Medley Management Inc. Declares $0.20 Per Share Dividend And Reports Third Quarter 2016 Results

NEW YORK, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Medley Management Inc. (NYSE:MDLY) today reported its financial results for its third quarter ended September 30, 2016.

Highlights
  • Total assets under management were over $5.0 billion as of September 30, 2016
  • Fee earning assets under management were $3.1 billion as of September 30, 2016
  • Declared $0.20 per share dividend for Q3 2016 payable on December 5, 2016
  • U.S. GAAP net income attributable to Medley Management Inc. was $0.00 per share for Q3 2016
  • Core Net Income Per Share was $0.14 for Q3 2016

"Our third quarter was another consistent quarter of earnings for Medley. Since June 30 th, we have continued to diversify our alternative asset management platform, adding two new products and senior investment professionals. In July, we launched our CLO opportunity fund and last week, we were declared effective on Sierra Total Return Fund, our first interval fund," said Brook Taube, CEO of Medley.

Results of Operations for the Three Months Ended September 30, 2016

Total revenues increased by $13.4 million to $18.9 million for the three months ended September 30, 2016 compared to the same period in 2015. The increase was due primarily to an accrual of performance fee revenue of $1.4 million for the three months ended September 30, 2016 compared to a reversal of performance fee revenue of $14.6 million for the same period in 2015. The increase was partly offset by a decrease in management fees due primarily to lower incentive fees from our permanent capital vehicles.

Total expenses from operations increased by $11.7 million to $15.6 million for the three months ended September 30, 2016 compared to the same period in 2015. The increase was due primarily to increases in performance compensation and expenses under our expense support agreement with Sierra Income Corporation ("SIC").

If you liked this article you might like

What To Sell: 3 Sell-Rated Dividend Stocks GLP, MDLY, CCLP

What To Sell: 3 Sell-Rated Dividend Stocks AMTG, MDLY, GOOD

What To Sell: 3 Sell-Rated Dividend Stocks WMLP, MDLY, CMFN

What To Sell: 3 Sell-Rated Dividend Stocks ARP, ZFC, MDLY

3 Sell-Rated Dividend Stocks: ZFC, WPT, MDLY