VIRTUS INVESTMENT PARTNERS, INC., 10-Q filed on 5/9/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-10994  
Entity Registrant Name VIRTUS INVESTMENT PARTNERS, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-3962811  
Entity Address, Address Line One One Financial Plaza  
Entity Address, City or Town Hartford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06103  
City Area Code 800  
Local Phone Number 248-7971  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol VRTS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   6,911,164
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000883237  
Current Fiscal Year End Date --12-31  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Accounts receivable, net $ 112,875 $ 117,207
Furniture, equipment and leasehold improvements, net 23,591 22,718
Operating lease right-of-use assets 57,499 57,131
Intangible assets, net 365,285 378,229
Goodwill 397,098 397,098
Deferred taxes, net 21,871 23,206
Total assets 3,687,689 3,994,494
Liabilities:    
Accrued compensation and benefits 92,988 224,501
Accounts payable and accrued liabilities 56,699 49,492
Contingent consideration 40,365 63,505
Debt 231,705 232,130
Operating lease liabilities 72,120 70,037
Other liabilities 17,968 15,932
Total liabilities 2,670,862 2,985,576
Commitments and Contingencies (Note 12)
Redeemable noncontrolling interests 120,579 107,282
Equity attributable to Virtus Investment Partners, Inc.:    
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,298,949 shares issued and 6,911,016 shares outstanding at March 31, 2025; and 12,243,880 shares issued and 6,967,147 shares outstanding at December 31, 2024 123 122
Additional paid-in capital 1,322,280 1,319,108
Retained earnings (accumulated deficit) 280,979 268,221
Accumulated other comprehensive income (loss) (72) (364)
Treasury stock, at cost, 5,387,933 and 5,276,733 shares at March 31, 2025 and December 31, 2024, respectively (709,594) (689,594)
Total equity attributable to Virtus Investment Partners, Inc. 893,716 897,493
Total equity 896,248 901,636
Total liabilities and equity 3,687,689 3,994,494
Consolidated Entity excluding Consolidated Investment Products    
Assets:    
Cash and cash equivalents 135,380 265,888
Investments 119,942 119,216
Other assets 35,328 34,292
Consolidated Investment Products    
Assets:    
Cash and cash equivalents 83,474 133,694
Investments 2,277,633 2,270,717
Cash pledged or on deposit of CIP 732 727
Other assets 56,981 174,371
Liabilities:    
Notes payable of CIP 2,037,390 2,171,946
Securities purchased payable and other liabilities of CIP 121,627 158,033
Equity attributable to Virtus Investment Partners, Inc.:    
Noncontrolling interests $ 2,532 $ 4,143
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 12,298,949 12,243,880
Common stock, shares outstanding (in shares) 6,911,016 6,967,147
Treasury stock, shares (in shares) 5,387,933 5,276,733
v3.25.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Revenues $ 217,932 $ 222,042
Operating Expenses    
Employment expenses 109,093 115,163
Distribution and other asset-based expenses 22,896 24,348
Restructuring expense 0 797
Depreciation expense 2,345 2,028
Amortization expense 12,944 15,335
Total operating expenses 181,337 189,736
Operating Income (Loss) 36,595 32,306
Other Income (Expense)    
Other income (expense), net 998 550
Total other income (expense), net (7,642) 5,501
Interest Income (Expense)    
Total interest income (expense), net 11,449 8,891
Income (Loss) Before Income Taxes 40,402 46,698
Income tax expense (benefit) 12,350 8,831
Net Income (Loss) 28,052 37,867
Noncontrolling interests 595 (8,009)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 28,647 $ 29,858
Earnings (Loss) per Share—Basic (in dollars per share) $ 4.12 $ 4.19
Earnings (Loss) per Share—Diluted (in dollars per share) $ 4.05 $ 4.10
Weighted Average Shares Outstanding—Basic (in shares) 6,955 7,119
Weighted Average Shares Outstanding—Diluted (in shares) 7,073 7,287
Consolidated Entity excluding Consolidated Investment Products    
Operating Expenses    
Other operating expenses $ 33,059 $ 31,375
Other Income (Expense)    
Realized and unrealized gain (loss) on investments, net (991) 3,416
Interest Income (Expense)    
Interest expense (4,561) (5,681)
Interest and dividend income 3,016 3,469
Consolidated Investment Products    
Operating Expenses    
Other operating expenses 1,000 690
Other Income (Expense)    
Realized and unrealized gain (loss) on investments, net (7,649) 1,535
Interest Income (Expense)    
Interest expense (34,559) (40,012)
Interest and dividend income 47,553 51,115
Investment management fees    
Revenues    
Revenues 186,091 188,360
Distribution and service fees    
Revenues    
Revenues 12,753 14,030
Administration and shareholder service fees    
Revenues    
Revenues 18,007 18,678
Other income and fees    
Revenues    
Revenues $ 1,081 $ 974
v3.25.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net Income (Loss) $ 28,052 $ 37,867
Other comprehensive income (loss), net of tax:    
Foreign currency translation adjustment, net of tax of $(100) and $36 for the three months ended March 31, 2025 and 2024, respectively 292 (100)
Other comprehensive income (loss) 292 (100)
Comprehensive income (loss) 28,344 37,767
Comprehensive (income) loss attributable to noncontrolling interests 595 (8,009)
Comprehensive Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 28,939 $ 29,758
v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Foreign currency translation adjustment, tax $ (100) $ 36
v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 28,052 $ 37,867
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation expense, intangible asset and other amortization 16,121 18,164
Stock-based compensation 6,734 6,831
Equity in earnings of equity method investments (980) (498)
Deferred taxes, net 1,440 1,086
Changes in operating assets and liabilities:    
Sales (purchases) of investments, net 552 5,987
Accounts receivable, net and other assets 10,917 (341)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (121,449) (120,631)
Operating activities of consolidated investment products ("CIP"):    
Net cash provided by (used in) operating activities (3,787) (34,528)
Cash Flows from Investing Activities:    
Capital expenditures (2,984) (1,923)
Net cash provided by (used in) investing activities (2,984) (2,460)
Cash Flows from Financing Activities:    
Repayments on credit agreement (687) (688)
Common stock dividends paid (17,146) (14,929)
Repurchase of common shares (20,000) (5,000)
Payment of contingent consideration (23,140) (24,234)
Taxes paid related to net share settlement of restricted stock units (6,109) (9,854)
Investment management subsidiary equity sales (purchases) (1,053) (419)
Net contributions from (distributions to) noncontrolling interests 17,264 16,772
Net cash provided by (used in) financing activities (174,461) (56,146)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 509 (203)
Net increase (decrease) in cash, cash equivalents and restricted cash (180,723) (93,337)
Cash, cash equivalents and restricted cash, beginning of period 400,309 341,014
Cash, cash equivalents and restricted cash, end of period 219,586 247,677
Non-Cash Financing Activities:    
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net (3,749) (13,624)
Common stock dividends payable 15,550 13,467
Reconciliation of cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at end of period 219,586 247,677
Consolidated Entity excluding Consolidated Investment Products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments of CIP, net 957 (3,393)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net 957 (3,393)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 135,380  
Consolidated Investment Products    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Realized and unrealized (gains) losses on investments of CIP, net 4,039 (3,732)
Operating activities of consolidated investment products ("CIP"):    
Realized and unrealized (gains) losses on investments of CIP, net 4,039 (3,732)
Purchases of investments by CIP (327,705) (304,516)
Sales of investments by CIP 375,074 323,720
Net proceeds (purchases) of short-term investments and securities sold short by CIP (72) 206
Change in other assets and liabilities of CIP 2,533 4,722
Cash Flows from Investing Activities:    
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net 0 (537)
Cash Flows from Financing Activities:    
Payments on borrowings by CIP (123,590) $ (17,794)
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 83,474  
Cash pledged or on deposit of CIP $ 732  
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Total Attributed To Virtus Investment Partners, Inc.
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non- controlling Interests
Balance at beginning of period (in shares) at Dec. 31, 2023     7,087,728          
Balance at beginning of period at Dec. 31, 2023 $ 868,289 $ 863,926 $ 122 $ 1,300,999 $ 207,356 $ (87) $ (644,464) $ 4,363
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2023             5,075,500  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 30,249 29,858     29,858     391
Foreign currency translation adjustments (100) (100)       (100)    
Net subscriptions (redemptions) and other (403) 0   0       (403)
Cash dividends declared, common (14,191) (14,191)     (14,191)      
Repurchases of common shares (in shares)     21,108       21,108  
Repurchases of common shares (4,999) (4,999)         $ (4,999)  
Issuance of common shares related to employee stock transactions (in shares)     61,261          
Issuance of common shares related to employee stock transactions 0              
Taxes paid on stock-based compensation (9,852) (9,852)   (9,852)        
Stock-based compensation 7,010 7,010   7,010        
Balance at end of period (in shares) at Mar. 31, 2024     7,127,881          
Balance at end of period at Mar. 31, 2024 876,003 871,652 $ 122 1,298,157 223,023 (187) $ (649,463) 4,351
Balance at end of period, treasury stock (in shares) at Mar. 31, 2024             5,096,608  
Balance at Dec. 31, 2023 104,869              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) 7,618              
Net subscriptions (redemptions) and other 2,698              
Balance at Mar. 31, 2024 $ 115,185              
Balance at beginning of period (in shares) at Dec. 31, 2024 6,967,147   6,967,147          
Balance at beginning of period at Dec. 31, 2024 $ 901,636 897,493 $ 122 1,319,108 268,221 (364) $ (689,594) 4,143
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2024 5,276,733           5,276,733  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) $ 28,595 28,647     28,647     (52)
Foreign currency translation adjustments 292 292       292    
Net subscriptions (redemptions) and other (1,364) 195   195       (1,559)
Cash dividends declared, common (15,889) (15,889)     (15,889)      
Repurchases of common shares (in shares)     111,200       111,200  
Repurchases of common shares (20,000) (20,000)         $ (20,000)  
Issuance of common shares related to employee stock transactions (in shares)     55,069          
Issuance of common shares related to employee stock transactions 0   $ 1 (1)        
Taxes paid on stock-based compensation (6,109) (6,109)   (6,109)        
Stock-based compensation $ 9,087 9,087   9,087        
Balance at end of period (in shares) at Mar. 31, 2025 6,911,016   6,911,016          
Balance at end of period at Mar. 31, 2025 $ 896,248 $ 893,716 $ 123 $ 1,322,280 $ 280,979 $ (72) $ (709,594) $ 2,532
Balance at end of period, treasury stock (in shares) at Mar. 31, 2025 5,387,933           5,387,933  
Balance at Dec. 31, 2024 $ 107,282              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) (543)              
Net subscriptions (redemptions) and other 13,840              
Balance at Mar. 31, 2025 $ 120,579              
v3.25.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared per common share (in dollars per share) $ 2.25 $ 1.90
v3.25.1
Organization and Business
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Organization and Business
Virtus Investment Partners, Inc. (the "Company," "we," "us," "our" or "Virtus"), a Delaware corporation, operates in the investment management industry through its subsidiaries.

The Company provides investment management and related services to institutions and individuals. The Company's investment strategies are offered to institutional clients through institutional separate and commingled accounts, including subadvisory services to other investment advisers 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.
v3.25.1
Basis of Presentation and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

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

Recent Accounting Pronouncements
New Accounting Standards Implemented
In 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. The Company adopted this standard in its 2024 Annual Report on Form 10-K . See Note 15 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. The Company adopted this standard in its 2024 Annual Report on Form 10-K. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

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

New Accounting Standards Not Yet Implemented
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The standard requires enhanced disclosures of certain expense captions presented on the face of the Consolidated Income Statement. In January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective
Date which clarifies that the standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted with amendments to be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.
v3.25.1
Revenues
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.

Investment Management Fees by Source    
The following table summarizes investment management fees by source:
 Three Months Ended
March 31,
(in thousands)20252024
Investment management fees
Open-end funds$74,037 $78,680 
Closed-end funds14,853 14,394 
Retail separate accounts54,272 48,981 
Institutional accounts42,929 46,305 
Total investment management fees$186,091 $188,360 
v3.25.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
Below is a summary of intangible assets, net:
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances at December 31, 2024$809,064 $(473,133)$335,931 $42,298 $378,229 
Intangible amortization— (12,944)(12,944)— (12,944)
Balances at March 31, 2025$809,064 $(486,077)$322,987 $42,298 $365,285 
Definite-lived intangible asset amortization for the remainder of fiscal year 2025 and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
Remainder of 2025$38,833 
202650,797 
202747,695 
202842,033 
202936,440 
2030 and thereafter107,189 
Total$322,987 
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Schedule of Investments [Abstract]  
Investments Investments
Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 14, at March 31, 2025 and December 31, 2024 were as follows:
(in thousands)March 31,
2025		December 31, 2024
Investment securities - fair value$81,512 $83,771 
Equity method investments (1)21,266 20,286 
Nonqualified retirement plan assets17,164 15,159 
Total investments$119,942 $119,216 
(1)    The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.

Investment Securities - fair value
Investment securities - fair value consist of investments in the Company's sponsored funds and in separate accounts. The composition of the Company’s investment securities - fair value was as follows:
March 31, 2025December 31, 2024
(in thousands)CostFair ValueCostFair Value
Investment Securities - fair value
Sponsored funds$60,687 $60,247 $63,220 $63,296 
Equity securities18,227 19,197 17,406 19,019 
Debt securities2,087 2,068 1,457 1,456 
Total investment securities - fair value$81,001 $81,512 $82,083 $83,771 
For the three months ended March 31, 2025, the Company recognized net realized gains of $0.2 million related to its investment securities - fair value. For the three months ended March 31, 2024, the Company recognized net realized losses of $0.4 million related to its investment securities - fair value.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
March 31, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$101,092 $— $— $101,092 
Investment securities - fair value
Sponsored funds60,247 — — 60,247 
Equity securities19,197 — — 19,197 
Debt securities— 2,068 — 2,068 
Nonqualified retirement plan assets17,164 — — 17,164 
Total assets measured at fair value$197,700 $2,068 $— $199,768 
Liabilities
Contingent consideration$— $— $23,014 $23,014 
Total liabilities measured at fair value$— $— $23,014 $23,014 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 15,159 
Total assets measured at fair value$323,210 $1,456 $— $324,666 
Liabilities
Contingent consideration$— $— $36,100 $36,100 
Total liabilities measured at fair value$— $— $36,100 $36,100 
The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value:

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

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

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

Debt securities represent investments in corporate and government bonds. The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2.
    Nonqualified retirement plan assets represent U.S. retail funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.
Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company's business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3.

The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities:
Three Months Ended
March 31,
(in thousands)20252024
Contingent consideration, beginning of period$36,100 $56,200 
Reduction for payments made(13,086)(14,492)
Contingent consideration, end of period$23,014 $41,708 
The contingent consideration related to the Westchester Capital Management transaction as of March 31, 2025 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 March 31, 2025 was $21.1 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.
v3.25.1
Equity Transactions
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Transactions Equity Transactions
Dividends Declared
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 three months ended March 31, 2025, the Company repurchased 111,200 common shares under its share repurchase program at a weighted average price of $179.83 per share, for a total cost, including fees and expenses, of $20.0 million. As of March 31, 2025, 292,112 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), stock options and unrestricted shares of common stock, may be granted to officers, employees and directors of the Company pursuant to the Company's Amended and Restated Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At March 31, 2025, 697,306 shares of common stock remained available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan.

Stock-based compensation expense is summarized as follows:
Three Months Ended March 31,
(in thousands)20252024
Stock-based compensation expense$6,734 $6,831 

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 three months ended March 31, 2025 is summarized as follows: 
Number
of Shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2024317,489 $205.86 
Granted158,012 $173.57 
Forfeited(26,436)$224.22 
Settled(90,247)$205.49 
Outstanding at March 31, 2025358,818 $190.38 
For the three months ended March 31, 2025 and 2024, a total of 35,178 and 42,588 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 $6.1 million and $9.9 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 three months ended March 31, 2025 and 2024, the Company granted 37,777 and 26,733 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 March 31, 2025, unamortized stock-based compensation expense for unvested RSUs and PSUs was $45.1 million with a weighted-average remaining contractual life of 1.7 years.
v3.25.1
Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method.
The computation of basic and diluted EPS is as follows: 
 Three Months Ended March 31,
(in thousands, except per share amounts)20252024
Net Income (Loss)$28,052 $37,867 
Noncontrolling interests595 (8,009)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$28,647 $29,858 
Shares:
Basic: Weighted-average number of shares outstanding6,955 7,119 
Plus: Incremental shares from assumed conversion of dilutive instruments118 168 
Diluted: Weighted-average number of shares outstanding7,073 7,287 
Earnings (Loss) per Share—Basic$4.12 $4.19 
Earnings (Loss) per Share—Diluted$4.05 $4.10 

The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
 Three Months Ended March 31,
(in thousands)20252024
Restricted stock units22 1 
Total anti-dilutive securities22 1 
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter.

The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 30.6% and 18.9% for the three months ended March 31, 2025 and 2024, respectively. The higher estimated effective tax rate for the three months ended March 31, 2025 was primarily due to a change in valuation allowances in the current year related to the tax effects of realized and unrealized losses on Company investments compared to realized and unrealized gains in the prior year.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Agreement
The Company's credit agreement, as amended (the "Credit Agreement"), comprises (i) a $275.0 million term loan with a seven-year term (the "Term Loan") expiring in September 2028, and (ii) a $175.0 million revolving credit facility with a five-year term expiring in September 2026. The Company repaid $0.7 million outstanding under the Term Loan during the three months ended March 31, 2025 and had $235.4 million outstanding under the Term Loan at March 31, 2025. In accordance with ASC 835, Interest, the amounts outstanding under the Company's Term Loan are presented on the Condensed Consolidated Balance Sheets net of related debt issuance costs, which were $3.7 million as of March 31, 2025.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities.

The Company records a liability when it believes that it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company's results of operations, cash flows or consolidated financial condition. However, in the event of unexpected subsequent developments, and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could have a material adverse effect on the Company's results of operations or cash flows in particular quarterly or annual periods.
v3.25.1
Redeemable Noncontrolling Interests
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests Redeemable Noncontrolling Interests
Redeemable noncontrolling interests
Minority interests held in a majority-owned investment management subsidiary are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing equity of the investment management subsidiary, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. The minority interests are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.
Redeemable noncontrolling interests for the three months ended March 31, 2025 included the following amounts:
(in thousands)CIPNoncontrolling Interests Investment ManagerTotal
Balances at December 31, 2024$45,667 $61,615 $107,282 
Net income (loss) attributable to noncontrolling interests70 1,674 1,744 
Changes in redemption value (1)— (2,287)(2,287)
Total net income (loss) attributable to noncontrolling interests70 (613)(543)
Investment management subsidiary equity sales (purchases)— (1,053)(1,053)
Net subscriptions (redemptions) and other15,866 (973)14,893 
Balances at March 31, 2025$61,603 $58,976 $120,579 
(1)    Relates to noncontrolling interests redeemable at other than fair value.
v3.25.1
Consolidation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation Consolidation
The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A voting interest entity ("VOE") is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.

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

In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. CIP includes both VOEs, made up primarily of U.S. retail funds and ETFs in which the Company holds a controlling financial interest, and VIEs, which consist of collateralized loan obligations ("CLO") and certain global and private funds ("GF") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on the Company's net income (loss). The Company's risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company's investments in, and fees generated from, these products.
The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:
As of
 March 31, 2025December 31, 2024
VOEsVIEsVOEsVIEs
(in thousands)CLOs GFsCLOsGFs
Cash and cash equivalents$637 $78,882 $4,687 $5,179 $125,995 $3,247 
Investments47,636 2,129,750 100,247 40,678 2,141,626 88,413 
Other assets892 54,594 1,495 403 172,707 1,261 
Notes payable— (2,037,390)— — (2,171,946)— 
Securities purchased payable and other liabilities(432)(116,948)(4,247)(4,271)(151,922)(1,840)
Noncontrolling interests(12,238)(2,532)(49,365)(12,452)(4,143)(33,215)
Net interests in CIP$36,495 $106,356 $52,817 $29,537 $112,317 $57,866 

Consolidated CLOs
The majority of the Company's CIP that are VIEs are CLOs. A majority-owned consolidated private fund, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, is also included. At March 31, 2025, the Company consolidated seven CLOs. The financial information of CLOs is included on the Company's condensed consolidated financial statements on a one-month lag based upon the availability of their financial information.

Investments of CLOs
The CLOs held investments of $2.1 billion at March 31, 2025, consisting of bank loan investments that comprise the majority of the CLOs' portfolio asset collateral and are senior secured corporate loans across a variety of industries. These bank loan investments mature at various dates between 2025 and 2033 and generally pay interest at SOFR plus a spread.

Notes Payable of CLOs
The CLOs held notes payable with a total value, at par, of $2.3 billion at March 31, 2025, consisting of senior secured floating rate notes payable with a par value of $2.0 billion and subordinated notes with a par value of $240.5 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 March 31, 2025, as shown in the table below:

(in thousands)
Subordinated notes$104,859 
Accrued investment management fees1,497 
Total Beneficial Interests$106,356 
The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated:
Three Months Ended March 31, 2025
(in thousands)
Income:
Realized and unrealized gain (loss), net$(6,872)
Interest income45,677 
Total Income38,805 
Expenses:
Other operating expenses699 
Interest expense34,559 
Total Expense35,258 
Noncontrolling interests52 
Net Income (Loss) Attributable to CLOs$3,599 

The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Three Months Ended March 31, 2025
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$1,062 
Investment management fees2,537 
Total Economic Interests$3,599 

Fair Value Measurements of CIP
The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of March 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$78,882 $— $— $78,882 
Debt investments4,525 2,219,835 18,727 2,243,087 
Equity investments 32,346 2,159 41 34,546 
Total assets measured at fair value$115,753 $2,221,994 $18,768 $2,356,515 
Liabilities
Notes payable$— $2,037,390 $— $2,037,390 
Short sales307 — — 307 
Total liabilities measured at fair value$307 $2,037,390 $— $2,037,697 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 1,013 24,117 
Total assets measured at fair value$150,688 $2,240,035 $7,689 $2,398,412 
Liabilities
Notes payable$— $2,171,946 $— $2,171,946 
Short sales356 — — 356 
Total liabilities measured at fair value$356 $2,171,946 $— $2,172,302 

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

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

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

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

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

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

The securities purchased payable at March 31, 2025 and December 31, 2024 approximated fair value due to the short-term nature of the instruments.
The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
 Three Months Ended March 31,
 (in thousands)
20252024
Balance at beginning of period$7,689 $37,062 
Realized and unrealized gains (losses), net(1,055)(324)
Purchases135 — 
Sales(155)(14,625)
Transfers to Level 2(5,803)(13,468)
Transfers from Level 217,957 39,148 
Balance at end of period (1)$18,768 $47,793 
(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 March 31, 2025, the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $26.9 million.
v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
The key GAAP measure of segment profit or loss that the chief operating decision maker ("CODM") uses to evaluate the Company’s financial performance and allocate resources of the Company is net income, as reported on the Company’s Condensed Consolidated Statements of Operations. In addition, the CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense categories on the Condensed Consolidated Statements of Operations are significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Condensed Consolidated Balance Sheets.
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Presentation and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Annual Report on Form 10-K") filed with the Securities and Exchange Commission (the "SEC"). The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2024 Annual Report on Form 10-K.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
New Accounting Standards Implemented
In 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. The Company adopted this standard in its 2024 Annual Report on Form 10-K . See Note 15 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. The Company adopted this standard in its 2024 Annual Report on Form 10-K. The adoption of this standard did not have a material impact on the Company's condensed consolidated financial statements.

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

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

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

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

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

Debt securities represent investments in corporate and government bonds. The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2.
    Nonqualified retirement plan assets represent U.S. retail funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1.
Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company's business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3.
The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP measured at fair value:

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

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

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

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

Level 2 liabilities consist of notes payable issued by CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (i) the fair value of the beneficial interests held by the Company, and (ii) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment.
Noncontrolling Interest Minority interests held in a majority-owned investment management subsidiary are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing equity of the investment management subsidiary, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. The minority interests are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.
Nonconsolidated VIEs
Nonconsolidated VIEs
The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.
    
The Company has interests in certain other VIEs that the Company does not consolidate as it is not the primary beneficiary since its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance.
v3.25.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes investment management fees by source:
 Three Months Ended
March 31,
(in thousands)20252024
Investment management fees
Open-end funds$74,037 $78,680 
Closed-end funds14,853 14,394 
Retail separate accounts54,272 48,981 
Institutional accounts42,929 46,305 
Total investment management fees$186,091 $188,360 
v3.25.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill and Intangible Assets, Net
Below is a summary of intangible assets, net:
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances at December 31, 2024$809,064 $(473,133)$335,931 $42,298 $378,229 
Intangible amortization— (12,944)(12,944)— (12,944)
Balances at March 31, 2025$809,064 $(486,077)$322,987 $42,298 $365,285 
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years
Definite-lived intangible asset amortization for the remainder of fiscal year 2025 and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
Remainder of 2025$38,833 
202650,797 
202747,695 
202842,033 
202936,440 
2030 and thereafter107,189 
Total$322,987 
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Schedule of Investments [Abstract]  
Schedule of Investments The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 14, at March 31, 2025 and December 31, 2024 were as follows:
(in thousands)March 31,
2025		December 31, 2024
Investment securities - fair value$81,512 $83,771 
Equity method investments (1)21,266 20,286 
Nonqualified retirement plan assets17,164 15,159 
Total investments$119,942 $119,216 
(1)    The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.
Schedule of Marketable Securities The composition of the Company’s investment securities - fair value was as follows:
March 31, 2025December 31, 2024
(in thousands)CostFair ValueCostFair Value
Investment Securities - fair value
Sponsored funds$60,687 $60,247 $63,220 $63,296 
Equity securities18,227 19,197 17,406 19,019 
Debt securities2,087 2,068 1,457 1,456 
Total investment securities - fair value$81,001 $81,512 $82,083 $83,771 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
March 31, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$101,092 $— $— $101,092 
Investment securities - fair value
Sponsored funds60,247 — — 60,247 
Equity securities19,197 — — 19,197 
Debt securities— 2,068 — 2,068 
Nonqualified retirement plan assets17,164 — — 17,164 
Total assets measured at fair value$197,700 $2,068 $— $199,768 
Liabilities
Contingent consideration$— $— $23,014 $23,014 
Total liabilities measured at fair value$— $— $23,014 $23,014 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 15,159 
Total assets measured at fair value$323,210 $1,456 $— $324,666 
Liabilities
Contingent consideration$— $— $36,100 $36,100 
Total liabilities measured at fair value$— $— $36,100 $36,100 
The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of March 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$78,882 $— $— $78,882 
Debt investments4,525 2,219,835 18,727 2,243,087 
Equity investments 32,346 2,159 41 34,546 
Total assets measured at fair value$115,753 $2,221,994 $18,768 $2,356,515 
Liabilities
Notes payable$— $2,037,390 $— $2,037,390 
Short sales307 — — 307 
Total liabilities measured at fair value$307 $2,037,390 $— $2,037,697 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 1,013 24,117 
Total assets measured at fair value$150,688 $2,240,035 $7,689 $2,398,412 
Liabilities
Notes payable$— $2,171,946 $— $2,171,946 
Short sales356 — — 356 
Total liabilities measured at fair value$356 $2,171,946 $— $2,172,302 
Schedule of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value
The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities:
Three Months Ended
March 31,
(in thousands)20252024
Contingent consideration, beginning of period$36,100 $56,200 
Reduction for payments made(13,086)(14,492)
Contingent consideration, end of period$23,014 $41,708 
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Based Compensation Expense
Stock-based compensation expense is summarized as follows:
Three Months Ended March 31,
(in thousands)20252024
Stock-based compensation expense$6,734 $6,831 
Schedule of Restricted Stock Units Activity
RSU activity, inclusive of PSUs, for the three months ended March 31, 2025 is summarized as follows: 
Number
of Shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2024317,489 $205.86 
Granted158,012 $173.57 
Forfeited(26,436)$224.22 
Settled(90,247)$205.49 
Outstanding at March 31, 2025358,818 $190.38 
v3.25.1
Earnings (Loss) Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The computation of basic and diluted EPS is as follows: 
 Three Months Ended March 31,
(in thousands, except per share amounts)20252024
Net Income (Loss)$28,052 $37,867 
Noncontrolling interests595 (8,009)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$28,647 $29,858 
Shares:
Basic: Weighted-average number of shares outstanding6,955 7,119 
Plus: Incremental shares from assumed conversion of dilutive instruments118 168 
Diluted: Weighted-average number of shares outstanding7,073 7,287 
Earnings (Loss) per Share—Basic$4.12 $4.19 
Earnings (Loss) per Share—Diluted$4.05 $4.10 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
 Three Months Ended March 31,
(in thousands)20252024
Restricted stock units22 1 
Total anti-dilutive securities22 1 
v3.25.1
Redeemable Noncontrolling Interests (Tables)
 3 Months Ended
Mar. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Redeemable Noncontrolling Interest
Redeemable noncontrolling interests for the three months ended March 31, 2025 included the following amounts:
(in thousands)CIPNoncontrolling Interests Investment ManagerTotal
Balances at December 31, 2024$45,667 $61,615 $107,282 
Net income (loss) attributable to noncontrolling interests70 1,674 1,744 
Changes in redemption value (1)— (2,287)(2,287)
Total net income (loss) attributable to noncontrolling interests70 (613)(543)
Investment management subsidiary equity sales (purchases)— (1,053)(1,053)
Net subscriptions (redemptions) and other15,866 (973)14,893 
Balances at March 31, 2025$61,603 $58,976 $120,579 
(1)    Relates to noncontrolling interests redeemable at other than fair value.
v3.25.1
Consolidation (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Consolidated Balance Sheets
The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024:
As of
 March 31, 2025December 31, 2024
VOEsVIEsVOEsVIEs
(in thousands)CLOs GFsCLOsGFs
Cash and cash equivalents$637 $78,882 $4,687 $5,179 $125,995 $3,247 
Investments47,636 2,129,750 100,247 40,678 2,141,626 88,413 
Other assets892 54,594 1,495 403 172,707 1,261 
Notes payable— (2,037,390)— — (2,171,946)— 
Securities purchased payable and other liabilities(432)(116,948)(4,247)(4,271)(151,922)(1,840)
Noncontrolling interests(12,238)(2,532)(49,365)(12,452)(4,143)(33,215)
Net interests in CIP$36,495 $106,356 $52,817 $29,537 $112,317 $57,866 
Schedule of VIE Consolidated Investment Product results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at March 31, 2025, as shown in the table below:
(in thousands)
Subordinated notes$104,859 
Accrued investment management fees1,497 
Total Beneficial Interests$106,356 
The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated:
Three Months Ended March 31, 2025
(in thousands)
Income:
Realized and unrealized gain (loss), net$(6,872)
Interest income45,677 
Total Income38,805 
Expenses:
Other operating expenses699 
Interest expense34,559 
Total Expense35,258 
Noncontrolling interests52 
Net Income (Loss) Attributable to CLOs$3,599 

The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Three Months Ended March 31, 2025
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$1,062 
Investment management fees2,537 
Total Economic Interests$3,599 
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 14, as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
March 31, 2025  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$101,092 $— $— $101,092 
Investment securities - fair value
Sponsored funds60,247 — — 60,247 
Equity securities19,197 — — 19,197 
Debt securities— 2,068 — 2,068 
Nonqualified retirement plan assets17,164 — — 17,164 
Total assets measured at fair value$197,700 $2,068 $— $199,768 
Liabilities
Contingent consideration$— $— $23,014 $23,014 
Total liabilities measured at fair value$— $— $23,014 $23,014 
December 31, 2024  
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$225,736 $— $— $225,736 
Investment securities - fair value
Sponsored funds63,296 — — 63,296 
Equity securities19,019 — — 19,019 
Debt securities— 1,456 — 1,456 
Nonqualified retirement plan assets15,159 — — 15,159 
Total assets measured at fair value$323,210 $1,456 $— $324,666 
Liabilities
Contingent consideration$— $— $36,100 $36,100 
Total liabilities measured at fair value$— $— $36,100 $36,100 
The assets and liabilities of CIP measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 by fair value hierarchy level were as follows:
As of March 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$78,882 $— $— $78,882 
Debt investments4,525 2,219,835 18,727 2,243,087 
Equity investments 32,346 2,159 41 34,546 
Total assets measured at fair value$115,753 $2,221,994 $18,768 $2,356,515 
Liabilities
Notes payable$— $2,037,390 $— $2,037,390 
Short sales307 — — 307 
Total liabilities measured at fair value$307 $2,037,390 $— $2,037,697 
As of December 31, 2024
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$127,695 $— $— $127,695 
Debt investments— 2,239,924 6,676 2,246,600 
Equity investments22,993 111 1,013 24,117 
Total assets measured at fair value$150,688 $2,240,035 $7,689 $2,398,412 
Liabilities
Notes payable$— $2,171,946 $— $2,171,946 
Short sales356 — — 356 
Total liabilities measured at fair value$356 $2,171,946 $— $2,172,302 
Schedule of Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value
The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value:
 Three Months Ended March 31,
 (in thousands)
20252024
Balance at beginning of period$7,689 $37,062 
Realized and unrealized gains (losses), net(1,055)(324)
Purchases135 — 
Sales(155)(14,625)
Transfers to Level 2(5,803)(13,468)
Transfers from Level 217,957 39,148 
Balance at end of period (1)$18,768 $47,793 
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.
v3.25.1
Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 217,932 $ 222,042
Investment management fees    
Disaggregation of Revenue [Line Items]    
Revenues 186,091 188,360
Open-end funds    
Disaggregation of Revenue [Line Items]    
Revenues 74,037 78,680
Closed-end funds    
Disaggregation of Revenue [Line Items]    
Revenues 14,853 14,394
Retail separate accounts    
Disaggregation of Revenue [Line Items]    
Revenues 54,272 48,981
Institutional accounts    
Disaggregation of Revenue [Line Items]    
Revenues $ 42,929 $ 46,305
v3.25.1
Intangible Assets, Net - Schedule of Goodwill and Intangible Assets, Net (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Definite-Lived  
Gross book value, beginning of period $ 809,064
Accumulated amortization, beginning of period (473,133)
Net book value, beginning of period 335,931
Intangible amortization (12,944)
Gross book value balance, end of period 809,064
Accumulated amortization, end of period (486,077)
Net book value, end of period 322,987
Indefinite-Lived  
Net book value, beginning of period 42,298
Net book value, end of period 42,298
Total  
Net book value, beginning of period 378,229
Intangible amortization (12,944)
Net book value, end of period $ 365,285
v3.25.1
Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2025 $ 38,833  
2026 50,797  
2027 47,695  
2028 42,033  
2029 36,440  
2030 and thereafter 107,189  
Total $ 322,987 $ 335,931
v3.25.1
Investments - Schedule of Investments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Schedule of Investments [Line Items]    
Investment securities - fair value $ 81,512 $ 83,771
Parent    
Schedule of Investments [Line Items]    
Investment securities - fair value 81,512 83,771
Equity method investments 21,266 20,286
Nonqualified retirement plan assets 17,164 15,159
Total investments $ 119,942 $ 119,216
v3.25.1
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investment Securities - fair value    
Cost $ 81,001 $ 82,083
Fair Value 81,512 83,771
Sponsored funds    
Investment Securities - fair value    
Cost 60,687 63,220
Fair Value 60,247 63,296
Equity securities    
Investment Securities - fair value    
Cost 18,227 17,406
Fair Value 19,197 19,019
Debt securities    
Investment Securities - fair value    
Cost 2,087 1,457
Fair Value $ 2,068 $ 1,456
v3.25.1
Investments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Investments [Abstract]    
Realized gains (losses) on trading securities $ 0.2 $ (0.4)
v3.25.1
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 101,092 $ 225,736
Investment securities - fair value    
Fair value 81,512 83,771
Debt securities 2,068 1,456
Total assets measured at fair value 199,768 324,666
Liabilities    
Total liabilities measured at fair value 23,014 36,100
Contingent consideration    
Liabilities    
Total liabilities measured at fair value 23,014 36,100
Sponsored funds    
Investment securities - fair value    
Fair value 60,247 63,296
Equity securities    
Investment securities - fair value    
Fair value 19,197 19,019
Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 17,164 15,159
Level 1    
Assets    
Cash equivalents 101,092 225,736
Investment securities - fair value    
Debt securities 0 0
Total assets measured at fair value 197,700 323,210
Liabilities    
Total liabilities measured at fair value 0 0
Level 1 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 0 0
Level 1 | Sponsored funds    
Investment securities - fair value    
Fair value 60,247 63,296
Level 1 | Equity securities    
Investment securities - fair value    
Fair value 19,197 19,019
Level 1 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 17,164 15,159
Level 2    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 2,068 1,456
Total assets measured at fair value 2,068 1,456
Liabilities    
Total liabilities measured at fair value 0 0
Level 2 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 0 0
Level 2 | Sponsored funds    
Investment securities - fair value    
Fair value 0 0
Level 2 | Equity securities    
Investment securities - fair value    
Fair value 0 0
Level 2 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 0 0
Level 3    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 0 0
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 23,014 36,100
Level 3 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 23,014 36,100
Level 3 | Sponsored funds    
Investment securities - fair value    
Fair value 0 0
Level 3 | Equity securities    
Investment securities - fair value    
Fair value 0 0
Level 3 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets $ 0 $ 0
v3.25.1
Fair Value Measurements - Narrative (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 40,365 $ 63,505
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  
Westchester | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 1,900  
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  
NFJ Investment Group | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 21,100  
v3.25.1
Fair Value Measurements - Schedule of Rollforward of Contingent Consideration Liabilities (Details) - Level 3 - Contingent consideration - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liabilities    
Contingent consideration, beginning of period $ 36,100 $ 56,200
Reduction for payments made (13,086) (14,492)
Contingent consideration, end of period $ 23,014 $ 41,708
v3.25.1
Equity Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity [Abstract]    
Cash dividends declared per common share (in dollars per share) $ 2.25 $ 1.90
Stock repurchased during period, shares (in shares) 111,200  
Weighted average price (in dollars per share) $ 179.83  
Stock repurchased during period, value $ 20.0  
Shares available for repurchase (in shares) 292,112  
v3.25.1
Stock-Based Compensation - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
shares
Mar. 31, 2024
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares of common stock available for issuance (in shares) 697,306  
Shares of common stock reserved for issuance (in shares) 3,825,000  
RSUs and PSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unamortized stock-based compensation expense | $ $ 45.1  
Weighted-average remaining amortization period 1 year 8 months 12 days  
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share settlement under RSUs (in shares) 35,178 42,588
Cash used for employee withholding tax payments | $ $ 6.1 $ 9.9
Restricted stock units (RSUs), performance-based    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Awards granted (in shares) 37,777 26,733
Performance Stock Units, Incentive    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Period for recognition of compensation expense 3 years  
Minimum | Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 1 year  
Maximum | Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting period 3 years  
Common Stock | Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Conversion ratio 1  
v3.25.1
Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]    
Stock-based compensation expense $ 6,734 $ 6,831
v3.25.1
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Number of Shares  
Number of shares, outstanding (in shares) | shares 317,489
Number of shares, granted (in shares) | shares 158,012
Number of shares, forfeited (in shares) | shares (26,436)
Number of shares, settled (in shares) | shares (90,247)
Number of shares, outstanding (in shares) | shares 358,818
Weighted Average Grant Date Fair Value  
Weighted average grant date fair value, outstanding (in dollars per share) | $ / shares $ 205.86
Weighted-average grant-date fair value (in dollars per share) | $ / shares 173.57
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares 224.22
Weighted average grant date fair value, settled (in dollars per share) | $ / shares 205.49
Weighted average grant date fair value, outstanding (in dollars per share) | $ / shares $ 190.38
v3.25.1
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net Income (Loss) $ 28,052 $ 37,867
Noncontrolling interests 595 (8,009)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 28,647 $ 29,858
Shares:    
Basic: Weighted-average number of shares outstanding (in shares) 6,955 7,119
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares) 118 168
Diluted: Weighted-average number of shares outstanding (in shares) 7,073 7,287
Earnings (Loss) per Share—Basic (in dollars per share) $ 4.12 $ 4.19
Earnings (Loss) per Share—Diluted (in dollars per share) $ 4.05 $ 4.10
v3.25.1
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total anti-dilutive securities (in shares) 22 1
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total anti-dilutive securities (in shares) 22 1
v3.25.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Estimated effective income tax rate (as percent) 30.60% 18.90%
v3.25.1
Debt (Details) - USD ($)
 3 Months Ended
Sep. 28, 2021
Mar. 31, 2025
Term loan | Secured Debt    
Line of Credit Facility [Line Items]    
Debt repayments   $ 700,000
Outstanding borrowings   235,400,000
Term loan | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 275,000,000.0  
Term of debt 7 years  
Term loan | Credit Facility 2017    
Line of Credit Facility [Line Items]    
Debt issuance costs   $ 3,700,000
Revolving credit facility | Credit Agreement    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 175,000,000.0  
Term of debt 5 years  
v3.25.1
Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]    
Balance at beginning of period $ 107,282  
Net income (loss) attributable to noncontrolling interests 1,744  
Changes in redemption value (3,749) $ (13,624)
Total net income (loss) attributable to noncontrolling interests (543) $ 7,618
Investment management subsidiary equity sales (purchases) (1,053)  
Net subscriptions (redemptions) and other 14,893  
Balance at end of period 120,579  
CIP    
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]    
Balance at beginning of period 45,667  
Net income (loss) attributable to noncontrolling interests 70  
Total net income (loss) attributable to noncontrolling interests 70  
Investment management subsidiary equity sales (purchases) 0  
Net subscriptions (redemptions) and other 15,866  
Balance at end of period 61,603  
Noncontrolling Interests Investment Manager    
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]    
Balance at beginning of period 61,615  
Net income (loss) attributable to noncontrolling interests 1,674  
Total net income (loss) attributable to noncontrolling interests (613)  
Investment management subsidiary equity sales (purchases) (1,053)  
Net subscriptions (redemptions) and other (973)  
Balance at end of period 58,976  
Portion at Other than Fair Value Measurement    
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]    
Changes in redemption value (2,287)  
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 $ (2,287)  
v3.25.1
Redeemable Noncontrolling Interests - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Noncontrolling Interest [Line Items]      
Stock-based compensation expense $ 6,734 $ 6,831  
Affiliate Equity Awards      
Noncontrolling Interest [Line Items]      
Vesting period 3 years    
Deferred compensation $ 19,000   $ 19,400
Stock-based compensation expense $ (600) $ 1,400  
v3.25.1
Consolidation - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]        
Noncontrolling interests $ (120,579) $ (107,282) $ (115,185) $ (104,869)
VOEs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 637 5,179    
Investments 47,636 40,678    
Other assets 892 403    
Notes payable 0 0    
Securities purchased payable and other liabilities (432) (4,271)    
Noncontrolling interests (12,238) (12,452)    
Net interests in CIP 36,495 29,537    
CLOs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 78,882 125,995    
Investments 2,129,750 2,141,626    
Other assets 54,594 172,707    
Notes payable (2,037,390) (2,171,946)    
Securities purchased payable and other liabilities (116,948) (151,922)    
Noncontrolling interests (2,532) (4,143)    
Net interests in CIP 106,356 112,317    
GFs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 4,687 3,247    
Investments 100,247 88,413    
Other assets 1,495 1,261    
Notes payable 0 0    
Securities purchased payable and other liabilities (4,247) (1,840)    
Noncontrolling interests (49,365) (33,215)    
Net interests in CIP $ 52,817 $ 57,866    
v3.25.1
Consolidation - Narrative (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
collateralized_loan_obligation
Dec. 31, 2024
USD ($)
CLOs    
Variable Interest Entity [Line Items]    
Number of consolidated CLOs | collateralized_loan_obligation 7  
Investments $ 2,129,750 $ 2,141,626
CLOs | CLO subordinated notes    
Variable Interest Entity [Line Items]    
Debt par value 2,300,000  
CLOs | Subordinated Debt | CLO subordinated notes    
Variable Interest Entity [Line Items]    
Debt par value 240,500  
CLOs | Senior Notes | CLO senior secured floating rate notes    
Variable Interest Entity [Line Items]    
Debt par value 2,000,000  
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying value and maximum risk of loss $ 26,900  
v3.25.1
Consolidation - Schedule of Beneficial Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
Mar. 31, 2025
USD ($)
Variable Interest Entity [Line Items]  
Subordinated notes $ 104,859
Accrued investment management fees 1,497
Total Beneficial Interests $ 106,356
v3.25.1
Consolidation - Schedule of Revenue and Expenses of Consolidated Investment Product (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Expenses:    
Noncontrolling interests $ 595 $ (8,009)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 28,647 $ 29,858
CLOs    
Income:    
Realized and unrealized gain (loss), net (6,872)  
Interest income 45,677  
Total Income 38,805  
Expenses:    
Other operating expenses 699  
Interest expense 34,559  
Total Expense 35,258  
Noncontrolling interests 52  
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 3,599  
v3.25.1
Consolidation - Schedule of Economic Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Variable Interest Entity [Line Items]  
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ 1,062
Investment management fees 2,537
Total Economic Interests $ 3,599
v3.25.1
Consolidation - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 101,092 $ 225,736
Total assets measured at fair value 199,768 324,666
Liabilities    
Total liabilities measured at fair value 23,014 36,100
Level 1    
Assets    
Cash equivalents 101,092 225,736
Total assets measured at fair value 197,700 323,210
Liabilities    
Total liabilities measured at fair value 0 0
Level 2    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,068 1,456
Liabilities    
Total liabilities measured at fair value 0 0
Level 3    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 23,014 36,100
Fair Value, Measurements, Recurring | Consolidated Investment Products    
Assets    
Cash equivalents 78,882 127,695
Total assets measured at fair value 2,356,515 2,398,412
Liabilities    
Notes payable 2,037,390 2,171,946
Short sales 307 356
Total liabilities measured at fair value 2,037,697 2,172,302
Fair Value, Measurements, Recurring | Debt investments | Consolidated Investment Products    
Assets    
Investments 2,243,087 2,246,600
Fair Value, Measurements, Recurring | Equity investments | Consolidated Investment Products    
Assets    
Investments 34,546 24,117
Fair Value, Measurements, Recurring | Level 1 | Consolidated Investment Products    
Assets    
Cash equivalents 78,882 127,695
Total assets measured at fair value 115,753 150,688
Liabilities    
Notes payable 0 0
Short sales 307 356
Total liabilities measured at fair value 307 356
Fair Value, Measurements, Recurring | Level 1 | Debt investments | Consolidated Investment Products    
Assets    
Investments 4,525 0
Fair Value, Measurements, Recurring | Level 1 | Equity investments | Consolidated Investment Products    
Assets    
Investments 32,346 22,993
Fair Value, Measurements, Recurring | Level 2 | Consolidated Investment Products    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,221,994 2,240,035
Liabilities    
Notes payable 2,037,390 2,171,946
Short sales 0 0
Total liabilities measured at fair value 2,037,390 2,171,946
Fair Value, Measurements, Recurring | Level 2 | Debt investments | Consolidated Investment Products    
Assets    
Investments 2,219,835 2,239,924
Fair Value, Measurements, Recurring | Level 2 | Equity investments | Consolidated Investment Products    
Assets    
Investments 2,159 111
Fair Value, Measurements, Recurring | Level 3 | Consolidated Investment Products    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 18,768 7,689
Liabilities    
Notes payable 0 0
Short sales 0 0
Total liabilities measured at fair value 0 0
Fair Value, Measurements, Recurring | Level 3 | Debt investments | Consolidated Investment Products    
Assets    
Investments 18,727 6,676
Fair Value, Measurements, Recurring | Level 3 | Equity investments | Consolidated Investment Products    
Assets    
Investments $ 41 $ 1,013
v3.25.1
Consolidation - Schedule of Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Debt investments - Consolidated Investment Products - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Assets    
Debt securities, beginning of period $ 7,689 $ 37,062
Realized and unrealized gains (losses), net (1,055) (324)
Purchases 135 0
Sales (155) (14,625)
Transfers to Level 2 (5,803) (13,468)
Transfers from Level 2 17,957 39,148
Debt securities, end of period $ 18,768 $ 47,793