Virtus Investment Partners, Inc. · NYSE:VRTS
Virtus Investment Partners — Q1 2026 Earnings Presentation
51 slides from Virtus Investment Partners's earnings presentation, May 1, 2026
Slide 1: First Quarter Earnings Presentation
FIRST QUARTER EARNINGS PRESENTATION May 1, 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: First Quarter 2026 Overview
FIRST QUARTER 2026 OVERVIEW Assets and Flows ■ Assets under management (AUM) of $149.0 billion; average AUM declined 4% to $158.2 billion – Sales increased 8% to $5.8 billion on higher sales of U.S. retail funds, retail separate accounts, and global funds; sales of equity strategies increased 26% –
Slide 6: Results
INVESTMENT PARTNERS RESULTS
Slide 7: Assets Under Management
ASSETS UNDER MANAGEMENT BROADLY DIVERSIFIED Institutional Accounts Closed-End Funds ■ AUM of $149.0 billion compared with U.S. Retail Funds Retail Separate Accounts $159.5 billion: Global Funds and ETFs – ($8.4) billion of net outflows primarily in quality-oriented equity strategies; and $167 $171 $
Slide 8: Asset Flows
ASSET FLOWS REFLECT STYLE HEADWINDS FOR QUALITY EQUITY ■ Sales of $5.8 billion increased 8% from $5.3 billion led by a 26% increase in sales of equity strategies. By product: – Institutional sales of $1.2 billion compared with $1.4 billion – Retail separate account sales of $1.4 billion increased fr
Slide 9: Investment Management Fees, As Adjusted
INVESTMENT MANAGEMENT FEES, AS ADJUSTED HIGHER AVERAGE FEE RATE ■ Investment management fees, as adjusted, declined 3% primarily due to lower average AUM ■ Average fee rate of 41.9 basis points (bps) increased from 40.6 bps – Includes incentive fees of 0.6 bps from one month of results from Keystone
Slide 10: Employment Expenses, As Adjusted
EMPLOYMENT EXPENSES, AS ADJUSTED LOWER EX-SEASONAL ITEMS ■ Employment expenses, as adjusted, of Seasonal Expenses $106.2 million included $11.4 million of seasonally higher expenses – Excluding seasonal expenses, declined modestly ■ Employment expenses, as adjusted, as a $99.4 $94.8 percentage of re
Slide 11: Other Operating Expenses, As Adjusted
OTHER OPERATING EXPENSES, AS ADJUSTED STABLE RANGE ■ Other operating expenses, as adjusted, of $30.6 million increased modestly from $30.2 million – Includes one month of Keystone expenses ■ Other operating expenses, as adjusted, as a percentage of revenues, as adjusted, of 16.8% compared with 16.0%
Slide 12: Non-GAAP Results
NON-GAAP RESULTS REFLECT SEASONAL ITEMS AND LOWER AUM ■ Operating margin, as adjusted, of 24.0% Operating Income, as Adjusted compared with 32.4% Diluted earnings per share, as adjusted – Excluding seasonal employment expenses, operating margin was 30.3% ■ Interest and dividend income of $5.4 millio
Slide 13: Capital and Select Balance Sheet
CAPITAL AND SELECT BALANCE SHEET RETURNED CAPITAL AND INVESTED IN GROWTH ■ Liquidity at March 31, 2026: Select Balance Sheet Items: 3/31/25 6/30/25 9/30/25 12/31/25 3/31/26 Cash and cash equivalents $135 $172 $371 $386 $137 – Cash and investments of $406 million Investments - seed capital1 $143 $148
Slide 14: Investment Performance
INVESTMENT PERFORMANCE PERFORMANCE VERSUS BENCHMARK Total AUM Outperforming Benchmark1 1-Year 3-Year 5-Year 10-Year Equity 9% 9% 22% 54% Fixed Income 87% 78% 71% 73% Multi-Asset2 45% 44% 41% 44% Alternatives3 63% 71% 66% 71% Total 38% 37% 40% 59% Total AUM Outperforming Benchmark1 at Quarter-End - T
Slide 15: Financial Supplement
INVESTMENT PARTNERS FINANCIAL SUPPLEMENT
Slide 16: Non-GAAP Information: Income Statement
NON-GAAP INFORMATION INCOME STATEMENT1 (UNAUDITED) Q1:25 Q2:25 Q3:25 Q4:25 Q1:26 YTD:25 YTD:26 Revenues, As Adjusted Investment management fees, as adjusted $178,501 $171,879 $176,561 $168,896 $163,469 $178,501 $163,469 Administration and shareholder service fees, as adjusted 18,029 18,073 18,891 18
Slide 17: Non-GAAP Information: Income Statement (Continued)
NON-GAAP INFORMATION INCOME STATEMENT1 (CONTINUED) (UNAUDITED) Q1:25 Q2:25 Q3:25 Q4:25 Q1:26 YTD:25 YTD:26 Other Income (Expense), As Adjusted Realized and unrealized gain (loss) on investments, net, as adjusted $341 ($49) $83 ($13) $132 $341 $132 Other income, net, as adjusted 998 1,151 522 802 1,3
Slide 18: Non-GAAP Information: Balance Sheet
NON-GAAP INFORMATION BALANCE SHEET1 (UNAUDITED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Assets: Cash and cash equivalents $135,380 $172,204 $370,563 $386,483 $136,637 Investments – seed capital 143,000 148,192 153,870 161,674 141,462 Investments – other 132,798 126,670 146,109 143,608 127
Slide 19: Non-GAAP Information: Balance Sheet (Continued)
NON-GAAP INFORMATION BALANCE SHEET1 (CONTINUED) (UNAUDITED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Liabilities and Equity Liabilities: Accrued compensation and benefits $73,838 $101,643 $145,575 $182,808 $74,966 Accounts payable and accrued liabilities 56,699 49,428 51,663 54,520 52,795
Slide 20: U.S. GAAP Information: Income Statement
U.S. GAAP INFORMATION INCOME STATEMENT (UNAUDITED) Q1:25 Q2:25 Q3:25 Q4:25 Q1:26 YTD:25 YTD:26 Revenues Investment management fees $186,091 $179,476 $183,762 $175,710 $169,133 $186,091 $169,133 Distribution and service fees 12,753 11,968 12,517 12,341 11,633 12,753 11,633 Administration and sharehol
Slide 21: U.S. GAAP Information: Income Statement (Continued)
U.S. GAAP INFORMATION INCOME STATEMENT (CONTINUED) (UNAUDITED) Q1:25 Q2:25 Q3:25 Q4:25 Q1:26 YTD:25 YTD:26 Other Income (Expense) Realized and unrealized gain (loss) on investments, net ($991) $3,971 $2,257 $586 $845 ($991) $845 Realized and unrealized gain (loss) of CIP1, net (7,649) (5,204) (14,91
Slide 22: Assets Under Management by Product, Asset Class and Region
ASSETS UNDER MANAGEMENT BY PRODUCT, ASSET CLASS AND REGION 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Assets by Product U.S. Retail Funds $44,952 $46,457 $45,713 $42,261 $39,869 Global Funds 5,241 5,522 5,281 5,259 4,967 Exchange Traded Funds 3,415 3,674 4,730 5,239 5,395 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 3/31/2026 Equity: Domestic Equity $14,098 $— $27,340 $17,778 $59,216 International Equity 2,278 — 8 1,224 3,510 Global Equity 2,014 — 210 1,600 3,824 Specia
Slide 24: Asset Flows: Total
ASSET FLOWS TOTAL 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Total Beginning balance $175,001 $167,463 $170,710 $169,325 $159,493 $175,001 $159,493 Inflows 6,240 5,580 6,273 5,346 5,781 6,240 5,781 Outflows (9,219) (9,527) (10,125) (13,444) (14,207) (9,219) (14,207) Net Flows (
Slide 25: Asset Flows by Product
ASSET FLOWS BY PRODUCT 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 U.S. Retail Funds Beginning balance $47,814 $44,952 $46,457 $45,713 $42,261 $47,814 $42,261 Inflows 2,376 2,290 1,784 1,839 2,171 2,376 2,171 Outflows (3,792) (3,335) (3,512) (4,886) (3,824) (3,792) (3,824) Net F
Slide 26: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Exchange Traded Funds Beginning balance $3,051 $3,415 $3,674 $4,730 $5,239 $3,051 $5,239 Inflows 434 395 924 780 630 434 630 Outflows (88) (153) (62) (192) (376) (88) (376) Net Flows 346 242 862 588 2
Slide 27: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Traditional Closed-End Funds Beginning balance $10,225 $10,273 $10,481 $10,867 $10,635 $10,225 $10,635 Inflows 5 4 3 — 5 5 5 Outflows (40) (2) (10) (52) (6) (40) (6) Net Flows (35) 2 (7) (52) (1) (35)
Slide 28: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Intermediary Sold Managed Accounts2 Beginning balance $40,857 $38,447 $38,610 $37,795 $34,269 $40,857 $34,269 Inflows 1,522 1,248 1,253 906 1,179 1,522 1,179 Outflows (2,179) (1,951) (2,444) (3,230) (
Slide 29: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Institutional Separate Accounts Beginning balance $54,054 $51,604 $52,133 $50,570 $47,724 $54,054 $47,724 Inflows 1,362 1,080 1,557 1,139 1,171 1,362 1,171 Outflows (2,589) (3,374) (3,484) (4,181) (4,
Slide 30: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Structured Products Beginning balance $3,083 $2,960 $2,799 $3,098 $2,986 $3,083 $2,986 Inflows — — 370 19 — — — Outflows — — — (3) — — — Net Flows — — 370 16 — — — Market performance 21 40 32 44 50 21
Slide 31: Asset Flows by Asset Class
ASSET FLOWS BY ASSET CLASS 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Domestic Equity Beginning balance $81,315 $76,053 $77,321 $75,342 $67,841 $81,315 $67,841 Inflows 2,659 2,450 2,266 2,045 2,452 2,659 2,452 Outflows (4,084) (4,576) (4,895) (7,729) (7,734) (4,084) (7,734) Net
Slide 32: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Global Equity Beginning balance $11,633 $10,294 $10,699 $8,470 $6,776 $11,633 $6,776 Inflows 549 302 142 138 255 549 255 Outflows (1,398) (1,122) (2,089) (1,767) (2,459) (1,398) (2,459) Net Flows
Slide 33: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Leveraged Finance Beginning balance $8,612 $8,450 $8,160 $8,619 $8,057 $8,612 $8,057 Inflows 395 297 676 214 246 395 246 Outflows (504) (514) (285) (661) (432) (504) (432) Net Flows (109) (217) 39
Slide 34: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Investment Grade Beginning balance $9,973 $9,840 $10,214 $9,889 $9,923 $9,973 $9,923 Inflows 137 280 334 189 152 137 152 Outflows (484) (241) (685) (307) (409) (484) (409) Net Flows (347) 39 (351)
Slide 35: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Multi-Asset1 Beginning balance $21,174 $20,834 $21,430 $22,078 $21,617 $21,174 $21,617 Inflows 321 319 412 379 509 321 509 Outflows (532) (536) (426) (740) (536) (532) (536) Net Flows (211) (217)
Slide 36: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Listed Real Estate Beginning balance $4,570 $4,607 $4,765 $4,986 $5,129 $4,570 $5,129 Inflows 226 207 230 343 144 226 144 Outflows (244) (202) (168) (124) (121) (244) (121) Net Flows (18) 5 62 219
Slide 37: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Event-Driven Beginning balance $2,736 $2,740 $2,772 $2,837 $2,835 $2,736 $2,835 Inflows 118 92 106 130 156 118 156 Outflows (174) (129) (94) (124) (132) (174) (132) Net Flows (56) (37) 12 6 24 (56
Slide 38: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 YTD:25 YTD:26 Alternatives1 Beginning balance $15,339 $15,075 $14,454 $15,431 $15,413 $15,339 $15,413 Inflows 844 907 1,147 1,066 752 844 752 Outflows (896) (1,153) (690) (1,098) (1,110) (896) (1,110) Net Flows
Slide 39: Investment Management Fees: Average Assets by Product
INVESTMENT MANAGEMENT FEES AVERAGE ASSETS1 BY PRODUCT Q1:25 Q2:25 Q3:25 Q4:25 Q1:26 YTD:25 YTD:26 Average Assets by Product U.S. Retail Funds $47,451 $44,973 $46,327 $44,296 $42,540 $47,451 $42,540 Global Funds 5,291 5,324 5,399 5,223 5,193 5,291 5,193 Exchange Traded Funds 3,362 3,445 4,163 4,983 5
Slide 40: Investment Management Fees: Average Management Fees Earned by Product
INVESTMENT MANAGEMENT FEES AVERAGE MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS) Q1:25 Q2:25 Q3:25 Q4:25 Q1:26 YTD:25 YTD:26 Average Management Fees Earned by Product U.S. Retail Funds 51.4 50.2 50.8 49.8 48.8 51.4 48.8 Global Funds 37.7 35.3 38.4 32.9 33.2 37.7 33.2 Exchange Traded Funds 13.
Slide 41: Reconciliation: U.S. GAAP to Non-GAAP, Q1 2026
RECONCILIATION: U.S. GAAP TO NON-GAAP Q1 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, Q4 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP Q4 2025 (UNAUDITED) Reclassification Other adjustments Deferred Consolidated Distributions Goodwill 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 43: 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 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, Q2 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP Q2 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, Q1 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP Q1 2025 (UNAUDITED) Reclassification Other adjustments Deferred Consolidated Distributions Goodwill 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 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 U.S. GAAP investment to minority Revenue intangible and CLO and related and Non-GAAP Basis products interests related a
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: Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YTD:25 YTD:26 Goodwill and Intangible Assets Amortization expenses $12,9
Slide 51: Investment Partners
INVESTMENT PARTNERS
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