VIRTUS INVESTMENT PARTNERS, INC., 10-K filed on 2/27/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 11, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-10994    
Entity Registrant Name VIRTUS INVESTMENT PARTNERS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-3962811    
Entity Address, Address Line One One Financial Plaza    
Entity Address, City or Town Hartford    
Entity Address, State or Province CT    
Entity Address, Postal Zip Code 06103    
City Area Code 800    
Local Phone Number 248-7971    
Title of 12(b) Security Common Stock, $.01 par value    
Trading Symbol VRTS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 1,140
Entity Common Stock, Shares Outstanding   6,695,515  
Documents Incorporated by Reference
Portions of the registrant's proxy statement that will be filed with the SEC in connection with the 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000883237    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Hartford, Connecticut
Auditor Firm ID 34
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Accounts receivable, net $ 102,733 $ 117,207
Furniture, equipment and leasehold improvements, net 21,891 22,718
Intangible assets, net 327,409 378,229
Goodwill 397,098 397,098
Deferred taxes, net 18,578 23,206
Operating lease right-of-use assets 75,166 57,131
Total assets 4,291,200 3,994,494
Liabilities:    
Accrued compensation and benefits 197,745 224,501
Accounts payable and accrued liabilities 54,520 49,492
Contingent consideration 39,108 63,505
Debt 389,957 232,130
Operating lease liabilities 93,225 70,037
Other liabilities 20,821 15,932
Total liabilities 3,253,421 2,985,576
Commitments and Contingencies (Note 11)
Redeemable noncontrolling interests 102,934 107,282
Equity attributable to Virtus Investment Partners, Inc.:    
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,319,278 shares issued and 6,695,181 shares outstanding at December 31, 2025 and 12,243,880 shares issued and 6,967,147 shares outstanding at December 31, 2024, respectively 123 122
Additional paid-in capital 1,342,153 1,319,108
Retained earnings (accumulated deficit) 340,898 268,221
Accumulated other comprehensive income (loss) 462 (364)
Treasury stock, at cost, 5,624,097 and 5,276,733 shares at December 31, 2025 and December 31, 2024, respectively (749,593) (689,594)
Total equity attributable to Virtus Investment Partners, Inc. 934,043 897,493
Total equity 934,845 901,636
Total liabilities and equity 4,291,200 3,994,494
Consolidated Entity excluding Consolidated Investment Products    
Assets:    
Cash and cash equivalents 386,483 265,888
Investments 157,480 119,216
Other assets 38,687 34,292
Consolidated Investment Products    
Assets:    
Cash and cash equivalents 90,686 133,694
Investments 2,633,352 2,270,717
Cash pledged or on deposit of CIP 1,017 727
Other assets 40,620 174,371
Liabilities:    
Notes payable of CIP 2,359,828 2,171,946
Securities purchased payable and other liabilities of CIP 98,217 158,033
Equity attributable to Virtus Investment Partners, Inc.:    
Noncontrolling interests $ 802 $ 4,143
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 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) 12,319,278 12,243,880
Common stock, shares outstanding (in shares) 6,695,181 6,967,147
Treasury stock, shares (in shares) 5,624,097 5,276,733
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Revenues $ 852,865 $ 906,949 $ 845,268
Operating Expenses      
Employment expenses 400,720 432,587 404,742
Distribution and other asset-based expenses 89,047 96,223 96,802
Change in fair value of contingent consideration (2,214) (5,608) (5,510)
Restructuring expense 693 1,487 824
Depreciation expense 7,992 8,958 5,804
Amortization expense 51,777 56,299 61,027
Total operating expenses 684,185 724,459 693,784
Operating Income (Loss) 168,680 182,490 151,484
Other Income (Expense)      
Other income (expense), net 3,473 2,036 (440)
Total other income (expense), net (18,807) (8,510) 3,681
Interest Income (Expense)      
Total interest income (expense), net 37,376 33,896 31,399
Income (Loss) Before Income Taxes 187,249 207,876 186,564
Income tax expense (benefit) 51,261 55,423 45,088
Net Income (Loss) 135,988 152,453 141,476
Noncontrolling interests 2,408 (30,707) (10,855)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 138,396 $ 121,746 $ 130,621
Earnings (Loss) per Share—Basic (in dollars per share) $ 20.27 $ 17.19 $ 18.02
Earnings (Loss) per Share—Diluted (in dollars per share) $ 19.97 $ 16.89 $ 17.71
Weighted Average Shares Outstanding—Basic (in shares) 6,829 7,082 7,249
Weighted Average Shares Outstanding—Diluted (in shares) 6,929 7,210 7,375
Consolidated Entity excluding Consolidated Investment Products      
Operating Expenses      
Other operating expenses $ 130,358 $ 127,526 $ 125,871
Other Income (Expense)      
Realized and unrealized gain (loss) on investments, net 5,823 3,914 6,525
Interest Income (Expense)      
Interest expense (21,471) (22,132) (23,431)
Interest and dividend income 12,303 12,488 12,458
Consolidated Investment Products      
Operating Expenses      
Other operating expenses 5,812 6,987 4,224
Other Income (Expense)      
Realized and unrealized gain (loss) on investments, net (28,103) (14,460) (2,404)
Interest Income (Expense)      
Interest expense (140,908) (161,192) (155,335)
Interest and dividend income 187,452 204,732 197,707
Investment management fees      
Revenues      
Revenues 725,039 773,830 711,475
Distribution and service fees      
Revenues      
Revenues 49,579 54,692 56,153
Administration and shareholder service fees      
Revenues      
Revenues 73,275 74,294 73,857
Other income and fees      
Revenues      
Revenues $ 4,972 $ 4,133 $ 3,783
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net Income (Loss) $ 135,988 $ 152,453 $ 141,476
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustment, net of tax of $(278), $95 and $(96) for the years ended December 31, 2025, 2024 and 2023, respectively 826 (277) 271
Other comprehensive income (loss) 826 (277) 271
Comprehensive income (loss) 136,814 152,176 141,747
Comprehensive (income) loss attributable to noncontrolling interests 2,408 (30,707) (10,855)
Comprehensive income (loss) attributable to Virtus Investment Partners, Inc. $ 139,222 $ 121,469 $ 130,892
v3.25.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Foreign currency translation adjustment, tax $ (278) $ 95 $ (96)
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Total
Total Attributed To Virtus Investment Partners, Inc.
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Non- controlling Interests
Balance at beginning of period, common stock (in shares) at Dec. 31, 2022     7,181,554          
Balance at beginning of period at Dec. 31, 2022 $ 822,936 $ 817,019 $ 120 $ 1,286,244 $ 130,261 $ (358) $ (599,248) $ 5,917
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2022             4,851,693  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 130,691 130,621     130,621     70
Foreign currency translation adjustments, net of tax 271 271       271    
Net subscriptions (redemptions) and other 1,564 3,188   3,188       (1,624)
Cash dividends declared, common (53,526) (53,526)     (53,526)      
Repurchase of common shares (in shares)     (223,807)       223,807  
Repurchase of common shares (45,216) (45,216)         $ (45,216)  
Issuance of common shares related to employee stock transactions (in shares)     129,981          
Issuance of common shares related to employee stock transactions 0 0 $ 2 (2)        
Taxes paid on stock-based compensation (13,774) (13,774)   (13,774)        
Stock-based compensation 25,343 25,343   25,343        
Balance at ending of period, common stock (in shares) at Dec. 31, 2023     7,087,728          
Balance at end of period at Dec. 31, 2023 868,289 863,926 $ 122 1,300,999 207,356 (87) $ (644,464) 4,363
Balance at ending of period, treasury stock (in shares) at Dec. 31, 2023             5,075,500  
Balance at Dec. 31, 2022 113,718              
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) 10,785              
Net subscriptions (redemptions) and other (19,634)              
Balance at Dec. 31, 2023 104,869              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 122,515 121,746     121,746     769
Foreign currency translation adjustments, net of tax (277) (277)       (277)    
Net subscriptions (redemptions) and other 4,260 5,249   5,249       (989)
Cash dividends declared, common (60,881) (60,881)     (60,881)      
Repurchase of common shares (in shares)     (201,233)       201,233  
Repurchase of common shares (45,130) (45,130)         $ (45,130)  
Issuance of common shares related to employee stock transactions (in shares)     80,652          
Issuance of common shares related to employee stock transactions 0 0            
Taxes paid on stock-based compensation (11,681) (11,681)   (11,681)        
Stock-based compensation $ 24,541 24,541   24,541        
Balance at ending of period, common stock (in shares) at Dec. 31, 2024 6,967,147   6,967,147          
Balance at end of period at Dec. 31, 2024 $ 901,636 897,493 $ 122 1,319,108 268,221 (364) $ (689,594) 4,143
Balance at ending of period, treasury stock (in shares) at Dec. 31, 2024 5,276,733           5,276,733  
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) $ 29,938              
Net subscriptions (redemptions) and other (27,525)              
Balance at Dec. 31, 2024 107,282              
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 137,385 138,396     138,396     (1,011)
Foreign currency translation adjustments, net of tax 826 826       826    
Net subscriptions (redemptions) and other 1,698 4,028   4,028       (2,330)
Cash dividends declared, common (65,719) (65,719)     (65,719)      
Repurchase of common shares (in shares)     (347,364)       347,364  
Repurchase of common shares (59,999) (59,999)         $ (59,999)  
Issuance of common shares related to employee stock transactions (in shares)     75,398          
Issuance of common shares related to employee stock transactions 0 0 $ 1 (1)        
Taxes paid on stock-based compensation (7,847) (7,847)   (7,847)        
Stock-based compensation $ 26,865 26,865   26,865        
Balance at ending of period, common stock (in shares) at Dec. 31, 2025 6,695,181   6,695,181          
Balance at end of period at Dec. 31, 2025 $ 934,845 $ 934,043 $ 123 $ 1,342,153 $ 340,898 $ 462 $ (749,593) $ 802
Balance at ending of period, treasury stock (in shares) at Dec. 31, 2025 5,624,097           5,624,097  
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]                
Net income (loss) $ (1,397)              
Net subscriptions (redemptions) and other (2,951)              
Balance at Dec. 31, 2025 $ 102,934              
v3.25.4
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]              
Foreign currency translation adjustment, tax         $ (278) $ 95 $ (96)
Cash dividends declared per common share (in dollars per share) $ 2.40 $ 2.40 $ 2.25 $ 2.25 $ 9.30 $ 8.30 $ 7.10
v3.25.4
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income (loss) $ 135,988 $ 152,453 $ 141,476
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation expense, intangible asset and other amortization 63,623 69,002 70,046
Stock-based compensation 23,964 32,841 26,825
Equity in (earnings) loss of equity method investments (3,635) (2,713) 198
Distributions from equity method investments 4,078 5,387 2,327
Change in fair value of contingent consideration (2,214) (5,608) (5,510)
Deferred taxes, net 8,401 7,120 1,394
Lease termination 0 (1,318) 0
Changes in operating assets and liabilities:      
Sales (purchases) of investments, net 409 26,114 (16)
Accounts receivable, net and other assets 22,224 8,834 5,388
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities (23,166) (23,166) 3,863
Operating activities of consolidated investment products ("CIP"):      
Net cash provided by (used in) operating activities (67,199) 1,755 237,157
Cash Flows from Investing Activities:      
Capital expenditures and other asset purchases (6,890) (5,579) (8,821)
Purchase of equity method investment (41,084) 0 (11,645)
Acquisition of business, net of cash acquired of $4,395 for the year ended December 31, 2023 0 0 (108,999)
Net cash provided by (used in) investing activities (47,339) (16,951) (129,732)
Cash Flows from Financing Activities:      
Refinancing and borrowings on credit agreement 201,191 0 50,000
Repayments on credit agreement (40,254) (22,750) (52,750)
Payment of deferred financing costs (7,366) 0 0
Payment of contingent consideration (23,140) (24,234) (27,179)
Repurchase of common shares (59,999) (44,868) (45,000)
Common stock dividends paid (64,599) (58,123) (52,047)
Taxes paid related to net share settlement of restricted stock units (7,847) (11,681) (13,774)
Investment management subsidiary equity sales (purchases) (24,889) (29,015) (20,784)
Net contributions from (distributions to) noncontrolling interests 10,388 32,822 6,080
Net cash provided by (used in) financing activities 191,025 74,947 (356,113)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,390 (456) 523
Net increase (decrease) in cash and cash equivalents 77,877 59,295 (248,165)
Cash, cash equivalents and restricted cash, beginning of year 400,309 341,014 589,179
Cash, cash equivalents and restricted cash, end of year 478,186 400,309 341,014
Supplemental Disclosure of Cash Flow Information      
Interest paid 19,069 20,260 22,307
Income taxes paid, net 46,042 56,379 31,160
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Common stock dividends payable 16,068 15,676 13,467
Reconciliation of cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at end of year 478,186 400,309 341,014
Consolidated Entity excluding Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net (4,214) (2,795) (6,132)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net (4,214) (2,795) (6,132)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 386,483 265,888  
Consolidated Investment Products      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized and unrealized (gains) losses on investments, net 18,364 5,279 (4,664)
Operating activities of consolidated investment products ("CIP"):      
Realized and unrealized (gains) losses on investments, net 18,364 5,279 (4,664)
Purchases of investments by CIP (1,447,091) (1,468,615) (1,264,708)
Sales of investments by CIP 1,130,806 1,196,438 1,263,580
Net proceeds (purchases) of short-term investments and securities sold short by CIP (194) 49 (261)
Change in other assets and liabilities of CIP 2,008 (2,073) 1,666
Amortization of discount on notes payable of CIP 3,450 4,526 1,685
Cash Flows from Investing Activities:      
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net 635 (11,372) (267)
Cash Flows from Financing Activities:      
Borrowings by CIP 661,125 1,016,232 269,260
Payments on borrowings by CIP (453,585) (783,436) (469,919)
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net 9,221 (31,255) $ (7,170)
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 90,686 133,694  
Cash pledged or on deposit of consolidated investment products $ 1,017 $ 727  
v3.25.4
Consolidated Statements of Cash Flow (Parenthetical)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Statement of Cash Flows [Abstract]  
Acquisition of business, net of cash acquired $ 4,395
v3.25.4
Organization and Business
 12 Months Ended
Dec. 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 as well as collateral management of structured products. The Company’s investment management services are provided to individuals through products consisting of: mutual funds registered pursuant to the Investment Company Act of 1940, as amended that include U.S. retail funds, exchange-traded funds ("ETFs"), Undertaking for Collective Investment in Transferable Securities and Qualifying Investor Funds ("global funds" and collectively with U.S. retail funds and ETFs the "open-end funds"); closed-end funds (collectively with open-end funds, the "funds"); retail separate accounts sold through intermediaries and wealth advisory services provided to high net worth clients through our wealth management business.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A voting interest entity ("VOE") is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.

The Company evaluates any variable interest entity ("VIE") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support, or (ii) where, as a group, the holders of the equity investment at risk do not possess any one of the following: (a) the power through voting or similar rights to direct the activities that most significantly impact the entity's economic performance, (b) the obligation to absorb expected losses or the right to receive expected residual returns of the entity, or (c) proportionate voting and economic interests and where substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. See Note 17 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated.

Use of Estimates
The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.

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

Restricted Cash
The Company considers cash and cash equivalents of consolidated investment products ("CIP") and cash pledged or on deposit of CIP to be restricted as it is not available to the Company for its general operations.

Investments
Investment Securities - Fair Value
Investment securities - fair value consist of investments in the Company's sponsored funds and in separate accounts
and are carried at fair value in accordance with ASC 320, Investments-Debt and Equity Securities ("ASC 320"), and Topic 321, Investments-Equity Securities ("ASC 321"). These securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Transactions in these securities are recorded on a trade date basis. Any unrealized appreciation or depreciation on investment securities is reported on the Consolidated Statement of Operations within realized and unrealized gain (loss) on investments.

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

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

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

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

Non-qualified Retirement Plan Assets and Liabilities
The Company has a non-qualified retirement plan (the "Excess Incentive Plan") that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered investment securities, are included in investments at fair value in accordance with ASC 820, Fair Value Measurement; the associated obligations to participants, which approximate the fair value of the associated assets, are included in other liabilities on the Consolidated Balance Sheets. See Note 5 for additional information related to the Excess Incentive Plan.

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

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

Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price of business combinations over the identified assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. The Company has a single reporting unit for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company's business. The Company follows Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment, which provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company's 2025 and 2024 annual goodwill impairment analysis did not result in any impairment charges.

Definite-lived intangible assets are comprised of certain investment management agreements, trade names, non-competition agreements and software. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from 6 to 16 years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and an impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows.

Indefinite-lived intangible assets are comprised of certain trade names and fund investment management agreements. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, which provides the option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company's 2025 and 2024 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges.

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

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

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

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

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

Noncontrolling interests - Investment Manager
Noncontrolling interests - Investment Manager represents the minority interests of a majority owned consolidated investment management subsidiary. See Note 16 for further discussion.

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

Revenue Recognition
The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.

Investment Management Fees
The Company provides investment management services pursuant to investment management agreements through its investment advisers. Investment management services represent a series of distinct daily services that are performed over time. Fees earned on funds are based on each fund's average daily or weekly net assets and are generally calculated and received on a monthly basis. For funds managed by unaffiliated subadvisors, the Company records fees net of the subadvisory fees, as the Company is deemed to be the agent as it relates to the services performed by unaffiliated subadvisers, with the Company's performance obligation being to arrange for the provision of that service and not control the specified service before it is performed. Amounts paid to unaffiliated subadvisers for the years ended December 31, 2025, 2024 and 2023 were $44.3 million, $45.4 million and $54.7 million, respectively.

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

Distribution and Service Fees
Distribution and service fees are sales- and asset-based fees earned from our U.S. retail funds for marketing and distribution services. Depending on the fund type or share class, these fees primarily consist of an asset-based fee that is paid by the fund over a period of years to cover allowable sales and marketing expenses, or front-end sales charges that are based on a percentage of the offering price. Asset-based distribution and service fees are primarily earned as percentages of the average daily net assets value and are paid monthly pursuant to the terms of the respective distribution and service fee contracts.
Distribution and service fees represent two performance obligations comprised of distribution and related shareholder servicing activities. Distribution services are generally satisfied upon the sale of a fund share. Shareholder servicing activities are generally services satisfied over time.

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

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

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

Restricted stock units ("RSUs") are stock awards that entitle the holder to receive shares of the Company's common stock as the award vests over time or when certain performance metrics are achieved. The fair value of each RSU award is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a "market condition." Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. The value of RSUs that contain a performance metric ("PSUs") is determined based on (i) the intrinsic value method for awards that contain a performance metric that represent a "performance condition" in accordance with ASC 718 and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grand and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period.

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

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

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

Earnings (Loss) per Share
Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method.

Recent Accounting Pronouncements
New Accounting Standards Implemented
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025 on a prospective basis, effective for annual financial statements for the year ended December 31, 2025. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

New Accounting Standards Not Yet Implemented
In 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.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40). The standard amends certain aspects of the accounting for internal-use software costs by requiring an entity to capitalize software costs when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027. Early adoption is permitted using a prospective, modified or retrospective transition approach. 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.
v3.25.4
Revenues
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Investment Management Fees by Source
The following table summarizes investment management fees by source:
Years Ended December 31,
(in thousands)202520242023
Investment management fees
Open-end funds$286,610 $317,990 $305,238 
Closed-end funds61,305 59,184 58,136 
Retail separate accounts209,538 209,467 171,357 
Institutional accounts167,586 187,189 176,744 
Total investment management fees$725,039 $773,830 $711,475 
No Company clients or sponsored funds provided 10 percent or more of the Company's investment management, administration and shareholder service fee revenues in the preceding three years.
v3.25.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Below is a summary of intangible assets, net: 
Definite-LivedIndefinite-LivedTotal
(in thousands)Gross Book ValueAccumulated AmortizationNet Book ValueNet Book ValueNet Book Value
Balances of December 31, 2023$806,655 $(416,834)$389,821 $42,298 $432,119 
Adjustments2,409 — 2,409 — 2,409 
Intangible amortization— (56,299)(56,299)— (56,299)
Balances of December 31, 2024809,064 (473,133)335,931 42,298 378,229 
Adjustments957 — 957 — 957 
Intangible amortization— (51,777)(51,777)— (51,777)
Balances of December 31, 2025$810,021 $(524,910)$285,111 $42,298 $327,409 

Definite-lived intangible asset amortization for the next five and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
2026$50,906 
202747,804 
202842,142 
202936,544 
203035,119 
2031 and thereafter72,596 
Total$285,111 

At December 31, 2025, the weighted average estimated remaining amortization period for definite-lived intangible assets was 6.7 years.

There have been no changes to goodwill for the years ended December 31, 2025 and 2024.
v3.25.4
Investments
 12 Months Ended
Dec. 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 CIP discussed in Note 17, at December 31, 2025 and 2024, were as follows: 
 December 31,
(in thousands)20252024
Investment securities - fair value$76,462 $83,771 
Equity method investments (1)60,928 20,286 
Nonqualified retirement plan assets20,090 15,159 
Total investments$157,480 $119,216 
(1)The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. On December 15, 2025, the Company completed the acquisition of a 35% minority interest in Crescent Cove Advisors, LP for $41.1 million, including transaction costs.
 
Investment Securities - Fair Value
Investment securities - fair value consist of investments in the Company's sponsored funds and separate accounts. The composition of the Company's investment securities - fair value was as follows: 
December 31,
20252024
(in thousands)CostFair
Value		CostFair
Value
Investment Securities - fair value:
Sponsored funds$51,993 $51,013 $63,220 $63,296 
Equity securities19,703 22,903 17,406 19,019 
Debt securities2,531 2,546 1,457 1,456 
Total investment securities - fair value$74,227 $76,462 $82,083 $83,771 
 

For the years ended December 31, 2025, 2024 and 2023, the Company recognized net realized gains of $2.9 million, $3.8 million and $2.1 million, respectively, related to its investment securities - fair value.

Equity Method Investments
The Company's equity method investments primarily consist of minority investments in Crescent Cove Advisors LP and Zevenbergen Capital Investments. For the years ended December 31, 2025, 2024 and 2023, distributions from equity method investments were $4.1 million, $5.4 million and $2.3 million, respectively.

Nonqualified Retirement Plan Assets
The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. Each participant is responsible for designating investment options for their contributions, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320, Investments - Debt Securities; the associated obligations to participants are included in other liabilities on the Consolidated Balance Sheets.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 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 17, as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: 
December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$340,276 $— $— $340,276 
Investment securities - fair value
Sponsored funds51,013 — — 51,013 
Equity securities22,903 — — 22,903 
Debt securities— 2,546 — 2,546 
Nonqualified retirement plan assets20,090 — — 20,090 
Total assets measured at fair value$434,282 2,546 $— $436,828 
Liabilities
Contingent consideration$— $— $20,800 $20,800 
Total liabilities measured at fair value$— $— $20,800 $20,800 
 
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 and liabilities measured at fair value.
 
Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in funds for which the Company acts as the investment manager. The fair value 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 or an income approach valuation technique with the assistance of an independent valuation firm and approved by management and are categorized as Level 3.

The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities:
(in thousands)20252024
Contingent consideration, beginning of year$36,100 $56,200 
Reduction for payments made(13,086)(14,492)
Increase (reduction) of liability related to re-measurement of fair value(2,214)(5,608)
Contingent consideration, end of year$20,800 $36,100 
The contingent consideration liability at December 31, 2025 of $20.8 million, is related to the NFJ Group transaction. This liability is measured using an income approach valuation technique. The most significant unobservable inputs used relate to the revenue growth rates, discount rates (range of 5.43% - 5.53%) and the market price of risk adjustment (5.80%).

Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.
v3.25.4
Furniture, Equipment and Leasehold Improvements, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Furniture, Equipment and Leasehold Improvements, Net Furniture, Equipment and Leasehold Improvements, Net
Furniture, equipment and leasehold improvements, net were as follows: 
 December 31,
(in thousands)20252024
Leasehold improvements$26,166 $27,321 
Furniture and office equipment18,320 17,150 
Computer equipment and software9,823 8,101 
Subtotal54,309 52,572 
Accumulated depreciation and amortization(32,418)(29,854)
Furniture, equipment and leasehold improvements, net$21,891 $22,718 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
All of the Company's leases qualify as operating leases and consist primarily of leases for office facilities, which have remaining initial lease terms ranging from 0.7 to 12.6 years and a weighted average remaining lease term of 10.5 years. The Company has options to renew certain of its leases for periods ranging from 5.0 to 10.0 years, depending on the lease. None of the Company's renewal options were considered reasonably assured of being exercised and, therefore, were excluded from the initial lease term used to determine the Company's right-of-use asset and lease liability. The Company's right-of-use asset and lease liability on the Consolidated Balance Sheets at December 31, 2025 were $75.2 million and $93.2 million, respectively. The weighted average discount rate used to measure the Company's lease liability was 7.0% at December 31, 2025.

Lease expense totaled $17.3 million, $15.1 million and $14.7 million for fiscal years 2025, 2024 and 2023,
respectively. Cash payments relating to operating leases during 2025 were $12.7 million.

Lease liability maturities as of December 31, 2025 were as follows:
Fiscal Year
Amount
(in thousands)
2026$12,827 
202713,156 
202810,986 
202912,894 
203012,717 
Thereafter73,990 
Total lease payments136,570 
Less: Imputed interest43,345 
Present value of lease liabilities$93,225 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the provision for income taxes were as follows: 
 Years Ended December 31,
(in thousands)202520242023
Current
Federal$35,884 $37,536 $33,523 
State6,293 10,767 10,171 
Foreign683 — — 
Total current tax expense (benefit)42,860 48,303 43,694 
Deferred
Federal5,632 5,164 789 
State2,625 1,956 605 
Foreign144 — — 
Total deferred tax expense (benefit)8,401 7,120 1,394 
Total expense (benefit) for income taxes$51,261 $55,423 $45,088 
The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the year ended December 31, 2025, subsequent to the adoption of ASU 2023-09: 
(in thousands)Year Ended December 31, 2025
U.S. Federal income tax expense (benefit) and tax rate$39,322 21 %
State and local income taxes, net of federal income tax effect (1)7,597 4 %
Foreign tax effects169 — %
Effect of cross-border tax laws329 — %
Tax credits(704)— %
Change in valuation allowance2,024 1 %
Nontaxable or Nondeductible Items
Excess tax benefits related to share-based compensation367 — %
Nondeductible compensation2,216 1 %
Effect of net (income) loss attributable to noncontrolling interests(1,472)(1)%
Other342 — %
Other, net1,071 1 %
Income tax expense (benefit)$51,261 27 %
(1)     State and local taxes in Connecticut, California, New Jersey, New York and New York City made up the majority (greater than 50%) of the tax effect in this category.

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09: 
 Years Ended December 31,
(in thousands)20242023
Tax at statutory rate$43,654 21 %$39,178 21 %
State taxes, net of federal benefit10,040 5 %9,240 5 %
Excess tax benefits related to share-based compensation(220)— %(1,767)(1)%
Nondeductible compensation2,246 1 %2,106 1 %
Effect of net (income) loss attributable to noncontrolling interests(2,348)(1)%(2,299)(1)%
Change in valuation allowance73 — %(1,547)(1)%
Other, net1,978 1 %177 — %
Income tax expense (benefit)$55,423 27 %$45,088 24 %

The provision for income taxes reflects U.S. federal, state and local, and foreign taxes at an effective tax rate of 27%, 27% and 24% for the years ended December 31, 2025, 2024 and 2023, respectively. The Company's tax position for the years ended December 31, 2025, 2024 and 2023 was impacted by changes in the valuation allowance related to the unrealized and realized gains and losses on the Company's investments and state net operating losses.
The components of Income (Loss) Before Income Taxes were as follows:
 Year Ended
December 31, 2025
(in thousands)
Domestic$184,114 
Foreign3,135 
Total Income (Loss) Before Income Taxes$187,249 
The components of income taxes paid (net of refunds) were as follows:
 Year Ended
December 31, 2025
(in thousands)
Domestic$36,000 
State9,609 
Foreign433 
Total cash taxes paid (net of refunds)$46,042 
Deferred taxes resulted from temporary differences between the amounts reported on the consolidated financial statements and the tax basis of assets and liabilities. The tax effects of temporary differences were as follows: 
 December 31,
(in thousands)20252024
Deferred tax assets:
Intangible assets$18,332 $18,809 
Net operating losses8,047 9,180 
Compensation accruals16,333 17,173 
Lease liability21,684 17,698 
Investment in sponsored products10,955 8,801 
Capital losses7,290 7,748 
Investment in partnerships7,283 8,058 
Gross deferred tax assets89,924 87,467 
Valuation allowance(19,301)(16,612)
Gross deferred tax assets after valuation allowance70,623 70,855 
Deferred tax liabilities:
Intangible assets(31,230)(29,642)
Right of use asset(17,303)(14,406)
Fixed assets(2,851)(3,042)
Other (661)(559)
Gross deferred tax liabilities(52,045)(47,649)
Deferred tax assets, net$18,578 $23,206 
At each reporting date, the Company evaluates the positive and negative evidence used to determine the likelihood of realization of its deferred tax assets. The Company maintained a valuation allowance in the amount of $19.3 million and $16.6 million at December 31, 2025 and 2024, respectively, relating to deferred tax assets on items of a capital nature as well as certain state deferred tax assets.

As of December 31, 2025, the Company had net operating loss carry-forwards for federal income tax purposes represented by a $4.4 million deferred tax asset. The related federal net operating loss carry-forwards are scheduled to begin to expire in the year 2031. As of December 31, 2025, the Company had state net operating loss carry-forwards, varying by subsidiary and jurisdiction, represented by a $3.7 million deferred tax asset. Certain state net operating loss carry-forwards are scheduled to begin to expire in 2029.
Internal Revenue Code Section 382 ("Section 382") limits tax deductions for net operating losses, capital losses and net unrealized built-in losses after there is a substantial change in ownership in a corporation's stock involving a 50-percentage point increase in ownership by 5% or larger stockholders. At December 31, 2025, the Company had pre-change losses represented by deferred tax assets totaling $4.8 million that are subject to Section 382 limits. The utilization of these assets is subject to an annual limitation of $1.1 million.

Activity in unrecognized tax benefits were as follows:
 Years Ended December 31,
(in thousands)202520242023
Balance, beginning of year$856 $856 $856 
Decrease related to tax positions taken in prior years(214)(214)(214)
Increase related to positions taken in the current year— 214 214 
Balance, end of year$642 $856 $856 
If recognized, $0.5 million of the $0.6 million gross unrecognized tax benefit balance at December 31, 2025 would favorably impact the Company's effective income tax rate. The Company does not expect any significant changes to its liability for unrecognized tax benefits during the next 12 months.

The Company recognizes interest and penalties related to income tax matters within income tax expense. The Company recorded no interest or penalties related to unrecognized tax benefits at December 31, 2025, 2024 and 2023.

The earliest federal tax year that remains open for examination is 2022. The earliest open years in the Company's major state tax jurisdictions are 2010 for Connecticut and 2022 for all of the Company's remaining state tax jurisdictions.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OBBBA). The OBBBA maintains the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic research and development expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. The OBBBA did not have a material impact on our annual effective tax rate in 2025, and we do not expect it to have a material impact in 2026.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Agreement
On September 26, 2025, the Company refinanced its existing credit agreement by entering into a new credit agreement (the "Credit Agreement"). The Credit Agreement provides for (i) a $400.0 million term loan with a seven-year term (the "Term Loan") expiring in September 2032, and (ii) a $250.0 million revolving credit facility with a five-year term expiring in September 2030. A portion of the proceeds of the refinancing have been used to repay the $234.7 million outstanding on the previous term loan. The Company has the right, subject to customary conditions specified in the Credit Agreement, to request additional revolving credit facility commitments and additional term loans to be made under the Credit Agreement. The Company had $399.0 million outstanding at December 31, 2025 under the Term Loan. In accordance with ASC 835, Interest, the amounts outstanding under the Company's Term Loan are presented on the Consolidated Balance Sheet net of related debt issuance costs, which were $9.0 million as of December 31, 2025.

Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either Term SOFR for interest periods of one, three or six months or an alternate base rate, in either case plus an applicable margin. The applicable margins are 2.25%, in the case of a SOFR-based Term Loan, and 1.25%, in the case of an alternate base rate loan. The Company is also required to pay a quarterly commitment fee on the average unused amount of the revolving credit facility which ranges from 0.15% to 0.25%, based on the secured net leverage ratio of the Company as of the last day of the preceding fiscal quarter.

The Term Loan will amortize at the rate of 1.00% per annum, payable in equal quarterly installments on the last day of each March, June, September and December (commencing on December 31, 2025), based on the aggregate principal amount of the Term Loan's outstanding balance on the closing date. In addition, the Credit Agreement requires that the term
loans be mandatorily prepaid with excess cash flow each fiscal year commencing with the fiscal year ended December 31, 2026 if the secured net leverage ratio at the end of such excess cash flow period is (a) greater than 3:1, 50%, (b) greater than or equal to 2.5:1 but less than or equal to 3:1, 25%, and (c) less than 2.5:1, 0%, (d) 50% of the net proceeds of certain asset sales, casualty or condemnation events, subject to customary reinvestment rights; and (e) 100% of the proceeds of any indebtedness incurred to refinance the term loans or other refinancing indebtedness as well as indebtedness incurred other than indebtedness permitted to be incurred by the Credit Agreement. At any time, upon timely notice, the Company may terminate the Credit Agreement in full, reduce the commitment under the facility in minimum specified increments or prepay loans in whole or in part, and in the case of any term loans that are prepaid in connection with a “repricing transaction” occurring within the six-month period following the closing date of the Credit Agreement, a 1.00% premium.

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

Future minimum Term Loan payments (exclusive of any mandatory excess cash-flow repayments) as of December 31, 2025 were as follows:
Fiscal Year
Amount
(in thousands)
2026$4,000 
20274,000 
20284,000 
20294,000 
20304,000 
2031 and thereafter379,000 
$399,000 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 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.
v3.25.4
Equity Transactions
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Transactions Equity Transactions
Dividends
During the first and second quarters of the year ended December 31, 2025, the Board of Directors declared quarterly cash dividends on the Company's common stock of $2.25 each. During the third and fourth quarters of the year ended December 31, 2025, the Board of Directors declared quarterly cash dividends on the Company's common stock of $2.40 each. Total dividends declared on the Company's common stock were $65.7 million for the year ended December 31, 2025.

At December 31, 2025, $21.2 million was included in accounts payable and accrued liabilities on the Consolidated Balance Sheet representing the fourth quarter dividends to be paid on February 11, 2026 for common stock shareholders of record as of January 31, 2026.

On February 25, 2026, the Company declared a quarterly cash dividend of $2.40 per common share to be paid on May 13, 2026 to shareholders of record at the close of business on April 30, 2026.

Common Stock Repurchases
During the year ended December 31, 2025, the Company repurchased 347,364 common shares at a weighted average price of $172.70 per share, for a total cost, including fees and expenses, of $60.0 million under its share repurchase program. As of December 31, 2025, 805,948 shares remain available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.
v3.25.4
Retirement Savings Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Retirement Savings Plan Retirement Savings Plan
The Company sponsors a defined contribution 401(k) retirement plan (the "401(k) Plan") covering all employees who meet certain age and service requirements. Employees may contribute a percentage of their eligible compensation into the 401(k) Plan, subject to certain limitations imposed by the Internal Revenue Code. The Company matches employees' contributions at a rate of 100% of employees' contributions up to the first 5.0% of the employees' compensation contributed to the 401(k) Plan. The Company's matching contributions were $8.7 million, $8.7 million and $8.3 million in 2025, 2024 and 2023, respectively.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 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 Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At December 31, 2025, 689,477 shares of common stock remain available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan.

Stock-based compensation expense is summarized as follows: 
 Years Ended December 31,
(in thousands)202520242023
Stock-based compensation expense$23,964 $32,841 $26,825 
Restricted Stock Units
Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one to three years. Shares that are issued upon vesting are newly issued shares from the Omnibus Plan and are not issued from treasury stock.
RSU activity, inclusive of PSUs, for the year ended December 31, 2025 is summarized as follows: 
Number
of shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2024317,489 $205.86 
Granted167,264 $173.84 
Forfeited(32,705)$218.16 
Settled(115,251)$202.74 
Outstanding at December 31, 2025336,797 $189.84 
The grant-date intrinsic value of RSUs granted during the year ended December 31, 2025 was $29.1 million.

Years Ended December 31,
(in millions, except per share values)202520242023
Weighted-average grant-date fair value per share$173.84 $234.57 $160.74 
Fair value of RSUs vested$23.4 $29.9 $24.8 
For the years ended December 31, 2025, 2024 and 2023, a total of 44,699, 50,910 and 79,516 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations and for which the Company paid $7.8 million, $11.7 million and $13.8 million, respectively, in minimum employee tax withholding obligations. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting.

During the years ended December 31, 2025 and 2024, the Company granted 37,777 and 29,276 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 and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period.

As of December 31, 2025 and 2024, unamortized stock-based compensation expense for unvested RSUs and PSUs was $28.4 million and $27.9 million, respectively, with a weighted average remaining contractual life of 1.1 years and 1.1 years, respectively. The Company did not capitalize any stock-based compensation expenses during the years ended December 31, 2025, 2024 and 2023.

Employee Stock Purchase Plan
The Company offers an employee stock purchase plan that allows employees to purchase shares of common stock on the open market at market price through after-tax payroll deductions. The initial transaction fees are paid for by the Company and shares of common stock are purchased on a quarterly basis. The Company does not reserve shares for this plan or discount the purchase price of the shares.
v3.25.4
Earnings (Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share Earnings (Loss) Per Share
The computation of basic and diluted EPS is as follows: 
 Years Ended December 31,
(in thousands, except per share amounts)202520242023
Net Income (Loss)$135,988 $152,453 $141,476 
Noncontrolling interests2,408 (30,707)(10,855)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$138,396 $121,746 $130,621 
Shares (in thousands):
Basic: Weighted-average number of shares outstanding6,829 7,082 7,249 
Plus: Incremental shares from assumed conversion of dilutive instruments100 128 126 
Diluted: Weighted-average number of shares outstanding6,929 7,210 7,375 
Earnings (Loss) per Share—Basic$20.27 $17.19 $18.02 
Earnings (Loss) per Share—Diluted$19.97 $16.89 $17.71 
The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
Years Ended Years Ended December 31,
(in thousands)202520242023
Restricted stock units and stock options24 1 2 
Total anti-dilutive securities24 1 2 
v3.25.4
Redeemable Noncontrolling Interests
 12 Months Ended
Dec. 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 Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Consolidated Statements of Operations within noncontrolling interests.

Redeemable noncontrolling interests for the year ended December 31, 2025 included the following amounts:
Redeemable Noncontrolling Interests
(in thousands)CIPInvestment ManagerTotal
Balance at December 31, 2024$45,667 $61,615 $107,282 
Net income (loss) attributable to noncontrolling interests2,588 5,415 8,003 
Changes in redemption value (1)— (9,400)(9,400)
Total net income (loss) attributable to noncontrolling interests2,588 (3,985)(1,397)
Affiliate equity sales (purchases)— (24,889)(24,889)
Net subscriptions (redemptions) and other27,897 (5,959)21,938 
Balance at December 31, 2025$76,152 $26,782 $102,934 
(1)Relates to noncontrolling interests redeemable at other than fair value.

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

Accrued compensation associated with these awards was $14.4 million and $19.4 million at December 31, 2025 and 2024, respectively. Compensation expense related to these awards totaled $(2.8) million and $8.2 million for the years ended December 31, 2025 and 2024, respectively.
v3.25.4
Consolidation
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation Consolidation
The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A VOE is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.

In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. CIP includes both VOEs, made up primarily of U.S. retail funds and ETFs in which the Company holds a controlling financial interest, and VIEs, which consist of collateralized loan obligations ("CLO") and certain global and private funds ("GF") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on the Company's net income (loss). The Company's risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company's investments in, and fees generated from, these products.

The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Consolidated Balance Sheets as of December 31, 2025 and 2024:
 As of December 31,
 20252024
VOEsVIEsVOEsVIEs
(in thousands)CLOsGFsCLOsGFs
Cash and cash equivalents$2,284 $86,491 $2,928 $5,179 $125,995 $3,247 
Investments75,877 2,450,177 107,298 40,678 2,141,626 88,413 
Other assets700 38,721 1,199 403 172,707 1,261 
Notes payable— (2,359,828)— — (2,171,946)— 
Securities purchased payable and other liabilities(363)(96,935)(919)(4,271)(151,922)(1,840)
Noncontrolling interests(24,244)(802)(51,908)(12,452)(4,143)(33,215)
Net interests in CIP$54,254 $117,824 $58,598 $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 December 31, 2025, the Company consolidated eight CLOs. The financial information of CLOs is included in the Company's consolidated financial statements on a one-month lag based upon the availability of their financial information.

Investments of CLOs
The CLOs held investments of $2.5 billion at December 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 $2.6 billion at December 31, 2025, consisting of senior secured floating rate notes payable with a par value of $2.4 billion and subordinated notes with a par value of $271.8 million. These note obligations bear interest at variable rates based on SOFR plus a pre-defined spread.

The Company's beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, Consolidation (Topic 810) ("ASU 2014-13"), results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2025, as shown in the table below:
(in thousands)
Subordinated notes$115,917 
Accrued investment management fees1,907 
Total Beneficial Interests$117,824 
The following table represents income and expenses of the consolidated CLOs included in the Company's Consolidated Statements of Operations for the period indicated:
Year Ended
December 31, 2025
(in thousands)
Income:
Realized and unrealized gain (loss), net$(30,770)
Interest income178,680 
Total Income$147,910 
Expenses:
Other operating expenses$4,468 
Interest expense140,907 
Total Expense145,375 
Noncontrolling interests1,011 
Net Income (loss) attributable to CLOs$3,546 
The following table represents the Company's own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Year Ended
December 31, 2025
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$(6,098)
Investment management fees9,644 
Total Economic Interests$3,546 
 
Fair Value Measurements of CIP
The assets and liabilities of CIP measured at fair value on a recurring basis as of December 31, 2025 and 2024 by fair value hierarchy level were as follows:
As of December 31, 2025    
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$86,491 $— $— $86,491 
Debt investments91 2,536,337 30,333 2,566,761 
Equity investments66,180 — 411 66,591 
Total assets measured at fair value$152,762 $2,536,337 $30,744 $2,719,843 
Liabilities
Notes payable$— $2,359,828 $— $2,359,828 
Short sales225 — — 225 
Total liabilities measured at fair value$225 $2,359,828 $— $2,360,053 
 
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 Consolidated Balance Sheets within other liabilities of CIP and are classified as Level 1 based on the underlying equity security.

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

The securities purchased payable at December 31, 2025 and 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:
(in thousands)Year Ended December 31,
Level 3 Investments of CIP (1)20252024
Balance at beginning of period$7,689 $37,062 
Purchases2,420 2,062 
Sales(50,282)(43,179)
Realized and unrealized gains (losses), net(2,214)459 
Transfers to Level 2(71,788)(120,916)
Transfers from Level 2144,919 132,201 
Balance at end of period$30,744 $7,689 
 
(1)The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.

Nonconsolidated VIEs
The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.

The Company has interests in certain other VIEs that the Company does not consolidate as it is not the primary beneficiary since its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance. At December 31, 2025, the carrying value and maximum risk of loss related to the Company's interest in these VIEs was $67.4 million.
v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
ASC 280 establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly evaluated by the CODM in deciding how to allocate resources to the segment and assess its performance. The Company's Chief Executive Officer is the Company's CODM. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company's determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company's CODM reviews the Company's financial performance on a consolidated level.

The key GAAP measure of segment profit or loss that the CODM uses to evaluate the Company’s financial performance and allocate resources of the Company is net income, as reported on the Company’s Consolidated Statements of Operations. In addition, the CODM uses net income in deciding whether to reinvest profits or allocate profits to other uses of capital, such as for acquisitions or to pay dividends. All expense categories on the Consolidated Statements of Operations are
significant and there are no other significant segment expenses that would require disclosure. Assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets.
v3.25.4
Keystone Agreement
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Keystone Agreement Keystone Agreement
On December 5, 2025, the Company entered into an agreement to acquire a majority interest in Keystone National Group ("Keystone"), an investment manager specializing in asset-centric private credit. Under the agreement, the Company would purchase a majority interest in Keystone for consideration of $200.0 million at closing and up to an additional $170.0 million of deferred consideration, including earnout payments subject to the achievement of future revenue targets. The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, necessary regulatory approvals and client approvals, including approvals by the Keystone registered fund shareholders.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We maintain a cybersecurity and information protection program that is supported by policies and procedures designed to protect our systems and assets and the Company’s sensitive or confidential business information, including that entrusted to us by our clients and business partners. Identifying and assessing cybersecurity risk is integrated into our overall enterprise risk management (“ERM”) processes. Our ERM processes consider cybersecurity threat risks alongside other company risks as part of our overall management activities. Cybersecurity risks related to our business are identified and managed through a multi-faceted approach utilizing various systems, controls, and processes. Our cybersecurity systems, controls and processes are overseen by our cybersecurity information technology team which is managed by our Chief Information Security Officer ("CISO").

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

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

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

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

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

The Company maintains an Enterprise Risk Committee (“ERC”), comprising the Company executives who lead day-to-day risk management, and whose efforts are supplemented by specific risk-related committees or teams. The ERC is a cross-functional committee that focuses on identifying and managing operational risk throughout the organization, including cybersecurity threats. The ERC has integrated cybersecurity into key elements of the Company’s ERM framework, including our BCDR planning program and service provider management policy, and personnel from our information security, risk management, compliance and legal groups are a part of the assessment and response team for cybersecurity incidents and the evaluation of third-party cybersecurity risk.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] our Chief Technology Officer and CISO brief the Board on the cyber-threat landscape, our information security program and other related information technology topics.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity systems, controls and processes are overseen by our cybersecurity information technology team which is managed by our Chief Information Security Officer ("CISO").
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Company maintains an Enterprise Risk Committee (“ERC”), comprising the Company executives who lead day-to-day risk management, and whose efforts are supplemented by specific risk-related committees or teams. The ERC is a cross-functional committee that focuses on identifying and managing operational risk throughout the organization, including cybersecurity threats.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").
Consolidation The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A voting interest entity ("VOE") is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.
Variable Interest Entities
The Company evaluates any variable interest entity ("VIE") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support, or (ii) where, as a group, the holders of the equity investment at risk do not possess any one of the following: (a) the power through voting or similar rights to direct the activities that most significantly impact the entity's economic performance, (b) the obligation to absorb expected losses or the right to receive expected residual returns of the entity, or (c) proportionate voting and economic interests and where substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. See Note 17 for additional information related to the consolidation of investment products. Intercompany accounts and transactions have been eliminated.
The consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A VOE is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity.

In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. CIP includes both VOEs, made up primarily of U.S. retail funds and ETFs in which the Company holds a controlling financial interest, and VIEs, which consist of collateralized loan obligations ("CLO") and certain global and private funds ("GF") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on the Company's net income (loss). The Company's risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company's investments in, and fees generated from, these products.
The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.
The Company has interests in certain other VIEs that the Company does not consolidate as it is not the primary beneficiary since its interest in these entities does not provide the Company with the power to direct the activities that most significantly impact the entities' economic performance.
Use of Estimates
The preparation of the consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management believes the estimates used in preparing the consolidated financial statements are reasonable and prudent. Actual results could differ from those estimates.
Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and money market fund investments.
The Company considers cash and cash equivalents of consolidated investment products ("CIP") and cash pledged or on deposit of CIP to be restricted as it is not available to the Company for its general operations.
Investments
Investment Securities - Fair Value
Investment securities - fair value consist of investments in the Company's sponsored funds and in separate accounts
and are carried at fair value in accordance with ASC 320, Investments-Debt and Equity Securities ("ASC 320"), and Topic 321, Investments-Equity Securities ("ASC 321"). These securities are marked to market based on the respective publicly quoted net asset values of the funds or market prices of the equity securities or bonds. Transactions in these securities are recorded on a trade date basis. Any unrealized appreciation or depreciation on investment securities is reported on the Consolidated Statement of Operations within realized and unrealized gain (loss) on investments.

Equity Method Investments
Equity method investments consist of Company investments in noncontrolled entities, where the Company does not hold a controlling financial interest but has the ability to significantly influence operating and financial matters. Equity method investments are accounted for in accordance with ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company's share of the noncontrolled entities' net income or loss is recorded in other income (expense), net on the Consolidated Statements of Operations. Distributions received reduce the Company's investment. The investment is evaluated for impairment if events or changes indicate that the carrying amount exceeds its fair value. If the carrying amount of an investment does exceed its fair value and the decline in fair value is deemed to be other-than-temporary, an impairment charge will be recorded.
Fair Value Measurement and Fair Value of Financial Instruments
ASC 820, Fair Value Measurement ("ASC 820"), establishes a framework for measuring fair value and a valuation hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. The Financial Accounting Standards Board (the "FASB") defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels as follows:
Level 1—Unadjusted quoted prices for identical instruments in active markets. Level 1 assets and liabilities may include debt securities and equity securities that are traded in an active exchange market.

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

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active exchange markets.
The following is a discussion of the valuation methodologies used for the Company's assets and liabilities measured at fair value.
 
Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1.

Sponsored funds represent investments in funds for which the Company acts as the investment manager. The fair value 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 or an income approach valuation technique 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 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.
Non-qualified Retirement Plan Assets and Liabilities
The Company has a non-qualified retirement plan (the "Excess Incentive Plan") that allows certain employees to voluntarily defer compensation. Assets held in trust, which are considered investment securities, are included in investments at fair value in accordance with ASC 820, Fair Value Measurement; the associated obligations to participants, which approximate the fair value of the associated assets, are included in other liabilities on the Consolidated Balance Sheets. See Note 5 for additional information related to the Excess Incentive Plan.
Furniture, Equipment and Leasehold Improvements, Net Furniture, equipment and leasehold improvements are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three to seven years for furniture and office equipment and three years for computer equipment and software. Leasehold improvements are depreciated over the shorter of the remaining estimated lives of the related leases or useful lives of the improvements. Major renewals or betterments are capitalized, and recurring repairs and maintenance are expensed as incurred.
Leases
The Company leases office space and equipment under various leasing arrangements. In accordance with ASC 842,
Leases, the Company's leases are evaluated and classified as either financing leases or operating leases, as appropriate. The Company recognizes a lease liability and a corresponding right of use ("ROU") asset on the commencement date of any lease arrangement. The lease liability is initially measured at the present value of the future lease payments over the lease term using the rate implicit in the arrangement or, if not readily determinable, the Company's incremental borrowing rate. The Company determines its incremental borrowing rate through market sources, including relevant industry rates. A ROU asset is measured initially as the value of the lease liability plus initial direct costs and prepaid lease payments, and less lease incentives received. Lease expense is recognized on a straight-line basis over the lease term and is recorded within other operating expenses on the Consolidated Statement of Operations.
Goodwill and Other Intangible Assets
Goodwill represents the excess of the purchase price of business combinations over the identified assets and liabilities acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets, goodwill is not amortized. The Company has a single reporting unit for the purpose of assessing potential impairments of goodwill. An impairment analysis of goodwill is performed annually or more frequently, if warranted by events or changes in circumstances affecting the Company's business. The Company follows Accounting Standards Update ("ASU") 2011-08, Testing Goodwill for Impairment, which provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, it is determined that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The Company's 2025 and 2024 annual goodwill impairment analysis did not result in any impairment charges.

Definite-lived intangible assets are comprised of certain investment management agreements, trade names, non-competition agreements and software. These assets are amortized on a straight-line basis over the estimated useful lives of such assets, which range from 6 to 16 years. Definite-lived intangible assets are evaluated for impairment on an ongoing basis whenever events or circumstances indicate that the carrying value of the definite-lived intangible asset may not be recoverable. The Company determines if impairment has occurred by comparing estimates of future undiscounted cash flows to the carrying value of assets. Assets are considered impaired, and an impairment is recorded, if the carrying value exceeds the expected future undiscounted cash flows.

Indefinite-lived intangible assets are comprised of certain trade names and fund investment management agreements. These assets are tested for impairment annually or when events or changes in circumstances indicate the assets might be impaired. The Company follows ASU 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment, which provides the option to perform a qualitative assessment of indefinite-lived intangible assets other than goodwill for impairment to determine if additional impairment testing is necessary. The Company's 2025 and 2024 annual indefinite-lived intangible assets impairment analysis did not result in any impairment charges.
Contingent Consideration
The Company periodically enters into contingent payment arrangements in connection with its business combinations or asset purchases. In contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. The Company estimates the value of future payments of these potential future obligations at the time a business combination or asset purchase is consummated. Liabilities under contingent payment arrangements are recorded within contingent consideration on the Consolidated Balance Sheets.

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

Contingent payment obligations related to asset purchases, if estimable and probable of payment, are initially recorded at their estimated value and reviewed every reporting period for changes. Any changes to the estimated value are recorded as an update of the initial acquisition cost of the asset with a corresponding change to the estimated contingent payment obligation on the Consolidated Balance Sheets.
Segment Information
Accounting Standards Codification ("ASC") 280, Segment Reporting, establishes disclosure requirements relating to operating segments in annual and interim financial statements. Operating segments are defined as components of an
enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources to the segment and assess its performance. The Company's Chief Executive Officer is the Company's CODM. The Company operates in one business segment, namely as an asset manager providing investment management and related services for individual and institutional clients. Although the Company provides disclosures regarding assets under management and other asset flows by product, the Company's determination that it operates in one business segment is based on the fact that the same investment professionals manage both retail and institutional products, operational resources support multiple products, such products have the same or similar regulatory framework and the Company's CODM the Company's financial performance on a consolidated level.
Noncontrolling Interest
Noncontrolling interests - CIP
Noncontrolling interests - CIP represent third-party investments in the Company's CIP and are classified as redeemable noncontrolling interests on the Consolidated Balance Sheets because investors in those products are able to request withdrawal at any time.

Noncontrolling interests - Investment Manager
Noncontrolling interests - Investment Manager represents the minority interests of a majority owned consolidated investment management subsidiary.
Treasury Stock
Treasury stock is accounted for under the cost method and is included as a deduction from equity on the Stockholders' Equity section of the Consolidated Balance Sheets. Upon any subsequent resale, the treasury stock account is reduced by the cost of such stock.
Revenue Recognition
The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.

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

Distribution and Service Fees
Distribution and service fees are sales- and asset-based fees earned from our U.S. retail funds for marketing and distribution services. Depending on the fund type or share class, these fees primarily consist of an asset-based fee that is paid by the fund over a period of years to cover allowable sales and marketing expenses, or front-end sales charges that are based on a percentage of the offering price. Asset-based distribution and service fees are primarily earned as percentages of the average daily net assets value and are paid monthly pursuant to the terms of the respective distribution and service fee contracts.
Distribution and service fees represent two performance obligations comprised of distribution and related shareholder servicing activities. Distribution services are generally satisfied upon the sale of a fund share. Shareholder servicing activities are generally services satisfied over time.

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

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

Other Income and Fees
Other income and fees primarily represent fees related to other fee earning assets and marketing fees earned on certain ETFs.
Stock-based Compensation
The Company accounts for stock-based compensation expense in accordance with ASC 718, Compensation—Stock Compensation ("ASC 718"), which requires the measurement and recognition of compensation expense for share-based awards based on the estimated fair value on the date of grant.
Restricted stock units ("RSUs") are stock awards that entitle the holder to receive shares of the Company's common stock as the award vests over time or when certain performance metrics are achieved. The fair value of each RSU award is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a "market condition." Compensation expense for RSU awards is recognized ratably over the vesting period on a straight-line basis. The value of RSUs that contain a performance metric ("PSUs") is determined based on (i) the intrinsic value method for awards that contain a performance metric that represent a "performance condition" in accordance with ASC 718 and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grand and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period.
Income Taxes
The Company accounts for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires recognition of the amount of taxes payable or refundable for the current year as well as deferred tax assets and liabilities for temporary differences between the tax basis of assets and liabilities and the reported amounts on the Consolidated Financial Statements.

The Company's methodology for determining the realizability of deferred tax assets includes consideration of taxable income in prior carryback year(s), if carryback is permitted under the tax law, as well as consideration of the reversal of deferred tax liabilities that are in the same period and jurisdiction and are of the same character as the temporary differences that gave rise to the deferred tax assets. The Company's methodology also includes estimates of future taxable income from its operations as well as the expiration dates and amounts of carry-forwards related to net operating losses and capital losses. These estimates are projected through the life of the related deferred tax assets based on assumptions that the Company believes to be reasonable and consistent with demonstrated operating results. Unanticipated changes in future operating results may have a significant impact on the realization of deferred tax assets. Valuation allowances are provided when it is
determined that it is more likely than not that the benefit of deferred tax assets will not be realized.
Comprehensive Income The Company reports all changes in comprehensive income on the Consolidated Statements of Changes in Stockholders' Equity and the Consolidated Statements of Comprehensive Income. Comprehensive income includes net income (loss) and foreign currency translation adjustments (net of tax).
Earnings (Loss) per Share Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share. Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method.
Recent Accounting Pronouncements
New Accounting Standards Implemented
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this standard on January 1, 2025 on a prospective basis, effective for annual financial statements for the year ended December 31, 2025. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

New Accounting Standards Not Yet Implemented
In 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.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40). The standard amends certain aspects of the accounting for internal-use software costs by requiring an entity to capitalize software costs when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2027. Early adoption is permitted using a prospective, modified or retrospective transition approach. 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.
v3.25.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table summarizes investment management fees by source:
Years Ended December 31,
(in thousands)202520242023
Investment management fees
Open-end funds$286,610 $317,990 $305,238 
Closed-end funds61,305 59,184 58,136 
Retail separate accounts209,538 209,467 171,357 
Institutional accounts167,586 187,189 176,744 
Total investment management fees$725,039 $773,830 $711,475 
v3.25.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 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 of December 31, 2023$806,655 $(416,834)$389,821 $42,298 $432,119 
Adjustments2,409 — 2,409 — 2,409 
Intangible amortization— (56,299)(56,299)— (56,299)
Balances of December 31, 2024809,064 (473,133)335,931 42,298 378,229 
Adjustments957 — 957 — 957 
Intangible amortization— (51,777)(51,777)— (51,777)
Balances of December 31, 2025$810,021 $(524,910)$285,111 $42,298 $327,409 
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years
Definite-lived intangible asset amortization for the next five and succeeding fiscal years is estimated as follows:
Fiscal Year
Amount
(in thousands)
2026$50,906 
202747,804 
202842,142 
202936,544 
203035,119 
2031 and thereafter72,596 
Total$285,111 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Abstract]  
Schedule of Investments The Company's investments, excluding the assets of CIP discussed in Note 17, at December 31, 2025 and 2024, were as follows: 
 December 31,
(in thousands)20252024
Investment securities - fair value$76,462 $83,771 
Equity method investments (1)60,928 20,286 
Nonqualified retirement plan assets20,090 15,159 
Total investments$157,480 $119,216 
(1)The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. On December 15, 2025, the Company completed the acquisition of a 35% minority interest in Crescent Cove Advisors, LP for $41.1 million, including transaction costs.
Schedule of Marketable Securities The composition of the Company's investment securities - fair value was as follows: 
December 31,
20252024
(in thousands)CostFair
Value		CostFair
Value
Investment Securities - fair value:
Sponsored funds$51,993 $51,013 $63,220 $63,296 
Equity securities19,703 22,903 17,406 19,019 
Debt securities2,531 2,546 1,457 1,456 
Total investment securities - fair value$74,227 $76,462 $82,083 $83,771 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 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 17, as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: 
December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$340,276 $— $— $340,276 
Investment securities - fair value
Sponsored funds51,013 — — 51,013 
Equity securities22,903 — — 22,903 
Debt securities— 2,546 — 2,546 
Nonqualified retirement plan assets20,090 — — 20,090 
Total assets measured at fair value$434,282 2,546 $— $436,828 
Liabilities
Contingent consideration$— $— $20,800 $20,800 
Total liabilities measured at fair value$— $— $20,800 $20,800 
 
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 December 31, 2025 and 2024 by fair value hierarchy level were as follows:
As of December 31, 2025    
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$86,491 $— $— $86,491 
Debt investments91 2,536,337 30,333 2,566,761 
Equity investments66,180 — 411 66,591 
Total assets measured at fair value$152,762 $2,536,337 $30,744 $2,719,843 
Liabilities
Notes payable$— $2,359,828 $— $2,359,828 
Short sales225 — — 225 
Total liabilities measured at fair value$225 $2,359,828 $— $2,360,053 
 
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:
(in thousands)20252024
Contingent consideration, beginning of year$36,100 $56,200 
Reduction for payments made(13,086)(14,492)
Increase (reduction) of liability related to re-measurement of fair value(2,214)(5,608)
Contingent consideration, end of year$20,800 $36,100 
v3.25.4
Furniture, Equipment and Leasehold Improvements, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Furniture, Equipment and Leasehold Improvements, Net
Furniture, equipment and leasehold improvements, net were as follows: 
 December 31,
(in thousands)20252024
Leasehold improvements$26,166 $27,321 
Furniture and office equipment18,320 17,150 
Computer equipment and software9,823 8,101 
Subtotal54,309 52,572 
Accumulated depreciation and amortization(32,418)(29,854)
Furniture, equipment and leasehold improvements, net$21,891 $22,718 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Maturity of Operating Lease Liabilities
Lease liability maturities as of December 31, 2025 were as follows:
Fiscal Year
Amount
(in thousands)
2026$12,827 
202713,156 
202810,986 
202912,894 
203012,717 
Thereafter73,990 
Total lease payments136,570 
Less: Imputed interest43,345 
Present value of lease liabilities$93,225 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Provision for Income Taxes
The components of the provision for income taxes were as follows: 
 Years Ended December 31,
(in thousands)202520242023
Current
Federal$35,884 $37,536 $33,523 
State6,293 10,767 10,171 
Foreign683 — — 
Total current tax expense (benefit)42,860 48,303 43,694 
Deferred
Federal5,632 5,164 789 
State2,625 1,956 605 
Foreign144 — — 
Total deferred tax expense (benefit)8,401 7,120 1,394 
Total expense (benefit) for income taxes$51,261 $55,423 $45,088 
The components of Income (Loss) Before Income Taxes were as follows:
 Year Ended
December 31, 2025
(in thousands)
Domestic$184,114 
Foreign3,135 
Total Income (Loss) Before Income Taxes$187,249 
Schedule of Reconciliation of Provision (Benefit) for Income Taxes
The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the year ended December 31, 2025, subsequent to the adoption of ASU 2023-09: 
(in thousands)Year Ended December 31, 2025
U.S. Federal income tax expense (benefit) and tax rate$39,322 21 %
State and local income taxes, net of federal income tax effect (1)7,597 4 %
Foreign tax effects169 — %
Effect of cross-border tax laws329 — %
Tax credits(704)— %
Change in valuation allowance2,024 1 %
Nontaxable or Nondeductible Items
Excess tax benefits related to share-based compensation367 — %
Nondeductible compensation2,216 1 %
Effect of net (income) loss attributable to noncontrolling interests(1,472)(1)%
Other342 — %
Other, net1,071 1 %
Income tax expense (benefit)$51,261 27 %
(1)     State and local taxes in Connecticut, California, New Jersey, New York and New York City made up the majority (greater than 50%) of the tax effect in this category.

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09: 
 Years Ended December 31,
(in thousands)20242023
Tax at statutory rate$43,654 21 %$39,178 21 %
State taxes, net of federal benefit10,040 5 %9,240 5 %
Excess tax benefits related to share-based compensation(220)— %(1,767)(1)%
Nondeductible compensation2,246 1 %2,106 1 %
Effect of net (income) loss attributable to noncontrolling interests(2,348)(1)%(2,299)(1)%
Change in valuation allowance73 — %(1,547)(1)%
Other, net1,978 1 %177 — %
Income tax expense (benefit)$55,423 27 %$45,088 24 %
Schedule of Cash Flow, Supplemental Disclosures
The components of income taxes paid (net of refunds) were as follows:
 Year Ended
December 31, 2025
(in thousands)
Domestic$36,000 
State9,609 
Foreign433 
Total cash taxes paid (net of refunds)$46,042 
Schedule of Tax Effects of Temporary Differences The tax effects of temporary differences were as follows: 
 December 31,
(in thousands)20252024
Deferred tax assets:
Intangible assets$18,332 $18,809 
Net operating losses8,047 9,180 
Compensation accruals16,333 17,173 
Lease liability21,684 17,698 
Investment in sponsored products10,955 8,801 
Capital losses7,290 7,748 
Investment in partnerships7,283 8,058 
Gross deferred tax assets89,924 87,467 
Valuation allowance(19,301)(16,612)
Gross deferred tax assets after valuation allowance70,623 70,855 
Deferred tax liabilities:
Intangible assets(31,230)(29,642)
Right of use asset(17,303)(14,406)
Fixed assets(2,851)(3,042)
Other (661)(559)
Gross deferred tax liabilities(52,045)(47,649)
Deferred tax assets, net$18,578 $23,206 
Schedule of Unrecognized Tax Benefits Roll Forward
Activity in unrecognized tax benefits were as follows:
 Years Ended December 31,
(in thousands)202520242023
Balance, beginning of year$856 $856 $856 
Decrease related to tax positions taken in prior years(214)(214)(214)
Increase related to positions taken in the current year— 214 214 
Balance, end of year$642 $856 $856 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Future Minimum Repayments of Debt (Excluding Unamortized Debt Issuance Costs)
Future minimum Term Loan payments (exclusive of any mandatory excess cash-flow repayments) as of December 31, 2025 were as follows:
Fiscal Year
Amount
(in thousands)
2026$4,000 
20274,000 
20284,000 
20294,000 
20304,000 
2031 and thereafter379,000 
$399,000 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense is summarized as follows: 
 Years Ended December 31,
(in thousands)202520242023
Stock-based compensation expense$23,964 $32,841 $26,825 
Schedule of Restricted Stock Units Activity
RSU activity, inclusive of PSUs, for the year ended December 31, 2025 is summarized as follows: 
Number
of shares		Weighted Average
Grant Date
Fair Value
Outstanding at December 31, 2024317,489 $205.86 
Granted167,264 $173.84 
Forfeited(32,705)$218.16 
Settled(115,251)$202.74 
Outstanding at December 31, 2025336,797 $189.84 
Schedule of Grant-date Intrinsic Value of RSUs Granted
Years Ended December 31,
(in millions, except per share values)202520242023
Weighted-average grant-date fair value per share$173.84 $234.57 $160.74 
Fair value of RSUs vested$23.4 $29.9 $24.8 
v3.25.4
Earnings (Loss) Per Share (Tables)
 12 Months Ended
Dec. 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: 
 Years Ended December 31,
(in thousands, except per share amounts)202520242023
Net Income (Loss)$135,988 $152,453 $141,476 
Noncontrolling interests2,408 (30,707)(10,855)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.$138,396 $121,746 $130,621 
Shares (in thousands):
Basic: Weighted-average number of shares outstanding6,829 7,082 7,249 
Plus: Incremental shares from assumed conversion of dilutive instruments100 128 126 
Diluted: Weighted-average number of shares outstanding6,929 7,210 7,375 
Earnings (Loss) per Share—Basic$20.27 $17.19 $18.02 
Earnings (Loss) per Share—Diluted$19.97 $16.89 $17.71 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive.
Years Ended Years Ended December 31,
(in thousands)202520242023
Restricted stock units and stock options24 1 2 
Total anti-dilutive securities24 1 2 
v3.25.4
Redeemable Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Redeemable Noncontrolling Interest
Redeemable noncontrolling interests for the year ended December 31, 2025 included the following amounts:
Redeemable Noncontrolling Interests
(in thousands)CIPInvestment ManagerTotal
Balance at December 31, 2024$45,667 $61,615 $107,282 
Net income (loss) attributable to noncontrolling interests2,588 5,415 8,003 
Changes in redemption value (1)— (9,400)(9,400)
Total net income (loss) attributable to noncontrolling interests2,588 (3,985)(1,397)
Affiliate equity sales (purchases)— (24,889)(24,889)
Net subscriptions (redemptions) and other27,897 (5,959)21,938 
Balance at December 31, 2025$76,152 $26,782 $102,934 
(1)Relates to noncontrolling interests redeemable at other than fair value.
v3.25.4
Consolidation (Tables)
 12 Months Ended
Dec. 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 Consolidated Balance Sheets as of December 31, 2025 and 2024:
 As of December 31,
 20252024
VOEsVIEsVOEsVIEs
(in thousands)CLOsGFsCLOsGFs
Cash and cash equivalents$2,284 $86,491 $2,928 $5,179 $125,995 $3,247 
Investments75,877 2,450,177 107,298 40,678 2,141,626 88,413 
Other assets700 38,721 1,199 403 172,707 1,261 
Notes payable— (2,359,828)— — (2,171,946)— 
Securities purchased payable and other liabilities(363)(96,935)(919)(4,271)(151,922)(1,840)
Noncontrolling interests(24,244)(802)(51,908)(12,452)(4,143)(33,215)
Net interests in CIP$54,254 $117,824 $58,598 $29,537 $112,317 $57,866 
Schedule of VIE Consolidated Investment Product Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, Consolidation (Topic 810) ("ASU 2014-13"), results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at December 31, 2025, as shown in the table below:
(in thousands)
Subordinated notes$115,917 
Accrued investment management fees1,907 
Total Beneficial Interests$117,824 
The following table represents income and expenses of the consolidated CLOs included in the Company's Consolidated Statements of Operations for the period indicated:
Year Ended
December 31, 2025
(in thousands)
Income:
Realized and unrealized gain (loss), net$(30,770)
Interest income178,680 
Total Income$147,910 
Expenses:
Other operating expenses$4,468 
Interest expense140,907 
Total Expense145,375 
Noncontrolling interests1,011 
Net Income (loss) attributable to CLOs$3,546 
The following table represents the Company's own economic interests in the consolidated CLOs, which are eliminated upon consolidation:
Year Ended
December 31, 2025
(in thousands)
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company$(6,098)
Investment management fees9,644 
Total Economic Interests$3,546 
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 17, as of December 31, 2025 and 2024 by fair value hierarchy level were as follows: 
December 31, 2025
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$340,276 $— $— $340,276 
Investment securities - fair value
Sponsored funds51,013 — — 51,013 
Equity securities22,903 — — 22,903 
Debt securities— 2,546 — 2,546 
Nonqualified retirement plan assets20,090 — — 20,090 
Total assets measured at fair value$434,282 2,546 $— $436,828 
Liabilities
Contingent consideration$— $— $20,800 $20,800 
Total liabilities measured at fair value$— $— $20,800 $20,800 
 
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 December 31, 2025 and 2024 by fair value hierarchy level were as follows:
As of December 31, 2025    
(in thousands)Level 1Level 2Level 3Total
Assets
Cash equivalents$86,491 $— $— $86,491 
Debt investments91 2,536,337 30,333 2,566,761 
Equity investments66,180 — 411 66,591 
Total assets measured at fair value$152,762 $2,536,337 $30,744 $2,719,843 
Liabilities
Notes payable$— $2,359,828 $— $2,359,828 
Short sales225 — — 225 
Total liabilities measured at fair value$225 $2,359,828 $— $2,360,053 
 
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:
(in thousands)Year Ended December 31,
Level 3 Investments of CIP (1)20252024
Balance at beginning of period$7,689 $37,062 
Purchases2,420 2,062 
Sales(50,282)(43,179)
Realized and unrealized gains (losses), net(2,214)459 
Transfers to Level 2(71,788)(120,916)
Transfers from Level 2144,919 132,201 
Balance at end of period$30,744 $7,689 
 
(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.
v3.25.4
Summary of Significant Accounting Policies (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Number of operating segments | segment 1    
Fees paid to unaffiliated advisers | $ $ 44.3 $ 45.4 $ 54.7
Computer Equipment and Software      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of furniture and equipment 3 years    
Minimum      
Summary Of Significant Accounting Policies [Line Items]      
Weighted average of useful life 6 years    
Minimum | Furniture and Office Equipment      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of furniture and equipment 3 years    
Maximum      
Summary Of Significant Accounting Policies [Line Items]      
Weighted average of useful life 16 years    
Maximum | Furniture and Office Equipment      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful lives of furniture and equipment 7 years    
v3.25.4
Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 852,865 $ 906,949 $ 845,268
Investment management fees      
Disaggregation of Revenue [Line Items]      
Revenues 725,039 773,830 711,475
Open-end funds      
Disaggregation of Revenue [Line Items]      
Revenues 286,610 317,990 305,238
Closed-end funds      
Disaggregation of Revenue [Line Items]      
Revenues 61,305 59,184 58,136
Retail separate accounts      
Disaggregation of Revenue [Line Items]      
Revenues 209,538 209,467 171,357
Institutional accounts      
Disaggregation of Revenue [Line Items]      
Revenues $ 167,586 $ 187,189 $ 176,744
v3.25.4
Goodwill and Other Intangible Assets - Schedule of Goodwill and Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Definite-Lived      
Gross book value, beginning of period $ 809,064 $ 806,655  
Accumulated amortization, beginning of period (473,133) (416,834)  
Definite-Lived net book value, beginning of period 335,931 389,821  
Adjustments 957 2,409  
Intangible amortization 51,777 56,299  
Gross book value balance, end of period 810,021 809,064  
Accumulated amortization, end of period (524,910) (473,133)  
Definite-Lived net book value, end of period 285,111 335,931  
Indefinite-Lived      
Net book value 42,298 42,298 $ 42,298
Total      
Net book value, beginning of period 378,229 432,119  
Net book value, end of period $ 327,409 $ 378,229  
v3.25.4
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
2026 $ 50,906    
2027 47,804    
2028 42,142    
2029 36,544    
2030 35,119    
2031 and thereafter 72,596    
Total $ 285,111 $ 335,931 $ 389,821
v3.25.4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Weighted average estimated remaining amortization period 6 years 8 months 12 days  
Changes to goodwill $ 0 $ 0
v3.25.4
Investments - Schedule of Investments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 15, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Line Items]        
Investment securities - fair value   $ 76,462 $ 83,771  
Purchase of equity method investment   41,084 0 $ 11,645
Parent        
Schedule of Investments [Line Items]        
Investment securities - fair value   76,462 83,771  
Equity method investments   60,928 20,286  
Nonqualified retirement plan assets   20,090 15,159  
Total investments   $ 157,480 $ 119,216  
Parent | Crescent Cove Advisors, LP        
Schedule of Investments [Line Items]        
Percentage acquired 35.00%      
Purchase of equity method investment $ 41,100      
v3.25.4
Investments - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Cost $ 74,227 $ 82,083
Fair Value 76,462 83,771
Sponsored funds    
Debt Securities, Available-for-sale [Line Items]    
Cost 51,993 63,220
Fair Value 51,013 63,296
Equity investments    
Debt Securities, Available-for-sale [Line Items]    
Cost 19,703 17,406
Fair Value 22,903 19,019
Debt securities    
Debt Securities, Available-for-sale [Line Items]    
Cost 2,531 1,457
Fair Value $ 2,546 $ 1,456
v3.25.4
Investments - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments [Abstract]      
Realized (loss) gain on trading securities $ 2,900 $ 3,800 $ 2,100
Distributions from equity method investments $ 4,078 $ 5,387 $ 2,327
v3.25.4
Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 340,276 $ 225,736
Investment securities - fair value    
Fair Value 76,462 83,771
Debt securities 2,546 1,456
Total assets measured at fair value 436,828 324,666
Liabilities    
Total liabilities measured at fair value 20,800 36,100
Contingent consideration    
Liabilities    
Total liabilities measured at fair value 20,800 36,100
Sponsored funds    
Investment securities - fair value    
Fair Value 51,013 63,296
Equity securities    
Investment securities - fair value    
Fair Value 22,903 19,019
Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 20,090 15,159
Level 1    
Assets    
Cash equivalents 340,276 225,736
Investment securities - fair value    
Debt securities 0 0
Total assets measured at fair value 434,282 323,210
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 51,013 63,296
Level 1 | Equity securities    
Investment securities - fair value    
Fair Value 22,903 19,019
Level 1 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 20,090 15,159
Level 2    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 2,546 1,456
Total assets measured at fair value 2,546 1,456
Liabilities    
Total liabilities measured at fair value 0 0
Level 2 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 0 0
Level 2 | Sponsored funds    
Investment securities - fair value    
Fair Value 0 0
Level 2 | Equity securities    
Investment securities - fair value    
Fair Value 0 0
Level 2 | Nonqualified retirement plan assets    
Investment securities - fair value    
Nonqualified retirement plan assets 0 0
Level 3    
Assets    
Cash equivalents 0 0
Investment securities - fair value    
Debt securities 0 0
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 20,800 36,100
Level 3 | Contingent consideration    
Liabilities    
Total liabilities measured at fair value 20,800 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
v3.25.4
Fair Value Measurements - Schedule of Rollforward Of The Contingent Consideration Liabilities Valued Using Level 3 Inputs (Details) - Level 3 - Contingent consideration - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Contingent consideration, beginning of year $ 36,100 $ 56,200
Reduction for payments made (13,086) (14,492)
Increase (reduction) of liability related to re-measurement of fair value (2,214) (5,608)
Contingent consideration, end of year $ 20,800 $ 36,100
v3.25.4
Fair Value Measurements - Additional Information (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 39,108 $ 63,505
NFJ Investment Group | Measurement Input, Comparability Adjustment    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.0580  
NFJ Investment Group | Minimum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.0543  
NFJ Investment Group | Maximum | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Business combination, contingent consideration, liability, measurement input 0.0553  
Level 3 | NFJ Investment Group    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Contingent consideration $ 20,800  
v3.25.4
Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Abstract]    
Leasehold improvements $ 26,166 $ 27,321
Furniture and office equipment 18,320 17,150
Computer equipment and software 9,823 8,101
Subtotal 54,309 52,572
Accumulated depreciation and amortization (32,418) (29,854)
Furniture, equipment and leasehold improvements, net $ 21,891 $ 22,718
v3.25.4
Leases - Additional information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Weighted average remaining lease term 10 years 6 months    
Operating lease right-of-use assets $ 75,166 $ 57,131  
Operating lease liabilities $ 93,225 70,037  
Incremental borrowing rate (as a percent) 7.00%    
Lease cost $ 17,300 $ 15,100 $ 14,700
Operating cash flows from operating leases $ 12,700    
Minimum      
Lessee, Lease, Description [Line Items]      
Remaining initial lease term 8 months 12 days    
Term of options to extend 5 years    
Maximum      
Lessee, Lease, Description [Line Items]      
Remaining initial lease term 12 years 7 months 6 days    
Term of options to extend 10 years    
v3.25.4
Leases - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 12,827  
2027 13,156  
2028 10,986  
2029 12,894  
2030 12,717  
Thereafter 73,990  
Total lease payments 136,570  
Less: Imputed interest 43,345  
Present value of lease liabilities $ 93,225 $ 70,037
v3.25.4
Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ 35,884 $ 37,536 $ 33,523
State 6,293 10,767 10,171
Foreign 683 0 0
Total current tax expense (benefit) 42,860 48,303 43,694
Deferred      
Federal 5,632 5,164 789
State 2,625 1,956 605
Foreign 144 0 0
Total deferred tax expense (benefit) 8,401 7,120 1,394
Income tax expense (benefit) $ 51,261 $ 55,423 $ 45,088
v3.25.4
Income Taxes - Schedule of Reconciliation of Provision (Benefit) for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
U.S. Federal income tax expense (benefit) and tax rate $ 39,322 $ 43,654 $ 39,178
State and local income taxes, net of federal income tax effect 7,597 10,040 9,240
Foreign tax effects 169    
Effect of cross-border tax laws 329    
Tax credits (704)    
Change in valuation allowance 2,024 73 (1,547)
Excess tax benefits related to share-based compensation 367 (220) (1,767)
Nondeductible compensation 2,216 2,246 2,106
Effect of net (income) loss attributable to noncontrolling interests (1,472) (2,348) (2,299)
Other 342    
Other, net 1,071 1,978 177
Income tax expense (benefit) $ 51,261 $ 55,423 $ 45,088
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
U.S. Federal income tax expense (benefit) and tax rate 21.00% 21.00% 21.00%
State and local income taxes, net of federal income tax effect 4.00% 5.00% 5.00%
Foreign tax effects 0.00%    
Effect of cross-border tax laws 0.00%    
Tax credits 0.00%    
Change in valuation allowance 1.00% 0.00% (1.00%)
Excess tax benefits related to share-based compensation 0.00% 0.00% (1.00%)
Nondeductible compensation 1.00% 1.00% 1.00%
Effect of net (income) loss attributable to noncontrolling interests (1.00%) (1.00%) (1.00%)
Other 0.00%    
Other, net 1.00% 1.00% 0.00%
Income tax expense (benefit) 27.00% 27.00% 24.00%
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Reconciliation [Line Items]        
Estimated effective income tax rate 27.00% 27.00% 24.00%  
Valuation allowance for deferred tax assets $ 19,301,000 $ 16,612,000    
Deferred tax assets related to net operating losses for federal income tax purposes $ 8,047,000 9,180,000    
Percentage increasing ownership 5.00%      
Pre-tax net operating loss carryovers $ 4,800,000      
Built-in losses annual limitation 1,100,000      
Unrecognized tax benefits that would impact effective tax rate 500,000      
Unrecognized tax benefits 642,000 856,000 $ 856,000 $ 856,000
Interest or penalties related to unrecognized tax benefits $ 0 $ 0 $ 0  
Large Shareholders        
Income Tax Reconciliation [Line Items]        
Ownership percentage 50.00%      
Federal        
Income Tax Reconciliation [Line Items]        
Deferred tax assets related to net operating losses for federal income tax purposes $ 4,400,000      
State        
Income Tax Reconciliation [Line Items]        
Deferred tax assets related to net operating losses for federal income tax purposes $ 3,700,000      
v3.25.4
Income Taxes - Components of Income (or Loss) from Continuing Operations Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 184,114    
Foreign 3,135    
Income (Loss) Before Income Taxes $ 187,249 $ 207,876 $ 186,564
v3.25.4
Income Taxes - Components of Income Taxes Paid (Net of Refunds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 36,000    
State 9,609    
Foreign 433    
Income taxes paid, net $ 46,042 $ 56,379 $ 31,160
v3.25.4
Income Taxes - Schedule of Tax Effects of Temporary Differences (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets:    
Intangible assets $ 18,332 $ 18,809
Net operating losses 8,047 9,180
Compensation accruals 16,333 17,173
Lease liability 21,684 17,698
Investment in sponsored products 10,955 8,801
Capital losses 7,290 7,748
Investment in partnerships 7,283 8,058
Gross deferred tax assets 89,924 87,467
Valuation allowance (19,301) (16,612)
Gross deferred tax assets after valuation allowance 70,623 70,855
Deferred tax liabilities:    
Intangible assets (31,230) (29,642)
Right of use asset (17,303) (14,406)
Fixed assets (2,851) (3,042)
Other (661) (559)
Gross deferred tax liabilities (52,045) (47,649)
Deferred tax assets, net $ 18,578 $ 23,206
v3.25.4
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance, beginning of year $ 856 $ 856 $ 856
Decrease related to tax positions taken in prior years (214) (214) (214)
Increase related to positions taken in the current year 0 214 214
Balance, end of year $ 642 $ 856 $ 856
v3.25.4
Debt - Credit Agreement (Details)
Sep. 26, 2025
USD ($)
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]    
Outstanding amount   $ 399,000,000
Line of Credit | Credit Agreement | Secured Overnight Financing Rate (SOFR)    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 2.25%  
Line of Credit | Credit Agreement | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable rate (as a percent) 1.25%  
Line of Credit | Credit Agreement | Secured Debt    
Line of Credit Facility [Line Items]    
Debt par value $ 400,000,000.0  
Term of debt 7 years  
Outstanding amount   399,000,000.0
Amortization rate 1.00%  
Percent of net proceeds of certain assets 50.00%  
Percent of net proceeds of indebtedness 100.00%  
Period of termination 6 months  
Early termination, percent of premium 1.00%  
Threshold percent of outstanding amount 35.00%  
Line of Credit | Credit Agreement | Secured Debt | Possibility One    
Line of Credit Facility [Line Items]    
Leverage ratio, minimum 3  
Excess cash flow threshold 50.00%  
Line of Credit | Credit Agreement | Secured Debt | Possibility Two    
Line of Credit Facility [Line Items]    
Leverage ratio, minimum 2.5  
Leverage ratio, maximum 3  
Excess cash flow threshold 25.00%  
Line of Credit | Credit Agreement | Secured Debt | Possibility Three    
Line of Credit Facility [Line Items]    
Leverage ratio, maximum 2.5  
Excess cash flow threshold 0.00%  
Line of Credit | Credit Agreement | Revolving Credit Facility    
Line of Credit Facility [Line Items]    
Term of debt 5 years  
Maximum borrowing capacity $ 250,000,000.0  
Line of Credit | Credit Agreement | Revolving Credit Facility | Minimum    
Line of Credit Facility [Line Items]    
Unused commitment fee (as a percent) 0.15%  
Line of Credit | Credit Agreement | Revolving Credit Facility | Maximum    
Line of Credit Facility [Line Items]    
Unused commitment fee (as a percent) 0.25%  
Line of Credit | Credit Facility 2017 | Secured Debt    
Line of Credit Facility [Line Items]    
Debt repayments $ 234,700,000  
Debt issuance costs   $ 9,000,000.0
v3.25.4
Debt - Schedule of Future Debt Maturities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 4,000
2027 4,000
2028 4,000
2029 4,000
2030 4,000
2031 and thereafter 379,000
Long-term debt, gross $ 399,000
v3.25.4
Equity Transactions (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 25, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dividends Payable [Line Items]                
Cash dividends declared per common share (in dollars per share)   $ 2.40 $ 2.40 $ 2.25 $ 2.25 $ 9.30 $ 8.30 $ 7.10
Cash dividends declared, common           $ 65,719 $ 60,881 $ 53,526
Dividends payable   $ 21,200       $ 21,200    
Repurchases of common shares (in shares)           347,364    
Weighted average price (in dollars per share)           $ 172.70    
Total cost of shares repurchased           $ 60,000    
Shares available for repurchase (in shares)   805,948       805,948    
Retained Earnings (Accumulated Deficit)                
Dividends Payable [Line Items]                
Cash dividends declared, common           $ 65,719 $ 60,881 $ 53,526
Subsequent Event                
Dividends Payable [Line Items]                
Cash dividends declared per common share (in dollars per share) $ 2.40              
v3.25.4
Retirement Savings Plan (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Company matching contribution percentage 100.00%    
Percentage of employee's gross pay matched 5.00%    
Matching contributions $ 8.7 $ 8.7 $ 8.3
v3.25.4
Stock-Based Compensation - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of common stock available for issuance (in shares) | shares 689,477    
Shares of common stock reserved for issuance (in shares) | shares 3,825,000    
Share-based payment arrangement, amount capitalized | $ $ 0 $ 0 $ 0
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grant-date intrinsic value | $ $ 29,100,000    
Share settlement under RSUs (in shares) | shares 44,699 50,910 79,516
Cash used for employee withholding tax payments | $ $ 7,800,000 $ 11,700,000 $ 13,800,000
Restricted stock units (RSUs), performance-based      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Awards granted (in shares) | shares 37,777 29,276  
Restricted Stock Units and Performance Shares Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unamortized stock-based compensation expense | $ $ 28,400,000 $ 27,900,000  
Weighted average remaining amortization period 1 year 1 month 6 days 1 year 1 month 6 days  
Minimum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 1 year    
Maximum | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Common Stock | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Conversion ratio 1    
v3.25.4
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Stock-based compensation expense $ 23,964 $ 32,841 $ 26,825
v3.25.4
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of shares      
Number of shares, outstanding (in shares) 317,489    
Number of shares, granted (in shares) 167,264    
Number of shares, forfeited (in shares) (32,705)    
Number of shares, settled (in shares) (115,251)    
Number of shares, outstanding (in shares) 336,797 317,489  
Weighted Average Grant Date Fair Value      
Weighted average grant date fair value, outstanding (in dollars per share) $ 205.86    
Weighted-average grant-date fair value (in dollars per share) 173.84 $ 234.57 $ 160.74
Weighted average grant date fair value, forfeited (in dollars per share) 218.16    
Weighted average grant date fair value, settled (in dollars per share) 202.74    
Weighted average grant date fair value, outstanding (in dollars per share) $ 189.84 $ 205.86  
v3.25.4
Stock-Based Compensation - Schedule of Grant-date Intrinsic Value of RSUs Granted (Details) - Restricted Stock Units (RSUs) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant-date fair value (in dollars per share) $ 173.84 $ 234.57 $ 160.74
Fair value of RSUs vested $ 23.4 $ 29.9 $ 24.8
v3.25.4
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net Income (Loss) $ 135,988 $ 152,453 $ 141,476
Noncontrolling interests 2,408 (30,707) (10,855)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 138,396 $ 121,746 $ 130,621
Weighted Average Number of Shares Outstanding, Diluted [Abstract]      
Basic: Weighted-average number of shares outstanding (in shares) 6,829 7,082 7,249
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares) 100 128 126
Weighted Average Shares Outstanding—Diluted (in shares) 6,929 7,210 7,375
Earnings per share—basic (in dollars per share) $ 20.27 $ 17.19 $ 18.02
Earnings per share—diluted (in dollars per share) $ 19.97 $ 16.89 $ 17.71
v3.25.4
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive securities (in shares) 24 1 2
Restricted stock units and stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total anti-dilutive securities (in shares) 24 1 2
v3.25.4
Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Balance at beginning of period $ 107,282    
Net income (loss) attributable to noncontrolling interests 8,003    
Total net income (loss) attributable to noncontrolling interests (1,397) $ 29,938 $ 10,785
Affiliate equity sales (purchases) (24,889)    
Net subscriptions (redemptions) and other 21,938    
Balance at end of period 102,934 107,282  
Variable Interest Entity, Primary Beneficiary, and Voting Interest Entity [Member]      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Balance at beginning of period 45,667    
Net income (loss) attributable to noncontrolling interests 2,588    
Changes in redemption value 9,221 (31,255) $ (7,170)
Total net income (loss) attributable to noncontrolling interests 2,588    
Affiliate equity sales (purchases) 0    
Net subscriptions (redemptions) and other 27,897    
Balance at end of period 76,152 45,667  
Affiliated Entity [Member]      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Balance at beginning of period 61,615    
Net income (loss) attributable to noncontrolling interests 5,415    
Total net income (loss) attributable to noncontrolling interests (3,985)    
Affiliate equity sales (purchases) (24,889)    
Net subscriptions (redemptions) and other (5,959)    
Balance at end of period 26,782 $ 61,615  
Portion at Other than Fair Value Measurement      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Changes in redemption value (9,400)    
Portion at Other than Fair Value Measurement | Variable Interest Entity, Primary Beneficiary, and Voting Interest Entity [Member]      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Changes in redemption value 0    
Portion at Other than Fair Value Measurement | Affiliated Entity [Member]      
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]      
Changes in redemption value $ (9,400)    
v3.25.4
Redeemable Noncontrolling Interests - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Compensation expense $ 23,964 $ 32,841 $ 26,825
Affiliate Equity Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Accrued compensation and benefits $ 14,400 19,400  
Compensation expense $ (2,800) $ 8,200  
v3.25.4
Consolidation - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]        
Noncontrolling interests $ (102,934) $ (107,282) $ (104,869) $ (113,718)
VOEs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 2,284 5,179    
Investments 75,877 40,678    
Other assets 700 403    
Notes payable 0 0    
Securities purchased payable and other liabilities (363) (4,271)    
Noncontrolling interests (24,244) (12,452)    
Net interests in CIP 54,254 29,537    
CLOs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 86,491 125,995    
Investments 2,450,177 2,141,626    
Other assets 38,721 172,707    
Notes payable (2,359,828) (2,171,946)    
Securities purchased payable and other liabilities (96,935) (151,922)    
Noncontrolling interests (802) (4,143)    
Net interests in CIP 117,824 112,317    
GFs        
Variable Interest Entity [Line Items]        
Cash and cash equivalents 2,928 3,247    
Investments 107,298 88,413    
Other assets 1,199 1,261    
Notes payable 0 0    
Securities purchased payable and other liabilities (919) (1,840)    
Noncontrolling interests (51,908) (33,215)    
Net interests in CIP $ 58,598 $ 57,866    
v3.25.4
Consolidation - Additional Information (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
collateralized_loan_obligation
Dec. 31, 2024
USD ($)
CLOs    
Variable Interest Entity [Line Items]    
Number of consolidated CLOs | collateralized_loan_obligation 8  
Investments $ 2,450,177 $ 2,141,626
CLOs | CLO subordinated notes    
Variable Interest Entity [Line Items]    
Debt par value 2,600,000  
CLOs | CLO subordinated notes | Subordinated debt    
Variable Interest Entity [Line Items]    
Debt par value 271,800  
CLOs | CLO senior secured floating rate notes | Senior notes    
Variable Interest Entity [Line Items]    
Debt par value 2,400,000  
Nonconsolidated VIEs    
Variable Interest Entity [Line Items]    
Carrying value and maximum risk of loss $ 67,400  
v3.25.4
Consolidation - Schedule of Beneficial Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]  
Subordinated notes $ 115,917
Accrued investment management fees 1,907
Total Beneficial Interests $ 117,824
v3.25.4
Consolidation - Schedule of Revenue and Expenses of Consolidated Investment Product (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Expenses:      
Noncontrolling interests $ 2,408 $ (30,707) $ (10,855)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 138,396 $ 121,746 $ 130,621
CLOs      
Income:      
Realized and unrealized gain (loss), net (30,770)    
Interest income 178,680    
Total Income 147,910    
Expenses:      
Other operating expenses 4,468    
Interest expense 140,907    
Total Expense 145,375    
Noncontrolling interests 1,011    
Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 3,546    
v3.25.4
Consolidation - Schedule of Economic Interests of Consolidated Investment Product (Details) - CLOs
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Variable Interest Entity [Line Items]  
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ (6,098)
Investment management fees 9,644
Total Economic Interests $ 3,546
v3.25.4
Consolidation - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Cash equivalents $ 340,276 $ 225,736
Total assets measured at fair value 436,828 324,666
Liabilities    
Total liabilities measured at fair value 20,800 36,100
Level 1    
Assets    
Cash equivalents 340,276 225,736
Total assets measured at fair value 434,282 323,210
Liabilities    
Total liabilities measured at fair value 0 0
Level 2    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,546 1,456
Liabilities    
Total liabilities measured at fair value 0 0
Level 3    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 0 0
Liabilities    
Total liabilities measured at fair value 20,800 36,100
Consolidated Investment Products | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 86,491 127,695
Total assets measured at fair value 2,719,843 2,398,412
Liabilities    
Notes payable 2,359,828 2,171,946
Short sales 225 356
Total liabilities measured at fair value 2,360,053 2,172,302
Consolidated Investment Products | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 2,566,761 2,246,600
Consolidated Investment Products | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments 66,591 24,117
Consolidated Investment Products | Level 1 | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 86,491 127,695
Total assets measured at fair value 152,762 150,688
Liabilities    
Notes payable 0 0
Short sales 225 356
Total liabilities measured at fair value 225 356
Consolidated Investment Products | Level 1 | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 91 0
Consolidated Investment Products | Level 1 | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments 66,180 22,993
Consolidated Investment Products | Level 2 | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 2,536,337 2,240,035
Liabilities    
Notes payable 2,359,828 2,171,946
Short sales 0 0
Total liabilities measured at fair value 2,359,828 2,171,946
Consolidated Investment Products | Level 2 | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 2,536,337 2,239,924
Consolidated Investment Products | Level 2 | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments 0 111
Consolidated Investment Products | Level 3 | Fair Value, Measurements, Recurring    
Assets    
Cash equivalents 0 0
Total assets measured at fair value 30,744 7,689
Liabilities    
Notes payable 0 0
Short sales 0 0
Total liabilities measured at fair value 0 0
Consolidated Investment Products | Level 3 | Fair Value, Measurements, Recurring | Debt investments    
Assets    
Investments 30,333 6,676
Consolidated Investment Products | Level 3 | Fair Value, Measurements, Recurring | Equity investments    
Assets    
Investments $ 411 $ 1,013
v3.25.4
Consolidation - Schedule of Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Consolidated Investment Products - Debt investments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 7,689 $ 37,062
Purchases 2,420 2,062
Sales (50,282) (43,179)
Realized and unrealized gains (losses), net (2,214) 459
Transfers to Level 2 (71,788) (120,916)
Transfers from Level 2 144,919 132,201
Balance at end of period $ 30,744 $ 7,689
v3.25.4
Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.4
Keystone Agreement (Details) - USD ($)
$ in Thousands
Dec. 05, 2025
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Contingent consideration   $ 39,108 $ 63,505
Keystone National Group      
Business Combination [Line Items]      
Purchase price $ 200,000    
Contingent consideration $ 170,000