,073"],["Closed-End Funds"],["Beginning balance","$","10,225","","","$","10,026"],["Inflows","12","","","1"],["Outflows","(104)","","","(41)"],["Net flows","(92)","","","(40)"],["Market performance","1,268","","","1,112"],["Other (2)","(766)","","","(873)"],["Ending balance","$","10,635","","","$","10,225"],["Retail Separate Accounts (3)"],["Beginning balance","$","49,536","","","$","43,202"],["Inflows","5,864","","","8,621"],["Outflows","(11,064)","","","(6,957)"],["Net flows","(5,200)","","","1,664"],["Market performance","(1,233)","","","4,667"],["Other (2)","(12)","","","3"],["Ending balance","$","43,091","","","$","49,536"],["Institutional Accounts (4)"],["Beginning balance","$","59,167","","","$","62,969"],["Inflows","6,125","","","5,715"],["Outflows","(14,070)","","","(13,660)"],["Net flows","(7,945)","","","(7,945)"],["Market performance","2,446","","","5,101"],["Other (2)","(660)","","","(958)"],["Ending balance","$","53,008","","","$","59,167"],["Total"],["Beginning balance","$","175,001","","","$","172,259"],["Inflows","23,439","","","26,757"],["Outflows","(42,315)","","","(37,190)"],["Net flows","(18,876)","","","(10,433)"],["Market performance","5,859","","","15,829"],["Other (2)","(2,491)","","","(2,654)"],["Ending balance","$","159,493","","","$","175,001"]]
[[/GREPCENT_TABLE]]

(1)Represents assets under management of U.S. retail funds, ETFs 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)Includes investment models provided to managed account sponsors.

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

22

Table of Contents

Assets Under Management by Asset Class

The following table summarizes assets under management by asset class: 

[[GREPCENT_TABLE]]
[["(in millions)","As of December 31,","","","","Change","","% of Total"],["Asset Class","2025","","2024","","","","$","","%","","2025","","2024"],["Equity","$","82,584","","","$","100,792","","","","","$","(18,208)","","","(18.1)","%","","51.7","%","","57.6","%"],["Fixed Income","39,879","","","37,696","","","","","2,183","","","5.8","%","","25.0","%","","21.5","%"],["Multi-Asset (1)","21,617","","","21,174","","","","","443","","","2.1","%","","13.6","%","","12.1","%"],["Alternatives (2)","15,413","","","15,339","","","","","74","","","0.5","%","","9.7","%","","8.8","%"],["Total","$","159,493","","","$","175,001","","","","","$","(15,508)","","","(8.9)","%","","100.0","%","","100.0","%"]]
[[/GREPCENT_TABLE]]

(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 table summarizes the average management fees earned in basis points and average assets under management: 

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","Average Fee Earned(expressed in basis points)","","","","Average Assets Under Management(in millions) (4)"],["Products","2025","","2024","","","","2025","","2024"],["Open-End Funds (1)","46.6","","50.0","","","","$","55,059","","","$","57,039"],["Closed-End Funds","58.5","","58.6","","","","10,474","","","10,092"],["Retail Separate Accounts (2)","42.4","","43.4","","","","47,402","","","46,575"],["Institutional Accounts (3)","31.7","","31.1","","","","56,076","","","62,947"],["All Products","41.2","","42.0","","","","$","169,011","","","$","176,653"]]
[[/GREPCENT_TABLE]]

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

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

(3)Represents assets under management of instituti

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/VRTS/mda/fy2025/
All MD&A years: /company/VRTS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VRTS/mda/fy2024/): filed 2025-02-28; accession 0000883237-25-000010 (https://www.sec.gov/Archives/edgar/data/883237/000088323725000010/vrts-20241231.htm)
- [FY 2023 MD&A](/company/VRTS/mda/fy2023/): filed 2024-02-28; accession 0000883237-24-000025 (https://www.sec.gov/Archives/edgar/data/883237/000088323724000025/vrts-20231231.htm)
- [FY 2022 MD&A](/company/VRTS/mda/fy2022/): filed 2023-02-27; accession 0000883237-23-000018 (https://www.sec.gov/Archives/edgar/data/883237/000088323723000018/vrts-20221231.htm)
- [FY 2021 MD&A](/company/VRTS/mda/fy2021/): filed 2022-02-25; accession 0000883237-22-000056 (https://www.sec.gov/Archives/edgar/data/883237/000088323722000056/vrts-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VRTS.md · JSON record: /company/VRTS.json · verified financials: /company/VRTS/financials.json / /company/VRTS/financials.csv · machine TOC for the whole site: /llms.txt