VIRTUS INVESTMENT PARTNERS, INC., 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-10994  
Entity Registrant Name VIRTUS INVESTMENT PARTNERS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3962811  
Entity Address, Address Line One One Financial Plaza  
Entity Address, City or Town Hartford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06103  
City Area Code 800  
Local Phone Number 248-7971  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol VRTS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   6,748,088
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000883237  
Current Fiscal Year End Date --12-31  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Accounts receivable, net $ 108,627 $ 117,207
Furniture, equipment and leasehold improvements, net 23,204 22,718
Operating lease right-of-use assets 78,835 57,131
Intangible assets, net 352,341 378,229
Goodwill 397,098 397,098
Deferred taxes, net 19,667 23,206
Total assets 3,696,219 3,994,494
Liabilities:    
Accrued compensation and benefits 120,204 224,501
Accounts payable and accrued liabilities 49,428 49,492
Contingent consideration 37,351 63,505
Debt 231,279 232,130
Operating lease liabilities 95,379 70,037
Other liabilities 19,589 15,932
Total liabilities 2,674,793 2,985,576
Commitments and Contingencies (Note 12)
Redeemable noncontrolling interests 123,097 107,282
Equity attributable to Virtus Investment Partners, Inc.:    
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,311,893 shares issued and 6,748,088 shares outstanding at June 30, 2025; and 12,243,880 shares issued and 6,967,147 shares outstanding at December 31, 2024 123 122
Additional paid-in capital 1,327,872 1,319,108
Retained earnings (accumulated deficit) 307,409 268,221
Accumulated other comprehensive income (loss) 586 (364)
Treasury stock, at cost, 5,563,805 and 5,276,733 shares at June 30, 2025 and December 31, 2024, respectively (739,594) (689,594)
Total equity attributable to Virtus Investment Partners, Inc. 896,396 897,493
Total equity 898,329 901,636
Total liabilities and equity 3,696,219 3,994,494
Consolidated Entity excluding Consolidated Investment Products    
Assets:    
Cash and cash equivalents 172,204 265,888
Investments 120,627 119,216
Other assets 40,235 34,292
Consolidated Investment Products    
Assets:    
Cash and cash equivalents 70,506 133,694
Investments 2,247,680 2,270,717
Cash pledged or on deposit of CIP 626 727
Other assets 64,569 174,371
Liabilities:    
Notes payable of CIP 2,021,538 2,171,946
Securities purchased payable and other liabilities of CIP 100,025 158,033
Equity attributable to Virtus Investment Partners, Inc.:    
Noncontrolling interests $ 1,933 $ 4,143
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 12,311,893 12,243,880
Common stock, shares outstanding (in shares) 6,748,088 6,967,147
Treasury stock, shares (in shares) 5,563,805 5,276,733
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Revenues $ 210,525 $ 224,384 $ 428,457 $ 446,426
Operating Expenses        
Employment expenses 98,030 105,667 207,123 220,830
Distribution and other asset-based expenses 21,975 23,695 44,871 48,043
Change in fair value of contingent consideration (3,014) (3,300) (3,014) (3,300)
Restructuring expense 0 690 0 1,487
Depreciation expense 2,006 2,270 4,351 4,298
Amortization expense 12,944 15,198 25,888 30,533
Total operating expenses 165,315 180,179 346,652 369,915
Operating Income (Loss) 45,210 44,205 81,805 76,511
Other Income (Expense)        
Other income (expense), net 1,137 597 2,135 1,147
Total other income (expense), net (96) (13,892) (7,738) (8,391)
Interest Income (Expense)        
Total interest income (expense), net 10,032 7,457 21,481 16,348
Income (Loss) Before Income Taxes 55,146 37,770 95,548 84,468
Income tax expense (benefit) 12,403 11,748 24,753 20,579
Net Income (Loss) 42,743 26,022 70,795 63,889
Noncontrolling interests (370) (8,408) 225 (16,417)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 42,373 $ 17,614 $ 71,020 $ 47,472
Earnings (Loss) per Share—Basic (in dollars per share) $ 6.18 $ 2.47 $ 10.29 $ 6.66
Earnings (Loss) per Share—Diluted (in dollars per share) $ 6.12 $ 2.43 $ 10.15 $ 6.54
Weighted Average Shares Outstanding—Basic (in shares) 6,855 7,127 6,905 7,123
Weighted Average Shares Outstanding—Diluted (in shares) 6,922 7,242 6,997 7,264
Consolidated Entity excluding Consolidated Investment Products        
Operating Expenses        
Other operating expenses $ 32,564 $ 33,050 $ 65,623 $ 64,425
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net 3,971 (1,553) 2,980 1,863
Interest Income (Expense)        
Interest expense (4,582) (5,611) (9,143) (11,292)
Interest and dividend income 2,054 2,643 5,070 6,112
Consolidated Investment Products        
Operating Expenses        
Other operating expenses 810 2,909 1,810 3,599
Other Income (Expense)        
Realized and unrealized gain (loss) on investments, net (5,204) (12,936) (12,853) (11,401)
Interest Income (Expense)        
Interest expense (33,477) (41,960) (68,036) (81,972)
Interest and dividend income 46,037 52,385 93,590 103,500
Investment management fees        
Revenues        
Revenues 179,476 191,652 365,567 380,012
Distribution and service fees        
Revenues        
Revenues 11,968 13,410 24,721 27,440
Administration and shareholder service fees        
Revenues        
Revenues 18,048 18,308 36,055 36,986
Other income and fees        
Revenues        
Revenues $ 1,033 $ 1,014 $ 2,114 $ 1,988
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 42,743 $ 26,022 $ 70,795 $ 63,889
Other comprehensive income (loss), net of tax:        
Foreign currency translation adjustment, net of tax of $(231) and $2 for the three months ended June 30, 2025 and 2024, respectively and $(331) and $38 for the six months ended June 30, 2025 and 2024, respectively 658 (13) 950 (113)
Other comprehensive income (loss) 658 (13) 950 (113)
Comprehensive income (loss) 43,401 26,009 71,745 63,776
Comprehensive (income) loss attributable to noncontrolling interests (370) (8,408) 225 (16,417)
Comprehensive Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 43,031 $ 17,601 $ 71,970 $ 47,359
v3.25.2
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Foreign currency translation adjustment, tax $ (231) $ 2 $ (331) $ 38
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 70,795 $ 63,889
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 31,896 36,533
Stock-based compensation 13,543 16,020
Equity in earnings of equity method investments (2,127) (1,436)
Distributions from equity method investments 3,492 2,341
Change in fair value of contingent consideration (3,014) (3,300)
Lease termination 0 (1,334)
Deferred taxes, net 3,434 653
Changes in operating assets and liabilities:    
Sales (purchases) of investments, net 3,834 6,851
Accounts receivable, net and other assets 9,460 10,255
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (103,610) (101,798)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities 71,970 35,427
Cash Flows from Investing Activities:    
Capital expenditures (4,534) (3,251)
Net cash provided by (used in) investing activities (4,012) (3,800)
Cash Flows from Financing Activities:    
Repayments on credit agreement (1,375) (6,375)
Common stock dividends paid (32,967) (28,597)
Repurchase of common shares (50,000) (17,499)
Payment of contingent consideration (23,140) (24,234)
Taxes paid related to net share settlement of restricted stock units (6,965) (10,444)
Investment management subsidiary equity sales (purchases) (1,053) (419)
Net contributions from (distributions to) noncontrolling interests 15,300 18,156
Net cash provided by (used in) financing activities (226,525) (21,844)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,594 (100)
Net increase (decrease) in cash, cash equivalents and restricted cash (156,973) 9,683
Cash, cash equivalents and restricted cash, beginning of period 400,309 341,014
Cash, cash equivalents and restricted cash, end of period 243,336 350,697
Non-Cash Financing Activities:    
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (166) (10,199)
Common stock dividends payable 15,183 13,561
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 243,336 350,697
Consolidated Entity excluding Consolidated Investment Products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments of CIP, net (2,987) (1,838)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net (2,987) (1,838)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 172,204  
Consolidated Investment Products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments of CIP, net 6,903 7,231
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net 6,903 7,231
Purchases of investments by CIP (538,448) (629,549)
Sales of investments by CIP 581,278 635,658
Net proceeds (purchases) of short-term investments and securities sold short by CIP (120) 207
Change in other assets and liabilities of CIP (2,359) (6,843)
Amortization of discount on notes payable of CIP 0 1,887
Cash Flows from Investing Activities:    
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net 522 (549)
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (126,325) (690,496)
Borrowings by CIP 0 $ 738,064
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 70,506  
Cash pledged or on deposit of CIP $ 626  
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Total Attributed To Virtus Investment Partners, Inc.
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non- controlling Interests
Balance at beginning of period (in shares) at Dec. 31, 2023     7,087,728          
Balance at beginning of period at Dec. 31, 2023 $ 868,289 $ 863,926 $ 122 $ 1,300,999 $ 207,356 $ (87) $ (644,464) $ 4,363
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2023             5,075,500  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 47,190 47,472     47,472     (282)
Foreign currency translation adjustments (113) (113)       (113)    
Net subscriptions (redemptions) and other (576) 62   62       (638)
Cash dividends declared, common (28,288) (28,288)     (28,288)      
Repurchases of common shares (in shares)     (76,207)       76,207  
Repurchases of common shares (17,499) (17,499)         $ (17,499)  
Issuance of common shares related to employee stock transactions (in shares)     70,550          
Issuance of common shares related to employee stock transactions 0 0 $ 0 0        
Taxes paid on stock-based compensation (10,444) (10,444)   (10,444)        
Stock-based compensation 13,559 13,559   13,559        
Balance at end of period (in shares) at Jun. 30, 2024     7,082,071          
Balance at end of period at Jun. 30, 2024 872,118 868,675 $ 122 1,304,176 226,540 (200) $ (661,963) 3,443
Balance at end of period, treasury stock (in shares) at Jun. 30, 2024             5,151,707  
Balance at Dec. 31, 2023 104,869              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) 16,699              
Net subscriptions (redemptions) and other 7,882              
Balance at Jun. 30, 2024 129,450              
Balance at beginning of period (in shares) at Mar. 31, 2024     7,127,881          
Balance at beginning of period at Mar. 31, 2024 876,003 871,652 $ 122 1,298,157 223,023 (187) $ (649,463) 4,351
Balance at beginning of period, treasury stock (in shares) at Mar. 31, 2024             5,096,608  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 16,941 17,614     17,614     (673)
Foreign currency translation adjustments (13) (13)       (13)    
Net subscriptions (redemptions) and other (173) 62   62       (235)
Cash dividends declared, common (14,097) (14,097)     (14,097)      
Repurchases of common shares (in shares)     (55,099)       55,099  
Repurchases of common shares (12,500) (12,500)         $ (12,500)  
Issuance of common shares related to employee stock transactions (in shares)     9,289          
Issuance of common shares related to employee stock transactions 0              
Taxes paid on stock-based compensation (592) (592)   (592)        
Stock-based compensation 6,549 6,549   6,549        
Balance at end of period (in shares) at Jun. 30, 2024     7,082,071          
Balance at end of period at Jun. 30, 2024 872,118 868,675 $ 122 1,304,176 226,540 (200) $ (661,963) 3,443
Balance at end of period, treasury stock (in shares) at Jun. 30, 2024             5,151,707  
Balance at Mar. 31, 2024 115,185              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) 9,081              
Net subscriptions (redemptions) and other 5,184              
Balance at Jun. 30, 2024 $ 129,450              
Balance at beginning of period (in shares) at Dec. 31, 2024 6,967,147   6,967,147          
Balance at beginning of period at Dec. 31, 2024 $ 901,636 897,493 $ 122 1,319,108 268,221 (364) $ (689,594) 4,143
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2024 5,276,733           5,276,733  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ 70,694 71,020     71,020     (326)
Foreign currency translation adjustments 950 950       950    
Net subscriptions (redemptions) and other (1,689) 195   195       (1,884)
Cash dividends declared, common (31,832) (31,832)     (31,832)      
Repurchases of common shares (in shares)     (287,072)       287,072  
Repurchases of common shares (50,000) (50,000)         $ (50,000)  
Issuance of common shares related to employee stock transactions (in shares)     68,013          
Issuance of common shares related to employee stock transactions 0 0 $ 1 (1)        
Taxes paid on stock-based compensation (6,966) (6,966)   (6,966)        
Stock-based compensation $ 15,536 15,536   15,536        
Balance at end of period (in shares) at Jun. 30, 2025 6,748,088   6,748,088          
Balance at end of period at Jun. 30, 2025 $ 898,329 896,396 $ 123 1,327,872 307,409 586 $ (739,594) 1,933
Balance at end of period, treasury stock (in shares) at Jun. 30, 2025 5,563,805           5,563,805  
Balance at Dec. 31, 2024 $ 107,282              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) 101              
Net subscriptions (redemptions) and other 15,714              
Balance at Jun. 30, 2025 123,097              
Balance at beginning of period (in shares) at Mar. 31, 2025     6,911,016          
Balance at beginning of period at Mar. 31, 2025 896,248 893,716 $ 123 1,322,280 280,979 (72) $ (709,594) 2,532
Balance at beginning of period, treasury stock (in shares) at Mar. 31, 2025             5,387,933  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 42,099 42,373     42,373     (274)
Foreign currency translation adjustments 658 658       658    
Net subscriptions (redemptions) and other (325) 0   0       (325)
Cash dividends declared, common (15,943) (15,943)     (15,943)      
Repurchases of common shares (in shares)     (175,872)       175,872  
Repurchases of common shares (30,000) (30,000)         $ (30,000)  
Issuance of common shares related to employee stock transactions (in shares)     12,944          
Issuance of common shares related to employee stock transactions 0 0 $ 0 0        
Taxes paid on stock-based compensation (857) (857)   (857)        
Stock-based compensation $ 6,449 6,449   6,449        
Balance at end of period (in shares) at Jun. 30, 2025 6,748,088   6,748,088          
Balance at end of period at Jun. 30, 2025 $ 898,329 $ 896,396 $ 123 $ 1,327,872 $ 307,409 $ 586 $ (739,594) $ 1,933
Balance at end of period, treasury stock (in shares) at Jun. 30, 2025 5,563,805           5,563,805  
Balance at Mar. 31, 2025 $ 120,579              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) 644              
Net subscriptions (redemptions) and other 1,874              
Balance at Jun. 30, 2025 $ 123,097              
v3.25.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared per common share (in dollars per share) $ 2.25 $ 1.90 $ 4.50 $ 3.80
v3.25.2
Organization and Business
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Organization and Business
Virtus Investment Partners, Inc. (the "Company," "we," "us," "our" or "Virtus"), a Delaware corporation, operates in the investment management industry through its subsidiaries.

The Company provides investment management and related services to institutions and individuals. The Company's investment strategies are offered to institutional clients through institutional separate and commingled accounts, including subadvisory services to other investment advisers as well as collateral management of structured products. The Company’s retail investment management services are provided to individuals through products consisting of: mutual funds registered pursuant to the Investment Company Act of 1940, as amended that include U.S. retail funds, exchange-traded funds ("ETFs"), Undertaking for Collective Investment in Transferable Securities and Qualifying Investor Funds ("global funds" and collectively with U.S. retail funds and ETFs the "open-end funds"); closed-end funds (collectively with open-end funds, the "funds"); retail separate accounts sold through intermediaries and wealth advisory services provided to high net worth clients through our wealth management business.
v3.25.2
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K") filed with the Securities and Exchange Commission (the "SEC"). The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2024 Annual Report on Form 10-K.

Recent Accounting Pronouncements
New Accounting Standards Implemented
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

New Accounting Standards Not Yet Implemented
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The standard requires enhanced disclosures of certain expense captions presented on the face of the Consolidated Income Statement. In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date which clarifies that the standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted with amendments to be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.
v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the
Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.

Investment Management Fees by Source    
The following table summarizes investment management fees by source:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Investment management fees
Open-end funds$70,379 $79,883 $144,416 $158,563 
Closed-end funds14,881 14,405 29,734 28,799 
Retail separate accounts51,818 52,216 106,090 101,197 
Institutional accounts42,398 45,148 85,327 91,453 
Total investment management fees$179,476 $191,652 $365,567 $380,012 
v3.25.2
Intangible Assets, Net
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Below is a summary of intangible assets, net:
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances at December 31, 2024$809,064 $(473,133)$335,931 $42,298 $378,229 
Intangible amortization— (25,888)(25,888)— (25,888)
Balances at June 30, 2025$809,064 $(499,021)$310,043 $42,298 $352,341 
Definite-lived intangible asset amortization for the remainder of fiscal year 2025 and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
Remainder of 2025$25,889 
202650,797 
202747,695 
202842,033 
202936,440 
2030 and thereafter107,189 
Total$310,043 
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investments Investments
Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 14, at June 30, 2025 and December 31, 2024 were as follows:
(in thousands)June 30,
2025		December 31, 2024
Investment securities - fair value$82,894 $83,771 
Equity method investments (1)18,921 20,286 
Nonqualified retirement plan assets18,812 15,159 
Total investments$120,627 $119,216 
(1)    The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.

Investment Securities - fair value
Investment securities - fair value consist of investments in the Company's sponsored funds and in separate accounts. The composition of the Company’s investment securities - fair value was as follows:
June 30, 2025December 31, 2024
(in thousands)CostFair ValueCostFair Value
Investment Securities - fair value
Sponsored funds$57,757 $59,489 $63,220 $63,296 
Equity securities18,193 21,059 17,406 19,019 
Debt securities2,363 2,346 1,457 1,456 
Total investment securities - fair value$78,313 $82,894 $82,083 $83,771 
For the three and six months ended June 30, 2025, the Company recognized net realized losses of $0.2 million and $21.5 thousand, respectively, related to its investment securities - fair value. For the three and six months ended June 30, 2024, the Company recognized net realized gains of $1.0 million and $0.7 million, respectively, related to its investment securities - fair value.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
June 30, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$137,523 $— $— $137,523 
Investment securities - fair value
Sponsored funds59,489 — — 59,489 
Equity securities21,059 — — 21,059 
Debt securities— 2,346 — 2,346 
Nonqualified retirement plan assets18,812 — — 18,812 
Total assets measured at fair value$236,883 $2,346 $— $239,229 
Liabilities
Contingent consideration$— $— $20,000 $20,000 
Total liabilities measured at fair value$— $— $20,000 $20,000 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 15,159 
Total assets measured at fair value$323,210 $1,456 $— $324,666 
Liabilities
Contingent consideration$— $— $36,100 $36,100 
Total liabilities measured at fair value$— $— $36,100 $36,100 
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value:

Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in funds for which the Company acts as the investment manager. The fair values of U.S. retail funds and global funds are determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1.

Equity securities represent securities traded on active markets, are valued at the official closing price (typically the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1.

Debt securities represent investments in corporate and government bonds. The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2.
Nonqualified retirement plan assets represent U.S. retail funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.

Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company's business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3.

The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Contingent consideration, beginning of period$23,014 $41,708 $36,100 $56,200 
Reduction for payments made— — (13,086)(14,492)
Increase (reduction) of liability related to re-measurement of fair value(3,014)(3,300)(3,014)(3,300)
Contingent consideration, end of period$20,000 $38,408 $20,000 $38,408 
The contingent consideration liability at June 30, 2025 of $20.0 million is related to the NFJ Group transaction. This liability is measured using an options pricing model valuation technique. The most significant unobservable inputs used relate to the revenue growth rates, discount rates (range of 6.06% - 6.12%) and the market price of risk adjustment (6.00%).
Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.
v3.25.2
Equity Transactions
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity Transactions Equity Transactions
Dividends Declared
On May 14, 2025, the Company declared a quarterly cash dividend of $2.25 per common share to be paid on August 15, 2025 to shareholders of record at the close of business on July 31, 2025.

Common Stock Repurchases
During the three and six months ended June 30, 2025, the Company repurchased 175,872 and 287,072 common shares, respectively, under its share repurchase program at a weighted average price of $170.55 and $174.14 per share, respectively, for a total cost, including fees and expenses, of $30.0 million and $50.0 million, respectively. On May 14, 2025 the Board of Directors authorized an additional 750,000 shares to be repurchased under the program. As of June 30, 2025, 866,240 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock, may be granted to officers, employees and directors of the Company pursuant to the Company's Amended and Restated Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At June 30, 2025, 688,682 shares of common stock remained available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan.

Stock-based compensation expense is summarized as follows:
Three Months Ended June 30,Six Months Ended
June 30,
(in thousands)2025202420252024
Stock-based compensation expense$6,809 $9,189 $13,543 $16,020 

Restricted Stock Units
Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Omnibus Plan and are not issued from treasury stock.

RSU activity, inclusive of PSUs, for the six months ended June 30, 2025 is summarized as follows: 
Number
of Shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2024317,489 $205.86 
Granted165,928 $173.71 
Forfeited(30,574)$220.07 
Settled(103,231)$201.96 
Outstanding at June 30, 2025349,612 $190.51 
For the six months ended June 30, 2025 and 2024, a total of 40,064 and 45,117 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations and for which the Company paid $7.0 million and $10.4 million, respectively, in minimum employee tax withholding obligations. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have
otherwise been issued as a result of the vesting.

During the six months ended June 30, 2025 and 2024, the Company granted 37,777 and 26,757 PSUs, respectively, that contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (i) the intrinsic value method for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, Stock Compensation ("ASC 718") and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period.

As of June 30, 2025, unamortized stock-based compensation expense for unvested RSUs and PSUs was $39.8 million with a weighted-average remaining contractual life of 1.5 years.
v3.25.2
Earnings (Loss) Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method.
The computation of basic and diluted EPS is as follows: 
 Three Months Ended June 30,Six Months Ended
June 30,
(in thousands, except per share amounts)2025202420252024
Net Income (Loss)$42,743 $26,022 $70,795 $63,889 
Noncontrolling interests(370)(8,408)225 (16,417)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$42,373 $17,614 $71,020 $47,472 
Shares:
Basic: Weighted-average number of shares outstanding6,855 7,127 6,905 7,123 
Plus: Incremental shares from assumed conversion of dilutive instruments67 115 92 141 
Diluted: Weighted-average number of shares outstanding6,922 7,242 6,997 7,264 
Earnings (Loss) per Share—Basic$6.18 $2.47 $10.29 $6.66 
Earnings (Loss) per Share—Diluted$6.12 $2.43 $10.15 $6.54 

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Restricted stock units32 13 244 
Total anti-dilutive securities32 13 244 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter.
The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 25.9% and 24.4% for the six months ended June 30, 2025 and 2024, respectively. The higher estimated effective tax rate for the six months ended June 30, 2025 was primarily due to a change in valuation allowances in the current year related to the tax effects of lower realized and unrealized gains on Company investments compared to the prior year.

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing impacts of the OBBBA; however, the Company does not anticipate it will have a material impact on the Company’s consolidated financial statements.
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Agreement
The Company's credit agreement, as amended (the "Credit Agreement"), comprises (i) a $275.0 million term loan with a seven-year term (the "Term Loan") expiring in September 2028, and (ii) a $175.0 million revolving credit facility with a five-year term expiring in September 2026. The Company repaid $1.4 million outstanding under the Term Loan during the six months ended June 30, 2025 and had $234.7 million outstanding under the Term Loan at June 30, 2025. In accordance with ASC 835, Interest, the amounts outstanding under the Company's Term Loan are presented on the Condensed Consolidated Balance Sheets net of related debt issuance costs, which were $3.4 million as of June 30, 2025.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities.

The Company records a liability when it believes that it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company's results of operations, cash flows or consolidated financial condition. However, in the event of unexpected subsequent developments, and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could have a material adverse effect on the Company's results of operations or cash flows in particular quarterly or annual periods.
v3.25.2
Redeemable Noncontrolling Interests
 6 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests
Redeemable noncontrolling interests
Minority interests held in a majority-owned investment management subsidiary are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing equity of the investment management subsidiary, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. The minority interests are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.
Redeemable noncontrolling interests for the six months ended June 30, 2025 included the following amounts:
(in thousands)CIPNoncontrolling Interests Investment ManagerTotal
Balances at December 31, 2024$45,667 $61,615 $107,282 
Net income (loss) attributable to noncontrolling interests2,152 3,139 5,291 
Changes in redemption value (1)— (5,190)(5,190)
Total net income (loss) attributable to noncontrolling interests2,152 (2,051)101 
Investment management subsidiary equity sales (purchases)— (1,053)(1,053)
Net subscriptions (redemptions) and other19,008 (2,241)16,767 
Balances at June 30, 2025$66,827 $56,270 $123,097 
(1)    Relates to noncontrolling interests redeemable at other than fair value.
v3.25.2
Consolidation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation Consolidation
The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A voting interest entity ("VOE") is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.

The Company evaluates any variable interest entity ("VIE") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support, or (ii) where, as a group, the holders of the equity investment at risk do not possess any one of the following: (a) the power through voting or similar rights to direct the activities that most significantly impact the entity's economic performance, (b) the obligation to absorb expected losses or the right to receive expected residual returns of the entity, or (c) proportionate voting and economic interests and where substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE.

In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. CIP includes both VOEs, made up primarily of U.S. retail funds and ETFs in which the Company holds a controlling financial interest, and VIEs, which consist of collateralized loan obligations ("CLO") and certain global and private funds ("GF") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on the Company's net income (loss). The Company's risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company's investments in, and fees generated from, these products.
The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:
As of
 June 30, 2025December 31, 2024
VOEsVIEsVOEsVIEs
(in thousands)CLOs GFsCLOsGFs
Cash and cash equivalents$2,163 $66,224 $2,745 $5,179 $125,995 $3,247 
Investments50,324 2,090,912 106,444 40,678 2,141,626 88,413 
Other assets782 62,465 1,322 403 172,707 1,261 
Notes payable— (2,021,538)— — (2,171,946)— 
Securities purchased payable and other liabilities(1,967)(96,552)(1,506)(4,271)(151,922)(1,840)
Noncontrolling interests(14,790)(1,933)(52,037)(12,452)(4,143)(33,215)
Net interests in CIP$36,512 $99,578 $56,968 $29,537 $112,317 $57,866 

Consolidated CLOs
The majority of the Company's CIP that are VIEs are CLOs. A majority-owned consolidated private fund, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, is also included. At June 30, 2025, the Company consolidated seven CLOs. The financial information of CLOs is included on the Company's condensed consolidated financial statements on a one-month lag based upon the availability of their financial information.

Investments of CLOs
The CLOs held investments of $2.1 billion at June 30, 2025, consisting of bank loan investments that comprise the majority of the CLOs' portfolio asset collateral and are senior secured corporate loans across a variety of industries. These bank loan investments mature at various dates between 2025 and 2033 and generally pay interest at SOFR plus a spread.

Notes Payable of CLOs
The CLOs held notes payable with a total value, at par, of $2.3 billion at June 30, 2025, consisting of senior secured floating rate notes payable with a par value of $2.0 billion and subordinated notes with a par value of $239.8 million. These note obligations bear interest at variable rates based on SOFR plus a pre-defined spread.

The Company's beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, Consolidation (Topic 810) ("ASU 2014-13"), results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at June 30, 2025, as shown in the table below:

(in thousands)
Subordinated notes$98,431 
Accrued investment management fees1,147 
Total Beneficial Interests$99,578 
The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated:
Six Months Ended June 30, 2025
(in thousands)
Income:
Realized and unrealized gain (loss), net$(15,374)
Interest income89,106 
Total Income73,732 
Expenses:
Other operating expenses1,193 
Interest expense68,036 
Total Expense69,229 
Noncontrolling interests326 
Net Income (Loss) Attributable to CLOs$4,829 

The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Six Months Ended June 30, 2025
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$257 
Investment management fees4,572 
Total Economic Interests$4,829 

Fair Value Measurements of CIP
The assets and liabilities of CIP measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$66,224 $— $— $66,224 
Debt investments5,064 2,131,343 73,846 2,210,253 
Equity investments 36,639 10 778 37,427 
Total assets measured at fair value$107,927 $2,131,353 $74,624 $2,313,904 
Liabilities
Notes payable$— $2,021,538 $— $2,021,538 
Short sales287 — — 287 
Total liabilities measured at fair value$287 $2,021,538 $— $2,021,825 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 1,013 24,117 
Total assets measured at fair value$150,688 $2,240,035 $7,689 $2,398,412 
Liabilities
Notes payable$— $2,171,946 $— $2,171,946 
Short sales356 — — 356 
Total liabilities measured at fair value$356 $2,171,946 $— $2,172,302 

The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP measured at fair value:

Level 1 assets represent cash investments in money market funds and debt and equity investments that are valued using published net asset values or the official closing price on the exchange on which the securities are traded.

Level 2 assets represent most debt securities (including bank loans) and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments, other than bank loans, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments, are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics.

Level 3 assets include debt and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. These securities are valued using unadjusted prices from an independent pricing service.

Level 1 liabilities consist of short sales transactions in which a security is sold that is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded on the Condensed Consolidated Balance Sheets within other liabilities of CIP and are classified as Level 1 based on the underlying equity security.

Level 2 liabilities consist of notes payable issued by CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (i) the fair value of the beneficial interests held by the Company, and (ii) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment.

The securities purchased payable at June 30, 2025 and December 31, 2024 approximated fair value due to the short-term nature of the instruments.
The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
 Six Months Ended June 30,
 (in thousands)
20252024
Balance at beginning of period$7,689 $37,062 
Realized and unrealized gains (losses), net(1,722)629 
Purchases2,377 31 
Sales(6,289)(19,845)
Transfers to Level 2(19,286)(54,857)
Transfers from Level 291,855 73,963 
Balance at end of period (1)$74,624 $36,983 
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.

Nonconsolidated VIEs
The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.
The Company has interests in certain other VIEs that the Company does not consolidate as it is not the primary beneficiary since its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance. At June 30, 2025, the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $25.0 million.
v3.25.2
Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
The key GAAP measure of segment profit or loss that the chief operating decision maker ("CODM") uses to evaluate the Company’s financial performance and allocate resources of the Company is net income, as reported on the Company’s Condensed Consolidated Statements of Operations. In addition, the CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense categories on the Condensed Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Condensed Consolidated Balance Sheets.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K") filed with the Securities and Exchange Commission (the "SEC"). The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2024 Annual Report on Form 10-K.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
New Accounting Standards Implemented
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

New Accounting Standards Not Yet Implemented
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The standard requires enhanced disclosures of certain expense captions presented on the face of the Consolidated Income Statement. In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date which clarifies that the standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted with amendments to be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.
Revenue Recognition
The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the
Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.
Fair Value Measurements
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value:

Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in funds for which the Company acts as the investment manager. The fair values of U.S. retail funds and global funds are determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1.

Equity securities represent securities traded on active markets, are valued at the official closing price (typically the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1.

Debt securities represent investments in corporate and government bonds. The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2.
Nonqualified retirement plan assets represent U.S. retail funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.

Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company's business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3.
The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP measured at fair value:

Level 1 assets represent cash investments in money market funds and debt and equity investments that are valued using published net asset values or the official closing price on the exchange on which the securities are traded.

Level 2 assets represent most debt securities (including bank loans) and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments, other than bank loans, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments, are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics.

Level 3 assets include debt and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. These securities are valued using unadjusted prices from an independent pricing service.

Level 1 liabilities consist of short sales transactions in which a security is sold that is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded on the Condensed Consolidated Balance Sheets within other liabilities of CIP and are classified as Level 1 based on the underlying equity security.

Level 2 liabilities consist of notes payable issued by CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (i) the fair value of the beneficial interests held by the Company, and (ii) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment.
Noncontrolling Interest Minority interests held in a majority-owned investment management subsidiary are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing equity of the investment management subsidiary, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. The minority interests are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.
Nonconsolidated VIEs
Nonconsolidated VIEs
The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.
The Company has interests in certain other VIEs that the Company does not consolidate as it is not the primary beneficiary since its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance.
v3.25.2
Revenues (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes investment management fees by source:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Investment management fees
Open-end funds$70,379 $79,883 $144,416 $158,563 
Closed-end funds14,881 14,405 29,734 28,799 
Retail separate accounts51,818 52,216 106,090 101,197 
Institutional accounts42,398 45,148 85,327 91,453 
Total investment management fees$179,476 $191,652 $365,567 $380,012 
v3.25.2
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets, Net
Below is a summary of intangible assets, net:
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances at December 31, 2024$809,064 $(473,133)$335,931 $42,298 $378,229 
Intangible amortization— (25,888)(25,888)— (25,888)
Balances at June 30, 2025$809,064 $(499,021)$310,043 $42,298 $352,341 
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years
Definite-lived intangible asset amortization for the remainder of fiscal year 2025 and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
Remainder of 2025$25,889 
202650,797 
202747,695 
202842,033 
202936,440 
2030 and thereafter107,189 
Total$310,043 
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Schedule of Investments The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 14, at June 30, 2025 and December 31, 2024 were as follows:
(in thousands)June 30,
2025		December 31, 2024
Investment securities - fair value$82,894 $83,771 
Equity method investments (1)18,921 20,286 
Nonqualified retirement plan assets18,812 15,159 
Total investments$120,627 $119,216 
(1)    The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.
Schedule of Marketable Securities The composition of the Company’s investment securities - fair value was as follows:
June 30, 2025December 31, 2024
(in thousands)CostFair ValueCostFair Value
Investment Securities - fair value
Sponsored funds$57,757 $59,489 $63,220 $63,296 
Equity securities18,193 21,059 17,406 19,019 
Debt securities2,363 2,346 1,457 1,456 
Total investment securities - fair value$78,313 $82,894 $82,083 $83,771 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
June 30, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$137,523 $— $— $137,523 
Investment securities - fair value
Sponsored funds59,489 — — 59,489 
Equity securities21,059 — — 21,059 
Debt securities— 2,346 — 2,346 
Nonqualified retirement plan assets18,812 — — 18,812 
Total assets measured at fair value$236,883 $2,346 $— $239,229 
Liabilities
Contingent consideration$— $— $20,000 $20,000 
Total liabilities measured at fair value$— $— $20,000 $20,000 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 15,159 
Total assets measured at fair value$323,210 $1,456 $— $324,666 
Liabilities
Contingent consideration$— $— $36,100 $36,100 
Total liabilities measured at fair value$— $— $36,100 $36,100 
The assets and liabilities of CIP measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$66,224 $— $— $66,224 
Debt investments5,064 2,131,343 73,846 2,210,253 
Equity investments 36,639 10 778 37,427 
Total assets measured at fair value$107,927 $2,131,353 $74,624 $2,313,904 
Liabilities
Notes payable$— $2,021,538 $— $2,021,538 
Short sales287 — — 287 
Total liabilities measured at fair value$287 $2,021,538 $— $2,021,825 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 1,013 24,117 
Total assets measured at fair value$150,688 $2,240,035 $7,689 $2,398,412 
Liabilities
Notes payable$— $2,171,946 $— $2,171,946 
Short sales356 — — 356 
Total liabilities measured at fair value$356 $2,171,946 $— $2,172,302 
Schedule of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value
The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Contingent consideration, beginning of period$23,014 $41,708 $36,100 $56,200 
Reduction for payments made— — (13,086)(14,492)
Increase (reduction) of liability related to re-measurement of fair value(3,014)(3,300)(3,014)(3,300)
Contingent consideration, end of period$20,000 $38,408 $20,000 $38,408 
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Expense
Stock-based compensation expense is summarized as follows:
Three Months Ended June 30,Six Months Ended
June 30,
(in thousands)2025202420252024
Stock-based compensation expense$6,809 $9,189 $13,543 $16,020 
Schedule of Restricted Stock Units Activity
RSU activity, inclusive of PSUs, for the six months ended June 30, 2025 is summarized as follows: 
Number
of Shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2024317,489 $205.86 
Granted165,928 $173.71 
Forfeited(30,574)$220.07 
Settled(103,231)$201.96 
Outstanding at June 30, 2025349,612 $190.51 
v3.25.2
Earnings (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The computation of basic and diluted EPS is as follows: 
 Three Months Ended June 30,Six Months Ended
June 30,
(in thousands, except per share amounts)2025202420252024
Net Income (Loss)$42,743 $26,022 $70,795 $63,889 
Noncontrolling interests(370)(8,408)225 (16,417)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$42,373 $17,614 $71,020 $47,472 
Shares:
Basic: Weighted-average number of shares outstanding6,855 7,127 6,905 7,123 
Plus: Incremental shares from assumed conversion of dilutive instruments67 115 92 141 
Diluted: Weighted-average number of shares outstanding6,922 7,242 6,997 7,264 
Earnings (Loss) per Share—Basic$6.18 $2.47 $10.29 $6.66 
Earnings (Loss) per Share—Diluted$6.12 $2.43 $10.15 $6.54 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Restricted stock units32 13 244 
Total anti-dilutive securities32 13 244 
v3.25.2
Redeemable Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
Schedule of Redeemable Noncontrolling Interest
Redeemable noncontrolling interests for the six months ended June 30, 2025 included the following amounts:
(in thousands)CIPNoncontrolling Interests Investment ManagerTotal
Balances at December 31, 2024$45,667 $61,615 $107,282 
Net income (loss) attributable to noncontrolling interests2,152 3,139 5,291 
Changes in redemption value (1)— (5,190)(5,190)
Total net income (loss) attributable to noncontrolling interests2,152 (2,051)101 
Investment management subsidiary equity sales (purchases)— (1,053)(1,053)
Net subscriptions (redemptions) and other19,008 (2,241)16,767 
Balances at June 30, 2025$66,827 $56,270 $123,097 
(1)    Relates to noncontrolling interests redeemable at other than fair value.
v3.25.2
Consolidation (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Consolidated Balance Sheets
The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024:
As of
 June 30, 2025December 31, 2024
VOEsVIEsVOEsVIEs
(in thousands)CLOs GFsCLOsGFs
Cash and cash equivalents$2,163 $66,224 $2,745 $5,179 $125,995 $3,247 
Investments50,324 2,090,912 106,444 40,678 2,141,626 88,413 
Other assets782 62,465 1,322 403 172,707 1,261 
Notes payable— (2,021,538)— — (2,171,946)— 
Securities purchased payable and other liabilities(1,967)(96,552)(1,506)(4,271)(151,922)(1,840)
Noncontrolling interests(14,790)(1,933)(52,037)(12,452)(4,143)(33,215)
Net interests in CIP$36,512 $99,578 $56,968 $29,537 $112,317 $57,866 
Schedule of VIE Consolidated Investment Product results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at June 30, 2025, as shown in the table below:
(in thousands)
Subordinated notes$98,431 
Accrued investment management fees1,147 
Total Beneficial Interests$99,578 
The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated:
Six Months Ended June 30, 2025
(in thousands)
Income:
Realized and unrealized gain (loss), net$(15,374)
Interest income89,106 
Total Income73,732 
Expenses:
Other operating expenses1,193 
Interest expense68,036 
Total Expense69,229 
Noncontrolling interests326 
Net Income (Loss) Attributable to CLOs$4,829 

The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Six Months Ended June 30, 2025
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$257 
Investment management fees4,572 
Total Economic Interests$4,829 
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
June 30, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$137,523 $— $— $137,523 
Investment securities - fair value
Sponsored funds59,489 — — 59,489 
Equity securities21,059 — — 21,059 
Debt securities— 2,346 — 2,346 
Nonqualified retirement plan assets18,812 — — 18,812 
Total assets measured at fair value$236,883 $2,346 $— $239,229 
Liabilities
Contingent consideration$— $— $20,000 $20,000 
Total liabilities measured at fair value$— $— $20,000 $20,000 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 15,159 
Total assets measured at fair value$323,210 $1,456 $— $324,666 
Liabilities
Contingent consideration$— $— $36,100 $36,100 
Total liabilities measured at fair value$— $— $36,100 $36,100 
The assets and liabilities of CIP measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of June 30, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$66,224 $— $— $66,224 
Debt investments5,064 2,131,343 73,846 2,210,253 
Equity investments 36,639 10 778 37,427 
Total assets measured at fair value$107,927 $2,131,353 $74,624 $2,313,904 
Liabilities
Notes payable$— $2,021,538 $— $2,021,538 
Short sales287 — — 287 
Total liabilities measured at fair value$287 $2,021,538 $— $2,021,825 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 1,013 24,117 
Total assets measured at fair value$150,688 $2,240,035 $7,689 $2,398,412 
Liabilities
Notes payable$— $2,171,946 $— $2,171,946 
Short sales356 — — 356 
Total liabilities measured at fair value$356 $2,171,946 $— $2,172,302 
Schedule of Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value
The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
 Six Months Ended June 30,
 (in thousands)
20252024
Balance at beginning of period$7,689 $37,062 
Realized and unrealized gains (losses), net(1,722)629 
Purchases2,377 31 
Sales(6,289)(19,845)
Transfers to Level 2(19,286)(54,857)
Transfers from Level 291,855 73,963 
Balance at end of period (1)$74,624 $36,983 
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.
v3.25.2
Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 210,525 $ 224,384 $ 428,457 $ 446,426
Investment management fees        
Disaggregation of Revenue [Line Items]        
Revenues 179,476 191,652 365,567 380,012
Open-end funds        
Disaggregation of Revenue [Line Items]        
Revenues 70,379 79,883 144,416 158,563
Closed-end funds        
Disaggregation of Revenue [Line Items]        
Revenues 14,881 14,405 29,734 28,799
Retail separate accounts        
Disaggregation of Revenue [Line Items]        
Revenues 51,818 52,216 106,090 101,197
Institutional accounts        
Disaggregation of Revenue [Line Items]        
Revenues $ 42,398 $ 45,148 $ 85,327 $ 91,453
v3.25.2
Intangible Assets, Net - Schedule of Goodwill and Intangible Assets, Net (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Definite-Lived  
Gross book value, beginning of period $ 809,064
Accumulated amortization, beginning of period (473,133)
Net book value, beginning of period 335,931
Intangible amortization (25,888)
Gross book value balance, end of period 809,064
Accumulated amortization, end of period (499,021)
Net book value, end of period 310,043
Indefinite-Lived  
Net book value, beginning of period 42,298
Net book value, end of period 42,298
Total  
Net book value, beginning of period 378,229
Intangible amortization (25,888)
Net book value, end of period $ 352,341
v3.25.2
Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2025 $ 25,889  
2026 50,797  
2027 47,695  
2028 42,033  
2029 36,440  
2030 and thereafter 107,189  
Total $ 310,043 $ 335,931
v3.25.2
Investments - Schedule of Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investment securities - fair value $ 82,894 $ 83,771
Parent    
Schedule of Investments [Line Items]    
Investment securities - fair value 82,894 83,771
Equity method investments 18,921 20,286
Nonqualified retirement plan assets 18,812 15,159
Total investments $ 120,627 $ 119,216
v3.25.2
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investment Securities - fair value    
Cost $ 78,313 $ 82,083
Fair Value 82,894 83,771
Sponsored funds    
Investment Securities - fair value    
Cost 57,757 63,220
Fair Value 59,489 63,296
Equity securities    
Investment Securities - fair value    
Cost 18,193 17,406
Fair Value 21,059 19,019
Debt securities    
Investment Securities - fair value    
Cost 2,363 1,457
Fair Value $ 2,346 $ 1,456
v3.25.2
Investments - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Investments [Abstract]        
Realized gains (losses) on trading securities $ (200,000) $ 1,000,000 $ (21,500) $ 700,000
v3.25.2
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 137,523 $ 225,736
Investment securities - fair value    
Fair value 82,894 83,771
Debt securities 2,346 1,456
Total assets measured at fair value 239,229 324,666
Liabilities    
Total liabilities measured at fair value 20,000 36,100
Contingent consideration    
Liabilities    
Total liabilities measured at fair value 20,000 36,100
Sponsored funds    
Investment securities - fair value    
Fair value 59,489 63,296
Equity securities    
Investment securities - fair value    
Fair value 21,059 19,019
Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 18,812 15,159
Level 1    
Assets    
Cash equivalents 137,523 225,736
Investment securities - fair value    
Debt securities 0 0
Total assets measured at fair value 236,883 323,210
Liabilities    
Total liabilities measured at fair value 0 0
Level 1 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 0 0
Level 1 | Sponsored funds    
Investment securities - fair value    
Fair value 59,489 63,296
Level 1 | Equity securities    
Investment securities - fair value    
Fair value 21,059 19,019
Level 1 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 18,812 15,159
Level 2    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 2,346 1,456
Total assets measured at fair value 2,346 1,456
Liabilities    
Total liabilities measured at fair value 0 0
Level 2 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 0 0
Level 2 | Sponsored funds    
Investment securities - fair value    
Fair value 0 0
Level 2 | Equity securities    
Investment securities - fair value    
Fair value 0 0
Level 2 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 0 0
Level 3    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 0 0
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 20,000 36,100
Level 3 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 20,000 36,100
Level 3 | Sponsored funds    
Investment securities - fair value    
Fair value 0 0
Level 3 | Equity securities    
Investment securities - fair value    
Fair value 0 0
Level 3 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets $ 0 $ 0
v3.25.2
Fair Value Measurements - Narrative (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 37,351 $ 63,505
NFJ Investment Group | Measurement Input, Comparability Adjustment    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.0600  
NFJ Investment Group | Minimum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.0606  
NFJ Investment Group | Maximum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.0612  
NFJ Investment Group | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 20,000  
v3.25.2
Fair Value Measurements - Schedule of Rollforward of Contingent Consideration Liabilities (Details) - Level 3 - Contingent consideration - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Liabilities        
Contingent consideration, beginning of period $ 23,014 $ 41,708 $ 36,100 $ 56,200
Reduction for payments made 0 0 (13,086) (14,492)
Increase (reduction) of liability related to re-measurement of fair value (3,014) (3,300) (3,014) (3,300)
Contingent consideration, end of period $ 20,000 $ 38,408 $ 20,000 $ 38,408
v3.25.2
Equity Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
May 14, 2025
Equity [Abstract]          
Cash dividends declared per common share (in dollars per share) $ 2.25 $ 1.90 $ 4.50 $ 3.80  
Stock repurchased during period, shares (in shares) 175,872   287,072    
Weighted average price (in dollars per share) $ 170.55   $ 174.14    
Stock repurchased during period, value $ 30.0   $ 50.0    
Addition to the total number of shares authorized to be repurchased (in shares)         750,000
Shares available for repurchase (in shares) 866,240   866,240    
v3.25.2
Stock-Based Compensation - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2024
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares of common stock available for issuance (in shares) 688,682  
Shares of common stock reserved for issuance (in shares) 3,825,000  
RSUs and PSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized stock-based compensation expense | $ $ 39.8  
Weighted-average remaining amortization period 1 year 6 months  
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share settlement under RSUs (in shares) 40,064 45,117
Cash used for employee withholding tax payments | $ $ 7.0 $ 10.4
Restricted stock units (RSUs), performance-based    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 37,777 26,757
Performance Stock Units, Incentive    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Period for recognition of compensation expense 3 years  
Minimum | Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 1 year  
Maximum | Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 3 years  
Common Stock | Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Conversion ratio 1  
v3.25.2
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]        
Stock-based compensation expense $ 6,809 $ 9,189 $ 13,543 $ 16,020
v3.25.2
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Shares  
Number of shares, outstanding (in shares) | shares 317,489
Number of shares, granted (in shares) | shares 165,928
Number of shares, forfeited (in shares) | shares (30,574)
Number of shares, settled (in shares) | shares (103,231)
Number of shares, outstanding (in shares) | shares 349,612
Weighted Average Grant Date Fair Value  
Weighted average grant date fair value, outstanding (in dollars per share) | $ / shares $ 205.86
Weighted-average grant-date fair value (in dollars per share) | $ / shares 173.71
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares 220.07
Weighted average grant date fair value, settled (in dollars per share) | $ / shares 201.96
Weighted average grant date fair value, outstanding (in dollars per share) | $ / shares $ 190.51
v3.25.2
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net Income (Loss) $ 42,743 $ 26,022 $ 70,795 $ 63,889
Noncontrolling interests (370) (8,408) 225 (16,417)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 42,373 $ 17,614 $ 71,020 $ 47,472
Shares:        
Basic: Weighted-average number of shares outstanding (in shares) 6,855 7,127 6,905 7,123
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares) 67 115 92 141
Diluted: Weighted-average number of shares outstanding (in shares) 6,922 7,242 6,997 7,264
Earnings (Loss) per Share—Basic (in dollars per share) $ 6.18 $ 2.47 $ 10.29 $ 6.66
Earnings (Loss) per Share—Diluted (in dollars per share) $ 6.12 $ 2.43 $ 10.15 $ 6.54
v3.25.2
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total anti-dilutive securities (in shares) 32 13 24 4
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total anti-dilutive securities (in shares) 32 13 24 4
v3.25.2
Income Taxes (Details)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]    
Estimated effective income tax rate (as percent) 25.90% 24.40%
v3.25.2
Debt (Details) - USD ($)
 6 Months Ended
Sep. 28, 2021
Jun. 30, 2025
Term loan | Secured Debt    
Line of Credit Facility [Line Items]    
Debt repayments   $ 1,400,000
Outstanding borrowings   234,700,000
Term loan | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 275,000,000.0  
Term of debt 7 years  
Term loan | Credit Facility 2017    
Line of Credit Facility [Line Items]    
Debt issuance costs   $ 3,400,000
Revolving credit facility | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 175,000,000.0  
Term of debt 5 years  
v3.25.2
Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]        
Balance at beginning of period     $ 107,282  
Net income (loss) attributable to noncontrolling interests     5,291  
Changes in redemption value     (166) $ (10,199)
Total net income (loss) attributable to noncontrolling interests $ 644 $ 9,081 101 $ 16,699
Investment management subsidiary equity sales (purchases)     (1,053)  
Net subscriptions (redemptions) and other     16,767  
Balance at end of period 123,097   123,097  
CIP        
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]        
Balance at beginning of period     45,667  
Net income (loss) attributable to noncontrolling interests     2,152  
Total net income (loss) attributable to noncontrolling interests     2,152  
Investment management subsidiary equity sales (purchases)     0  
Net subscriptions (redemptions) and other     19,008  
Balance at end of period 66,827   66,827  
Noncontrolling Interests Investment Manager        
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]        
Balance at beginning of period     61,615  
Net income (loss) attributable to noncontrolling interests     3,139  
Total net income (loss) attributable to noncontrolling interests     (2,051)  
Investment management subsidiary equity sales (purchases)     (1,053)  
Net subscriptions (redemptions) and other     (2,241)  
Balance at end of period $ 56,270   56,270  
Portion at Other than Fair Value Measurement        
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]        
Changes in redemption value     (5,190)  
Portion at Other than Fair Value Measurement | CIP        
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]        
Changes in redemption value     0  
Portion at Other than Fair Value Measurement | Noncontrolling Interests Investment Manager        
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]        
Changes in redemption value     $ (5,190)  
v3.25.2
Redeemable Noncontrolling Interests - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Noncontrolling Interest [Line Items]          
Stock-based compensation expense $ 6,809 $ 9,189 $ 13,543 $ 16,020  
Affiliate Equity Awards          
Noncontrolling Interest [Line Items]          
Vesting period 3 years        
Deferred compensation $ 18,000   18,000   $ 19,400
Stock-based compensation expense     $ (800) $ 3,500  
v3.25.2
Consolidation - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]            
Noncontrolling interests $ (123,097) $ (120,579) $ (107,282) $ (129,450) $ (115,185) $ (104,869)
VOEs            
Variable Interest Entity [Line Items]            
Cash and cash equivalents 2,163   5,179      
Investments 50,324   40,678      
Other assets 782   403      
Notes payable 0   0      
Securities purchased payable and other liabilities (1,967)   (4,271)      
Noncontrolling interests (14,790)   (12,452)      
Net interests in CIP 36,512   29,537      
CLOs            
Variable Interest Entity [Line Items]            
Cash and cash equivalents 66,224   125,995      
Investments 2,090,912   2,141,626      
Other assets 62,465   172,707      
Notes payable (2,021,538)   (2,171,946)      
Securities purchased payable and other liabilities (96,552)   (151,922)      
Noncontrolling interests (1,933)   (4,143)      
Net interests in CIP 99,578   112,317      
GFs            
Variable Interest Entity [Line Items]            
Cash and cash equivalents 2,745   3,247      
Investments 106,444   88,413      
Other assets 1,322   1,261      
Notes payable 0   0      
Securities purchased payable and other liabilities (1,506)   (1,840)      
Noncontrolling interests (52,037)   (33,215)      
Net interests in CIP $ 56,968   $ 57,866      
v3.25.2
Consolidation - Narrative (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
collateralized_loan_obligation
Dec. 31, 2024
USD ($)
CLOs    
Variable Interest Entity [Line Items]    
Number of consolidated CLOs | collateralized_loan_obligation 7  
Investments $ 2,090,912 $ 2,141,626
CLOs | CLO subordinated notes    
Variable Interest Entity [Line Items]    
Debt par value 2,300,000  
CLOs | Subordinated Debt | CLO subordinated notes    
Variable Interest Entity [Line Items]    
Debt par value 239,800  
CLOs | Senior Notes | CLO senior secured floating rate notes    
Variable Interest Entity [Line Items]    
Debt par value 2,000,000  
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying value and maximum risk of loss $ 25,000  
v3.25.2
Consolidation - Schedule of Beneficial Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
Jun. 30, 2025
USD ($)
Variable Interest Entity [Line Items]  
Subordinated notes $ 98,431
Accrued investment management fees 1,147
Total Beneficial Interests $ 99,578
v3.25.2
Consolidation - Schedule of Revenue and Expenses of Consolidated Investment Product (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Expenses:        
Noncontrolling interests $ (370) $ (8,408) $ 225 $ (16,417)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 42,373 $ 17,614 71,020 $ 47,472
CLOs        
Income:        
Realized and unrealized gain (loss), net     (15,374)  
Interest income     89,106  
Total Income     73,732  
Expenses:        
Other operating expenses     1,193  
Interest expense     68,036  
Total Expense     69,229  
Noncontrolling interests     326  
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.     $ 4,829  
v3.25.2
Consolidation - Schedule of Economic Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Variable Interest Entity [Line Items]  
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 257
Investment management fees 4,572
Total Economic Interests $ 4,829
v3.25.2
Consolidation - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 137,523 $ 225,736
Total assets measured at fair value 239,229 324,666
Liabilities    
Total liabilities measured at fair value 20,000 36,100
Level 1    
Assets    
Cash equivalents 137,523 225,736
Total assets measured at fair value 236,883 323,210
Liabilities    
Total liabilities measured at fair value 0 0
Level 2    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,346 1,456
Liabilities    
Total liabilities measured at fair value 0 0
Level 3    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 20,000 36,100
Fair Value, Measurements, Recurring | Consolidated Investment Products    
Assets    
Cash equivalents 66,224 127,695
Total assets measured at fair value 2,313,904 2,398,412
Liabilities    
Notes payable 2,021,538 2,171,946
Short sales 287 356
Total liabilities measured at fair value 2,021,825 2,172,302
Fair Value, Measurements, Recurring | Debt investments | Consolidated Investment Products    
Assets    
Investments 2,210,253 2,246,600
Fair Value, Measurements, Recurring | Equity investments | Consolidated Investment Products    
Assets    
Investments 37,427 24,117
Fair Value, Measurements, Recurring | Level 1 | Consolidated Investment Products    
Assets    
Cash equivalents 66,224 127,695
Total assets measured at fair value 107,927 150,688
Liabilities    
Notes payable 0 0
Short sales 287 356
Total liabilities measured at fair value 287 356
Fair Value, Measurements, Recurring | Level 1 | Debt investments | Consolidated Investment Products    
Assets    
Investments 5,064 0
Fair Value, Measurements, Recurring | Level 1 | Equity investments | Consolidated Investment Products    
Assets    
Investments 36,639 22,993
Fair Value, Measurements, Recurring | Level 2 | Consolidated Investment Products    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,131,353 2,240,035
Liabilities    
Notes payable 2,021,538 2,171,946
Short sales 0 0
Total liabilities measured at fair value 2,021,538 2,171,946
Fair Value, Measurements, Recurring | Level 2 | Debt investments | Consolidated Investment Products    
Assets    
Investments 2,131,343 2,239,924
Fair Value, Measurements, Recurring | Level 2 | Equity investments | Consolidated Investment Products    
Assets    
Investments 10 111
Fair Value, Measurements, Recurring | Level 3 | Consolidated Investment Products    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 74,624 7,689
Liabilities    
Notes payable 0 0
Short sales 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring | Level 3 | Debt investments | Consolidated Investment Products    
Assets    
Investments 73,846 6,676
Fair Value, Measurements, Recurring | Level 3 | Equity investments | Consolidated Investment Products    
Assets    
Investments $ 778 $ 1,013
v3.25.2
Consolidation - Schedule of Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Debt investments - Consolidated Investment Products - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Assets    
Debt securities, beginning of period $ 7,689 $ 37,062
Realized and unrealized gains (losses), net (1,722) 629
Purchases 2,377 31
Sales (6,289) (19,845)
Transfers to Level 2 (19,286) (54,857)
Transfers from Level 2 91,855 73,963
Debt securities, end of period $ 74,624 $ 36,983