Virtus Convertible & Income Fund II (NCZ)
The Virtus Convertible & Income Fund II is a closed-end mutual fund focused on fixed income, launched and managed by Allianz Global Investors Fund Management LLC, with Allianz Global Investors U.S. LLC serving as co-manager. The fund's investment strategy concentrates on fixed income markets within the United States, primarily allocating capital to convertible instruments and high-yield, non-convertible bonds rated below investment grade. Its holdings generally feature a weighted average maturity ranging from five to ten years. Portfolio construction relies on fundamental analysis and a bottom-up security selection approach, supported by proprietary models and internal research. Established on July 31, 2003, and domiciled in the U.S., the fund was formerly known as AGIC Convertible & Income Fund II.
Industry: Asset Management - Income
Virtus Convertible & Income Fund II
NYSE:NCZFinancial Services · Asset Management - Income
-0.43%$13.91
AH Close$13.91+0.00%vs close
AH Close$13.91+0.00%vs close
Mkt Cap$264.69M
Float19.02M
O/S19.03M
Inst Own40.6%
SI0.6%
Div Yield10.35%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$56.28M
Net Income$67.7M
Total Assets$471.74M
Free Cash Flow$10.13M
Debt & Equity
Debt 5%
Equity 75%
Preferred 20%
Total Debt$25M
Total Equity$411.21M
Preferred Stock$109M
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$471.74M
Liabilities$60.52M
Accounts Receivable$5.1M
Accounts Payable$3.47M
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | 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 |
| Revenue | $56.28M | $43.32M | $18.27M | -$28.49M | $22.02M | $33.88M | $35.48M | -$4.58M | $37.13M | $17.19M | $10.74M | $65.77M | $73.14M | $64.93M | $66.99M |
| YoY Growth | 29.9% | 137.1% | -164.1% | -229.4% | -35.0% | -4.5% | -875.0% | -112.3% | 116.0% | 60.0% | -83.7% | -10.1% | 12.7% | -3.1% | - |
| Cost of Revenue | $3.24M | $0 | $0 | $4.17M | $220K | $4.72M | -$6.22M | $5.27M | $5.53M | $5.43M | $5.79M | $6.93M | $6.72M | $6.18M | $6.27M |
| Gross Profit | $53.04M | $17.91M | $18.27M | -$32.65M | $21.8M | $118.66M | $41.71M | -$9.85M | $31.6M | $11.77M | $4.95M | $58.84M | $66.42M | $58.75M | $60.72M |
| Gross Margin | 94.2% | 41.3% | 100.0% | 114.6% | 99.0% | 350.2% | 117.5% | 215.1% | 85.1% | 68.4% | 46.1% | 89.5% | 90.8% | 90.5% | 90.6% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $702K | $778K | $3.35M | $4.75M | $5.8M | $831K | $773K | $1.08M | $804K | $5.87M | $6.14M | $7.08M | $6.82M | $6.29M | $100K |
| Other | -$17.95M | $2.59M | $0 | -$3.86M | $0 | -$58K | $34K | $52K | $26K | -$96.81M | -$138.84M | $55.52M | -$41.66M | -$12.08M | $60.57M |
| Total Operating Expenses | -$17.25M | $3.37M | $3.35M | $886K | $5.8M | $773K | $807K | $1.13M | $830K | $91.01M | $138.84M | $62.56M | $34.87M | $5.81M | $60.67M |
| Operating Income (EBIT) | $70.29M | $55.28M | $14.92M | $14.74M | $15.99M | $117.88M | $36.37M | $38.36M | $36.3M | $145.9M | -$133.89M | $58.69M | $66.32M | $58.63M | $50K |
| Operating Margin | 124.9% | 127.6% | 81.7% | -51.7% | 72.6% | 347.9% | 102.5% | -837.8% | 97.8% | 848.6% | -1246.3% | 89.2% | 90.7% | 90.3% | 0.1% |
| Interest Expense | $2.58M | $2.83M | $3.63M | $1.19M | $0 | $0 | $0 | $343K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $13.9M | $16.01M | $16.26M | $0 | $0 | $23.44M | $31.67M | $31.45M | $39.61M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$2.58M | -$2.83M | -$3.63M | -$76.44M | -$44.37M | $0 | -$1.7M | -$6.9M | $0 | $0 | $0 | -$55.49M | $41.7M | $12.11M | $0 |
| Income Before Tax (EBT) | $67.7M | $52.45M | $7.38M | -$61.7M | -$28.38M | $117.88M | $34.68M | -$5.71M | $36.3M | $145.9M | -$133.89M | $3.2M | $108.02M | $70.74M | $50K |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$52.93M | $0 | $0 | -$581K | $0 | $0 | $12.11M | $0 |
| Net Income | $67.7M | $52.45M | $7.38M | -$61.7M | -$28.38M | $117.88M | $34.68M | -$5.71M | $36.3M | $145.9M | -$133.89M | $2.88M | $107.66M | $70.25M | $50K |
| Net Income Margin | 120.3% | 121.1% | 40.4% | 216.6% | -128.9% | 347.9% | 97.7% | 124.8% | 97.8% | 848.6% | -1246.3% | 4.4% | 147.2% | 108.2% | 0.1% |
| Supplementary Data | |||||||||||||||
| EPS | 3.24 | 2.44 | 0.07 | -3.73 | -1.67 | 5.86 | 1.25 | -0.77 | 1.69 | 7.74 | -7.24 | 0.04 | 1.46 | 1.08 | 0.00 |
| Diluted EPS | 3.24 | 2.44 | 0.07 | -3.73 | -1.67 | 5.86 | 1.25 | -0.77 | 1.69 | 7.74 | -7.24 | 0.04 | 1.46 | 1.08 | 0.00 |
| Weighted Average OS | 17.33M | 19.03M | 19.03M | 19.03M | 19.03M | 19.03M | 19.03M | 18.90M | 18.73M | 18.61M | 18.57M | 74.03M | 73.51M | 65.07M | 62.70M |
| EBITDA | $70.29M | $55.28M | $11.01M | $14.74M | $15.99M | $117.88M | $34.68M | -$42.55M | $36.3M | $145.9M | -$133.89M | $58.69M | $66.32M | $0 | $50K |
| EBITDA Margin | 124.9% | 127.6% | 60.3% | -51.7% | 72.6% | 347.9% | 97.7% | 929.3% | 97.8% | 848.6% | -1246.3% | 89.2% | 90.7% | - | 0.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | 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 |
| Assets | |||||||||||||||
| Current Assets | |||||||||||||||
| Cash and Cash Equivalents | $8.12M | $8.13M | $10.46M | $131K | $2.04M | $4K | $438 | $1.05M | -$12.98M | -$11.78M | -$28.45M | $0 | $0 | $0 | $0 |
| Short-Term Investments | $0 | $15.14M | $8.76M | $0 | $0 | $0 | $0 | $0 | $12.98M | $11.78M | $28.45M | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $8.12M | $23.27M | $19.22M | $131K | $2.04M | $4K | $438 | $1.05M | $12.98M | $11.78M | $28.45M | $0 | $0 | $0 | $0 |
| Accounts Receivable | $5.1M | $4.77M | $5.95M | $9.8M | $5.72M | $5.81M | $7.79M | $18.46M | $13.99M | $10.63M | $10.97M | $18.99M | $52.61M | $13.94M | $16.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $19.32M | $38.61M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | -$5.1M | -$4.78M | -$124K | -$138K | $0 | $0 | -$19.32M | $0 | $0 | $11.78M | $28.48M | $7.25M | $11M | $28M | $100K |
| Total Current Assets | $8.13M | $23.27M | $25.17M | $9.93M | $7.99M | $5.86M | $7.85M | $19.56M | $13.99M | $22.61M | $39.68M | $26.29M | $63.73M | $41.94M | $16.2M |
| Long-Term Assets | |||||||||||||||
| Property, Plant & Equipment Net | $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 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $435.19M | $419.52M | $405.6M | $483.48M | $356.22M | $312.18M | $634.02M | $656.91M | $706.85M | $579.64M | $615.79M | $728.65M | $817.37M | $678.91M | $761.7M |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $28.42M | $424.42M | $411.67M | $493.4M | $292.72M | $0 | -$192.35M | -$191.09M | -$706.85M | $133.64M | $11K | $91.27M | $55.87M | -$678.91M | $0 |
| Total Long-Term Assets | $463.61M | $419.52M | $405.6M | $483.48M | $648.94M | $312.18M | $441.68M | $465.82M | $706.85M | $713.28M | $615.8M | $819.93M | $873.24M | $678.91M | $761.7M |
| Other Assets | $0 | -$10.23M | -$8.63M | $138K | $0 | $413.15M | $192.44M | $191.09M | $95K | $0 | $0 | $0 | $0 | $80.75M | $0 |
| Total Assets | $471.74M | $432.56M | $422.14M | $493.54M | $656.92M | $731.2M | $641.96M | $676.48M | $720.93M | $735.89M | $655.48M | $846.21M | $936.97M | $801.6M | $777.9M |
| Liabilities | |||||||||||||||
| Current Liabilities | |||||||||||||||
| Accounts Payable | $3.47M | $4.47M | $8.36M | $8.49M | $3.32M | $13.66M | $584K | $18.51M | $1.23M | $0 | $12.67M | $5.97M | $28.93M | $3.22M | $0 |
| Short-Term Debt | $9.68M | $3.9M | $25M | $95M | $0 | $0 | $0 | $0 | $40K | $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 |
| Current Unearned Revenue | $0 | $0 | $16.3M | $0 | $0 | $0 | $0 | $0 | -$40K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | -$9.68M | -$8.29M | $14.62M | -$91.74M | $3.37M | $3.86M | $4.37M | $5.38M | -$2.4M | $4.31M | $4.3M | $6.3M | $6.25M | $6.11M | $10.8M |
| Total Current Liabilities | $13.65M | $4.47M | $74.21M | $12.88M | $7.36M | $18.54M | $5.85M | $24.93M | $6.47M | $4.88M | $17.48M | $12.87M | $35.86M | $9.33M | $10.8M |
| Long-Term Liabilities | |||||||||||||||
| Long-Term Debt | $25M | $21.77M | $0 | $95M | $0 | $0 | $0 | $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 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $21.88M | $118K | $124K | $80K | $157K | $145K | $0 | $0 | $0 | $30K | $11K | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $46.88M | $21.89M | $124K | $95M | $157K | $145K | $5.85M | $25.05M | $6.47M | $4.91M | $17.49M | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | -$10.05M | $663K | -$7.36M | $0 | -$5.64M | -$24.93M | -$6.11M | -$4.88M | -$17.48M | $0 | $0 | $0 | $0 |
| Total Liabilities | $60.52M | $55.65M | $64.29M | $108.54M | $7.52M | $18.68M | $6.06M | $25.05M | $6.83M | $4.91M | $17.49M | $12.87M | $35.86M | $9.33M | $10.8M |
| Stockholders' Equity | |||||||||||||||
| Preferred Stock | $109M | $109M | $109M | $109M | $271.52M | $271.52M | $271.52M | $271.52M | $274M | $274M | $274M | $274M | $274M | $274M | $0 |
| Common Stock | $1K | $1K | $1K | $1K | $1K | $761 | $761 | $756 | $749 | $744 | $744 | $740 | $735 | $651 | $0 |
| Retained Earnings | -$151.6M | -$208.41M | -$248M | -$245.05M | -$167.98M | -$126.62M | -$217.93M | -$214.24M | -$6.42M | -$11.02M | -$9.33M | -$408.14M | -$335.76M | -$372.24M | $0 |
| Comprehensive Income & Other | $0 | $0 | -$999 | $0 | -$1K | $0 | $0 | $379.9M | $274M | -$368.43M | -$593.15M | $0 | -$335.8M | -$372.3M | -$378.1M |
| Other Stockholders' Equity | $562.81M | $585.32M | $605.85M | $630.05M | $817.38M | $839.14M | $853.83M | $865.67M | $720.52M | $742M | $647.32M | $1.24B | $1.24B | $1.16B | $767.1M |
| Total Equity | $411.21M | $376.9M | $357.85M | $385M | $649.41M | $712.52M | $635.91M | $651.43M | $714.11M | $730.98M | $637.99M | $833.34M | $901.11M | $792.28M | $767.1M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $471.74M | $432.56M | $422.14M | $493.54M | $656.92M | $731.2M | $641.96M | $676.48M | $720.93M | $735.89M | $655.48M | $846.21M | $936.97M | $801.6M | $777.9M |
| Supplementary Data | |||||||||||||||
| Total Debt | $25M | $50.67M | $25M | $95M | $0 | $0 | $0 | $0 | $40K | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | $16.88M | $42.54M | $14.54M | $94.87M | -$2.04M | -$4K | -$438 | -$1.05M | $13.02M | $11.78M | $28.45M | $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 | $67.7M | $46.46M | $1.39M | -$61.7M | -$28.38M | $117.88M | $34.68M | -$5.71M | $36.3M | $145.9M | -$133.89M | $3.2M | $108.02M | $70.74M |
| 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 | $294K | $1.18M | $3.85M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8M | $33.62M | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $5.79M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $6.6M | $0 | $0 | $0 |
| Other Working Capital | -$16K | -$8.71M | $6.91M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$176K | -$13K | $0 | $0 |
| Total Working Capital Change | $6.07M | -$7.53M | $10.75M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $14.42M | $33.61M | $0 | $0 |
| Other Non-Cash Items | -$63.64M | -$37.7M | $77.93M | $61.7M | $28.38M | -$117.88M | -$34.68M | $5.71M | -$36.3M | -$145.9M | $171.06M | $34.11M | -$108.02M | -$70.74M |
| Net Cash from Operating | $10.13M | $1.22M | $90.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $66.18M | $70.93M | $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 | -$480.81M | -$463.93M | -$442.27M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$376.27M | $0 | $0 | $0 |
| Sales of Investments | $499.3M | $507.44M | $508.19M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $394.75M | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | $18.5M | $43.5M | $65.92M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $18.48M | $0 | $0 | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | - | - | $70M | - | - | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $0 | $0 | $21.65M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$27.4M | -$27.4M | -$31.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$63.46M | -$70.93M | $0 | $0 |
| Other Financing Activities | $0 | $0 | -$346K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Financing | -$27.03M | -$32.21M | -$79.74M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$63.46M | -$70.93M | $0 | $0 |
| Forex Effect | -$1.6M | -$14.85M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$6K | -$2.33M | $10.33M | -$1.91M | $2.04M | $3K | -$1.05M | $0 | $0 | $0 | $21.2M | $0 | $0 | $0 |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $10.13M | $25.07M | $90.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $66.18M | $70.93M | $0 | $0 |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $10.13M | $25.07M | $90.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $66.18M | $70.93M | $0 | $0 |
| Cash at Beginning | $8.13M | $10.46M | $131K | $2.04M | $4K | $438 | $1.05M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash at End | $8.12M | $8.13M | $10.46M | $131K | $2.04M | $4K | $438 | $0 | $0 | $0 | $21.2M | $0 | $0 | $0 |