Virtus Convertible & Income Fund (NCV)
The Virtus Convertible & Income Fund, previously known as AGIC Convertible & Income Fund, is a U.S.-domiciled, closed-end mutual fund specializing in fixed-income investments. Launched and primarily overseen by Allianz Global Investors Fund Management LLC, with Allianz Global Investors U.S. LLC serving as co-manager, this fund was established on March 31, 2003. Its investment strategy concentrates on the fixed-income markets within the United States, predominantly allocating capital to convertible securities and non-convertible high-yield bonds that are rated below investment grade. The fund aims for a diverse maturity profile, maintaining a weighted average maturity for its holdings typically ranging from five to ten years. Portfolio construction is driven by fundamental analysis and a bottom-up security selection approach, supported by proprietary models and in-house research capabilities.
Industry: Asset Management - Income
Virtus Convertible & Income Fund
NYSE:NCVFinancial Services · Asset Management - Income
+0.54%$14.95
AH Close$14.95+0.00%vs close
AH Close$14.95+0.00%vs close
Mkt Cap$337.77M
Float22.59M
O/S22.59M
Inst Own29.1%
SI0.1%
Div Yield10.92%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$72.42M
Net Income$84.14M
Total Assets$611.93M
Free Cash Flow$4.28M
Debt & Equity
Debt 5%
Equity 79%
Preferred 16%
Total Debt$34M
Total Equity$497.18M
Preferred Stock$100M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
2-year cumulative
1:4
Nasdaq bars a compliance period at 1:250
- 1:4Reverse splitFeb 10, 20254 shares → 1
Balance Sheet Details
Assets$611.93M
Liabilities$114.75M
Accounts Receivable$6.76M
Accounts Payable$4.53M
Inventory$0
PP&E (Net)$0
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-01-31 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-01-31 | 2021-02-28 | 2020-02-29 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-29 | 2015-02-28 | 2014-02-28 | 2013-02-28 | 2012-02-29 | 2011-02-28 |
| Revenue | $72.42M | $56.1M | $24.59M | $25.52M | $28.87M | $44.1M | $45.89M | -$6.08M | $47.46M | $22.13M | $14.11M | $85.83M | $91.32M | $85.32M | $88.27M | $97.33M |
| YoY Growth | 29.1% | 128.1% | -3.6% | -11.6% | -34.5% | -3.9% | -854.8% | -112.8% | 114.5% | 56.8% | -83.6% | -6.0% | 7.0% | -3.3% | -9.3% | - |
| Cost of Revenue | $4.2M | $3.98M | $0 | $0 | $0 | $6.19M | $6.53M | $6.87M | $7.32M | $7.19M | $7.69M | $9.48M | $8.99M | $8.09M | $8.25M | $8.34M |
| Gross Profit | $68.22M | $52.12M | $24.59M | $25.52M | $28.87M | $37.91M | $39.36M | -$12.95M | $40.14M | $14.94M | $6.42M | $76.35M | $82.33M | $77.23M | $80.02M | $88.99M |
| Gross Margin | 94.2% | 92.9% | 100.0% | 100.0% | 100.0% | 86.0% | 85.8% | 213.0% | 84.6% | 67.5% | 45.5% | 89.0% | 90.2% | 90.5% | 90.7% | 91.4% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $863K | $949K | $4.41M | $5.96M | $7.48M | $926K | $897K | $1.22M | $929K | $7.53M | $7.99M | $9.19M | $8.7M | $8.16M | $60K | $140K |
| Other | -$22.51M | $3.38M | $0 | $0 | $0 | -$64K | $33K | $53K | $25K | -$126.32M | $248.75M | $74.52M | -$60.37M | -$15.17M | $78.34M | -$75.88M |
| Total Operating Expenses | -$21.65M | $4.33M | $4.41M | $5.96M | $7.48M | $862K | $930K | $1.27M | $954K | $118.86M | $256.71M | $83.67M | $51.58M | $7.02M | $78.4M | -$75.74M |
| Operating Income (EBIT) | $89.87M | $71.29M | $20.19M | $19.55M | $21.39M | $155.53M | $47.88M | $50.65M | $46.51M | $190.66M | -$175.54M | $76.64M | $82.61M | $77.16M | $1.62M | $164.73M |
| Operating Margin | 124.1% | 127.1% | 82.1% | 76.6% | 74.1% | 352.7% | 104.3% | -833.1% | 98.0% | 861.5% | -1243.9% | 89.3% | 90.5% | 90.4% | 1.8% | 169.2% |
| Interest Expense | $5.73M | $6.08M | $7.18M | $2.26M | $208K | $280K | $798K | $918K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $18.79M | $21.52M | $21.85M | $20.55M | $0 | $30.47M | $41.57M | $41.51M | $52.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$5.73M | -$6.08M | -$11.74M | -$100.79M | -$59.59M | -$280K | -$2.92M | -$16.68M | -$14.44M | $0 | $30K | -$74.48M | $60.28M | $15.18M | $0 | $0 |
| Income Before Tax (EBT) | $84.14M | $65.21M | $8.45M | -$81.24M | -$38.2M | $155.53M | $44.96M | -$7.35M | $46.51M | $190.66M | -$175.54M | $2.16M | $142.89M | $92.34M | $1.62M | $164.73M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$69.5M | $60.94M | $175K | $30K | $429K | $260K | $15.18M | $0 | $0 |
| Net Income | $84.14M | $65.21M | $8.45M | -$81.24M | -$38.2M | $155.53M | $44.96M | -$7.35M | $46.51M | $190.66M | -$175.54M | $1.31M | $142.17M | $91.7M | $1.62M | $164.73M |
| Net Income Margin | 116.2% | 116.2% | 34.3% | -318.3% | -132.3% | 352.7% | 98.0% | 120.9% | 98.0% | 861.5% | -1243.9% | 1.5% | 155.7% | 107.5% | 1.8% | 169.2% |
| Supplementary Data | ||||||||||||||||
| EPS | 3.48 | 2.64 | 0.03 | -1.01 | -0.50 | 1.65 | 0.36 | -0.08 | 0.61 | 2.16 | -1.99 | 0.01 | 1.66 | 1.18 | 0.02 | 2.21 |
| Diluted EPS | 3.48 | 2.64 | 0.03 | -1.01 | -0.49 | 1.65 | 0.36 | -0.08 | 0.61 | 2.16 | -1.99 | 0.01 | 1.66 | 1.18 | 0.02 | 2.21 |
| Weighted Average OS | 21.11M | 22.59M | 67.61M | 80.40M | 88.19M | 90.33M | 90.29M | 89.61M | 76.42M | 88.19M | 88.02M | 87.70M | 85.53M | 77.43M | 75.53M | 74.49M |
| EBITDA | $89.87M | $71.29M | $20.19M | $19.55M | $21.39M | $155.81M | $45.83M | -$47.75M | $60.94M | $190.66M | -$175.54M | $76.64M | $82.61M | $0 | $1.62M | $164.73M |
| EBITDA Margin | 124.1% | 127.1% | 82.1% | 76.6% | 74.1% | 353.3% | 99.9% | 785.4% | 128.4% | 861.5% | -1243.9% | 89.3% | 90.5% | - | 1.8% | 169.2% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-01-31 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-01-31 | 2021-02-28 | 2020-02-29 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-29 | 2015-02-28 | 2014-02-28 | 2013-02-28 | 2012-02-29 | 2011-02-28 |
| Assets | ||||||||||||||||
| Current Assets | ||||||||||||||||
| Cash and Cash Equivalents | $10.73M | $10.74M | $15.36M | $103K | $2.68M | $7K | $0 | $1.32M | -$18.32M | -$17.42M | -$38.25M | $0 | $0 | $0 | $0 | $0 |
| Short-Term Investments | $0 | $15.54M | $0 | $0 | $0 | $0 | $16.93M | $0 | $18.27M | $17.42M | $38.25M | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $10.73M | $26.28M | $15.36M | $103K | $2.68M | $7K | $16.93M | $1.32M | $18.27M | $17.42M | $38.25M | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $6.76M | $6.4M | $7.88M | $13.16M | $7.46M | $7.59M | $15.56M | $24.32M | $18.22M | $13.78M | $14.28M | $24.88M | $56.42M | $17.39M | $21.1M | $25.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $303.88M | $50.17M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | -$6.76M | -$6.41M | $0 | -$180K | $0 | $0 | -$320.81M | $0 | $0 | $17.42M | $38.29M | $12.6M | $39.2M | $25.45M | $100K | $0 |
| Total Current Assets | $10.74M | $26.28M | $23.41M | $13.26M | $10.38M | $7.63M | $15.59M | $25.68M | $18.22M | $31.41M | $52.82M | $37.5M | $95.72M | $42.84M | $21.2M | $25.7M |
| Long-Term Assets | ||||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $575.48M | $554.1M | $520.28M | $643.27M | $852.74M | $387.21M | $831.15M | $861.7M | $928.63M | $764.75M | $807.95M | $1.08B | $1.13B | $1B | $1B | $1.07B |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $25.71M | $560.66M | $9.84M | $656.6M | $11.13M | $0 | -$271.36M | -$244.88M | -$928.63M | $172.74M | $3.65M | $0 | $0 | -$1B | -$100K | $0 |
| Total Long-Term Assets | $601.19M | $554.1M | $530.13M | $643.27M | $863.87M | $387.21M | $559.8M | $616.82M | $928.63M | $937.49M | $811.6M | $1.08B | $1.13B | $1B | $1B | $1.07B |
| Other Assets | $0 | -$8.97M | $0 | $180K | $0 | $565.62M | $271.45M | $244.88M | $68K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $611.93M | $571.41M | $553.53M | $656.71M | $874.25M | $960.46M | $846.84M | $887.38M | $946.92M | $968.89M | $864.42M | $1.11B | $1.22B | $1.04B | $1.02B | $1.1B |
| Liabilities | ||||||||||||||||
| Current Liabilities | ||||||||||||||||
| Accounts Payable | $4.53M | $5.84M | $10.99M | $12.43M | $4.37M | $18.7M | $7.49M | $24.87M | $8.63M | $0 | $16.41M | $8.07M | $44.44M | $0 | $0 | $0 |
| Short-Term Debt | $44M | $44M | $0 | $0 | $11.13M | $0 | $5.34M | $0 | $47K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | -$5.34M | $0 | $8.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | -$44M | -$9.97M | $11.32M | $3.71M | $4.32M | $4.49M | -$5.95M | -$25.62M | -$17.31M | $5.77M | $5.75M | $7.9M | $7.65M | $7.72M | $13.8M | $15.4M |
| Total Current Liabilities | $14.98M | $50.33M | $21.27M | $17.53M | $20.67M | $23.91M | $7.49M | $32.45M | $8.63M | $6.66M | $22.89M | $17.15M | $53.15M | $7.72M | $13.8M | $15.4M |
| Long-Term Liabilities | ||||||||||||||||
| Long-Term Debt | $34M | $65.39M | $99.55M | $170M | $28.85M | $28.85M | $28.85M | $28.85M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $65.77M | $156K | $163K | $248K | $206K | $190K | $0 | -$28.85M | $0 | $39K | $15K | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $99.77M | $65.55M | $99.71M | $170M | $29.06M | $29.04M | $28.85M | $28.85M | $8.63M | $6.7M | $22.91M | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | -$265K | $770K | $0 | $5.42M | $26.95M | $153K | -$8.22M | -$6.66M | -$22.89M | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $114.75M | $115.88M | $120.71M | $188.3M | $49.73M | $53.24M | $41.93M | $61.45M | $9.05M | $6.7M | $22.91M | $17.15M | $53.15M | $7.72M | $13.8M | $15.4M |
| Stockholders' Equity | ||||||||||||||||
| Preferred Stock | $100M | $100M | $100M | $100M | $323.27M | $323.27M | $323.27M | $323.27M | $357M | $357M | $357M | $357M | $357M | $357M | $0 | $0 |
| Common Stock | $1K | $1K | $1K | $1K | $1K | $904 | $904 | $896 | $888 | $882 | $880 | $877 | $855 | $774 | $0 | $0 |
| Retained Earnings | -$194.96M | -$266.55M | -$316.63M | -$313.23M | -$212.28M | -$156.99M | -$278.03M | -$273.11M | -$8.53M | -$4.72M | -$1.16M | -$432.7M | -$340.18M | -$395.09M | $0 | $0 |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $502.65M | -$201.63M | -$435.25M | -$689.26M | $0 | $0 | -$395.1M | -$404.8M | -$321.4M |
| Other Stockholders' Equity | $692.14M | $722.09M | $749.45M | $781.64M | $1.04B | $1.06B | $1.08B | $1.1B | $946.4M | $966.91M | $842.67M | $1.53B | $1.51B | $1.43B | $1.01B | $1.08B |
| Total Equity | $497.18M | $455.54M | $432.82M | $468.41M | $824.52M | $907.22M | $804.91M | $825.92M | $937.87M | $962.19M | $841.51M | $1.1B | $1.17B | $1.04B | $1.01B | $1.08B |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $611.93M | $571.41M | $553.53M | $656.71M | $874.25M | $960.46M | $846.84M | $887.38M | $946.92M | $968.89M | $864.42M | $1.11B | $1.22B | $1.04B | $1.02B | $1.1B |
| Supplementary Data | ||||||||||||||||
| Total Debt | $34M | $109.39M | $99.55M | $170M | $39.98M | $28.85M | $28.85M | $28.85M | $47K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | $23.27M | $88.65M | $84.19M | $169.9M | $37.3M | $28.84M | $28.85M | $27.53M | $18.37M | $17.42M | $38.25M | $0 | $0 | $0 | $0 | $0 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2026-01-31 | 2025-01-31 | 2024-01-31 | 2023-01-31 | 2022-01-31 | 2021-02-28 | 2020-02-29 | 2019-02-28 | 2018-02-28 | 2017-02-28 | 2016-02-29 | 2015-02-28 | 2014-02-28 | 2013-02-28 |
| Operating Activities | ||||||||||||||
| Net Income | $84.14M | $59.59M | $8.45M | -$91.31M | -$38.2M | $155.53M | $44.96M | -$7.35M | $46.51M | $190.66M | -$175.54M | $1.73M | $142.63M | $92.34M |
| Depreciation & Amortization | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | -$139K | $1.64M | $5.28M | -$5.7M | $0 | $0 | $0 | $0 | $0 | $0 | $10.56M | $30.23M | $0 | $0 |
| Inventory | $0 | $0 | $0 | -$5.33M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$1.3M | -$4.95M | -$2.58M | $8.07M | $0 | $0 | $0 | $0 | $0 | $0 | $8.21M | $0 | $0 | $0 |
| Other Working Capital | -$6K | -$5.17M | -$80K | $561K | $0 | $0 | $0 | $0 | $0 | $0 | -$539K | $199K | $0 | $0 |
| Total Working Capital Change | -$1.44M | -$3.52M | $2.62M | -$2.41M | $0 | $0 | $0 | $0 | $0 | $0 | $18.23M | $30.43M | $0 | $0 |
| Other Non-Cash Items | -$78.42M | -$23.81M | $117.33M | $214.81M | $38.2M | -$155.53M | -$44.96M | $7.35M | -$46.51M | -$190.66M | $224.85M | $39.43M | -$142.63M | -$92.34M |
| Net Cash from Operating | $4.28M | $32.25M | $128.4M | $121.09M | $0 | $0 | $0 | $0 | $0 | $0 | $86.32M | $71.6M | $0 | $0 |
| Investing Activities | ||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$617.59M | -$593.61M | -$574.25M | -$489.96M | $0 | $0 | $0 | $0 | $0 | $0 | -$496.24M | $0 | $0 | $0 |
| Sales of Investments | $643.37M | $649.82M | $667.12M | $601.51M | $0 | $0 | $0 | $0 | $0 | $0 | $517.66M | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $25.78M | $56.22M | $92.86M | $111.55M | $0 | $0 | $0 | $0 | $0 | $0 | $21.42M | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | $136M | -$141.15M | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $66M | $218.71M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | -$894K | -$218.71M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$36.87M | -$36.87M | -$42.25M | -$46.09M | $0 | $0 | $0 | $0 | $0 | $0 | -$82.09M | -$89.84M | $0 | $0 |
| Other Financing Activities | $0 | -$155K | -$894K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $18.25M | $0 | $0 |
| Net Cash from Financing | -$36.87M | -$36.87M | -$113.14M | -$123.66M | $0 | $0 | $0 | $0 | $0 | $0 | -$82.09M | -$71.6M | $0 | $0 |
| Forex Effect | $6.81M | $0 | $0 | -$111.55M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$8K | -$4.62M | $15.26M | -$2.57M | $0 | $0 | $0 | $0 | $0 | $0 | $25.65M | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $4.28M | $32.25M | $128.4M | $121.09M | $0 | $0 | $0 | $0 | $0 | $0 | $86.32M | $71.6M | $0 | $0 |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $4.28M | $32.25M | $128.4M | $121.09M | $0 | $0 | $0 | $0 | $0 | $0 | $86.32M | $71.6M | $0 | $0 |
| Cash at Beginning | $10.74M | $15.36M | $103K | $2.68M | $0 | $0 | $1.32M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at End | $10.73M | $10.74M | $15.36M | $103K | $0 | $0 | $1.32M | $0 | $0 | $0 | $25.65M | $0 | $0 | $0 |