Every material Form 8-K Virtus Investment Partners filed with the SEC in 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Virtus Investment Partners agreed on December 5, 2025 to buy a 56% equity stake in Keystone National Group, an asset-backed private credit manager, with an option to acquire up to an additional 19%. The deal includes $200 million in cash at closing and up to $170 million in deferred and contingent payments, and Virtus expects to fund it from existing balance sheet resources. Closing is expected in the first quarter of 2026 and depends on client consents, regulatory clearance and approval by the Keystone Private Income Fund board and shareholders.
Closing payment of $200 million in cash, subject to adjustment; 56% equity stake at closing, with up to an additional 19% through put/call options
Deferred cash of $65 million at the first anniversary of closing and $30 million at the second anniversary, plus up to $75 million of contingent consideration tied to Keystone revenue targets
Keystone managed $2.5 billion as of October 31, 2025; its flagship fund, Keystone Private Income Fund, has $2.0 billion
Expected to close in the first quarter of 2026 and be accretive to earnings in 2026; closing is not assured
Virtus Investment Partners reported third-quarter 2025 results for the period ended September 30, 2025. GAAP diluted earnings per share were $4.65, down from $5.71 a year earlier, while adjusted diluted EPS was $6.69, down 3% from $6.92, and revenues were $216.4 million, down 5% from a year earlier but up 3% from the June quarter, with net outflows of $3.9 billion for the quarter.
GAAP diluted EPS was $4.65 versus $5.71 a year earlier (down 19%) and $6.12 in the June quarter; the GAAP result included $1.54 per share of realized and unrealized investment losses.
Adjusted diluted EPS was $6.69 versus $6.92 a year earlier (down 3%) and $6.25 in the June quarter (up 7%).
Revenues were $216.4 million versus $227.0 million a year earlier; ending assets under management were $169.3 billion, down 8% from $183.7 billion, with net flows of ($3.9) billion.
The company increased its quarterly dividend 7% to $2.40 per share and completed a credit refinancing on September 26, 2025 with a new $400.0 million senior secured loan and a $250.0 million revolving credit facility.
Virtus Investment Partners entered a new credit agreement dated September 26, 2025, with Morgan Stanley Senior Funding as administrative agent, replacing its September 28, 2021 credit agreement. The new facilities include a $400.0 million seven-year term loan and a $250.0 million five-year revolving credit facility, with the term loan proceeds used to refinance the prior term loan. The filing describes the refinancing and does not report any change in earnings or guidance.
New $400.0 million term loan with a seven-year term, used to refinance the outstanding term loan under the 2021 agreement
New $250.0 million revolving credit facility with a five-year term
Interest at Term SOFR plus 2.25%, or an alternate base rate plus 1.25%
2021 credit agreement and related guarantee and collateral agreements terminated and replaced as of September 26, 2025
Virtus Investment Partners reported second-quarter 2025 results for the three months ended June 30, 2025. GAAP diluted earnings per share were $6.12, up from $2.43 a year earlier, while revenues fell 6% to $210.5 million and ending assets under management were $170.7 billion. Adjusted diluted EPS was $6.25, down 4% from a year earlier but up 9% from the prior quarter.
GAAP diluted EPS of $6.12 vs. $2.43 in Q2 2024 and $4.05 in Q1 2025
Revenues of $210.5 million, down 6% from $224.4 million a year earlier and 3% from $217.9 million in Q1 2025
Net outflows of $3.9 billion in the quarter; ending assets under management of $170.7 billion
Repurchased 175,872 shares for $30.0 million during the quarter
Virtus Investment Partners director Susan S. Fleming notified the company on June 27, 2025, that she will retire from the Board at the end of her current term in May 2026 and will not stand for re-election at the 2026 Annual Meeting of Shareholders. She will remain a director until her term ends and currently chairs the Governance Committee and serves on the Audit Committee. The filing describes a routine board succession change with no financial figures.
Susan S. Fleming notified the company and Chairman Timothy A. Holt on June 27, 2025.
Fleming's term ends in May 2026; she will not stand for re-election at the 2026 Annual Meeting.
Fleming chairs the Governance Committee and is a member of the Audit Committee until her term ends.
Fleming has served as a director since the company became independent on January 1, 2009.
Virtus Investment Partners reported first-quarter 2025 results on April 25, 2025, showing revenue of $217.9 million, down 2% from a year earlier, and GAAP diluted earnings per share of $4.05, down from $4.10. Adjusted diluted EPS was $5.73, up from $5.41, and ending assets under management fell to $167.5 billion, which shareholders may watch as a measure of future fee income.
Total revenues $217.9 million, down 2% from $222.0 million in Q1 2024 and down 7% from $233.5 million in Q4 2024
GAAP diluted EPS $4.05 vs $4.10 a year earlier; adjusted diluted EPS $5.73 vs $5.41
Ending assets under management $167.5 billion, down 7% from $179.3 billion a year earlier; net outflows of $3.0 billion
Cash dividends declared of $2.25 per common share for the quarter, vs $1.90 a year earlier
Virtus Investment Partners reported fourth-quarter 2024 results. Revenue rose 9% from a year earlier to $233.5 million, and GAAP diluted earnings per share were $4.66, up from $4.21, though down from $5.71 in the prior quarter. Net outflows of $4.8 billion and a drop in assets under management to $175.0 billion from $183.7 billion in the prior quarter weighed on the period, so results point in mixed directions for shareholders.
GAAP diluted EPS was $4.66, up 11% from $4.21 a year earlier but down 18% from $5.71 in the prior quarter
Adjusted diluted EPS was $7.50, up 23% from $6.11 a year earlier
Net outflows were $4.8 billion, including a previously disclosed $3.3 billion lower-fee partial redemption of an institutional mandate
Assets under management ended the quarter at $175.0 billion, down from $183.7 billion at September 30, 2024
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