Virtus Investment Partners Inc to Acquire Keystone National Group Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Crispin Love - Piper Jaffray Inc - Analyst : Congrats on the deal. Just first on private markets, private credit, credit quality. There have been some worries and headaches out there recently. It looks like Keystone's flagship Private Income Fund has some exposure to the First Brands issue out there. So first, can you size that? And then just your confidence in Keystone, the broader credit markets currently and how First Brands might have impacted your diligence on the company and if you think there could be any impact to flows going forward from that.

Question: Crispin Love - Piper Jaffray Inc - Analyst : Okay. That makes sense. So there were no kind of issues with Keystone and First Brands with the assets that were being collateralized or anything like that?

Question: Crispin Love - Piper Jaffray Inc - Analyst : Okay. Perfect. I appreciate that. And then you gave a lot of good financial detail on the call and also slide 6. But are you able to share what Keystone's current fee rates are, comp ratios and then operating margins? And then just also if you could detail some of the key synergies you might expect from the deal that both you and Keystone will benefit from. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 3:00PM, VRTS.N - Virtus Investment Partners Inc to Acquire Keystone National Group

Question: Michael Cyprys - Morgan Stanley - Analyst : I was hoping maybe you could elaborate on Keystone's approach to sourcing an origination around the types of loans that they are extending, how they go about that in the marketplace. That would be helpful.

Question: Michael Cyprys - Morgan Stanley - Analyst : And sorry, how is it exactly that they're sourcing these loans? Do they have like dozens of lenders? Or are they partnering with banks or other types of institutions in terms of flow arrangements? Are they investing in the funds of other managers? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 3:00PM, VRTS.N - Virtus Investment Partners Inc to Acquire Keystone National Group

Question: Michael Cyprys - Morgan Stanley - Analyst : Okay. And just a follow-up question, one of the things we are hearing about in the asset-based finance space is issues in some pockets around double dipping on collateral or even some instances of fraud we've seen where collateral maybe wasn't there. So just curious, as part of the diligence that you guys have done, looking at the business, how you got comfortable with their approach to underwriting? As you look at the type of lending they do, any particular color you're able to share around how you guys got comfortable and how you went about diligencing that?

Question: Michael Cyprys - Morgan Stanley - Analyst : Great. And if I could sneak one more in, just as you think about growing the firm and helping them accelerate their growth path, just curious like which one or two things you think could be most meaningful. Is it extending into other channels beyond the RIA, into the wires, is it international, is it institutional? Which one would you say is most -- could be most meaningful? Talk about some of the stuff you may take there to accelerate that. And how do you think about the scalability of their strategy? I think you mentioned they operate in sort of putting out smaller tickets, smaller, different part of the marketplace. Just curious if you can speak to the scalability of that part of the channel. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 05, 2025 / 3:00PM, VRTS.N - Virtus Investment Partners Inc to Acquire Keystone National Group