Virtus Investment Partners, Inc. · NYSE:VRTS
Virtus Investment Partners — Merger or Acquisition (December 2025)
11 slides from Virtus Investment Partners's merger presentation, Dec 5, 2025
Slide 1: Agreement to Acquire a Majority Interest in Keystone National Group
AGREEMENT TO ACQUIRE A MAJORITY INTEREST IN KEYSTONE NATIONAL GROUP George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer December 5, 2025
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: Strategic Rationale
STRATEGIC RATIONALE KEYSTONE ADDS DIFFERENTIATED PRIVATE MARKET CAPABILITIES Diversifies ◼ Keystone is a boutique private credit manager specializing in asset-based lending with $2.5 billion of AUM capabilities with ◼ The addition of Keystone establishes a foundation in private credit and private re
Slide 4: Overview of Keystone National Group
OVERVIEW OF KEYSTONE NATIONAL GROUP ASSET-CENTRIC PRIVATE CREDIT PLATFORM Keystone is a boutique private credit manager specializing in asset-based lending with proven origination capabilities, an established presence in the RIA channel and is known for its disciplined underwriting and focus on capi
Slide 5: Keystone Products
KEYSTONE PRODUCTS DETAILED STRATEGY OVERVIEW Asset-Centric Real Estate Bridge Real Estate Equity Private Credit Lending AUM $2.0 billion ~$400 million ~$100 million Keystone Private Income Fund Keystone Real Estate Keystone Real Estate Primary Vehicle (KPIF) Lending Fund (KRELF) Investment Trust (KR
Slide 6: Transaction Detail
TRANSACTION DETAIL MAJORITY INTEREST FUNDED WITH EXISTING RESOURCES Transaction ◼ Acquisition of 56% majority interest for cash consideration of $200 million at closing Summary – Up to $170 million of deferred consideration, including earnout payments subject to future revenue targets ◼ Management t
Slide 7: Keystone Highlights
KEYSTONE HIGHLIGHTS PRIVATE CREDIT MANAGER WITH COMPELLING ATTRIBUTES Favorable Market Diverse Sourcing Established Private Tailwinds Capabilities Wealth Base ◼ Well-positioned to capture ◼ Strong direct origination ◼ Large and expanding network of secular tailwinds in the asset- RIAs, HNW investors
Slide 8: Q&A
STMENT PARTNERS Q&A
Slide 9: Appendix
VIRTUS APPENDIX
Slide 10: Favorable Asset-Based Finance Tailwinds
FAVORABLE ASSET-BASED FINANCE TAILWINDS The US Specialty Finance market is a $5.5tn Opportunity with Non-Bank Lenders Continuing to Take Financing Market Share1 $1.9tn Specialty Finance by Non- Banks 54% 34% ~$5.5tn 12% $200-300bn Private credit Specialty Finance Bank balance sheet Non-bank financin
Slide 11: 3éVIRTUS
3éVIRTUS INVESTM! ENT PARTNERS
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