Virtus Investment Partners, Inc. · NYSE:VRTS
Virtus Investment Partners — Q3 2026 Earnings Presentation
51 slides from Virtus Investment Partners's earnings presentation, Nov 9, 2026
Slide 1: Third Quarter Earnings Presentation
THIRD QUARTER EARNINGS PRESENTATION November 9, 2026 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer
Slide 2: Important Disclosures
IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The Private Secur
Slide 3: Agenda
AGENDA ■ Overview of Quarter ■ Results ■ Q & A Session 3
Slide 4: Overview of Quarter
INVESTMENT PARTNERS OVERVIEW OF QUARTER
Slide 5: Third Quarter 2026 Overview
THIRD QUARTER 2026 OVERVIEW Assets and Flows ■ Assets under management (AUM) decreased 7% to $141.4 billion; average AUM decreased 3% to $149.5 billion – Sales of $4.3 billion compared with $6.1 billion, which included a large institutional inflow – Net flows of ($6.1) billion compared with ($5.6) b
Slide 6: Results
INVESTMENT PARTNERS RESULTS
Slide 7: Assets Under Management
ASSETS UNDER MANAGEMENT INCREASINGLY DIVERSIFIED Institutional Accounts Closed-End / Tender Offer Funds ■ AUM of $141.4 billion decreased 7% from Retail Separate Accounts U.S. Retail Funds $152.2 billion Global Funds and ETFs – ($6.1) billion of net outflows, substantially all $169 in quality-orient
Slide 8: Asset Flows
ASSET FLOWS OUTFLOWS CONCENTRATED IN QUALITY EQUITY ■ Sales of $4.3 billion compared with $6.1 billion, which included a large institutional global REIT inflow – Institutional sales of $1.1 billion included a $0.4 billion CLO issuance – Retail separate account sales of $1.0 billion compared with $1.
Slide 9: Investment Management Fees, As Adjusted
INVESTMENT MANAGEMENT FEES, AS ADJUSTED STABLE AVERAGE FEE RATE ■ Investment management fees, as adjusted, decreased 2% due to lower average AUM ■ Average fee rate of 43.0 bps essentially unchanged – Fee rate favorably impacted by 0.7 bps due to manager reassignments on $5.1 billion of certain funds
Slide 10: Employment Expenses, As Adjusted
EMPLOYMENT EXPENSES, AS ADJUSTED LOWER VARIABLE COMPENSATION ■ Employment expenses, as adjusted, of $95.5 million decreased from $102.1 million due to: – Prior quarter impact of discrete non-cash expense item – Lower variable incentive compensation ■ Employment expenses, as adjusted, as a percentage
Slide 11: Other Operating Expenses, As Adjusted
OTHER OPERATING EXPENSES, AS ADJUSTED CONSISTENT RANGE ■ Other operating expenses, as adjusted, of $31.8 million were essentially unchanged – Impact of prior quarter annual director equity grant offset by – Higher professional services fees ■ Other operating expenses, as adjusted, as a percentage of
Slide 12: Non-GAAP Results
NON-GAAP RESULTS HIGHER MARGIN ■ Operating margin, as adjusted, of 28.7% Operating Income, as Adjusted compared with 26.1%, which included a Diluted earnings per share, as adjusted discrete non-cash expense item ■ Interest income of $4.2 million decreased from $5.4 million due to elevated CLO intere
Slide 13: Capital and Select Balance Sheet
CAPITAL AND SELECT BALANCE SHEET RETURNED CAPITAL AND REPAID DEBT ■ Liquidity at September 30, 2026: Select Balance Sheet Items: 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 Cash and cash equivalents $371 $386 $137 $176 $187 – Cash and investments of $485 million Investments - seed capital1 $154 $162 $1
Slide 14: Investment Performance
INVESTMENT PERFORMANCE PERFORMANCE VERSUS BENCHMARK Total AUM Outperforming Benchmark1 1-Year 3-Year 5-Year 10-Year Equity 5% 10% 21% 24% Fixed Income 62% 83% 70% 72% Multi-Asset2 52% 45% 43% 41% Alternatives3 89% 68% 73% 93% Total 37% 41% 43% 47% Total AUM Outperforming Benchmark1 at Quarter-End -
Slide 15: Financial Supplement
INVESTMENT PARTNERS FINANCIAL SUPPLEMENT
Slide 16: Non-GAAP Information: Income Statement
NON-GAAP INFORMATION INCOME STATEMENT1 (UNAUDITED) Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 YTD:25 YTD:26 Revenues, As Adjusted Investment management fees, as adjusted $176,561 $168,896 $163,469 $164,777 $161,911 $526,941 $490,157 Administration and shareholder service fees, as adjusted 18,891 18,379 17,361 17
Slide 17: Non-GAAP Information: Income Statement (Continued)
NON-GAAP INFORMATION INCOME STATEMENT1 (CONTINUED) (UNAUDITED) Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 YTD:25 YTD:26 Other Income (Expense), As Adjusted Realized and unrealized gain (loss) on investments, net, as adjusted $83 ($13) $132 $6 $— $375 $138 Other income, net, as adjusted 522 802 1,345 949 595 2,67
Slide 18: Non-GAAP Information: Balance Sheet
NON-GAAP INFORMATION BALANCE SHEET1 (UNAUDITED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Assets: Cash and cash equivalents $370,563 $386,483 $136,637 $176,229 $187,218 Investments – seed capital 153,870 161,674 141,462 133,141 129,928 Investments – other 146,109 143,608 127,891 140,139 167
Slide 19: Non-GAAP Information: Balance Sheet (Continued)
NON-GAAP INFORMATION BALANCE SHEET1 (CONTINUED) (UNAUDITED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Liabilities and Equity Liabilities: Accrued compensation and benefits $145,575 $182,808 $74,966 $93,978 $132,499 Accounts payable and accrued liabilities 51,663 54,520 52,795 51,678 49,581
Slide 20: U.S. GAAP Information: Income Statement
U.S. GAAP INFORMATION INCOME STATEMENT (UNAUDITED) Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 YTD:25 YTD:26 Revenues Investment management fees $183,762 $175,710 $169,133 $170,850 $167,323 $549,329 $507,306 Distribution and service fees 12,517 12,341 11,633 11,758 11,468 37,238 34,859 Administration and sharehol
Slide 21: U.S. GAAP Information: Income Statement (Continued)
U.S. GAAP INFORMATION INCOME STATEMENT (CONTINUED) (UNAUDITED) Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 YTD:25 YTD:26 Other Income (Expense) Realized and unrealized gain (loss) on investments, net $2,257 $586 $845 $4,541 ($2,377) $5,237 $3,009 Realized and unrealized gain (loss) of CIP1, net (14,913) (337) (14
Slide 22: Assets Under Management by Product, Asset Class and Region
ASSETS UNDER MANAGEMENT BY PRODUCT, ASSET CLASS AND REGION 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Assets by Product U.S. Retail Funds $45,713 $42,261 $39,869 $41,540 $39,258 Global Funds 5,281 5,259 4,967 4,756 4,549 Exchange Traded Funds 4,730 5,239 5,395 5,817 5,882 Total – Open-End Fu
Slide 23: Assets Under Management by Product and Asset Class
ASSETS UNDER MANAGEMENT BY PRODUCT AND ASSET CLASS Open-End Closed-End Retail Separate Institutional Total as of Funds Funds4 Accounts Accounts 9/30/2026 Equity: Domestic Equity $12,627 $— $21,176 $16,977 $50,780 International Equity 2,117 — 7 889 3,013 Global Equity 1,681 — 146 558 2,385 Specialty
Slide 24: Asset Flows: Total
ASSET FLOWS TOTAL 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Total Beginning balance $170,710 $169,325 $159,493 $149,026 $152,162 $175,001 $159,493 Inflows 6,273 5,346 5,781 6,055 4,282 18,093 16,118 Outflows (10,125) (13,444) (14,207) (11,701) (10,425) (28,871) (36,333) Net Fl
Slide 25: Asset Flows by Product
ASSET FLOWS BY PRODUCT 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 U.S. Retail Funds Beginning balance $46,457 $45,713 $42,261 $39,869 $41,540 $47,814 $42,261 Inflows 1,784 1,839 2,171 1,808 1,703 6,450 5,682 Outflows (3,512) (4,886) (3,824) (3,463) (2,959) (10,639) (10,246) Net
Slide 26: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Exchange Traded Funds Beginning balance $3,674 $4,730 $5,239 $5,395 $5,817 $3,051 $5,239 Inflows 924 780 630 635 372 1,753 1,637 Outflows (62) (192) (376) (357) (211) (303) (944) Net Flows 862 588 254
Slide 27: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Traditional Closed-End Funds Beginning balance $10,481 $10,867 $10,635 $11,021 $11,690 $10,225 $10,635 Inflows 3 — 5 — 4 12 9 Outflows (10) (52) (6) (2) — (52) (8) Net Flows (7) (52) (1) (2) 4 (40) 1
Slide 28: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Intermediary Sold Managed Accounts2 Beginning balance $38,610 $37,795 $34,269 $28,756 $26,886 $40,857 $34,269 Inflows 1,253 906 1,179 838 691 4,023 2,708 Outflows (2,444) (3,230) (4,976) (3,978) (3,24
Slide 29: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Institutional Separate Accounts Beginning balance $52,133 $50,570 $47,724 $43,276 $44,931 $54,054 $47,724 Inflows 1,557 1,139 1,171 2,057 500 3,999 3,728 Outflows (3,484) (4,181) (4,182) (2,742) (3,12
Slide 30: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Structured Products Beginning balance $2,799 $3,098 $2,986 $2,896 $2,814 $3,083 $2,986 Inflows 370 19 — — 372 370 372 Outflows — (3) — — — — — Net Flows 370 16 — — 372 370 372 Market performance 32 44
Slide 31: Asset Flows by Asset Class
ASSET FLOWS BY ASSET CLASS 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Domestic Equity Beginning balance $77,321 $75,342 $67,841 $59,216 $57,822 $81,315 $67,841 Inflows 2,266 2,045 2,452 1,904 1,352 7,375 5,708 Outflows (4,895) (7,729) (7,734) (7,458) (5,949) (13,555) (21,141) N
Slide 32: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Global Equity Beginning balance $10,699 $8,470 $6,776 $3,824 $3,314 $11,633 $6,776 Inflows 142 138 255 138 57 993 450 Outflows (2,089) (1,767) (2,459) (922) (1,078) (4,609) (4,459) Net Flows (1,94
Slide 33: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Leveraged Finance Beginning balance $8,160 $8,619 $8,057 $7,756 $7,800 $8,612 $8,057 Inflows 676 214 246 282 807 1,368 1,335 Outflows (285) (661) (432) (257) (532) (1,303) (1,221) Net Flows 391 (4
Slide 34: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Investment Grade Beginning balance $10,214 $9,889 $9,923 $9,618 $9,668 $9,973 $9,923 Inflows 334 189 152 160 194 751 506 Outflows (685) (307) (409) (173) (387) (1,410) (969) Net Flows (351) (118)
Slide 35: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Multi-Asset1 Beginning balance $21,430 $22,078 $21,617 $21,586 $23,231 $21,174 $21,617 Inflows 412 379 509 542 339 1,052 1,390 Outflows (426) (740) (536) (505) (513) (1,494) (1,554) Net Flows (14)
Slide 36: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Listed Real Estate Beginning balance $4,765 $4,986 $5,129 $5,270 $6,793 $4,570 $5,129 Inflows 230 343 144 1,138 102 663 1,384 Outflows (168) (124) (121) (164) (109) (614) (394) Net Flows 62 219 23
Slide 37: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Event-Driven Beginning balance $2,772 $2,837 $2,835 $2,879 $2,951 $2,736 $2,835 Inflows 106 130 156 153 116 316 425 Outflows (94) (124) (132) (105) (125) (397) (362) Net Flows 12 6 24 48 (9) (81)
Slide 38: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 YTD:25 YTD:26 Alternatives1 Beginning balance $14,454 $15,431 $15,413 $18,009 $19,652 $15,339 $15,413 Inflows 1,147 1,066 752 1,709 505 2,898 2,966 Outflows (690) (1,098) (1,110) (822) (638) (2,739) (2,570) Net
Slide 39: Investment Management Fees: Average Assets by Product
INVESTMENT MANAGEMENT FEES AVERAGE ASSETS1 BY PRODUCT Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 YTD:25 YTD:26 Average Assets by Product U.S. Retail Funds $46,327 $44,296 $42,540 $41,616 $40,939 $46,250 $41,698 Global Funds 5,399 5,223 5,193 5,142 4,708 5,338 5,015 Exchange Traded Funds 4,163 4,983 5,435 5,748 6
Slide 40: Average Management Fees Earned by Product
INVESTMENT MANAGEMENT FEES AVERAGE MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS) Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 YTD:25 YTD:26 Average Management Fees Earned by Product U.S. Retail Funds 50.8 49.8 48.8 46.9 49.5 50.8 48.4 Global Funds 38.4 32.9 33.2 34.4 33.9 37.2 33.8 Exchange Traded Funds 15.
Slide 41: Reconciliation: U.S. GAAP to Non-GAAP, Q3 2026
RECONCILIATION: U.S. GAAP TO NON-GAAP Q3 2026 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred U.S. Consolidated Distributions and Seed capital compensation Acquisition GAAP investment to minority Revenue intangible Restructuring and CLO and related and Non-GAAP Basis products intere
Slide 42: Reconciliation: U.S. GAAP to Non-GAAP, Q2 2026
RECONCILIATION: U.S. GAAP TO NON-GAAP Q2 2026 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred U.S. Consolidated Distributions and Seed capital compensation Acquisition GAAP investment to minority Revenue intangible Restructuring and CLO and related and Non-GAAP Basis products intere
Slide 43: Reconciliation: U.S. GAAP to Non-GAAP, Q1 2026
RECONCILIATION: U.S. GAAP TO NON-GAAP Q1 2026 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred Consolidated Distributions and Seed capital compensation Acquisition U.S. GAAP investment to minority Revenue intangible Restructuring and CLO and related and Non-GAAP Basis products intere
Slide 44: Reconciliation: U.S. GAAP to Non-GAAP, Q4 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP Q4 2025 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred Consolidated Distributions and Seed capital compensation Acquisition U.S. GAAP investment to minority Revenue intangible and CLO and related and Non-GAAP Basis products interests related as
Slide 45: Reconciliation: U.S. GAAP to Non-GAAP, Q3 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP Q3 2025 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred Consolidated Distributions and Seed capital compensation Acquisition Non- U.S. GAAP investment to minority Revenue intangible Restructuring and CLO and related and GAAP Basis products inter
Slide 46: Reconciliation: U.S. GAAP to Non-GAAP, YTD 2026
RECONCILIATION: U.S. GAAP TO NON-GAAP YTD 2026 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred Consolidated Distributions and Seed capital compensation Acquisition U.S. GAAP investment to minority Revenue intangible Restructuring and CLO and related and Non-GAAP Basis products inter
Slide 47: Reconciliation: U.S. GAAP to Non-GAAP, YTD 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP YTD 2025 (UNAUDITED) Reclassification Other adjustments Goodwill Deferred Consolidated Distributions and Seed capital compensation Acquisition Non- U.S. GAAP investment to minority Revenue intangible Restructuring and CLO and related and GAAP Basis products inte
Slide 48: Reconciliation: Footnotes
RECONCILIATION: FOOTNOTES Non-GAAP financial information differs from financial information 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 earni
Slide 49: Reconciliation: Footnotes
RECONCILIATION: FOOTNOTES Seed Capital and CLO Related: 10. Seed capital and CLO investments (gains) losses - Gains and losses (realized and unrealized) of seed capital and CLO investments. Gains and losses (realized and unrealized) generated by seed capital and CLO investments can vary significantl
Slide 50: Reconciliation: Footnotes
RECONCILIATION: FOOTNOTES (UNAUDITED) Components of Goodwill and Intangible Assets, Acquisition and Integration Expenses and Other for the respective periods are shown in the table below: Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YTD:25 YTD:26 Goodwill and Intangible Assets Amortization expenses $12,9
Slide 51: Virtus
“VIRTUS
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