Virtus Investment Partners : First Quarter 2026 Presentation & Financial Supplement

Published: 2026-05-01 07:15:08 ET VRTS

Published on 05/01/2026 at 07:15 am EDT

May 1, 2026

George R. Aylward

President and Chief Executive Officer

Michael A. Angerthal

Executive Vice President and Chief Financial Officer

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 2025 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 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 2025 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.

Overview of Quarter

Results

Q & A Session

OVERVIEW

Assets under management (AUM) of $149.0 billion; average AUM declined 4% to $158.2 billion

Sales increased 8% to $5.8 billion on higher sales of U.S. retail funds, retail separate accounts, and global funds; sales of equity strategies increased 26%

Net flows of ($8.4) billion primarily in quality-oriented equity strategies

AUM included $2.3 billion from the majority investment in Keystone National Group (Keystone) completed on March 1, 2026

Non-GAAP Financial Results1

Earnings and margins included the impact of seasonal employment expenses

Operating income, as adjusted, of $43.8 million included $11.4 million of seasonal expenses

Operating margin, as adjusted, of 24.0%, or 30.3% excluding seasonal expenses

Earnings per diluted share, as adjusted, of $5.38 included $1.26 of seasonal expenses

Returned capital and invested in growth

Completed majority investment in Keystone for $200 million at close with existing resources

Repurchased 73,463 shares for $10 million

Net debt of $311 million, or 1.1x EBITDA, including $50 million drawn on revolver

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

1 On April 17, 2026 the Company filed a Current Report on Form 8-K announcing a revision to its definition of certain non-GAAP financial measures to include tax benefits realized

on amortization of goodwill and intangible assets. Prior periods have been recast to reflect the revisions. 5

BROADLY DIVERSIFIED

Institutional Accounts

U.S. Retail Funds

Global Funds and ETFs

Closed-End Funds

Retail Separate Accounts

$159

$10

$11

$149

$10

$13

AUM of $149.0 billion compared with

$159.5 billion:

$167

$171

$169

$10

$11

($8.4) billion of net outflows primarily in quality-oriented equity strategies; and

($3.9) billion of market performance, partially offset by

$2.3 billion AUM addition from Keystone

Closed-end fund AUM increased 20% to

$12.8 billion primarily due to Keystone

ETF AUM increased $0.2 billion to $5.4 billion

AUM well-diversified by product type

AUM by Asset Class

Equity

55.9%

56.4%

54.4%

51.8%

47.0%

Fixed Income

22.6%

23.5%

25.0%

26.4%

Multi-Asset1

12.5%

13.0%

13.5%

14.5%

Alternatives2

9.0%

8.5%

9.1%

9.7%

12.1%

Institutional 33%

U.S. retail funds 27%

Retail separate accounts, including wealth management, 25%

$ 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 listed real estate, managed futures, infrastructure, event-driven, private markets, and other strategies 7

REFLECT STYLE HEADWINDS FOR QUALITY EQUITY

(6.9%) (9.5%) (9.0%) (19.0%) (21.4%)

(6.9%)

(21.4%)

Net Flow Rate1

($8.4)

($3.0)

($3.9) ($8.1) ($8.4)

($3.9)

($3.0)

Net Flows

Metrics

Sales of $5.8 billion increased 8% from

$5.3 billion led by a 26% increase in sales of equity strategies. By product:

Institutional sales of $1.2 billion compared with $1.4 billion

Retail separate account sales of $1.4 billion increased from $1.2 billion due to higher sales of intermediary sold

Open-end fund sales, including $0.6 billion of ETFs, increased 11% to $3.1 billion

Net flows of ($8.4) billion primarily due to equity strategies

Institutional net flows of ($3.2) billion primarily due to global equity

Retail separate account net flows of ($3.9) billion included the rebalancing of a large lower-fee model-only mandate

Open-end fund net flows of ($1.3) billion as

$0.3 billion of ETF net flows were more than offset by ($1.7) billion of U.S. retail funds

$ in billions

All comparisons to prior quarter unless otherwise noted

1 Annualized net flows divided by beginning-of-period total AUM 8

HIGHER AVERAGE FEE RATE

$173.6 $158.2

$173.6 $167.0 $170.3 $165.2 $158.2

Average AUM

41.9

41.7

41.9

40.6

41.2

41.3

41.7

Fee Rate1 - BPS

$197.6 $182.3

$197.6 $191.0 $196.7 $188.9 $182.3

Revenues, as adjusted

Metrics

Investment management fees, as adjusted, declined 3% primarily due to lower average AUM

Average fee rate of 41.9 basis points (bps) increased from 40.6 bps

Includes incentive fees of 0.6 bps from one month of results from Keystone

Average fee rate by product

Institutional: 32.5 bps

Retail separate accounts: 42.9 bps

Open-end funds: 43.5 bps

$ 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

LOWER EX-SEASONAL ITEMS

$99.4

$94.8

55.4% 58.3%

55.4% 50.9% 50.2% 50.7% 58.3%

% of Revenues, as adjusted

Employment expenses, as adjusted, of

$106.2 million included $11.4 million of seasonally higher expenses

Excluding seasonal expenses, declined modestly

Employment expenses, as adjusted, as a percentage of revenues, as adjusted, were 58.3%

Increased 760 basis points primarily due to seasonal expenses

Excluding seasonal items, employment expenses, as adjusted, as a percentage of revenues, as adjusted, were 52.0%

Seasonal Expenses

STABLE RANGE

16.8%

15.8%

15.8% 16.7% 15.8% 16.0% 16.8%

% of Revenues, as adjusted

Other operating expenses, as adjusted, of

$30.6 million increased modestly from

$30.2 million

Includes one month of Keystone expenses

Other operating expenses, as adjusted, as a percentage of revenues, as adjusted, of 16.8% compared with 16.0%

REFLECT SEASONAL ITEMS AND LOWER AUM

Operating margin, as adjusted, of 24.0% compared with 32.4%

Excluding seasonal employment expenses, operating margin was 30.3%

Interest and dividend income of $5.4 million declined from $6.8 million primarily due to a lower cash balance

Lower effective tax rate of 14% reflects impact of amortization benefit on seasonally lower pre-tax income

EPS, as adjusted, of $5.38 decreased from $7.16

24.0%

27.6%

27.6% 31.3% 33.0% 32.4% 24.0%

Operating Margin, as adjusted

$36.6

$45.1

$36.6

$49.1

$50.5

$47.9

$45.1

Net Income, as adjusted

Metrics

Included $1.26 per share of seasonal employment expenses

Operating Income, as Adjusted

Diluted earnings per share, as adjusted

RETURNED CAPITAL AND INVESTED IN GROWTH

3/31/25

6/30/25

9/30/25

12/31/25

3/31/26

Cash and cash equivalents

$135

$172

$371

$386

$137

Investments - seed capital1

$143

$148

$154

$162

$141

Investments - other2

$133

$127

$146

$144

$128

Investments - equity method3

$21

$19

$61

$62

Gross debt4

$235

$400

$399

$448

Contingent consideration5

$40

$37

$39

$126

Manager noncontrolling interests liability6

$19

$17

$15

$152

Redeemable noncontrolling interests7

$59

$56

$39

$27

$131

Total equity exc. noncontrolling interests

$894

$896

$919

$934

$917

Working capital8

$137

$144

$288

$254

$54

Common shares outstanding

6.911

6.748

6.753

6.695

6.682

Liquidity at March 31, 2026:

Cash and investments of $406 million

Revolver capacity of $200 million, after $50 million draw during quarter

Repurchased $10 million of shares at average price of $136.09 per share

Completed 56% majority investment in Keystone

$200 million closing payment funded with existing resources

Metrics

Net Debt (Cash)9

$100

$62

$29

$13

$311

EBITDA9

$70

$74

$77

$76

$57

Gross Debt to EBITDA10

0.7x

1.3x

1.6x

Net Debt (Cash)8 to EBITDA10

0.3x

0.2x

0.1x

0.0x

1.1x

Deferred payments of up to $170 million over two years included in contingent consideration

Remaining 44% minority interests are included in noncontrolling interests

$ 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 Includes minority ownership in investment managers

4 Excludes deferred financing costs

5 Includes time-based payments as well as fair value estimates of revenue-based earnout and participation payments

6 Represents minority interests in investment managers held by its employees

7 Represents minority interests in investment managers subject to equity purchase arrangements. Excludes redeemable noncontrolling interests of consolidated investment products

8 Defined as cash and cash equivalents plus accounts receivable, net, and deferred compensation related investments less accrued compensation and benefits, accounts payable and accrued liabilities, dividends payable, as well as investment manager minority interests distributions, debt principal payments and contingent consideration obligations due within 12 months

9 Defined as gross debt less cash and cash equivalents in accordance with the company's credit agreement

10 Defined and calculated in accordance with the company's credit agreement 13

See the financial supplement for U.S. GAAP to Non-GAAP ("as adjusted") reconciliations and related notes

PERFORMANCE VERSUS BENCHMARK

Total AUM Outperforming Benchmark1

1-Year

3-Year

5-Year

10-Year

Equity

22%

54%

Fixed Income

87%

78%

71%

73%

Multi-Asset2

45%

44%

41%

44%

Alternatives3

63%

71%

66%

71%

Total

38%

37%

40%

59%

Total AUM Outperforming Benchmark1 at Quarter-End - Trend

As of March 31, 2026

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 management, structured products, and certain other multi-asset accounts and therefore are excluded from the analysis.

2 Consists of multi-asset offerings not included in equity, fixed income, and alternatives 14

3 Consists of listed real estate, managed futures, infrastructure, event-driven, private markets, and other strategies

INCOME STATEMENT1 (UNAUDITED)

Revenues, As Adjusted

Investment management fees, as adjusted Administration and shareholder service fees, as adjusted Other income and fees, as adjusted

Q1:25

$178,501 18,029

1,081

Q2:25

$171,879 18,073

1,033

Q3:25

$176,561 18,891

1,237

Q4:25

$168,896 18,379

1,621

Q1:26

$163,469 17,361

1,458

YTD:25

$178,501 18,029

1,081

YTD:26

$163,469 17,361

1,458

Total revenues, as adjusted

$197,611

$190,985

$196,689

$188,896

$182,288

$197,611

$182,288

Operating Expenses, As Adjusted Employment expenses, as adjusted Other operating expenses, as adjusted

Depreciation and other amortization, as adjusted

$109,390 31,286

2,345

$97,236 31,972

2,006

$98,684 31,114

1,922

$95,844 30,210

1,719

$106,211 30,601

1,667

$109,390 31,286

2,345

$106,211 30,601

1,667

Total operating expenses, as adjusted

$143,021

$131,214

$131,720

$127,773

$138,479

$143,021

$138,479

Operating Income (Loss), As Adjusted

$54,590

$59,771

$64,969

$61,123

$43,809

$54,590

$43,809

$ 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 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. Reconciliations to the most directly comparable U.S. GAAP measures and other important disclosures are provided later in this presentation.

INCOME STATEMENT1 (CONTINUED) (UNAUDITED)

Other Income (Expense), As Adjusted

Realized and unrealized gain (loss) on investments, net, as adjusted Other income, net, as adjusted

Q1:25

Q2:25

Q3:25

Q4:25

Q1:26

YTD:25

YTD:26

$341 998

($49) 1,151

$83 522

($13) 802

$132 1,345

$341 998

$132 1,345

Total other income (expense), as adjusted

$1,339

$1,102

$605

$789

$1,477

$1,339

$1,477

Interest Income (Expense), As Adjusted

Interest expense, as adjusted

($4,561)

($4,582)

($4,791)

($7,029)

($6,765)

($4,561)

($6,765)

Interest and dividend income, as adjusted

5,634

5,299

4,080

6,761

5,410

5,634

5,410

Total interest income (expense), net, as adjusted

$1,073

$717

($711)

($268)

($1,355)

$1,073

($1,355)

Pre-Tax Income (Loss), As Adjusted

$57,002

$61,590

$64,863

$61,644

$43,931

$57,002

$43,931

Income tax expense (benefit), as adjusted

10,440

11,636

12,327

11,011

5,940

10,440

5,940

Net Income (Loss), As Adjusted

$46,562

$49,954

$52,536

$50,633

$37,991

$46,562

$37,991

Noncontrolling interests, as adjusted

(1,444)

(2,101)

(2,053)

(1,519)

(1,386)

(1,444)

(1,386)

Net Income (Loss) Attributable to Virtus Investment Partners, Inc., As Adjusted

$45,118

$47,853

$50,483

$49,114

$36,605

$45,118

$36,605

Weighted average shares outstanding - diluted

7,073

6,922

6,867

6,857

6,806

7,073

6,806

Earnings (Loss) Per Share - Diluted, As Adjusted

$6.38

$6.91

$7.35

$7.16

$5.38

$6.38

$5.38

$ and shares in thousands

NON-GAAP INFORMATION

BALANCE SHEET1 (UNAUDITED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

Assets:

Cash and cash equivalents

$135,380

$172,204

$370,563

$386,483

$136,637

Investments - seed capital

143,000

148,192

153,870

161,674

141,462

Investments - other

132,798

126,670

146,109

143,608

127,891

Investments - equity method

21,266

18,921

19,345

60,927

62,074

Investments - long term

17,165

18,812

19,607

20,090

27,555

Accounts receivable, net

114,282

109,742

107,853

104,615

106,896

Furniture, equipment, and leasehold improvements, net

23,591

23,204

22,689

21,891

22,494

Intangible assets, net

365,285

352,341

339,396

327,409

619,234

Goodwill

397,098

640,791

Deferred taxes, net

21,871

19,667

19,081

18,578

17,414

Operating lease right-of-use assets

57,499

78,835

76,894

75,166

75,406

Other assets

35,329

40,235

41,773

38,687

37,618

Total Assets

$1,464,564

$1,505,921

$1,714,278

$1,756,226

$2,015,472

$ 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

BALANCE SHEET1 (CONTINUED) (UNAUDITED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

Liabilities and Equity

Liabilities:

Accrued compensation and benefits

$73,838

$101,643

$145,575

$182,808

$74,966

Accounts payable and accrued liabilities

56,699

49,428

51,663

54,520

52,795

Operating lease liabilities

72,120

95,379

94,255

93,225

94,088

Other liabilities

17,969

19,589

20,388

20,821

28,207

Debt2

231,705

231,279

390,622

389,957

439,292

Contingent consideration3

40,365

37,351

39,108

126,316

Manager noncontrolling interests liability4

19,150

18,561

16,991

14,937

151,546

Total Liabilities

$511,846

$553,230

$756,845

$795,376

$967,210

Redeemable noncontrolling interests

$58,976

$56,287

$38,706

$26,782

$130,835

Equity:

Total equity exc. noncontrolling interests

893,742

896,404

918,727

934,068

917,427

Total Liabilities and Equity

$1,464,564

$1,505,921

$1,714,278

$1,756,226

$2,015,472

Working Capital5

$137,158

$144,049

$288,447

$253,998

$54,041

$ in thousands

2 Defined as gross debt less deferred financing costs

3 Includes time-based payments as well as fair value estimates of revenue-based earnout and participation payments

4 Represents minority interests in investment managers to be held by its employees

5 Defined as cash and cash equivalents plus accounts receivable, net, and deferred compensation related investments less accrued compensation and benefits, accounts payable and accrued liabilities, dividends payable, as well as investment manager minority interests distributions, debt principal payments and contingent consideration obligations due within 12 months

INCOME STATEMENT (UNAUDITED)

Q1:25

Q2:25

Q3:25

Q4:25

Q1:26

YTD:25

YTD:26

Revenues

Investment management fees

$186,091

$179,476

$183,762

$175,710

$169,133

$186,091

$169,133

Distribution and service fees

12,753

11,968

12,517

12,341

11,633

12,753

11,633

Administration and shareholder service fees

18,007

18,048

18,869

18,351

17,311

18,007

17,311

Other income and fees

1,081

1,033

1,237

1,621

1,458

1,081

1,458

Total revenues

$217,932

$210,525

$216,385

$208,023

$199,535

$217,932

$199,535

Operating Expenses

Employment expenses

$109,093

$98,030

$98,807

$94,790

$105,213

$109,093

$105,213

Distribution and other asset-based expenses

22,896

21,975

22,034

22,142

20,534

22,896

20,534

Other operating expenses

33,059

32,564

32,428

32,307

36,203

33,059

36,203

Other operating expenses of CIP1

1,000

810

496

3,506

2,015

1,000

2,015

Restructuring expense

693

2,871

Change in fair value of contingent consideration

(3,014)

800

409

Depreciation expense

2,345

2,006

1,922

1,719

1,667

2,345

1,667

Amortization expense

12,944

12,945

12,944

15,175

12,944

15,175

Total operating expenses

$181,337

$165,315

$169,325

$168,208

$184,087

$181,337

$184,087

Operating Income (Loss)

$36,595

$45,210

$47,060

$39,815

$15,448

$36,595

$15,448

$ in thousands

INCOME STATEMENT (CONTINUED) (UNAUDITED)

Other Income (Expense)

Realized and unrealized gain (loss) on investments, net Realized and unrealized gain (loss) of CIP1, net

Other income (expense), net

Q1:25

($991) (7,649)

998

Q2:25

$3,971 (5,204)

1,137

Q3:25

$2,257 (14,913)

536

Q4:25

$586 (337)

802

Q1:26

$845 (14,344)

623

YTD:25

($991) (7,649)

998

YTD:26

$845 (14,344)

623

Total other income (expense), net

($7,642)

($96)

($12,120)

$1,051

($12,876)

($7,642)

($12,876)

Interest Income (Expense)

Interest expense

($4,561)

($4,582)

($5,299)

($7,029)

($6,765)

($4,561)

($6,765)

Interest and dividend income

3,016

2,054

2,200

5,033

2,947

3,016

2,947

Interest and dividend income of investments of CIP1

47,553

46,037

45,918

47,944

48,631

47,553

48,631

Interest expense of CIP1

(34,559)

(33,477)

(33,310)

(39,562)

(34,082)

(34,559)

(34,082)

Total interest income (expense), net

$11,449

$10,032

$9,509

$6,386

$10,731

$11,449

$10,731

Income (Loss) Before Income Taxes

$40,402

$55,146

$44,449

$47,252

$13,303

$40,402

$13,303

Income tax expense (benefit)

12,350

12,403

13,108

13,400

7,152

12,350

7,152

Net Income (Loss)

$28,052

$42,743

$31,341

$33,852

$6,151

$28,052

$6,151

Noncontrolling interests

595

(370)

585

1,598

974

595

974

Net Income (Loss) Attributable to Virtus Investment Partners, Inc.

$28,647

$42,373

$31,926

$35,450

$7,125

$28,647

$7,125

Weighted average shares outstanding - diluted

7,073

6,922

6,867

6,857

6,806

7,073

6,806

Earnings (Loss) Per Share - Diluted

$4.05

$6.12

$4.65

$5.17

$1.05

$4.05

$1.05

$ and shares in thousands

BY PRODUCT, ASSET CLASS AND REGION

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

Assets by Product

U.S. Retail Funds

$44,952

$46,457

$45,713

$42,261

$39,869

Global Funds

5,241

5,522

5,281

5,259

4,967

Exchange Traded Funds

3,415

3,674

4,730

5,239

5,395

Total - Open-End Funds

$53,608

$55,653

$55,724

$52,759

$50,231

Traditional Closed-End Funds

$10,273

$10,481

$10,867

$10,635

$11,021

Tender Offer Funds

1,773

Total - Closed-End Funds

$10,273

$10,481

$10,867

$10,635

$12,794

Intermediary Sold Managed Accounts1

$38,447

$38,610

$37,795

$34,269

$28,756

Wealth Management

8,473

8,835

9,003

8,822

8,585

Total - Retail Separate Accounts

$46,920

$47,445

$46,798

$43,091

$37,341

Institutional Separate Accounts

$51,604

$52,133

$50,570

$47,724

$43,276

Institutional Commingled

2,098

2,199

2,268

2,298

2,488

Structured Products

2,960

2,799

3,098

2,986

2,896

Total - Institutional Accounts

$56,662

$57,131

$55,936

$53,008

$48,660

Total

$167,463

$170,710

$169,325

$159,493

$149,026

Assets by Asset Class

Equity

$93,624

$96,232

$92,066

$82,584

$70,079

Fixed Income

37,930

38,594

39,750

39,879

39,352

Multi-Asset2

20,834

21,430

22,078

21,617

21,586

Alternatives3

15,075

14,454

15,431

15,413

18,009

Total

$167,463

$170,710

$169,325

$159,493

$149,026

Assets by Region

U.S.

$137,851

$140,173

$140,283

$132,147

$125,042

Non-U.S.

29,612

30,537

29,042

27,346

23,984

Total

$167,463

$170,710

$169,325

$159,493

$149,026

$ 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 listed real estate, managed futures, infrastructure, event-driven, private markets, and other strategies 22

BY PRODUCT AND ASSET CLASS

Open-End

Closed-End

Retail Separate

Institutional

Total as of

Funds

Funds4

Accounts

3/31/2026

Equity:

Domestic Equity

$14,098

$27,340

$17,778

$59,216

International Equity

2,278

1,224

3,510

Global Equity

2,014

210

1,600

3,824

Specialty Equity1

2,568

955

3,529

Total Equity

$20,958

$955

$27,564

$20,602

$70,079

Fixed Income:

Leveraged Finance

$2,723

$1,319

$3,714

$7,756

Multi-Sector

9,644

128

1,339

11,114

Emerging Markets Debt

695

197

5,352

6,262

Investment Grade

720

582

8,231

9,618

Hybrid

3,578

1,024

4,602

Total Fixed Income

$17,360

$1,434

$1,922

$18,636

$39,352

Multi-Asset2

$5,129

$7,882

$7,853

$722

$21,586

Alternatives:

Listed Real Estate

$959

$4,309

$5,270

Managed Futures

1,045

3,198

4,243

Infrastructure

2,082

751

358

3,191

Event-Driven

2,601

278

2,879

Private Markets

1,772

510

2,282

Other3

144

Total Alternatives

$6,784

$2,523

$8,700

$18,009

Total

$50,231

$12,794

$37,341

$48,660

$149,026

$ 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 multi-strategy and long-short equity strategies

4 Includes traditional closed-end funds and tender offer funds 23

TOTAL

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Total

Beginning balance

$175,001

$167,463

$170,710

$169,325

$159,493

$175,001

$159,493

Inflows

6,240

5,580

6,273

5,346

5,781

6,240

5,781

Outflows

(9,219)

(9,527)

(10,125)

(13,444)

(14,207)

(9,219)

(14,207)

Net Flows

(2,979)

(3,947)

(3,852)

(8,098)

(8,426)

(2,979)

(8,426)

Market performance

(4,110)

7,755

2,993

(779)

(3,881)

(4,110)

(3,881)

Other1

(449)

(561)

(526)

(955)

1,840

(449)

1,840

Ending Balance - Total

$167,463

$170,710

$169,325

$159,493

$149,026

$167,463

$149,026

Inflow Rate2

14.5 %

13.4 %

14.6 %

12.5 %

14.7 %

14.5 %

14.7 %

Outflow Rate2

(21.4)%

(22.9)%

(23.6)%

(31.5)%

(36.1)%

(21.4)%

(36.1)%

Net Flow Rate2

(6.9)%

(9.5)%

(9.0)%

(19.0)%

(21.4)%

(6.9)%

(21.4)%

$ in millions

1 Represents open-end and closed-end fund distributions net of reinvestments, 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 Annualized flows divided by beginning of period AUM

BY PRODUCT

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

U.S. Retail Funds

Beginning balance

$47,814

$44,952

$46,457

$45,713

$42,261

$47,814

$42,261

Inflows

2,376

2,290

1,784

1,839

2,171

2,376

2,171

Outflows

(3,792)

(3,335)

(3,512)

(4,886)

(3,824)

(3,792)

(3,824)

Net Flows

(1,416)

(1,045)

(1,728)

(3,047)

(1,653)

(1,416)

(1,653)

Market performance

(1,304)

2,671

1,128

(839)

(1,304)

(839)

Other1

(142)

(121)

(144)

(498)

100

(142)

100

Ending Balance

$44,952

$46,457

$45,713

$42,261

$39,869

$44,952

$39,869

Global Funds2

Beginning balance

$5,208

$5,241

$5,522

$5,281

$5,259

$5,208

$5,259

Inflows

228

140

107

141

255

228

255

Outflows

(230)

(318)

(327)

(182)

(202)

(230)

(202)

Net Flows

(2)

(178)

(220)

(41)

(2)

Market performance

460

(22)

(344)

Other1

(1)

Ending Balance

$5,241

$5,522

$5,281

$5,259

$4,967

$5,241

$4,967

$ in millions

2 Represents assets under management of Undertakings for Collective Investments in Transferable Securities ("UCITS")

BY PRODUCT (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Exchange Traded Funds

Beginning balance

$3,051

$3,415

$3,674

$4,730

$5,239

$3,051

$5,239

Inflows

434

395

924

780

630

434

630

Outflows

(88)

(153)

(62)

(192)

(376)

(88)

(376)

Net Flows

346

242

862

588

254

346

254

Market performance

229

(30)

(2)

Other1

(63)

(35)

(49)

(96)

Ending Balance

$3,415

$3,674

$4,730

$5,239

$5,395

$3,415

$5,395

Total Open-End Funds

Beginning balance

$56,073

$53,608

$55,653

$55,724

$52,759

$56,073

$52,759

Inflows

3,038

2,825

2,815

2,760

3,056

3,038

3,056

Outflows

(4,110)

(3,806)

(3,901)

(5,260)

(4,402)

(4,110)

(4,402)

Net Flows

(1,072)

(981)

(1,086)

(2,500)

(1,346)

(1,072)

(1,346)

Market performance

(1,250)

3,211

1,335

(1,185)

(1,250)

(1,185)

Other1

(143)

(185)

(178)

(547)

(143)

Ending Balance

$53,608

$55,653

$55,724

$52,759

$50,231

$53,608

$50,231

$ in millions

BY PRODUCT (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Traditional Closed-End Funds

Beginning balance

$10,225

$10,273

$10,481

$10,867

$10,635

$10,225

$10,635

Inflows

Outflows

(40)

(2)

(10)

(52)

(6)

(40)

(6)

Net Flows

(35)

(7)

(52)

(1)

(35)

(1)

Market performance

257

378

581

550

257

550

Other1

(174)

(172)

(188)

(232)

(163)

(174)

(163)

Ending Balance

$10,273

$10,481

$10,867

$10,635

$11,021

$10,273

$11,021

Tender Offer Funds

Beginning balance

Inflows

Outflows

(100)

Net Flows

(57)

Market performance

Other1

1,817

Ending Balance

$1,773

Closed-End Funds

Beginning balance

$10,225

$10,273

$10,481

$10,867

$10,635

$10,225

$10,635

Inflows

Outflows

(40)

(2)

(10)

(52)

(106)

(40)

(106)

Net Flows

(35)

(7)

(52)

(58)

(35)

(58)

Market performance

257

378

581

563

257

563

Other1

(174)

(172)

(188)

(232)

1,654

(174)

1,654

Ending Balance

$10,273

$10,481

$10,867

$10,635

$12,794

$10,273

$12,794

$ in millions

BY PRODUCT (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Intermediary Sold Managed Accounts2

Beginning balance

$40,857

$38,447

$38,610

$37,795

$34,269

$40,857

$34,269

Inflows

1,522

1,248

1,253

906

1,179

1,522

1,179

Outflows

(2,179)

(1,951)

(2,444)

(3,230)

(4,976)

(2,179)

(4,976)

Net Flows

(657)

(703)

(1,191)

(2,324)

(3,797)

(657)

(3,797)

Market performance

(1,752)

867

385

(1,201)

(1,716)

(1,752)

(1,716)

Other1

(1)

(9)

(1)

Ending Balance

$38,447

$38,610

$37,795

$34,269

$28,756

$38,447

$28,756

Wealth Management

Beginning balance

$8,679

$8,473

$8,835

$9,003

$8,822

$8,679

$8,822

Inflows

220

196

299

260

220

260

Outflows

(231)

(313)

(222)

(494)

(331)

(231)

(331)

Net Flows

(11)

(93)

(26)

(195)

(71)

(11)

(71)

Market performance

(195)

455

194

(166)

(195)

(166)

Other1

Ending Balance

$8,473

$8,835

$9,003

$8,822

$8,585

$8,473

$8,585

Total Retail Separate Accounts

Beginning balance

$49,536

$46,920

$47,445

$46,798

$43,091

$49,536

$43,091

Inflows

1,742

1,468

1,449

1,205

1,439

1,742

1,439

Outflows

(2,410)

(2,264)

(2,666)

(3,724)

(5,307)

(2,410)

(5,307)

Net Flows

(668)

(796)

(1,217)

(2,519)

(3,868)

(668)

(3,868)

Market performance

(1,947)

1,322

579

(1,187)

(1,882)

(1,947)

(1,882)

Other1

(1)

(9)

(1)

Ending Balance

$46,920

$47,445

$46,798

$43,091

$37,341

$46,920

$37,341

BY PRODUCT (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Institutional Separate Accounts

Beginning balance

$54,054

$51,604

$52,133

$50,570

$47,724

$54,054

$47,724

Inflows

1,362

1,080

1,557

1,139

1,171

1,362

1,171

Outflows

(2,589)

(3,374)

(3,484)

(4,181)

(4,182)

(2,589)

(4,182)

Net Flows

(1,227)

(2,294)

(1,927)

(3,042)

(3,011)

(1,227)

(3,011)

Market performance

(1,082)

2,825

412

199

(1,462)

(1,082)

(1,462)

Other1

(141)

(2)

(48)

(3)

(141)

Ending Balance

$51,604

$52,133

$50,570

$47,724

$43,276

$51,604

$43,276

Institutional Commingled2

Beginning balance

$2,030

$2,098

$2,199

$2,268

$2,298

$2,030

$2,298

Inflows

203

223

Outflows

(70)

(81)

(64)

(224)

(210)

(70)

(210)

Net Flows

122

(1)

(143)

Market performance

(109)

(21)

(109)

Other1

154

298

154

298

Ending Balance

$2,098

$2,199

$2,268

$2,298

$2,488

$2,098

$2,488

BY PRODUCT (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Structured Products

Beginning balance

$3,083

$2,960

$2,799

$3,098

$2,986

$3,083

$2,986

Inflows

370

Outflows

(3)

Net Flows

370

Market performance

Other1

(144)

(201)

(103)

(172)

(140)

(144)

(140)

Ending Balance

$2,960

$2,799

$3,098

$2,986

$2,896

$2,960

$2,896

Total Institutional Accounts

Beginning balance

$59,167

$56,662

$57,131

$55,936

$53,008

$59,167

$53,008

Inflows

1,455

1,283

2,006

1,381

1,238

1,455

1,238

Outflows

(2,659)

(3,455)

(3,548)

(4,408)

(4,392)

(2,659)

(4,392)

Net Flows

(1,204)

(2,172)

(1,542)

(3,027)

(3,154)

(1,204)

(3,154)

Market performance

(1,170)

2,844

498

274

(1,377)

(1,170)

(1,377)

Other1

(131)

(203)

(151)

(175)

183

(131)

183

Ending Balance

$56,662

$57,131

$55,936

$53,008

$48,660

$56,662

$48,660

BY ASSET CLASS

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Domestic Equity

Beginning balance

$81,315

$76,053

$77,321

$75,342

$67,841

$81,315

$67,841

Inflows

2,659

2,450

2,266

2,045

2,452

2,659

2,452

Outflows

(4,084)

(4,576)

(4,895)

(7,729)

(7,734)

(4,084)

(7,734)

Net Flows

(1,425)

(2,126)

(2,629)

(5,684)

(5,282)

(1,425)

(5,282)

Market performance

(3,825)

3,391

616

(1,568)

(3,337)

(3,825)

(3,337)

Other1

(12)

(249)

(6)

(12)

(6)

Ending Balance

$76,053

$77,321

$75,342

$67,841

$59,216

$76,053

$59,216

International Equity

Beginning balance

$3,959

$3,872

$4,223

$4,215

$4,055

$3,959

$4,055

Inflows

146

170

194

142

277

146

277

Outflows

(403)

(309)

(191)

(286)

(624)

(403)

(624)

Net Flows

(257)

(139)

(144)

(347)

(257)

(347)

Market performance

159

491

(3)

(15)

(202)

159

(202)

Other1

(1)

(8)

(1)

Ending Balance

$3,872

$4,223

$4,215

$4,055

$3,510

$3,872

$3,510

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Global Equity

Beginning balance

$11,633

$10,294

$10,699

$8,470

$6,776

$11,633

$6,776

Inflows

549

302

142

138

255

549

255

Outflows

(1,398)

(1,122)

(2,089)

(1,767)

(2,459)

(1,398)

(2,459)

Net Flows

(849)

(820)

(1,947)

(1,629)

(2,204)

(849)

(2,204)

Market performance

(480)

1,225

(240)

(62)

(747)

(480)

(747)

Other2

(10)

(42)

(3)

(1)

(10)

(1)

Ending Balance

$10,294

$10,699

$8,470

$6,776

$3,824

$10,294

$3,824

Specialty Equity1

Beginning balance

$3,885

$3,405

$3,989

$4,039

$3,912

$3,885

$3,912

Inflows

Outflows

(211)

(164)

(239)

(194)

(202)

(211)

(202)

Net Flows

(115)

(75)

(173)

(98)

(137)

(115)

(137)

Market performance

(351)

677

289

(225)

(351)

(225)

Other2

(14)

(18)

(66)

(99)

(21)

(14)

(21)

Ending Balance

$3,405

$3,989

$4,039

$3,912

$3,529

$3,405

$3,529

Total Equity

Beginning balance

$100,792

$93,624

$96,232

$92,066

$82,584

$100,792

$82,584

Inflows

3,450

3,011

2,668

2,421

3,049

3,450

3,049

Outflows

(6,096)

(6,171)

(7,414)

(9,976)

(11,019)

(6,096)

(11,019)

Net Flows

(2,646)

(3,160)

(4,746)

(7,555)

(7,970)

(2,646)

(7,970)

Market performance

(4,497)

5,784

662

(1,575)

(4,511)

(4,497)

(4,511)

Other2

(25)

(16)

(82)

(352)

(24)

(25)

(24)

Ending Balance

$93,624

$96,232

$92,066

$82,584

$70,079

$93,624

$70,079

$ in millions

1 Includes strategies designed to give targeted investment exposure to specific longer term trends and themes or specific industries

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Leveraged Finance

Beginning balance

$8,612

$8,450

$8,160

$8,619

$8,057

$8,612

$8,057

Inflows

395

297

676

214

246

395

246

Outflows

(504)

(514)

(285)

(661)

(432)

(504)

(432)

Net Flows

(109)

(217)

391

(447)

(186)

(109)

(186)

Market performance

164

134

Other1

(105)

(237)

(66)

(191)

(152)

(105)

(152)

Ending Balance

$8,450

$8,160

$8,619

$8,057

$7,756

$8,450

$7,756

Multi-Sector

Beginning balance

$10,032

$10,377

$10,670

$10,755

$10,913

$10,032

$10,913

Inflows

661

540

491

592

694

661

694

Outflows

(456)

(572)

(487)

(548)

(419)

(456)

(419)

Net Flows

205

(32)

275

205

275

Market performance

234

365

154

148

(42)

234

(42)

Other1

(94)

(40)

(73)

(34)

(32)

(94)

(32)

Ending Balance

$10,377

$10,670

$10,755

$10,913

$11,114

$10,377

$11,114

Emerging Markets Debt

Beginning balance

$5,359

$5,628

$5,728

$6,158

$6,484

$5,359

$6,484

Inflows

272

269

204

272

Outflows

(146)

(218)

(80)

(7)

(173)

(146)

(173)

Net Flows

126

(171)

189

197

(109)

126

(109)

Market performance

156

278

260

140

(109)

156

(109)

Other1

(13)

(7)

(19)

(11)

(4)

(13)

(4)

Ending Balance

$5,628

$5,728

$6,158

$6,484

$6,262

$5,628

$6,262

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Investment Grade

Beginning balance

$9,973

$9,840

$10,214

$9,889

$9,923

$9,973

$9,923

Inflows

137

280

334

189

152

137

152

Outflows

(484)

(241)

(685)

(307)

(409)

(484)

(409)

Net Flows

(347)

(351)

(118)

(257)

(347)

(257)

Market performance

194

328

166

(71)

194

(71)

Other1

(13)

(14)

Ending Balance

$9,840

$10,214

$9,889

$9,923

$9,618

$9,840

$9,618

Hybrid

Beginning balance

$3,720

$3,635

$3,822

$4,329

$4,502

$3,720

$4,502

Inflows

160

179

276

281

315

160

315

Outflows

(105)

(122)

(58)

(107)

(109)

(105)

(109)

Net Flows

218

174

206

Market performance

(88)

184

347

(36)

(88)

(36)

Other1

(52)

(54)

(58)

(86)

(70)

(52)

(70)

Ending Balance

$3,635

$3,822

$4,329

$4,502

$4,602

$3,635

$4,602

Total Fixed Income

Beginning balance

$37,696

$37,930

$38,594

$39,750

$39,879

$37,696

$39,879

Inflows

1,625

1,343

2,046

1,480

1,471

1,625

1,471

Outflows

(1,695)

(1,667)

(1,595)

(1,630)

(1,542)

(1,695)

(1,542)

Net Flows

(70)

(324)

451

(150)

(71)

(70)

(71)

Market performance

548

1,319

934

615

(221)

548

(221)

Other1

(244)

(331)

(229)

(336)

(235)

(244)

(235)

Ending Balance

$37,930

$38,594

$39,750

$39,879

$39,352

$37,930

$39,352

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Multi-Asset1

Beginning balance

$21,174

$20,834

$21,430

$22,078

$21,617

$21,174

$21,617

Inflows

321

319

412

379

509

321

509

Outflows

(532)

(536)

(426)

(740)

(536)

(532)

(536)

Net Flows

(211)

(217)

(14)

(361)

(27)

(211)

(27)

Market performance

985

831

156

Other2

(159)

(172)

(169)

(189)

(160)

(159)

(160)

Ending Balance

$20,834

$21,430

$22,078

$21,617

$21,586

$20,834

$21,586

$ in millions

1 Consists of multi-asset offerings not included in equity, fixed income, and alternatives

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Listed Real Estate

Beginning balance

$4,570

$4,607

$4,765

$4,986

$5,129

$4,570

$5,129

Inflows

226

207

230

343

144

226

144

Outflows

(244)

(202)

(168)

(124)

(121)

(244)

(121)

Net Flows

(18)

219

(18)

Market performance

152

161

(74)

119

Other1

(1)

(2)

(1)

Ending Balance

$4,607

$4,765

$4,986

$5,129

$5,270

$4,607

$5,270

Managed Futures

Beginning balance

$5,971

$5,465

$4,536

$4,671

$4,258

$5,971

$4,258

Inflows

330

473

248

165

146

330

146

Outflows

(417)

(770)

(349)

(764)

(470)

(417)

(470)

Net Flows

(87)

(297)

(101)

(599)

(324)

(87)

(324)

Market performance

(421)

(632)

236

193

315

(421)

315

Other1

(7)

(6)

Ending Balance

$5,465

$4,536

$4,671

$4,258

$4,243

$5,465

$4,243

Infrastructure

Beginning balance

$1,782

$1,991

$2,133

$2,727

$3,011

$1,782

$3,011

Inflows

159

117

559

425

221

159

221

Outflows

(46)

(32)

(56)

(52)

(248)

(46)

(248)

Net Flows

113

503

373

(27)

113

(27)

Market performance

117

109

(66)

230

117

230

Other1

(21)

(9)

(18)

(23)

(21)

(23)

Ending Balance

$1,991

$2,133

$2,727

$3,011

$3,191

$1,991

$3,191

$ in millions

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Event-Driven

Beginning balance

$2,736

$2,740

$2,772

$2,837

$2,835

$2,736

$2,835

Inflows

118

106

130

156

118

156

Outflows

(174)

(129)

(94)

(124)

(132)

(174)

(132)

Net Flows

(56)

(37)

(56)

Market performance

Other1

(2)

(1)

(4)

(48)

(1)

(2)

(1)

Ending Balance

$2,740

$2,772

$2,837

$2,835

$2,879

$2,740

$2,879

Private Markets

Beginning balance

Inflows

Outflows

(106)

Net Flows

(23)

Market performance

Other1

2,290

Ending Balance

$2,282

Other2

Beginning balance

$280

$272

$248

$210

$180

$280

$180

Inflows

Outflows

(15)

(20)

(23)

(34)

(33)

(15)

(33)

Net Flows

(4)

(2)

(19)

(31)

(4)

(31)

Market performance

(5)

(1)

(5)

Other1

(33)

(22)

Ending Balance

$272

$248

$210

$180

$144

$272

$144

$ in millions

2 Consists of multi-strategy and long-short equity strategies 37

BY ASSET CLASS (CONTINUED)

3/31/2025

6/30/2025

9/30/2025

12/31/2025

3/31/2026

YTD:25

YTD:26

Alternatives1

Beginning balance

$15,339

$15,075

$14,454

$15,431

$15,413

$15,339

$15,413

Inflows

844

907

1,147

1,066

752

844

752

Outflows

(896)

(1,153)

(690)

(1,098)

(1,110)

(896)

(1,110)

Net Flows

(52)

(246)

457

(32)

(358)

(52)

(358)

Market performance

(191)

(333)

566

695

(191)

695

Other2

(21)

(42)

(46)

(78)

2,259

(21)

2,259

Ending Balance

$15,075

$14,454

$15,431

$15,413

$18,009

$15,075

$18,009

$ in millions

1 Consists of listed real estate, managed futures, infrastructure, event-driven, private markets, and other strategies

2 Represents open-end and closed-end fund distributions net of reinvestments, 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

AVERAGE ASSETS1 BY PRODUCT

Q1:25

Q2:25

Q3:25

Q4:25

Q1:26

YTD:25

YTD:26

Average Assets by Product

U.S. Retail Funds

$47,451

$44,973

$46,327

$44,296

$42,540

$47,451

$42,540

Global Funds

5,291

5,324

5,399

5,223

5,193

5,291

5,193

Exchange Traded Funds

3,362

3,445

4,163

4,983

5,435

3,362

5,435

Total - Open-End Funds

$56,104

$53,742

$55,889

$54,502

$53,168

$56,104

$53,168

Traditional Closed-End Funds

$10,288

$10,183

$10,598

$10,828

$11,002

$10,288

$11,002

Tender Offer Funds

630

Total - Closed-End Funds

$10,288

$10,183

$10,598

$10,828

$11,632

$10,288

$11,632

Intermediary Sold Managed Accounts

$40,649

$38,163

$38,528

$37,283

$33,919

$40,649

$33,919

Wealth Management

8,672

8,474

8,835

9,004

8,817

8,672

8,817

Total - Retail Separate Accounts

$49,321

$46,637

$47,363

$46,287

$42,736

$49,321

$42,736

Institutional Separate Accounts

$52,801

$51,519

$51,397

$48,170

$45,436

$52,801

$45,436

Institutional Commingled

2,102

2,038

2,216

2,391

2,336

2,102

2,336

Structured Products

2,974

2,840

2,813

3,042

2,898

2,974

2,898

Total - Institutional Accounts

$57,877

$56,397

$56,426

$53,603

$50,670

$57,877

$50,670

Total

$173,590

$166,959

$170,276

$165,220

$158,206

$173,590

$158,206

$ in millions

1 Calculated according to revenue earning basis that includes average daily, weekly, monthly beginning balance, monthly ending balance, or quarter beginning and ending balance, as well as quarter beginning or ending spot balance

AVERAGE MANAGEMENT FEES EARNED1 BY PRODUCT (IN BASIS POINTS)

Q1:25

Q2:25

Q3:25

Q4:25

Q1:26

YTD:25

YTD:26

Average Management Fees Earned by Product

U.S. Retail Funds

51.4

50.2

50.8

49.8

48.8

51.4

48.8

Global Funds

37.7

35.3

38.4

32.9

33.2

37.7

33.2

Exchange Traded Funds

13.9

18.5

15.6

11.6

12.3

13.9

12.3

Total - Open-End Funds

47.8

46.7

47.0

44.7

43.5

47.8

43.5

Traditional Closed-End Funds

58.5

58.6

58.5

58.4

59.6

58.5

59.6

Tender Offer Funds2

293.6

Total - Closed-End Funds3

58.5

58.6

58.5

58.4

72.3

58.5

72.3

Intermediary Sold Managed Accounts

35.9

35.6

34.7

35.0

35.9

35.0

Wealth Management

76.1

75.8

72.9

72.1

73.2

76.1

73.2

Total - Retail Separate Accounts

42.9

41.8

42.0

42.9

Institutional Separate Accounts4

31.2

31.4

30.7

30.6

31.0

31.2

31.0

Institutional Commingled5

39.9

40.1

42.4

42.0

53.0

39.9

53.0

Structured Products

36.5

32.1

39.5

37.0

39.4

36.5

39.4

Total - Institutional Accounts6

31.8

31.6

31.5

32.5

31.8

32.5

Total7

41.7

41.3

41.2

40.6

41.9

41.7

41.9

$ in millions

1 Represents investment management fees, as adjusted divided by average assets. Investment management fees, as adjusted exclude the impact of consolidated investment products and are reduced by revenue related adjustments that are based on specific agreements and reflect the portion of investment 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 03/31/25, 06/30/25, 09/30/25, 12/31/25, and 03/31/26 that increased the fee rate by 0.0, 0.0, 0.0, 0.0 and 145.3 bps, respectively

3 Includes incentive fees for the three months ended 03/31/25, 06/30/25, 09/30/25, 12/31/25, and 03/31/26 that increased the fee rate by 0.0, 0.0, 0.0, 0.0 and 7.9 bps, respectively

4 Includes incentive fees for the three months ended 03/31/25, 06/30/25, 09/30/25, 12/31/25, and 03/31/26 that increased the fee rate by 0.3, 0.8, 0.1, 0.1 and 0.1 bps, respectively

5 Includes incentive fees for the three months ended 03/31/25, 06/30/25, 09/30/25, 12/31/25, and 03/31/26 that increased the fee rate by (0.7), 0.0, 0.7, 1.0 and 0.0 bps, respectively

6 Includes incentive fees for the three months ended 03/31/25, 06/30/25, 09/30/25, 12/31/25, and 03/31/26 that increased the fee rate by 0.2, 0.7, 0.2, 0.1 and 0.0 bps, respectively

7 Includes incentive fees for the three months ended 03/31/25, 06/30/25, 09/30/25, 12/31/25, and 03/31/26 that increased the fee rate by 0.1, 0.2, 0.1, 0.0 and 0.6 bps, respectively

Disclaimer

Virtus Investment Partners Inc. published this content on May 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2026 at 11:14 UTC.