A $50 million new private placement debt was closed in August 2025 to retire $60 million of senior notes maturing the same month.
Adjusted net income per adjusted share was flat compared to last quarter and up slightly compared to the second quarter of 2024.
Adjusted operating expenses increased 3% from the first quarter and 5% from the same quarter last year, mainly due to higher incentive compensation and a $1.2 million charge related to the closure of the China Post-Venture strategy.
Adjusted operating income increased slightly compared to the prior quarter and 3% compared to the same quarter last year.
Average AUM for the quarter was flat sequentially and up 5% compared to the June 2024 quarter; year-to-date average AUM improved 7% over the prior year 6-month period.
Balance sheet remains strong with approximately $140 million of seed capital invested in seeded products and an unused $100 million revolving credit facility.
Net client cash outflows during the June quarter were $1.9 billion, driven by lower gross equity inflows and outflows, partially offset by positive fixed income flows.
Revenues for the quarter were up 2% compared to the March quarter and up 4% compared to the prior year second quarter.
Second quarter results reflect strong equity market returns across global markets, driving ending AUM to $176 billion, up 8% compared to the March quarter.
The Board declared a quarterly dividend of $0.73 per share for the June 2025 quarter, a 7% increase over the prior quarter.
The second quarter marks the 12th consecutive quarter of positive flows for the fixed income business.
Weighted average recurring fee rate for the quarter was 68 basis points, slightly up from the prior quarter.
Year-to-date 2025 revenues were up 5% compared to the first half of 2024; adjusted operating expenses increased 4% primarily from higher incentive compensation and long-term incentive award grants.
Dafinchi