Medley Management Inc. Declares $0.20 Per Share Dividend And Reports Third Quarter 2017 Results -

Medley Management Inc. Declares $0.20 Per Share Dividend And Reports Third Quarter 2017 Results

Nov 14, 2017Jeremy ParkinsonFinance0

NEW YORK, Nov. 14, 2017 (GLOBE NEWSWIRE) — Medley Management Inc. (NYSE:MDLY) today reported its financial results for its third quarter ended September 30, 2017.

Highlights

Fee earning assets under management were $3.2 billion as of September 30, 2017

Total assets under management were $5.3 billion as of September 30, 2017

Declared $0.20 per share dividend for Q3 2017 payable on December 6, 2017

U.S. GAAP net income attributable to Medley Management Inc. was $0.03 per share for Q3 2017

Core Net Income Per Share was $0.09 for Q3 2017

“The third quarter of 2017 was another consistent quarter for Medley where we saw increased investment activity across our platform. We continue to grow our investment capabilities and our team and I am pleased to announce the filing for our first public real estate fund, Sierra Real Estate Fund,” said Brook Taube, CEO of Medley.

Results of Operations for the Three Months Ended September 30, 2017

Total revenues were $16.7 million for the three months ended September 30, 2017 compared to $18.9 million for the same period in 2016. The decrease was due primarily to a decrease in performance and incentive fees.

Total expenses from operations were $9.9 million for the three months ended September 30, 2017 compared to $15.6 million for the same period in 2016. The decrease was due primarily to a decrease in expenses associated with our expense support agreement with Sierra Income Corporation (“SIC”) as well as a reduction in compensation and benefits expense, partly offset by an increase in general, administrative and other expenses.

Total other expense, net was $1.6 million for the three months ended September 30, 2017 compared to $2.0 million for the same period in 2016. The decrease was due primarily to a decrease in expense associated with our revenue share payable and an increase in dividend income from our permanent capital vehicles, partly offset by an increase in interest expense.

Net income attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $2.6 million for the three months ended September 30, 2017 compared to $0.8 million for the same period in 2016. Medley Management Inc.’s net income per share was $0.03 for the three months ended September 30, 2017 compared to $0.00 for the same period in 2016.

Pre-Tax Core Net Income was $4.7 million for the three months ended September 30, 2017 compared to $7.4 million for the same period in 2016. Core Net Income Per Share was $0.09 for the three months ended September 30, 2017, compared to $0.14 for the same period in 2016. Core EBITDA was $7.6 million for the three months ended September 30, 2017 compared to $9.8 million for the same period in 2016.

Results of Operations for the Nine Months Ended September 30, 2017

Total revenues were $47.1 million for the nine months ended September 30, 2017 compared to $57.8 million for the same period in 2016. The decrease was due primarily to a decrease in performance and incentive fees, partly offset by an increase in other revenue and fees.

Total expenses from operations were $26.0 million for the nine months ended September 30, 2017 compared to $46.8 million for the same period in 2016. The decrease was due primarily to a reduction in expenses associated with our expense support agreement with SIC, a reduction in compensation and benefits expense, a decrease in performance compensation and lower general and administrative expenses.