"We are pleased to report a strong quarter for Medley Management Inc. Growth in assets under management, origination, and financial performance for our shareholders exceeded our expectations," commented
"Our broad origination platform continues to produce high quality assets at attractive yields for investors. Our diversified fundraising platform continues to demonstrate the ability to grow assets in both retail and institutional channels. Permanent capital increased to 65% of fee earning assets under management at Medley, underpinning our ability to drive steady and consistent cash earning for our investors. We are pleased to report our first dividend of
Standalone Results of Operations
Total revenues increased by 57%, or
Total expenses increased by 32%, or
Core Net Income increased by 76%, or
Key Performance Indicators:
(1) Core Net Income reflects standalone net income attributable to
(2) Core Net Income Per Share reflects an adjustment for federal, state and local corporate income taxes. Please refer to the calculation of Core Net Income Per Share in Exhibit C for additional details.
(3) Core Net Income Margin equals Core Net Income Per Share divided by total standalone revenue per share.
(4) The calculation of Pro-Forma Weighted Average Shares Outstanding assumes that the following transactions had occurred at the beginning of each period presented: (1) the issuance of 6,000,000 Class A common shares in connection with our IPO (2) conversion by the pre-IPO holders of 23,333,333
Fee Earning AUM
The table below presents the quarterly roll forward of our total fee earning AUM:
Total fee earning AUM increased by 24%, or
Conference Call and Webcast Information
We will host an earnings conference call and audio webcast at
All interested parties may participate in the conference call and audio webcast by dialing (866) 314-5232 approximately 5-10 minutes prior to the call, international callers should dial (617) 213-8052. Participants should reference
Statements included herein may contain "forward-looking statements". Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the
This press release does not constitute an offer for any Medley fund.
(1) Amounts are presented net of income taxes.
(2) Represents a pro-forma adjustment to reflect guaranteed payments to
(1) Represents a per share adjustment for income taxes assuming that all of our pre-tax earnings were subject to federal, state and local corporate income taxes. We assumed an annualized effective corporate tax rate of approximately 43.0% for all periods presented.
Medley Management Inc. Announces Third Quarter 2014 Results And Declares $0.20 Per Share Dividend