Virtus Investment Partners, Inc. (NYSE:VRTS) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET Company Participants Sean Rourke – Vice President, Investor Relations George Aylward – President and Chief Executive Officer Mike Angerthal – Chief Financial Officer Conference Call Participants Sumeet Mody – Piper Sandler Michael Cyprys – Morgan Stanley Operator Good morning. My name is Cherry, and I’ll be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners ...

Assets Under Management (AUM) and Flows - AUM decreased to $183.3 billion, compared to $187.2 billion at the end of the previous quarter, due to market depreciation and net outflows, but was partially offset by the addition of Stone Harbor's AUM[9, 15] - Sales increased by 8% to $9.4 billion, driven by growth in open-end funds and institutional sales[9, 21] - Net outflows were $2.0 billion, primarily due to open-end fund outflows, which were partially offset by positive net flows in institutional and retail separate accounts[9, 21] - The net outflow rate was (4.2)%[21] Financial Performance (Adjusted) - Operating income was $90.1 million, including $9.7 million of seasonal employment items[10] - Operating margin was 40.6%, or 45.0% excluding seasonal items[10] - Earnings per diluted share were $7.87, with a ($0.91) impact from seasonal items[10] - Investment management fees decreased by $7.1 million, or 4%, due to a lower average fee rate and market depreciation[23] - The average fee rate was 41.9 bps, compared to 43.7 bps in the prior quarter[23] Capital Activities - The company repurchased or net settled 187,311 shares for $43.4 million[10] - Acquisition and revenue participation payments totaled $61.2 million[10] - Net debt was $48 million, representing 0.1x EBITDA[10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10994 VIRTUS INVESTMENT PARTNERS, INC. (Exact name of registrant as specified in its charter) Delaware 26-3962811 State or other ...

FOURTH QUARTER EARNINGS PRESENTATION February 4, 2022 George R. Aylward President and Chief Executive Officer Michael A. Angerthal Executive Vice President and Chief Financial Officer IMPORTANT DISCLOSURES 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-10994 VIRTUS INVESTMENT PARTNERS, INC. (Exact name of registrant as specified in its charter) Delaware 26-3962811 (State or other juri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-10994 VIRTUS INVESTMENT PARTNERS, INC. (Exact name of registrant as specified in its charter) Delaware 26-3962811 (State or other jurisdict ...

FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-10994 VIRTUS INVESTMENT PARTNERS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Assets Under Management (AUM) and Flows - AUM increased sequentially by 28% to $168.9 billion, driven by the addition of AllianzGI (AGI) assets, market appreciation, and positive net flows[11, 19] - Sales increased sequentially by 19% to $10.6 billion due to higher sales of open-end funds and retail separate accounts[11, 23] - Net flows were $2.4 billion, representing 7.5% annualized organic growth, with positive net flows in retail separate accounts, open-end funds, exchange traded funds, and institutional accounts[11, 23] - Multi-asset AUM represented 13.3% of total AUM, up 410 bps sequentially, including the $6.5 billion Virtus AllianzGI Income & Growth Fund[19] Financial Performance - Operating income, as adjusted, was $78.0 million, including $9.4 million of seasonal employment expenses[12] - Operating margin, as adjusted, was 41.6%, up 130 bps sequentially; excluding seasonal items, the operating margin was 46.6%[12] - Earnings per diluted share, as adjusted, increased sequentially by $1.63, or 32%, to $6.78; seasonal items impacted earnings by ($0.85)[12] - Investment management fees, as adjusted, increased sequentially by $27.1 million, or 20%, to $187.3 million due to higher average AUM[28] Capital Activities and Balance Sheet - The company net settled 57,885 shares for $15.1 million and repurchased an additional 19,912 shares for $5.0 million[13] - Debt was reduced by $5.9 million, continuing consistent quarterly debt reduction[13] - Working capital increased sequentially by 23% to $211 million due to cash generation and capital activities[44, 45] - A revenue participation liability of $137.7 million was recorded related to the AllianzGI partnership[44, 45]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-10994 For the fiscal year ended December 31, 2020 VIRTUS INVESTMENT PARTNERS, INC. or (Exact name of registrant as specified in its charter) Delaware 26-3962811 State or other ...

Financial Data and Key Metrics Changes - The company reported record earnings for 2020, with positive net flows and an organic growth rate of nearly 5% [8] - Operating income as adjusted for Q4 was $61.9 million, with a margin of 40.3%, up from $54.1 million and 39.3% in Q3 [15][45] - Earnings per share as adjusted reached $5.15, a 15% sequential increase [15][47] - The cash balance exceeded gross debt by $41 million at year-end [9][49] Business Line Data and Key Metrics Changes - Long-term assets under management (AUM) increased by nearly $16 billion or 14% to $130.7 billion, driven by market appreciation and positive net flows [10][21] - Positive net flows for the quarter were $2.6 billion, with significant contributions from open-end funds, retail separate accounts, and institutional [11][30] - Open-ended inflows were $0.7 billion, with retail separate accounts reaching a high of $1.3 billion [12][30] Market Data and Key Metrics Changes - The company experienced a 9.2% annualized organic growth rate in net inflows for Q4 [30] - Institutional net flows improved to $0.6 billion, recovering from prior outflows [13] - The partnership with AllianzGI added $29.3 billion in AUM, bringing pro forma AUM to $161.4 billion [17] Company Strategy and Development Direction - The company aims to diversify its investment strategies and enhance its distribution capabilities through partnerships, such as with AllianzGI and Westchester Capital [18][58] - The addition of Westchester Capital is expected to nearly double the assets under management in alternative strategies [54] - The company emphasizes a flexible approach to partnerships, allowing for various transaction structures to align interests effectively [93] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate organic growth despite market volatility, highlighting the importance of a diversified strategy [78][81] - The company anticipates continued strong demand for fixed-income strategies, reflecting a shift in market conditions [80][104] - Management believes the multifaceted approach to growth positions the company well for long-term success [62] Other Important Information - The company repurchased approximately 40,000 shares, reducing common shares outstanding by 0.5% [16][50] - The effective tax rate for the quarter was 27%, consistent with prior periods [46] - The company plans to present a new asset class category, multi-asset, starting in Q1 [25] Q&A Session Summary Question: Clarification on AGI accretion comment - Management confirmed that the expected accretion is based on the current quarterly EPS run rate [64] Question: Underlying flow trends with AGI - Management highlighted the complementary nature of AGI's products and expressed excitement about integrating their strategies into the sales force [66][68] Question: Organic growth outlook for the year - Management indicated a diversified strategy to adapt to changing market conditions, positioning the company for continued organic growth [78][81] Question: Technology leverage at the firm - Management discussed the importance of data and technology in enhancing distribution and supporting affiliates [82][86] Question: Rationale behind Westchester deal structure - Management explained the flexibility in partnership structures and emphasized alignment of interests through profit-sharing [92][94] Question: Demand in CLO business - Management noted no current activity in the CLO market but acknowledged increased interest in the space [101] Question: Fixed-income strategy interest - Management observed a growing interest in fixed-income strategies, particularly in high-yield and credit-sensitive products [104]