Company Quick10K Filing
Quick10K
Virtus Investment Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$117.85 7 $823
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-26 Earnings, Exhibits
8-K 2019-05-15 Officers, Shareholder Vote, Exhibits
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-04-10 Regulation FD, Exhibits
8-K 2019-02-01 Earnings, Exhibits
8-K 2018-10-26 Earnings, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-07-02 Off-BS Arrangement
8-K 2018-06-11 Regulation FD, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-03-26 Accountant, Exhibits
8-K 2018-02-15 Enter Agreement, Exhibits
8-K 2018-02-14 Amend Bylaw, Exhibits
8-K 2018-02-07 Enter Agreement
8-K 2018-02-02 Earnings, Exhibits
CY Cypress Semiconductor 6,050
FLEX Flex 5,420
EVI Envirostar 420
REI Ring Energy 304
MNTX Manitex 151
SCPH Scpharmaceuticals 66
CTHR Charles & Colvard 25
SGLB Sigma Labs 15
BRN Barnwell Industries 11
BSRC Biosolar 0
VRTS 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 q219ex-311.htm
EX-31.2 q219ex-312.htm
EX-32.1 q219ex-321.htm

Virtus Investment Partners Earnings 2019-06-30

VRTS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
 
 
 
 
FORM 10-Q
 
 
 
 
 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-10994
 
 
 
 
 
 
vircorporatelogo01.jpg
VIRTUS INVESTMENT PARTNERS, INC.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
Delaware
 
26-3962811
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
One Financial Plaza, Hartford, CT 06103
(Address of principal executive offices, including Zip Code)
(800) 248-7971
(Registrant’s telephone number, including area code)
 
 
 
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
 
 
 
 
 
Common Stock, $0.01 par value (including Preferred Share Purchase Rights)
 
VRTS
 
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   NO  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      NO  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
  
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES      NO  
The number of shares outstanding of the registrant’s common stock was 6,944,892 as of July 26, 2019.
 
 
 
 
 


Table of Contents

VIRTUS INVESTMENT PARTNERS, INC.
INDEX
 
 
 
Page
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
Item 1.
Item 1A.
Item 2.
Item 6.
 
"We," "us," "our," "the Company," and "Virtus" as used in this Quarterly Report on Form 10-Q, refer to Virtus Investment Partners, Inc., a Delaware corporation, and its subsidiaries.



Table of Contents

PART I – FINANCIAL INFORMATION
 
Item 1.    Financial Statements
Virtus Investment Partners, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
 
June 30,
2019
 
December 31,
2018
($ in thousands, except share data)
 
 
 
Assets:
 
 
 
Cash and cash equivalents
$
166,026

 
$
201,705

Investments
73,396

 
79,558

Accounts receivable, net
71,519

 
70,047

Assets of consolidated investment products ("CIP")
 
 
 
Cash and cash equivalents of CIP
84,844

 
52,015

Cash pledged or on deposit of CIP
414

 
936

Investments of CIP
1,963,476

 
1,749,568

Other assets of CIP
13,958

 
31,057

Furniture, equipment and leasehold improvements, net
20,092

 
20,154

Intangible assets, net
325,384

 
338,812

Goodwill
290,366

 
290,366

Deferred taxes, net
21,611

 
22,116

Other assets
35,612

 
14,201

Total assets
$
3,066,698

 
$
2,870,535

Liabilities and Equity
 
 
 
Liabilities:
 
 
 
Accrued compensation and benefits
$
52,675

 
$
93,339

Accounts payable and accrued liabilities
24,757

 
27,926

Dividends payable
7,625

 
7,762

Debt
306,110

 
329,184

Other liabilities
39,785

 
20,010

Liabilities of CIP
 
 
 
Notes payable of CIP
1,831,129

 
1,620,260

Securities purchased payable and other liabilities of CIP
80,443

 
70,706

Total liabilities
2,342,524

 
2,169,187

Commitments and Contingencies (Note 15)

 

Redeemable noncontrolling interests
60,502

 
57,481

Equity:
 
 
 
Equity attributable to stockholders:
 
 
 
Series D mandatory convertible preferred stock, $0.01 par value, 1,150,000 shares authorized, issued and outstanding at June 30, 2019 and December 31, 2018
110,843

 
110,843

Common stock, $0.01 par value, 1,000,000,000 shares authorized; 10,715,805 shares issued and 6,944,892 shares outstanding at June 30, 2019 and 10,552,624 shares issued and 6,997,382 shares outstanding at December 31, 2018, respectively
107

 
106

Additional paid-in capital
1,204,033

 
1,209,805

Retained earnings (accumulated deficit)
(262,193
)
 
(310,865
)
Accumulated other comprehensive income (loss)
(7
)
 
(731
)
Treasury stock, at cost, 3,770,913 and 3,555,242 shares at June 30, 2019 and December 31, 2018, respectively
(401,748
)
 
(379,249
)
Total equity attributable to stockholders
651,035

 
629,909

Noncontrolling interests of CIP
12,637

 
13,958

Total equity
663,672

 
643,867

Total liabilities and equity
$
3,066,698

 
$
2,870,535


The accompanying notes are an integral part of these condensed consolidated financial statements.

1

Table of Contents

Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
($ in thousands, except per share data)
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
Investment management fees
$
114,591

 
$
103,168

 
$
220,509

 
$
203,644

Distribution and service fees
10,617

 
13,549

 
20,680

 
26,156

Administration and shareholder service fees
15,054

 
15,967

 
29,467

 
31,705

Other income and fees
227

 
248

 
551

 
455

Total revenues
140,489

 
132,932

 
271,207

 
261,960

Operating Expenses
 
 
 
 
 
 
 
Employment expenses
58,123

 
54,868

 
118,974

 
115,564

Distribution and other asset-based expenses
21,322

 
23,721

 
41,086

 
46,012

Other operating expenses
19,174

 
19,128

 
37,897

 
35,990

Operating expenses of consolidated investment products ("CIP")
2,568

 
1,783

 
3,019

 
2,294

Restructuring and severance
320

 

 
1,496

 

Depreciation and other amortization
1,271

 
1,100

 
2,484

 
2,115

Amortization expense
7,583

 
5,024

 
15,124

 
10,060

Total operating expenses
110,361

 
105,624

 
220,080

 
212,035

Operating Income (Loss)
30,128

 
27,308

 
51,127

 
49,925

Other Income (Expense)
 
 
 
 
 
 
 
Realized and unrealized gain (loss) on investments, net
2,039

 
960

 
5,472

 
1,398

Realized and unrealized gain (loss) of CIP, net
9,720

 
(1,779
)
 
7,799

 
480

Other income (expense), net
696

 
455

 
1,146

 
1,774

Total other income (expense), net
12,455

 
(364
)
 
14,417

 
3,652

Interest Income (Expense)
 
 
 
 
 
 
 
Interest expense
(5,151
)
 
(4,469
)
 
(10,316
)
 
(8,327
)
Interest and dividend income
964

 
1,818

 
2,154

 
2,539

Interest and dividend income of investments of CIP
29,368

 
23,679

 
56,770

 
45,082

Interest expense of CIP
(31,077
)
 
(15,278
)
 
(50,778
)
 
(29,827
)
Total interest income (expense), net
(5,896
)
 
5,750

 
(2,170
)
 
9,467

Income (Loss) Before Income Taxes
36,687

 
32,694

 
63,374

 
63,044

Income tax expense (benefit)
8,788

 
9,465

 
13,007

 
15,988

Net Income (Loss)
27,899

 
23,229

 
50,367

 
47,056

Noncontrolling interests
(973
)
 
(159
)
 
(1,695
)
 
(686
)
Net Income (Loss) Attributable to Stockholders
26,926

 
23,070

 
48,672

 
46,370

Preferred stockholder dividends
(2,084
)
 
(2,084
)
 
(4,168
)
 
(4,168
)
Net Income (Loss) Attributable to Common Stockholders
$
24,842

 
$
20,986

 
$
44,504

 
$
42,202

Earnings (Loss) per Share—Basic
$
3.55

 
$
2.91

 
$
6.35

 
$
5.86

Earnings (Loss) per Share—Diluted
$
3.26

 
$
2.75

 
$
5.87

 
$
5.52

Cash Dividends Declared per Preferred Share
$
1.81

 
$
1.81

 
$
3.63

 
$
3.63

Cash Dividends Declared per Common Share
$
0.55

 
$
0.45

 
$
1.10

 
$
0.90

Weighted Average Shares Outstanding—Basic (in thousands)
6,999

 
7,211

 
7,010

 
7,204

Weighted Average Shares Outstanding—Diluted (in thousands)
8,252

 
8,401

 
8,290

 
8,396


The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Table of Contents

Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
($ in thousands)
 
 
 
 
 
 
 
Net Income (Loss)
$
27,899

 
$
23,229

 
$
50,367

 
$
47,056

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of tax of $4 and $6 for the three months ended June 30, 2019 and 2018, respectively, and $1 and $2 for the six months ended June 30, 2019 and 2018, respectively
(8
)
 
(18
)
 
(2
)
 
(8
)
Unrealized gain (loss) on available-for-sale securities, net of tax of ($20) and $77 for the three and six months ended June 30, 2018, respectively

 
57

 

 
(192
)
Other comprehensive income (loss)
(8
)
 
39

 
(2
)
 
(200
)
Comprehensive income (loss)
27,891

 
23,268

 
50,365

 
46,856

Comprehensive (income) loss attributable to noncontrolling interests
(973
)
 
(159
)
 
(1,695
)
 
(686
)
Comprehensive Income (Loss) Attributable to Stockholders
$
26,918

 
$
23,109

 
$
48,670

 
$
46,170

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Table of Contents



Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Six Months Ended
June 30,
 
2019
 
2018
($ in thousands)
 
 
 
Cash Flows from Operating Activities:
 
 
 
Net income (loss)
$
50,367

 
$
47,056

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
Depreciation expense, intangible asset and other amortization
19,810

 
13,641

Stock-based compensation
11,384

 
12,073

Amortization of deferred commissions
1,805

 
1,646

Payments of deferred commissions
(973
)
 
(2,600
)
Equity in earnings of equity method investments
(1,209
)
 
(1,801
)
Realized and unrealized (gains) losses on investments, net
(4,634
)
 
(1,398
)
Distributions received from equity method investments
675

 
669

Sales (purchases) of investments, net
13,767

 
6,150

Deferred taxes, net
252

 
1,374

Changes in operating assets and liabilities:
 
 
 
Accounts receivable, net and other assets
(2,394
)
 
(5,469
)
Accrued compensation and benefits, accounts payable, accrued liabilities and other liabilities
(44,325
)
 
(45,713
)
Operating activities of consolidated investment products ("CIP"):
 
 
 
Realized and unrealized (gains) losses on investments of CIP, net
(13,222
)
 
(608
)
Purchases of investments by CIP
(532,342
)
 
(641,236
)
Sales of investments by CIP
348,771

 
465,213

Net purchases (sales) of short term investments by CIP
(309
)
 
97

Sales (purchases) of securities sold short by CIP, net
1,193

 
187

Change in other assets of CIP
71

 
(829
)
Change in liabilities of CIP
3,140

 
(2,965
)
Amortization of discount on notes payable of CIP
4,505

 

Net cash provided by (used in) operating activities
(143,668
)
 
(154,513
)
Cash Flows from Investing Activities:
 
 
 
Capital expenditures and other asset purchases
(6,111
)
 
(2,274
)
Change in cash and cash equivalents of CIP due to consolidation (deconsolidation), net
(1,571
)
 

Sale of available-for-sale securities
2,044

 
37,785

Purchases of available-for-sale securities

 
(20,188
)
Net cash provided by (used in) investing activities
(5,638
)
 
15,323

Cash Flows from Financing Activities:
 
 
 
Repayments on debt
(24,825
)
 
(1,300
)
Payment of deferred financing costs

 
(3,548
)
Common stock dividends paid
(8,392
)
 
(6,735
)
Preferred stock dividends paid
(4,168
)
 
(4,168
)
Repurchases of common shares
(22,499
)
 
(7,500
)
Stock options exercised
643

 
698

Taxes paid related to net share settlement of restricted stock units
(6,509
)
 
(5,238
)
Net subscriptions received from (redemptions/distributions paid to) noncontrolling interests
6,599

 
(2,140
)
Financing activities of CIP:
 
 
 
Proceeds from issuance of notes payable by CIP
400,782

 
784,867

Repayment of notes payable by CIP
(195,697
)
 
(669,500
)
Net cash provided by (used in) financing activities
145,934

 
85,436

Net increase (decrease) in cash, cash equivalents and restricted cash
(3,372
)
 
(53,754
)
Cash, cash equivalents and restricted cash, beginning of period
254,656

 
234,282

Cash, Cash Equivalent and Restricted Cash, End of Period
$
251,284

 
$
180,528

Non-Cash Investing Activities:
 
 
 
Change in accrual for capital expenditures
$
(1,813
)
 
$
(439
)
Non-Cash Financing Activities:
 
 
 
Increase (decrease) to noncontrolling interest due to consolidation (deconsolidation) of CIP, net
$
(6,423
)
 
$

Common stock dividends payable
$
3,849

 
$
3,225

Preferred stock dividends payable
$
2,084

 
$
2,084


 
June 30,
2019
 
December 31, 2018
($ in thousands)
 
 
 
Reconciliation of cash, cash equivalents and restricted cash
 
 
 
Cash and cash equivalents
$
166,026

 
$
201,705

Cash of consolidated investment products
84,844

 
52,015

Cash pledged or on deposit of consolidated investment products
414

 
936

Cash, cash equivalents and restricted cash at end of period
$
251,284

 
$
254,656










The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents

Virtus Investment Partners, Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
 
Permanent Equity
 
Temporary Equity
 
Common Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained Earnings (Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Attributed To
Stockholders
 
Non-
controlling
Interests
 
Total
Equity
 
Redeemable
Non-
controlling
Interests
($ in thousands, except per share data)
Shares
 
Par Value
 
Shares
 
Amount
 
Shares
 
Amount
 
Balances at March 31, 2018
7,217,443

 
$
105

 
1,150,000

 
$
110,843

 
$
1,213,342

 
$
(363,094
)
 
$
(661
)
 
3,296,289

 
$
(351,748
)
 
$
608,787

 
$
16,619

 
$
625,406

 
$
4,162

Net income (loss)

 

 

 

 

 
23,070

 

 

 

 
23,070

 
94

 
23,164

 
65

Net unrealized gain (loss) on securities available-for-sale

 

 

 

 

 

 
57

 

 

 
57

 

 
57

 

Foreign currency translation adjustments

 

 

 

 

 

 
(18
)
 

 

 
(18
)
 

 
(18
)
 

Net subscriptions (redemptions) and other

 

 

 

 

 

 

 

 

 

 
(742
)
 
(742
)
 
(807
)
Cash dividends declared ($1.8125 per preferred share)

 

 

 

 
(2,084
)
 

 

 

 

 
(2,084
)
 

 
(2,084
)
 

Cash dividends declared ($0.45 per common share)

 

 

 

 
(3,483
)
 

 

 

 

 
(3,483
)
 

 
(3,483
)
 

Repurchases of common shares
(60,622
)
 

 

 

 

 

 

 
60,622

 
(7,500
)
 
(7,500
)
 

 
(7,500
)
 

Issuance of common shares related to employee stock transactions
9,318

 

 

 

 
680

 

 

 

 

 
680

 

 
680

 

Taxes paid on stock-based compensation

 

 

 

 
(224
)
 

 

 

 

 
(224
)
 

 
(224
)
 

Stock-based compensation

 

 

 

 
5,110

 

 

 

 

 
5,110

 

 
5,110

 

Balances at June 30, 2018
7,166,139

 
$
105

 
1,150,000

 
$
110,843

 
$
1,213,341

 
$
(340,024
)
 
$
(622
)
 
3,356,911

 
$
(359,248
)
 
$
624,395

 
$
15,971

 
$
640,366

 
$
3,420

Balances at March 31, 2019
6,978,925

 
$
107

 
1,150,000

 
$
110,843

 
$
1,205,926

 
$
(289,119
)
 
$
1

 
3,703,204

 
$
(394,248
)
 
$
633,510

 
$
12,948

 
$
646,458

 
$
59,003

Net income (loss)

 

 

 

 

 
26,926

 

 

 

 
26,926

 
224

 
27,150

 
749

Foreign currency translation adjustments

 

 

 

 

 

 
(8
)
 

 

 
(8
)
 

 
(8
)
 

Net subscriptions (redemptions) and other

 

 

 

 
290

 

 

 

 

 
290

 
(535
)
 
(245
)
 
750

Cash dividends declared ($1.8125 per preferred share)

 

 

 

 
(2,084
)
 

 

 

 

 
(2,084
)
 

 
(2,084
)
 

Cash dividends declared ($0.55 per common share)

 

 

 

 
(4,104
)
 

 

 

 

 
(4,104
)
 

 
(4,104
)
 

Repurchases of common shares
(67,709
)
 

 

 

 

 

 

 
67,709

 
(7,500
)
 
(7,500
)
 

 
(7,500
)
 

Issuance of common shares related to employee stock transactions
33,676

 

 

 

 
565

 

 

 

 

 
565

 

 
565

 

Taxes paid on stock-based compensation

 

 

 

 
(1,294
)
 

 

 

 

 
(1,294
)
 
 
 
(1,294
)
 

Stock-based compensation

 

 

 

 
4,734

 

 

 

 

 
4,734

 

 
4,734

 

Balances at June 30, 2019
6,944,892

 
$
107

 
1,150,000

 
$
110,843

 
$
1,204,033

 
$
(262,193
)
 
$
(7
)
 
3,770,913

 
$
(401,748
)
 
$
651,035

 
$
12,637

 
$
663,672

 
$
60,502



 
Permanent Equity
 
Temporary Equity
 
Common Stock
 
Preferred Stock
 
Additional
Paid-in
Capital
 
Retained Earnings (Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Treasury Stock
 
Total
Attributed To
Stockholders
 
Non-
controlling
Interests
 
Total
Equity
 
Redeemable
Non-
controlling
Interests
($ in thousands, except per share data)
Shares
 
Par Value
 
Shares
 
Amount
 
Shares
 
Amount
 
Balances at December 31, 2017
7,159,645

 
$
105

 
1,150,000

 
$
110,843

 
$
1,216,173

 
$
(386,216
)
 
$
(600
)
 
3,296,289

 
$
(351,748
)
 
$
588,557

 
$
16,667

 
$
605,224

 
$
4,178

Adjustment for adoption of ASU 2016-01

 

 

 

 

 
(178
)
 
178

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 
46,370

 

 

 

 
46,370

 
766

 
47,136

 
(80
)
Net unrealized gain (loss) on securities available-for-sale

 

 

 

 

 

 
(192
)
 

 

 
(192
)
 

 
(192
)
 

Foreign currency translation adjustments

 

 

 

 

 

 
(8
)
 

 

 
(8
)
 

 
(8
)
 

Net subscriptions (redemptions) and other

 

 

 

 

 

 

 

 

 

 
(1,462
)
 
(1,462
)
 
(678
)
Cash dividends declared ($3.625 per preferred share)

 

 

 

 
(4,168
)
 

 

 

 

 
(4,168
)
 

 
(4,168
)
 

Cash dividends declared ($0.90 per common share)

 

 

 

 
(6,877
)
 

 

 

 

 
(6,877
)
 

 
(6,877
)
 

Repurchases of common shares
(60,622
)