Jimmy, of I'll quarter, business you, results. morning, cover and the commentary Thank the drivers our financial and good on for both everyone. providing highlights
For the of fully first share. quarter, earnings we $XX per or diluted generated distributable $X.XX million
quarter. the AUM the year in relatively for AUM with ended quarter $XX billion our billion. the at and $XX.X flat to started turning We First,
Our positive fund platform. net credit across offset was the outflows multi-strategy by opportunistic and performance and
saw Och-Ziff, by of As quarter, second XXXX, factors, including impacted of the challenging uncertainty former continue we created perceived half instability by with and primarily we be public actions trends. along the with industry quarter, fundraising to consistent CEO other discussed last founder by the taken broader first during and the
of picture flow a there's externally overall this to corporate be our resolution challenged legacy until driven expect noise. We
and by we quarter, opportunistic quarter from quarter, crystallizations management platform, lower both the building in over which the in benefits $XX our blocks and revenues, we first quarter put estate fees $XX AUM. XXXX, in the primarily decade estate. and on down multi-strategy of place for diversification the credit for is credit Incentive was the of income highlights our of million the fund our prior of result last from real incentive driven funds. This had first income real the million On
quarter for strong. As Jimmy mentioned, our the performance was the board across
the and in to meaningful against made have and We opportunities have credit substantially multi-strategy recovered our year-to-date. watermarks losses progress high
sharing guidance expenses, business. were benefits, fixed full we year and and change years. Bonus real our interest be in driven with our would on our quarter to is discretionary administrative million bonus prior expenses to which no by There largely and XXXX last was Our incentive compensation along compensation profit interest salaries on of of expenses, minimum estate fixed quarter, discretionary consists fixed estate real income. the profit other minimum the by and discussed with and general, bonus expect carried carried line for we accrual driven $XX sharing
our largely We see would and the committee quarter. administrative elevated continue $X approximately into to of expect legal general, million services the elevated by expenses activities Board for levels other Directors. Our to professional impacted the special expenses, of related spend were of second of
relatively [ICA&O] however, normal prior Our remained spend, line year. with the in
Turning to our sheet. balance
about for the quarter, which cash investments million prior to $XXX in were largely assets assets net plus is were funds and quarter, CLOs, down adjusted net our Adjusted the share equal debt. from less Our in for decrease large of QX million returned QX repurchase relates A seasonality and and dispersed million longer-term adjusted cash XXXX. to capital this to the typical position the quarter we XXXX of of year prior in of to good the net year. look as certain of through versus timing change due our as the the current the plan and receivables typical driver to of seasonality payments our timing was first $XX adjusted related million balance bonuses primarily had assets, the our net in payables. This overall If our $XXX at trend. dividends. of we $XXX year-over-year asset shareholders We feel
A per a we the dividend first quarter, Class earnings. distributable of $X.XX cash announced share, of represents XX% For which
earnings the and policy in a distributable line year will plan We basis, distributable third quarter our the second XX% our our to XX% for full in true to with XX% target up to of and quarters XXXX. earnings practice of be in stated and fourth on dividend
To As the a A distribution pay target. of we earned only during economic million million we $XXX holiday. the Class to $XXX date, have shareholders holiday income dividends reminder, distribution
value which incentive but our ABURI addition to have our adjusted expected net we is asset In from our balance, accrued significant income. unrecognized balance,
end quarter Our ABURI the $XXX first million. of for balance was the
in The committee independent special to that of maximizes is the solely formation parties company value the comprised potential shareholders. transaction a regarding explore committee. third a for Lastly, directors interest from special of with
We are the do process about so. more provide to appropriate until to is details it any not going
call. So no this update there for is
With questions. call any up now back the hand open to that, over for I'll it to the operator
