VRTS Q3 2025 Earnings Presentation

Page 1

THIRD QUARTER EARNINGS PRESENTATION October 24, 2025 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer

Page 2

This presentation contains statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by such forward-looking terminology as “expect,” “estimate,” "intent," "plan," “intend,” “believe,” “anticipate,” “may,” “will,” “should,” “could,” “continue,” “project,” “opportunity,” “predict,” “would,” “potential,” “future,” “forecast,” “guarantee,” “assume,” “likely,” “target” or similar statements or variations of such terms. Our forward-looking statements are based on a series of expectations, assumptions and projections about the company and the markets in which we operate, are not guarantees of future results or performance, and involve substantial risks and uncertainty, including assumptions and projections concerning our assets under management, net asset inflows and outflows, operating cash flows, business plans and ability to borrow, for all future periods. All of our forward-looking statements are as of the date of this presentation only. The company can give no assurance that such expectations or forward-looking statements will prove to be correct. Actual results may differ materially. Our business and our forward- looking statements involve substantial known and unknown risks and uncertainties, including those discussed under "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10- K, as supplemented by our periodic filings with the Securities and Exchange Commission (the "SEC"), as well as the following risks and uncertainties resulting from: (i) reduction in our assets under management; (ii) financial or business risks from strategic transactions; (iii) withdrawal, renegotiation or termination of investment management agreements; (iv) damage to our reputation; (v) inability to satisfy financial debt covenants and required payments; (vi) lack of sufficient capital on satisfactory terms; (vii) inability to attract and retain key personnel; (viii) challenges from competition; (ix) adverse developments related to unaffiliated subadvisers; (x) negative changes in key distribution relationships; (xi) interruptions, breaches, or failures of technology systems; (xii) loss on our investments; (xiii) adverse regulatory and legal developments; (xiv) failure to comply with investment guidelines or other contractual requirements; (xv) adverse civil litigation, government investigations, or proceedings; (xvi) unfavorable changes in tax laws or unanticipated tax obligations; (xvii) impediments from certain corporate governance provisions; (xviii) losses or costs not covered by insurance; (xix) impairment of goodwill or other intangible assets; and other risks and uncertainties. Any occurrence of, or any material adverse change in, one or more risk factors or risks and uncertainties referred to above, in our 2024 Annual Report on Form 10-K and our other periodic reports filed with the SEC could materially and adversely affect our operations, financial results, cash flows, prospects and liquidity. Certain other factors that may impact our continuing operations, prospects, financial results and liquidity, or that may cause actual results to differ from such forward-looking statements, are discussed or included in the company’s periodic reports filed with the SEC and are available on our website at virtus.com under “Investor Relations.” You are urged to carefully consider all such factors. The company does not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this presentation, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. If there are any future public statements or disclosures by us that modify or affect any of the forward-looking statements contained in or accompanying this presentation, such statements or disclosures will be deemed to modify or supersede such statements in this presentation. IMPORTANT DISCLOSURES 2

Page 3

AGENDA 3 ■ Overview of Quarter ■ Results ■ Q & A Session

Page 4

OVERVIEW OF QUARTER

Page 5

THIRD QUARTER 2025 All comparisons to prior quarter unless otherwise noted See the financial supplement for U.S. GAAP to Non-GAAP (“as adjusted”) reconciliations and related notes Assets and Flows ■ Assets under management (AUM) of $169.3 billion; average AUM up 2% to $170.3 – Sales of $6.3 billion increased 12% due to institutional, including a new CLO, and ETFs – Net flows of ($3.9) billion due to outflows in equi ties; positive fixed income and alternative net flows – ETF AUM up 29% to $4.7 billion with highes t level of quarterly sales and net flows Non-GAAP Financial Results ■ Higher earnings and margin – Operating income, as adjusted, up 9% to $65.0 million on higher revenues and flat operating expenses – Operating margin, as adjusted, up 170 bps to 33.0% – Earnings per diluted share, as adjusted, up 7% to $6.69, included $0.11 of discrete business initiative expenses Capital Activities and Balance Sheet ■ Increased dividend and financial flexibility – Quarterly dividend increased 7% to $2.40 per s hare representing eighth consecutive annual increase – Credit agreement refinanced with new $400 million te rm loan and $250 million revolving credit facility – Modest net leverage of 0.1x EBITDA OVERVIEW 5

Page 6

RESULTS

Page 7

$ in billions All comparisons to prior quarter unless otherwise noted 1 Consists of multi-asset offerings not included in equity, fixed income, and alternatives 2 Consists of real estate securities, managed futures, event-driven, infrastructure, and other strategies AUM by Asset Class Equity 54.4%56.4%55.9%57.6%58.1% Fixed Income 23.5%22.6%22.6%21.5%21.2% Multi-Asset1 13.0%12.5%12.5%12.1%11.8% Alternatives2 9.1%8.5%9.0%8.8%8.9% ■ AUM of $169.3 billion compared with $170.7 billion: – ($3.9) billion of net outflows due to equity strategies, partially offset by – $3.0 billion of favorable market performance ■ ETF AUM increased $1.1 billion, or 29%, to $4.7 billion ■ AUM well-diversified by product type – Institutional 33% – Retail separate accounts, including wealth management, 28% – U.S. retail funds 27% ASSETS UNDER MANAGEMENT BROADLY DIVERSIFIED 7 Global Funds and ETFs Closed-End Funds Retail Separate AccountsU.S. Retail Funds Institutional Accounts

Page 8

$ in billions All comparisons to prior quarter unless otherwise noted 1 Annualized net flows divided by beginning-of-period total AUM ■ Sales of $6.3 billion increased 12% from $5.6 billion led by fixed income and alternative strategies. By product: – Institutional sales of $2.0 billion increased from $1.3 billion and included a new CLO – Retail separate account sales of $1.4 billion essentially unchanged from the prior quarter – Open-end fund sales, including highest level of ETF sales, unchanged at $2.8 billion ■ Net flows of ($3.9) billion as positive fixed income and alternative flows were more than offset by equity outflows – Institutional net flows of ($1.5) billion primarily due to quality large-cap growth – Retail separate account net flows of ($1.2) billion due to smid- and small-cap, while large-cap and fixed income were positive – Open-end fund net flows of ($1.1) billion as strong ETF net flows were more than offset by U.S. retail funds ASSET FLOWS INCREASED SALES Metrics Net Flows ($10.8)($5.6)($3.9)($3.9)($3.0)($4.8)($1.7) Net Flow Rate1 (8.2%)(4.3%)(9.0%)(9.5%)(6.9%)(10.5%)(4.0%) 8

Page 9

$ in millions, except AUM, which is in billions All comparisons to prior quarter unless otherwise noted 1 Represents investment management fees, as adjusted, divided by average assets. Investment management fees, as adjusted, exclude those of consolidated investment products and are reduced by revenue-related adjustments on specific agreements to reflect the portion passed through to third-party client intermediaries See the financial supplement for U.S. GAAP to Non-GAAP (“as adjusted”) reconciliations and related notes ■ Investment management fees, as adjusted, increased 3% primarily due to higher average AUM ■ Average fee rate of 41.2 basis points – Excluding performance fees, average fee rate of 41.1 bps, consistent with prior quarter ■ Average fee rate by product – Institutional: 31.6 bps – Retail separate accounts: 41.8 bps – Open-end funds: 47.0 bps INVESTMENT MANAGEMENT FEES, AS ADJUSTED HIGHER AVERAGE ASSETS Metrics Revenues, as adjusted $585.3$608.4$196.7$191.0$197.6$212.0$205.1 Fee Rate1 – BPS 41.442.041.241.341.742.041.9 Average AUM $170.3$174.8$170.3$167.0$173.6$182.1$176.0 9

Page 10

$ in millions All comparisons to prior quarter unless otherwise noted See the financial supplement for U.S. GAAP to Non-GAAP (“as adjusted”) reconciliations and related notes ■ Employment expenses, as adjusted, increased 1% to $98.7 million due to higher variable incentive compensation ■ Employment expenses, as adjusted, as a percentage of revenues, as adjusted, were 50.2%, down 70 bps EMPLOYMENT EXPENSES, AS ADJUSTED LOWER AS A PERCENTAGE OF REVENUES % of Revenues, as adjusted 52.2%52.2%50.2%50.9%55.4%49.2%50.0% 10

Page 11

% of Revenues, as adjusted 16.1%15.0%15.8%16.7%15.8%14.6%14.5% $ in millions All comparisons to prior quarter unless otherwise noted See the financial supplement for U.S. GAAP to Non-GAAP (“as adjusted”) reconciliations and related notes ■ Other operating expenses, as adjusted, of $31.1 million, or $30.1 million excluding $1.0 million of discrete business initiative expenses, decreased due to: – Lower rent expense from office space consolidation – Prior quarter impact of annual equity grant to Board of Directors ■ Other operating expenses, as adjusted, as a percentage of revenues, as adjusted, of 15.8% compared with 16.7% OTHER OPERATING EXPENSES, AS ADJUSTED REMAIN IN CONSISTENT RANGE 11 Discrete business initiative expenses $30.1

Page 12

Metrics Net Income, as adjusted $129.7$136.3$45.9$43.3$40.5$53.5$49.6 Operating Margin, as adjusted 30.6%31.7%33.0%31.3%27.6%35.1%34.4% Operating Income, as Adjusted $ in millions, except per share data All comparisons to prior quarter unless otherwise noted See the financial supplement for U.S. GAAP to Non-GAAP (“as adjusted”) reconciliations and related notes ■ Operating margin, as adjusted, of 33.0% increased from 31.3% ■ Interest and dividend income, as adjusted of $4.1 million declined from $5.3 million as prior quarter included elevated CLO interest income ■ EPS, as adjusted, of $6.69 increased 7% from $6.25 and included $0.11 of discrete business initiative expenses NON-GAAP RESULTS HIGHER EARNINGS AND MARGIN Diluted earnings per share, as adjusted 12

Page 13

$ and shares in millions All comparisons to prior quarter unless otherwise noted 1 Represents sponsored investment products including open-end funds, ETFs, and separate accounts 2 Represents investments in collateralized loan obligations and funds that are not seed capital investments 3 Excludes deferred financing costs 4 Represents estimated revenue participation and other contingent payments 5 Excludes redeemable noncontrolling interests of consolidated investment products 6 Defined as cash and cash equivalents plus accounts receivable, net, and deferred compensation related investments less accrued compensation and benefits (excluding those of minority interests), accounts payable and accrued liabilities, dividends payable, as well as debt principal payments and revenu e participation obligations due within 12 months 7 Defined as gross debt less cash and cash equivalents in accordance with the company's credit agreement 8 Defined and calculated in accordance with the company’s credit agreement See the financial supplement for U.S. GAAP to Non-GAAP (“as adjusted”) reconciliations and related notes ■ Significant financial flexibility – Cash and investments of $671 million – Low net leverage of 0.1x EBITDA – Undrawn revolver of $250 million ■ Raised quarterly dividend 7% to $2.40 per share representing 8th consecutive annual increase ■ Refinanced credit agreement with new $400 million term loan and $250 million revolver – Extended maturity of revolver and term loan to 2030 and 2032, respectively CAPITAL AND SELECT BALANCE SHEET RAISED DIVIDEND AND INCREASED FINANCIAL FLEXIBILITY Select Balance Sheet Items: 13 9/30/256/30/253/31/2512/31/249/30/24 $371$172$135$266$196Cash and cash equivalents $154$148$143$140$144Investments - seed capital1 $146$127$133$142$141Investments - other2 $400$235$235$236$242Gross debt3 $37$37$40$64$59Contingent consideration4 $39$56$59$62$59Redeemable noncontrolling interests5 $919$896$894$898$889Total equity exc. noncontrolling interests $288$144$137$134$108Working capital6 6.7536.7486.9116.9677.016Common shares outstanding Metrics $29$62$100($30)$46Net Debt (Cash)7 $77$74$70$88$84EBITDA8 1.3x0.7x0.7x0.7x0.8xGross Debt to EBITDA8 0.1x0.2x0.3x(0.1x)0.1xNet Debt (Cash)7 to EBITDA8

Page 14

As of September 30, 2025 Past performance is not indicative of future results 1 Percentage outperforming benchmark is reported as the percentage of assets under management that have outperformed benchmarks across the indicated periods. Performance is presented on an average annual total return basis for products with a one-, three-, five-, and/or ten-year track record, and is measured on a consistent basis relative to the most appropriate benchmarks. Registered fund investment performance is net of fees. Benchmark indices are unmanaged, their returns do not reflect any fees, expenses or sales charges, and they are not available for direct investment. Certain strategies do not have stated benchmarks, such as wealth man agement, structured products, and certain other multi-asset accounts and therefore are excluded from the analysis. 2 Percentage outperforming peers is reported as the percentage of a ssets under management that have investment performance that is ranked in the top 2 Morningstar quartiles across the indicated periods 3 Consists of real estate securities, managed futures, event-driven, infrastructure, and other strategies 4 Consists of multi-asset offerings not included in equity, fixed income, and alternatives INVESTMENT PERFORMANCE PERFORMANCE VERSUS BENCHMARK AND PEERS 14 10-Year5-Year3-Year1-Year 70%16%22%5%Equity 77%74%72%69%Fixed Income 70%59%56%61%Alternatives3 42%42%42%42%Multi-Asset4 69%34%37%27%Total Total AUM Outperforming Benchmark1 Mutual Fund AUM Outperforming Peers2 10-Year5-Year3-Year1-Year 70%41%36%24%Equity 80%86%87%79%Fixed Income 63%46%73%71%Alternatives3 85%37%51%80%Multi-Asset4 75%54%57%56%Total Total AUM Outperforming Benchmark1 at Quarter-End - Trend

Page 15

FINANCIAL SUPPLEMENT

Page 16

$ in thousands 1 The non-GAAP financial information included in this presentation differs from financial information determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items as well as the exclusion of certain expenses and other items that are not reflective of the earn ings generated from providing investment management and related services. Non-GAAP financial information has material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures. Reconciliations to the most directly comparable U.S. GAAP measures and other important disclosures are provided later in this presentation. NON-GAAP INFORMATION INCOME STATEMENT1 (UNAUDITED) 16 YTD:25YTD:24Q3:25Q2:25Q1:25Q4:24Q3:24 Revenues, As Adjusted $526,941$549,704$176,561$171,879$178,501$192,176$185,487Investment management fees, as adjusted 54,99355,62718,89118,07318,02918,75118,579Administration and shareholder service fees, as adjusted 3,3513,0471,2371,0331,0811,0861,059Other income and fees, as adjusted $585,285$608,378$196,689$190,985$197,611$212,013$205,125Total revenues, as adjusted Operating Expenses, As Adjusted $305,310$317,598$98,684$97,236$109,390$104,265$102,518Employment expenses, as adjusted 94,37291,27931,11431,97231,28630,96529,809Other operating expenses, as adjusted 6,2736,6281,9222,0062,3452,3302,330Depreciation and other amortization, as adjusted $405,955$415,505$131,720$131,214$143,021$137,560$134,657Total operating expenses, as adjusted $179,330$192,873$64,969$59,771$54,590$74,453$70,468Operating Income (Loss), As Adjusted

Page 17

$ and shares in thousands 1 The non-GAAP financial information included in this presentation differs from financial information determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items as well as the exclusion of certain expenses and other items that are not reflective of the earn ings generated from providing investment management and related services. Non-GAAP financial information has material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures. Reconciliations to the most directly comparable U.S. GAAP measures and other important disclosures are provided later in this presentation. NON-GAAP INFORMATION INCOME STATEMENT1 (CONTINUED) (UNAUDITED) 17 YTD:25YTD:24Q3:25Q2:25Q1:25Q4:24Q3:24 Other Income (Expense), As Adjusted $375$567$83($49)$341($389)$656Realized and unrealized gain (loss) on investments, net, as adjusted 2,6711,6955221,151998341548Other income, net, as adjusted $3,046$2,262$605$1,102$1,339($48)$1,204Total other income (expense), as adjusted Interest Income (Expense), As Adjusted ($13,934)($17,099)($4,791)($4,582)($4,561)($5,033)($5,807)Interest expense, as adjusted 15,01316,6814,0805,2995,6345,7854,736Interest and dividend income, as adjusted $1,079($418)($711)$717$1,073$752($1,071)Total interest income (expense), net, as adjusted $183,455$194,717$64,863$61,590$57,002$75,157$70,601Pre-Tax Income (Loss), As Adjusted 48,12451,20916,86916,19915,05619,97218,817Income tax expense (benefit), as adjusted $135,331$143,508$47,994$45,391$41,946$55,185$51,784Net Income (Loss), As Adjusted (5,598)(7,213)(2,053)(2,101)(1,444)(1,666)(2,141)Noncontrolling interests, as adjusted $129,733$136,295$45,941$43,290$40,502$53,519$49,643 Net Income (Loss) Attributable to Virtus Investment Partners, Inc., As Adjusted 6,9537,2346,8676,9227,0737,1397,176Weighted average shares outstanding - diluted $18.66$18.84$6.69$6.25$5.73$7.50$6.92Earnings (Loss) Per Share - Diluted, As Adjusted

Page 18

18 $ in thousands 1 The non-GAAP financial information included in this presentation differs from financial information determined in accordance with U.S. GAAP as a result of presenting balance sheet accounts before the consolidation of investment products NON-GAAP INFORMATION BALANCE SHEET1 (UNAUDITED) 9/30/20256/30/20253/31/202512/31/20249/30/2024 Assets: $370,563$172,204$135,380$265,888$195,533Cash and cash equivalents 153,870148,192143,000140,049143,901Investments – seed capital 146,109126,670132,798142,317140,748Investments – other 38,95237,73338,43135,44536,757Investments – long term 107,853109,742114,282118,357113,180Accounts receivable, net 22,68923,20423,59122,71823,331Furniture, equipment, and leasehold improvements, net 339,396352,341365,285378,229388,703Intangible assets, net 397,098397,098397,098397,098397,098Goodwill 19,08119,66721,87123,20627,937Deferred taxes, net 76,89478,83557,49957,13136,694Operating lease right-of-use assets 41,77340,23535,32934,29231,145Other assets $1,714,278$1,505,921$1,464,564$1,614,730$1,535,027Total Assets

Page 19

$ in thousands 1 The non-GAAP financial information included in this presentation differs from financial information determined in accordance with U.S. GAAP as a result of presenting balance sheet accounts before the consolidation of investment products 2 Defined as gross debt less deferred financing costs 3 Represents estimated revenue participation and other contingent payments 4 Defined as cash and cash equivalents plus accounts receivable, net, and deferred compensation related investments less accrued compensation and benefits (excluding those of minority interests), accounts payable and accrued liabilities, dividends payable, as well as debt principal payments and revenu e participation obligations due within 12 months NON-GAAP INFORMATION BALANCE SHEET1 (CONTINUED) (UNAUDITED) 19 9/30/20256/30/20253/31/202512/31/20249/30/2024 Liabilities and Equity Liabilities: $162,566$120,204$92,988$224,501$180,078Accrued compensation and benefits 51,66349,42856,69949,49249,618Accounts payable and accrued liabilities 94,25595,37972,12070,03744,423Operating lease liabilities 20,38819,58917,96915,93215,951Other liabilities 390,622231,279231,705232,130237,467Debt2 37,35137,35140,36563,50559,404Contingent consideration3 $756,845$553,230$511,846$655,597$586,941Total Liabilities $38,706$56,287$58,976$61,615$59,015Redeemable noncontrolling interests Equity: 918,727896,404893,742897,518889,071Total equity exc. noncontrolling interests $1,714,278$1,505,921$1,464,564$1,614,730$1,535,027Total Liabilities and Equity $288,447$144,049$137,158$134,461$108,470Working Capital4

Page 20

$ in thousands 1 CIP (Consolidated Investment Products) represents the company sponsored and managed investment products for which revenues and expenses are consolidated in the financial statements U.S. GAAP INFORMATION INCOME STATEMENT (UNAUDITED) 20 YTD:25YTD:24Q3:25Q2:25Q1:25Q4:24Q3:24 Revenues $549,329$573,855$183,762$179,476$186,091$199,975$193,843Investment management fees 37,23841,00712,51711,96812,75313,68513,567Distribution and service fees 54,92455,54618,86918,04818,00718,74818,560Administration and shareholder service fees 3,3513,0471,2371,0331,0811,0861,059Other income and fees $644,842$673,455$216,385$210,525$217,932$233,494$227,029Total revenues Operating Expenses $305,930$326,385$98,807$98,030$109,093$106,202$105,555Employment expenses 66,90572,21822,03421,97522,89624,00524,175Distribution and other asset-based expenses 98,05194,78832,42832,56433,05932,73830,363Other operating expenses 2,3064,0644968101,0002,923465Other operating expenses of CIP1 6931,487693————Restructuring expense (3,014)(7,300)—(3,014)—1,692(4,000)Change in fair value of contingent consideration 6,2736,6281,9222,0062,3452,3302,330Depreciation expense 38,83343,41612,94512,94412,94412,88312,883Amortization expense $515,977$541,686$169,325$165,315$181,337$182,773$171,771Total operating expenses $128,865$131,769$47,060$45,210$36,595$50,721$55,258Operating Income (Loss)

Page 21

$ and shares in thousands 1 CIP (Consolidated Investment Products) represents the company sponsored and managed investment products for which revenues and expenses are consolidated in the financial statements U.S. GAAP INFORMATION INCOME STATEMENT (CONTINUED) (UNAUDITED) 21 YTD:25YTD:24Q3:25Q2:25Q1:25Q4:24Q3:24 Other Income (Expense) $5,237$6,415$2,257$3,971($991)($2,501)$4,552Realized and unrealized gain (loss) on investments, net (27,766)(16,529)(14,913)(5,204)(7,649)2,069(5,128)Realized and unrealized gain (loss) of CIP1, net 2,6711,6955361,137998341548Other income (expense), net ($19,858)($8,419)($12,120)($96)($7,642)($91)($28)Total other income (expense), net Interest Income (Expense) ($14,442)($17,099)($5,299)($4,582)($4,561)($5,033)($5,807)Interest expense 7,2709,0252,2002,0543,0163,4632,913Interest and dividend income 139,508154,12845,91846,03747,55350,60450,628Interest and dividend income of investments of CIP1 (101,346)(120,035)(33,310)(33,477)(34,559)(41,157)(38,063)Interest expense of CIP1 $30,990$26,019$9,509$10,032$11,449$7,877$9,671Total interest income (expense), net $139,997$149,369$44,449$55,146$40,402$58,507$64,901Income (Loss) Before Income Taxes 37,86136,37613,10812,40312,35019,04715,797Income tax expense (benefit) $102,136$112,993$31,341$42,743$28,052$39,460$49,104Net Income (Loss) 810(24,541)585(370)595(6,166)(8,124)Noncontrolling interests $102,946$88,452$31,926$42,373$28,647$33,294$40,980 Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 6,9537,2346,8676,9227,0737,1397,176Weighted average shares outstanding - diluted $14.81$12.23$4.65$6.12$4.05$4.66$5.71Earnings (Loss) Per Share - Diluted

Page 22

$ in millions 1 Includes investment models provided to managed account sponsors 2 Consists of multi-asset offerings not included in equity, fixed income, and alternatives 3 Consists of real estate securities, managed futures, event-driven, infrastructure, and other strategies ASSETS UNDER MANAGEMENT BY PRODUCT, ASSET CLASS AND REGION 22 9/30/20256/30/20253/31/202512/31/20249/30/2024 Assets by Product $45,713$46,457$44,952$47,814$50,115U.S. Retail Funds 5,2815,5225,2415,2085,343Global Funds 4,7303,6743,4153,0512,642Exchange Traded Funds $55,724$55,653$53,608$56,073$58,100Total – Open-End Funds $10,867$10,481$10,273$10,225$10,432Closed-End Funds $37,795$38,610$38,447$40,857$41,913Intermediary Sold Managed Accounts1 9,0038,8358,4738,6798,697Wealth Management $46,798$47,445$46,920$49,536$50,610Total – Retail Separate Accounts $52,838$54,332$53,702$56,084$61,142Institutional Separate Accounts 3,0982,7992,9603,0833,458Structured Products $55,936$57,131$56,662$59,167$64,600Total – Institutional Accounts $169,325$170,710$167,463$175,001$183,742Total Assets by Asset Class $92,066$96,232$93,624$100,792$106,784Equity 39,75038,59437,93037,69639,014Fixed Income 22,07821,43020,83421,17421,619Multi-Asset2 15,43114,45415,07515,33916,325Alternatives3 $169,325$170,710$167,463$175,001$183,742Total Assets by Region $140,283$140,173$137,851$144,083$151,243U.S. 29,04230,53729,61230,91832,499Non-U.S. $169,325$170,710$167,463$175,001$183,742Total

Page 23

$ in millions 1 Includes strategies designed to give targeted investment exposure to specific longer-term trends and themes or specific industries 2 Consists of multi-asset offerings not included in equity, fixed income, and alternatives 3 Consists of real estate securities, managed futures, event-driven, infrastructure, and other strategies ASSETS UNDER MANAGEMENT BY PRODUCT AND ASSET CLASS 23 Total as ofInstitutionalRetail Separate Closed-EndOpen-End 9/30/2025AccountsAccountsFundsFunds Equity: $75,342$20,820$36,219$—$18,303Domestic Equity 4,2151,50810—2,697International Equity 8,4705,939288—2,243Global Equity 4,039—319893,019Specialty Equity1 $92,066$28,267$36,548$989$26,262Total Equity Fixed Income: $8,619$4,076$1,419$—$3,124Leveraged Finance 10,7551,24231339,377Multi-Sector 6,1585,31517194632Emerging Markets Debt 9,8898,51957486710Investment Grade 4,329——1,0273,302Hybrid $39,750$19,152$2,013$1,440$17,145Total Fixed Income $22,078$553$8,236$7,755$5,534Multi-Asset2 $15,431$7,964$1$683$6,783Alternatives3 $169,325$55,936$46,798$10,867$55,724Total

Page 24

Page 25

$ in millions 1 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage 2 Represents assets under management of Undertakings for Collective Investments in Transferable Securities (“UCITS”) ASSET FLOWS BY PRODUCT 25 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 U.S. Retail Funds $47,814$49,957$46,457$44,952$47,814$50,115$48,935Beginning balance 6,4507,6351,7842,2902,3762,2672,391Inflows (10,639)(11,773)(3,512)(3,335)(3,792)(3,964)(3,943)Outflows (4,189)(4,138)(1,728)(1,045)(1,416)(1,697)(1,552)Net Flows 2,4954,6301,1282,671(1,304)(280)2,823Market performance (407)(334)(144)(121)(142)(324)(91)Other1 $45,713$50,115$45,713$46,457$44,952$47,814$50,115Ending Balance Global Funds2 $5,208$4,560$5,522$5,241$5,208$5,343$4,809Beginning balance 475747107140228274277Inflows (875)(464)(327)(318)(230)(137)(141)Outflows (400)283(220)(178)(2)137136Net Flows 474510(22)46036(269)400Market performance (1)(10)1(1)(1)(3)(2)Other1 $5,281$5,343$5,281$5,522$5,241$5,208$5,343Ending Balance

Page 26

$ in millions 1 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage ASSET FLOWS BY PRODUCT (CONTINUED) 26 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Exchange Traded Funds $3,051$1,545$3,674$3,415$3,051$2,642$2,108Beginning balance 1,753989924395434508450Inflows (303)(130)(62)(153)(88)(64)(59)Outflows 1,450859862242346444391Net Flows 32735022980188187Market performance (98)(112)(35)(63)—(43)(44)Other1 $4,730$2,642$4,730$3,674$3,415$3,051$2,642Ending Balance Total Open-End Funds $56,073$56,062$55,653$53,608$56,073$58,100$55,852Beginning balance 8,6789,3712,8152,8253,0383,0493,118Inflows (11,817)(12,367)(3,901)(3,806)(4,110)(4,165)(4,143)Outflows (3,139)(2,996)(1,086)(981)(1,072)(1,116)(1,025)Net Flows 3,2965,4901,3353,211(1,250)(541)3,410Market performance (506)(456)(178)(185)(143)(370)(137)Other1 $55,724$58,100$55,724$55,653$53,608$56,073$58,100Ending Balance

Page 27

Page 28

$ in millions 1 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage 2 Includes strategies for which investment models are provided to managed accounts sponsors ASSET FLOWS BY PRODUCT (CONTINUED) 28 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Intermediary Sold Managed Accounts2 $40,857$35,438$38,610$38,447$40,857$41,913$37,537Beginning balance 4,0236,0511,2531,2481,5221,5261,985Inflows (6,574)(4,540)(2,444)(1,951)(2,179)(1,504)(1,570)Outflows (2,551)1,511(1,191)(703)(657)22415Net Flows (500)4,961385867(1,752)(1,078)3,961Market performance (11)3(9)(1)(1)——Other1 $37,795$41,913$37,795$38,610$38,447$40,857$41,913Ending Balance Wealth Management $8,679$7,764$8,835$8,473$8,679$8,697$8,135Beginning balance 636754196220220290275Inflows (766)(672)(222)(313)(231)(241)(259)Outflows (130)82(26)(93)(11)4916Net Flows 454851194455(195)(67)546Market performance ———————Other1 $9,003$8,697$9,003$8,835$8,473$8,679$8,697Ending Balance Total Retail Separate Accounts $49,536$43,202$47,445$46,920$49,536$50,610$45,672Beginning balance 4,6596,8051,4491,4681,7421,8162,260Inflows (7,340)(5,212)(2,666)(2,264)(2,410)(1,745)(1,829)Outflows (2,681)1,593(1,217)(796)(668)71431Net Flows (46)5,8125791,322(1,947)(1,145)4,507Market performance (11)3(9)(1)(1)——Other1 $46,798$50,610$46,798$47,445$46,920$49,536$50,610Ending Balance

Page 29

$ in millions 1 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage ASSET FLOWS BY PRODUCT (CONTINUED) 29 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Institutional Separate Accounts $56,084$59,548$54,332$53,702$56,084$61,142$58,828Beginning balance 4,3743,7621,6361,2831,4551,574943Inflows (9,662)(8,284)(3,548)(3,455)(2,659)(5,376)(2,349)Outflows (5,288)(4,522)(1,912)(2,172)(1,204)(3,802)(1,406)Net Flows 2,0796,1054662,804(1,191)(1,189)3,735Market performance (37)11(48)(2)13(67)(15)Other1 $52,838$61,142$52,838$54,332$53,702$56,084$61,142Ending Balance Structured Products $3,083$3,421$2,799$2,960$3,083$3,458$3,318Beginning balance 370379370———276Inflows ———————Outflows 370379370———276Net Flows 931373240214855Market performance (448)(479)(103)(201)(144)(423)(191)Other1 $3,098$3,458$3,098$2,799$2,960$3,083$3,458Ending Balance Total Institutional Accounts $59,167$62,969$57,131$56,662$59,167$64,600$62,146Beginning balance 4,7444,1412,0061,2831,4551,5741,219Inflows (9,662)(8,284)(3,548)(3,455)(2,659)(5,376)(2,349)Outflows (4,918)(4,143)(1,542)(2,172)(1,204)(3,802)(1,130)Net Flows 2,1726,2424982,844(1,170)(1,141)3,790Market performance (485)(468)(151)(203)(131)(490)(206)Other1 $55,936$64,600$55,936$57,131$56,662$59,167$64,600Ending Balance

Page 30

Page 31

$ in millions 1 Includes strategies designed to give targeted investment exposure to specific longer term trends and themes or specific industries 2 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage ASSET FLOWS BY ASSET CLASS (CONTINUED) 31 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Global Equity $11,633$10,552$10,699$10,294$11,633$11,824$11,224Beginning balance 993955142302549525274Inflows (4,609)(935)(2,089)(1,122)(1,398)(601)(289)Outflows (3,616)20(1,947)(820)(849)(76)(15)Net Flows 5051,260(240)1,225(480)(117)616Market performance (52)(8)(42)—(10)2(1)Other2 $8,470$11,824$8,470$10,699$10,294$11,633$11,824Ending Balance Specialty Equity1 $3,885$3,833$3,989$3,405$3,885$3,950$3,979Beginning balance 2512746689967479Inflows (614)(807)(239)(164)(211)(213)(245)Outflows (363)(533)(173)(75)(115)(139)(166)Net Flows 615700289677(351)106156Market performance (98)(50)(66)(18)(14)(32)(19)Other2 $4,039$3,950$4,039$3,989$3,405$3,885$3,950Ending Balance Total Equity $100,792$96,703$96,232$93,624$100,792$106,784$99,224Beginning balance 9,12912,8042,6683,0113,4503,7513,703Inflows (19,681)(16,236)(7,414)(6,171)(6,096)(8,104)(4,878)Outflows (10,552)(3,432)(4,746)(3,160)(2,646)(4,353)(1,175)Net Flows 1,94913,1816625,784(4,497)(1,447)8,763Market performance (123)332(82)(16)(25)(192)(28)Other2 $92,066$106,784$92,066$96,232$93,624$100,792$106,784Ending Balance

Page 32

$ in millions 1 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage ASSET FLOWS BY ASSET CLASS (CONTINUED) 32 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Leveraged Finance $8,612$9,083$8,160$8,450$8,612$8,990$8,790Beginning balance 1,3681,260676297395353530Inflows (1,303)(1,278)(285)(514)(504)(377)(363)Outflows 65(18)391(217)(109)(24)167Net Flows 35044313416452108222Market performance (408)(518)(66)(237)(105)(462)(189)Other1 $8,619$8,990$8,619$8,160$8,450$8,612$8,990Ending Balance Multi-Sector $10,032$9,121$10,670$10,377$10,032$10,204$9,438Beginning balance 1,6921,632491540661582673Inflows (1,515)(1,127)(487)(572)(456)(517)(365)Outflows 1775054(32)20565308Net Flows 753673154365234(193)490Market performance (207)(95)(73)(40)(94)(44)(32)Other1 $10,755$10,204$10,755$10,670$10,377$10,032$10,204Ending Balance Emerging Markets Debt $5,359$5,552$5,728$5,628$5,359$5,618$5,326Beginning balance 588202269472722237Inflows (444)(541)(80)(218)(146)(28)(114)Outflows 144(339)189(171)126(6)(77)Net Flows 694391260278156(257)368Market performance (39)14(19)(7)(13)41Other1 $6,158$5,618$6,158$5,728$5,628$5,359$5,618Ending Balance

Page 33

$ in millions 1 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage ASSET FLOWS BY ASSET CLASS (CONTINUED) 33 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Investment Grade $9,973$10,128$10,214$9,840$9,973$10,616$10,030Beginning balance 751600334280137154302Inflows (1,410)(652)(685)(241)(484)(256)(239)Outflows (659)(52)(351)39(347)(102)63Net Flows 56139139328194(493)523Market performance 14149(13)720(48)—Other1 $9,889$10,616$9,889$10,214$9,840$9,973$10,616Ending Balance Hybrid $3,720$3,308$3,822$3,635$3,720$3,586$3,386Beginning balance 615598276179160206279Inflows (285)(316)(58)(122)(105)(82)(94)Outflows 3302822185755124185Net Flows 443342347184(88)60227Market performance (164)(346)(58)(54)(52)(50)(212)Other1 $4,329$3,586$4,329$3,822$3,635$3,720$3,586Ending Balance Total Fixed Income $37,696$37,192$38,594$37,930$37,696$39,014$36,970Beginning balance 5,0144,2922,0461,3431,6251,3171,821Inflows (4,957)(3,914)(1,595)(1,667)(1,695)(1,260)(1,175)Outflows 57378451(324)(70)57646Net Flows 2,8012,2409341,319548(775)1,830Market performance (804)(796)(229)(331)(244)(600)(432)Other1 $39,750$39,014$39,750$38,594$37,930$37,696$39,014Ending Balance

Page 34

$ in millions 1 Consists of multi-asset offerings not included in equity, fixed income, and alternatives 2 Represents open-end and closed-end fund distributions net of reinvestm ents, the impact of non-sales related activities such as asset acquisitions/(dispositions), seed capital investments/(withdrawals), current income or capital returned by structured products and the use of leverage 3 Consists of real estate securities, managed futures, event-driven, infrastructure, and other strategies ASSET FLOWS BY ASSET CLASS (CONTINUED) 34 YTD:25YTD:249/30/20256/30/20253/31/202512/31/20249/30/2024 Multi-Asset1 $21,174$21,411$21,430$20,834$21,174$21,619$21,060Beginning balance 1,0521,119412319321360391Inflows (1,494)(2,120)(426)(536)(532)(513)(1,121)Outflows (442)(1,001)(14)(217)(211)(153)(730)Net Flows 1,8462,30883198530(123)1,480Market performance (500)(1,099)(169)(172)(159)(169)(191)Other2 $22,078$21,619$22,078$21,430$20,834$21,174$21,619Ending Balance Alternatives3 $15,339$16,953$14,454$15,075$15,339$16,325$16,331Beginning balance 2,8982,1021,1479078441,012682Inflows (2,739)(3,634)(690)(1,153)(896)(1,409)(1,147)Outflows 159(1,532)457(246)(52)(397)(465)Net Flows 42982566(333)(191)(537)479Market performance (109)(78)(46)(42)(21)(52)(20)Other2 $15,431$16,325$15,431$14,454$15,075$15,339$16,325Ending Balance

Page 35

$ in millions 1 Calculated according to revenue earning basis that includes average daily, weekly, monthly beginning balance, monthly ending ba lance, or quarter beginning and ending balance, as well as quarter beginning or ending spot balance INVESTMENT MANAGEMENT FEES AVERAGE ASSETS1 BY PRODUCT 35 YTD:25YTD:24Q3:25Q2:25Q1:25Q4:24Q3:24 $46,250$49,929$46,327$44,973$47,451$49,723$49,318U.S. Retail Funds 5,3384,8175,3995,3245,2915,2495,110Global Funds 3,6572,0044,1633,4453,3622,9332,303Exchange Traded Funds $55,245$56,750$55,889$53,742$56,104$57,905$56,731Total – Open-End Funds $10,356$9,972$10,598$10,183$10,288$10,452$10,159Closed-End Funds $39,113$37,195$38,528$38,163$40,649$41,913$37,537Intermediary Sold Managed Accounts 8,6618,0358,8358,4748,6728,6978,135Wealth Management $47,774$45,230$47,363$46,637$49,321$50,610$45,672Total – Retail Separate Accounts $54,024$59,597$53,613$53,557$54,903$59,895$60,212Institutional Separate Accounts 2,8763,2922,8132,8402,9743,2263,216Structured Products $56,900$62,889$56,426$56,397$57,877$63,121$63,428Total – Institutional Accounts $170,275$174,841$170,276$166,959$173,590$182,088$175,990Total

Page 36

$ in millions 1 Represents investment management fees, as adjusted divided by av erage assets. Investment management fees, as adjusted exclude th e impact of consolidated investment products and are reduced by revenue related adjustments that ar e based on specific agreements and reflect the portion of invest ment management fees passed-through to third- party client intermediaries for services to investors in sponsored investment products. 2 Includes incentive fees for the three months ended 09/30/24, 12/31/24, 03/31/25, 06/30/25, and 09/30/25 that increased the fee rate by 0.4, 1.1, 0.2, 0.7 and 0.2 bps, respectively 3 Includes incentive fees for the three months ended 09/30/24, 12/31/24, 03/31/25, 06/30/25, and 09/30/25 that increased the fee rate by 0.4, 1.0, 0.2, 0.7 and 0.2 bps, respectively 4 Includes incentive fees for the three months ended 09/30/24, 12/31/24, 03/31/25, 06/30/25, and 09/30/25 that increased the fee rate by 0.1, 0.3, 0.1, 0.2 and 0.1 bps, respectively INVESTMENT MANAGEMENT FEES AVERAGE MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS) 36 YTD:25YTD:24Q3:25Q2:25Q1:25Q4:24Q3:24 50.852.850.850.251.453.152.9U.S. Retail Funds 37.238.438.435.337.736.235.7Global Funds 16.011.915.618.513.912.412.5Exchange Traded Funds 47.250.247.046.747.849.549.7Total – Open-End Funds 58.658.658.558.658.558.858.5Closed-End Funds 35.436.834.735.635.936.137.1Intermediary Sold Managed Accounts 74.975.472.975.876.174.374.5Wealth Management 42.643.641.842.942.942.643.7Total – Retail Separate Accounts 31.530.431.231.831.531.530.6Institutional Accounts2 36.138.339.532.136.538.639.7Structured Products 31.730.931.631.831.831.931.0Total – Institutional Accounts3 41.442.041.241.341.742.041.9Total4

Page 37

$ and share counts in thousands, except per share data; See notes to reconciliations that follow RECONCILIATION: U.S. GAAP TO NON-GAAP Q3 2025 (UNAUDITED) 37 Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Restructuring expense Amortization of intangible assets Revenue related Distributions to minority interests Consolidated investment products U.S. GAAP Basis Revenues 176,561——————(9,514)—2,313183,762Investment management fees ———————(12,520)—312,517Distribution and service fees 18,891————————2218,869Administration and shareholder service fees 1,237—————————1,237Other income and fees 196,689——————(22,034)—2,338216,385Total revenues Operating Expenses 98,6841,474(454)(328)————(815)—98,807Employment expenses ———————(22,034)——22,034Distribution and other asset-based expenses 31,114(1,314)————————32,428Other operating expenses —————————(496)496Operating expenses of CIP —————(693)————693Restructuring expense 1,922—————————1,922Depreciation expense ——————(12,945)———12,945Amortization expense 131,720160(454)(328)—(693)(12,945)(22,034)(815)(496)169,325Total operating expenses 64,969(160)454328—69312,945—8152,83447,060Operating Income (Loss) Other Income (Expense) 83——(148)4,999————(7,025)2,257Realized and unrealized gain (loss) on investments, net —————————14,913(14,913) Realized and unrealized gain (loss) of CIP, net 522————————(14)536Other income (expense), net 605——(148)4,999————7,874(12,120)Total other income (expense), net Interest Income (Expense) (4,791)508————————(5,299)Interest expense 4,080——(24)—————1,9042,200Interest and dividend income —————————(45,918)45,918Interest and dividend income of CIP —————————33,310(33,310)Interest expense of CIP (711)508—(24)—————(10,704)9,509Total interest income (expense), net 64,8633484541564,99969312,945—815444,449Income (Loss) Before Income Taxes 16,869(11)11841661803,367———13,108Income tax expense (benefit) 47,9943593361154,9335139,578—815431,341Net Income (Loss) (2,053)(1,795)————(24)—(815)(4)585Noncontrolling interests 45,941(1,436)3361154,9335139,554———31,926Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 6.694.65Earnings (Loss) Per Share - Diluted 6,8676,867Weighted Average Shares Outstanding - Diluted

Page 38

RECONCILIATION: U.S. GAAP TO NON-GAAP Q2 2025 (UNAUDITED) 38 Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Amortization of intangible assets Revenue related Distributions to minority interests Consolidated investment products U.S. GAAP Basis Revenues 171,879—————(10,006)—2,409179,476Investment management fees ——————(11,969)—111,968Distribution and service fees 18,073———————2518,048Administration and shareholder service fees 1,033————————1,033Other income and fees 190,985—————(21,975)—2,435210,525Total revenues Operating Expenses 97,236917(435)(531)———(745)—98,030Employment expenses ——————(21,975)——21,975Distribution and other asset-based expenses 31,972(592)———————32,564Other operating expenses ————————(810)810Operating expenses of CIP ——3,014——————(3,014)Change in fair value of contingent consideration 2,006————————2,006Depreciation expense —————(12,944)———12,944Amortization expense 131,2143252,579(531)—(12,944)(21,975)(745)(810)165,315Total operating expenses 59,771(325)(2,579)531—12,944—7453,24545,210Operating Income (Loss) Other Income (Expense) (49)——(945)(2,097)———(978)3,971Realized and unrealized gain (loss) on investments, net ————————5,204(5,204)Realized and unrealized gain (loss) of CIP, net 1,151———————141,137Other income (expense), net 1,102——(945)(2,097)———4,240(96)Total other income (expense), net Interest Income (Expense) (4,582)————————(4,582)Interest expense 5,299——(22)————3,2672,054Interest and dividend income ————————(46,037)46,037Interest and dividend income of CIP ————————33,477(33,477)Interest expense of CIP 717——(22)————(9,293)10,032Total interest income (expense), net 61,590(325)(2,579)(436)(2,097)12,944—745(1,808)55,146Income (Loss) Before Income Taxes 16,19943(678)(115)1,1423,404———12,403Income tax expense (benefit) 45,391(368)(1,901)(321)(3,239)9,540—745(1,808)42,743Net Income (Loss) (2,101)(2,768)———(26)—(745)1,808(370)Noncontrolling interests 43,290(3,136)(1,901)(321)(3,239)9,514———42,373Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 6.256.12Earnings (Loss) Per Share - Diluted 6.9226,922Weighted Average Shares Outstanding - Diluted $ and share counts in thousands, except per share data; See notes to reconciliations that follow

Page 39

$ and share counts in thousands, except per share data; See notes to reconciliations that follow RECONCILIATION: U.S. GAAP TO NON-GAAP Q1 2025 (UNAUDITED) 39 Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Amortization of intangible assets Revenue related Distributions to minority interests Consolidated investment products U.S. GAAP Basis Revenues 178,501—————(10,140)—2,550186,091Investment management fees ——————(12,756)—312,753Distribution and service fees 18,029———————2218,007Administration and shareholder service fees 1,081————————1,081Other income and fees 197,611—————(22,896)—2,575217,932Total revenues Operating Expenses 109,390414(417)107———193—109,093Employment expenses ——————(22,896)——22,896Distribution and other asset-based expenses 31,286(1,773)———————33,059Other operating expenses ————————(1,000)1,000Operating expenses of CIP 2,345————————2,345Depreciation expense —————(12,944)———12,944Amortization expense 143,021(1,359)(417)107—(12,944)(22,896)193(1,000)181,337Total operating expenses 54,5901,359417(107)—12,944—(193)3,57536,595Operating Income (Loss) Other Income (Expense) 341——7441,478———(890)(991) Realized and unrealized gain (loss) on investments, net ————————7,649(7,649)Realized and unrealized gain (loss) of CIP, net 998————————998Other income (expense), net 1,339——7441,478———6,759(7,642)Total other income (expense), net Interest Income (Expense) (4,561)————————(4,561)Interest expense 5,634——(24)————2,6423,016Interest and dividend income ————————(47,553)47,553Interest and dividend income of CIP ————————34,559(34,559)Interest expense of CIP 1,073——(24)————(10,352)11,449Total interest income (expense), net 57,0021,3594176131,47812,944—(193)(18)40,402Income (Loss) Before Income Taxes 15,056(918)110162(67)3,419———12,350Income tax expense (benefit) 41,9462,2773074511,5459,525—(193)(18)28,052Net Income (Loss) (1,444)(2,224)———(26)—19318595Noncontrolling interests 40,502533074511,5459,499———28,647 Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 5.734.05Earnings (Loss) Per Share - Diluted 7,0737,073Weighted Average Shares Outstanding - Diluted

Page 40

RECONCILIATION: U.S. GAAP TO NON-GAAP Q4 2024 (UNAUDITED) 40 Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Amortization of intangible assets Revenue related Consolidated investment products U.S. GAAP Basis Revenues 192,176—————(10,317)2,518199,975Investment management fees ——————(13,688)313,685Distribution and service fees 18,751——————318,748Administration and shareholder service fees 1,086———————1,086Other income and fees 212,013—————(24,005)2,524233,494Total revenues Operating Expenses 104,265(1,141)(861)65————106,202Employment expenses ——————(24,005)—24,005Distribution and other asset-based expenses 30,965(1,773)——————32,738Other operating expenses ———————(2,923)2,923Operating expenses of CIP ——(1,692)—————1,692 Change in fair value of contingent consideration 2,330———————2,330Depreciation expense —————(12,883)——12,883Amortization expense 137,560(2,914)(2,553)65—(12,883)(24,005)(2,923)182,773Total operating expenses 74,4532,9142,553(65)—12,883—5,44750,721Operating Income (Loss) Other Income (Expense) (389)——812(1,966)——3,266(2,501)Realized and unrealized gain (loss) on investments, net ———————(2,069)2,069Realized and unrealized gain (loss) of CIP, net 341———————341Other income (expense), net (48)——812(1,966)——1,197(91)Total other income (expense), net Interest Income (Expense) (5,033)———————(5,033)Interest expense 5,785——(246)———2,5683,463Interest and dividend income ———————(50,604)50,604Interest and dividend income of CIP ———————41,157(41,157)Interest expense of CIP 752——(246)———(6,879)7,877Total interest income (expense), net 75,1572,9142,553501(1,966)12,883—(235)58,507Income (Loss) Before Income Taxes 19,972(124)678133(3,185)3,423——19,047Income tax expense (benefit) 55,1853,0381,8753681,2199,460—(235)39,460Net Income (Loss) (1,666)4,292———(27)—235(6,166)Noncontrolling interests 53,5197,3301,8753681,2199,433——33,294Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 7.504.66Earnings (Loss) Per Share - Diluted 7,1397,139 Weighted Average Shares Outstanding - Diluted $ and share counts in thousands, except per share data; See notes to reconciliations that follow

Page 41

RECONCILIATION: U.S. GAAP TO NON-GAAP Q3 2024 (UNAUDITED) 41 Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Amortization of intangible assets Revenue related Consolidated investment products U.S. GAAP Basis Revenues 185,487—————(10,606)2,250193,843Investment management fees ——————(13,569)213,567Distribution and service fees 18,579——————1918,560Administration and shareholder service fees 1,059———————1,059Other income and fees 205,125—————(24,175)2,271227,029Total revenues Operating Expenses 102,518(1,144)(956)(937)————105,555Employment expenses ——————(24,175)—24,175Distribution and other asset-based expenses 29,809(554)——————30,363Other operating expenses ———————(465)465Operating expenses of CIP ——4,000—————(4,000)Change in fair value of contingent consideration 2,330———————2,330Depreciation expense —————(12,883)——12,883Amortization expense 134,657(1,698)3,044(937)—(12,883)(24,175)(465)171,771Total operating expenses 70,4681,698(3,044)937—12,883—2,73655,258Operating Income (Loss) Other Income (Expense) 656——(1,423)(3,074)——6014,552 Realized and unrealized gain (loss) on investments, net ———————5,128(5,128)Realized and unrealized gain (loss) of CIP, net 548———————548Other income (expense), net 1,204——(1,423)(3,074)——5,729(28)Total other income (expense), net Interest Income (Expense) (5,807)———————(5,807)Interest expense 4,736——(26)———1,8492,913Interest and dividend income ———————(50,628)50,628Interest and dividend income of CIP ———————38,063(38,063)Interest expense of CIP (1,071)——(26)———(10,716)9,671Total interest income (expense), net 70,6011,698(3,044)(512)(3,074)12,883—(2,251)64,901Income (Loss) Before Income Taxes 18,817(135)(811)(136)6683,434——15,797Income tax expense (benefit) 51,7841,833(2,233)(376)(3,742)9,449—(2,251)49,104Net Income (Loss) (2,141)3,762———(30)—2,251(8,124)Noncontrolling interests 49,6435,595(2,233)(376)(3,742)9,419——40,980 Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 6.925.71Earnings (Loss) Per Share - Diluted 7,1767,176Weighted Average Shares Outstanding - Diluted $ and share counts in thousands, except per share data; See notes to reconciliations that follow

Page 42

Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Restructuring expense Amortization of intangible assets Revenue related Distributions to minority interests Consolidated investment products U.S. GAAP Basis Revenues 526,941——————(29,660)—7,272549,329Investment management fees ———————(37,245)—737,238Distribution and service fees 54,993————————6954,924 Administration and shareholder service fees 3,351—————————3,351Other income and fees 585,285——————(66,905)—7,348644,842Total revenues Operating Expenses 305,3102,805(1,306)(752)————(1,367)—305,930Employment expenses ———————(66,905)——66,905 Distribution and other asset-based expenses 94,372(3,679)————————98,051Other operating expenses —————————(2,306)2,306Operating expenses of CIP —————(693)————693Restructuring expense ——3,014———————(3,014) Change in fair value of contingent consideration 6,273—————————6,273Depreciation expense ——————(38,833)———38,833Amortization expense 405,955(874)1,708(752)—(693)(38,833)(66,905)(1,367)(2,306)515,977Total operating expenses 179,330874(1,708)752—69338,833—1,3679,654128,865Operating Income (Loss) Other Income (Expense) 375——(349)4,380————(8,893)5,237 Realized and unrealized gain (loss) on investments, net —————————27,766(27,766) Realized and unrealized gain (loss) of CIP, net 2,671—————————2,671Other income (expense), net 3,046——(349)4,380————18,873(19,858)Total other income (expense), net Interest Income (Expense) (13,934)508————————(14,442)Interest expense 15,013——(70)—————7,8137,270Interest and dividend income —————————(139,508)139,508Interest and dividend income of CIP —————————101,346(101,346)Interest expense of CIP 1,079508—(70)—————(30,349)30,990Total interest income (expense), net 183,4551,382(1,708)3334,38069338,833—1,367(1,822)139,997Income (Loss) Before Income Taxes 48,124(886)(450)881,14118010,190———37,861Income tax expense (benefit) 135,3312,268(1,258)2453,23951328,643—1,367(1,822)102,136Net Income (Loss) (5,598)(6,787)————(76)—(1,367)1,822810Noncontrolling interests 129,733(4,519)(1,258)2453,23951328,567———102,946 Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 18.6614.81Earnings (Loss) Per Share - Diluted 6,9536,953 Weighted Average Shares Outstanding - Diluted RECONCILIATION: U.S. GAAP TO NON-GAAP YTD 2025 (UNAUDITED) 42$ and share counts in thousands, except per share data; See notes to reconciliations that follow

Page 43

Other adjustmentsReclassification Non-GAAP BasisOther Acquisition and integration Deferred compensation and related investments Seed capital and CLO investments Restructuring expense Amortization of intangible assets Revenue related Consolidated investment products U.S. GAAP Basis Revenues 549,704——————(31,204)7,053573,855Investment management fees ———————(41,014)741,007Distribution and service fees 55,627———————8155,546Administration and shareholder service fees 3,047————————3,047Other income and fees 608,378——————(72,218)7,141673,455Total revenues Operating Expenses 317,598(3,540)(3,097)(2,150)—————326,385Employment expenses ———————(72,218)—72,218Distribution and other asset-based expenses 91,279(3,509)———————94,788Other operating expenses ————————(4,064)4,064Operating expenses of CIP —————(1,487)———1,487Restructuring expense ——7,300——————(7,300) Change in fair value of contingent consideration 6,628————————6,628Depreciation expense ——————(43,416)——43,416Amortization expense 415,505(7,049)4,203(2,150)—(1,487)(43,416)(72,218)(4,064)541,686Total operating expenses 192,8737,049(4,203)2,150—1,48743,416—11,205131,769Operating Income (Loss) Other Income (Expense) 567——(2,435)1,768———(5,181)6,415 Realized and unrealized gain (loss) on investments, net ————————16,529(16,529)Realized and unrealized gain (loss) of CIP, net 1,695————————1,695Other income (expense), net 2,262——(2,435)1,768———11,348(8,419)Total other income (expense), net Interest Income (Expense) (17,099)————————(17,099)Interest expense 16,681——(82)————7,7389,025Interest and dividend income ————————(154,128)154,128Interest and dividend income of CIP ————————120,035(120,035)Interest expense of CIP (418)——(82)————(26,355)26,019Total interest income (expense), net 194,7177,049(4,203)(367)1,7681,48743,416—(3,802)149,369Income (Loss) Before Income Taxes 51,2092,336(1,115)(98)1,92238811,400——36,376Income tax expense (benefit) 143,5084,713(3,088)(269)(154)1,09932,016—(3,802)112,993Net Income (Loss) (7,213)14,522————(996)—3,802(24,541)Noncontrolling interests 136,29519,235(3,088)(269)(154)1,09931,020——88,452Net Income (Loss) Attributable to Virtus Investment Partners, Inc. 18.8412.23Earnings (Loss) Per Share - Diluted 7,2347,234 Weighted Average Shares Outstanding - Diluted RECONCILIATION: U.S. GAAP TO NON-GAAP YTD 2024 (UNAUDITED) 43$ and share counts in thousands, except per share data; See notes to reconciliations that follow

Page 44

Non-GAAP financial information differs from financial information determined in accordance with U.S. GAAP as a result of the reclassification of certain income statement items, as well as the exclusion of certain expenses and other items that are not reflective of the earnings generated from providing investment management and related services. Non-GAAP financial information has material limitations and should not be viewed in isolation or as a substitute for U.S. GAAP measures. Also, the non-GAAP financial measures referenced in this release may not be comparable to similarly titled measures used by other companies. Reclassifications: 1. Consolidated investment products - Revenues and expenses generated by operating activities of mutual funds and CLOs that are consolidated in the financial statements. Management believes that excluding these operating activities to reflect net revenues and expenses of the company prior to the consolidation of these products is consistent with the approach of reflecting its operating results from managing third-party client assets. 2. Distributions to minority interests - Earnings allocated and paid to certain limited partners of a majority owned manager are recorded as employment expenses in thefinancial statements. Management believes reclassifying these earnings distributions to noncontrolling interests to reflect these payments as non-operating earnings distributions aids in comparing the company's operating results with other asset managers that do not have majority-owned managers. Other Adjustments: Revenue related 3. Investment management fees/Distribution and service fees - Each of these revenue line items is reduced to exclude fees passed-through to third-party client intermediaries who own the retail client relationship and are responsible for distributing the product and servicing the client. The amount of fees fluctuate each period, based on a predetermined percentage of the value of assets under management, and vary based on the type of investment product. The specific adjustments are as follows: Investment management fees - Based on specific agreements, the portion of investment management fees passed-through to third-party intermediaries for services to investors in sponsored investment products. Distribution and service fees - Based on distinct arrangements, fees collected by the Company then passed-through to third-party client intermediaries for services to investors in sponsored investment products. Adjustment represents all of the Company's distribution and service fees which are recorded as a separate line item on the condensed consolidated statements of operations. Management believes that making these adjustments aids in comparing the company's operating results with other asset management firms that do not utilize third-party client intermediaries. Expense Related: 4. Distribution and other asset-based expenses - Primarily payments to third-party client intermediaries for providing services to investors in sponsored investment products. Management believes that making this adjustment aids in comparing the company’s operating results with other asset management firms that donot utilize third-party client intermediaries. 5. Amortization of intangible assets - Non-cash amortization expense or impairment expense, if any, attributable to acquisition-related intangible assets, including any portion that is allocated to noncontrolling interests. Management believes that making this adjustment aids in comparing the company’s operating results with other asset management firms that have not engaged in acquisitions. 6. Restructuring expense - Certain expenses associated with restructuring the business, including lease abandonment-related expenses and severance costs associated with staff reductions, that are not reflective of the ongoing earnings generation of the business. Management believes that making this adjustment aids in comparing the company's operating results with prior periods. 7. Deferred compensation and related investments - Compensation expense, gains and losses (realized and unrealized), and interest and dividend income related to market performance of deferred compensation plans and related balance sheet investments. Market performance of deferred compensation plans and related investments can vary significantly from period to period. Management believes that making this adjustment aids in comparing the Company's operating results with prior periods. 8. Acquisition and integration expenses - Expenses that are directly related to acquisition and integration activities. Acquisition expenses include certain transaction related employment expenses, transaction closing costs, change in fair value of contingent consideration, certain professional fees, and financing fees. Integration expenses include costs incurred that are directly attributable to combining businesses, including compensation, restructuring and severance charges, professional fees, consulting fees, and other expenses. Management believes that making these adjustments aids in comparing the company’s operating results with other asset management firms that have not engaged in acquisitions. 9. Other - Certain expenses that are not reflective of the ongoing earnings generation of the business. Employment expenses and noncontrolling interests are adjusted to exclude fair value measurements of manager minority interests. Other operating expenses are adjusted for non-capitalized debt issuance costs, amortization of lease termination fees and transition related expense (benefit). Interest expense is adjusted to remove gains on early extinguishment of debt and the write-off of previously capitalized costs in connection with a debt modification. Income tax expense (benefit) items are adjusted for uncertain tax positions, changes in tax law, valuation allowances, and other unusual or infrequent items not related to current operating results to reflect a normalized effective rate. Management believes that making these adjustments aids in comparing the company’s operating results with prior periods. RECONCILIATION: FOOTNOTES 44

Page 45

Seed Capital and CLO Related: 10. Seed capital and CLO investments (gains) losses - Gains and losses (realized and unrealized) of seed capital and CLO investments. Gains and losses (realized and unrealized) generated by investments in seed capital and CLO investments can vary significantly from period to period and do not reflect the Company’s operating results from providing investment management and related services. Management believes that making this adjustment aids in comparing the Company’s operating results with prior periods and with other asset management firms that do not have meaningful seed capital and CLO investments. RECONCILIATION: FOOTNOTES 45

Page 46

4646 Components of Acquisition and Integration Expenses and Other for the respective periods are shown in the table below: $ in thousands RECONCILIATION: FOOTNOTES (UNAUDITED) YTD:25YTD:24Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024 Acquisition and Integration Expenses $1,306$3,097$454$435$417$861$956Employment expenses (3,014)(7,300)—(3,014)—1,692(4,000)Change in fair value of contingent consideration ($1,708)($4,203)$454($2,579)$417$2,553($3,044)Total Acquisition and Integration Operating Expenses Other ($2,805)$3,540($1,474)($917)($414)$1,141$1,144Employment expense fair value adjustments 1,314—1,314————Non-capitalized debt issuance costs 2,3654,728—5921,7731,7731,773Amortization of lease termination fees 508—508————(Gain) / loss on modification of debt —(1,219)————(1,219)Transition related expense (benefit) (232)(1,850)4285(359)(774)(453)Tax impact of adjustments 1,118(486)(31)(128)1,277898588Other discrete tax adjustments (6,787)14,522(1,795)(2,768)(2,224)4,2923,762Manager minority interest fair value adjustments ($4,519)$19,235($1,436)($3,136)$53$7,330$5,595Total Other

Slides