VIRTUS INVESTMENT PARTNERS, INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 07, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-10994    
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, $.01 par value    
Trading Symbol VRTS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,500
Entity Common Stock, Shares Outstanding   6,967,534  
Documents Incorporated by Reference
Portions of the registrant's proxy statement that will be filed with the SEC in connection with the 2025 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000883237    
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Hartford, Connecticut
Auditor Firm ID 34
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Accounts receivable, net $ 117,207 $ 109,076
Furniture, equipment and leasehold improvements, net 22,718 26,216
Intangible assets, net 378,229 432,119
Goodwill 397,098 397,098
Deferred taxes, net 23,206 25,024
Operating lease right-of-use assets 57,131 63,229
Total assets 3,994,494 3,678,629
Liabilities:    
Accrued compensation and benefits 224,501 200,837
Accounts payable and accrued liabilities 49,492 56,047
Contingent consideration 63,505 90,938
Debt 232,130 253,412
Operating lease liabilities 70,037 78,142
Other liabilities 15,932 13,329
Total liabilities 2,985,576 2,705,471
Commitments and Contingencies (Note 12)
Redeemable noncontrolling interests 107,282 104,869
Equity attributable to Virtus Investment Partners, Inc.:    
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,243,880 shares issued and 6,967,147 shares outstanding at December 31, 2024 and 12,163,228 shares issued and 7,087,728 shares outstanding at December 31, 2023, respectively 122 122
Additional paid-in capital 1,319,108 1,300,999
Retained earnings (accumulated deficit) 268,221 207,356
Accumulated other comprehensive income (loss) (364) (87)
Treasury stock, at cost, 5,276,733 and 5,075,500 shares at December 31, 2024 and December 31, 2023, respectively (689,594) (644,464)
Total equity attributable to Virtus Investment Partners, Inc. 897,493 863,926
Total equity 901,636 868,289
Total liabilities and equity 3,994,494 3,678,629
Consolidated Entity excluding Consolidated Investment Products    
Assets:    
Cash and cash equivalents 265,888 239,602
Investments 119,216 132,696
Other assets 34,292 26,209
Consolidated Investment Products    
Assets:    
Cash and cash equivalents 133,694 100,732
Investments 2,270,717 2,082,713
Cash pledged or on deposit of CIP 727 680
Other assets 174,371 43,235
Liabilities:    
Notes payable of CIP 2,171,946 1,922,243
Securities purchased payable and other liabilities of CIP 158,033 90,523
Equity attributable to Virtus Investment Partners, Inc.:    
Noncontrolling interests $ 4,143 $ 4,363
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
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) 12,243,880 12,163,228
Common stock, shares outstanding (in shares) 6,967,147 7,087,728
Treasury stock, shares (in shares) 5,276,733 5,075,500
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Revenues $ 906,949 $ 845,268 $ 886,379
Operating Expenses      
Employment expenses 432,587 404,742 371,259
Distribution and other asset-based expenses 96,223 96,802 112,612
Change in fair value of contingent consideration (5,608) (5,510) 8,020
Restructuring expense 1,487 824 4,015
Depreciation expense 8,958 5,804 3,923
Amortization expense 56,299 61,027 58,504
Total operating expenses 724,459 693,784 688,919
Operating Income (Loss) 182,490 151,484 197,460
Other Income (Expense)      
Other income (expense), net 2,036 (440) (153)
Total other income (expense), net (8,510) 3,681 (51,938)
Interest Income (Expense)      
Total interest income (expense), net 33,896 31,399 18,366
Income (Loss) Before Income Taxes 207,876 186,564 163,888
Income tax expense (benefit) 55,423 45,088 57,260
Net Income (Loss) 152,453 141,476 106,628
Noncontrolling interests (30,707) (10,855) 10,913
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 121,746 $ 130,621 $ 117,541
Earnings (Loss) per Share—Basic (in dollars per share) $ 17.19 $ 18.02 $ 15.90
Earnings (Loss) per Share—Diluted (in dollars per share) $ 16.89 $ 17.71 $ 15.50
Weighted Average Shares Outstanding—Basic (in shares) 7,082 7,249 7,391
Weighted Average Shares Outstanding—Diluted (in shares) 7,210 7,375 7,582
Consolidated Entity excluding Consolidated Investment Products      
Operating Expenses      
Other operating expenses $ 127,526 $ 125,871 $ 126,178
Other Income (Expense)      
Realized and unrealized gain (loss) on investments, net 3,914 6,525 (12,489)
Interest Income (Expense)      
Interest expense (22,132) (23,431) (13,173)
Interest and dividend income 12,488 12,458 4,448
Consolidated Investment Products      
Operating Expenses      
Other operating expenses 6,987 4,224 4,408
Other Income (Expense)      
Realized and unrealized gain (loss) on investments, net (14,460) (2,404) (39,296)
Interest Income (Expense)      
Interest expense (161,192) (155,335) (80,234)
Interest and dividend income 204,732 197,707 107,325
Investment management fees      
Revenues      
Revenues 773,830 711,475 728,339
Distribution and service fees      
Revenues      
Revenues 54,692 56,153 67,518
Administration and shareholder service fees      
Revenues      
Revenues 74,294 73,857 85,862
Other income and fees      
Revenues      
Revenues $ 4,133 $ 3,783 $ 4,660
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 152,453 $ 141,476 $ 106,628
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustment, net of tax of $95, $(96) and $135 for the years ended December 31, 2024, 2023 and 2022, respectively (277) 271 (378)
Other comprehensive income (loss) (277) 271 (378)
Comprehensive income (loss) 152,176 141,747 106,250
Comprehensive (income) loss attributable to noncontrolling interests (30,707) (10,855) 10,913
Comprehensive income (loss) attributable to Virtus Investment Partners, Inc. $ 121,469 $ 130,892 $ 117,163
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Foreign currency translation adjustment, tax $ 95 $ (96) $ 135
v3.25.0.1
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, common stock (in shares) at Dec. 31, 2021     7,506,151          
Balance at beginning of period at Dec. 31, 2021 $ 836,627 $ 828,277 $ 119 $ 1,276,424 $ 60,962 $ 20 $ (509,248) $ 8,350
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2021             4,400,596  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 116,776 117,541     117,541     (765)
Foreign currency translation adjustments, net of tax (378) (378)       (378)    
Net subscriptions (redemptions) and other 367 2,035   2,035       (1,668)
Cash dividends declared, common (48,242) (48,242)     (48,242)      
Repurchase of common shares (in shares)     (451,097)       451,097  
Repurchase of common shares (90,000) (90,000)         $ (90,000)  
Issuance of common shares related to employee stock transactions (in shares)     126,500          
Issuance of common shares related to employee stock transactions 0 0 $ 1 (1)        
Taxes paid on stock-based compensation (16,830) (16,830)   (16,830)        
Stock-based compensation 24,616 24,616   24,616        
Balance at ending of period, common stock (in shares) at Dec. 31, 2022     7,181,554          
Balance at end of period at Dec. 31, 2022 822,936 817,019 $ 120 1,286,244 130,261 (358) $ (599,248) 5,917
Balance at ending of period, treasury stock (in shares) at Dec. 31, 2022             4,851,693  
Balance at Dec. 31, 2021 138,965              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) (10,148)              
Net subscriptions (redemptions) and other (15,099)              
Balance at Dec. 31, 2022 113,718              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 130,691 130,621     130,621     70
Foreign currency translation adjustments, net of tax 271 271       271    
Net subscriptions (redemptions) and other 1,564 3,188   3,188       (1,624)
Cash dividends declared, common (53,526) (53,526)     (53,526)      
Repurchase of common shares (in shares)     (223,807)       223,807  
Repurchase of common shares (45,216) (45,216)         $ (45,216)  
Issuance of common shares related to employee stock transactions (in shares)     129,981          
Issuance of common shares related to employee stock transactions 0 0 $ 2 (2)        
Taxes paid on stock-based compensation (13,774) (13,774)   (13,774)        
Stock-based compensation $ 25,343 25,343   25,343        
Balance at ending of period, common stock (in shares) at Dec. 31, 2023 12,163,228   7,087,728          
Balance at end of period at Dec. 31, 2023 $ 868,289 863,926 $ 122 1,300,999 207,356 (87) $ (644,464) 4,363
Balance at ending of period, treasury stock (in shares) at Dec. 31, 2023 5,075,500           5,075,500  
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) $ 10,785              
Net subscriptions (redemptions) and other (19,634)              
Balance at Dec. 31, 2023 104,869              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 122,515 121,746     121,746     769
Foreign currency translation adjustments, net of tax (277) (277)       (277)    
Net subscriptions (redemptions) and other 4,260 5,249   5,249       (989)
Cash dividends declared, common (60,881) (60,881)     (60,881)      
Repurchase of common shares (in shares)     (201,233)       201,233  
Repurchase of common shares (45,130) (45,130)         $ (45,130)  
Issuance of common shares related to employee stock transactions (in shares)     80,652          
Issuance of common shares related to employee stock transactions 0 0            
Taxes paid on stock-based compensation (11,681) (11,681)   (11,681)        
Stock-based compensation $ 24,541 24,541   24,541        
Balance at ending of period, common stock (in shares) at Dec. 31, 2024 12,243,880   6,967,147          
Balance at end of period at Dec. 31, 2024 $ 901,636 $ 897,493 $ 122 $ 1,319,108 $ 268,221 $ (364) $ (689,594) $ 4,143
Balance at ending of period, treasury stock (in shares) at Dec. 31, 2024 5,276,733           5,276,733  
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) $ 29,938              
Net subscriptions (redemptions) and other (27,525)              
Balance at Dec. 31, 2024 $ 107,282              
v3.25.0.1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]              
Foreign currency translation adjustment, tax         $ 95 $ (96) $ 135
Cash dividends declared per common share (in dollars per share) $ 2.25 $ 2.25 $ 1.90 $ 1.90 $ 8.30 $ 7.10 $ 6.30
v3.25.0.1
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income (loss) $ 152,453 $ 141,476 $ 106,628
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense, intangible asset and other amortization 69,002 70,046 68,557
Stock-based compensation 32,841 26,825 24,042
Equity in earnings of equity method investments (2,713) 198 (187)
Distributions from equity method investments 5,387 2,327 2,244
Change in fair value of contingent consideration (5,608) (5,510) 8,020
Deferred taxes, net 7,120 1,394 (1,960)
Lease termination (1,318) 0 3,222
Changes in operating assets and liabilities:      
Sales (purchases) of investments, net 26,114 (16) (9,309)
Accounts receivable, net and other assets 8,834 5,388 35,483
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (23,166) 3,863 (47,379)
Operating activities of consolidated investment products ("CIP"):      
Net cash provided by (used in) operating activities 1,755 237,157 132,670
Cash Flows from Investing Activities:      
Capital expenditures and other asset purchases (5,579) (8,821) (6,582)
Purchase of equity method investment 0 (11,645) 0
Acquisition of business, net of cash acquired of $4,395 and $8,443 for the years ended December 31, 2023 and 2022, respectively 0 (108,999) (20,577)
Net cash provided by (used in) investing activities (16,951) (129,732) (27,467)
Cash Flows from Financing Activities:      
Borrowings on credit agreement 0 50,000 0
Repayments on credit agreement (22,750) (52,750) (12,750)
Payment of contingent consideration (24,234) (27,179) (33,036)
Repurchase of common shares (44,868) (45,000) (90,000)
Common stock dividends paid (58,123) (52,047) (47,254)
Taxes paid related to net share settlement of restricted stock units (11,681) (13,774) (16,830)
Affiliate equity sales (purchases) (29,015) (20,784) (11,089)
Net contributions from (distributions to) noncontrolling interests 32,822 6,080 (5,527)
Net cash provided by (used in) financing activities 74,947 (356,113) (102,057)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (456) 523 (112)
Net increase (decrease) in cash and cash equivalents 59,295 (248,165) 3,034
Cash, cash equivalents and restricted cash, beginning of year 341,014 589,179 586,145
Cash, cash equivalents and restricted cash, end of year 400,309 341,014 589,179
Supplemental Disclosure of Cash Flow Information      
Interest paid 20,260 22,307 11,134
Income taxes paid, net 56,379 31,160 74,313
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Common stock dividends payable 15,676 13,467 11,850
Contingent consideration 0 0 1,200
Reconciliation of cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at end of year 400,309 341,014 589,179
Consolidated Entity excluding Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net (2,795) (6,132) 13,105
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net (2,795) (6,132) 13,105
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 265,888 239,602  
Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net 5,279 (4,664) 36,054
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net 5,279 (4,664) 36,054
Purchases of investments by CIP (1,468,615) (1,264,708) (939,017)
Sales of investments by CIP 1,196,438 1,263,580 820,497
Net proceeds (purchases) of short-term investments and securities sold short by CIP 49 (261) (13)
Change in other assets and liabilities of CIP (2,073) 1,666 6,813
Amortization of discount on notes payable of CIP 4,526 1,685 5,870
Cash Flows from Investing Activities:      
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net (11,372) (267) (308)
Cash Flows from Financing Activities:      
Borrowings by CIP 1,016,232 269,260 306,296
Payments on borrowings by CIP (783,436) (469,919) (191,867)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (31,255) (7,170) $ (338)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 133,694 100,732  
Cash pledged or on deposit of consolidated investment products $ 727 $ 680  
v3.25.0.1
Consolidated Statements of Cash Flow (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Statement of Cash Flows [Abstract]    
Acquisition of business, net of cash acquired $ 4,395 $ 8,443
v3.25.0.1
Organization and Business
 12 Months Ended
Dec. 31, 2024
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 and Company sponsored 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 to high net worth clients through our wealth management business.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The 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. See Note 19 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated.

Certain prior period balances on the Consolidated Balance Sheets and Consolidated Statements of Cash Flow have been reclassified to conform to the current period presentation. These changes had no effect on net income, total comprehensive income, total assets, or total liabilities and equity as previously reported:
•Dividends payable has been reclassified to accounts payable and accrued liabilities;
•Operating lease right-of-use assets and Operating lease liabilities have been reclassified from other assets and other liabilities, respectively, as separate financial statement line items; and
•Certain immaterial operating cash flow line items were condensed with other operating cash flow line items

Noncontrolling Interests
Noncontrolling interests - CIP
Noncontrolling interests - CIP represent third-party investments in the Company's CIP and are classified as redeemable noncontrolling interests on the Consolidated Balance Sheets because investors in those products are able to request withdrawal at any time.

Noncontrolling interests - Investment Manager
Noncontrolling interests - Investment Manager represents the minority interests of a majority owned consolidated investment management subsidiary. See Note 18 for further discussion.
Use of Estimates
The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.

Segment Information
Accounting Standards Codification ("ASC") 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources to the segment and assess its performance. The Company's Chief Executive Officer is the Company's CODM. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company's determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company's CODM the Company's financial performance on a consolidated level.

Cash and Cash Equivalents
Cash and cash equivalents consist of cash in banks and money market fund investments.

Restricted Cash
The Company considers cash and cash equivalents of CIP and cash pledged or on deposit of CIP to be restricted as it is not available to the Company for its general operations.
 
Investments
Investment Securities - Fair Value
Investment securities - fair value consist of investments in the Company's sponsored funds and separately managed accounts and are carried at fair value in accordance with ASC 320, Investments-Debt and Equity Securities ("ASC 320"), and Topic 321, Investments-Equity Securities ("ASC 321"). These securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Transactions in these securities are recorded on a trade date basis. Any unrealized appreciation or depreciation on investment securities is reported on the Consolidated Statement of Operations within realized and unrealized gain (loss) on investments.

Equity Method Investments
Equity method investments consist of Company investments in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters. Equity method investments are accounted for in accordance with ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company's share of the noncontrolled entities' net income or loss is recorded in other income (expense), net on the Consolidated Statements of Operations. Distributions received reduce the Company's investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded.

Non-qualified Retirement Plan Assets and Liabilities
The Company has a non-qualified retirement plan (the "Excess Incentive Plan") that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered investment securities, are included in investments at fair value in accordance with ASC 820, Fair Value Measurement ("ASC 820"); the associated obligations to participants, which approximate the fair value of the associated assets, are included in other liabilities on the Consolidated Balance Sheets. See Note 6 for additional information related to the Excess Incentive Plan.

Furniture, Equipment and Leasehold Improvements, Net
Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the
straight-line method over the estimated useful lives of three to seven years for furniture and office equipment and three years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred.

Leases
The Company leases office space and equipment under various leasing arrangements. In accordance with ASC 842, Leases, the Company's leases are evaluated and classified as either financing leases or operating leases, as appropriate. The Company recognizes a lease liability and a corresponding right of use ("ROU") asset on the commencement date of any lease arrangement. The lease liability is initially measured at the present value of the future lease payments over the lease term using the rate implicit in the arrangement or, if not readily determinable, the Company's incremental borrowing rate. The Company determines its incremental borrowing rate through market sources, including relevant industry rates. A ROU asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments, and less lease incentives received. Lease expense is recognized on a straight-line basis over the lease term and is recorded within other operating expenses on the Consolidated Statement of Operations.

Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price of business combinations over the identified assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. The Company has a single reporting unit for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company's business. The Company follows Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment, which provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company's 2024 and 2023 annual goodwill impairment analysis did not result in any impairment charges.

Definite-lived intangible assets are comprised of certain investment management agreements, trade names, non-competition agreements and software. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from 4 to 16 years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and an impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows.

Indefinite-lived intangible assets are comprised of certain trade names and fund investment management agreements. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, which provides the option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company's 2024 and 2023 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges.

Contingent Consideration
The Company periodically enters into contingent payment arrangements in connection with its business combinations or asset purchases. In contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. The Company estimates the value of future payments of these potential future obligations at the time a business combination or asset purchase is consummated. Liabilities under contingent payment arrangements are recorded within contingent consideration on the Consolidated Balance Sheets.

Contingent payment obligations related to business combinations are remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management (level 3 fair value measurement). The change in fair value is recorded in the current period as a gain or loss. Gains and losses resulting from changes in the fair value of contingent payment obligations are reflected within change in fair value of contingent consideration on the Consolidated Statements of Operations.

Contingent payment obligations related to asset purchases, if estimable and probable of payment, are initially
recorded at their estimated value and reviewed every reporting period for changes. Any changes to the estimated value are recorded as an update of the initial acquisition cost of the asset with a corresponding change to the estimated contingent payment obligation on the Consolidated Balance Sheets.

Treasury Stock
Treasury stock is accounted for under the cost method and is included as a deduction from equity on the Stockholders' Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock.

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.

Investment Management Fees
The Company provides investment management services pursuant to investment management agreements through its investment advisers. Investment management services represent a series of distinct daily services that are performed over time. Fees earned on funds are based on each fund's average daily or weekly net assets and are generally calculated and received on a monthly basis. For funds managed by unaffiliated subadvisors, the Company records fees net of the subadvisory fees, as the Company is deemed to be the agent as it relates to the services performed by unaffiliated subadvisers, with the Company's performance obligation being to arrange for the provision of that service and not control the specified service before it is performed. Amounts paid to unaffiliated subadvisers for the years ended December 31, 2024, 2023 and 2022 were $45.4 million, $54.7 million and $77.0 million, respectively.

Retail separate account fees are generally earned based on the end of the preceding or current quarter's asset values. Institutional account fees are generally earned based on an average of daily or month-end balances or the current quarter's asset values. Fees for structured finance products are generally earned at a contractual fee rate applied against the end of the preceding quarter par value of the total collateral being managed.

Distribution and Service Fees
Distribution and service fees are sales- and asset-based fees earned from open-end funds for marketing and distribution services. Depending on the fund type or share class, these fees primarily consist of an asset-based fee that is paid by the fund over a period of years to cover allowable sales and marketing expenses, or front-end sales charges that are based on a percentage of the offering price. Asset-based distribution and service fees are primarily earned as percentages of the average daily net assets value and are paid monthly pursuant to the terms of the respective distribution and service fee contracts.

Distribution and service fees represent two performance obligations comprised of distribution and related shareholder servicing activities. Distribution services are generally satisfied upon the sale of a fund share. Shareholder servicing activities are generally services satisfied over time.

The Company distributes its open-end funds through unaffiliated financial intermediaries that comprise national, regional and independent broker-dealers. These unaffiliated financial intermediaries provide distribution and shareholder service activities on behalf of the Company. The Company passes related distribution and service fees to these unaffiliated financial intermediaries for these services and considers itself the principal in these arrangements since it has control of the services prior to the services being transferred to the customer. These payments are classified within distribution and other asset-based expenses.

Administration and Shareholder Service Fees
The Company provides administrative fund services to its U.S. retail funds, and certain of its closed-end funds and shareholder services to its open-end funds. Administration and shareholder services are performed over time. The Company earns fees for these services, which are calculated and paid monthly, based on each fund's average daily or weekly net assets.
Administrative fund services include: record keeping, preparing and filing documents required to comply with securities laws, legal administration and compliance services, customer service, supervision of the activities of the funds' service providers, tax services and treasury services. The Company also provides office space, equipment and personnel that may be necessary for managing and administering the business affairs of the funds. Shareholder services include maintaining shareholder accounts, processing shareholder transactions, preparing filings and performing necessary reporting.

Other Income and Fees
Other income and fees primarily represent fees related to other fee earning assets and marketing fees earned on certain ETFs.
 
Stock-based Compensation
The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation ("ASC 718"), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant.

Restricted stock units ("RSUs") are stock awards that entitle the holder to receive shares of the Company's common stock as the award vests over time or when certain performance metrics are achieved. The fair value of each RSU award is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a "market condition." Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. The value of RSUs that contain a performance metric ("PSUs") is determined based on (i) the intrinsic value method for awards that contain a performance metric that represent a "performance condition" in accordance with 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 grand 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.

Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires recognition of the amount of taxes payable or refundable for the current year as well as deferred tax assets and liabilities for temporary differences between the tax basis of assets and liabilities and the reported amounts on the Consolidated Financial Statements.

The Company's methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s), if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company's methodology also includes estimates of future taxable income from its operations as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Unanticipated changes in future operating results may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized.

Comprehensive Income
The Company reports all changes in comprehensive income on the Consolidated Statements of Changes in Stockholders' Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss) and foreign currency translation adjustments (net of tax).

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.
Fair Value Measurements and Fair Value of Financial Instruments
ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The Financial Accounting Standards Board (the "FASB") defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows:
Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market.

Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.

Recent Accounting Pronouncements
New Accounting Standards Implemented
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This standard updates reportable segment disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for annual filings of fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, with the amendments to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this standard in this annual filing. See Note 17 for a discussion of the Company's segment information.

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted this standard in this annual filing. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

New Accounting Standards Not Yet 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. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has evaluated the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.

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. This 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.
v3.25.0.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Investment Management Fees by Source
The following table summarizes investment management fees by source:
Years Ended December 31,
(in thousands)202420232022
Investment management fees
Open-end funds$317,990 $305,238 $335,585 
Closed-end funds59,184 58,136 63,841 
Retail separate accounts209,467 171,357 171,509 
Institutional accounts187,189 176,744 157,404 
Total investment management fees$773,830 $711,475 $728,339 
No Company clients or sponsored funds provided 10 percent or more of the Company's investment management, administration and shareholder service fee revenues in the preceding three years.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
AlphaSimplex Group, LLC
On April 1, 2023, the Company completed the acquisition of AlphaSimplex Group, LLC ("AlphaSimplex"), which was accounted for in accordance with ASC 805, Business Combinations ("ASC 805"). The total purchase price paid of $113.4 million was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition. Goodwill of $48.3 million and intangible assets of $55.4 million were recorded for the acquisition.
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Activity in goodwill was as follows: 
 Years Ended December 31,
(in thousands)20242023
Balance, beginning of period$397,098 $348,836 
Acquisitions— 48,262 
Balance, end of period$397,098 $397,098 
Below is a summary of intangible assets, net: 
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances of December 31, 2022$756,028 $(355,807)$400,221 $42,298 $442,519 
Additions55,400 — 55,400 — 55,400 
Adjustments(4,773)— (4,773)— (4,773)
Intangible amortization— (61,027)(61,027)— (61,027)
Balances of December 31, 2023806,655 (416,834)389,821 42,298 432,119 
Adjustments2,409 — 2,409 — 2,409 
Intangible amortization— (56,299)(56,299)— (56,299)
Balances of December 31, 2024$809,064 $(473,133)$335,931 $42,298 $378,229 
Definite-lived intangible asset amortization for the next five and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
2025$51,777 
202650,797 
202747,695 
202842,033 
202936,440 
2030 and thereafter107,189 
Total$335,931 
At December 31, 2024, the weighted average estimated remaining amortization period for definite-lived intangible assets was 7.5 years.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
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 CIP discussed in Note 19, at December 31, 2024 and 2023, were as follows: 
 December 31,
(in thousands)20242023
Investment securities - fair value$83,771 $97,304 
Equity method investments (1)20,286 22,710 
Nonqualified retirement plan assets15,159 12,682 
Total investments$119,216 $132,696 
(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 separately managed accounts. The composition of the Company's investment securities - fair value was as follows: 
December 31, 2024December 31, 2023
(in thousands)CostFair
Value		CostFair
Value
Investment Securities - fair value:
Sponsored funds$63,220 $63,296 $80,794 $77,433 
Equity securities17,406 19,019 16,353 19,871 
Debt securities1,457 1,456 — — 
Total investment securities - fair value$82,083 $83,771 $97,147 $97,304 
 
For the years ended December 31, 2024, 2023 and 2022, the Company recognized net realized gains of $3.8 million and $2.1 million, and a net realized loss of $1.4 million, respectively, related to its investment securities - fair value.

Equity Method Investments
The Company's equity method investments primarily consist of a minority investment in an investment manager and an investment in a limited partnership. For the years ended December 31, 2024, 2023 and 2022, distributions from equity method investments were $5.4 million, $2.3 million and $2.2 million, respectively. The remaining capital commitment for one of the Company's equity method investments at December 31, 2024 was $0.2 million.

Nonqualified Retirement Plan Assets
The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company
holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. Each participant is responsible for designating investment options for their contributions, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320, Investments - Debt Securities; the associated obligations to participants are included in other liabilities on the Consolidated Balance Sheets.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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 19, as of December 31, 2024 and 2023 by fair value hierarchy level were as follows: 
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 
 
December 31, 2023
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$197,240 $— $— $197,240 
Investment securities - fair value
Sponsored funds77,433 — — 77,433 
Equity securities19,871 — — 19,871 
Nonqualified retirement plan assets12,682 — — 12,682 
Total assets measured at fair value$307,226 $— $— $307,226 
Liabilities
Contingent consideration$— $— $56,200 $56,200 
Total liabilities measured at fair value$— $— $56,200 $56,200 
The following is a discussion of the valuation methodologies used for the Company's assets and liabilities 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 open-end funds and closed-end 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 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 mutual 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:
(in thousands)20242023
Contingent consideration, beginning of year$56,200 $78,100 
Reduction for payments made(14,492)(16,390)
Increase (reduction) of liability related to re-measurement of fair value(5,608)(5,510)
Contingent consideration, end of year$36,100 $56,200 
The contingent consideration related to the Westchester Capital Management transaction as of December 31, 2024 was $1.9 million, measured using an options pricing model valuation technique. The most significant unobservable inputs used relate to revenue growth rates, discount rates (range of 6.3% - 6.4%) and the market price of risk adjustment (7.3%). The NFJ Investment Group contingent consideration liability as of December 31, 2024 was $34.2 million, measured using an options pricing model valuation technique. The most significant unobservable inputs used relate to the revenue growth rates, discount rates (range of 6.3% - 6.4%) and the market price of risk adjustment (6.5%).

Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.
v3.25.0.1
Furniture, Equipment and Leasehold Improvements, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Furniture, Equipment and Leasehold Improvements, Net Furniture, Equipment and Leasehold Improvements, Net
Furniture, equipment and leasehold improvements, net were as follows: 
 December 31,
(in thousands)20242023
Leasehold improvements$27,321 $26,710 
Furniture and office equipment17,150 15,459 
Computer equipment and software8,101 6,671 
Subtotal52,572 48,840 
Accumulated depreciation and amortization(29,854)(22,624)
Furniture, equipment and leasehold improvements, net$22,718 $26,216 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
All of the Company's leases qualify as operating leases and consist primarily of leases for office facilities, which have remaining initial lease terms ranging from 0.1 to 13.6 years and a weighted average remaining lease term of 11.3 years. The Company has options to renew certain of its leases for periods ranging from 3.0 to 10.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and, therefore, were excluded from the initial lease term used to determine the Company's right-of-use asset and lease liability. The Company's right-of-use asset and lease liability on the Consolidated Balance Sheets at December 31, 2024 were $57.1 million and $70.0 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 6.8% at December 31, 2024.

Lease expense totaled $15.1 million, $14.7 million and $14.0 million for fiscal years 2024, 2023 and 2022, respectively. Cash payments relating to operating leases during 2024 were $25.7 million.

Lease liability maturities as of December 31, 2024 were as follows:
Fiscal Year
Amount
(in thousands)
2025$12,187 
20269,324 
20278,582 
20286,399 
20298,373 
Thereafter61,625 
Total lease payments106,490 
Less: Imputed interest36,453 
Present value of lease liabilities$70,037 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the provision for income taxes were as follows: 
 Years Ended December 31,
(in thousands)202420232022
Current
Federal$37,536 $33,523 $40,113 
State10,767 10,171 19,107 
Total current tax expense (benefit)48,303 43,694 59,220 
Deferred
Federal5,164 789 (1,506)
State1,956 605 (454)
Total deferred tax expense (benefit)7,120 1,394 (1,960)
Total expense (benefit) for income taxes$55,423 $45,088 $57,260 
The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years indicated: 
 Years Ended December 31,
(in thousands)202420232022
Tax at statutory rate$43,654 21 %$39,178 21 %$34,416 21 %
State taxes, net of federal benefit10,040 5 %9,240 5 %14,736 9 %
Excess tax benefits related to share-based compensation(220)— %(1,767)(1)%(2,792)(1)%
Nondeductible compensation2,246 1 %2,106 1 %2,356 1 %
Effect of net (income) loss attributable to noncontrolling interests(2,348)(1)%(2,299)(1)%(1,435)(1)%
Change in valuation allowance73 — %(1,547)(1)%9,596 6 %
Other, net1,978 1 %177 — %383 — %
Income tax expense (benefit)$55,423 27 %$45,088 24 %$57,260 35 %
The provision for income taxes reflects U.S. federal, state and local taxes at an effective tax rate of 27%, 24% and 35% for the years ended December 31, 2024, 2023 and 2022, respectively. The Company's tax position for the years ended December 31, 2024, 2023 and 2022 was impacted by changes in the valuation allowance related to the unrealized and realized gains and losses on the Company's investments.

Deferred taxes resulted from temporary differences between the amounts reported on the consolidated financial statements and the tax basis of assets and liabilities. The tax effects of temporary differences were as follows: 
 December 31,
(in thousands)20242023
Deferred tax assets:
Intangible assets$18,809 $19,206 
Net operating losses9,180 10,754 
Compensation accruals17,173 19,614 
Lease liability17,698 19,009 
Investment in sponsored products8,801 11,643 
Capital losses7,748 6,139 
Investment in partnerships8,058 2,188 
Gross deferred tax assets87,467 88,553 
Valuation allowance(16,612)(16,539)
Gross deferred tax assets after valuation allowance70,855 72,014 
Deferred tax liabilities:
Intangible assets(29,642)(26,746)
Right of use asset(14,406)(15,677)
Fixed assets(3,042)(4,197)
Other (559)(370)
Gross deferred tax liabilities(47,649)(46,990)
Deferred tax assets, net$23,206 $25,024 
At each reporting date, the Company evaluates the positive and negative evidence used to determine the likelihood of realization of its deferred tax assets. The Company maintained a valuation allowance in the amount of $16.6 million and $16.5 million at December 31, 2024 and 2023, respectively, relating to deferred tax assets on items of a capital nature as well as certain state deferred tax assets.

As of December 31, 2024, the Company had net operating loss carry-forwards for federal income tax purposes
represented by a $5.2 million deferred tax asset. The related federal net operating loss carry-forwards are scheduled to begin to expire in the year 2031. As of December 31, 2024, the Company had state net operating loss carry-forwards, varying by subsidiary and jurisdiction, represented by a $3.9 million deferred tax asset. Certain state net operating loss carry-forwards are scheduled to begin to expire in 2025.

Internal Revenue Code Section 382 ("Section 382") limits tax deductions for net operating losses, capital losses and net unrealized built-in losses after there is a substantial change in ownership in a corporation's stock involving a 50-percentage point increase in ownership by 5% or larger stockholders. At December 31, 2024, the Company had pre-change losses represented by deferred tax assets totaling $5.7 million that are subject to Section 382 limits. The utilization of these assets is subject to an annual limitation of $1.1 million.

Activity in unrecognized tax benefits were as follows:
 Years Ended December 31,
(in thousands)202420232022
Balance, beginning of year$856 $856 $1,235 
Decrease related to tax positions taken in prior years(214)(214)(593)
Increase related to positions taken in the current year214 214 214 
Balance, end of year$856 $856 $856 
If recognized, $0.7 million of the $0.9 million gross unrecognized tax benefit balance at December 31, 2024 would favorably impact the Company's effective income tax rate. The Company does not expect any significant changes to its liability for unrecognized tax benefits during the next 12 months.

The Company recognizes interest and penalties related to income tax matters within income tax expense. The Company recorded no interest or penalties related to unrecognized tax benefits at December 31, 2024, 2023 and 2022.
The earliest federal tax year that remains open for examination is 2021. The earliest open years in the Company's major state tax jurisdictions are 2010 for Connecticut and 2021 for all of the Company's remaining state tax jurisdictions.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
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 $22.8 million outstanding under the Term Loan in 2024 and had $236.1 million outstanding at December 31, 2024 under the Term Loan. In accordance with ASC 835, Interest, the amounts outstanding under the Company's Term Loan are presented on the Consolidated Balance Sheet net of related debt issuance costs, which were $3.9 million as of December 31, 2024.

Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either SOFR (adjusted for reserves) for interest periods of one, three or six months (or, solely in the case of the revolving credit facility, if agreed to by each relevant Lender, 12 months) or an alternate base rate, in either case plus an applicable margin. The applicable margins are 2.25%, in the case of SOFR-based loans, and 1.25%, in the case of alternate base rate loans. Interest is payable quarterly in arrears with respect to alternate base rate loans and on the last day of each interest period with respect to SOFR-based loans (but, in the case of any SOFR-based loan with an interest period of more than three months, at three-month intervals). The Credit Agreement contains SOFR and other subsequent benchmark successor provisions.

The terms of the Credit Agreement require the Company to pay a quarterly commitment fee on the average unused amount of the revolving credit facility. The fee is initially set at 0.50% and following the first delivery of certain financial reports, will range from 0.375% to 0.50%, based on the secured net leverage ratio of the Company as of the last day of the preceding fiscal quarter, as reflected in such financial reports.

The Term Loan amortizes at the rate of 1.00% per annum payable in equal quarterly installments on the last day of each calendar quarter, commencing on December 31, 2021. In addition, the Credit Agreement requires that the Term Loan be
mandatorily prepaid with (i) 50% of the Company’s excess cash flow on an annual basis, stepping down to 25% if the Company’s secured net leverage ratio declines to 2:1 or below and stepping down to 0% if the Company’s secured net leverage ratio declines below 1.5:1; (ii) 50% of the net proceeds of certain asset sales, casualty or condemnation events, subject to customary reinvestment rights; and (iii) 100% of the proceeds of any indebtedness incurred to refinance the term loans or other refinancing indebtedness as well as indebtedness incurred other than indebtedness permitted to be incurred by the Credit Agreement. At any time, upon timely notice, the Company may terminate the Credit Agreement in full, reduce the commitment under the facility in minimum specified increments or prepay loans in whole or in part, subject to the payment of breakage fees with respect to SOFR-based loans and, in the case of any term loans that are prepaid in connection with a "repricing transaction" occurring within the six-month period following the closing date of the Credit Agreement, a 1.00% premium.

The Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the Company and its subsidiaries to incur additional indebtedness, create liens, merge or dissolve, make investments, dispose of assets, engage in sale and leaseback transactions, make distributions and dividends and prepayments of junior indebtedness, engage in transactions with affiliates, enter into restrictive agreements, amend documentation governing junior indebtedness, modify its fiscal year and modify its organizational documents, subject to customary exceptions, thresholds, qualifications and "baskets." In addition, the Credit Agreement contains a financial performance covenant that is only applicable when greater than 35% of the revolving credit facility is outstanding, requiring a maximum leverage ratio, as of the last day of each of the four fiscal quarter periods, of no greater than the levels set forth in the Credit Agreement.

Future minimum Term Loan payments (exclusive of any mandatory excess cash-flow repayments) as of December 31, 2024 were as follows:
Fiscal Year
Amount
(in thousands)
2025$2,750 
20262,750 
20272,750 
2028227,813 
$236,063 
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
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.
v3.25.0.1
Equity Transactions
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Equity Transactions Equity Transactions
Dividends
During the first and second quarters of the year ended December 31, 2024, the Board of Directors declared quarterly cash dividends on the Company's common stock of $1.90 each. During the third and fourth quarters of the year ended December 31, 2024, the Board of Directors declared quarterly cash dividends on the Company's common stock of $2.25 each. Total dividends declared on the Company's common stock were $60.9 million for the year ended December 31, 2024.

At December 31, 2024, $20.0 million was included as dividends payable in liabilities on the Consolidated Balance Sheet representing the fourth quarter dividends to be paid on February 12, 2025 for common stock shareholders of record as of January 31, 2024.

On February 26, 2025, the Company declared a quarterly cash dividend of $2.25 per common share to be paid on May 14, 2025 to shareholders of record at the close of business on April 30, 2025.

Common Stock Repurchases
During the year ended December 31, 2024, the Company repurchased 201,233 common shares at a weighted average price of $222.94 per share, for a total cost, including fees and expenses, of $45.1 million under its share repurchase program. As of December 31, 2024, 403,312 shares remain 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.
v3.25.0.1
Retirement Savings Plan
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Savings Plan Retirement Savings Plan
The Company sponsors a defined contribution 401(k) retirement plan (the "401(k) Plan") covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. The Company matches employees' contributions at a rate of 100% of employees' contributions up to the first 5.0% of the employees' compensation contributed to the 401(k) Plan. The Company's matching contributions were $8.7 million, $8.3 million and $7.4 million in 2024, 2023 and 2022, respectively.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
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 Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At December 31, 2024, 828,882 shares of common stock remain 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: 
 Years Ended December 31,
(in thousands)202420232022
Stock-based compensation expense$32,841 $26,825 $24,042 
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 year ended December 31, 2024 is summarized as follows: 
Number
of shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2023344,717 $204.48 
Granted128,375 $234.57 
Forfeited(27,210)$194.76 
Settled(128,393)$233.20 
Outstanding at December 31, 2024317,489 $205.86 
The grant-date intrinsic value of RSUs granted during the year ended December 31, 2024 was $30.1 million.

Years Ended December 31,
(in millions, except per share values)202420232022
Weighted-average grant-date fair value per share$234.57 $160.74 $194.46 
Fair value of RSUs vested$29.9 $24.8 $23.8 
For the years ended December 31, 2024, 2023 and 2022, a total of 50,910, 79,516 and 79,471 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 $11.7 million, $13.8 million and $16.8 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 years ended December 31, 2024 and 2023, the Company granted 29,276 and 44,583 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 December 31, 2024 and 2023, unamortized stock-based compensation expense for unvested RSUs and PSUs was $27.9 million and $30.3 million, respectively, with a weighted average remaining contractual life of 1.1 years and 1.1 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2024, 2023 and 2022.

Employee Stock Purchase Plan
The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.
v3.25.0.1
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The computation of basic and diluted EPS is as follows: 
 Years Ended December 31,
(in thousands, except per share amounts)202420232022
Net Income (Loss)$152,453 $141,476 $106,628 
Noncontrolling interests(30,707)(10,855)10,913 
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$121,746 $130,621 $117,541 
Shares (in thousands):
Basic: Weighted-average number of shares outstanding7,082 7,249 7,391 
Plus: Incremental shares from assumed conversion of dilutive instruments128 126 191 
Diluted: Weighted-average number of shares outstanding7,210 7,375 7,582 
Earnings (Loss) per Share—Basic$17.19 $18.02 $15.90 
Earnings (Loss) per Share—Diluted$16.89 $17.71 $15.50 
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.
Years Ended Years Ended December 31,
(in thousands)202420232022
Restricted stock units and stock options1 2 33 
Total anti-dilutive securities1 2 33 
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
ASC 280 establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the CODM in deciding how to allocate resources to the segment and assess its performance. The Company's Chief Executive Officer is the Company's CODM. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company's determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company's CODM reviews the Company's financial performance on a consolidated level.

The key GAAP measure of segment profit or loss that the CODM uses to evaluate the Company’s financial performance and allocate resources of the Company is net income, as reported on the Company’s 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 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 Consolidated Balance Sheets.
v3.25.0.1
Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
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 in the investment management subsidiary 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 year ended December 31, 2024 included the following amounts:
(in thousands)CIP Noncontrolling Interests - Investment ManagerTotal
Balance at December 31, 2023$30,643 $74,226 $104,869 
Net income (loss) attributable to noncontrolling interests3,267 6,991 10,258 
Changes in redemption value (1)— 19,680 19,680 
Total net income (loss) attributable to noncontrolling interests3,267 26,671 29,938 
Affiliate equity sales (purchases)— (29,015)(29,015)
Net subscriptions (redemptions) and other11,757 (10,267)1,490 
Balance at December 31, 2024$45,667 $61,615 $107,282 
(1)Relates to noncontrolling interests redeemable at other than fair value.

Equity awards of majority-owned investment management subsidiary
The Company also issues equity-based profit-interest awards of the investment manager to certain of its employees, with certain awards having up to a three-year vesting period when issued. These profit-interest awards are subject to holder put rights and Company call rights at established multiples of earnings before interest, taxes, depreciation and amortization, with certain awards also subject to pre-established thresholds. The profit-interest awards are accounted for as cash settled liability awards under ASC 718, with changes in value at each reporting date recognized as compensation expense over the requisite service period if any, in the Company’s Consolidated Statements of Operations. The awards are classified as a liability within accrued compensation and benefits on the Consolidated Balance Sheets until the award is settled. Additionally, these profit-interest awards have a right to participate in distributions of the affiliate which are recorded as compensation expense in the Company’s Consolidated Statements of Operations.

Accrued compensation associated with these awards was $19.4 million and $8.2 million at December 31, 2024 and 2023, respectively. Compensation expense related to these awards totaled $8.2 million and $1.1 million for the years ended December 31, 2024 and 2023, respectively.
v3.25.0.1
Consolidation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation Consolidation
The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A 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.

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 Consolidated Balance Sheets as of December 31, 2024 and 2023:
 As of December 31,
 20242023
VOEsVIEsVOEsVIEs
(in thousands)CLOsGFsCLOsGFs
Cash and cash equivalents$5,179 $125,995 $3,247 $1,223 $98,101 $2,088 
Investments40,678 2,141,626 88,413 30,985 1,972,342 79,386 
Other assets403 172,707 1,261 174 41,985 1,076 
Notes payable— (2,171,946)— — (1,922,243)— 
Securities purchased payable and other liabilities(4,271)(151,922)(1,840)(740)(89,167)(616)
Noncontrolling interests(12,452)(4,143)(33,215)(7,316)(4,363)(23,327)
Net interests in CIP$29,537 $112,317 $57,866 $24,326 $96,655 $58,607 
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 December 31, 2024, the Company consolidated seven CLOs. The financial information of CLOs is included on the Company's 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 December 31, 2024, 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 $2.4 billion at December 31, 2024, consisting of senior secured floating rate notes payable with a par value of $2.2 billion and subordinated notes with a par value of $244.9 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 December 31, 2024, as shown in the table below:
(in thousands)
Subordinated notes$111,079 
Accrued investment management fees1,238 
Total Beneficial Interests$112,317 
The following table represents income and expenses of the consolidated CLOs included on the Company's Consolidated Statements of Operations for the period indicated:
Year Ended
December 31, 2024
(in thousands)
Income:
Realized and unrealized gain (loss), net$(16,450)
Interest income197,314 
Total Income$180,864 
Expenses:
Other operating expenses$6,178 
Interest expense161,192 
Total Expense167,370 
Noncontrolling interests(769)
Net Income (loss) attributable to CLOs$12,725 

The following table represents the Company's own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Year Ended
December 31, 2024
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$3,824 
Investment management fees8,901 
Total Economic Interests$12,725 
 
Fair Value Measurements of CIP
The assets and liabilities of CIP measured at fair value on a recurring basis as of December 31, 2024 and 2023 by fair value hierarchy level were as follows:
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 
 
As of December 31, 2023    
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$98,101 $— $— $98,101 
Debt investments241 2,012,760 36,616 2,049,617 
Equity investments32,642 8 446 33,096 
Total assets measured at fair value$130,984 $2,012,768 $37,062 $2,180,814 
Liabilities
Notes payable$— $1,922,243 $— $1,922,243 
Short sales518 — — 518 
Total liabilities measured at fair value$518 $1,922,243 $— $1,922,761 
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 December 31, 2024 and 2023 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:
Year Ended December 31,
(in thousands)20242023
Level 3 Investments of CIP (1)
Balance at beginning of period$37,062 $43,581 
Purchases2,062 6,213 
Sales(43,179)(21,784)
Realized and unrealized gains (losses), net459 (791)
Transfers to Level 2(120,916)(120,536)
Transfers from Level 2132,201 130,379 
Balance at end of period$7,689 $37,062 
 
(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 December 31, 2024, the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $27.0 million.
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a cybersecurity and information protection program that is supported by policies and procedures designed to protect our systems and assets and the Company’s sensitive or confidential business information, including that entrusted to us by our clients and business partners. Identifying and assessing cybersecurity risk is integrated into our overall enterprise risk management (“ERM”) processes. Our ERM processes consider cybersecurity threat risks alongside other company risks as part of our overall management activities. Cybersecurity risks related to our business are identified and managed through a multi-faceted approach utilizing various systems, controls, and processes. Our cybersecurity systems, controls and processes are overseen by our cybersecurity information technology team which is managed by our CISO.

We maintain a layered security architecture as a key part of our infrastructure design and utilize our employees and managed third-party service providers to help ensure a secure environment and safeguard against a variety of threats including malware, systems intrusions, unauthorized access, data loss and other security risks. We have implemented various technology products and associated procedures, including, among others, the following:
▪Firewall protection, operating system security patches, and multi-factor authentication;
▪System security agent software, which includes encryption, malware protection, patches and virus definitions;
▪Monitoring of computer systems for unauthorized use of or access to sensitive information;
▪Web content filtering;
▪Web and network vulnerability assessments and penetration testing;
▪Monitoring emerging laws and regulations related to data protection and information security;
▪Hosting in-house production systems in geographically dispersed locations that are backed up to alternate locations; and
▪Employee cybersecurity awareness training that includes regular phishing simulations.

As part of the above processes, we engage various professional services firms that use external third-party tools to assess our internal cybersecurity programs and compliance with applicable practices and standards. Our use of these third parties allows us to leverage specialized knowledge, insights and industry best practices.

The Company’s processes to identify material risks from cybersecurity threats associated with our use of third-party service providers are included within our service provider management policy. The policy provides guidelines in performing cyber risk assessments on our critical and material third party service providers during onboarding and periodically thereafter.

The assessment of cybersecurity incidents are integrated as part of the Company's business continuity and disaster recovery program (“BCDR”). Our BCDR includes an incident response protocol that provides a framework for the assessment, response, and recovery phases for any business disruption, including cybersecurity incidents. It also incorporates various event, incident and response teams that comprise the Company's information security, risk management, compliance, legal and other functions as needed in response to any cybersecurity incidents. Our incident response protocol also provides for reporting mechanisms to senior management and our Board of Directors ("Board") in the event of a material cybersecurity incident.

We have not had a cybersecurity incident that has materially affected, or was reasonably likely to, materially affect, our business strategy, results of operations or financial condition. There are risks from cybersecurity threats that if they were to occur could materially affect our business strategy, results of operations or financial condition which are further discussed in Item 1A. “Risk Factors—Risks Related to our Industry, Business and Operations—We and our third-party service providers
rely on numerous technology systems and any business interruption, security breach, or system failure could negatively impact our business and profitability” of this Annual Report on Form 10-K, which should be read in conjunction with the information in this section.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We maintain a cybersecurity and information protection program that is supported by policies and procedures designed to protect our systems and assets and the Company’s sensitive or confidential business information, including that entrusted to us by our clients and business partners. Identifying and assessing cybersecurity risk is integrated into our overall enterprise risk management (“ERM”) processes. Our ERM processes consider cybersecurity threat risks alongside other company risks as part of our overall management activities. Cybersecurity risks related to our business are identified and managed through a multi-faceted approach utilizing various systems, controls, and processes. Our cybersecurity systems, controls and processes are overseen by our cybersecurity information technology team which is managed by our CISO.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board oversees our risk management processes, including our risks from cybersecurity threats. As part of its ongoing responsibilities, the Board receives recurring reports from management on the Company’s cybersecurity risk environment and regularly meets with management to review the risk landscape and discuss the steps taken by management to monitor and mitigate cyber exposures. In addition, from time to time, our Chief Technology Officer and Chief Information Security Officer (“CISO”) brief the Board on the cyber-threat landscape, our information security program and other related information technology topics.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] our Chief Technology Officer and Chief Information Security Officer (“CISO”) brief the Board on the cyber-threat landscape, our information security program and other related information technology topics.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Chief Technology Officer and Chief Information Security Officer (“CISO”) brief the Board on the cyber-threat landscape, our information security program and other related information technology topics.
Cybersecurity Risk Role of Management [Text Block]
Our Board oversees our risk management processes, including our risks from cybersecurity threats. As part of its ongoing responsibilities, the Board receives recurring reports from management on the Company’s cybersecurity risk environment and regularly meets with management to review the risk landscape and discuss the steps taken by management to monitor and mitigate cyber exposures. In addition, from time to time, our Chief Technology Officer and Chief Information Security Officer (“CISO”) brief the Board on the cyber-threat landscape, our information security program and other related information technology topics.

The Company maintains an Enterprise Risk Committee (“ERC”), comprising the Company executives who lead day-to-day risk management, and whose efforts are supplemented by specific risk-related committees or teams. The ERC is a cross-functional committee that focuses on identifying and managing operational risk throughout the organization, including cybersecurity threats. The ERC has integrated cybersecurity into key elements of the Company’s ERM framework, including our BCDR planning program and service provider management policy, and personnel from our information security, risk management, compliance and legal groups are a part of the assessment and response team for cybersecurity incidents and the evaluation of third-party cybersecurity risk.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] our Chief Technology Officer and Chief Information Security Officer (“CISO”) brief the Board on the cyber-threat landscape, our information security program and other related information technology topics.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity systems, controls and processes are overseen by our cybersecurity information technology team which is managed by our CISO.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Company maintains an Enterprise Risk Committee (“ERC”), comprising the Company executives who lead day-to-day risk management, and whose efforts are supplemented by specific risk-related committees or teams. The ERC is a cross-functional committee that focuses on identifying and managing operational risk throughout the organization, including cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
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Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Consolidation The 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.
Variable Interest Entities
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. See Note 19 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated.

Certain prior period balances on the Consolidated Balance Sheets and Consolidated Statements of Cash Flow have been reclassified to conform to the current period presentation. These changes had no effect on net income, total comprehensive income, total assets, or total liabilities and equity as previously reported:
•Dividends payable has been reclassified to accounts payable and accrued liabilities;
•Operating lease right-of-use assets and Operating lease liabilities have been reclassified from other assets and other liabilities, respectively, as separate financial statement line items; and
•Certain immaterial operating cash flow line items were condensed with other operating cash flow line items
The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A 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.

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 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.
Noncontrolling Interest
Noncontrolling interests - CIP
Noncontrolling interests - CIP represent third-party investments in the Company's CIP and are classified as redeemable noncontrolling interests on the Consolidated Balance Sheets because investors in those products are able to request withdrawal at any time.

Noncontrolling interests - Investment Manager
Noncontrolling interests - Investment Manager represents the minority interests of a majority owned consolidated investment management subsidiary.
Use of Estimates
The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Segment Information Accounting Standards Codification ("ASC") 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources to the segment and assess its performance. The Company's Chief Executive Officer is the Company's CODM. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company's determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company's CODM the Company's financial performance on a consolidated level.
Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and money market fund investments.
The Company considers cash and cash equivalents of CIP and cash pledged or on deposit of CIP to be restricted as it is not available to the Company for its general operations.
Investments
Investment Securities - Fair Value
Investment securities - fair value consist of investments in the Company's sponsored funds and separately managed accounts and are carried at fair value in accordance with ASC 320, Investments-Debt and Equity Securities ("ASC 320"), and Topic 321, Investments-Equity Securities ("ASC 321"). These securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Transactions in these securities are recorded on a trade date basis. Any unrealized appreciation or depreciation on investment securities is reported on the Consolidated Statement of Operations within realized and unrealized gain (loss) on investments.

Equity Method Investments
Equity method investments consist of Company investments in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters. Equity method investments are accounted for in accordance with ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company's share of the noncontrolled entities' net income or loss is recorded in other income (expense), net on the Consolidated Statements of Operations. Distributions received reduce the Company's investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded.

Non-qualified Retirement Plan Assets and Liabilities
The Company has a non-qualified retirement plan (the "Excess Incentive Plan") that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered investment securities, are included in investments at fair value in accordance with ASC 820, Fair Value Measurement ("ASC 820"); the associated obligations to participants, which approximate the fair value of the associated assets, are included in other liabilities on the Consolidated Balance Sheets. See Note 6 for additional information related to the Excess Incentive Plan.
Furniture, Equipment and Leasehold Improvements, Net
Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the
straight-line method over the estimated useful lives of three to seven years for furniture and office equipment and three years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred.
Leases
The Company leases office space and equipment under various leasing arrangements. In accordance with ASC 842, Leases, the Company's leases are evaluated and classified as either financing leases or operating leases, as appropriate. The Company recognizes a lease liability and a corresponding right of use ("ROU") asset on the commencement date of any lease arrangement. The lease liability is initially measured at the present value of the future lease payments over the lease term using the rate implicit in the arrangement or, if not readily determinable, the Company's incremental borrowing rate. The Company determines its incremental borrowing rate through market sources, including relevant industry rates. A ROU asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments, and less lease incentives received. Lease expense is recognized on a straight-line basis over the lease term and is recorded within other operating expenses on the Consolidated Statement of Operations.
Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price of business combinations over the identified assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. The Company has a single reporting unit for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company's business. The Company follows Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment, which provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company's 2024 and 2023 annual goodwill impairment analysis did not result in any impairment charges.

Definite-lived intangible assets are comprised of certain investment management agreements, trade names, non-competition agreements and software. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from 4 to 16 years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and an impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows.

Indefinite-lived intangible assets are comprised of certain trade names and fund investment management agreements. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, which provides the option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company's 2024 and 2023 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges.
Contingent Consideration
The Company periodically enters into contingent payment arrangements in connection with its business combinations or asset purchases. In contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. The Company estimates the value of future payments of these potential future obligations at the time a business combination or asset purchase is consummated. Liabilities under contingent payment arrangements are recorded within contingent consideration on the Consolidated Balance Sheets.

Contingent payment obligations related to business combinations are remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management (level 3 fair value measurement). The change in fair value is recorded in the current period as a gain or loss. Gains and losses resulting from changes in the fair value of contingent payment obligations are reflected within change in fair value of contingent consideration on the Consolidated Statements of Operations.

Contingent payment obligations related to asset purchases, if estimable and probable of payment, are initially
recorded at their estimated value and reviewed every reporting period for changes. Any changes to the estimated value are recorded as an update of the initial acquisition cost of the asset with a corresponding change to the estimated contingent payment obligation on the Consolidated Balance Sheets.
Treasury Stock
Treasury stock is accounted for under the cost method and is included as a deduction from equity on the Stockholders' Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock.
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.

Investment Management Fees
The Company provides investment management services pursuant to investment management agreements through its investment advisers. Investment management services represent a series of distinct daily services that are performed over time. Fees earned on funds are based on each fund's average daily or weekly net assets and are generally calculated and received on a monthly basis. For funds managed by unaffiliated subadvisors, the Company records fees net of the subadvisory fees, as the Company is deemed to be the agent as it relates to the services performed by unaffiliated subadvisers, with the Company's performance obligation being to arrange for the provision of that service and not control the specified service before it is performed.
Retail separate account fees are generally earned based on the end of the preceding or current quarter's asset values. Institutional account fees are generally earned based on an average of daily or month-end balances or the current quarter's asset values. Fees for structured finance products are generally earned at a contractual fee rate applied against the end of the preceding quarter par value of the total collateral being managed.

Distribution and Service Fees
Distribution and service fees are sales- and asset-based fees earned from open-end funds for marketing and distribution services. Depending on the fund type or share class, these fees primarily consist of an asset-based fee that is paid by the fund over a period of years to cover allowable sales and marketing expenses, or front-end sales charges that are based on a percentage of the offering price. Asset-based distribution and service fees are primarily earned as percentages of the average daily net assets value and are paid monthly pursuant to the terms of the respective distribution and service fee contracts.

Distribution and service fees represent two performance obligations comprised of distribution and related shareholder servicing activities. Distribution services are generally satisfied upon the sale of a fund share. Shareholder servicing activities are generally services satisfied over time.

The Company distributes its open-end funds through unaffiliated financial intermediaries that comprise national, regional and independent broker-dealers. These unaffiliated financial intermediaries provide distribution and shareholder service activities on behalf of the Company. The Company passes related distribution and service fees to these unaffiliated financial intermediaries for these services and considers itself the principal in these arrangements since it has control of the services prior to the services being transferred to the customer. These payments are classified within distribution and other asset-based expenses.

Administration and Shareholder Service Fees
The Company provides administrative fund services to its U.S. retail funds, and certain of its closed-end funds and shareholder services to its open-end funds. Administration and shareholder services are performed over time. The Company earns fees for these services, which are calculated and paid monthly, based on each fund's average daily or weekly net assets.
Administrative fund services include: record keeping, preparing and filing documents required to comply with securities laws, legal administration and compliance services, customer service, supervision of the activities of the funds' service providers, tax services and treasury services. The Company also provides office space, equipment and personnel that may be necessary for managing and administering the business affairs of the funds. Shareholder services include maintaining shareholder accounts, processing shareholder transactions, preparing filings and performing necessary reporting.

Other Income and Fees
Other income and fees primarily represent fees related to other fee earning assets and marketing fees earned on certain ETFs.
Stock-based Compensation
The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation ("ASC 718"), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant.
Restricted stock units ("RSUs") are stock awards that entitle the holder to receive shares of the Company's common stock as the award vests over time or when certain performance metrics are achieved. The fair value of each RSU award is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a "market condition." Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. The value of RSUs that contain a performance metric ("PSUs") is determined based on (i) the intrinsic value method for awards that contain a performance metric that represent a "performance condition" in accordance with 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 grand 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.
Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires recognition of the amount of taxes payable or refundable for the current year as well as deferred tax assets and liabilities for temporary differences between the tax basis of assets and liabilities and the reported amounts on the Consolidated Financial Statements.

The Company's methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s), if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company's methodology also includes estimates of future taxable income from its operations as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Unanticipated changes in future operating results may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is determined that it is more likely than not that the benefit of deferred tax assets will not be realized.
Comprehensive Income The Company reports all changes in comprehensive income on the Consolidated Statements of Changes in Stockholders' Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss) and foreign currency translation adjustments (net of tax).
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.
Fair Value Measurement and Fair Value of Financial Instruments
ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The Financial Accounting Standards Board (the "FASB") defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows:
Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market.

Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs may include observable market data such as closing market prices provided by independent pricing services after considering factors such as the yields or prices of comparable investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. In addition, pricing services may determine the fair value of equity securities traded principally in foreign markets when it has been determined that there has been a significant trend in the U.S. equity markets or in index futures trading. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.
The following is a discussion of the valuation methodologies used for the Company's assets and liabilities 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 open-end funds and closed-end 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 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 mutual 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.
Recent Accounting Pronouncements
New Accounting Standards Implemented
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). This standard updates reportable segment disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for annual filings of fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, with the amendments to be applied retrospectively to all prior periods presented in the financial statements. The Company adopted this standard in this annual filing. See Note 17 for a discussion of the Company's segment information.

In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company adopted this standard in this annual filing. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

New Accounting Standards Not Yet 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. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company has evaluated the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.

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. This 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.
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes investment management fees by source:
Years Ended December 31,
(in thousands)202420232022
Investment management fees
Open-end funds$317,990 $305,238 $335,585 
Closed-end funds59,184 58,136 63,841 
Retail separate accounts209,467 171,357 171,509 
Institutional accounts187,189 176,744 157,404 
Total investment management fees$773,830 $711,475 $728,339 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets, Net
Activity in goodwill was as follows: 
 Years Ended December 31,
(in thousands)20242023
Balance, beginning of period$397,098 $348,836 
Acquisitions— 48,262 
Balance, end of period$397,098 $397,098 
Below is a summary of intangible assets, net: 
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances of December 31, 2022$756,028 $(355,807)$400,221 $42,298 $442,519 
Additions55,400 — 55,400 — 55,400 
Adjustments(4,773)— (4,773)— (4,773)
Intangible amortization— (61,027)(61,027)— (61,027)
Balances of December 31, 2023806,655 (416,834)389,821 42,298 432,119 
Adjustments2,409 — 2,409 — 2,409 
Intangible amortization— (56,299)(56,299)— (56,299)
Balances of December 31, 2024$809,064 $(473,133)$335,931 $42,298 $378,229 
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years
Definite-lived intangible asset amortization for the next five and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
2025$51,777 
202650,797 
202747,695 
202842,033 
202936,440 
2030 and thereafter107,189 
Total$335,931 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Schedule of Investments [Abstract]  
Schedule of Investments The Company's investments, excluding the assets of CIP discussed in Note 19, at December 31, 2024 and 2023, were as follows: 
 December 31,
(in thousands)20242023
Investment securities - fair value$83,771 $97,304 
Equity method investments (1)20,286 22,710 
Nonqualified retirement plan assets15,159 12,682 
Total investments$119,216 $132,696 
(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: 
December 31, 2024December 31, 2023
(in thousands)CostFair
Value		CostFair
Value
Investment Securities - fair value:
Sponsored funds$63,220 $63,296 $80,794 $77,433 
Equity securities17,406 19,019 16,353 19,871 
Debt securities1,457 1,456 — — 
Total investment securities - fair value$82,083 $83,771 $97,147 $97,304 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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 19, as of December 31, 2024 and 2023 by fair value hierarchy level were as follows: 
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 
 
December 31, 2023
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$197,240 $— $— $197,240 
Investment securities - fair value
Sponsored funds77,433 — — 77,433 
Equity securities19,871 — — 19,871 
Nonqualified retirement plan assets12,682 — — 12,682 
Total assets measured at fair value$307,226 $— $— $307,226 
Liabilities
Contingent consideration$— $— $56,200 $56,200 
Total liabilities measured at fair value$— $— $56,200 $56,200 
The assets and liabilities of CIP measured at fair value on a recurring basis as of December 31, 2024 and 2023 by fair value hierarchy level were as follows:
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 
 
As of December 31, 2023    
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$98,101 $— $— $98,101 
Debt investments241 2,012,760 36,616 2,049,617 
Equity investments32,642 8 446 33,096 
Total assets measured at fair value$130,984 $2,012,768 $37,062 $2,180,814 
Liabilities
Notes payable$— $1,922,243 $— $1,922,243 
Short sales518 — — 518 
Total liabilities measured at fair value$518 $1,922,243 $— $1,922,761 
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:
(in thousands)20242023
Contingent consideration, beginning of year$56,200 $78,100 
Reduction for payments made(14,492)(16,390)
Increase (reduction) of liability related to re-measurement of fair value(5,608)(5,510)
Contingent consideration, end of year$36,100 $56,200 
v3.25.0.1
Furniture, Equipment and Leasehold Improvements, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Furniture, Equipment and Leasehold Improvements, Net
Furniture, equipment and leasehold improvements, net were as follows: 
 December 31,
(in thousands)20242023
Leasehold improvements$27,321 $26,710 
Furniture and office equipment17,150 15,459 
Computer equipment and software8,101 6,671 
Subtotal52,572 48,840 
Accumulated depreciation and amortization(29,854)(22,624)
Furniture, equipment and leasehold improvements, net$22,718 $26,216 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Maturity of Operating Lease Liabilities
Lease liability maturities as of December 31, 2024 were as follows:
Fiscal Year
Amount
(in thousands)
2025$12,187 
20269,324 
20278,582 
20286,399 
20298,373 
Thereafter61,625 
Total lease payments106,490 
Less: Imputed interest36,453 
Present value of lease liabilities$70,037 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
The components of the provision for income taxes were as follows: 
 Years Ended December 31,
(in thousands)202420232022
Current
Federal$37,536 $33,523 $40,113 
State10,767 10,171 19,107 
Total current tax expense (benefit)48,303 43,694 59,220 
Deferred
Federal5,164 789 (1,506)
State1,956 605 (454)
Total deferred tax expense (benefit)7,120 1,394 (1,960)
Total expense (benefit) for income taxes$55,423 $45,088 $57,260 
Schedule of Reconciliation of Provision (Benefit) for Income Taxes
The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years indicated: 
 Years Ended December 31,
(in thousands)202420232022
Tax at statutory rate$43,654 21 %$39,178 21 %$34,416 21 %
State taxes, net of federal benefit10,040 5 %9,240 5 %14,736 9 %
Excess tax benefits related to share-based compensation(220)— %(1,767)(1)%(2,792)(1)%
Nondeductible compensation2,246 1 %2,106 1 %2,356 1 %
Effect of net (income) loss attributable to noncontrolling interests(2,348)(1)%(2,299)(1)%(1,435)(1)%
Change in valuation allowance73 — %(1,547)(1)%9,596 6 %
Other, net1,978 1 %177 — %383 — %
Income tax expense (benefit)$55,423 27 %$45,088 24 %$57,260 35 %
Schedule of Tax Effects of Temporary Differences The tax effects of temporary differences were as follows: 
 December 31,
(in thousands)20242023
Deferred tax assets:
Intangible assets$18,809 $19,206 
Net operating losses9,180 10,754 
Compensation accruals17,173 19,614 
Lease liability17,698 19,009 
Investment in sponsored products8,801 11,643 
Capital losses7,748 6,139 
Investment in partnerships8,058 2,188 
Gross deferred tax assets87,467 88,553 
Valuation allowance(16,612)(16,539)
Gross deferred tax assets after valuation allowance70,855 72,014 
Deferred tax liabilities:
Intangible assets(29,642)(26,746)
Right of use asset(14,406)(15,677)
Fixed assets(3,042)(4,197)
Other (559)(370)
Gross deferred tax liabilities(47,649)(46,990)
Deferred tax assets, net$23,206 $25,024 
Schedule of Unrecognized Tax Benefits Roll Forward
Activity in unrecognized tax benefits were as follows:
 Years Ended December 31,
(in thousands)202420232022
Balance, beginning of year$856 $856 $1,235 
Decrease related to tax positions taken in prior years(214)(214)(593)
Increase related to positions taken in the current year214 214 214 
Balance, end of year$856 $856 $856 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Future Minimum Repayments of Debt (Excluding Unamortized Debt Issuance Costs)
Future minimum Term Loan payments (exclusive of any mandatory excess cash-flow repayments) as of December 31, 2024 were as follows:
Fiscal Year
Amount
(in thousands)
2025$2,750 
20262,750 
20272,750 
2028227,813 
$236,063 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense is summarized as follows: 
 Years Ended December 31,
(in thousands)202420232022
Stock-based compensation expense$32,841 $26,825 $24,042 
Schedule of Restricted Stock Units Activity
RSU activity, inclusive of PSUs, for the year ended December 31, 2024 is summarized as follows: 
Number
of shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2023344,717 $204.48 
Granted128,375 $234.57 
Forfeited(27,210)$194.76 
Settled(128,393)$233.20 
Outstanding at December 31, 2024317,489 $205.86 
Schedule of Grant-date Intrinsic Value of RSUs Granted
Years Ended December 31,
(in millions, except per share values)202420232022
Weighted-average grant-date fair value per share$234.57 $160.74 $194.46 
Fair value of RSUs vested$29.9 $24.8 $23.8 
v3.25.0.1
Earnings (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The computation of basic and diluted EPS is as follows: 
 Years Ended December 31,
(in thousands, except per share amounts)202420232022
Net Income (Loss)$152,453 $141,476 $106,628 
Noncontrolling interests(30,707)(10,855)10,913 
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$121,746 $130,621 $117,541 
Shares (in thousands):
Basic: Weighted-average number of shares outstanding7,082 7,249 7,391 
Plus: Incremental shares from assumed conversion of dilutive instruments128 126 191 
Diluted: Weighted-average number of shares outstanding7,210 7,375 7,582 
Earnings (Loss) per Share—Basic$17.19 $18.02 $15.90 
Earnings (Loss) per Share—Diluted$16.89 $17.71 $15.50 
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.
Years Ended Years Ended December 31,
(in thousands)202420232022
Restricted stock units and stock options1 2 33 
Total anti-dilutive securities1 2 33 
v3.25.0.1
Redeemable Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2024
Noncontrolling Interest [Abstract]  
Schedule of Redeemable Noncontrolling Interest
Redeemable noncontrolling interests for the year ended December 31, 2024 included the following amounts:
(in thousands)CIP Noncontrolling Interests - Investment ManagerTotal
Balance at December 31, 2023$30,643 $74,226 $104,869 
Net income (loss) attributable to noncontrolling interests3,267 6,991 10,258 
Changes in redemption value (1)— 19,680 19,680 
Total net income (loss) attributable to noncontrolling interests3,267 26,671 29,938 
Affiliate equity sales (purchases)— (29,015)(29,015)
Net subscriptions (redemptions) and other11,757 (10,267)1,490 
Balance at December 31, 2024$45,667 $61,615 $107,282 
(1)Relates to noncontrolling interests redeemable at other than fair value.
v3.25.0.1
Consolidation (Tables)
 12 Months Ended
Dec. 31, 2024
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 Consolidated Balance Sheets as of December 31, 2024 and 2023:
 As of December 31,
 20242023
VOEsVIEsVOEsVIEs
(in thousands)CLOsGFsCLOsGFs
Cash and cash equivalents$5,179 $125,995 $3,247 $1,223 $98,101 $2,088 
Investments40,678 2,141,626 88,413 30,985 1,972,342 79,386 
Other assets403 172,707 1,261 174 41,985 1,076 
Notes payable— (2,171,946)— — (1,922,243)— 
Securities purchased payable and other liabilities(4,271)(151,922)(1,840)(740)(89,167)(616)
Noncontrolling interests(12,452)(4,143)(33,215)(7,316)(4,363)(23,327)
Net interests in CIP$29,537 $112,317 $57,866 $24,326 $96,655 $58,607 
Schedule of VIE Consolidated Investment Product 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 December 31, 2024, as shown in the table below:
(in thousands)
Subordinated notes$111,079 
Accrued investment management fees1,238 
Total Beneficial Interests$112,317 
The following table represents income and expenses of the consolidated CLOs included on the Company's Consolidated Statements of Operations for the period indicated:
Year Ended
December 31, 2024
(in thousands)
Income:
Realized and unrealized gain (loss), net$(16,450)
Interest income197,314 
Total Income$180,864 
Expenses:
Other operating expenses$6,178 
Interest expense161,192 
Total Expense167,370 
Noncontrolling interests(769)
Net Income (loss) attributable to CLOs$12,725 

The following table represents the Company's own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Year Ended
December 31, 2024
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$3,824 
Investment management fees8,901 
Total Economic Interests$12,725 
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 19, as of December 31, 2024 and 2023 by fair value hierarchy level were as follows: 
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 
 
December 31, 2023
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$197,240 $— $— $197,240 
Investment securities - fair value
Sponsored funds77,433 — — 77,433 
Equity securities19,871 — — 19,871 
Nonqualified retirement plan assets12,682 — — 12,682 
Total assets measured at fair value$307,226 $— $— $307,226 
Liabilities
Contingent consideration$— $— $56,200 $56,200 
Total liabilities measured at fair value$— $— $56,200 $56,200 
The assets and liabilities of CIP measured at fair value on a recurring basis as of December 31, 2024 and 2023 by fair value hierarchy level were as follows:
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 
 
As of December 31, 2023    
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$98,101 $— $— $98,101 
Debt investments241 2,012,760 36,616 2,049,617 
Equity investments32,642 8 446 33,096 
Total assets measured at fair value$130,984 $2,012,768 $37,062 $2,180,814 
Liabilities
Notes payable$— $1,922,243 $— $1,922,243 
Short sales518 — — 518 
Total liabilities measured at fair value$518 $1,922,243 $— $1,922,761 
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:
Year Ended December 31,
(in thousands)20242023
Level 3 Investments of CIP (1)
Balance at beginning of period$37,062 $43,581 
Purchases2,062 6,213 
Sales(43,179)(21,784)
Realized and unrealized gains (losses), net459 (791)
Transfers to Level 2(120,916)(120,536)
Transfers from Level 2132,201 130,379 
Balance at end of period$7,689 $37,062 
 
(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.
v3.25.0.1
Summary of Significant Accounting Policies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Number of operating segments | segment 1    
Fees paid to unaffiliated advisers | $ $ 45.4 $ 54.7 $ 77.0
Computer Equipment and Software      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of furniture and equipment 3 years    
Minimum      
Summary Of Significant Accounting Policies [Line Items]      
Weighted average of useful life 4 years    
Minimum | Furniture and Office Equipment      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of furniture and equipment 3 years    
Maximum      
Summary Of Significant Accounting Policies [Line Items]      
Weighted average of useful life 16 years    
Maximum | Furniture and Office Equipment      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of furniture and equipment 7 years    
v3.25.0.1
Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenues $ 906,949 $ 845,268 $ 886,379
Investment management fees      
Disaggregation of Revenue [Line Items]      
Revenues 773,830 711,475 728,339
Open-end funds      
Disaggregation of Revenue [Line Items]      
Revenues 317,990 305,238 335,585
Closed-end funds      
Disaggregation of Revenue [Line Items]      
Revenues 59,184 58,136 63,841
Retail separate accounts      
Disaggregation of Revenue [Line Items]      
Revenues 209,467 171,357 171,509
Institutional accounts      
Disaggregation of Revenue [Line Items]      
Revenues $ 187,189 $ 176,744 $ 157,404
v3.25.0.1
Acquisitions - (Details) - USD ($)
$ in Thousands
Apr. 01, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Business Acquisition [Line Items]        
Goodwill   $ 397,098 $ 397,098 $ 348,836
AlphaSimplex Group, LLC        
Business Acquisition [Line Items]        
Purchase price $ 113,400      
Goodwill 48,300      
Definite-lived intangible assets acquired $ 55,400      
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill    
Balance, beginning of period $ 397,098 $ 348,836
Acquisitions 0 48,262
Balance, end of period 397,098 397,098
Definite-Lived    
Gross book value, beginning of period 806,655 756,028
Accumulated amortization, beginning of period (416,834) (355,807)
Definite-Lived net book value, beginning of period 389,821 400,221
Additions   55,400
Adjustments 2,409 (4,773)
Intangible amortization 56,299 61,027
Gross book value balance, end of period 809,064 806,655
Accumulated amortization, end of period (473,133) (416,834)
Definite-Lived net book value, end of period 335,931 389,821
Indefinite-Lived    
Net book value, beginning of period 42,298 42,298
Additions   0
Net book value, ending of period 42,298 42,298
Total    
Net book value, beginning of period 432,119 442,519
Additions   55,400
Intangible amortization (56,299) (61,027)
Net book value, end of period $ 378,229 $ 432,119
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]      
2025 $ 51,777    
2026 50,797    
2027 47,695    
2028 42,033    
2029 36,440    
2030 and thereafter 107,189    
Total $ 335,931 $ 389,821 $ 400,221
v3.25.0.1
Goodwill and Other Intangible Assets - Additional Information (Details)
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Weighted average estimated remaining amortization period 7 years 6 months
v3.25.0.1
Investments - Schedule of Investments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]    
Investment securities - fair value $ 83,771 $ 97,304
Parent    
Schedule of Investments [Line Items]    
Investment securities - fair value 83,771 97,304
Equity method investments 20,286 22,710
Nonqualified retirement plan assets 15,159 12,682
Total investments $ 119,216 $ 132,696
v3.25.0.1
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Cost $ 82,083 $ 97,147
Fair Value 83,771 97,304
Sponsored funds    
Debt Securities, Available-for-sale [Line Items]    
Cost 63,220 80,794
Fair Value 63,296 77,433
Equity investments    
Debt Securities, Available-for-sale [Line Items]    
Cost 17,406 16,353
Fair Value 19,019 19,871
Debt securities    
Debt Securities, Available-for-sale [Line Items]    
Cost 1,457 0
Fair Value $ 1,456 $ 0
v3.25.0.1
Investments - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Investments [Line Items]      
Realized (loss) gain on trading securities $ 3,800 $ 2,100 $ (1,400)
Distributions from equity method investments 5,387 $ 2,327 $ 2,244
Capital Commitments      
Schedule of Investments [Line Items]      
Future capital commitment (up to) $ 200    
v3.25.0.1
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash equivalents $ 225,736 $ 197,240
Investment securities - fair value    
Fair Value 83,771 97,304
Debt securities 1,456  
Total assets measured at fair value 324,666 307,226
Liabilities    
Total liabilities measured at fair value 36,100 56,200
Contingent consideration    
Liabilities    
Total liabilities measured at fair value 36,100 56,200
Sponsored funds    
Investment securities - fair value    
Fair Value 63,296 77,433
Equity securities    
Investment securities - fair value    
Fair Value 19,019 19,871
Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 15,159 12,682
Level 1    
Assets    
Cash equivalents 225,736 197,240
Investment securities - fair value    
Debt securities 0  
Total assets measured at fair value 323,210 307,226
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 63,296 77,433
Level 1 | Equity securities    
Investment securities - fair value    
Fair Value 19,019 19,871
Level 1 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 15,159 12,682
Level 2    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 1,456  
Total assets measured at fair value 1,456 0
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  
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 36,100 56,200
Level 3 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 36,100 56,200
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
v3.25.0.1
Fair Value Measurements - Schedule of Rollforward Of The Contingent Consideration Liabilities Valued Using Level 3 Inputs (Details) - Level 3 - Contingent consideration - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Contingent consideration, beginning of year $ 56,200 $ 78,100
Reduction for payments made (14,492) (16,390)
Increase (reduction) of liability related to re-measurement of fair value (5,608) (5,510)
Contingent consideration, end of year $ 36,100 $ 56,200
v3.25.0.1
Fair Value Measurements - Additional Information (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 63,505 $ 90,938
Westchester | Measurement Input, Comparability Adjustment    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.073  
Westchester | Minimum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.063  
Westchester | Maximum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.064  
NFJ Investment Group | Measurement Input, Comparability Adjustment    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.065  
NFJ Investment Group | Minimum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.063  
NFJ Investment Group | Maximum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.064  
Level 3 | Westchester    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 1,900  
Level 3 | NFJ Investment Group    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 34,200  
v3.25.0.1
Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 27,321 $ 26,710
Furniture and office equipment 17,150 15,459
Computer equipment and software 8,101 6,671
Subtotal 52,572 48,840
Accumulated depreciation and amortization (29,854) (22,624)
Furniture, equipment and leasehold improvements, net $ 22,718 $ 26,216
v3.25.0.1
Leases - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]      
Weighted average remaining lease term 11 years 3 months 18 days    
Operating lease right-of-use assets $ 57,131 $ 63,229  
Operating lease liabilities $ 70,037 78,142  
Incremental borrowing rate (as a percent) 6.80%    
Lease cost $ 15,100 $ 14,700 $ 14,000
Operating cash flows from operating leases $ 25,700    
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining initial lease term 1 month 6 days    
Term of options to extend 3 years    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining initial lease term 13 years 7 months 6 days    
Term of options to extend 10 years    
v3.25.0.1
Leases - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 12,187  
2026 9,324  
2027 8,582  
2028 6,399  
2029 8,373  
Thereafter 61,625  
Total lease payments 106,490  
Less: Imputed interest 36,453  
Present value of lease liabilities $ 70,037 $ 78,142
v3.25.0.1
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 37,536 $ 33,523 $ 40,113
State 10,767 10,171 19,107
Total current tax expense (benefit) 48,303 43,694 59,220
Deferred      
Federal 5,164 789 (1,506)
State 1,956 605 (454)
Total deferred tax expense (benefit) 7,120 1,394 (1,960)
Income tax expense (benefit) $ 55,423 $ 45,088 $ 57,260
v3.25.0.1
Income Taxes - Schedule of Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Tax at statutory rate $ 43,654 $ 39,178 $ 34,416
State taxes, net of federal benefit 10,040 9,240 14,736
Excess tax benefits related to share-based compensation (220) (1,767) (2,792)
Nondeductible compensation 2,246 2,106 2,356
Effect of net (income) loss attributable to noncontrolling interests (2,348) (2,299) (1,435)
Change in valuation allowance 73 (1,547) 9,596
Other, net 1,978 177 383
Income tax expense (benefit) $ 55,423 $ 45,088 $ 57,260
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Tax at statutory rate 21.00% 21.00% 21.00%
State taxes, net of federal benefit 5.00% 5.00% 9.00%
Excess tax benefits related to share-based compensation 0.00% (1.00%) (1.00%)
Nondeductible compensation 1.00% 1.00% 1.00%
Effect of net (income) loss attributable to noncontrolling interests (1.00%) (1.00%) (1.00%)
Change in valuation allowance 0.00% (1.00%) 6.00%
Other, net 1.00% 0.00% 0.00%
Income tax expense (benefit) 27.00% 24.00% 35.00%
v3.25.0.1
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Reconciliation [Line Items]        
Estimated effective income tax rate 27.00% 24.00% 35.00%  
Valuation allowance for deferred tax assets $ 16,612,000 $ 16,539,000    
Deferred tax assets related to net operating losses for federal income tax purposes $ 9,180,000 10,754,000    
Percentage increasing ownership 5.00%      
Pre-tax net operating loss carryovers $ 5,700,000      
Built-in losses annual limitation 1,100,000      
Unrecognized tax benefits that would impact effective tax rate 700,000      
Unrecognized tax benefits 856,000 856,000 $ 856,000 $ 1,235,000
Interest or penalties related to unrecognized tax benefits $ 0 $ 0 $ 0  
Large Shareholders        
Income Tax Reconciliation [Line Items]        
Ownership percentage 50.00%      
Federal        
Income Tax Reconciliation [Line Items]        
Deferred tax assets related to net operating losses for federal income tax purposes $ 5,200,000      
State        
Income Tax Reconciliation [Line Items]        
Deferred tax assets related to net operating losses for federal income tax purposes $ 3,900,000      
v3.25.0.1
Income Taxes - Schedule of Tax Effects of Temporary Differences (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Intangible assets $ 18,809 $ 19,206
Net operating losses 9,180 10,754
Compensation accruals 17,173 19,614
Lease liability 17,698 19,009
Investment in sponsored products 8,801 11,643
Capital losses 7,748 6,139
Investment in partnerships 8,058 2,188
Gross deferred tax assets 87,467 88,553
Valuation allowance (16,612) (16,539)
Gross deferred tax assets after valuation allowance 70,855 72,014
Deferred tax liabilities:    
Intangible assets (29,642) (26,746)
Right of use asset (14,406) (15,677)
Fixed assets (3,042) (4,197)
Other (559) (370)
Gross deferred tax liabilities (47,649) (46,990)
Deferred tax assets, net $ 23,206 $ 25,024
v3.25.0.1
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance, beginning of year $ 856 $ 856 $ 1,235
Decrease related to tax positions taken in prior years (214) (214) (593)
Increase related to positions taken in the current year 214 214 214
Balance, end of year $ 856 $ 856 $ 856
v3.25.0.1
Debt - Additional Information (Details) - USD ($)
 12 Months Ended
Sep. 28, 2021
Dec. 31, 2024
Credit Agreement | SOFR    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent)   2.25%
Credit Agreement | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent)   1.25%
Term Loan | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 275,000,000  
Term of debt 7 years  
Annual principal payment (as a percent) 1.00%  
Amount required to be prepaid as a proportion of excess cash flow (as a percent) 50.00%  
Proportion of net proceeds of certain asset sales (as a percent) 50.00%  
Proportion of proceeds incurred to refinance term loan (as a percent) 100.00%  
Repricing period 6 months  
Premium due if prepaid in connection with repricing transaction within six months of credit agreement closing (as a percent) 1.00%  
Threshold proportion of credit facility outstanding (as a percent) 35.00%  
Term Loan | Credit Agreement | Leverage Ratio Below 2.00    
Line of Credit Facility [Line Items]    
Amount required to be prepaid as a proportion of excess cash flow (as a percent) 25.00%  
Secured net leverage ratio 2  
Term Loan | Credit Agreement | Leverage Ratio Below 1.50    
Line of Credit Facility [Line Items]    
Amount required to be prepaid as a proportion of excess cash flow (as a percent) 0.00%  
Secured net leverage ratio 1.5  
Term Loan | Secured Debt    
Line of Credit Facility [Line Items]    
Debt repayments   $ 22,800,000
Outstanding borrowings   236,100,000
Term Loan | Credit Facility 2017    
Line of Credit Facility [Line Items]    
Debt issuance costs   $ 3,900,000
Revolving Credit Facility | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 175,000,000  
Term of debt 5 years  
Unused commitment fee (as a percent) 0.50%  
Revolving Credit Facility | Credit Agreement | Minimum    
Line of Credit Facility [Line Items]    
Unused commitment fee (as a percent) 0.375%  
Revolving Credit Facility | Credit Agreement | Maximum    
Line of Credit Facility [Line Items]    
Unused commitment fee (as a percent) 0.50%  
v3.25.0.1
Debt - Schedule of Future Debt Maturities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 2,750
2026 2,750
2027 2,750
2028 227,813
Long-term debt, gross $ 236,063
v3.25.0.1
Equity Transactions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 26, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends Payable [Line Items]                
Cash dividends declared per common share (in dollars per share)   $ 2.25 $ 2.25 $ 1.90 $ 1.90 $ 8.30 $ 7.10 $ 6.30
Cash dividends declared, common           $ 60,881 $ 53,526 $ 48,242
Dividends payable   $ 20,000       $ 20,000    
Repurchases of common shares (in shares)           201,233    
Weighted average price (in dollars per share)           $ 222.94    
Total cost of shares repurchased           $ 45,100    
Shares available for repurchase (in shares)   403,312       403,312    
Subsequent Event                
Dividends Payable [Line Items]                
Cash dividends declared per common share (in dollars per share) $ 2.25              
v3.25.0.1
Retirement Savings Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Company matching contribution percentage 100.00%    
Percentage of employee's gross pay matched 5.00%    
Matching contributions $ 8.7 $ 8.3 $ 7.4
v3.25.0.1
Stock-Based Compensation - Additional Information (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of common stock available for issuance (in shares) | shares 828,882    
Shares of common stock reserved for issuance (in shares) | shares 3,825,000    
Share-based payment arrangement, amount capitalized | $ $ 0 $ 0 $ 0
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grant-date intrinsic value | $ $ 30,100,000    
Share settlement under RSUs (in shares) | shares 50,910 79,516 79,471
Cash used for employee withholding tax payments | $ $ 11,700,000 $ 13,800,000 $ 16,800,000
Restricted stock units (RSUs), performance-based      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards granted (in shares) | shares 29,276 44,583  
Performance Stock Units, Incentive      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Period for recognition of compensation expense 3 years    
Restricted Stock Units and Performance Shares Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unamortized stock-based compensation expense | $ $ 27,900,000 $ 30,300,000  
Weighted average remaining amortization period 1 year 1 month 6 days 1 year 1 month 6 days  
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    
v3.25.0.1
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation expense $ 32,841 $ 26,825 $ 24,042
v3.25.0.1
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of shares      
Number of shares, outstanding (in shares) 344,717    
Number of shares, granted (in shares) 128,375    
Number of shares, forfeited (in shares) (27,210)    
Number of shares, settled (in shares) (128,393)    
Number of shares, outstanding (in shares) 317,489 344,717  
Weighted Average Grant Date Fair Value      
Weighted average grant date fair value, outstanding (in dollars per share) $ 204.48    
Weighted-average grant-date fair value (in dollars per share) 234.57 $ 160.74 $ 194.46
Weighted average grant date fair value, forfeited (in dollars per share) 194.76    
Weighted average grant date fair value, settled (in dollars per share) 233.20    
Weighted average grant date fair value, outstanding (in dollars per share) $ 205.86 $ 204.48  
v3.25.0.1
Stock-Based Compensation - Schedule of Grant-date Intrinsic Value of RSUs Granted (Details) - Restricted Stock Units (RSUs) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant-date fair value (in dollars per share) $ 234.57 $ 160.74 $ 194.46
Fair value of RSUs vested $ 29.9 $ 24.8 $ 23.8
v3.25.0.1
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net Income (Loss) $ 152,453 $ 141,476 $ 106,628
Noncontrolling interests (30,707) (10,855) 10,913
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 121,746 $ 130,621 $ 117,541
Weighted Average Number of Shares Outstanding, Diluted [Abstract]      
Basic: Weighted-average number of shares outstanding (in shares) 7,082 7,249 7,391
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares) 128 126 191
Weighted Average Shares Outstanding—Diluted (in shares) 7,210 7,375 7,582
Earnings per share—basic (in dollars per share) $ 17.19 $ 18.02 $ 15.90
Earnings per share—diluted (in dollars per share) $ 16.89 $ 17.71 $ 15.50
v3.25.0.1
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive securities (in shares) 1 2 33
Restricted stock units and stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive securities (in shares) 1 2 33
v3.25.0.1
Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 1
v3.25.0.1
Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Balance at beginning of period $ 104,869    
Net income (loss) attributable to noncontrolling interests 10,258    
Total net income (loss) attributable to noncontrolling interests 29,938 $ 10,785 $ (10,148)
Affiliate equity sales (purchases) (29,015)    
Net subscriptions (redemptions) and other 1,490    
Balance at end of period 107,282 104,869  
CIP      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Balance at beginning of period 30,643    
Net income (loss) attributable to noncontrolling interests 3,267    
Changes in redemption value (31,255) (7,170) $ (338)
Total net income (loss) attributable to noncontrolling interests 3,267    
Affiliate equity sales (purchases) 0    
Net subscriptions (redemptions) and other 11,757    
Balance at end of period 45,667 30,643  
Noncontrolling Interests - Investment Manager      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Balance at beginning of period 74,226    
Net income (loss) attributable to noncontrolling interests 6,991    
Total net income (loss) attributable to noncontrolling interests 26,671    
Affiliate equity sales (purchases) (29,015)    
Net subscriptions (redemptions) and other (10,267)    
Balance at end of period 61,615 $ 74,226  
Portion at Other than Fair Value Measurement      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Changes in redemption value 19,680    
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 $ 19,680    
v3.25.0.1
Redeemable Noncontrolling Interests - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 32,841 $ 26,825 $ 24,042
Affiliate Equity Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Accrued compensation and benefits $ 19,400 8,200  
Compensation expense $ 8,200 $ 1,100  
v3.25.0.1
Consolidation - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]        
Noncontrolling interests $ (107,282) $ (104,869) $ (113,718) $ (138,965)
VOEs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 5,179 1,223    
Investments 40,678 30,985    
Other assets 403 174    
Notes payable 0 0    
Securities purchased payable and other liabilities (4,271) (740)    
Noncontrolling interests (12,452) (7,316)    
Net interests in CIP 29,537 24,326    
CLOs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 125,995 98,101    
Investments 2,141,626 1,972,342    
Other assets 172,707 41,985    
Notes payable (2,171,946) (1,922,243)    
Securities purchased payable and other liabilities (151,922) (89,167)    
Noncontrolling interests (4,143) (4,363)    
Net interests in CIP 112,317 96,655    
GFs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 3,247 2,088    
Investments 88,413 79,386    
Other assets 1,261 1,076    
Notes payable 0 0    
Securities purchased payable and other liabilities (1,840) (616)    
Noncontrolling interests (33,215) (23,327)    
Net interests in CIP $ 57,866 $ 58,607    
v3.25.0.1
Consolidation - Additional Information (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
collateralized_loan_obligation
Dec. 31, 2023
USD ($)
CLOs    
Variable Interest Entity [Line Items]    
Number of consolidated CLOs | collateralized_loan_obligation 7  
Investments $ 2,141,626 $ 1,972,342
CLOs | CLO subordinated notes    
Variable Interest Entity [Line Items]    
Debt par value 2,400,000  
CLOs | CLO subordinated notes | Subordinated debt    
Variable Interest Entity [Line Items]    
Debt par value 244,900  
CLOs | CLO senior secured floating rate notes | Senior notes    
Variable Interest Entity [Line Items]    
Debt par value 2,200,000  
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying value and maximum risk of loss $ 27,000  
v3.25.0.1
Consolidation - Schedule of Beneficial Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
Dec. 31, 2024
USD ($)
Variable Interest Entity [Line Items]  
Subordinated notes $ 111,079
Accrued investment management fees 1,238
Total Beneficial Interests $ 112,317
v3.25.0.1
Consolidation - Schedule of Revenue and Expenses of Consolidated Investment Product (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Expenses:      
Noncontrolling interests $ (30,707) $ (10,855) $ 10,913
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 121,746 $ 130,621 $ 117,541
CLOs      
Income:      
Realized and unrealized gain (loss), net (16,450)    
Interest income 197,314    
Total Income 180,864    
Expenses:      
Other operating expenses 6,178    
Interest expense 161,192    
Total Expense 167,370    
Noncontrolling interests (769)    
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 12,725    
v3.25.0.1
Consolidation - Schedule of Economic Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Variable Interest Entity [Line Items]  
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 3,824
Investment management fees 8,901
Total Economic Interests $ 12,725
v3.25.0.1
Consolidation - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash equivalents $ 225,736 $ 197,240
Total assets measured at fair value 324,666 307,226
Liabilities    
Total liabilities measured at fair value 36,100 56,200
Level 1    
Assets    
Cash equivalents 225,736 197,240
Total assets measured at fair value 323,210 307,226
Liabilities    
Total liabilities measured at fair value 0 0
Level 2    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 1,456 0
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 36,100 56,200
Consolidated Investment Products | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 127,695 98,101
Total assets measured at fair value 2,398,412 2,180,814
Liabilities    
Notes payable 2,171,946 1,922,243
Short sales 356 518
Total liabilities measured at fair value 2,172,302 1,922,761
Consolidated Investment Products | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 2,246,600 2,049,617
Consolidated Investment Products | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments 24,117 33,096
Consolidated Investment Products | Level 1 | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 127,695 98,101
Total assets measured at fair value 150,688 130,984
Liabilities    
Notes payable 0 0
Short sales 356 518
Total liabilities measured at fair value 356 518
Consolidated Investment Products | Level 1 | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 0 241
Consolidated Investment Products | Level 1 | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments 22,993 32,642
Consolidated Investment Products | Level 2 | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,240,035 2,012,768
Liabilities    
Notes payable 2,171,946 1,922,243
Short sales 0 0
Total liabilities measured at fair value 2,171,946 1,922,243
Consolidated Investment Products | Level 2 | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 2,239,924 2,012,760
Consolidated Investment Products | Level 2 | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments 111 8
Consolidated Investment Products | Level 3 | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 7,689 37,062
Liabilities    
Notes payable 0 0
Short sales 0 0
Total liabilities measured at fair value 0 0
Consolidated Investment Products | Level 3 | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 6,676 36,616
Consolidated Investment Products | Level 3 | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments $ 1,013 $ 446
v3.25.0.1
Consolidation - Schedule of Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Consolidated Investment Products - Debt investments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 37,062 $ 43,581
Purchases 2,062 6,213
Sales (43,179) (21,784)
Realized and unrealized gains (losses), net 459 (791)
Transfers to Level 2 (120,916) (120,536)
Transfers from Level 2 132,201 130,379
Balance at end of period $ 7,689 $ 37,062