under The billion accounts. Starting everyone. assets $XXX.X June Slide XXth. was by in outflows, sequential X, morning, with modestly more XXth, were billion at than Good primarily down $XXX.X market our appreciation $X institutional George. from reflected results At September management. assets that on offset billion, of you, decline Thank net long-term
relatively flat X% total leveraged the negative and or period, X%. the were impact of continued demonstrated which billion strategies or $X.X So sentiment during $X.X strategies declined up partially with solid mid-cap growth, offsetting Domestic finance billion quarter. the prior assets
have investment the from modestly several domestic past assets of XXth, up at grown cap closed, and year to AUM, mid-cap soft domestic small Domestic strong increased funds September represents XXXX. XX% now AUM equity over XX% due XX% Despite being performance.
prior and the diversified with product mix type quarter. asset Our by essentially stable remains
were Turning one with compared to were Open-end of X, the modestly flows. in flows Net improved market $X.X bank asset positive almost Retail an outflows negative inflows in second in client to emerging quarter. continued billion due loans, due billion increase the in positive loss to the institutional but fund $X.X $X.X accounts to entirely and from flows. the third meaningfully separate quarter flows. generate due second to billion Slide to quarter ETFs of
higher channels. Retail and estate funds, a billion decline sales flows. mandate. $X.X with retail billion, domestic both or primarily in offset and X% by to sequentially of of emerging sub markets increased $X.X account and the $X.X were model sequential sales sales $X.X billion account growth client to in Fund mid-cap $X were decline as separate more billion open-end due from of billion sales XX% stronger Total sales funds second by intermediary global a XX% which than of advisory institutional. sales sold separate were private real included quarter billion declined Institutional the $X.X due up
modestly in value by for quarter from we fund outflows asset offer of of billion positive growth, organic mid-cap are to quarter. mid-cap both funds which trend strategies the partially billion cap. reflecting mutual net offset flows net and XX%. prior a strong in This strong equity have by at improvement generate equity cap $X.X flows and class, rate Domestic net net small annualized similar $X.X Looking core flows flows $X.X last positive, in were from quarter, funds strategies and a positive continues in large billion an Mid our flows in products. the
equities improvement a have of quarter. billion developed improvement, meaningful funds from breakeven included quarter, which reallocation in the though $X.X net emerging model generated positive in positive market the drove markets prior into also a flows equity flows. net flows International the Inflows
outflows $X.X bank driver billion for of loan the net For income of the were fixed funds, primary strategies quarter.
to investment strategies. strong Our across performance deliver continue our managers relative
five As And fund of XX representing rated or XX% of assets four were September five fund three, of retail rated XX% XX AUM XXth, funds. had or retail funds rated four mutual of our star in stars. retail
a of different fund a set mutual is of largest four strategies five funds our star or five five managers. Each from representing diverse
of the assets same XX% performance their performance, very peer fund a are basis. this five-year the XXth. their on exceeding groups strong September assets of as median beating In And addition of basis on benchmarks XX% to of were five-year institutional
million have under we XX.X generated basis fees quarter. include management assets of Turning investment as of in rate million, $X.X higher adjusted increased prior we average long-term the in increased due performance points in quarter, On $XXX.X assets accounts, a fees the quarter continuing $X.X up sequentially X% the related have average XX to fees negligible basis long-term for compared fee fee to or management the Slide prior and in annually. late. $X approximately points, rate. X, quarter performance institutional The related average, with on the in amounts increase trend for average X% on a X.X from to million Fees million seen
to differential open-end redemptions. the impact assets and sales respect to second XX.X ongoing basis XX.X of rate equity points With funds, in of between returns increased equity fee favorable the the reflecting the the quarter, from level on positive fee rate and
points. on blended This was fee basis were sales XX XX basis quarter while the points the and redemptions rate rate mutual fund
revenues quarter. XX incentive quarter. profit the the sequentially flat essentially reflects increased as points represented million, expenses and trend The X.X revenue employment second primarily appreciation. sequentially XX.X% largely shows of given expenses. from expenses increase based Employment to growth prior Total in from Slide of attributable adjusted quarter the five year, $XX.X third employment market X% down in higher the compensation
operating adjusted due distribution reflect the operating activities. as this to For fourth prior decrease equity believe decrease quarter. is modeling for or Board quarter. the adjusted appropriate Other purposes, we $X.X trend expenses of of to the as of other an the expenses expectation Directors The and annual The quarter. operational from timing were the a and level grants product last X% $X.X was million, million primarily $XX.X million
well as the adjusted grant. margin both quarter increased million, income sequentially, XXX adjusted fees X% compared XX.X%, from revenues for adjusted for unchanged illustrates XX sequentially as year operating period. other Adjusting to of performance the by margin point basis expenses and which $XX.X in the points operating of periods, due trend the The the or points with as annual XXX lower an XX.X%. increase basis increased higher was as Operating board million primarily to the included in as adjusted $X quarter earnings. as second Slide prior
be Net interest income on last investments share CLO adjusted includes $X.XX million generated diluted investment in I quarter income variability from pay due sequentially. its quarter. will that or XXXX early our million income. fees of dividend of $X.X $X.X a per share income would the or I on XX% would to would And or that increased as in remind lower CLO distributions. dividend per from which Interest first share, you and based and in fourth adjusted we was dividend as decrease to per market issued interest quarter income quarter $X.XX note timing values there in and CLO $X.XX the and $X.XX
tax modeling purposes. quarter for the prior effective was a reasonable as quarter with and The rate adjusted the rate XX% run for stable
quarter GAAP second in share net was Regarding compared results, third income quarter. $X.XX $X.XX the with per
quarter $X.XX net the investments; benefit on Third realized of severance $X.XX following share net on $X.XX from losses assets; items. included per of $X.XX investments. tax and GAAP a acquisition, other integration, intangible of of costs earnings restructuring including amortization of gains net and unrealized
X% $XXX earnings, the XXth debt from ratio to debt position and payments down or operating EBITDA September to X.Xx X.Xx sequentially, XXth net pay of $XXX was million, return year capital The related September liquidity continued at of shows trend was generation XX June Slide as capital cash at ago $X metrics. shareholders. by capital and primarily debt and consistent we debt. million $XX XXth of reflecting Gross to offset increased million Working from partially a X.Xx September outstanding of debt down. and at our repaid XXth million of due
the was Gross end at down prior quarter, debt to EBITDA the from the year. X.Xx of in X.Xx
of we quarter outstanding by common million stock of common $X.XX to XX% total approximately share. raised which common $X.X capital represented XX,XXX We quarterly of beginning dividend repurchased shares X% to shares. or return per Regarding shareholders, our of
net past basis X% of the we year. XXX,XXX XXXX X% outstanding Over September common the have shares have past XXth, year, declined outstanding on a repurchased shares over representing and
will common. convertible XXXX, February preferred On to our shares convert mandatorily Xst,
million million adjusted, effect While shares as not shares increase market depending annual to approximately million. on impact of The will will it $X the our the price. free conversion our the $X will float $X conversion EPS conversion of the cash common by increasing calculate to XX% available used also by flow or have the
intangible have current the that year we at rates will million tax cash XX next assets a $XX as benefit of a continue tax years. over Finally reminder, to per provide approximately
over George? me call that, to back the turn let With George.
