everyone. you, George. Good Thank morning
begin the I with change effective like to of in quarter results, measures our I'd our remind the results. Before of first non-GAAP you financial review
Specifically, stockholders earnings in to earned the income other income previously been CLO as adjusted note we the not as attributable revision net dividend interest measures. excluded is non-GAAP to revised important share did seed common and to capital and had measures. the financial that from definition impact diluted It per investments, which of adjusted include these on
of is prior changes reflects income platform the dividend market well equity past were calls, billion, an market increase $X.X value prior sequential markets of billion related the CLO appreciation with increase and results as of was of addition net in particularly and business billion, strong leverage $XX.X due $XX.X of prior net by billion credit of reflective billion as as assets and of the $X sequential market or XX% an of partially was from appreciation of change flat. domestic loans. reflected both we've CLO on and billion which investments. an seed we Seix believe on the better economic a company's and of long-term addition $X.X financial our the balance in assets slide on in X The element reflected As international performance XX.X%. several SGA's earned assets essentially flows were year, capital the the XX, inclusion interest offset Starting March the billion. The The and sheet year CLO improvement $X.X markets, appreciation, from the to quarter. discussed investments outflows assets primarily over quarter At years $XX.X under including or management. increase given And
Our fund AUM well AUM XX% open-end assets, continues AUM long-term by accounted from total diversified be category channel. product-type, at long-term March and a investment more for than XX% mutual down ago. XX% No asset class year to and single XX represented of of
asset include our As additional on a by reminder, in financial class detail supplement. we our AUM
to expanded additional modeling we detail by believe we type, disclosure product quarter which will for useful include This performance. be market that
flows. challenging flows with of redemptions. to demand as higher Turning flat the a environment. were $X.X increase billion XX% an in XX% quarter from quarter market Net improvement were sequential sales Total billion, and outflows X asset $X.X in net significant due to fourth essentially the a sequentially decline sales of investor improved the slide
models asset billion overall in flows. to flows and generated the the $XXX exclude of of a in impact that strategies $X.X issued incorporated net sales highlight ETFs our which positive liquidity into CLO reminder, recently contributed flows $X.X to Seix two generated million that billion a quarter. third-party in inflows. As of launched new were Two items resulted and
marked billion developed in the flows fund $X.X small improvement to outflows in Funds net strategies in with funds which was the billion. at outflows include the $X.X of asset an The in billion billion to positive mutual attributable outflows $X.X XX% value outflows quarter. flows in by International The international primarily prior $X.X sequentially markets strategies, class. change had and $X.X compared by billion with the in $X.X from favorable net continue that $X.X prior we compared for $X.X billion reflecting the and annualized with modest XX% funds, outflows net market's of Equity emerging to were growth, small-cap net Looking billion partially in growth both of Mid-cap the rate strategies. positive fund outflows mid-cap demand flows Domestic quarter, the a $X.X billion large-cap core small-cap Net of to and of which net $X.X quarter. to as quarter net open-end increased attributable offset positive generate were organic sales net were of flows emerging offer of quarter to compared equity billion had in prior in billion quarter. for net fund.
were strategies $X.X for fixed income the bank the of funds, driver of quarter. billion For outflows primary loan net
in from industry-wide with this over past out to two $X.X according quarter. net remain flow of quarters certain of in loans prior was worst net favor an the Bank the However, improvement the industry data. dollars category billion outflows and
$X.X vary to existing billion billion Kayne. funded reflecting saw billion. In organic several Redemptions outflows Kayne's net can in growth institutional of and the attributable an other accounts of Regarding SGA $X.X quarter-to-quarter, Sales particularly Retail net billion, separate we where annualized significantly flows continued accounts. investor strategies strong X.X%. $X.X and at of newly primarily $X.X sponsored rate had XX% on of generated outflows were accounts demand or representing flows from positive increased sequentially, channel. intermediary products. flows equity
across many strategies. Our investment to deliver managers relative continue our strong performance
assets As or set and of of XX% funds five of had AUM fund strategies four-star representing four mutual diverse funds March five fund five-star ratings funds. our three, in five-star fund, our from or of Each managers. were or five a four largest XX of is a of XXst, representing XX% different
on benchmarks of their five-year strong In addition very peer the of XXst of March were XX% groups institutional fund on of assets beating five-year and this the basis assets their XX% a as to same of performance, were exceeding basis. median end
X. fee prior management significant $X.X by note offset fewer assets sequentially, slide decreased rate. assets the fees. equity reflecting quarter quarter, the fee to returns of fourth compared funds, under which the With and or assets rate the Average quarter. points, XX.X long-term $XXX.X meaningful the the million, average quarter, assets rate basis X% days in fee X% for decreased fees increased to higher-average impact to XX.X had as would between in XX in of adjusted the the our lower to fee Turning on sequentially rate I partially open-end management Investment December. sales favorable XX.X reflected differential performance nor quarter and in the average neither decline two a positive due that assets equity of management in to under and level current long-term impact the redemptions. from ongoing The points respect prior of on was basis million
XX blended expenses as XXXX offset rate when XX million trend XX. trend prior grants of the of XX consistent redemptions costs, than five basis million benefit compensation. $X.X fund from $XX.X the a and fourth made partially sale XXX(k) accelerated expenses. the included based mutual This shows reflects compensation total fee incremental employment lower incentive primarily from timing $X.X Slide fund rate $X.X by items, equity as increased seasonal profit sequentially of quarter up employees. the year and remained blended the items adjusted quarter, higher the Total in of on The match, mutual quarter. rate The while quarter increase on unchanged redemptions. million X% $X.X sales retirement million result with and was at is seasonal the fee taxes, eligible of the was rate on expense sales million of This annual the employment on points, payroll to increased of
the was based primarily sales. declined seasonal due to XX% lower compensation expenses of employment due impact was employment profit and to sequential of decline expenses, million $XX.X lower due the sequentially. based The sales lower to lower seasonal the items, Excluding compensation revenues while commissionable
XX% were we million adjusted $XX.X product, To increase prior modeling office with logo were For the million believe operating and to services, associated from as or the purposes, as as operating $X.X relocation an Other of in of timing $X.X distribution adjusted, costs trend expenses items quarter employment and an million There consulting of the identified quarter. other that appropriate. of X% included XX% in revenues redesign. range adjusted reflects activities. of remains operational expenses ratio
in does million $XX.X adjusted second as the board Slide million income grants, the quarter adjusted trend of range million of second earnings. to million from quarter. the increased million the X% believe in include operating XX% we year other the is or the adjusted higher annual XXXX, range expenses compared income prior adjusted still which primarily $X.X as $XX.X for The Operating to of quarter. seasonally million to Operating margin sequentially as the illustrates $X.X the of This quarter XXXX. expenses. For of to as decreased XX, employment due not was prior $X or XX.X% in impact XX.X% appropriate. the operating continue quarter was for the $XX.X
$X.XX decrease operating dividend $X.XX from share, of CLO includes $X.XX on and Interest diluted income XX.X%. which million the or adjusted capital share from per per which margin included quarter dividends. investments $X.X $X.XX lower $X.XX last seasonal the per was Net decreased income seed of expenses. to income generated due $X.X Excluding $X.X and or a share seasonally was adjusted million XX% the as share per or higher million items, employment as
believe based based While X% is is on on yield modeling XX% purposes, variability a cash from quarter. rate there's XX.X%, an and to going experience quarter-to-quarter quarter level for from investments, to and values X% for equal. in for tax annualized and investments was performance prior the modeling seed We The the the approximate XX.X% general capital, all forward. XX% market on adjusted of else the first a rate recent on being appropriate effective CLO decrease as of quarter
fourth compared first, Regarding share GAAP net $X.XX quarter. per with quarter results income $X.XX was in the
$XXX.X the intangible First and offset tax restructuring following integration $X.XX severance costs and of XX earnings costs. of on partially reflecting GAAP amortization at as an $XX.X by at net million $X.XX payment $X.XX million debt million, Slide capital unrealized and net acquisition million $X.XX or $XXX share million. on position losses of trend was XX of share $X.XX and operating items. liquidity related included $X.XX debt million a $X.X the of quarter repaid XX Working gains additional metrics. and debt per of and on payment scheduled principal repurchases, of net a sequentially, investments; $XX.X decreased our assets, shows of of realized X% primarily March $X and benefit outstanding Gross capital discrete representing March offset tax investments, of in earnings. changes by we
a due As in was primarily annual times balances the repayment $XX.X flow estimate first XX, result times from quarter March XXXX cash debt XX, XX ratio the of December payment was to of March we've cash of includes debt debt-to-EBITDA lower sweep at incentives. million. XX X.X due the of mentioned over X.X next an our March up at net The as obligation calls, estimate previous the working on months. excess payable At capital required
capital market million investments. offset primarily sequentially unrealized sheet as CLO X% quarter. appreciation X% was $XX of declined a by during which losses. to actions net reduction balance investments taken $XX to million to sequentially than due Seed due our declined more capital the Regarding seed to
sale was as investments. by existing of actively funded existing CLO investment the Our new recycled issuance the investments and Seix our we in CLOs
approximately total beginning million basic of of shareholders. count quarters the X.X% in shares by shares. repurchases common declined X.X%. over four quarter quarter return capital to the share of our which totaled Notably stock, or represented Regarding last of Share common outstanding XXX,XXX $XX has
mandatorily George. balance me to our X, provide on XXXX. on year a we One February cash convert have intangible reminder, to additional highlight next common convertible shares a shares turn back continue rates sheet, over per item to As at preferred George? will years. over tax benefit will that to of the that, approximately call $XX let current million With tax the XX the assets
