Virtus Investment Partners, Inc. (VRTS) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. My name is Deedee, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners quarterly conference call. The slide presentation for this call is available in the investor relations section of the Virtus website, www.Virtus.com. This call is being recorded and will be available for replay on the Virtus website. At this time, all participants are in a listen-only mode. After the speaker's remarks, there will be a question and answer period, and instructions will follow at that time. I will now turn the conference to your host, Sean Rourke. Thanks, DeeDee, and good morning, everyone. Welcome to Virtus Investment Partners' discussion of our fourth quarter 2025 financial and operating results. Joining me today are George Elward, our President and CEO, and Mike Engerthal, our Chief Financial Officer. After their prepared remarks, we will open the call for questions. Before we begin, I'll refer you to the disclosures on slide two. Today's comments may include forward-looking statements, which involve risks and uncertainties described in our news release and SEC filings. Actual results may differ materially. We will also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are available in today's news release and financial supplement on our website. Now I'd like to turn the call over to George. George? Thank you, Sean, and good morning, everyone. I'll start with an overview of the results we reported this morning, and then Mike will provide more detail. The fourth quarter reflected a challenging environment for us, given that quality-oriented equity strategies, which represent half of our AUM, remained out of favor, resulting in an increased level of n...