This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects. All of Millrose's operating costs will be paid by Kennedy Lewis through its managementfee and Millrose will have no employees of its own.
Middle market banking revenue was down 2% from a year ago, driven by lower net interest income, reflecting higher deposit costs, partially offset by growth in treasury managementfees. Revenue increased from a year ago, driven by improved results from our venture capitalinvestments.
We continue to strive as we have from the very beginning, to be as transparent and detailed as we can about our business and prospects, especially in the context of ongoing challenges in the macro economy that we are all experiencing and in the regulated cannabis industry in particular, which we have noted in the past several calls.
Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. It prospects and drills. And what does the company do?
Operating expenses increased by $112 million due to an increase in full-time globally positioned talent, continuous improvements to our technology and data infrastructure, and the development of our investment science capabilities. Our operating expense ratio was 28.6 basis points (bps), which is below the five-year average of 29.0
Over the last 12 months, we have grown managementfees by 26%, fee-related earnings by 27%, and distributable earnings by 22%, all compared to the prior-year period. Managementfees are up 26%, and 91% of these managementfees are from permanent capital vehicles. FRE is up 27% and DE is up 22%.
Our positioning has never been stronger nor our prospects brighter. economy, historically tight financing spreads, greater debt availability, the prospects of a more business-friendly regulatory climate and importantly, accelerating technological innovations have given us confidence to deploy capital at scale. I will catch it.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content