Virtus Investment Partners (VRTS) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-10994
Entity Registrant Name	VIRTUS INVESTMENT PARTNERS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-3962811
Entity Address, Address Line One	One Financial Plaza
Entity Address, City or Town	Hartford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06103
City Area Code	800
Local Phone Number	248-7971
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	VRTS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,018,480
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000883237
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Accounts receivable, net	$ 112,158	$ 109,076
Furniture, equipment and leasehold improvements, net	23,331	26,216
Intangible assets, net	388,703	432,119
Goodwill	397,098	397,098
Deferred taxes, net	27,937	25,024
Total assets	3,601,685	3,678,629
Liabilities:
Accrued compensation and benefits	180,078	200,837
Accounts payable and accrued liabilities	30,073	38,756
Dividends payable	19,545	17,291
Contingent consideration	59,404	90,938
Debt	237,467	253,412
Other liabilities	60,374	91,471
Total liabilities	2,610,852	2,705,471
Commitments and Contingencies (Note 14)
Redeemable noncontrolling interests	98,111	104,869
Equity attributable to Virtus Investment Partners, Inc.:
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 12,240,990 shares issued and 7,016,433 shares outstanding at September 30, 2024; and 12,163,228 shares issued and 7,087,728 shares outstanding at December 31, 2023	122	122
Additional paid-in capital	1,314,228	1,300,999
Retained earnings (accumulated deficit)	251,298	207,356
Accumulated other comprehensive income (loss)	230	(87)
Treasury stock, at cost, 5,224,557 and 5,075,500 shares at September 30, 2024 and December 31, 2023, respectively	(676,832)	(644,464)
Total equity attributable to Virtus Investment Partners, Inc.	889,046	863,926
Total equity	892,722	868,289
Total liabilities and equity	3,601,685	3,678,629
Consolidated Entity excluding Consolidated Investment Products
Assets:
Cash and cash equivalents	195,533	239,602
Investments	164,671	132,696
Other assets	67,839	89,438
Consolidated Investment Products
Assets:
Cash and cash equivalents	114,956	100,732
Investments	2,075,410	2,082,713
Cash pledged or on deposit of CIP	1,424	680
Other assets	32,625	43,235
Liabilities:
Notes payable of CIP	1,940,085	1,922,243
Securities purchased payable and other liabilities of CIP	83,826	90,523
Equity attributable to Virtus Investment Partners, Inc.:
Noncontrolling interests	$ 3,676	$ 4,363

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	12,240,990	12,163,228
Common stock, shares outstanding (in shares)	7,016,433	7,087,728
Treasury stock, shares (in shares)	5,224,557	5,075,500

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Revenues	$ 227,029	$ 219,271	$ 673,455	$ 630,681
Operating Expenses
Employment expenses	105,555	101,587	326,385	304,895
Distribution and other asset-based expenses	24,175	24,157	72,218	73,332
Change in fair value of contingent consideration	(4,000)	0	(7,300)	(6,800)
Restructuring expense	0	691	1,487	691
Depreciation expense	2,330	1,504	6,628	4,134
Amortization expense	12,883	15,382	43,416	45,581
Total operating expenses	171,771	174,368	541,686	518,153
Operating Income (Loss)	55,258	44,903	131,769	112,528
Other Income (Expense)
Other income (expense), net	548	128	1,695	(1,062)
Total other income (expense), net	(28)	(2,803)	(8,419)	(1,446)
Interest Income (Expense)
Total interest income (expense), net	9,671	8,235	26,019	23,689
Income (Loss) Before Income Taxes	64,901	50,335	149,369	134,771
Income tax expense (benefit)	15,797	12,181	36,376	31,794
Net Income (Loss)	49,104	38,154	112,993	102,977
Noncontrolling interests	(8,124)	(7,248)	(24,541)	(3,190)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$ 40,980	$ 30,906	$ 88,452	$ 99,787
Earnings (Loss) per Share—Basic (in dollars per share)	$ 5.80	$ 4.26	$ 12.45	$ 13.72
Earnings (Loss) per Share—Diluted (in dollars per share)	$ 5.71	$ 4.19	$ 12.23	$ 13.50
Weighted Average Shares Outstanding—Basic (in shares)	7,071	7,258	7,105	7,272
Weighted Average Shares Outstanding—Diluted (in shares)	7,176	7,379	7,234	7,393
Consolidated Entity excluding Consolidated Investment Products
Operating Expenses
Other operating expenses	$ 30,363	$ 30,494	$ 94,788	$ 94,707
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	4,552	(1,918)	6,415	2,469
Interest Income (Expense)
Interest expense	(5,807)	(6,222)	(17,099)	(17,444)
Interest and dividend income	2,913	2,872	9,025	8,785
Consolidated Investment Products
Operating Expenses
Other operating expenses	465	553	4,064	1,613
Other Income (Expense)
Realized and unrealized gain (loss) on investments, net	(5,128)	(1,013)	(16,529)	(2,853)
Interest Income (Expense)
Interest expense	(38,063)	(38,218)	(120,035)	(112,153)
Interest and dividend income	50,628	49,803	154,128	144,501
Investment management fees
Revenues
Revenues	193,843	184,869	573,855	529,326
Distribution and service fees
Revenues
Revenues	13,567	14,333	41,007	42,618
Administration and shareholder service fees
Revenues
Revenues	18,560	19,069	55,546	55,668
Other income and fees
Revenues
Revenues	$ 1,059	$ 1,000	$ 3,047	$ 3,069

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 49,104	$ 38,154	$ 112,993	$ 102,977
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment, net of tax of $(144) and $82 for the three months ended September 30, 2024 and 2023, respectively, and $(106) and $5 for the nine months ended September 30, 2024 and 2023, respectively	430	(226)	317	(15)
Other comprehensive income (loss)	430	(226)	317	(15)
Comprehensive income (loss)	49,534	37,928	113,310	102,962
Comprehensive (income) loss attributable to noncontrolling interests	(8,124)	(7,248)	(24,541)	(3,190)
Comprehensive Income (Loss) Attributable to Virtus Investment Partners, Inc.	$ 41,410	$ 30,680	$ 88,769	$ 99,772

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax	$ (144)	$ 82	$ (106)	$ 5

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 112,993	$ 102,977
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense, intangible asset and other amortization	52,851	52,278
Stock-based compensation	24,259	20,072
Equity in earnings of equity method investments	(2,097)	810
Distributions from equity method investments	3,227	1,789
Change in fair value of contingent consideration	(7,300)	(6,800)
Lease termination	(1,318)	0
Deferred taxes, net	2,226	2,735
Changes in operating assets and liabilities:
Sales (purchases) of investments, net	(16,322)	(24,881)
Accounts receivable, net and other assets	9,994	2,336
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities	(60,793)	(38,966)
Operating activities of consolidated investment products ("CIP"):
Net cash provided by (used in) operating activities	104,562	229,840
Cash Flows from Investing Activities:
Capital expenditures	(3,658)	(6,438)
Acquisition of businesses, net of cash acquired of $4,395	0	(108,999)
Purchase of equity method investment	0	(11,645)
Net cash provided by (used in) investing activities	(4,816)	(127,349)
Cash Flows from Financing Activities:
Borrowings on credit agreement	0	50,000
Repayments on credit agreement	(17,063)	(32,063)
Common stock dividends paid	(42,256)	(38,385)
Repurchase of common shares	(32,368)	(25,000)
Payment of contingent consideration	(24,234)	(27,179)
Taxes paid related to net share settlement of restricted stock units	(11,271)	(13,436)
Affiliate equity sales (purchases)	(29,014)	(20,784)
Net contributions from (distributions to) noncontrolling interests	23,894	5,967
Net cash provided by (used in) financing activities	(129,506)	(285,769)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	659	(68)
Net increase (decrease) in cash, cash equivalents and restricted cash	(29,101)	(183,346)
Cash, cash equivalents and restricted cash, beginning of period	341,014	589,179
Cash, cash equivalents and restricted cash, end of period	311,913	405,833
Non-Cash Financing Activities:
Increase (decrease) to noncontrolling interests due to consolidation (deconsolidation) of CIP, net	(26,276)	(7,170)
Common stock dividends payable	15,950	13,788
Reconciliation of cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at end of period	311,913	405,833
Consolidated Entity excluding Consolidated Investment Products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on investments of CIP, net	(6,417)	(2,459)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net	(6,417)	(2,459)
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	195,533
Consolidated Investment Products
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Realized and unrealized (gains) losses on investments of CIP, net	10,073	(1,769)
Operating activities of consolidated investment products ("CIP"):
Realized and unrealized (gains) losses on investments of CIP, net	10,073	(1,769)
Purchases of investments by CIP	(924,052)	(905,184)
Sales of investments by CIP	907,925	1,028,251
Net proceeds (purchases) of short-term investments and securities sold short by CIP	(353)	(168)
Change in other assets and liabilities of CIP	(2,221)	(1,181)
Amortization of discount on notes payable of CIP	1,887	0
Cash Flows from Investing Activities:
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net	(1,158)	(267)
Cash Flows from Financing Activities:
Payments on borrowings by CIP	(735,258)	(317,362)
Borrowings by CIP	738,064	$ 132,473
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	114,956
Cash pledged or on deposit of CIP	$ 1,424

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Statement of Cash Flows [Abstract]
Acquisition of business, net of cash acquired	$ 4,395

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Total Attributed To Virtus Investment Partners, Inc.	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Non- controlling Interests
Balance at beginning of period, common stock (in shares) at Dec. 31, 2022			7,181,554
Balance at beginning of period at Dec. 31, 2022	$ 822,936	$ 817,019	$ 120	$ 1,286,244	$ 130,261	$ (358)	$ (599,248)	$ 5,917
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2022							4,851,693
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	100,573	99,787			99,787			786
Foreign currency translation adjustments	(15)	(15)				(15)
Net subscriptions (redemptions) and other	1,963	3,218		3,218				(1,255)
Cash dividends declared, common	(39,433)	(39,433)			(39,433)
Repurchases of common shares (in shares)			(125,855)				125,855
Repurchases of common shares	(25,000)	(25,000)					$ (25,000)
Issuance of common shares related to employee stock transactions (in shares)			127,064
Issuance of common shares related to employee stock transactions	0	0	$ 2	(2)
Taxes paid on stock-based compensation	(13,436)	(13,436)		(13,436)
Stock-based compensation	19,964	19,964		19,964
Balance at end of period, common stock (in shares) at Sep. 30, 2023			7,182,763
Balance at end of period at Sep. 30, 2023	867,552	862,104	$ 122	1,295,988	190,615	(373)	$ (624,248)	5,448
Balance at end of period, treasury stock (in shares) at Sep. 30, 2023							4,977,548
Balance at Dec. 31, 2022	113,718
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	2,404
Net subscriptions (redemptions) and other	(19,856)
Balance at Sep. 30, 2023	96,266
Balance at beginning of period, common stock (in shares) at Jun. 30, 2023			7,254,786
Balance at beginning of period at Jun. 30, 2023	856,709	851,513	$ 122	1,286,775	174,011	(147)	$ (609,248)	5,196
Balance at beginning of period, treasury stock (in shares) at Jun. 30, 2023							4,903,533
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	31,577	30,906			30,906			671
Foreign currency translation adjustments	(226)	(226)				(226)
Net subscriptions (redemptions) and other	2,799	3,218		3,218				(419)
Cash dividends declared, common	(14,302)	(14,302)			(14,302)
Repurchases of common shares (in shares)			(74,015)				74,015
Repurchases of common shares	(15,000)	(15,000)					$ (15,000)
Issuance of common shares related to employee stock transactions (in shares)			1,992
Taxes paid on stock-based compensation	(214)	(214)		(214)
Stock-based compensation	6,209	6,209		6,209
Balance at end of period, common stock (in shares) at Sep. 30, 2023			7,182,763
Balance at end of period at Sep. 30, 2023	867,552	862,104	$ 122	1,295,988	190,615	(373)	$ (624,248)	5,448
Balance at end of period, treasury stock (in shares) at Sep. 30, 2023							4,977,548
Balance at Jun. 30, 2023	110,399
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	6,577
Net subscriptions (redemptions) and other	(20,710)
Balance at Sep. 30, 2023	$ 96,266
Balance at beginning of period, common stock (in shares) at Dec. 31, 2023	12,163,228		7,087,728
Balance at beginning of period at Dec. 31, 2023	$ 868,289	863,926	$ 122	1,300,999	207,356	(87)	$ (644,464)	4,363
Balance at beginning of period, treasury stock (in shares) at Dec. 31, 2023	5,075,500						5,075,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 88,571	88,452			88,452			119
Foreign currency translation adjustments	317	317				317
Net subscriptions (redemptions) and other	4,443	5,249		5,249				(806)
Cash dividends declared, common	(44,510)	(44,510)			(44,510)
Repurchases of common shares (in shares)			(149,057)				149,057
Repurchases of common shares	(32,368)	(32,368)					$ (32,368)
Issuance of common shares related to employee stock transactions (in shares)			77,762
Issuance of common shares related to employee stock transactions	0	0	$ 0	0
Taxes paid on stock-based compensation	(11,271)	(11,271)		(11,271)
Stock-based compensation	$ 19,251	19,251		19,251
Balance at end of period, common stock (in shares) at Sep. 30, 2024	12,240,990		7,016,433
Balance at end of period at Sep. 30, 2024	$ 892,722	889,046	$ 122	1,314,228	251,298	230	$ (676,832)	3,676
Balance at end of period, treasury stock (in shares) at Sep. 30, 2024	5,224,557						5,224,557
Balance at Dec. 31, 2023	$ 104,869
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	24,422
Net subscriptions (redemptions) and other	(31,180)
Balance at Sep. 30, 2024	98,111
Balance at beginning of period, common stock (in shares) at Jun. 30, 2024			7,082,071
Balance at beginning of period at Jun. 30, 2024	872,118	868,675	$ 122	1,304,176	226,540	(200)	$ (661,963)	3,443
Balance at beginning of period, treasury stock (in shares) at Jun. 30, 2024							5,151,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	41,381	40,980			40,980			401
Foreign currency translation adjustments	430	430				430
Net subscriptions (redemptions) and other	5,019	5,187		5,187				(168)
Cash dividends declared, common	(16,222)	(16,222)			(16,222)
Repurchases of common shares (in shares)			(72,850)				72,850
Repurchases of common shares	(14,869)	(14,869)					$ (14,869)
Issuance of common shares related to employee stock transactions (in shares)			7,212
Taxes paid on stock-based compensation	(827)	(827)		(827)
Stock-based compensation	$ 5,692	5,692		5,692
Balance at end of period, common stock (in shares) at Sep. 30, 2024	12,240,990		7,016,433
Balance at end of period at Sep. 30, 2024	$ 892,722	$ 889,046	$ 122	$ 1,314,228	$ 251,298	$ 230	$ (676,832)	$ 3,676
Balance at end of period, treasury stock (in shares) at Sep. 30, 2024	5,224,557						5,224,557
Balance at Jun. 30, 2024	$ 129,450
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Net income (loss)	7,723
Net subscriptions (redemptions) and other	(39,062)
Balance at Sep. 30, 2024	$ 98,111

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 2.25	$ 1.90	$ 6.05	$ 5.20

Organization and Business

Organization and Business	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Virtus Investment Partners, Inc. (the "Company," "we," "us," "our" or "Virtus"), a Delaware corporation, operates in the investment management industry through its subsidiaries.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report on Form 10-K") filed with the Securities and Exchange Commission (the "SEC"). The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2023 Annual Report on Form 10-K. New Accounting Standards Not Yet Implemented In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) . This standard updates reportable segment disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, with the amendments to be applied retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable. Investment Management Fees by Source The following table summarizes investment management fees by source: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Investment management fees Open-end funds $ 79,428 $ 80,294 $ 237,991 $ 229,721 Closed-end funds 14,942 14,673 43,741 44,025 Retail separate accounts 52,068 44,441 153,265 127,323 Institutional accounts 47,405 45,461 138,858 128,257 Total investment management fees $ 193,843 $ 184,869 $ 573,855 $ 529,326

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions AlphaSimplex Group, LLC On April 1, 2023, the Company completed the acquisition of AlphaSimplex Group, LLC ("AlphaSimplex"), which was accounted for in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations ("ASC 805"). The total purchase price paid of $113.4 million was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition. Goodwill of $48.3 million and intangible assets of $55.4 million were recorded for the acquisition.

Intangible Assets, Net

Intangible Assets, Net	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Intangible Assets, Net Below is a summary of intangible assets, net: Definite-Lived Indefinite-Lived Total (in thousands) Gross Book Value Accumulated Amortization Net Book Value Net Book Value Net Book Value Balances at December 31, 2023 $ 806,655 $ (416,834) $ 389,821 $ 42,298 $ 432,119 Intangible amortization — (43,416) (43,416) — (43,416) Balances at September 30, 2024 $ 806,655 $ (460,250) $ 346,405 $ 42,298 $ 388,703 Definite-lived intangible asset amortization for the remainder of fiscal year 2024 and succeeding fiscal years is estimated as follows: Fiscal Year Amount (in thousands) Remainder of 2024 $ 12,883 2025 51,532 2026 50,552 2027 47,450 2028 41,787 2029 and thereafter 142,201 Total $ 346,405

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Schedule of Investments [Abstract]
Investments	Investments Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 16, at September 30, 2024 and December 31, 2023 were as follows: (in thousands) September 30, December 31, 2023 Investment securities - fair value $ 127,914 $ 97,304 Equity method investments (1) 21,830 22,710 Nonqualified retirement plan assets 14,927 12,682 Total investments $ 164,671 $ 132,696 (1) The Company's equity method investments are valued on a three-month lag based upon the availability of financial information. Investment Securities - fair value Investment securities - fair value consist of investments in the Company's sponsored funds and separately managed accounts. The composition of the Company’s investment securities - fair value was as follows: September 30, 2024 December 31, 2023 (in thousands) Cost Fair Value Cost Fair Value Investment Securities - fair value Sponsored funds $ 77,211 $ 80,303 $ 80,794 $ 77,433 Equity securities 17,674 21,693 16,353 19,871 Debt securities 25,887 25,918 — — Total investment securities - fair value $ 120,772 $ 127,914 $ 97,147 $ 97,304 For the three and nine months ended September 30, 2024, the Company recognized net realized gains of $0.5 million and $1.2 million, respectively, related to its investment securities - fair value. For the three and nine months ended September 30, 2023, the Company recognized net realized losses of $0.1 million and net realized gains of $2.1 million, respectively, related to its investment securities - fair value.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 16, as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 164,878 $ — $ — $ 164,878 Investment securities - fair value Sponsored funds 80,303 — — 80,303 Equity securities 21,693 — — 21,693 Debt securities 259 1,216 24,443 25,918 Nonqualified retirement plan assets 14,927 — — 14,927 Total assets measured at fair value $ 282,060 $ 1,216 $ 24,443 $ 307,719 Liabilities Contingent consideration $ — $ — $ 34,408 $ 34,408 Total liabilities measured at fair value $ — $ — $ 34,408 $ 34,408 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 197,240 $ — $ — $ 197,240 Investment securities - fair value Sponsored funds 77,433 — — 77,433 Equity securities 19,871 — — 19,871 Nonqualified retirement plan assets 12,682 — — 12,682 Total assets measured at fair value $ 307,226 $ — $ — $ 307,226 Liabilities Contingent consideration $ — $ — $ 56,200 $ 56,200 Total liabilities measured at fair value $ — $ — $ 56,200 $ 56,200 The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end funds and closed-end funds for which the Company acts as the investment manager. The fair values of U.S. retail funds and global funds are determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities represent securities traded on active markets, are valued at the official closing price (typically the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities represent investments in corporate and government bonds and the note securities of collateralized loan obligations. The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2. The fair values of note securities of collateralized loan obligations ("CLO") are based on valuations received from an independent valuation firm and are categorized as Level 3. The following table presents a reconciliation of beginning and ending balances of the Company's Level 3 debt securities: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Debt securities, beginning of period $ — $ — $ — $ — Purchases (sales), net 24,443 24,339 24,443 24,339 Debt securities, end of period $ 24,443 $ 24,339 $ 24,443 $ 24,339 Nonqualified retirement plan assets represent mutual funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company’s business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3. The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Contingent consideration, beginning of period $ 38,408 $ 54,910 $ 56,200 $ 78,100 Reduction for payments made — — (14,492) (16,390) Increase (reduction) of liability related to re-measurement of fair value (4,000) — (7,300) (6,800) Contingent consideration, end of period $ 34,408 $ 54,910 $ 34,408 $ 54,910 The contingent consideration related to the Westchester Capital Management transaction as of September 30, 2024 was $3.8 million, measured using an options pricing model valuation technique. The most significant unobservable inputs used relate to revenue growth rates, discount rates (range of 5.9%-6.1%) and the market price of risk adjustment (8.7%). The NFJ Investment Group contingent consideration liability as of September 30, 2024 was $30.6 million, measured using an options pricing model valuation technique. The most significant unobservable inputs used relate to the revenue growth rates, discount rates (range of 6.4% - 7.1%) and the market price of risk adjustment (7.1%). Cash, accounts receivable, accounts payable and accrued liabilities equal or approximate fair value based on the short-term nature of these instruments.

Equity Transactions

Equity Transactions	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity Transactions	Equity Transactions Dividends Declared On August 14, 2024, the Company declared a quarterly cash dividend of $2.25 per common share to be paid on November 13, 2024 to shareholders of record at the close of business on October 31, 2024. Common Stock Repurchases During the three and nine months ended September 30, 2024, the Company repurchased 72,850 and 149,057 common shares, respectively, at a weighted average price of $204.07 and $217.12 per share, respectively, for a total cost, including fees and expenses, of $14.9 million and $32.4 million, respectively, under its share repurchase program. As of September 30, 2024, 455,488 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price, prevailing market and business conditions, tax and other financial considerations. The program, which has no specified term, may be suspended or terminated at any time.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) were as follows: Nine Months Ended (in thousands) 2024 2023 Balance at beginning of period $ (87) $ (358) Net current-period other comprehensive income (loss) (1) 317 (15) Balance at end of period $ 230 $ (373) (1) Consists of foreign currency translation adjustments, net of tax of $(106) and $5 for the nine months ended September 30, 2024 and 2023, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity-based awards, including restricted stock units ("RSUs"), performance stock units ("PSUs"), and unrestricted shares of common stock, have been granted to officers, employees and directors of the Company pursuant to the Company's Omnibus Incentive and Equity Plan (the "Omnibus Plan"). At September 30, 2024, 829,554 shares of common stock remained available for issuance of the 3,825,000 shares that are authorized for issuance under the Omnibus Plan. Stock-based compensation expense is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Stock-based compensation expense $ 8,239 $ 7,668 $ 24,259 $ 20,072 Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs may be time-vested or performance-contingent PSUs that convert into RSUs after performance measurement is complete and generally vest in one RSU activity, inclusive of PSUs, for the nine months ended September 30, 2024 is summarized as follows: Number Weighted Average Outstanding at December 31, 2023 344,717 $ 204.48 Granted 123,232 $ 234.43 Forfeited (22,739) $ 193.29 Settled (123,679) $ 234.81 Outstanding at September 30, 2024 321,531 $ 205.08 For the nine months ended September 30, 2024 and 2023, a total of 49,086 and 77,583 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations and for which the Company paid $11.3 million and $13.4 million, respectively, in minimum employee tax withholding obligations. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have otherwise been issued as a result of the vesting. During the nine months ended September 30, 2024 and 2023, the Company granted 26,757 and 44,583 PSUs, respectively, that contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (i) the intrinsic value method for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, Stock Compensation ("ASC 718") and (ii) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for PSU awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for PSU awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon measurement at the end of the performance period. As of September 30, 2024, unamortized stock-based compensation expense for unvested RSUs and PSUs was $33.3 million with a weighted-average remaining contractual life of 1.3 years.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share Earnings (loss) per share ("EPS") is calculated in accordance with ASC 260, Earnings per Share . Basic EPS is computed by dividing net income (loss) attributable to Virtus Investment Partners, Inc. by the weighted-average number of common shares outstanding for the period, excluding dilution for potential common stock issuances. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, including shares issuable upon the vesting of RSUs and stock option exercises using the treasury stock method, as determined under the if-converted method. The computation of basic and diluted EPS is as follows: Three Months Ended September 30, Nine Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Net Income (Loss) $ 49,104 $ 38,154 $ 112,993 $ 102,977 Noncontrolling interests (8,124) (7,248) (24,541) (3,190) Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 40,980 $ 30,906 $ 88,452 $ 99,787 Shares: Basic: Weighted-average number of shares outstanding 7,071 7,258 7,105 7,272 Plus: Incremental shares from assumed conversion of dilutive instruments 105 121 129 121 Diluted: Weighted-average number of shares outstanding 7,176 7,379 7,234 7,393 Earnings (Loss) per Share—Basic $ 5.80 $ 4.26 $ 12.45 $ 13.72 Earnings (Loss) per Share—Diluted $ 5.71 $ 4.19 $ 12.23 $ 13.50 The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Restricted stock units 12 2 — 3 Total anti-dilutive securities 12 2 — 3

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In calculating the provision for income taxes, the Company uses an estimate of the annual effective tax rate based upon the facts and circumstances at each interim period. On a quarterly basis, the estimated annual effective tax rate is adjusted, as appropriate, based upon changes in facts and circumstances, if any, compared to those forecasted at the beginning of the fiscal year and at each interim period thereafter. The provision for income taxes reflected U.S. federal, state and local taxes at an estimated effective tax rate of 24.4% and 23.6% for the nine months ended September 30, 2024 and 2023, respectively. The higher estimated effective tax rate for the nine months ended September 30, 2024 was primarily due to a change in excess tax benefits associated with stock-based compensation.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Credit Agreement The Company's credit agreement, as amended (the "Credit Agreement"), comprises (i) a $275.0 million term loan with a seven-year term (the "Term Loan") expiring in September 2028, and (ii) a $175.0 million revolving credit facility with a five-year term expiring in September 2026. The Company repaid $17.1 million outstanding under the Term Loan during the nine months ended September 30, 2024 and had $241.8 million outstanding under the Term Loan at September 30, 2024. In accordance with ASC 835, Interest

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters The Company is involved from time to time in litigation and arbitration, as well as examinations, inquiries and investigations by various regulatory bodies, involving its compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting its products and other activities. The Company records a liability when it believes that it is both probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Significant judgment is required in both the determination of probability and the determination as to whether a loss is reasonably estimable. Based on information currently available, available insurance coverage, indemnities and established reserves, the Company believes that the outcomes of its legal and regulatory proceedings are not likely, either individually or in the aggregate, to have a material adverse effect on the Company's results of operations, cash flows or consolidated financial condition. However, in the event of unexpected subsequent developments, and given the inherent unpredictability of these legal and regulatory matters, the Company can provide no assurance that its assessment of any legal matter will reflect the ultimate outcome, and an adverse outcome in certain matters could have a material adverse effect on the Company's results of operations or cash flows in particular quarterly or annual periods.

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Redeemable noncontrolling interests represent third-party investments in the Company's CIP and minority interests held in a consolidated affiliate. Minority interests held in the affiliate are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing affiliate equity, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. These minority interests in the affiliate are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests. Redeemable noncontrolling interests for the nine months ended September 30, 2024 included the following amounts: (in thousands) CIP Affiliate Noncontrolling Interests Total Balances at December 31, 2023 $ 30,643 $ 74,226 $ 104,869 Net income (loss) attributable to noncontrolling interests 3,683 5,522 9,205 Changes in redemption value (1) — 15,217 15,217 Total net income (loss) attributable to noncontrolling interests 3,683 20,739 24,422 Affiliate equity sales (purchases) — (29,015) (29,015) Net subscriptions (redemptions) and other 4,771 (6,936) (2,165) Balances at September 30, 2024 $ 39,097 $ 59,014 $ 98,111 (1) Relates to noncontrolling interests redeemable at other than fair value.

Consolidation

Consolidation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The condensed consolidated financial statements include the accounts of the Company, its subsidiaries and investment products that are consolidated. A voting interest entity ("VOE") is consolidated when the Company is considered to have a controlling financial interest, which is typically present when the Company owns a majority of the voting interest in an entity or otherwise has the power to govern the financial and operating policies of the entity. The Company evaluates any variable interest entity ("VIE") in which the Company has a variable interest for consolidation. A VIE is an entity in which either (i) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support, or (ii) where, as a group, the holders of the equity investment at risk do not possess any one of the following: (a) the power through voting or similar rights to direct the activities that most significantly impact the entity's economic performance, (b) the obligation to absorb expected losses or the right to receive expected residual returns of the entity, or (c) proportionate voting and economic interests and where substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately fewer voting rights. If an entity has any of these characteristics, it is considered a VIE and is required to be consolidated by its primary beneficiary. The primary beneficiary is the entity that has both the power to direct the activities that most significantly impact the VIE's economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. In the normal course of its business, the Company sponsors various investment products, some of which are consolidated by the Company. CIP includes both VOEs, made up primarily of U.S. retail funds and ETFs in which the Company holds a controlling financial interest, and VIEs, which consist of CLO and certain global and private funds ("GF") of which the Company is considered the primary beneficiary. The consolidation and deconsolidation of these investment products have no impact on the Company's net income (loss). The Company's risk with respect to these investment products is limited to its beneficial interests in these products. The Company has no right to the benefits from, and does not bear the risks associated with, these investment products beyond the Company's investments in, and fees generated from, these products. The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023: As of September 30, 2024 December 31, 2023 VOEs VIEs VOEs VIEs (in thousands) CLOs GFs CLOs GFs Cash and cash equivalents $ 10,294 $ 105,261 $ 825 $ 1,223 $ 98,101 $ 2,088 Investments 23,032 1,973,688 78,690 30,985 1,972,342 79,386 Other assets 157 30,041 2,427 174 41,985 1,076 Notes payable — (1,940,085) — — (1,922,243) — Securities purchased payable and other liabilities (719) (80,817) (2,290) (740) (89,167) (616) Noncontrolling interests (7,917) (3,676) (31,180) (7,316) (4,363) (23,327) Net interests in CIP $ 24,847 $ 84,412 $ 48,472 $ 24,326 $ 96,655 $ 58,607 Consolidated CLOs The majority of the Company's CIP that are VIEs are CLOs. A majority-owned consolidated private fund, whose primary purpose is to invest in CLOs for which the Company serves as the collateral manager, is also included. At September 30, 2024, the Company consolidated six CLOs. On September 30, 2024, the Company issued a new CLO and in conjunction with the issuance, made a $24.4 million investment in the subordinated notes. The financial information of CLOs is included on the Company's condensed consolidated financial statements on a one-month lag based upon the availability of their financial information. Investments of CLOs The CLOs held investments of $2.0 billion at September 30, 2024, consisting of bank loan investments that comprise the majority of the CLOs' portfolio asset collateral and are senior secured corporate loans across a variety of industries. These bank loan investments mature at various dates between 2025 and 2032 and generally pay interest at SOFR plus a spread. Notes Payable of CLOs The CLOs held notes payable with a total value, at par, of $2.2 billion at September 30, 2024, consisting of senior secured floating rate notes payable with a par value of $1.9 billion and subordinated notes with a par value of $217.9 million. These note obligations bear interest at variable rates based on SOFR plus a pre-defined spread. The Company's beneficial interests and maximum exposure to loss related to these consolidated CLOs is limited to (i) ownership in the subordinated notes and (ii) accrued management fees. The secured notes of the consolidated CLOs have contractual recourse only to the related assets of the CLO and are classified as financial liabilities. Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, Consolidation (Topic 810) ("ASU 2014-13"), results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2024, as shown in the table below: (in thousands) Subordinated notes $ 83,366 Accrued investment management fees 1,046 Total Beneficial Interests $ 84,412 The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated: Nine Months Ended September 30, 2024 (in thousands) Income: Realized and unrealized gain (loss), net $ (21,594) Interest income 148,370 Total Income 126,776 Expenses: Other operating expenses 3,425 Interest expense 120,035 Total Expense 123,460 Noncontrolling interests (119) Net Income (Loss) Attributable to CLOs $ 3,197 The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation: Nine Months Ended September 30, 2024 (in thousands) Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ (3,334) Investment management fees 6,531 Total Economic Interests $ 3,197 Fair Value Measurements of CIP The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: As of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 113,951 $ — $ — $ 113,951 Debt investments 427 1,998,089 53,632 2,052,148 Equity investments 20,982 74 2,206 23,262 Derivatives 242 — — 242 Total assets measured at fair value $ 135,602 $ 1,998,163 $ 55,838 $ 2,189,603 Liabilities Notes payable $ — $ 1,940,085 $ — $ 1,940,085 Short sales 415 — — 415 Derivatives 83 — — 83 Total liabilities measured at fair value $ 498 $ 1,940,085 $ — $ 1,940,583 As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 98,101 $ — $ — $ 98,101 Debt investments 241 2,012,760 36,616 2,049,617 Equity investments 32,642 8 446 33,096 Total assets measured at fair value $ 130,984 $ 2,012,768 $ 37,062 $ 2,180,814 Liabilities Notes payable $ — $ 1,922,243 $ — $ 1,922,243 Short sales 518 — — 518 Total liabilities measured at fair value $ 518 $ 1,922,243 $ — $ 1,922,761 The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP measured at fair value: Level 1 assets represent cash investments in money market funds and debt and equity investments that are valued using published net asset values or the official closing price on the exchange on which the securities are traded. Level 2 assets represent most debt securities (including bank loans) and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments, other than bank loans, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments, are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. Level 3 assets include debt and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. These securities are valued using unadjusted prices from an independent pricing service. Level 1 liabilities consist of short sales transactions in which a security is sold that is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded on the Condensed Consolidated Balance Sheets within other liabilities of CIP and are classified as Level 1 based on the underlying equity security. Level 2 liabilities consist of notes payable issued by CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (i) the fair value of the beneficial interests held by the Company, and (ii) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment. The securities purchased payable at September 30, 2024 and December 31, 2023 approximated fair value due to the short-term nature of the instruments. The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value: Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of period $ 37,062 $ 43,581 Realized and unrealized gains (losses), net 918 (42) Purchases 19 3,430 Sales (36,452) (7,890) Transfers to Level 2 (71,236) (79,288) Transfers from Level 2 125,527 103,491 Balance at end of period (1) $ 55,838 $ 63,282 (1) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end. Nonconsolidated VIEs The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Company’s financial condition and results of operations. Operating results for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Annual Report on Form 10-K") filed with the Securities and Exchange Commission (the "SEC"). The Company’s significant accounting policies, which have been consistently applied, are summarized in its 2023 Annual Report on Form 10-K.
New Accounting Standards Not Yet Implemented	New Accounting Standards Not Yet Implemented In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) . This standard updates reportable segment disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and provides new segment disclosure requirements for entities with a single reportable segment. This standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, with the amendments to be applied retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). This standard updates income tax disclosure requirements by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718), Scope Application of Profits Interest and Similar Awards. This standard provides clarity regarding whether profits interest and similar awards are within the scope of Topic 718 of the Accounting Standards Codification. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of adopting this standard and, at this time, does not anticipate it will have a material impact on its consolidated financial statements.
Revenue Recognition	The Company's revenues are recognized when a performance obligation is satisfied, which occurs when control of the services is transferred to clients. Investment management fees, distribution and service fees, and administration and shareholder service fees are generally calculated as a percentage of average net assets of the investment portfolios managed. The net asset values from which these fees are calculated are variable in nature and subject to factors outside of the Company's control, such as additional investments, withdrawals and market performance. Because of this, these fees are considered constrained until the end of the contractual measurement period (monthly or quarterly), which is when asset values are generally determinable.
Fair Value Measurements	The following is a discussion of the valuation methodologies used for the Company’s assets measured at fair value: Cash equivalents represent investments in money market funds. Cash investments in money market funds are valued using published net asset values and are classified as Level 1. Sponsored funds represent investments in open-end funds and closed-end funds for which the Company acts as the investment manager. The fair values of U.S. retail funds and global funds are determined based on their published net asset values and are categorized as Level 1. The fair value of closed-end funds and ETFs is determined based on the official closing price on the exchange on which they are traded and are categorized as Level 1. Equity securities represent securities traded on active markets, are valued at the official closing price (typically the last sale or bid) on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities represent investments in corporate and government bonds and the note securities of collateralized loan obligations. The fair values of corporate and government bonds traded on active markets are valued at the official closing price on the exchange on which the securities are primarily traded and are categorized as Level 1. Debt securities for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service, are categorized as Level 2. The fair values of note securities of collateralized loan obligations ("CLO") are based on valuations received from an independent valuation firm and are categorized as Level 3. The following table presents a reconciliation of beginning and ending balances of the Company's Level 3 debt securities: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Debt securities, beginning of period $ — $ — $ — $ — Purchases (sales), net 24,443 24,339 24,443 24,339 Debt securities, end of period $ 24,443 $ 24,339 $ 24,443 $ 24,339 Nonqualified retirement plan assets represent mutual funds within the Company's nonqualified retirement plan whose fair value is determined based on their published net asset value and are categorized as Level 1. Contingent consideration represents liabilities associated with contingent payment arrangements made in connection with the Company’s business combinations. In these contingent payment arrangements, the Company agrees to pay additional transaction consideration to the seller based on future performance. Contingent consideration is remeasured at fair value each reporting date using a simulation model with the assistance of an independent valuation firm and approved by management and are categorized as Level 3. The following is a discussion of the valuation methodologies used for the assets and liabilities of the Company’s CIP measured at fair value: Level 1 assets represent cash investments in money market funds and debt and equity investments that are valued using published net asset values or the official closing price on the exchange on which the securities are traded. Level 2 assets represent most debt securities (including bank loans) and certain equity securities (including non-U.S. securities), for which closing prices are not readily available or are deemed to not reflect readily available market prices, and are valued using an independent pricing service. Debt investments, other than bank loans, are valued based on quotations received from independent pricing services or from dealers who make markets in such securities. Bank loan investments, which are included as debt investments, are generally priced at the average mid-point of bid and ask quotations obtained from a third-party pricing service. Fair value may also be based upon valuations obtained from independent third-party brokers or dealers utilizing matrix pricing models that consider information regarding securities with similar characteristics. Level 3 assets include debt and equity securities that are not widely traded, are illiquid or are priced by dealers based on pricing models used by market makers in the security. These securities are valued using unadjusted prices from an independent pricing service. Level 1 liabilities consist of short sales transactions in which a security is sold that is not owned or is owned but there is no intention to deliver, in anticipation that the price of the security will decline. Short sales are recorded on the Condensed Consolidated Balance Sheets within other liabilities of CIP and are classified as Level 1 based on the underlying equity security. Level 2 liabilities consist of notes payable issued by CLOs and are measured using the measurement alternative in ASU 2014-13. Accordingly, the fair value of CLO liabilities was measured as the fair value of CLO assets less the sum of (i) the fair value of the beneficial interests held by the Company, and (ii) the carrying value of any beneficial interests that represent compensation for services. The fair value of the beneficial interests held by the Company is based on third-party pricing information without adjustment.
Noncontrolling Interest	Redeemable noncontrolling interests represent third-party investments in the Company's CIP and minority interests held in a consolidated affiliate. Minority interests held in the affiliate are subject to holder put rights and Company call rights at pre-established multiples of earnings before interest, taxes, depreciation and amortization and, as such, are considered redeemable at other than fair value. The rights are exercisable at pre-established intervals or upon certain conditions, such as retirement. The put and call rights are not legally detachable or separately exercisable and are deemed to be embedded in the related noncontrolling interests. The Company, in purchasing affiliate equity, has the option to settle in cash or shares of the Company's common stock and is entitled to the cash flow associated with any purchased equity. These minority interests in the affiliate are recorded at estimated redemption value within redeemable noncontrolling interests on the Company's Condensed Consolidated Balance Sheets, and any changes in the estimated redemption value are recorded on the Condensed Consolidated Statements of Operations within noncontrolling interests.
Nonconsolidated VIEs	Nonconsolidated VIEs The Company serves as the collateral manager for other CLOs that are not consolidated. The assets and liabilities of these CLOs reside in bankruptcy remote, special purpose entities in which the Company has no ownership of, nor holds any notes issued by, the CLOs, and provides neither recourse nor guarantees. The Company has determined that the investment management fees it receives for serving as collateral manager for these CLOs did not represent a variable interest as (i) the fees the Company earns are compensation for services provided and are commensurate with the level of effort required to provide the investment management services, (ii) the Company does not hold other interests in the CLOs that individually, or in the aggregate, would absorb more than an insignificant amount of the CLOs' expected losses or receive more than an insignificant amount of the CLOs' expected residual return, and (iii) the investment management arrangement only includes terms, conditions and amounts that are customarily present in arrangements for similar services negotiated at arm's length.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes investment management fees by source: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Investment management fees Open-end funds $ 79,428 $ 80,294 $ 237,991 $ 229,721 Closed-end funds 14,942 14,673 43,741 44,025 Retail separate accounts 52,068 44,441 153,265 127,323 Institutional accounts 47,405 45,461 138,858 128,257 Total investment management fees $ 193,843 $ 184,869 $ 573,855 $ 529,326

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Intangible Assets, Net	Below is a summary of intangible assets, net: Definite-Lived Indefinite-Lived Total (in thousands) Gross Book Value Accumulated Amortization Net Book Value Net Book Value Net Book Value Balances at December 31, 2023 $ 806,655 $ (416,834) $ 389,821 $ 42,298 $ 432,119 Intangible amortization — (43,416) (43,416) — (43,416) Balances at September 30, 2024 $ 806,655 $ (460,250) $ 346,405 $ 42,298 $ 388,703
Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years	Definite-lived intangible asset amortization for the remainder of fiscal year 2024 and succeeding fiscal years is estimated as follows: Fiscal Year Amount (in thousands) Remainder of 2024 $ 12,883 2025 51,532 2026 50,552 2027 47,450 2028 41,787 2029 and thereafter 142,201 Total $ 346,405

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Schedule of Investments [Abstract]
Schedule of Investments	The Company's investments, excluding the assets of consolidated investment products ("CIP") discussed in Note 16, at September 30, 2024 and December 31, 2023 were as follows: (in thousands) September 30, December 31, 2023 Investment securities - fair value $ 127,914 $ 97,304 Equity method investments (1) 21,830 22,710 Nonqualified retirement plan assets 14,927 12,682 Total investments $ 164,671 $ 132,696 (1) The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.
Schedule of Marketable Securities	The composition of the Company’s investment securities - fair value was as follows: September 30, 2024 December 31, 2023 (in thousands) Cost Fair Value Cost Fair Value Investment Securities - fair value Sponsored funds $ 77,211 $ 80,303 $ 80,794 $ 77,433 Equity securities 17,674 21,693 16,353 19,871 Debt securities 25,887 25,918 — — Total investment securities - fair value $ 120,772 $ 127,914 $ 97,147 $ 97,304

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 16, as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 164,878 $ — $ — $ 164,878 Investment securities - fair value Sponsored funds 80,303 — — 80,303 Equity securities 21,693 — — 21,693 Debt securities 259 1,216 24,443 25,918 Nonqualified retirement plan assets 14,927 — — 14,927 Total assets measured at fair value $ 282,060 $ 1,216 $ 24,443 $ 307,719 Liabilities Contingent consideration $ — $ — $ 34,408 $ 34,408 Total liabilities measured at fair value $ — $ — $ 34,408 $ 34,408 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 197,240 $ — $ — $ 197,240 Investment securities - fair value Sponsored funds 77,433 — — 77,433 Equity securities 19,871 — — 19,871 Nonqualified retirement plan assets 12,682 — — 12,682 Total assets measured at fair value $ 307,226 $ — $ — $ 307,226 Liabilities Contingent consideration $ — $ — $ 56,200 $ 56,200 Total liabilities measured at fair value $ — $ — $ 56,200 $ 56,200 The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: As of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 113,951 $ — $ — $ 113,951 Debt investments 427 1,998,089 53,632 2,052,148 Equity investments 20,982 74 2,206 23,262 Derivatives 242 — — 242 Total assets measured at fair value $ 135,602 $ 1,998,163 $ 55,838 $ 2,189,603 Liabilities Notes payable $ — $ 1,940,085 $ — $ 1,940,085 Short sales 415 — — 415 Derivatives 83 — — 83 Total liabilities measured at fair value $ 498 $ 1,940,085 $ — $ 1,940,583 As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 98,101 $ — $ — $ 98,101 Debt investments 241 2,012,760 36,616 2,049,617 Equity investments 32,642 8 446 33,096 Total assets measured at fair value $ 130,984 $ 2,012,768 $ 37,062 $ 2,180,814 Liabilities Notes payable $ — $ 1,922,243 $ — $ 1,922,243 Short sales 518 — — 518 Total liabilities measured at fair value $ 518 $ 1,922,243 $ — $ 1,922,761
Schedule of Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table presents a reconciliation of beginning and ending balances of the Company's Level 3 debt securities: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Debt securities, beginning of period $ — $ — $ — $ — Purchases (sales), net 24,443 24,339 24,443 24,339 Debt securities, end of period $ 24,443 $ 24,339 $ 24,443 $ 24,339 The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value: Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of period $ 37,062 $ 43,581 Realized and unrealized gains (losses), net 918 (42) Purchases 19 3,430 Sales (36,452) (7,890) Transfers to Level 2 (71,236) (79,288) Transfers from Level 2 125,527 103,491 Balance at end of period (1) $ 55,838 $ 63,282 (1) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.
Schedule of Liabilities of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table presents a reconciliation of beginning and ending balances of the Company's contingent consideration liabilities: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Contingent consideration, beginning of period $ 38,408 $ 54,910 $ 56,200 $ 78,100 Reduction for payments made — — (14,492) (16,390) Increase (reduction) of liability related to re-measurement of fair value (4,000) — (7,300) (6,800) Contingent consideration, end of period $ 34,408 $ 54,910 $ 34,408 $ 54,910

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) were as follows: Nine Months Ended (in thousands) 2024 2023 Balance at beginning of period $ (87) $ (358) Net current-period other comprehensive income (loss) (1) 317 (15) Balance at end of period $ 230 $ (373) (1) Consists of foreign currency translation adjustments, net of tax of $(106) and $5 for the nine months ended September 30, 2024 and 2023, respectively.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	Stock-based compensation expense is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Stock-based compensation expense $ 8,239 $ 7,668 $ 24,259 $ 20,072
Schedule of Restricted Stock Units Activity	RSU activity, inclusive of PSUs, for the nine months ended September 30, 2024 is summarized as follows: Number Weighted Average Outstanding at December 31, 2023 344,717 $ 204.48 Granted 123,232 $ 234.43 Forfeited (22,739) $ 193.29 Settled (123,679) $ 234.81 Outstanding at September 30, 2024 321,531 $ 205.08

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted EPS is as follows: Three Months Ended September 30, Nine Months Ended (in thousands, except per share amounts) 2024 2023 2024 2023 Net Income (Loss) $ 49,104 $ 38,154 $ 112,993 $ 102,977 Noncontrolling interests (8,124) (7,248) (24,541) (3,190) Net Income (Loss) Attributable to Virtus Investment Partners, Inc. $ 40,980 $ 30,906 $ 88,452 $ 99,787 Shares: Basic: Weighted-average number of shares outstanding 7,071 7,258 7,105 7,272 Plus: Incremental shares from assumed conversion of dilutive instruments 105 121 129 121 Diluted: Weighted-average number of shares outstanding 7,176 7,379 7,234 7,393 Earnings (Loss) per Share—Basic $ 5.80 $ 4.26 $ 12.45 $ 13.72 Earnings (Loss) per Share—Diluted $ 5.71 $ 4.19 $ 12.23 $ 13.50
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table details the securities that have been excluded from the above computation of weighted-average number of shares for diluted EPS, because the effect would be anti-dilutive. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2024 2023 2024 2023 Restricted stock units 12 2 — 3 Total anti-dilutive securities 12 2 — 3

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	Redeemable noncontrolling interests for the nine months ended September 30, 2024 included the following amounts: (in thousands) CIP Affiliate Noncontrolling Interests Total Balances at December 31, 2023 $ 30,643 $ 74,226 $ 104,869 Net income (loss) attributable to noncontrolling interests 3,683 5,522 9,205 Changes in redemption value (1) — 15,217 15,217 Total net income (loss) attributable to noncontrolling interests 3,683 20,739 24,422 Affiliate equity sales (purchases) — (29,015) (29,015) Net subscriptions (redemptions) and other 4,771 (6,936) (2,165) Balances at September 30, 2024 $ 39,097 $ 59,014 $ 98,111 (1) Relates to noncontrolling interests redeemable at other than fair value.

Consolidation (Tables)

Consolidation (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Condensed Consolidated Balance Sheets	The following table presents the balances of CIP that, after intercompany eliminations, were reflected on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023: As of September 30, 2024 December 31, 2023 VOEs VIEs VOEs VIEs (in thousands) CLOs GFs CLOs GFs Cash and cash equivalents $ 10,294 $ 105,261 $ 825 $ 1,223 $ 98,101 $ 2,088 Investments 23,032 1,973,688 78,690 30,985 1,972,342 79,386 Other assets 157 30,041 2,427 174 41,985 1,076 Notes payable — (1,940,085) — — (1,922,243) — Securities purchased payable and other liabilities (719) (80,817) (2,290) (740) (89,167) (616) Noncontrolling interests (7,917) (3,676) (31,180) (7,316) (4,363) (23,327) Net interests in CIP $ 24,847 $ 84,412 $ 48,472 $ 24,326 $ 96,655 $ 58,607
Schedule of VIE Consolidated Investment Product	Although these beneficial interests are eliminated upon consolidation, the application of the measurement alternative prescribed by ASU 2014-13, Consolidation (Topic 810) ("ASU 2014-13"), results in the net assets of the consolidated CLOs shown above to be equivalent to the beneficial interests retained by the Company at September 30, 2024, as shown in the table below: (in thousands) Subordinated notes $ 83,366 Accrued investment management fees 1,046 Total Beneficial Interests $ 84,412 The following table represents income and expenses of the consolidated CLOs included on the Company’s Condensed Consolidated Statements of Operations for the period indicated: Nine Months Ended September 30, 2024 (in thousands) Income: Realized and unrealized gain (loss), net $ (21,594) Interest income 148,370 Total Income 126,776 Expenses: Other operating expenses 3,425 Interest expense 120,035 Total Expense 123,460 Noncontrolling interests (119) Net Income (Loss) Attributable to CLOs $ 3,197 The following table represents the Company’s own economic interests in the consolidated CLOs, which are eliminated upon consolidation: Nine Months Ended September 30, 2024 (in thousands) Distributions received and unrealized gains (losses) on the subordinated notes held by the Company $ (3,334) Investment management fees 6,531 Total Economic Interests $ 3,197
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis, excluding the assets and liabilities of CIP discussed in Note 16, as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 164,878 $ — $ — $ 164,878 Investment securities - fair value Sponsored funds 80,303 — — 80,303 Equity securities 21,693 — — 21,693 Debt securities 259 1,216 24,443 25,918 Nonqualified retirement plan assets 14,927 — — 14,927 Total assets measured at fair value $ 282,060 $ 1,216 $ 24,443 $ 307,719 Liabilities Contingent consideration $ — $ — $ 34,408 $ 34,408 Total liabilities measured at fair value $ — $ — $ 34,408 $ 34,408 December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 197,240 $ — $ — $ 197,240 Investment securities - fair value Sponsored funds 77,433 — — 77,433 Equity securities 19,871 — — 19,871 Nonqualified retirement plan assets 12,682 — — 12,682 Total assets measured at fair value $ 307,226 $ — $ — $ 307,226 Liabilities Contingent consideration $ — $ — $ 56,200 $ 56,200 Total liabilities measured at fair value $ — $ — $ 56,200 $ 56,200 The assets and liabilities of CIP measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by fair value hierarchy level were as follows: As of September 30, 2024 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 113,951 $ — $ — $ 113,951 Debt investments 427 1,998,089 53,632 2,052,148 Equity investments 20,982 74 2,206 23,262 Derivatives 242 — — 242 Total assets measured at fair value $ 135,602 $ 1,998,163 $ 55,838 $ 2,189,603 Liabilities Notes payable $ — $ 1,940,085 $ — $ 1,940,085 Short sales 415 — — 415 Derivatives 83 — — 83 Total liabilities measured at fair value $ 498 $ 1,940,085 $ — $ 1,940,583 As of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 98,101 $ — $ — $ 98,101 Debt investments 241 2,012,760 36,616 2,049,617 Equity investments 32,642 8 446 33,096 Total assets measured at fair value $ 130,984 $ 2,012,768 $ 37,062 $ 2,180,814 Liabilities Notes payable $ — $ 1,922,243 $ — $ 1,922,243 Short sales 518 — — 518 Total liabilities measured at fair value $ 518 $ 1,922,243 $ — $ 1,922,761
Schedule of Reconciliation of Assets of Consolidated Sponsored Investment Products For Level 3 Investments, Unobservable Inputs Used to Determine Fair Value	The following table presents a reconciliation of beginning and ending balances of the Company's Level 3 debt securities: Three Months Ended Nine Months Ended (in thousands) 2024 2023 2024 2023 Debt securities, beginning of period $ — $ — $ — $ — Purchases (sales), net 24,443 24,339 24,443 24,339 Debt securities, end of period $ 24,443 $ 24,339 $ 24,443 $ 24,339 The following table is a reconciliation of assets of CIP for Level 3 investments for which significant unobservable inputs were used to determine fair value: Nine Months Ended September 30, (in thousands) 2024 2023 Balance at beginning of period $ 37,062 $ 43,581 Realized and unrealized gains (losses), net 918 (42) Purchases 19 3,430 Sales (36,452) (7,890) Transfers to Level 2 (71,236) (79,288) Transfers from Level 2 125,527 103,491 Balance at end of period (1) $ 55,838 $ 63,282 (1) The investments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Transfers in and/or out of levels are reflected when significant inputs, including market inputs or performance attributes, used for the fair value measurement become observable/unobservable at period end.

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 227,029	$ 219,271	$ 673,455	$ 630,681
Investment management fees
Disaggregation of Revenue [Line Items]
Revenues	193,843	184,869	573,855	529,326
Open-end funds
Disaggregation of Revenue [Line Items]
Revenues	79,428	80,294	237,991	229,721
Closed-end funds
Disaggregation of Revenue [Line Items]
Revenues	14,942	14,673	43,741	44,025
Retail separate accounts
Disaggregation of Revenue [Line Items]
Revenues	52,068	44,441	153,265	127,323
Institutional accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 47,405	$ 45,461	$ 138,858	$ 128,257

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 397,098	$ 397,098
AlphaSimplex Group, LLC
Business Acquisition [Line Items]
Purchase price	$ 113,400
Goodwill	48,300
Definite-lived intangible assets acquired	$ 55,400

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Goodwill and Intangible Assets, Net (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Definite-Lived
Gross book value, beginning of period	$ 806,655
Accumulated amortization, beginning of period	(416,834)
Net book value, beginning of period	389,821
Intangible amortization	(43,416)
Gross book value balance, end of period	806,655
Accumulated amortization, end of period	(460,250)
Net book value, end of period	346,405
Indefinite-Lived
Net book value, beginning of period	42,298
Net book value, end of period	42,298
Total
Net book value, beginning of period	432,119
Intangible amortization	(43,416)
Net book value, end of period	$ 388,703

Intangible Assets, Net - Sche_2

Intangible Assets, Net - Schedule of Estimated Amortization Expense of Intangible Assets Succeeding Years (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 12,883
2025	51,532
2026	50,552
2027	47,450
2028	41,787
2029 and thereafter	142,201
Total	$ 346,405	$ 389,821

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investment securities - fair value	$ 127,914	$ 97,304
Parent
Schedule of Investments [Line Items]
Investment securities - fair value	127,914	97,304
Equity method investments	21,830	22,710
Nonqualified retirement plan assets	14,927	12,682
Total investments	$ 164,671	$ 132,696

Investments - Schedule of Marke

Investments - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment Securities - fair value
Cost	$ 120,772	$ 97,147
Fair Value	127,914	97,304
Sponsored funds
Investment Securities - fair value
Cost	77,211	80,794
Fair Value	80,303	77,433
Equity securities
Investment Securities - fair value
Cost	17,674	16,353
Fair Value	21,693	19,871
Debt securities
Investment Securities - fair value
Cost	25,887	0
Fair Value	$ 25,918	$ 0

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Investments [Abstract]
Realized gains (losses) on trading securities	$ 0.5	$ (0.1)	$ 1.2	$ 2.1

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Changes in Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 164,878	$ 197,240
Investment securities - fair value
Fair value	127,914	97,304
Debt securities	25,918
Total assets measured at fair value	307,719	307,226
Liabilities
Total liabilities measured at fair value	34,408	56,200
Contingent consideration
Liabilities
Total liabilities measured at fair value	34,408	56,200
Sponsored funds
Investment securities - fair value
Fair value	80,303	77,433
Equity securities
Investment securities - fair value
Fair value	21,693	19,871
Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	14,927	12,682
Level 1
Assets
Cash equivalents	164,878	197,240
Investment securities - fair value
Debt securities	259
Total assets measured at fair value	282,060	307,226
Liabilities
Total liabilities measured at fair value	0	0
Level 1 | Contingent consideration
Liabilities
Total liabilities measured at fair value	0	0
Level 1 | Sponsored funds
Investment securities - fair value
Fair value	80,303	77,433
Level 1 | Equity securities
Investment securities - fair value
Fair value	21,693	19,871
Level 1 | Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	14,927	12,682
Level 2
Assets
Cash equivalents	0	0
Investment securities - fair value
Debt securities	1,216
Total assets measured at fair value	1,216	0
Liabilities
Total liabilities measured at fair value	0	0
Level 2 | Contingent consideration
Liabilities
Total liabilities measured at fair value	0	0
Level 2 | Sponsored funds
Investment securities - fair value
Fair value	0	0
Level 2 | Equity securities
Investment securities - fair value
Fair value	0	0
Level 2 | Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	0	0
Level 3
Assets
Cash equivalents	0	0
Investment securities - fair value
Debt securities	24,443
Total assets measured at fair value	24,443	0
Liabilities
Total liabilities measured at fair value	34,408	56,200
Level 3 | Contingent consideration
Liabilities
Total liabilities measured at fair value	34,408	56,200
Level 3 | Sponsored funds
Investment securities - fair value
Fair value	0	0
Level 3 | Equity securities
Investment securities - fair value
Fair value	0	0
Level 3 | Nonqualified retirement plan assets
Investment securities - fair value
Nonqualified retirement plan assets	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 59,404	$ 90,938
Westchester | Measurement Input, Comparability Adjustment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.087
Westchester | Minimum | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.059
Westchester | Maximum | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.061
Westchester | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 3,800
NFJ Investment Group | Measurement Input, Comparability Adjustment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.071
NFJ Investment Group | Minimum | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.064
NFJ Investment Group | Maximum | Measurement Input, Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, contingent consideration, liability, measurement input	0.071
NFJ Investment Group | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 30,600

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Rollforward of the Debt Securities and Contingent Consideration Liabilities Valued Using Level 3 Inputs (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Contingent consideration
Liabilities
Contingent consideration, beginning of period	$ 38,408	$ 54,910	$ 56,200	$ 78,100
Reduction for payments made	0	0	(14,492)	(16,390)
Increase (reduction) of liability related to re-measurement of fair value	(4,000)	0	(7,300)	(6,800)
Contingent consideration, end of period	34,408	54,910	34,408	54,910
Debt investments
Assets
Debt securities, beginning of period	24,443	24,339	24,443	24,339	$ 0	$ 0	$ 0	$ 0
Purchases (sales), net	24,443	24,339	24,443	24,339
Debt securities, end of period	$ 24,443	$ 24,339	$ 24,443	$ 24,339

Equity Transactions (Details)

Equity Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 2.25	$ 1.90	$ 6.05	$ 5.20
Stock repurchased during period, shares (in shares)	72,850		149,057
Weighted average price (in dollars per share)	$ 204.07		$ 217.12
Stock repurchased during period, value	$ 14.9		$ 32.4
Shares available for repurchase (in shares)	455,488		455,488

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 872,118	$ 856,709	$ 868,289	$ 822,936
Net current-period other comprehensive income (loss)	430	(226)	317	(15)
Balance at end of period	892,722	867,552	892,722	867,552
Accumulated Foreign Currency Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			(87)	(358)
Net current-period other comprehensive income (loss)			317	(15)
Balance at end of period	$ 230	$ (373)	230	(373)
Other comprehensive income (loss), before reclassifications, tax			$ (106)	$ 5

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock available for issuance (in shares)	829,554
Shares of common stock reserved for issuance (in shares)	3,825,000
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation expense | $	$ 33.3
Weighted-average remaining amortization period	1 year 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share settlement under RSUs (in shares)	49,086	77,583
Cash used for employee withholding tax payments | $	$ 11.3	$ 13.4
Restricted stock units (RSUs), performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	26,757	44,583
Performance Stock Units, Incentive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition of compensation expense	3 years
Minimum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Maximum | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Common Stock | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio	1

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 8,239	$ 7,668	$ 24,259	$ 20,072

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Number of shares, outstanding (in shares) | shares	344,717
Number of shares, granted (in shares) | shares	123,232
Number of shares, forfeited (in shares) | shares	(22,739)
Number of shares, settled (in shares) | shares	(123,679)
Number of shares, outstanding (in shares) | shares	321,531
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, outstanding (in dollars per share) | $ / shares	$ 204.48
Weighted-average grant-date fair value (in dollars per share) | $ / shares	234.43
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares	193.29
Weighted average grant date fair value, settled (in dollars per share) | $ / shares	234.81
Weighted average grant date fair value, outstanding (in dollars per share) | $ / shares	$ 205.08

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ 49,104	$ 38,154	$ 112,993	$ 102,977
Noncontrolling interests	(8,124)	(7,248)	(24,541)	(3,190)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$ 40,980	$ 30,906	$ 88,452	$ 99,787
Shares:
Basic: Weighted-average number of shares outstanding (in shares)	7,071	7,258	7,105	7,272
Plus: Incremental shares from assumed conversion of dilutive instruments (in shares)	105	121	129	121
Diluted: Weighted-average number of shares outstanding (in shares)	7,176	7,379	7,234	7,393
Earnings (Loss) per Share—Basic (in dollars per share)	$ 5.80	$ 4.26	$ 12.45	$ 13.72
Earnings (Loss) per Share—Diluted (in dollars per share)	$ 5.71	$ 4.19	$ 12.23	$ 13.50

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	12	2	0	3
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	12	2	0	3

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Estimated effective income tax rate (as percent)	24.40%	23.60%

Debt (Details)

Debt (Details) - USD ($)		9 Months Ended
	Sep. 28, 2021	Sep. 30, 2024
Term loan | Secured Debt
Line of Credit Facility [Line Items]
Debt repayments		$ 17,100,000
Outstanding borrowings		241,800,000
Term loan | Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 275,000,000
Term of debt	7 years
Term loan | Credit Facility 2017
Line of Credit Facility [Line Items]
Debt issuance costs		$ 4,300,000
Revolving credit facility | Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 175,000,000
Term of debt	5 years

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Balance at beginning of period			$ 104,869
Net income (loss) attributable to noncontrolling interests			9,205
Changes in redemption value			(26,276)	$ (7,170)
Total net income (loss) attributable to noncontrolling interests	$ 7,723	$ 6,577	24,422	$ 2,404
Affiliate equity sales (purchases)			(29,015)
Net subscriptions (redemptions) and other			(2,165)
Balance at end of period	98,111		98,111
CIP
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Balance at beginning of period			30,643
Net income (loss) attributable to noncontrolling interests			3,683
Total net income (loss) attributable to noncontrolling interests			3,683
Affiliate equity sales (purchases)			0
Net subscriptions (redemptions) and other			4,771
Balance at end of period	39,097		39,097
Affiliate Noncontrolling Interests
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Balance at beginning of period			74,226
Net income (loss) attributable to noncontrolling interests			5,522
Total net income (loss) attributable to noncontrolling interests			20,739
Affiliate equity sales (purchases)			(29,015)
Net subscriptions (redemptions) and other			(6,936)
Balance at end of period	$ 59,014		59,014
Portion at Other than Fair Value Measurement
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Changes in redemption value			15,217
Portion at Other than Fair Value Measurement | CIP
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Changes in redemption value			0
Portion at Other than Fair Value Measurement | Affiliate Noncontrolling Interests
Increase (Decrease) in Redeemable Non-controlling Interests [Roll Forward]
Changes in redemption value			$ 15,217

Consolidation - Schedule of Con

Consolidation - Schedule of Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Noncontrolling interests	$ (98,111)	$ (129,450)	$ (104,869)	$ (96,266)	$ (110,399)	$ (113,718)
VOEs
Variable Interest Entity [Line Items]
Cash and cash equivalents	10,294		1,223
Investments	23,032		30,985
Other assets	157		174
Notes payable	0		0
Securities purchased payable and other liabilities	(719)		(740)
Noncontrolling interests	(7,917)		(7,316)
Net interests in CIP	24,847		24,326
CLOs
Variable Interest Entity [Line Items]
Cash and cash equivalents	105,261		98,101
Investments	1,973,688		1,972,342
Other assets	30,041		41,985
Notes payable	(1,940,085)		(1,922,243)
Securities purchased payable and other liabilities	(80,817)		(89,167)
Noncontrolling interests	(3,676)		(4,363)
Net interests in CIP	84,412		96,655
GFs
Variable Interest Entity [Line Items]
Cash and cash equivalents	825		2,088
Investments	78,690		79,386
Other assets	2,427		1,076
Notes payable	0		0
Securities purchased payable and other liabilities	(2,290)		(616)
Noncontrolling interests	(31,180)		(23,327)
Net interests in CIP	$ 48,472		$ 58,607

Consolidation - Narrative (Deta

Consolidation - Narrative (Details) $ in Thousands	1 Months Ended
	Sep. 30, 2024 USD ($) collateralized_loan_obligation	Dec. 31, 2023 USD ($)
CLOs
Variable Interest Entity [Line Items]
Number of consolidated CLOs | collateralized_loan_obligation	6
Investments	$ 1,973,688	$ 1,972,342
CLOs | CLO subordinated notes
Variable Interest Entity [Line Items]
Debt par value	2,200,000
CLOs | Subordinated Debt
Variable Interest Entity [Line Items]
Payments to acquire investments	24,400
CLOs | Subordinated Debt | CLO subordinated notes
Variable Interest Entity [Line Items]
Debt par value	217,900
CLOs | Senior Notes | CLO senior secured floating rate notes
Variable Interest Entity [Line Items]
Debt par value	1,900,000
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Carrying value and maximum risk of loss	$ 28,600

Consolidation - Schedule of Ben

Consolidation - Schedule of Beneficial Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	Sep. 30, 2024 USD ($)
Variable Interest Entity [Line Items]
Subordinated notes	$ 83,366
Accrued investment management fees	1,046
Total Beneficial Interests	$ 84,412

Consolidation - Schedule of Rev

Consolidation - Schedule of Revenue and Expenses of Consolidated Investment Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Expenses:
Noncontrolling interests	$ (8,124)	$ (7,248)	$ (24,541)	$ (3,190)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.	$ 40,980	$ 30,906	88,452	$ 99,787
CLOs
Income:
Realized and unrealized gain (loss), net			(21,594)
Interest income			148,370
Total Income			126,776
Expenses:
Other operating expenses			3,425
Interest expense			120,035
Total Expense			123,460
Noncontrolling interests			(119)
Net Income (Loss) Attributable to Virtus Investment Partners, Inc.			$ 3,197

Consolidation - Schedule of Eco

Consolidation - Schedule of Economic Interests of Consolidated Investment Product (Details) - CLOs $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Variable Interest Entity [Line Items]
Distributions received and unrealized gains (losses) on the subordinated notes held by the Company	$ (3,334)
Investment management fees	6,531
Total Economic Interests	$ 3,197

Consolidation - Schedule of Ass

Consolidation - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash equivalents	$ 164,878	$ 197,240
Total assets measured at fair value	307,719	307,226
Liabilities
Total liabilities measured at fair value	34,408	56,200
Level 1
Assets
Cash equivalents	164,878	197,240
Total assets measured at fair value	282,060	307,226
Liabilities
Total liabilities measured at fair value	0	0
Level 2
Assets
Cash equivalents	0	0
Total assets measured at fair value	1,216	0
Liabilities
Total liabilities measured at fair value	0	0
Level 3
Assets
Cash equivalents	0	0
Total assets measured at fair value	24,443	0
Liabilities
Total liabilities measured at fair value	34,408	56,200
Fair Value, Measurements, Recurring | Consolidated Investment Products
Assets
Cash equivalents	113,951	98,101
Derivatives	242
Total assets measured at fair value	2,189,603	2,180,814
Liabilities
Notes payable	1,940,085	1,922,243
Short sales	415	518
Derivatives	83
Total liabilities measured at fair value	1,940,583	1,922,761
Fair Value, Measurements, Recurring | Debt investments | Consolidated Investment Products
Assets
Investments	2,052,148	2,049,617
Fair Value, Measurements, Recurring | Equity investments | Consolidated Investment Products
Assets
Investments	23,262	33,096
Fair Value, Measurements, Recurring | Level 1 | Consolidated Investment Products
Assets
Cash equivalents	113,951	98,101
Derivatives	242
Total assets measured at fair value	135,602	130,984
Liabilities
Notes payable	0	0
Short sales	415	518
Derivatives	83
Total liabilities measured at fair value	498	518
Fair Value, Measurements, Recurring | Level 1 | Debt investments | Consolidated Investment Products
Assets
Investments	427	241
Fair Value, Measurements, Recurring | Level 1 | Equity investments | Consolidated Investment Products
Assets
Investments	20,982	32,642
Fair Value, Measurements, Recurring | Level 2 | Consolidated Investment Products
Assets
Cash equivalents	0	0
Derivatives	0
Total assets measured at fair value	1,998,163	2,012,768
Liabilities
Notes payable	1,940,085	1,922,243
Short sales	0	0
Derivatives	0
Total liabilities measured at fair value	1,940,085	1,922,243
Fair Value, Measurements, Recurring | Level 2 | Debt investments | Consolidated Investment Products
Assets
Investments	1,998,089	2,012,760
Fair Value, Measurements, Recurring | Level 2 | Equity investments | Consolidated Investment Products
Assets
Investments	74	8
Fair Value, Measurements, Recurring | Level 3 | Consolidated Investment Products
Assets
Cash equivalents	0	0
Derivatives	0
Total assets measured at fair value	55,838	37,062
Liabilities
Notes payable	0	0
Short sales	0	0
Derivatives	0
Total liabilities measured at fair value	0	0
Fair Value, Measurements, Recurring | Level 3 | Debt investments | Consolidated Investment Products
Assets
Investments	53,632	36,616
Fair Value, Measurements, Recurring | Level 3 | Equity investments | Consolidated Investment Products
Assets
Investments	$ 2,206	$ 446

Consolidation - Schedule of A_2

Consolidation - Schedule of Assets Related to Consolidated Sponsored Investment Products, Unobservable Input Reconciliation (Details) - Debt investments - Consolidated Investment Products - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Assets
Debt securities, beginning of period	$ 37,062	$ 43,581
Realized and unrealized gains (losses), net	918	(42)
Purchases	19	3,430
Sales	(36,452)	(7,890)
Transfers to Level 2	(71,236)	(79,288)
Transfers from Level 2	125,527	103,491
Debt securities, end of period	$ 55,838	$ 63,282