you, and Thank Jay, morning, good everyone.
composition quarter to increasingly for high opportunity of in business. reflects second the attractive level growth AMG our Our our activity execute evolve strategy the of the and
capital future sheet invested During to shareholders the we simultaneously for enhance days, to our In XX growth the returned and growth, quarter, announced strengthened investment balance flexibility. a in we past add accelerated will in announced EQT capital significant our the which strong sheet. and completed sold our and Forbion, our share repurchase Veritable additional balance transaction, repurchased shares, program remaining stake to
to continue reshape AMG. together, and the Taken have composition will we of
our elevated that activity going expect We will levels strategic remain forward.
further long-term evolve earnings value shareholders to growth secular creation. per of drive a we return our areas excess share toward growth As capital to business mix our and and
to reflected as net our $XXX tax as secular Adjusted second earnings as XX% of per and grew results. performance benefited Turning foreign alternative from to of as areas Economic $X.XX in invest the of discrete share benefits. in well execution share million earnings incremental well $XX year-over-year EBITDA performance strategy included our repurchases strong ongoing liquid and growth strategies. fee quarter million of
Net alternatives. equities, strength by quantitative cash certain primarily billion, continued global driven offset in $X excluding client strategies outflows, were which
our quantitative results with alternatives, the nearly $X net billion $X again nearly billion inflows private strong EIG inflows at in In performance in strategies. reported Turning in across flows we market certain to excluding Pantheon, and reflect Comvest. second business quarter. These and
fundraising outstanding momentum. performance, Our to estate, driving and affiliates and investment across real credit, their secondaries records continue are infrastructure track generate long-term excellent
are portfolios. on and flows generated in the Overall, billion range outstanding differentiated $X with inflows to to lockup flat, performance performance for were our quarter. from that offset return by strategies clients see in strong as alternatives strategies beta absolute positioned were demand net benefit essentially sensitive liquid and wide continued alternatives return-oriented products demand have trends in that forward fees expirations across look diversity add of to a to their uncorrelated streams affiliates our While
and in long-term continued, recapture cycles strong in Industry multiple while our track to global demand headwinds we mixed, client outflows. time. performance near-term across saw over equities in global billion overall net approximately equities And position affiliates' $X remains records them
equities, $X outflows of billion. net we approximately a U.S. saw In
Our demand are collective pockets we long-term at seeing and performance category, several client this remains affiliates. investment in of strength excellent
income GW&K ongoing fixed demand and we flows at and income, saw were flat Artemis. the multi-asset in in Finally, quarter, fixed and for strategies
Now moving guidance. third to quarter
Veritable adjusted quarter based be not as to a each include our transactions This up more performance million up from from EBITDA which $XX those includes moment. of I'll million quarter-to-date and including on X% between earnings quarter million. third $XXX and does net of was market $XXX AUM We in any and current Tuesday of blend, expect reflecting a to levels, and earnings impact fee of partial describe Forbion
specific modeling items. to Turning
quarter, interest were million, $X were impairments and $XX and taxes our interest $XX of related million. $XX million. second the share million. Controlling expense depreciation deferred was Amortization intangible For was
third these expect remain at the of We similar metrics to levels quarter. for all
benefits, Our effective $X XX% tax for expect the foreign Other XX% be economic items to XX%, third million, of GAAP we and and gains. and discrete reflecting XX% were million were tax which realized and negative the economic quarter. included them cash approximately quarter respectively $X for rates
quarter, to quarter. As be per to $X million I mentioned $X economic million last expect realized gains we
count average $XX.X weighted second quarter million. share adjusted the Our was for
third the On million for count in million. a million expect to $XXX We February, guided call adjusted share our XX to range year-end average we of our earnings performance quarter. fee approximately be $XXX shares to weighted
see a remains source this stream guidance closer first deliver of Given now the more strategies absolute be return that half performance year performance in year, we earnings to the lower to of the fee investment range. full in investment excellent strategies earnings and of muted performance generative and end for expect demand strong and to strength of AMG. fee our continue Many diversification performance,
capital Finally, and to the turning balance sheet allocation.
Our proceeds EQT sale a repurchases debt. balance generating investments, as excellent closing source sheet of has completed generate look to transaction. remains of and in shareholder strength reducing of position, share significantly we the total month, our gross value. an This contributed capital position the our is million of growth That and $XXX since the to net we
announced secular markets growth areas As strategy line the quarter, Jay area sciences. our discussed Forbion attractive our new we to including with private in the with to a increase in of in life partnership exposure
in fund cash. expect the price the Forbion with close to plan year the the We to of second and transaction half purchase
approximately in Veritable quarter. will the contributed EBITDA approximately $XX $XXX on an will later $XXX million the transaction addition, In proceeds or basis. of the we week million anticipate transaction close of third in and after-tax pretax XXXX, million generate last Veritable announced
Taken proceeds together, the once Veritable to X X% these are from to generate transactions of incremental per share approximately we deployed. X% expect fully earnings
the XXXX. $XXX the of to shares capital And of given million, liquidity of million ASR. repurchased cash announced combination million we share repurchase full share in worth of repurchases $XXX inclusive more year our towards execution in repurchases additional strong recurring the the the position bringing completed the also deployed of first now the and and an of at quarter accelerated million anticipate year-end We flows, $XX we half total $XXX than
market activity. to subject remain new expectations conditions these and investment always, As
funding significant flexibility, $XXX over the have capital guidance in the million year. that and approximately for elevated our liquidity can of I currently repurchase Given toward growth second to we the and Forbion of the half provided deploy XXXX, we share investments capital incremental
investments in the our of and substantial is business of affiliates, set intentional. innovating opportunities generate affiliates, to investing in cash flow existing our Our approach available diverse investing and growth across a us new We is in capabilities. AMG to growth alongside
over our well ahead, execute on time. strategy growth allocation shareholder advantages, our framework distinct Looking given and generate disciplined and competitive value we capital positioned to remain
happy to your we're Now take questions.
