Thanks, and morning, good everyone. Elise,
healthy like begin time. team and you that are to families staying comments, the we say during Before your Sculptor usual I'd our this that hopes
and level, employees almost home. high a working from at operate to are our all continued have We of
to like this job provide that these for We to Times greatest employees our grateful their and are for are environment our and to new have truly adapted our shareholders. asset. clients remind us gone seamlessly employees our beyond how they descriptions
to in address taken to $XX.X provision million the I'd legal taken that third XXXX. like was $XXX.X this the quarter million addition Additionally, provisions in the quarter, of previous
amount conditionally publicly agreed the in law believe with $XXX in announced, than the we by stand pay to claimants shareholder we us matter have requires This price we analysis. the and is principle As million our restitution Africo more amount. to
finality, and Should obligations. willing pay approved and settlement more detail cash, $XXX are close million on. government approved, will amount in to in be U.S. out in the However, the judge. by conditional pay it to caution proposed that allowing we willing the as out us term, closure full providing matter near principle settlement Africa-related our will later be cash to matters. be on to We of the compromise and must this end this proposed last longer-term a equivalents, cover is the Tom of we the
risk the boosting the Now with coupled unprecedented to elevated bank central said, near March drive a there was encouraging quarter, up net, Master within and bond volatility helped positive dispersion capital. economic for need capital to markets allocate quarter propelled Sculptor, was of throughout the deploying markets and the from That record the evolving net moving creates the COVID-XX assets, Fund heels of the year-to-date forward, Corporates fundamental the to and following capital up continues significant July, an World through the during We Fund recovery markets. deliver of band lifted global to can strong markets. helping way raise performance which to extraordinary government to bringing rebound July reflected added One net. compares in This in crisis. second the such a issuance investors, by gain rushed global levels an the wide asset the Master performance, classes. across on in the COVID-XX support, Master the a majority outcomes staged troughs, X.X% across Sculptor of on indicators. down Fund of of which for during favorably return depths X.X%. of rapidly be to net face a The in quarter shutdown, strategies at positions The was X% as nimbly has second was reopened X.X% performance in the for fresh benefited for generated capital to performance all the relevant broad year-to-date area where quarter. index, who levels believe opportunities of Fund XX.X% of expanded environment in abundance MSCI this capital, the as the Master we which
repositioning of and amid was the a the in that quarter to to also return diverging active Our Master markets record second drove portfolio Fund contributing volatility meaningful year-to-date gains.
that experienced lagged massive later This by markets, a RMBS spreads of in compressed performance crisis concessions as spreads companies significant we high endure extremely wide of investment-grade structured The companies was In quarterly stimulus we convertible debt. as for April from led discounted extremely and securities steadily high-quality in market at result prices. improved reeling March new high at rapidly market driven XXXX, the when added our process-driven braced throughout in thrown during forced many largest and resulting to profits environment mostly the capital during new followed record uncharacteristically the derivative earlier for margin as ourselves arbitrage were positions saw all first non-Agency had of frictions the our performance of and exposed that our quarter stages in narrowing sell spreads. aggressively where recovery. now rebound specifically from the contributor volumes a cyclically as quarter. equities and for since credit, such combination Record issuing at annual from the added by attractive and of volumes positive highest in levered of Fundamental deployment levels provided Gains and strategies. convertible sell-off. year-to-date quality Similar the abate issue markets issue in had a yield fruitful retracing investments, investors made which exceeded compelling. convertible growth amounts of was corporate credit, which healed in increase, of a a investors spreads of the U.S., In significant of core the we by levels to Following credit several arbitrage the secular significant also positions valuations companies combination and prices by were fire-sale the themselves calls were and impacted new quarter tightening more crisis positions, issuance, to we of depressed a conviction directly the quarter, conditions we broadly at the at quarter. purchased have the
XX.X% performance net an Credit the June noteworthy the life Our credit represented quarter to Opportunities global market opportunistic healing of XX. a XX.X% and process-driven fund, X.X% year-to-date strong late second the down XXXX credit has the The amongst of through during to dispersion Fund, for the across generated nimbly propelled the was up the fund net during believe net as largest continues net quarter was lagged deploy up multi-strategy annualized also of June mispricings traded Sculptor the investments, in similar credit we return markets generate particularly has This XX.X% performance opportunities downturn. to the quarter, during The result the through markets. in capital. to Global bringing markets down seen extreme seen In X.X%. XX, manner index funds initial net. recovery year-to-date made returns, high-yield which several outperformed returns up in in BAML investments July, fund to by which a date of the having We for X.X% funds, to heightened our was credit
we the the owned we as as our first we've embedded still had As after to from prior we the those upside of selloff. crisis, the during conveyed assets quarter, majority added that see that well
returns deploy forced month sellers return has fund. generate of annualized funds estate and recent continue debt real net strong XX.X% an real our IV dislocations and Fund in last advantage opportunistic taken Our closed estate. public to third already with in distressed capital in and private equities, public
quarter flows, of performance-related to billion $X.X you as Page second and XX, as inflows were management of June Turning can X, under billion see $X.X our the in with billion. of depreciation net on $XX.X assets
management by net of was billion, August $XX.X million an inflows, depreciation million and of by were our offset performance-related X, July. estimated assets driven in distributions As $XXX $XXX $X million of under of partially which
outflows quarter. had appreciation and which assets funds $XXX June approximately multi-strategy to of $X.X and included as performance-related had billion of XX From of June Turning million appreciation multi-strat $X.X to X, $XX second the $XXX of million of Page net X, outflows net August of million. XX, billion in
low. lows the clients' capital is to a protected numbers believe outflow remain how continue We encouraged We market to be Sculptor the as this testament net in during March.
million due markets, with and the co-investment issues are is Sculptor. additional to quarter total clients XX. team's Real capital billion historical to Given of an of Fund of fund billion increase to the June IV. firm's in of long-term in under increased and midst raise had an we the assets from $X.X in feel legal our of a of capital investing primarily strength the Real ability see confidence $XXX driven of vote total success closings existing Estate The in inflows, fully management us. $XXX by $X.XX fund We and once highlights in performance new opportunity volatile the capital protect performance our million was our in estate as behind raised investment The vehicles. this
powder of current million XX, to environment. had advantage of which $X.X June fortunate assets of included inflows estate dry of in $XXX second Opportunistic as to amount a of performance-related are of real take quarter net billion and target-rich million credit have appreciation. We $XXX the large the
of In X. in addition, opportunistic to million we XX August from and saw credit $XX net inflows appreciation million of June $XX
encouraged are in by clients. Master potential positive the of million was the aircraft current quarter. distributions assets Institutional of XXth, interest securitizations. the with in reduction by second certain Sculptor and This other billion renewed management under credit Credit driven in are had Opportunities $XX.X specifically of a credit, in reductions as assets with We conversations total June and strategies to $XXX continuing opportunistic have and Fund,
aircraft on associated values. residual the airline the travel expect credit, market its remain and air direction in for issue more of new We ABS the as the and impact looks rates, closed near-to-medium term to clarity lease market around
under albeit we reopens, the open, Currently, abilities confident in challenging market CLO and business. our terms. the conditions market the As are beginning is grow to to
tend deals the well-positioned. when market and go over periods, Based recovers, shorter fees, New confident we will CLO return be performance the our to through to requirements With market position, elevated equity. we and financials. on on call to Tom tighter that have reinvestment turn me long-term let that, are the
