Group 1 - Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is a fund with $2 billion in assets under management (AUM), launched in May 2018 by Virtus Investment Partners and advised by Infrastructure Capital Advisors, LLC [1] - The fund focuses on preferred stocks, which are hybrid securities that have characteristics of both equity and debt [1] Group 2 - The article emphasizes the importance of thorough due diligence in investment research, highlighting the need for accurate information to make informed decisions [1]

Group 1 - Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is a fund with $2 billion in assets under management (AUM), launched in May 2018 by Virtus Investment Partners and advised by Infrastructure Capital Advisors, LLC [1] - The fund focuses on preferred stocks, which are hybrid securities that have characteristics of both equity and debt [1] Group 2 - The article emphasizes the importance of due diligence in investment research, highlighting the need for thorough analysis to uncover potential investment opportunities [1]

Virtus Investment Partners, Inc. (NYSE:VRTS) is included among the 13 Best January Dividend Stocks to Invest in. Piper Cuts Virtus (VRTS) Target but Stays Positive on Credit Fundamentals Photo by Annie Spratt on Unsplash On December 23, Piper Sandler analyst Crispin Love lowered his price target on Virtus Investment Partners, Inc. (NYSE:VRTS) to $218 from $225 and kept an Overweight rating. The call came as part of Piper’s Q4 preview for the asset management group. Deal activity has started to pick up. ...

Risk Considerations "We believe growth is a condition, not a category, and that any company, regardless of the sector, may present conditions for growth at some point in its lifecycle,†said Michael Sansoterra, chief investment officer of Silvant. "Any company can grow. Our team roots out the strongest prospects for growth, including often unexpected places.†"The introduction of VGRO reflects our commitment to delivering an ETF lineup, balanced across asset classes, with potential to improve investor outco ...

Core Viewpoint - Virtus Investment Partners has announced a definitive agreement to acquire a majority interest in Keystone National Group, expanding its offerings into private markets with a focus on asset-backed lending strategies [1] Group 1: Transaction Details - The acquisition involves a purchase price of $200 million at closing, with an additional potential $170 million in deferred consideration based on future revenue targets [1] - The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions [1] - Virtus plans to finance the acquisition using existing balance sheet resources [1] Group 2: Keystone National Group Overview - Keystone National Group, established in 2006, specializes in asset-centric private credit and has over 20 years of experience managing private credit assets [1][2] - As of October 31, 2025, Keystone managed $2.5 billion and has deployed over $6 billion in more than 750 transactions [1] - Keystone's flagship fund, the Keystone Private Income Fund (KPIF), has $2.0 billion in assets and is recognized for its stable investment performance [1] Group 3: Management and Operations - Keystone's management team will retain significant equity and enter into long-term employment agreements post-acquisition [1] - Keystone will maintain autonomy over its investment process and day-to-day operations, preserving its culture and brand identity [1] - The firm employs approximately 40 individuals and operates from Salt Lake City, Utah [2]

Key Takeaways Virtus will acquire a majority interest in Keystone for up to $370 million. The deal adds Keystone's asset-backed lending strategies spanning equipment, real estate and financial assets.The transaction is expected to close in early 2026 and be accretive to VRTS earnings that same year. Virtus Investment Partners, Inc. (VRTS) , entered a definitive agreement to acquire a majority interest in Keystone National Group ("Keystone"), an investment manager specializing in asset-centric private credit ...

PresentationOperator Good morning. My name is Latonya, and I will be your conference operator today. I would like to welcome everyone to Virtus Investment Partners conference call. The slide presentation for this call is available in the Investor Relations section of the Virtus website, www.virtus.com. The call is being recorded and will be available for replay on the Virtus website. [Operator Instructions] I would now like to turn the conference over to your host, Sean Rourke. You may begin. ...

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Summary of Virtus Investment Partners Conference Call Company Overview - **Company**: Virtus Investment Partners (NYSE: VRTS) - **Acquisition Target**: Keystone National Group - **Transaction Date**: Announcement on December 5, 2025 - **Transaction Value**: $200 million for a 56% majority stake, with up to $170 million in deferred consideration over two years [11][12] Key Points and Arguments Strategic Rationale - The acquisition of Keystone National Group aims to expand Virtus's investment capabilities to include private market strategies, particularly in asset-based lending [4][5] - Keystone specializes in asset-centric private credit, which is expected to meet the growing demand for differentiated private market strategies [5][6] - The transaction is anticipated to be immediately accretive to margins and Non-GAAP EPS upon closing in Q1 2026 [6][13] Financial Performance - Keystone has shown strong financial performance with a revenue and EBITDA CAGR exceeding 35% over the past three years [5] - The firm has grown assets under management to $2.5 billion, primarily through the RIA channel [7] - Keystone's flagship fund, the Keystone Private Income Fund, has gained traction with leading wealth managers due to its attractive performance [9][10] Investment Strategy - Keystone's asset-based lending approach is characterized by secured financing, shorter durations, and strong covenants, providing more downside protection compared to traditional private credit strategies [9][18] - The firm focuses on collateralized loans, ensuring that the underlying assets are critical to the borrower's operations [33] Market Position and Growth Opportunities - The acquisition is expected to enhance Keystone's ability to manage its strategies while benefiting from Virtus's support model, including distribution and marketing capabilities [10][11] - There are significant growth opportunities in both retail and institutional channels, with plans to expand Keystone's existing capabilities [36][37] Financial Impact - The transaction is projected to improve operating margins by approximately 200 basis points and contribute about $1.50 to adjusted EPS in 2026 [13] - Anticipated annual tax savings of approximately $5 million due to intangible assets created by the transaction [13] Additional Insights - The management teams of both companies share similar philosophies, emphasizing investment excellence and long-term value creation [6] - Keystone's management will retain significant equity and has entered into long-term employment agreements to ensure continuity [6][12] - The firm has a strong track record of sourcing and origination, focusing on smaller ticket sizes in less crowded market segments [29][30] Conclusion - The acquisition of Keystone National Group represents a strategic move for Virtus Investment Partners to enhance its private market offerings and capitalize on growth opportunities in the wealth management space. The transaction is expected to provide immediate financial benefits and align with the company's long-term strategic objectives.

Acquisition Overview - Virtus Investment Partners will acquire a 56% majority interest in Keystone National Group for $200 million in cash at closing[13] - Up to $170 million in deferred consideration, including earnout payments, may be paid based on future revenue targets[13] - Management will retain a 44% stake, with Virtus increasing ownership to 75% through staged equity purchases in years 3-6[13] Keystone National Group Highlights - Keystone manages $2.5 billion in assets under management (AUM) across four core strategies[8, 11] - Keystone's flagship $2.0 billion tender offer fund (KPIF) is available in the RIA market[8, 11] - Keystone has invested over $6 billion of capital in more than 750 transactions since its founding in 2006[11] - Keystone's Real Estate Private Credit AUM is ~$400 million and Real Estate Equity AUM is ~$100 million[12] Financial Impact - The transaction is expected to increase Virtus' operating margin by approximately 200 basis points[13] - The estimated contribution to 2026 EPS, as adjusted, is approximately $1.50[13] - Intangible assets are expected to create annual tax savings of approximately $5 million per year[13] Market Context - Non-bank financing represents $1.9 trillion of the ~$5.5 trillion US Specialty Finance market[20] - Private credit accounts for $200-300 billion of the Specialty Finance market[20]