Short answer
VIRTUS INVESTMENT PARTNERS, INC. (VRTS) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $853M (−6.0% year over year) and net income of $138M.
- Top risk flagged: Keystone acquisition $200M majority interest pending regulatory and client approvals, including Keystone registered fund shareholders
FY2025 key financial metrics · XBRL
- Revenue
- $853M
- −6.0% YoY
- Net income
- $138M
- +13.7% YoY
- Operating margin
- 19.8%
- −0.3 pp YoY
- EPS (diluted)
- $19.97
- +18.2% YoY
- ROE
- 14.8%
- +1.3 pp YoY
- Operating cash flow
- −$67M
- −3929.0% YoY
Source: XBRL data from the VIRTUS INVESTMENT PARTNERS, INC. (VRTS) FY2025 10-K on SEC EDGAR. USD.
VIRTUS INVESTMENT PARTNERS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Multi-manager investment management and related services across diverse asset classes, products, and distribution channels for institutions and individuals
- New minority interest acquisition: 35% stake in Crescent Cove Advisors, a private credit investment manager, as of December 15, 2025
- Strategic emphasis: Continued expansion of diversified investment manager platform including affiliated and select unaffiliated managers for differentiated styles
- Total assets under management $159.5B as of December 31, 2025, distributed across open-end ($52.8B), closed-end ($10.6B), retail separate ($43.1B), and institutional accounts ($53.0B)
- Employee count steady at 801 in U.S., U.K., and Singapore with enhanced inclusion, career development, and wellness programs highlighted
Management Discussion & Analysis
- Total revenues $852.9M, down 6.0% YoY from $906.9M; investment management fees $725.0M, down 6.3% ($48.8M)
- Operating income $168.7M, down 7.6% YoY with operating margin approx. 19.8% vs 20.1%
- Best segment: Closed-end funds investment management fees up 3.6% to $61.3M; worst: Institutional accounts down 10.5% to $167.6M
- Operating cash flow used $67.2M vs $1.8M provided prior year; capital allocation includes $158.4M incentive compensation paid
- Refinanced credit facility with $400M term loan and $250M revolver; key risk from inflation impacting expenses, asset values and fees
Risk Factors
- Keystone acquisition $200M majority interest pending regulatory and client approvals, including Keystone registered fund shareholders
- Net outflows $(18.9) billion in 2025 vs $(10.4) billion in 2024, driving AUM decline to $159.5B, down 8.9% YoY
- Equity AUM dropped 18.1% to $82.6B, shrinking equity allocation to 51.7% of total assets
- Average management fee declined to 41.2 bps in 2025 from 42.0 bps in 2024, driven by asset mix shift to lower fee strategies
- Investment performance: only 6% of equity AUM beat benchmarks over 1-year period, risking competitive positioning
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