Virtus Duff & Phelps Global Infrastructure Fund I · NASDAQ:PGIUX
Virtus Duff & Phelps Global Infrastructure Fund I — Virtus Investment Partners — Investor Presentation (September 2026)
81 slides from Virtus Duff & Phelps Global Infrastructure Fund I's investor presentation, September 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION Investor Relations Sean Rourke (860) 263-4709 sean.rourke@virtus.com September 2026
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: Contents
CONTENTS ◼ Firm Overview ◼ Products and Performance ◼ Growth Opportunities ◼ Distribution ◼ Financial Review ◼ Our Managers ◼ Appendix 3
Slide 4: Firm Overview
Firm Overview
Slide 5: Firm Overview: Summary
FIRM OVERVIEW SUMMARY Virtus Investment Partners is a distinctive partnership of investment managers, singularly committed to long-term investor success ◼ Independent publicly traded asset manager Strategies Available in: – Market capitalization of $1.0 billion (NYSE: VRTS) ◼ Open-end mutual funds ◼
Slide 6: Firm Overview: Value Proposition
FIRM OVERVIEW VALUE PROPOSITION Differentiated & Flexible Multi- ◼ Flexible partnership approach with alignment of interests Boutique Model ◼ Autonomous investment manager culture, investment process, and brand ◼ Shared distribution and support services Diverse, High-Quality ◼ Well-diversified acros
Slide 7: Firm Overview: Value Proposition
FIRM OVERVIEW VALUE PROPOSITION Flexible Multi-Boutique ◼ Flexible partnership approach with alignment of interests Model ◼ Preserves investment manager culture, investment process, and brand ◼ Shared distribution and business support services Diverse, High-Quality ◼ Well diversified across asset cl
Slide 8: Multi-Boutique Model
FIRM OVERVIEW MULTI-BOUTIQUE MODEL Our partnership approach preserves each investment manager’s unique entrepreneurial culture, provides continued investment autonomy, and ensures appropriate alignment of interests Investment Managers ◼ Autonomy of investment process and team ◼ Maintenance of unique
Slide 9: Differentiated Capabilities
FIRM OVERVIEW DIFFERENTIATED CAPABILITIES GROWTH EQUITY 1 Growth Equity Global Growth Equity Innovative Growth Equity Quality-Focused Equity Systematic Global Equity VALUE EQUITY Value Equity Global Value Equity FIXED INCOME Multi-Sector Fixed Income Specialty Fixed Income Emerging Markets Debt ALTE
Slide 10: Products and Performance
Products and Performance
Slide 11: Broadly Diversified Capabilities
PRODUCTS AND PERFORMANCE BROADLY DIVERSIFIED CAPABILITIES AUM by Manager AUM by Product Type AUM by Asset Class Structured Other2, 3 Products Alternatives Voya Infrastructure Kayne Open-End Stone Harbor Anderson Funds Rudnick Seix Multi-Asset Domestic Equity Institutional Subadvisory Newfleet Keysto
Slide 12: Multi-Product Offerings
PRODUCTS AND PERFORMANCE MULTI-PRODUCT OFFERINGS U.S. Retail Funds1 75 Funds ◼ Most major traditional investment categories with a strength in differentiated strategies $41.5 billion ◼ Widely available and distributed through broad range of intermediaries Closed-End Funds2 13 Funds ◼ Yield-generatin
Slide 13: Attractive Long-Term Performance
PRODUCTS AND PERFORMANCE ATTRACTIVE LONG-TERM PERFORMANCE Total AUM Outperforming Benchmark1 1-Year 3-Year 5-Year 10-Year Equity 10% 11% 24% 25% Fixed Income 87% 80% 68% 73% Multi-Asset2 61% 42% 42% 42% Alternatives3 57% 67% 50% 67% Total 41% 39% 40% 43% Total AUM Outperforming Benchmark1 at Quarter
Slide 14: Growth Opportunities
Growth Opportunities
Slide 15: Growth Opportunities: Organic and Inorganic
GROWTH OPPORTUNITIES ORGANIC AND INORGANIC Product Distribution Inorganic ◼ Leverage capabilities of ◼ Leverage strength in existing ◼ Add differentiated or current strategies into other retail channels complementary investment product structures ◼ Increase presence in RIA strategies ◼ Broaden capab
Slide 16: Inorganic Activities
GROWTH OPPORTUNITIES INORGANIC ACTIVITIES Date Activity Impact 2026 ◼ Acquires majority interest in Keystone National Group ◼ Expands private credit offerings with asset-centric strategies 2025 ◼ Acquires minority interest in Crescent Cove Advisors ◼ Establishes presence in private markets 2023 ◼ Ac
Slide 17: Distribution
Distribution
Slide 18: Multi-Market Distribution Capability
DISTRIBUTION MULTI-MARKET DISTRIBUTION CAPABILITY Broad and diversified product offerings make us a meaningful partner with distributors and consultants for institutional and retail clients ◼ Retail Retail AUM ($97.3) – Centralized retail distribution resources for mutual Other 1 6% fund, retail sep
Slide 19: Multi-Channel Approach
DISTRIBUTION MULTI-CHANNEL APPROACH INSTITUTIONAL INSTITUTIONAL INVESTMENT DCIO SUBADVISORY INVESTORS CONSULTANTS One-point access to boutique managers Pension Plans Mercer – Callan Recordkeepers Jackson National - Separate Accounts - Commingled Vehicles Foundations/Endowments Aon – Segal Marco Aggr
Slide 20: Financial Review
Financial Review
Slide 21: Assets Under Management: Quarterly Trend
ASSETS UNDER MANAGEMENT QUARTERLY TREND $171 $169 $10 $10 $159 $149 $152 $10 $11 $10 $11 $10 $11 $13 $13 $47 $47 $43 $37 $36 $46 $46 $42 $42 $40 $57 $56 $53 $50 $49 AUM by Asset Class 6/30/25 9/30/25 12/31/25 3/31/26 6/30/26 Equity 56.4% 54.4% 51.8% 47.0% 45.2% Fixed Income 22.6% 23.5% 25.0% 26.4% 2
Slide 22: Sales and Net Flows
SALES AND NET FLOWS QUARTERLY TREND Inflows Total Net Flows $6.3 $6.1 $5.6 $5.8 $5.3 ($3.9) ($3.9) ($5.6) ($8.1) ($8.4) METRICS Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Sales Rate 13.4% 14.6% 12.5% 14.7% 16.3% Total Net Flow Rate (9.5%) (9.0%) (19.0%) (21.4%) (15.2%) As of June 30, 2026; $ billions Sales rate
Slide 23: Operating Income, As Adjusted
OPERATING INCOME, AS ADJUSTED QUARTERLY TREND Operating Income, as adjusted $65.0 Net Income per diluted share, as adjusted $61.1 $59.8 $47.9 $43.8 $6.91 $7.35 $7.16 $5.38 $5.54 METRICS Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Income Attributable to Virtus Investment Partners, Inc., as Adjusted $47.9 $50.5
Slide 24: Strong Capital Position
STRONG CAPITAL POSITION FLEXIBLE BALANCE SHEET $692 Investments - Other1 $671 Seed Capital Investments2 $144 $146 Cash & Cash Equivalents $447 $449 $162 $154 $406 $127 $140 $128 $148 $133 $386 $141 $371 $172 $176 $137 METRICS Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Working Capital3 Q2 25 $144 Q3 25 $288 Q4 25
Slide 25: Our Managers
Our Managers
Slide 26: AlphaSimplex
ALPHASIMPLEX AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ AT-A-GLANCE AlphaSimplex manages liquid alternative investment solutions, including managed 1999 / 2022 futures and hedge fund replication strategies HEADQUARTERS Boston, MA ◼ The core investment team averages nearly two decades of investm
Slide 27: Ceredex Value Advisors
CEREDEX VALUE ADVISORS AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Ceredex manages U.S. value equity strategies across large-, mid-, and small-caps 1995 / 2017 HEADQUARTERS ◼ The core investment team has worked together for over 20 years Winter Park, FL ASSETS MANAGED ◼ Employs bottom-up, fundam
Slide 28: Crescent Cove
CRESCENT COVE AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED1 ◼ Crescent Cove provides tailored capital solutions to growth-stage businesses that 2016 / 2025 can benefit from deep tech-industry experiences HEADQUARTERS San Francisco, CA ◼ Invests across private credit and growth equity strategies ASS
Slide 29: Duff & Phelps Investment Management
DUFF & PHELPS INVESTMENT MANAGEMENT AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Duff & Phelps manages listed real asset strategies including real estate, 1932 / 1995 infrastructure, utilities, energy, and water HEADQUARTERS Chicago, IL ◼ Nearly 100-year firm history with the core investment team
Slide 30: Kayne Anderson Rudnick
KAYNE ANDERSON RUDNICK AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Kayne Anderson Rudnick manages quality-focused equity strategies across 1984 / 2002 investment styles, market caps, and geographies HEADQUARTERS Los Angeles, CA ◼ The core investment team has worked together for over 20 years ASS
Slide 31: Keystone National Group
KEYSTONE NATIONAL GROUP AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Asset-centric private credit manager focused on asset-backed lending and real 2006 / 2026 estate strategies HEADQUARTERS Salt Lake City, UT ◼ Invests across equipment finance, specialty lending, and real estate markets ASSETS MA
Slide 32: Newfleet Asset Management
NEWFLEET ASSET MANAGEMENT AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Newfleet manages multi-sector, core, and enhanced core fixed income strategies, 2011 / 2011 as well as dedicated sector strategies HEADQUARTERS Hartford, CT ◼ The core investment team has worked together for over 20 years ASSE
Slide 33: NFJ Investment Group
NFJ INVESTMENT GROUP AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ NFJ manages global value equity strategies across market caps and geographies 1989 / 2020 HEADQUARTERS ◼ The core investment team has worked together for over a decade and has more Dallas, TX than two decades of investment experien
Slide 34: Seix Investment Advisors
SEIX INVESTMENT ADVISORS AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Seix manages specialty fixed income strategies, including bank loans, high yield, 1992 / 2017 and taxable investment grade strategies HEADQUARTERS Park Ridge, NJ ◼ The core investment teams have worked together for over a decad
Slide 35: Silvant Capital Management
SILVANT CAPITAL MANAGEMENT AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Silvant manages high-conviction U.S. growth equity portfolios 2008 / 2017 HEADQUARTERS ◼ The core investment team has worked together for over a decade Atlanta, GA ASSETS MANAGED ◼ Uses rigorous bottom-up fundamental stock se
Slide 36: Stone Harbor Investment Partners
STONE HARBOR INVESTMENT PARTNERS AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Stone Harbor manages global credit portfolios specializing in emerging markets 2006 / 2021 debt HEADQUARTERS New York, NY ◼ Over 30 years of investment experience with the tenure of investment professionals ASSETS MANAG
Slide 37: Sustainable Growth Advisers
SUSTAINABLE GROWTH ADVISERS AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Sustainable Growth Advisers manages quality growth equity across U.S., global, 2003 / 2018 emerging, and international strategies HEADQUARTERS Stamford, CT ◼ The investment professionals average over 20 years of experience a
Slide 38: Virtus Multi-Asset
VIRTUS MULTI-ASSET AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Virtus Multi-Asset manages dynamic asset allocation and multi-manager solutions 2022 / 2022 HEADQUARTERS ◼ The team averages 20 years of investment industry experience and has worked New York, NY together for over a decade ASSETS MAN
Slide 39: Virtus Systematic
VIRTUS SYSTEMATIC AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Virtus Systematic manages differentiated investment solutions, strategies, and 2003 / 2022 outcomes across asset classes, regions, and securities HEADQUARTERS San Diego, CA ◼ The core investment team has worked together for nearly 20
Slide 40: Westchester Capital Management
WESTCHESTER CAPITAL MANAGEMENT AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED ◼ Westchester manages liquid alternative, global event-driven strategies 1980 / 2021 HEADQUARTERS ◼ More than 40 years of experience investing in event-driven strategies with over Valhalla, NY 10,000 transactions evaluated
Slide 41: Zevenbergen Capital Investments
ZEVENBERGEN CAPITAL INVESTMENTS AT-A-GLANCE PROFILE YEAR FOUNDED / AFFILIATED1 ◼ Zevenbergen manages high-conviction, U.S. growth equity portfolios across 1987 / 2017 market capitalizations, including technology focused portfolios HEADQUARTERS Edmonds, WA ◼ Over 30 years of experience investing in c
Slide 42: Appendix
Appendix
Slide 43: History
APPENDIX HISTORY Established in the 1990s and fully independent since January 2009 1993 1995 1999 1990s Phoenix Securities Group (PSG) (subsidiary of former parent, Phoenix Life) acquires PSG reverse merges with Duff & Phelps to create Phoenix Duff & Phelps (later renamed Phoenix Acquires Zweig’s mu
Slide 44: AUM by Product: Diversified Capabilities
AUM BY PRODUCT DIVERSIFIED CAPABILITIES AUM by Product and Investment Manager U.S. Retail Global Variable Closed-End Retail Separate Institutional Structured Investment Manager Funds Funds Insurance ETFs Funds Accounts Accounts Products Total AlphaSimplex $1.0 $0.1 $3.3 $4.4 Ceredex $1.7 $2.0 $3.7 D
Slide 45: Financial Supplement
INVESTMENT PARTNERS FINANCIAL SUPPLEMENT
Slide 46: Non-GAAP Information: Income Statement
NON-GAAP INFORMATION INCOME STATEMENT1 (UNAUDITED) Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 YTD:25 YTD:26 Revenues, As Adjusted Investment management fees, as adjusted $171,879 $176,561 $168,896 $163,469 $164,777 $350,380 $328,246 Administration and shareholder service fees, as adjusted 18,073 18,891 18,379 17
Slide 47: Non-GAAP Information: Income Statement (Continued)
NON-GAAP INFORMATION INCOME STATEMENT1 (CONTINUED) (UNAUDITED) Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 YTD:25 YTD:26 Other Income (Expense), As Adjusted Realized and unrealized gain (loss) on investments, net, as adjusted ($49) $83 ($13) $132 $6 $292 $138 Other income, net, as adjusted 1,151 522 802 1,345 949
Slide 48: Non-GAAP Information: Balance Sheet
NON-GAAP INFORMATION BALANCE SHEET1 (UNAUDITED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Assets: Cash and cash equivalents $172,204 $370,563 $386,483 $136,637 $176,229 Investments – seed capital 148,192 153,870 161,674 141,462 133,141 Investments – other 126,670 146,109 143,608 127,891 140
Slide 49: Non-GAAP Information: Balance Sheet (Continued)
NON-GAAP INFORMATION BALANCE SHEET1 (CONTINUED) (UNAUDITED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Liabilities and Equity Liabilities: Accrued compensation and benefits $101,643 $145,575 $182,808 $74,966 $93,978 Accounts payable and accrued liabilities 49,428 51,663 54,520 52,795 51,678
Slide 50: U.S. GAAP Information: Income Statement
U.S. GAAP INFORMATION INCOME STATEMENT (UNAUDITED) Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 YTD:25 YTD:26 Revenues Investment management fees $179,476 $183,762 $175,710 $169,133 $170,850 $365,567 $339,983 Distribution and service fees 11,968 12,517 12,341 11,633 11,758 24,721 23,391 Administration and sharehol
Slide 51: U.S. GAAP Information: Income Statement (Continued)
U.S. GAAP INFORMATION INCOME STATEMENT (CONTINUED) (UNAUDITED) Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 YTD:25 YTD:26 Other Income (Expense) Realized and unrealized gain (loss) on investments, net $3,971 $2,257 $586 $845 $4,541 $2,980 $5,386 Realized and unrealized gain (loss) of CIP1, net (5,204) (14,913) (33
Slide 52: Assets Under Management by Product, Asset Class and Region
ASSETS UNDER MANAGEMENT BY PRODUCT, ASSET CLASS AND REGION 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Assets by Product U.S. Retail Funds $46,457 $45,713 $42,261 $39,869 $41,540 Global Funds 5,522 5,281 5,259 4,967 4,756 Exchange Traded Funds 3,674 4,730 5,239 5,395 5,817 Total – Open-End Fu
Slide 53: 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 6/30/2026 Equity: Domestic Equity $14,244 $— $25,472 $18,106 $57,822 International Equity 2,260 — 7 986 3,253 Global Equity 1,765 — 169 1,380 3,314 Specialt
Slide 54: Asset Flows: Total
ASSET FLOWS TOTAL 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 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 Flo
Slide 55: Asset Flows by Product
ASSET FLOWS BY PRODUCT 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 U.S. Retail Funds Beginning balance $44,952 $46,457 $45,713 $42,261 $39,869 $47,814 $42,261 Inflows 2,290 1,784 1,839 2,171 1,808 4,666 3,979 Outflows (3,335) (3,512) (4,886) (3,824) (3,463) (7,127) (7,287) Net F
Slide 56: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Exchange Traded Funds Beginning balance $3,415 $3,674 $4,730 $5,239 $5,395 $3,051 $5,239 Inflows 395 924 780 630 635 829 1,265 Outflows (153) (62) (192) (376) (357) (241) (733) Net Flows 242 862 588 2
Slide 57: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Traditional Closed-End Funds Beginning balance $10,273 $10,481 $10,867 $10,635 $11,021 $10,225 $10,635 Inflows 4 3 — 5 — 9 5 Outflows (2) (10) (52) (6) (2) (42) (8) Net Flows 2 (7) (52) (1) (2) (33) (
Slide 58: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Intermediary Sold Managed Accounts2 Beginning balance $38,447 $38,610 $37,795 $34,269 $28,756 $40,857 $34,269 Inflows 1,248 1,253 906 1,179 838 2,770 2,017 Outflows (1,951) (2,444) (3,230) (4,976) (3,
Slide 59: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Institutional Separate Accounts Beginning balance $51,604 $52,133 $50,570 $47,724 $43,276 $54,054 $47,724 Inflows 1,080 1,557 1,139 1,171 2,057 2,442 3,228 Outflows (3,374) (3,484) (4,181) (4,182) (2,
Slide 60: Asset Flows by Product (Continued)
ASSET FLOWS BY PRODUCT (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Structured Products Beginning balance $2,960 $2,799 $3,098 $2,986 $2,896 $3,083 $2,986 Inflows — 370 19 — — — — Outflows — — (3) — — — — Net Flows — 370 16 — — — — Market performance 40 32 44 50 43 61
Slide 61: Asset Flows by Asset Class
ASSET FLOWS BY ASSET CLASS 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Domestic Equity Beginning balance $76,053 $77,321 $75,342 $67,841 $59,216 $81,315 $67,841 Inflows 2,450 2,266 2,045 2,452 1,904 5,109 4,356 Outflows (4,576) (4,895) (7,729) (7,734) (7,458) (8,660) (15,192) Ne
Slide 62: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Global Equity Beginning balance $10,294 $10,699 $8,470 $6,776 $3,824 $11,633 $6,776 Inflows 302 142 138 255 138 851 393 Outflows (1,122) (2,089) (1,767) (2,459) (922) (2,520) (3,381) Net Flows (82
Slide 63: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Leveraged Finance Beginning balance $8,450 $8,160 $8,619 $8,057 $7,756 $8,612 $8,057 Inflows 297 676 214 246 282 692 528 Outflows (514) (285) (661) (432) (257) (1,018) (689) Net Flows (217) 391 (4
Slide 64: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Investment Grade Beginning balance $9,840 $10,214 $9,889 $9,923 $9,618 $9,973 $9,923 Inflows 280 334 189 152 160 417 312 Outflows (241) (685) (307) (409) (173) (725) (582) Net Flows 39 (351) (118)
Slide 65: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Multi-Asset1 Beginning balance $20,834 $21,430 $22,078 $21,617 $21,586 $21,174 $21,617 Inflows 319 412 379 509 542 640 1,051 Outflows (536) (426) (740) (536) (505) (1,068) (1,041) Net Flows (217)
Slide 66: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Listed Real Estate Beginning balance $4,607 $4,765 $4,986 $5,129 $5,270 $4,570 $5,129 Inflows 207 230 343 144 1,138 433 1,282 Outflows (202) (168) (124) (121) (164) (446) (285) Net Flows 5 62 219
Slide 67: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Event-Driven Beginning balance $2,740 $2,772 $2,837 $2,835 $2,879 $2,736 $2,835 Inflows 92 106 130 156 153 210 309 Outflows (129) (94) (124) (132) (105) (303) (237) Net Flows (37) 12 6 24 48 (93)
Slide 68: Asset Flows by Asset Class (Continued)
ASSET FLOWS BY ASSET CLASS (CONTINUED) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 YTD:25 YTD:26 Alternatives1 Beginning balance $15,075 $14,454 $15,431 $15,413 $18,009 $15,339 $15,413 Inflows 907 1,147 1,066 752 1,709 1,751 2,461 Outflows (1,153) (690) (1,098) (1,110) (822) (2,049) (1,932) N
Slide 69: Investment Management Fees: Average Assets by Product
INVESTMENT MANAGEMENT FEES AVERAGE ASSETS1 BY PRODUCT Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 YTD:25 YTD:26 Average Assets by Product U.S. Retail Funds $44,973 $46,327 $44,296 $42,540 $41,616 $46,213 $42,078 Global Funds 5,324 5,399 5,223 5,193 5,142 5,307 5,168 Exchange Traded Funds 3,445 4,163 4,983 5,435 5
Slide 70: Investment Management Fees: Average Fees Earned by Product
INVESTMENT MANAGEMENT FEES AVERAGE MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS) Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 YTD:25 YTD:26 Average Management Fees Earned by Product U.S. Retail Funds 50.2 50.8 49.8 48.8 46.9 50.8 47.9 Global Funds 35.3 38.4 32.9 33.2 34.4 36.5 33.8 Exchange Traded Funds 18.
Slide 71: 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 72: 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 73: 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 74: 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 75: Reconciliation: U.S. GAAP to Non-GAAP, Q2 2025
RECONCILIATION: U.S. GAAP TO NON-GAAP Q2 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 76: 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 77: 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 78: 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 79: 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 80: 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: Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YTD:25 YTD:26 Goodwill and Intangible Assets Amortization expenses $12,9
Slide 81: Investment Partners
INVESTMENT PARTNERS
Virtus Investment Partners — Investor Presentation (September 2026) on 6ix