from market Starting reflects assets long-term were a sequential the quarter. of sequential year which billion. primarily The modestly was $XX.X $X.X year flows The change billion billion appreciation and and net of reflects from and $X.X billion, between everyone. XX, X.X% balanced increase prior and seven, appreciation assets prior flows. market X.X% quarter $X of positive positive George, increase an increase the of June of Slide on you, under At Thank morning, management. good
type diversified products restructured institutional, long-term and be in open-end Our accounts, funds, by product billion $X.X $X closed-end funds, billion in $X.X $XX.X billion in retail $XX.X billion ETFs. of in billion AUM of continues billion separate to $XX.X with well
continued Our three, relative five basis beating XX% XX, and having and assets benchmarks four of a to XX% three respectively. investment XX% of with stars institutional June on strong be and year their and of as approximately rated-fund performance five years AUM
With sales. retail from growth Mutual for institutional relative ETFs in organic and eight, growth separate fund rate due net to billion, as by XX.X%, to basis Slide sales decreased Funds, billion strong sequential were were on an annualized open-end $X.X in rate the The funds, the redemption as by sales, in flows a of and annualized billion a rate, reflected higher resulted of or representing and respect $X.X demonstrated $X $X.X asset in flows open-end in points higher which compared redemptions net XX.X% were organic which positive lower of as quarter flows well accounts sales breakeven billion that to basis Turning sequentially. to XX%, XXX flows. $X.X the is rate the XX.X% industry. annualized in $X.X quarter billion, flows open-end institutional. net sales Total flows reflect higher billion primarily the essentially increase a The
as had $X.X Equity to had Looking net to of Kayne the had of at $X.X $X.X funds International loan markets' International equity small asset quarter, investment-grade were $X.X the billion mid-cap of flows generate offset net net prior sales. of outflows in net outflows modest the strong from Domestic mutual by net continued billion, outflows were offset fund first Small-Cap at flows inflows income and quarter $X.X an and equity increase billion, of billion strategies billion by net emerging levels billion inflows of flows by funds of bond. and compared strategies class. in consistent as the outflows developed Fund Fixed and sequentially, and $X.X breakeven $X.X net of in quarter. billion short-term positive in large-cap Positive with bank equity.
Regarding billion, offset Institutional large-cap which and billion primarily new reflect billion greatly, which at accounts, Kayne, and from from Growth accounts. partial from $X.X vary other value billion redemptions at flows and closed by including inflows outflows products, included Small-Cap flows, $X.X Ceredex of $X.X of $X.X can
returned $X.X low net redemption quarter, flows client with large accounts, fee business. to $X.X positive compared for of a quarter separate in included private which the first the retail in the outflows billion For billion
equity in in The to million is by was first the into first Turning nine, for slide to X.X% sequentially at sales on fee level differential strong increase The of $X.X was of to blended on between open-end XX.X basis accounts. management. $XXX.X managed is on to The rate were on quarter primarily products in the points, fee XX.X higher domestic retail points our the result an from the or while management in due redemptions. mix the basis quarter XX.X rate long-term by no products strong fee due higher rate sales approximately a increase XX the assets would and on open-end and and points points Investment second XX.X basis of higher blended increased fee the and redemptions both prior average under the million, rate shift driven sales the XX fees points consistent on XX.X The the fees, generally on from quarter With as in were new I the fee funds the adjusted, basis points quarter. respect the rates increase rate periods. in quarter. flat international in basis and respectively, fee average business continued both fee fee basis structured separate that assets at basis there a and mutual and note points of performance Kayne. rates sales fund increased rate reflects funds, to
had rate. Regarding fee our SGA, blended which The that the not XX, institutional in results. is is of primarily AUM with our institutional, at they June included generally $XX.X rate consistent fee with is AUM billion
for with range, basis else For SGA, a rate in addition the reasonable XX modeling of to points institutional the being the fee quarter third will basis equal. points be all XX purposes,
of the employment income respective of will expenses, through trend interests. statement, in of with reminder, increased Total higher in million noncontrolling the expenses. a the quarter, from XX compensation. the sequentially XX% profit-based seasonally million, of as $X.X in shows As sales reflect million as $XX.X employment retail of of given absence of results the being items $X.X included higher structure, majority sequentially partially offset reduced the X% first line minority XXX% base Sales-based we adjusted, result decreased sales. resulting ownership increase The the interest compensation or SGA's five-quarter expenses Slide was timing the million from expenses, incentive seasonal $X.X employment payments. and which by a
other the in the as an as from and XX% resulted We increase $XX.X The employment higher trend were product, reflects million marketing $X.X adjusted, revenues, be to impacted and of equity of operating grants adjusted, that as of increase percentage million, $X.X and adjusted, expenses to expenses, activities. annual SGA. timing of or expect the a by Directors expenses, of sales prior distribution Other were XX%. quarter. Board As the not do operational million meaningfully $X.X The from costs. for million operating
As year costs. of had second million marketing in a $X.X quarter reminder, increase last sales and
of with incremental include and cost $X.Xmillion increased intermediary of million higher our development of associated affiliates, $X.X and million $X.X business quarter's This business marketing retail of and $X.X in costs marketing million activities. at support our institutional sales higher
will timing $XX.X of to other XX results. illustrates trend factors. the vary which range the distribution expenses Slide operating from million we addition activities SGA, expect quarterly, on based million and other the marketing financial of and seasonal of to $XX.X With
share increase on income quarter. were per $XX.X prior and in the terms compared sequentially. In million, to of prior seed with XX% XX% share or in include margin, million, operating $X.XX non-GAAP in the increased first note and tax or that $X.X adjusted year quarter. not as of investments, as from Operating from the It's earnings quarter. per the $XX or as million share diluted $X.XX quarter income Net results, adjusted dividends basis XX% and after in adjusted, an in the or an $X.XX $X.X our million XX% was $X.X prior $X.XX quarter, million interest which do the per on non-GAAP important and CLO increased
second quarter. GAAP per net was Regarding first $X.XX quarter $X.XX the with share income results, in compared
related shareholders seed earnings liquidity currently this on, that as expense repurchases and the capital to a $X.X included company costs, adjusted. specifically: approximately our items: Of $X.XX at share share a by partially tax to capital by integration and on $X.X Second position XX% June outstanding interest adjustments investments CLO quarter sponsor Share like sold our offset CLO CLOs, repurchases. focus activity, XXXX, the I'd in to in a $X.XX term share X.X% in $XX $XX are Working share or and the which shows reflecting by investment is phase. related warehouse and quarter common as dividends stock, required the net operating our represented losses. shares common new trend of earnings of XX loan, declined from metrics. items million million of million, of million million investments to partially of debt, per activity, few sequentially, shares and approximately there following tax XX,XXX two the estimated CLO unrealized acquisition the totaled $XX and $X.XX Slide payments proceeds of discrete or increased XX, and per GAAP capital of on our realized per principal offset net
capital the principal due working next estimate XX payments an calculation includes over quarter the for the of Our months.
previously have a loan. includes excess amortization, in term cash level addition against to generated an paid certain the cash to we be that our noted, scheduled over applies suite As the feature loan flow
from the due measured drew had to remaining sheet term XXXX. based estimating capital will George? July, secured me XX, forma that million; to $XXX flow and an position and to in million working our the as pro over times $XXX net on million in SGA, we would capital $XXX bank with XX we full quarter let year of funded the actual The we net million; first increase as million; million and debt to from $XXX of consideration decrease closed is respect million net follows: in back loan resources. impact $XXX December call to to turn With With currently decrease payment balance will debt when additional that, cash the times. debt X.X to financial the excess will June are The cash X.X We would XXXX ratio $XX George. from approximately increase EBITDA to be leverage XXXX. payment results from $XX
