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Virtus Investment Partners, Inc.
Non-GAAP Information and Reconciliations
(Unaudited, dollars in thousands except per share)


Reconciliation of Non-GAAP Effective Tax Rate - Revised to Non-GAAP Effective Tax Rate - Historical:
Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Non-GAAP effective tax rate - Revised18.2 %19.6 %20.4 %20.3 %18.3 %18.9 %19.0 %17.9 %19.7 %18.5 %
Non-GAAP effective tax rate - Historical26.0 %26.1 %26.7 %26.6 %26.4 %26.3 %26.0 %25.3 %26.4 %26.0 %
Difference A
(7.8%)(6.5%)(6.3%)(6.3%)(8.1%)(7.4%)(7.0%)(7.4%)(6.7%)(7.5%)

A Reflects the economic tax (benefit) realized on amortization of goodwill and intangible assets


Reconciliation of Earnings Per Share - Diluted, as Adjusted - Revised to Earnings Per Share, as Adjusted - Historical:
Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Earnings per share - diluted, as adjusted - Revised$6.02 $7.14 $7.54 $8.15 $6.38 $6.91 $7.35 $7.16 $28.82 $27.79 
Earnings per share - diluted, as adjusted - Historical$5.41 $6.53 $6.92 $7.50 $5.73 $6.25 $6.69 $6.50 $26.33 $25.15 
Difference A
$0.61 $0.61 $0.62 $0.65 $0.65 $0.66 $0.66 $0.66 $2.49 $2.64 

A Reflects the after-tax per share economic tax benefit realized on amortization of goodwill and intangible assets




Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com




Reconciliation of Income Tax Expense (Benefit), as Adjusted - Revised to Income Tax Expense (Benefit), as Adjusted - Historical:

Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Income tax expense (benefit), as adjusted – Revised$10,345 $13,170 $14,379 $15,292 $10,440 $11,636 $12,327 $11,011 $53,186 $45,414 
Income tax expense (benefit), as adjusted - Historical$14,784 $17,608 $18,817 $19,972 $15,056 $16,199 $16,869 $15,580 $71,181 $63,704 
Difference A
$(4,439)$(4,438)$(4,438)$(4,680)$(4,616)$(4,563)$(4,542)$(4,569)$(17,995)$(18,290)

A Reflects the economic tax (benefit) realized on amortization of goodwill and intangible assets

Reconciliation of Net Income (Loss) Attributable to Common Stockholders - Diluted, as Adjusted - Revised to Net Income (Loss) Attributable to Common Stockholders - Diluted, as Adjusted - Historical:

Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Net income (loss) attributable to common stockholders, as adjusted - Revised$43,838 $51,691 $54,081 $58,199 $45,118 $47,853 $50,483 $49,114 $207,809 $192,568 
Net income (loss) attributable to common stockholders, as adjusted - Historical$39,399 $47,253 $49,643 $53,519 $40,502 $43,290 $45,941 $44,545 $189,814 $174,278 
Difference A
$4,439 $4,438 $4,438 $4,680 $4,616 $4,563 $4,542 $4,569 $17,995 $18,290 

A Reflects the economic tax benefit realized on amortization of goodwill and intangible assets




Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com





Reconciliation of Income Tax Expense (Benefit), GAAP to Income Tax Expense (Benefit), as Adjusted - Revised:

Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Income tax expense (benefit), GAAP$8,831 $11,748 $15,797 $19,047 $12,350 $12,403 $13,108 $13,400 $55,423 $51,261 
Tax impact of:
Amortization of intangible assets, net of tax (1)(446)(465)(1,004)(1,257)(1,197)(1,159)(1,175)(1,297)(3,172)(4,828)
Restructuring expense, net of tax (2)208 180 — — — — 180 — 388 180 
Deferred compensation and related investments (3)(104)142 (136)133 162 (115)41 82 35 170 
Acquisition and integration expenses, net of tax (4)271 (575)(811)678 110 (678)118 762 (437)312 
Other, net of tax (5)1,056 1,415 (135)(124)(918)43 (11)1,971 2,212 1,085 
Seed capital and CLO investment (gains) losses, net of tax (6)529 725 668 (3,185)(67)1,142 66 (3,907)(1,263)(2,766)
Income tax expense (benefit), as adjusted - Revised$10,345 $13,170 $14,379 $15,292 $10,440 $11,636 $12,327 $11,011 $53,186 $45,414 
Effective tax rate, GAAP18.9 %31.1 %24.3 %32.6 %30.6 %22.5 %29.5 %28.4 %26.7 %27.4 %
Effective tax rate, as adjusted - Revised18.2 %19.6 %20.4 %20.3 %18.3 %18.9 %19.0 %17.9 %19.7 %18.5 %







Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com





Reconciliation of Income Tax Expense (Benefit), GAAP to Income Tax Expense (Benefit), as Adjusted - Historical:

Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Income tax expense (benefit), GAAP$8,831 $11,748 $15,797 $19,047 $12,350 $12,403 $13,108 $13,400 $55,423 $51,261 
Tax impact of:
Amortization of intangible assets, net of tax (1)3,993 3,973 3,434 3,423 3,419 3,404 3,367 3,272 14,823 13,462 
Restructuring expense, net of tax (2)208 180 — — — — 180 — 388 180 
Deferred compensation and related investments (3)(104)142 (136)133 162 (115)41 82 35 170 
Acquisition and integration expenses, net of tax (4)271 (575)(811)678 110 (678)118 762 (437)312 
Other, net of tax (5)1,056 1,415 (135)(124)(918)43 (11)1,971 2,212 1,085 
Seed capital and CLO investment (gains) losses, net of tax (6)529 725 668 (3,185)(67)1,142 66 (3,907)(1,263)(2,766)
Income tax expense (benefit), as adjusted - Historical$14,784 $17,608 $18,817 $19,972 $15,056 $16,199 $16,869 $15,580 $71,181 $63,704 
Effective tax rate, GAAP18.9 %31.1 %24.3 %32.6 %30.6 %22.5 %29.5 %28.4 %26.7 %27.4 %
Effective tax rate, as adjusted - Historical26.0 %26.1 %26.7 %26.6 %26.4 %26.3 %26.0 %25.3 %26.4 %26.0 %





Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com





Reconciliation of Net Income (Loss) Attributable to Common Stockholders, GAAP to Net Income (Loss) Attributable to Common Stockholders, as Adjusted - Revised:
Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Net income (loss) attributable to common stockholders, GAAP$29,858 $17,614 $40,980 $33,294 $28,647 $42,373 $31,926 $35,450 $121,746 $138,396 
Goodwill and intangible assets, net of tax (1)15,302 15,176 13,857 14,113 14,115 14,077 14,096 14,224 58,448 56,512 
Restructuring expense, net of tax (2)589 510 — — — — 513 — 1,099 513 
Deferred compensation and related investments (3)(296)403 (376)368 451 (321)115 242 99 487 
Acquisition and integration expenses, net of tax (4)771 (1,626)(2,233)1,875 307 (1,901)336 2,251 (1,213)993 
Other, net of tax (5)5,476 8,164 5,595 7,330 53 (3,136)(1,436)(6,163)26,565 (10,682)
Seed capital and CLO investment (gains) losses, net of tax (6)(7,862)11,450 (3,742)1,219 1,545 (3,239)4,933 3,110 1,065 6,349 
Net income (loss) attributable to common stockholders, as adjusted - Revised$43,838 $51,691 $54,081 $58,199 $45,118 $47,853 $50,483 $49,114 $207,809 $192,568 
Weighted average shares outstanding - diluted7,287 7,242 7,176 7,139 7,073 6,922 6,867 6,857 7,210 6,929 
Earnings (Loss) Per Share - Diluted, GAAP$4.10 $2.43 $5.71 $4.66 $4.05 $6.12 $4.65 $5.17 $16.89 $19.97 
Earnings (Loss) Per Share - Diluted, as adjusted - Revised$6.02 $7.14 $7.54 $8.15 $6.38 $6.91 $7.35 $7.16 $28.82 $27.79 





Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com







Reconciliation of Net Income (Loss) Attributable to Common Stockholders, GAAP to Net Income (Loss) Attributable to Common Stockholders, as Adjusted - Historical:

Three Months EndedTwelve Months Ended
3/31/20246/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/202512/31/202412/31/2025
Net income (loss) attributable to common stockholders, GAAP$29,858 $17,614 $40,980 $33,294 $28,647 $42,373 $31,926 $35,450 $121,746 $138,396 
Amortization of intangible assets, net of tax (1)10,863 10,738 9,419 9,433 9,499 9,514 9,554 9,655 40,453 38,222 
Restructuring expense, net of tax (2)589 510 — — — — 513 — 1,099 513 
Deferred compensation and related investments (3)(296)403 (376)368 451 (321)115 242 99 487 
Acquisition and integration expenses, net of tax (4)771 (1,626)(2,233)1,875 307 (1,901)336 2,251 (1,213)993 
Other, net of tax (5)5,476 8,164 5,595 7,330 53 (3,136)(1,436)(6,163)26,565 (10,682)
Seed capital and CLO investment (gains) losses, net of tax (6)(7,862)11,450 (3,742)1,219 1,545 (3,239)4,933 3,110 1,065 6,349 
Net income (loss) attributable to common stockholders, as adjusted - Historical$39,399 $47,253 $49,643 $53,519 $40,502 $43,290 $45,941 $44,545 $189,814 $174,278 
Weighted average shares outstanding - diluted7,287 7,242 7,176 7,139 7,073 6,922 6,867 6,857 7,210 6,929 
Earnings (Loss) Per Share - Diluted, GAAP$4.10 $2.43 $5.71 $4.66 $4.05 $6.12 $4.65 $5.17 $16.89 $19.97 
Earnings (Loss) Per Share - Diluted, as adjusted - Historical$5.41 $6.53 $6.92 $7.50 $5.73 $6.25 $6.69 $6.50 $26.33 $25.15 



Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com








Notes to Reconciliations:

1.Goodwill and intangible assets - Non-cash amortization expense or impairment expense, if any, attributable to acquisition-related goodwill and intangible assets, including any portion that is allocated to noncontrolling interests, and the economic tax benefit realized on amortization of such assets. 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 as well as comparing prior periods.
2.Restructuring expense - Certain non-recurring expenses associated with restructuring the business, including lease abandonment-related expenses and severance costs associated with staff reductions that are not reflective of ongoing earnings generation of the business. Management believes that making this adjustment aids in comparing the Company's operating results with prior periods.
3.Deferred compensation and related investments - Compensation expense, gains and losses (realized and unrealized), and interest and dividend income related to deferred compensation 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
4.Acquisition and integration expenses - Expenses that are directly related to acquisition and integration activities. Acquisition expenses include certain transaction related employment expenses, closing costs, professional fees, and financing fees as well as any change in the fair value of contingent consideration. Integration expenses include costs incurred that are 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.
5.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 investment 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.
Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com



6.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 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.
Virtus Investment Partners, Inc. | One Financial Plaza | Hartford, CT 06103 | www.virtus.com