George. you, Thank morning everyone. Good
or was billion prior year up Starting $X.X billion XX% $XXX.X assets billion was were domestic appreciation Slide June sequential well increase X reflective with XX billion. net our as in of well March performance the improvement $X.X strong results as The of from assets billion flows management, positive XX or market markets. from at due on quarter. The X.X% as and $XX.X under long-term credit as of primarily market to appreciation, $X.X an modestly equity
the primarily assets outflows quarter. in in billion fourth $X.X addition appreciation reflected net SGA's primarily from and of change prior of offset billion the $XX.X year by The the of assets market billion of $X.X partially
from AUM strong with in size growth class this since continues up year funds be long-term to $X.X within channel. well The mix period. XX% relative We've assets by in the AUM asset see billion. AUM of product year to prior type, mid-cap to to continued and have XX% also declined XX% mutual our diversified year-end
this Slide and were X the by quarter billion up net net separate to ETFs, of funds. outflows in offset outflows net were from positive $X.X the quarter Turning flows from which in first retail with mutual accounts positive modest asset flows, institutional contributions
were estate decline included offset mandate products Total lower mutual billion, which global subadvisory of structured were the funds, institutional billion more in sequential sales $X.X and higher than real a $X.X X% ETFs. as sales, by sales
issuance allocation related $X.X into quarter billion newly ETFs. reminder, the CLO a to sales first an model and As included initial of launched a
quarter, flows flows redemptions an fund net mutual net at due of from Domestic across positive $X.X $X.X funds Looking primarily the improvement asset of to by outflows equity billion, lower had prior open-end billion and class. strategies with funds which to net positive annualized billion Mid-cap strategies. we $X.X core offer organic cap growth, quarter large in and continue mid XX%. in reflecting generate growth rate small, the of value an flows in
negative the $X.X past at growth over strong mid-cap, is averaged which the three sequentially trend for for organic flows XX% continues This remained improved small-cap modestly strategies but quarters.Net billion.
funds, prior flows had compared small-cap $X.X $X.X net quarter. from in flows emerging Positive net both equity of markets. breakeven billion included billion which the international and emerging positive with offset developed of International in net markets were the by flows outflows quarter
net loan Bank the Fixed primary favor were loans remain income industry-wide third continue bank the of funds, of consecutive billion outflows the quarter. for of strategies quarter. out $X.X to for driver
relative managers our across strategies. investment many Our strong deliver to performance continued
of June fund in AUM funds. or representing or XX% XX of four were our five-star of three, and of funds, assets had XX, As ratings four XX% fund five-star
largest diverse different of Each is a a of five set five representing managers. from five funds fund, or four-star mutual strategies
performance, assets beating benchmarks XX, the of a very of their same XX% on five-year as five-year this to fund basis. were June exceeding were groups XX% of on median their the addition In institutional and assets basis peer strong of
from had quarter. the increased quarter that rate. to as under X, management XX on Slide basis assets adjusted X% $X.X meaningful basis average up a X.X the Turning fees. average performance would for higher or million I XX.X higher long-term fees rate fee period investment in neither of to million sequentially fee management and increased average points, $XXX.X The to prior points assets due note
impact assets quarter the fee the in funds, open-end points positive returns favorable of to basis on between equity ongoing and first the to increased differential respect the the equity of XX.X redemptions. XX.X sales rate and With fee rate from reflecting level
the quarter blended XX while the prior in rate the on sales compared XX mutual up to points, basis of rate first fund redemptions quarter, fee This XX was on in the from quarter. XX
first the decreased quarter expenses by sequentially the of the employment as shows quarter. compensation first sales as higher second commissionable million lower trend offset $X.X on seasonal XX well The sales-based partially largely in Slide of of incentive impact of in $XX from the adjusted impact decrease the quarter. the five expenses X% in employment quarter reflects as compensation, million, Total profit-based employment expenses.
Employment the XX.X% period. expenses year-ago the represented quarter, in XX.X% down of revenues from in
believe modeling of revenues appropriate. remains of purposes, an as to XX% we adjusted range For XX% employment ratio
and $X.X Other from increase the operating million the as expenses of or reflects distribution Directors. Board adjusted operating $X.X other prior million The quarter. the reflects million, of and trend $XX.X activities. the X% expenses operational for of equity increase annual to product, timing The as adjusted grants an were
other adjusted director approximately the $XX.X operating the Excluding When operating quarters, other expenses average been expenses at has declined million sequentially. excluding grants. as annual four the the of past looking $XX board X% million grant, over
the All million else quarterly range to we equal, expenses that is an previously million being operating we other within $XX.X expectation appropriate of discussed. have $XX.X believe
and as appropriate. continue to evaluate We range will the you update
of the primarily expenses Operating seasonally XX% lower trend to well income as due as adjusted illustrates as the adjusted as million elevated the with expenses million employment $XX.X increased quarter. compared XX higher in sequentially, or employment first in Slide $XX.X earnings. revenues
million sequentially adjusted basis as or prior XXX prior income the XX.X%, margin XXX points basis the the year Compared operating $X.X increased as period. with for over quarter, XX%, of an adjusted the increase quarter operating and was year points
of investments quarter seed per million to $X.X quarter, on from generated income CLO decrease a interest share, income. million was includes due or per and CLO last $X.XX or $X.X expenses, which $X.XX the of or adjusted share X% Interest share lower $X.XX seasonal as per first increased diluted and income dividend income diluted the $X.XX Net sequentially. per share $X.XX XX%, was increase excluding
will While else on an yield values capital, total based quarter of there market be expectations XX% to annualized timing XX% income X% and seed all from of CLO consistent with and second our was being distributions, interest on cash and on for variability quarter-to-quarter to equal. X% dividend and investments current approximate
adjusted prior XX%, the rate run for rate modeling quarter a and tax as effective was reasonable with quarter stable The purposes. the relatively for
in Regarding per net income $X.XX second share quarter. the first results, quarter GAAP $X.XX was compared with
earnings of $X.XX integration net quarter investments, acquisition well assets including severance. amortization GAAP losses tax $X.XX and $X.XX $X.XX of costs following on per as share as items; restructuring Second gains unrealized other intangible included and and net of the realized investments, net of of of on
metrics. our capital to increased Working offset $XXX shareholders. operating return of of capital the and or primarily position and repayments Slide liquidity X% capital reflecting at sequentially, million trend of million by June partially related earnings, debt XX $XX XX shows
times XX we and $XX.X outstanding increase Gross of June March repaid debt as representing EBITDA X.X $X.X was from a an pay The payment cash times down due net XX, of million. million to debt to June debt, of debt additional of ratio X.X in scheduled XX $XXX principal at million balances down. payment million, $XX.X at was an at and
times quarter X.X was down at at of EBITDA March end the XX. from X.X times to debt the Gross
an ETF due launched million quarter. to loan $XX that investments, bank investment balance appreciation million unchanged increased essentially CLO investments new were was and prior the seed sheet market quarter. capital $XX in Regarding during from the to the
shareholders, common beginning as quarter And X% to February represented repurchases stock will the shares. of shares common totaled of convertible on $X.X outstanding million capital or our mandatorily quarter X, preferred reminder, of which return common to Regarding in shares convert of a approximately share total XXXX. XX,XXX shares
XX current of year economic value the years. at to will of additional One intangible tax provide we assets per million highlight, to item cash a approximately XX tax over continue had next rates benefit that
that, let over to turn With me the call George. back George?
