VRTS — what changed in the latest 10-Q
A section-by-section comparison of VRTS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-07 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +21 | −20 | ~17 | 34 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-07
Distribution and service fees are sales- and asset-based fees earned from open-end funds for marketing and distribution services. Distribution and service fees remained consistent and decreased by $1.3 million, or 5.4%, for the three and six months ended June 30, 2026, respectively, compared to the …
Other income and fees primarily represent fees related to other fee-earning assets and marketing fees earned on certain ETFs. Other income and fees increased $0.4 million, or 36.9%, and $0.8 million, or 35.9%, for the three and six months ended June 30, 2026, respectively, compared to the same perio…
Employment expenses consist of fixed and variable compensation and related employee benefit costs. Employment expenses increased by $4.4 million, or 4.5%, and $0.6 million, or 0.3%, for the three and six months ended June 30, 2026, respectively, primarily due to the addition of Keystone employees an…
Distribution and other asset-based expenses consist primarily of payments to third-party client intermediaries for providing services to investors in sponsored investment products. These payments are primarily based on assets under management. Distribution and other asset-based expenses decreased $1…
Other operating expenses consist primarily of investment research and technology costs, software application and development expenses, professional fees, travel and distribution-related costs, rent and occupancy expenses, and other business costs. Other operating expenses remained consistent for the…
Text removed vs the prior filing · source: 10-Q · 2026-05-08
due to the decrease in average assets under management of our U.S. retail funds partially offset by increased closed-end fund administration fees.
Distribution and service fees are sales- and asset-based fees earned from open-end funds for marketing and distribution services. Distribution and service fees decreased by $1.1 million, or 8.8%, for the three months ended March 31, 2026, compared to the same period in the prior year primarily due t…
Other income and fees primarily represent fees related to other fee-earning assets and marketing fees earned on certain ETFs. Other income and fees increased $0.4 million, or 34.9%, for the three months ended March 31, 2026, compared to the same period in the prior year primarily due to increased ma…
Change in fair value of contingent consideration409 — 409 N/M
Employment expenses consist of fixed and variable compensation and related employee benefit costs. Employment expenses decreased by $3.9 million, or 3.6%, for the three months ended March 31, 2026, primarily due to a decrease in profit- and sales-based compensation and stock-based compensation expen…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice