Partners X Energy

America First Tax Exempt Investors, L.P.

Quarterly Reports

June '21: EPU $0.13 vs. $0.06. Revenues up 13% to $16.4 million. Cash available for distribution $0.17 per unit vs. $0.09. In June, dividend up 22% to $0.11.

March '21: EPU $0.09, up 125%. Revenues up 5% to $14.4 million. Cash available for distribution $0.11 per unit vs. $0.05. In March, dividend up 50% to $0.09.

December '20: EPU $0.00 vs. $0.16. Revenues down 12% to $13.5 million. Cash available for distribution $0.06 per unit vs. $0.18, but equal to the amount actually distributed.

September '20: EPU -$0.03 vs. $0.13. Revenues down 7% to $13.8 million. Cash available for distribution $0.06 per unit vs. $0.21, but equal to the amount actually distributed.

June '20: EPU $0.06, up $0.01. Revenues up 1% to $14.5 million. Cash available for distribution up $0.01 to $0.09 per unit vs. $0.06 actually distributed. In May, cut dividend 52% to $0.06.

March '20: EPU $0.04, down 50%. Revenues down 23% to $13.7 million. Cash available for distribution down 55% to $0.05 per unit vs. $0.06 actually distributed.

December '19: EPU $0.16, down 27%. Revenues down 33% to $15.4 million. Cash available for distribution down 28% to $0.18 per unit, but 44% above the cash actually distributed. For the year 2019, cash available for distribution exceeded actual distributions by 14%.

September '19: EPU $0.13, down 48%. Revenues down 43% to $14.9 million. Cash available for distribution, down 28% to $0.21 per unit.

June '19: EPU $0.05, up $0.01. Revenues down 6% to $14.3 million. Cash available for distribution down $0.01 to $0.08 per unit.

March '19: EPU 0.08, down 11%. Revenues up 7% to $17.7 million. Cash available for distribution up 10% to $0.11 per unit.

December '18: EPU 0.22, down $0.01. Revenues up 6% to $23.1 million. Cash available for distribution (CAD) $0.25 per unit vs. $0.27.

September '18: EPU $0.25 vs. $0.05. Revenues up 60% to $26.0 million. Cash available for distribution $0.29 per unit vs. $0.09.

June '18: EPU $0.04, down 33%. Revenues down 16% to $15.8 million. CAD $0.09 per unit vs. $0.14.

March '18: EPU $0.09, down $0.01. Revenues up 3% to $16.5 million. CAD $0.10 per unit vs. $0.14.

December '17: EPU $0.23, up 29%. Revenues up 38% to $21.9 million. For 2017, CAD $0.60 per unit vs. $0.50 and $0.50 actually paid out to unitholders.

September '17: EPU $0.05, down $0.02. Revenues up 23% to $16.234 million. CAD $5.44 million ($0.09 per unit) vs. $5.42 million ($0.09 per unit).

June '17: EPU $0.06 vs. $0.15 (included $0.17 property sale gain) . Revenues up 9% to $16.23 million. CAD $5.9 million ($0.14 per unit) vs. $12.2 million ($0.10 per unit).

March '17: EPU $0.10, up 150%. Revenues up 7% to $16.0 million. CAD $0.14 per unit, vs. $0.10.

December '16: EPU $0.09, down 26%. Revenues down 24% to $15.9 million. Cash available for distribution (CAD) $0.00 per unit, vs. $0.10. For the year, CAD $0.50 per unit, $0.03 below 2015, but equal to the amount actually distributed.

September '16: EPU $0.07, up 75%. Revenues up 2% to $13.2 million. Cash available for distribution (CAD) $0.09 per unit, even with year-ago.

June '16: EPU $0.15, up 25%. Revenues up 9% to $14.9 million. Cash available for distribution (CAD) $0.31 per unit vs. $0.25.

March '16: EPU $0.04, even. Revenues up 19% to $14.9 million. Cash available for distribution (CAD) $0.10 per unit vs. $0.09.

December '15: EPU $0.14, up $0.10. Revenues up 78% to $20.8 million. CAD $0.19 per unit vs. $0.09. CEO, Mark Hyatt, resigned and was replaced by Chad Daffer, who has been in management positions at ATAX for 10 years.

September '15: EPU $0.04, down $0.02. Total revenues up 27% to $14.085 million. Property revenues up 12% to $4.124 million. Investment income up 22% to $8.486 million. Operating cash flow $14.274 million ($0.24 per unit) vs. $10.939 million ($0.18 per unit). CAD $0.09 per unit vs. $0.10. Secured $82.2 million in new funding via Freddie Mac. The new money is costing around 2%.

June '15: EPU $0.12, up 140%. Revenues up 64% to $17.120 million. Operating cash flow $6.883 million ($0.11/unit) vs. 4.588 million ($0.08/unit). CAD $0.16 per unit vs. $0.09/unit.

March '15: EPU $0.04 vs. $0.10. Revenues up 1% to $11.311 million. Operating cash flow $4,172 million vs. 1,887 million. CAD $5.4 million ($0.09 per unit) vs. 7.1 million ($0.12).

December '14: EPU $0.04 vs. $0.06. CAD up 37% to $5.425 million. CAD even with year ago at $0.09 per unit. Revenues up 28% to $11.963 million.

September '14: EPU $0.06 vs. $0.12. Counting unrealized gains, comprehensive income $22.064 million vs. loss. Property revenues up 4% to $4.475 million. Investment income up 33% to $6.958 million. CAD $0.10/unit vs. $0.09.

June '14: EPU $0.05 vs. $0.09. Counting unrealized gains, comprehensive income $20.790 million vs. year-ago loss. Property revenues down 1% to $3.920 million. Investment income up 36% to $6.242 million. CAD $0.09/unit vs. $0.125/unit.

March '14: EPU $0.10 vs. $0.15 (continuing). Counting unrealized gains, comprehensive income up 144% to $27.578 million. Revenues up 2% to $13.20 million. Property revenues up 6% to $3.951 million. Investment income down 20% to $6.206 million. CAD $7.074 million ($0.125/unit) vs. $4.974 million $0.116/unit). Sold 8.0 million new shares at $5.95.

December '13: EPU $0.08, even. Revenues up 84% to $9.434 million. For the year, CAD $18.379 million ($0.42 per unit) vs. $12.288 million ($0.33). In November, netted $48.6 million selling 8.3 million new shares at $6.25. In December, grossed $51.75 million by selling 8.28 million new shares at $6.25. Had originally planned to sell seven million shares, but upsized the offering based on demand.

September '13: EPU 0.08 vs. $0.06. Revenues up 55% to $9.764 million. Property revenues up 35% to $4.299 million. Cash available for distribution $3.826 million ($0.09 per unit) vs. $3.658 million ($0.09).

June '13: EPU 0.09 vs. $0.01. Revenues up 159% to $15.140 million. Property revenues up 38% to $3.952 million. Cash available for distribution $5.6 million ($0.13 per unit) vs. $2.3 million ($0.07).

March'13: EPU (continuing) $0.15 vs. year-ago $0.03. Counting discontinued items, EPU $0.19. Revenues up 140% to $12.944 million. Property revenues up 26% to $3.733 million. Cash available for distribution $5.0 million ($0.12 per unit) vs. year-ago $2.6 million ($0.09). Purchased $29.8 million of tax-exempt bonds paying 6.0%, and $6.9 million of tax-exempt bonds paying 9%. All secured by properties in San Antonio, Texas.

December'12: EPU $0.02 vs. -$0.12 loss. Revenues up 45% to $5.141 million. For the year 2012, cash available for distribution $0.33 per unit vs. year-ago $0.35. Year-end assets minus liabilities $4.25/unit vs. year-ago $4.37.

September'12: EPU (continuing) $0.03 vs. $0.01. Counting discontinued, EPS $0.06. Revenues up 10% to $7.130 million. Cash available for distribution $0.09 per unit, even. Assets minus liabilities $4.42/unit.

June'12: EPU $0.01 vs. $0.00. Revenues up 8% to $7.146 million. Cash available for distribution $0.08 per unit, even. Assets minus liabilities $5.65/unit. Raised $64 million by selling 12.65 million new shares at $5.06.

December'11: EPU -$0.10 loss vs. +0.01. Revenues up 20% to $6.85 million. Funds from operations $2.363 million ($0.08/unit) vs. $1.768 million ($0.06/unit). Year-end assets minus liabilities $4.37/unit vs. $4.66.

September'11: EPU $0.01 vs. loss -$0.04. Revenues up 23% to $7.14 million. Cash available for distribution (CAD) $0.09/unit even. Actual distributions $0.125/unit. Secured new financing facility that allows it to borrow $10 million at an initial rate of 1.84%. Occupancies at September 30 averaged 88% vs. 87%.

June'11: EPU $0.00 vs. $0.05. Revenues up 18% to $6.86 million. Cash available for distribution (CAD) $2.50 million ($0.08/unit) vs. $3.57 million($0.13/unit). Occupancies averaged 83% at June 30 vs. 91%.

March'11: EPU $0.05, even. Revenues up 24% to $6.30 million. Cash available for distribution $2.46 million ($0.08/unit) vs. $1.82 million($0.08/unit).

December'10: EPU $0.03 vs. -$0.06 loss. Operating cash flow $2.63 million ($.10/unit) vs. loss. CAD for 2010 $0.35 per unit vs. 0.52 in 2009. Revenues for the quarter totaled $5.73 million. Revenues for year $22.47 million, down 3%.

September'10: EPU loss -$0.04 vs. +$0.07 profit. Non-cash asset write-down triggered loss. Revenues up 1% to $5.82 million. CAD $2.62 million ($0.09/unit) vs. $2.18 million ($0.13/unit). Cash actually distributed $0.125/unit. Entered into $95.8 million long-term secured debt financing deal with Freddie Mac utilizing its Tax-Exempt Bond Securitization or "TEBS" program. New facility replaces $49.5 million Bank of America financing facility. Change reduced effective interest rate by almost half, from 4.25% with Bank of America down to 2.15% with Freddie Mac.

June'10: EPU $0.05 vs. $0.02. Revenues up 17% to $5.82 million. CAD up 27% vs. to $0.14 per unit vs. $0.125 actually distributed. Acquired tax-exempt mortgage revenue bond for apartment complex in San Antonio for $16.4 million. Acquired $18.3 million of tax-exempt mortgage revenue bonds maturing in 2050 that were issued by the Ohio Housing Finance Agency. One issue, with a $3.6 million par value pays 10.0%. The balance pays 7.0%.

March'10: EPU $0.05 vs. $0.12. Revenues up 8% to $5.099 million. CAD $1.822 million ($0.08/unit) vs. year-ago $3.306 million ($0.24/unit).

December'09: EPU $0.15 vs. $0.20. Excluding property sale gain, EPU $0.10. Property revenues (2009 year) up 14% vs. to $15.7 million. Investment income flat at $4.3 million. CAD (2009) $0.52 per unit, up 39% vs. 2008. Raised $19.95 million by selling 4.2 million new units at $5.05. Sale increased units outstanding by 24% to 21.0 million. America's general partner, Burlington Capital Group, appointed Burlington employee Mark Hiatt as CEO of America First, replacing Lisa Roskens, who is also CEO and Board chair of Burlington. Hiatt already oversaw Burlington's other real estate operations. As was the case with Roskens, Hiatt is an employee of Burlington and America First does not pay his salary or any other compensation.

September'09: EPU $0.07 vs. $0.09. Revenues down 13% to $5.78 million. Property revenues up 14% vs. to $3.87 million. Mortgage investment income flat at $1.02 million. Revenues included $863,000 gain on asset sale, otherwise revenues up 9% to $4.92 million. Interest expenses up 68% to $1.06 million. Real estate operating expenses up 19% to $2.62 million. Year-to-date operating cash flows up 94% to $5.48 million. Sold property for $3.75 million. Acquired same property via foreclosure in June after buying delinquent revenue bonds in April for $2.6 million. After expenses, expects $800,000 ($0.05 per unit) profit on deal.

June '09: EPU $0.02 vs. $0.08. Property revenues up 15% to $3.90 million. Mortgage investment revenues flat at $1.05 million. Total revenues up 14% to $4.98 million. Increased operating and interest expenses cut earnings. CAD $0.11 per unit, even with year-ago, but below $0.125 distributed. Borrowed $50 million from Bank of America to replace existing B of A $76.4 million facility. Interest one-month LIBOR plus 3.9%. Raised $16.5 million by selling 3.5 million shares (units?) at $5.00. In May, distribution down 7% to $0.125.

March '09: EPU $0.12 vs. $0.05. Operating cash flow loss $910,000 vs. $343,000 year-ago gain. Revenues up 5% to $4.734 million.

December '08: EPU $0.02 loss, vs. $0.04 profit. Attributed shortfall to "adjustments to the fair value of interest rate derivative contracts that are reported as expenses on the Company's statement of operations." CAD $0.11 vs. $0.135 distributed. CAD shortfall "due mainly to increased real estate operating expenses realized at the multi-family apartment properties owned by subsidiaries." For 2008, CAD $0.46 per unit vs. $0.54 distributed.

September '08: EPU $0.09 vs. $0.07. Excluding non-cash charges, CAD $0.13 vs. $0.14. Higher interest costs accounted for the shortfall.

June '08: CAD $0.11 per unit, even, but below $0.135 distributed. Shortfall due to higher borrowing costs. Expected to maintain current $0.54 per unit annual dividend.

Return to Partners Ex-Energy

Apollo Global Management

10/1/20 We're replacing Apollo Global Management with Artisan Partners Asset Management (APAM), an investment manager primarily serving pension and profit sharing plans, trusts, endowments, foundations, charitable organizations and government agencies. We're making the change because analysts are forecasting stronger earning growth from Artisan.

In July, Apollo declared a $0.49 per share June quarter dividend, down 2% vs. year-ago.

Background
An investment manager, Apollo raises, invests and manages funds on behalf of pension, endowment and sovereign wealth funds, as well as other institutional and individual investors. Apollo specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations, and industry consolidations. Apollo completed its conversion from an MLP to a corporation on September 5, 2019.

Quarterly Reports

June '20: Distributable EPS $0.46, down 18% vs. year-ago. Total assets under management up 33% to $413.6 billion. Capital inflows $89.2 billion vs. year-ago $12.2 billion. Distributions paid totaled 107% of distributable earnings. In April,declared $0.42 per share March Q dividend, down 9% vs. year-ago.

March '20: EPS $0.52, down 22%. Distributable earnings down 26% to $0.37 per share. Total assets under management up 4% to $315.5 billion. Capital inflows down 71% vs. year-ago to $7.3 billion. Distributions paid totaled 114% of distributable earnings. Declared $0.89 per share December quarter dividend, up 78% vs. September quarter and up 59% vs. year-ago.

December '19: EPS $0.68 vs. year-ago -$1.00 loss. Distributable earnings up 83% to $1.10 per share. Total assets under management up 18% to $331.1 billion. Capital inflows down 51% vs. year-ago to $10.5 billion. Distributions paid totaled 81% of distributable earnings.

September '19: EPS $1.64 per share, up 113%. Distributable earnings flat at $0.54 per share. Revenues up 36% to $702.7 million. Total assets under management up 19% to $322.7 billion. Capital inflows up 165% vs. year-ago to $15.9 billion. Distributions paid totaled 93% of distributable earnings. In July, dividend, up 16% vs. year-ago to $0.50.

June '19: EPU $0.75, up 200%. Distributable earnings up 8% to $0.56 per share Revenues up 22% to $636.6 million. Total assets under management up 16% to $311.9 billion. Capital inflows down 56% vs. year-ago to $12.2 billion. Distributions paid totaled 89% of distributable earnings. In April, declared $0.46 per unit March quarter payout.

March '19: EPU $0.67 vs. -$0.34. Distributable earnings up 9% to $0.50/unit. Revenues $677.8 million vs. $166.9 million. Total assets under management up 22% to $303.0 billion. Capital inflows up 308% to $24.9 billion. Distributions paid totaled 92% of distributable earnings. In January, distribution up 22% to $0.56 per unit.

December '18: economic net loss -$1.00/unit vs. +$0.92. Distributable earnings (net) down 21% to $0.61 per unit. Revenues -$114.9 million vs. year-ago $928.3 million. Total assets under management up 13% to $280.3 billion. Capital inflows up 180% vs. year-ago to $21.3 billion. Distributions paid totaled 92% of distributable earnings. In October, distribution up 7% to $0.46.

September '18: economic net income $0.83/unit, down 22%. Distributable earnings (net) up 31% to $0.55 per unit. Revenues down 27% to $517.7 million. Total assets under management up 12% to $270.2 billion. Capital inflows down 24% to $6.0 billion. Distributions paid totaled 84% of distributable earnings. In July, declared $0.43 per unit June quarter distribution, up from previous $0.38, but below year-ago $0.52.

June '18: economic net income $0.27 per unit, down 41%. Distributable earnings (net) $0.53 per unit vs. year-ago $0.60. Revenues up 16% to $523.316 million. Total assets under management up 16% to $269.5 billion. Capital inflows down 23% vs. year-ago to $27.5 billion. Distributions paid totaled 81% of distributable earnings. In April, declared $0.38/unit distribution, down 22% vs. year-ago.

March '18: economic net loss -$0.30 per unit vs. +$0.82. Distributable earnings (net) down 19% vs. year-ago to $0.46 per unit. Revenues down 78% to $149.6 million. Total assets under management up 25% to $247.4 billion. Capital inflows for the quarter down 8% to $4.9 billion. Distributions paid totaled 83% of distributable earnings. Paid Jack in the Box $305 million for its Mexican restaurant chain, Qdoba Restaurant Corp., bought regional airline Sun Country Airlines from its founders, and acquired global steel mill services provider Phoenix Services LLC. In February, distribution up 47% vs. year-ago to $0.66.

December '17: economic net income $1.22 per unit, up 24%. Distributable earnings (net) up 40% to $0.77 per share. Revenues up 27% to $869.5 million. Total assets under management up 30% to $248.9 billion. Capital inflows for the quarter up 15% to $7.6 billion. Distributions paid 86% of distributable earnings. In October, $0.39 distribution, down 25% vs. previous payout, but up 11% vs. its year-ago.

September '17: Economic net income (adjusted) $1.07, up 84%. Distributable earnings (net) up 17% vs. year-ago to $0.42/share. Revenues up 32% to $664.2 million. Total assets under management up 28% to $241.6 billion. Capital inflows for the quarter $7.9 billion vs. $55.5 billion. Distributions paid totaled 93% of distributable earnings. Acquired publically-traded ClubCorp (MYCC), owner-operator of 200+ private golf and country clubs and private business clubs. In August, dividend up 6% to $0.52

June '17: EPU economic net income (adjusted) $0.46, down 54%. Distributable earnings (net) up 50% to $0.60 per share. Total assets under management up 24% to $231.8 billion. Capital inflows for the quarter up 118% to $35.7 billion. Distributions paid totaled 87% of distributable earnings. Agreed to acquire publically-traded West Corp. (WSTC), a global provider of communication and network infrastructure services.

March '17: Economic net income (adjusted) $0.82/share vs. -$0.18 loss. Distributable earnings (net) up 96% to $0.57 per share. Total assets under management up 14% to $197.5 billion. Capital inflows up 15% to $5.3 billion. Revenues up 433% to $643.6 million. Distributions paid totaled 86% of distributable earnings. Entered into a joint venture with Chisholm Oil & Gas to acquire oil and gas properties in Oklahoma. The venture initially acquired 53,000 acres in Oklahoma producing 3,000 barrels of oil equivalent per day.

Artisan Partners

8/1/22: Artisan has recently underperformed and we're replacing it in this portfolio with Compass Diversified (CODI)

Artisan reported June quarter earnings (adjusted) of $0.79 per share, $0.04 above analyst forecasts, but down 38% vs. year-ago. Revenues down 18% to $251 million. Operating income (adjusted) down 37% to $86.5 million. Assets under management down 26% vs. year-ago to $130.5 billion. Disappointing numbers from APAM.

Artisan declared a $0.60 per share quarterly dividend, down 21% from its previous payout and down 40% vs. year-ago.

Background
Founded in 1994, Artisan is an investment manager primarily serving pension and profit sharing plans, trusts, endowments, foundations, charitable organizations and government agencies. Based in Milwaukee, Artisan also has offices in Atlanta, New York City; San Francisco and London. Artisan pays quarterly dividends approximating 80% of each quarter's "cash flow," and also pays a special dividend in February based on excess cash generated in the previous year and other factors. Recent special dividends have ranged from $0.36 to $1.63 per share. In 2020, it paid $0.60 per share.

Quarterly Reports

March '22: EPS (adjusted) $0.98, down 13% vs. year-ago. Operating income (adjusted) down 13% to $122 million. Assets under management down 2% vs. year-ago to $162.2 billion. In January, declared a 0.72 per share special dividend to be paid concurrently with $1.03 per share regular quarterly dividend. The payout represented a 37% increase over the combined regular and special dividends paid in February 2021.

December '21: EPS (adjusted) $1.29, up 22%. Operating income up 21% to $138 million. Assets under management up 11% vs. year-ago to $175.9 billion.

September '21: EPS (adjusted) $1.33, up 48%. Operating income up 47% to $143.1million. Assets under management up 29% to $173.6 billion.

June'21: EPS $1.28, up 80%. Operating income up 80% to $137.8 million. Assets under management up 45% to $175.2 billion. In April, declared a $0.88 per share quarterly dividend, below previous, but up 44% vs. year-ago.

March '21: EPS (adjusted) $1.13, up 71%. Operating income up 72% to $128.8 million. Assets under management up 71% to $162.9 billion. In February, declared $0.97 per share quarterly dividend, up 43% vs. year-ago, plus a $0.31 per share special dividend. In February 2020, Artisan paid $0.68 regular dividend, plus a $0.60 per share special payout. Thus, it paid $1.28 per share February combined dividends in both years.

December '20: EPS (adjusted) $1.06, up 41%. Operating income up 43% to $113.5 million. Assets under management up 28%.

September '20: EPS $0.90, up 29%. Operating income up 29% to $97.2 million. AUM up 19% to $134.3 billion. AUM at August 31 $136.5 billion, AUM at July 31 $127.8 billion, up 12% vs. year-ago.

June '20: EPS (adjusted) up 6% vs. year-ago to $0.71. Operating income up 8% to $76.6 million. AUM up 6% vs. year-ago to $120.6 billion. Declared $0.67 per share dividend.

Blackstone Group

June '21: EPS $1.82 vs. $0.81. Distributable EPS $0.82 up 95%. Fee-related EPS up 30% to $0.58. Total Assets Under Management (AUM) up 21% to $684.0 billion. In April, declared $0.82 per share March quarter dividend, down 15% vs. previous, but up 110% vs. year-ago.

March '21: EPS 2.46 vs. -$1.58. Distributable EPS $0.96, up 109%. Fee-related earnings up 58% to $0.62 per share. Total Assets Under Management (AUM) up 21% to $648.8 billion. In January, dividend up 78% to $0.96, up 57% above vs. year-ago payout.

December '20: EPS $1.07, up 51%. Distributable EPS up 60% to $1.13. Fee-related earnings up 36% to $0.62 per share. Total Assets Under Management (AUM) up 8% to $618.6 billion. In November, dividend up 46% to $0.54.

September '20: distributable EPS $0.63, up 9%. Fee-related earnings up 39% to $0.51 per share. AUM up 5% to $584.4 billion. Existing shareholders received a final K-1 for period 1//1/19 to 6/30/19. After conversion, dividends are "qualified" for the 15%/20% maximum tax rates.

June '20: EPS $0.45, down 44%. Distributable earnings down 25% to $0.43/share. AUM up 3% to $564.3 billion. Declared $0.37 per share June quarter dividend, down $0.02 from previous and down 23% vs. year-ago.

March '20: EPS loss -$1.58 vs. +$0.71 profit. Distributable earnings up 4% to $0.46/share. AUM up 5% to $538.0 billion. Declared $0.61 per share December quarter dividend, up 24% from previous and up 5% vs. year-ago. Declared $0.39 per share dividend, up 5% vs. year-ago.

December '19: EPS $0.71 vs. -$0.02 loss. Distributable earnings up 27% to $0.72/share. AUM up 21% to $571.1 billion. In October, declared a $0.49 per share dividend, up $0.01 vs. pervious, but down 23% from year-ago.

September '19: EPU $1.15 per share, up 80%. Distributable earnings down 8% to $0.58/share. Total Assets Under Management (AUM) up 21% to $554.0 billion. In July, declared $0.48 per share June quarter dividend, up 30% vs. previous payout but down 17% from year-ago.

June '19: EPS $0.45, down 59%. Distributable earnings up 1% to $0.57/unit. Total Assets Under Management (AUM) up 24% to $545.5 billion. . In April, declared a $0.37 per unit quarterly distribution, up 6% vs. year-ago, but down 36% vs. previous payout.

March '19: EPU $0.71 per unit, up 34%. Revenues up 14% to $2.025 billion. Distributable earnings up 7% to $0.44/unit. Total Assets Under Management (AUM) up 14% to $511.8 billion. Declared $0.58 per unit December quarter distribution, which was down 9% vs. its previous payout and down 32% vs. its year-ago distribution.

December '18: EPU -$0.02 loss $0.03 vs. +$0.45. Revenues down 74% to $505.0 million. Distributable earnings down 43%S to $0.57/unit. Total Assets Under Management (AUM) up 9% to $472.2 billion. Acquired Clarus, a global life sciences investment firm, which will operate as Blackstone Life Sciences. In October, $0.74 distribution, up 10% over previous payout and up 33% vs. year-ago.

September '18: EPU $0.64 per units, up 16%. Net economic income $0.76/unit, up 11%. Distributable earnings up 21% to $0.63/unit. Revenues up 11% to $1.926 billion. Total Assets Under Management (AUM) up 18% to $456.7 billion. In July, declared $0.58 per unit June quarter distribution, up 7% vs. year-ago.

June '18: net economic income $0.90/unit, up 55%. Distributable earnings $0.56/unit vs. year-ago $0.63. Revenues up 71% to $2.632 billion. Total Assets Under Management (AUM) up 18% to $439.4 billion. In April, declared $0.35 per unit distribution vs. year-ago $0.87.

March '18: net economic income $0.65 per unit, down 20%. Distributable earnings $0.41/unit, down 60%. Revenues down 8% to $1.769 billion. Total Assets Under Management (AUM) up 22% to $449.6 billion.

December '17: net economic income $0.71/unit, up 5%. Distributable earnings $1.00/unit, up 94%. Revenues up 15% to $1.789 billion. Total Assets Under Management (AUM) up 18% to $434.1 billion.

September '17: net economic income $0.69, up 21%. Distributable earnings $0.52 per unit, up 5% vs. year-ago. Revenues up 21% to $1.694 billion. Total AUM up 7% to $387.4 billion.

June '17: net economic income $0.59 per unit, up 36%. Distributable earnings $0.63 per unit, up 58%. Revenues up 30% to $1.549 billion. Total AUM up 4% to $371.1 billion.

7/1/16: Once a superstar for this portfolio, Blackstone has turned cold and we see no signs of a turnaround. We're selling.

Blackstone's Change Healthcare Holdings unit is combining with McKesson's information technology business to form a new company with annual revenues of $3.4 billion. The new firm, expected to go public after the merger, will offer managed healthcare companies technologies for financial and payment solutions and tools for administrative and clinical management. Blackstone will own about 30% of the combined company.

In April, Blackstone declared a $0.28 per unit distribution, down from previous $0.61 and down 69% vs. year-ago.

Forecast FY 12/2016 EPU Growth: 28% CF Payout Ratio: 92%

Background
Founded in 1985, Blackstone is one of the world’s largest private equity investors, a major investor in commercial real estate, manages private equity funds, funds of hedge funds, and offers financial advisory services to pension funds, financial institutions, and others. Blackstone has major holdings in Leica Camera, SeaWorld Parks & Entertainment, Apria Healthcare, The Weather Channel, Michaels Stores, Deutsche Telekom, Celanese Corporation, TRW Automotive, Hilton Worldwide, Equity Office Properties, and many other properties. Formerly privately held, Blackstone went public as a limited partnership in June 2007. In April 2013, Blackstone changed its policy to pay quarterly distributions based on each quarter's cash earnings.

Quarterly Reports

March '19: ENI (adjusted economic net income) of $0.31, down 77% vs. year-ago. Distributable EPU (DEPU) $0.33 vs. year-ago $1.05/unit. Revenues down 63% to $929.4 billion. Assets under management (AUM) up 11% to $310.5 billion. In January, $0.61/unit distribution vs. previous $0.49, but down 22% vs. year-ago.

December '15: ENI $0.37 vs. $1.25. DEPU $0.72 vs. $0.92. Revenues down 59% to $877.2 million. Assets under management (AUM) up 16% to $336.4 billion. Agreed to acquire publicly traded BioMed Realty Trust (BMR). Spun-off advisory services assets into PJT Partners, which combined Blackstone's financial and strategic advisory services with independent financial advisory firm, PJT Capital. Unitholders received one share of Class A PJT Partners (PJT) for every 40 units of Blackstone. We advised selling PJT shares. October '15 BX returns included a $0.50 per unit dividend to account for the transaction. In October, declared $0.49 per share distribution.

September '15: ENI -$0.35/unit loss vs. +$0.66. Distributable EPU (DEPU) up 7% to $0.58. Revenues -$32.195 million vs. $1.653 billion. Assets under management (AUM) up 17% to $333.9 billion. Agreed to buy publicly traded Strategic Hotels & Resorts (BEE) including Four Seasons in Washington, D.C., San Francisco Westin St. Francis and Ritz-Carlton Laguna Niguel. In July, $0.74 per unit distribution, down from previous $0.89, but up 35% vs. year-ago.

June '15: ENI $0.43 vs. $1.15. DEPU $0.88, up 35%. Revenues down 46% to $1.202 billion. AUM up 19% to $332.7 billion. Agreed to acquire Excel Trust (EXL), a publicly traded REIT that owned 38 retail properties including supermarkets, drug stores, and department stores. In April, distribution up 14% to $0.89.

March '15: ENI $1.37, up 96%. DEPU up 163% to $1.05. Revenues up 66% to $2.509 billion. AUM up 14% to $310.5 billion. In February, declared $0.78 per unit distribution, up 34%. Sold 26 office buildings in Silicon Valley and San Francisco for $3.5 billion in cash and stock to Hudson Pacific properties (HPP). Blackstone ended up with 48% of HPP. In February, distribution up 34% to $0.78.

December '14: ENI $1.25, down 7%. DEPU up 35% to $0.92. Revenues down 21% to $2.138 billion. Assets under management (AUM) up 9% to $290.4 billion. Agreed to acquire GE Japan's residential real estate holdings for $1.6 billion. In October, distribution down 20% to $0.44, but up but up 91% vs. year-ago.

September '14: ENI $0.66, up 18%. DEPU up 104% to $0.53/unit. Revenues up 35% to $1.654 billion. Assets under management (AUM) up 15% to $284.4 billion. Partnered with African infrastructure development company to develop large-scale infrastructure projects across Sub-Saharan Africa with a focus on the energy sector. In July, distribution up 57% to $0.55.

June '14: EPU (economic net income) $1.15, up 89%. Distributable earnings up 132% to $0.65/unit. Revenues up 56% to $2.237 billion. Assets under management (AUM) up 21% to $278.9 billion. In April, distribution up 17% vs. year-ago to $0.35.

March '14: ENI $0.70, up 27%. Distributable EPU up 24% to $0.41. Assets under management (AUM) up 25% to $271.7 billion. In January, distribution up 52% to $0.58. Due to change in distribution policy, year-ago comparisons not meaningful.

December '13: ENI $1.35, up 129%. Distributable EPU up 51% to $0.68. AUM up 26% to $266 billion. Invested $200 million in casual shoemaker Crocs (CROX). Hilton Hotel unit sold 113 million shares at $20 in IPO. Blackstone, retained 76%. BX received $1.5 billion for its stake in GeoSouthern Energy which was sold to Devon Energy. Blackstone led consortium made a deal to buy and take private Pactera, China's largest technology outsourcing company.

September '13: EPU $0.56, up 49%. Distributable EPU up 86% to $0.26. AUM up 21% to $248 billion. Bought Dutch shopping center operator Multi Corporation, which owned or managed 56 malls in 13 European countries, bought 16 hotels from Hersha Hospitality Trust for $217 million, and according to media reports, agreed to pay General Electric' finance unit $2.7 billion for 80 apartment complexes comprising 30,000 units in Dallas, Atlanta and other parts of Texas and the Southeast. In July, declared $0.23 distribution, down from previous $0.30, but 130% above year-ago.

June '13: EPU $0.62, up 226%. Revenues up 122% to $1.433 billion. Distributable EPU up 65% to $0.28. AUM up 21% to $230 billion. Vanguard Health Systems agreed to be acquired by U.S. hospital operator Tenet Healthcare for $21 per share, a 70% premium to previous close. BX held a 38% stake. Bought Credit Suisse's Strategic Partners unit that specializes in buying and selling stakes in private equity funds. SeaWorld unit sold 26 million shares for $27 per share, netting Blackstone $702 billion.

March '13: EPU $0.55, up 25%. Revenues up 29% to $1.26 billion. Distributable EPU up 120% to $0.33. AUM up 15% to $218 billion. Formed Fisterra Energy to develop and operate large scale independent power projects in Latin America, Europe and the Middle East. Acquired controlling interest in Maldives-based seaplane operators Maldivian Air Taxi and Trans Maldivian Airways. In January, distribution up 31% vs. year-ago to $0.42.

December'12: EPU $0.59, up 40%. Revenues up 33% to $1.229 billion. Real estate earnings down 2% to $246.0 million. Hedge Fund earnings up 163% to $82.7 million. Credit up 88% to $107.2 million. Financial advisory up 33% to $52.0 million. Distributable earnings up 177% to $493.8 million.

September'12: EPU $0.55 vs. loss. Distributable EPU $0.15, up 50%. Fee earning AUM up 27% to $168.6 billion. Total AUM up 30% to $204.6 billion.

June'12: EPU loss -$0.14 vs. profit. Economic Net Income $0.19/unit vs. $0.73. Distributable earnings/unit $0.14, up $0.01. Fee earning assets under management up 22% to $157.6 billion. Private equity fee earning assets flat at $46.63 billion. Real estate assets up 34% to $48.32 billion. Hedge fund assets up 6% to $402.89 billion. Credit business assets up 50% to $50.52 billion. Total assets under management up 20% to $190.1 billion.

March'12: EPU $0.39 vs. $0.51. Distributable earnings/unit $0.15, down $0.03. Fee earning assets under management up 26%. Private equity fee earning assets up 4%. Real estate assets up 39%. Hedge fund assets up 13%. Credit business assets up 62%. Total assets under management up 25% to $154.3 billion.

December'11: EPU loss -$0.25 vs. -$0.03. Distributable earnings $0.16 per unit, down $0.04. Total assets under management up 30%. Private equity assets up 56%. Real estate assets up 29%. Hedge fund assets up 17%. Credit business assets up 19%. Fee-earnings assets under management up 25% to $136.8 billion.

September'11: EPU loss -$0.56 vs. -$0.12 loss. Distributable earnings $0.10 per unit vs. $0.15. Total assets under management up 32% to $157.7 billion. Private equity assets up 47%. Real estate assets up 50%. Hedge fund assets up 22%. Credit business assets up 14%. Fee-earnings assets under management up 27%.

Capital Product Partners

3/1/16: Capital Products fundamental outlook was recently diminished by news that a major customer planned to negotiate already contracted charter rates lower. Sell Capital Product Partners.

According to an analyst report, Hyundai Merchant Marine, one of CPLP's major customers, plans to renegotiate significant reductions in already contracted charter rates.

Forecast FY 12/2016 EPU Growth: 24% CF Payout Ratio: 91%

Background
Capital, a ship owner, owns four crude oil tankers, 18 refined product (gasoline, chemicals, etc.) tankers, two container vessels and one bulk carrier. Due to over-ordering in the years leading up to the 2008 financial meltdown, the oceangoing shipping business has suffered from oversupply of ships since 2008, depressing charter rates. However, with most global economies on the mend, some analysts are forecasting that the ship surplus will turn into a shortage in 2014. In the meantime, Capital has pledged to maintain its current distribution through the end of 2013. Although an MLP, Capital has elected to be treated as a corporation for U.S. tax purposes, thus allowing unit holders to file 1099 tax forms instead of K1 forms.

Quarterly Reports

December '15: EPU $0.10, even year-ago. Revenues up 19% to $59.357 million. Cash available to pay dividends (CAPD) $29.3 million ($0.245/unit) vs. year-ago $24.692 million ($0.24/unit). In October, increased quarterly distribution by 0.8% to $0.2385, which was 2.5% above its year-ago payout.

September '15: EPU $0.09. Revenues up 20% to $57.589 million. CAPD $29.097 million ($0.24/unit) vs. $24.692 million ($0.27/unit). CEO and CFO, Petros Christodoulou left the company. No reason given. Replaced in both positions by the Chief Operating Officer, Gerasimos Kalogiratos. In July, distribution up 0.8% to $0.2365.

June '15: EPU $0.09, up 125%. Revenues up 15% to $54.5illion. CAPD $28.853 million ($0.25/unit) vs. $21.054 million ($0.24/unit). Sold 14.72 million new units at $9.53. In April, distribution up 1% to $0.2345.

March '15: EPU $0.09, up $0.01. Revenues up 3% to $48.885 million. CAPD $28.609 million ($0.27/unit) vs. $20.985 million ($0.24/unit).

December '14: EPU $0.10, up $0.12. Revenues up 6% to $49.715 million. Operating cash flow (OCF) $29.038 million ($0.28/unit) vs. $25.199 million ($0.29/unit). Sold 17.25 million new units at $10.53/unit.

September '14: EPU $0.09 vs. 0.35. Revenues up 13% to $48.171 million. OCF $36.993 million ($0.40/unit) vs. $17.478 million ($0.17/unit).

June '14: EPU $0.04, up $0.01. Revenues up 14% to $47.444 million. Operating cash flow (OCF) $29.788 million ($0.34/unit) vs. $62.580 million ($0.92/unit).

March '14: EPU $0.08, even. Revenues up 19% to $47.447 million. OCF $26.795 million ($0.19/unit) vs. $17.882 million ($0.20/unit).

December '13: EPU loss (continuing operations) -$0.02 vs. -$0.55. Revenues up 23% to $47.018 million. OCF $31.362 million ($0.36/unit) vs. $29.229 million ($0.44/unit). Reiterated intention to pay distributions totaling $0.93/unit annually.

September '13: EPU (operating) $0.08, up 33%. Revenues up 13% to $42.742 million. OCF -$0.130 million ($0.00/unit) vs. year-ago $1.461 million ($0.02/unit). Bought three container vessels from general partner, Capital Maritime & Trading, for $195 million. To help pay for the ships, Capital sold 13.7 million new units for $9.25/unit.

June'13: EPU (normalized) $0.03. Revenues up 10% to $41.769 million. OCF $80.462 million ($0.86/unit) vs. $34.235 million ($0.50/unit). Confirmed commitment to pay annual distributions totaling $0.93/unit "going forward."

March'13: EPU $0.28 vs. $0.05. Revenues flat at $39.965 million. OCF $17.882 million ($0.26/unit) vs. $19.873 million ($0.29/unit).

Carlyle Group

Despite reporting okay growth numbers, Carlyle Group's unit price seems to only want to go down. Perhaps another example of a good company, but a bad stock. We're giving up on Carlyle.

Carlyle reported September quarter economic net income of $0.55 per unit, $0.01 above analyst forecasts and up 8% vs. the year-ago quarter. Distributable earnings up 38% to $0.44/unit. Assets under management (AUM) $202.6 billion, up 10% vs. year-ago. Fund management fees up 13% to $318.8 million. Performance fees down 31% to $223.9 million.

Distributions
Carlyle distributes $0.16 per unit for its March, June, and September quarters. Its December quarter distribution (declared in February) will bring the total for the year up to total distributable earnings for the year minus a holdback amount determined by its Board.

Forecast FY 12/2014 EPU Growth: -23% Div/EPU: 23%

Background
Founded in 1987, Carlyle, which only went public in May 2012, is a global alternative asset manager more than $170 billion under management. Businesses include corporate private equity, real estate, infrastructure and energy resources, distressed corporate opportunities and lending, and private equity funds of funds.

Quarterly Reports

June '14: EPU (economic net income) $0.73, up 87% vs. year-ago. Distributable earnings $324 million ($0.93/unit) vs. year-ago $163 million ($0.53/unit). Assets under management (AUM) $202.7 billion, up 12%. Fund management fees up 31% to $317.3 million. Performance fees up 113% to $262 million. Interest and other consolidated funds income down 4% to $243.7 million.

March '14: EPU (economic net income) $0.85 vs. $1.02. Distributable earnings $183 million ($0.52/unit) vs. $171 million ($0.48/unit). Assets under management (AUM) $198.9 billion, up 13%. Fund management fees up 12% to $260.3 million. Performance fees down 3% to $260.3 million. Interest and other consolidated funds income down 7% to $250.7 million. Acquired fund manager Diversified Global Asset Management with more than $6.7 billion in managed assets, majority stake in upscale tour operator Bonotel Executive Travel, Tyco Fire & Security Services' Korean unit, and Illinois Tool Works' Industrial Packaging unit. Agreed to acquire Johnson & Johnsons' Ortho Clinical Diagnostics unit for $4.15 billion. In February, declared $1.40 per unit distribution, up 65% over year-ago.

December '13: EPU (economic) $1.64 vs. $0.47. Distributable earnings $401 million ($1.18/unit) vs. $188 million ($0.49/unit). Assets under management (AUM) $188.8 billion, up 11%. Fund management fees down 4% to $253.1 million. Performance fees $1,153.3 million vs. $264.4 million. Interest and other consolidated funds income $219.8 million vs. $225.1 million.

September '13: EPU (economic) $0.51 vs. $0.66. Distributable earnings $104.7 million ($0.32/unit) vs. $206.9 million. Assets under management (AUM) $185.0 billion, up 18%. Fund management fees up 8% to $257.9 million. Performance fees $320.5 million vs. $356.3 million. Interest and other consolidated funds income up 22% to $302.0 million. Agreed to buy Metropolitan Real Estate Equity Management, LLC, a manager of funds of funds that invest in real estate in the U.S., Europe, Asia and Latin America. Acquired power generation plant in New Jersey and closed acquisition of five power plants in California.

June '13: EPU -$0.07 vs. -$0.26. Distributable earnings $163 million ($0.53/unit) vs. $116 million. Assets under management (AUM) $180.4 billion, up 15%. Fund management fees up 1% to $242.2 million. Performance fees $259.1 million vs. loss. Interest and other consolidated funds income up 15% to $252.9 million. Entered into a joint venture with two other partners that will spend $400 million to build 17 new warehouses in China. Bought a 19-story office building in Shanghai and a 40% interest in two shopping malls in two Chinese cities. Synagro Technologies unit filed for Chapter 11 bankruptcy protection with a plan to sell the business to a Swedish private equity firm for $455 million. Pension plan CalPERs registered with the SEC to sell 12.7 million Carlyle units held by CalPers for $27.00/unit. Carlyle did not receive proceeds from the sale. Carlyle had around 50 million units outstanding.

March'13: EPU $1.02 (May 2012 IPO, no year-ago comps). Distributable EPU $0.47. Assets under management (AUM) $176.3 billion. Fund management fees down 1% vs. year-ago to $231.4 million. Performance fees flat at $642.4 million. Interest and other Consolidated Funds income up 27% to $268.4 million. Broadleaf unit, based in Tokyo, went public via an IPO on Tokyo stock exchange. Carlyle and ClearRock Properties, a northeast regional owner and operator, acquired a 106,000-square-foot, 17-story Flatiron District office tower in Noew York City. Carlyle acquired DuPont Performance Coatings form Dupont for $4.9 billion and renamed it "Axalta Coating Systems." Acquired Paradigm Precision Holdings, a provider of components for turbine engines serving the aerospace industry. In February, declared $0.85 per unit distribution.

December'12: EPU $0.47. Distributable EPU $0.49. Assets under management (AUM) $170.2 billion. Fund management fees up 13% to $263.5 million. Performance fees down 31% to $264.4 million. Interest and other Consolidated Funds income up 17% to $225.1 million.

September'12: EPU $0.66. Distributable EPU $0.63. Assets under management (AUM) $157.4 billion. Fund management fees up 2% to $239.8 million. Performance fees $356.3 million. Interest and other Consolidated Funds income up 30% to $247.7 million.

Compass Diversified

1/1/18: Compass Diversified Holdings owns and controls a variety of small companies, including several retail operations. Given current conditions, CODI's retail operators are more likely to report disappointing results than upside surprises over the next few months.

In August, Compass acquired sevenOKs, Inc., which makes and distributes insulated hot and cold food carriers for restaurant delivery, stadium concessions, catering operations, etc. With only $4 million in annual revenues, the sevenOK acquisition doesn't mean much.

Forecast FY 12/2017 EPU Growth: 11% CF Payout Ratio: 93%

Background
Compass Diversified Holdings invests in, and takes controlling interests in mid-sized (too small to go public) manufacturing, distribution, consumer product and business services companies. Compass attempts to improve the operating performance of its holdings and eventually sell or take them public. Current holdings include printed circuit board maker Advanced Circuits, wound treatment device maker Anodyne Medical Device, engineered magnetic solutions provider Arnold Magnetic Technologies, environmental services provider Clean Earth, wearable baby carrier and stroller maker ERGObaby), safe maker Liberty Safe, hemp-based food product maker Manitoba Harvest, and portable food warming fuel maker Sterno Products.

Quarterly Reports

September '17: EPU $0.10, down 87% vs. year-ago. Revenues up 28% to $323.96 million. Cash available for distribution $26.2 million ($0.44/unit) vs. year-ago $15.617 million ($0.29/unit). Year-ago earnings included a $0.93/unit gain from sale of investment.

June '17: EPU -$0.53 vs. $0.33. Revenues up 43% to $307.381 million. Cash available for distribution $25.503 million ($0.43/unit) vs. $15.617 million ($0.29/unit). Paid $152 million to acquire maker and marketer of airguns and archery products Crosman Corporation, with $118 million in annual sales. Expected Crosman to add $0.12 per share to annual cash flow.

March '17: EPU loss (adjusted) -$0.60 vs. -$0.30. Revenues up 50% to $290.0 million. Cash available for distribution $14.914 million ($0.25/unit) vs. $13.601 million ($0.25/unit). Acquired AERC Recycling Solutions., which serves commercial and industrial companies across the U.S.

December '16: EPU -$0.14, vs. -$0.39. Revenues up 60% to $318.6 million. Cash available for distribution $24.598 million ($0.44/unit) vs. $16.113 million ($0.25/unit). Sold 6.5 million new shares at $18.65 per share.

September '16: EPU (continuing) $0.72 vs. $0.14. Sales up 36% to $252.3 million. Cash available for distribution $22.559 million ($0.43/unit) vs. $23.774 million ($0.44/unit). Paid $400 million to acquire '5.11 Tactical,' a maker of specialized clothing for fire fighters, police, outdoor enthusiasts, etc., with around $300 million in annual revenues.

June '16: EPU (continuing) $0.33, up 14%. Sales up 15% to $229.4 million. Cash available for distribution $15.617 million ($0.29/unit) vs. $26.978 million ($0.50/unit). Acquired hazardous soil treatment provider Phoenix Soil, premium baby and toddler carrier maker New Baby Tula, and EWS Alabama that offers hazardous and non-hazardous waste management services to customers in 11 states.

March '16: EPU loss -$0.31 vs. -$0.55. Sales up 16% to $208.0 million. Cash available for distribution $13.601 million ($0.25/unit) vs. $15.494 million ($0.29/unit). Sterno Products unit acquired flameless candle maker Northern International. Reduced holdings of Fox Factory Holding from 41% to 33% via a stock sale that netted CODI $47.7 million.

December '15: EPU loss -$0.39 vs. year-ago +$0.14. Sales up 12% to $218.10 million. Cash available for distribution $16.113 million ($0.25/unit) vs. year-ago $17.470 million ($0.34/unit). Acquired hemp-based food product maker Manitoba Harvest. Sold American Furniture Manufacturing unit to private equity firm for $24 million.

GCM Grosvenor

We're advising selling GCM Grosvenor. See write-up at top for details.

In August, GCM increased its quarterly dividend by $0.01 (13%) to $0.09 per share.

GCM was added to the Russell 2000 index on June 28.

Background
Founded in 1971, and headquartered in Chicago with offices in New York, Los Angeles, Toronto, London, Tokyo, Hong Kong, and Seoul, GCM invests on behalf of clients who seek allocations to alternative investments, such as private equity, infrastructure, real estate, credit, and absolute return strategies. In August 2020, GCM announced it would become a publicly traded company via a merger with special-purpose acquisition company CF Finance Acquisition Corp. GCM Grosvenor began trading on NASDAQ on 11/18/20 under ticker GCMG.

Quarterly Reports

June '21: net EPS (adjusted) $0.10, up 25% vs. year-ago. Revenues up 33% to $119.7 million. Net fees up 13% to $84.9 million. Assets under management up 18% to $66.9 billion. In February, dividend up 33% to $0.08. Added to the Russell 2000 index on June 28.

March '21: net EPS (adjusted) $0.10 vs. year-ago $0.05. Revenues up 25% to $103.2 million. Net fees up 12% to $87.1 million. Assets under management up 16% to $64.9 billion.

December '20: Assets under management $61.9 billion, up 6% from September 30. Adjusted revenues up 54% from 9/30 to $153.0 million. Net fees up 41% from 9/30 to $120.0 million. Adjusted pre-tax income up 125% to $61.4 million.

Icahn Enterprises

2/1/15: We sold Icahn Enterprises, which had not lived up to our dividend growth expectations since added to the portfolio a year earlier.

In November 2014, Icahn declared a $1.50 per unit distribution, unchanged from previous payout, but 20% above year-ago.

Forecast FY 12/2014 EPU Growth: - Div/EPU: 87%

Background
Icahn Enterprises is the MLP that activist investor Carl Icahn set up to carry out his various transactions. Carl Icahn holds about 89% of IEP’s shares, but the rest are publicly traded. Besides for the positions that you hear about on TV every day, major holdings include CVR Energy, Tropicana Entertainment, Viskase Companies, WestPoint Home, ARI, AEP Leasing, Federal Mogul, PSC Metals, and AREO Real Estate Holdings. In 2013, IEP raised its quarterly distribution in two steps from 0.10 to $1.25 per unit.

Quarterly Reports

September '14: EPU -$2.90 vs. year-ago $4.10. Revenues down 23% to $4.422 billion. Net asset value (NAV) $9.225 billion ($76.88/unit) vs. year-ago $9.132 billion ($80.81/unit).

March '14: EPU (adjusted) $4.32 vs. year-ago $0.48. Revenues up 37% to $6.379 billion. Net asset value (NAV) $10.171 billion ($86.19/unit) vs. year-ago ($64.00/unit).

March '14: EPU (adjusted) $0.77 vs. $2.49. Revenues down 7% to $5.00 billion. Net asset value (NAV) $8.942 billion ($76.42/unit) vs. $6.876 billion ($63.08/unit). Raised $1.35 billion selling 5.875% Senior Notes due 2022 to institutional buyers. In February, distribution up 20% to $1.50.

December '13: EPU (adjusted) $1.22 vs. $1.90. Revenues up 14% to $4.872 billion. Net asset value $9.132 billion ($79.41/unit) vs. $6.098 ($58.08/unit) billion. Sold 2 million new units for $144.39/unit. Sold 2.989 million Netflix shares, said total return on shares was 457%.

September '13: EPU $4.10 vs. $0.75. Revenues up 27% to $5.721 billion. Net asset value $71.53 per unit vs. $59.20. Formed new joint venture; American Railcar Leasing LLC. IEP contributed $737 million of assets for 75% of JV. Tropicana Entertainment acquired Lumiere Palace Casino, HoteLumiere and Four Seasons Hotel St. Louis, all in St. Louis. In August, distribution up 25% to $1.25.

June '13: EPU $0.48 vs. $2.37. Revenues up 9% to $4.618 billion. Net asset value $74.00 per unit vs. $70.80 per unit.

Macquarie Infrastructure

2/1/18: Macquarie's fundamental outlook has deteriorated over the past few months and we see no signs of a turnaround.

In November, Macquarie raised its quarterly dividend by 3% to $1.38 per share, which was 10% above its year-ago payout.

Forecast FY 12/2018 EPS Growth: -9% CF Payout Ratio: 88%

Background
Macquarie owns and operates infrastructure properties, mainly corporate and private airplane repair and fueling facilities located at airports (fixed base operations), terminals for storing refined petroleum and chemical products, a Hawaiian natural gas distributor, and heating and cooling products for large office buildings, hospitals, etc. in Chicago and Las Vegas. Originally a trust, MIC converted to a conventional corporation in May 2015.

Quarterly Reports

September '17: EPU $0.48 per share, down 6% vs. year-ago. Revenues up 8% to $453.1 million. Operating cash flow $148.5 million ($1.69/share) vs. year-ago $159.1 million ($1.81/share). Disappointing numbers from Macquarie. In July, dividend up 5% to $1.38.

June '17: EPS $0.32, up 33% vs. year-ago. Revenues up 10% to $439.0 million. Operating cash flow $120.6 million ($1.46/share) vs. year-ago $129.4 million ($1.59/share). In April, dividend up $0.01, to $1.32.

March '17: EPS $0.44, up 57%. Revenues up 14% to $451.5 million. Operating cash flow $128.568 million ($1.56/share) vs. $148.566 million ($1.85/share). In February, dividend up 1.5% to $1.31.

December '16: EPS 0.89, up 117%. Revenues up 9% to $437.2 million. Operating cash flow $123.332 million ($1.51/share) vs. $126.237 million ($1.58/share). In November, dividend up 3% to $1.29.

September '16: EPS $0.52 vs. $0.13. Revenues up 1% to $420 million. Operating cash flow $159.070 million ($1.96/share) vs. $60.975 million ($0.77/share). Agreed to acquire 80 megawatt "Red Hills" solar power facility in Iron County, Utah. In July, dividend up 4% to $1.25.

Quarterly Reports

June '16: EPS $0.24 vs. -$0.80. Revenues down 6% to $397.6 million. Operating cash flow $129.332 million ($1.59/share) vs. $76.908 million ($0.97/share). In April, dividend up 4% to $1.20.

March '16: EPS $0.28 vs. -$1.20 loss. Revenues down 1% to $396.387 million. Operating cash flow $148.586 million ($1.83/share) vs. $117.016 million ($1.59/share). In February, dividend up 2% to $1.15.

December '15: EPS $0.42, up 31%. Revenues down 1% to $401.354 million. Operating cash flow $126.237 million ($1.62/share) vs. $57.252 million ($0.88/share). In October, dividend up 2% to $1.13.

September '15: EPS $0.13 vs. $13.87. Revenues up 7% to $415.7 million. Operating cash flow $60.975 million ($0.77/share) vs. $63.028 million ($0.93/share). In July, dividend up 4% to $1.11.

June '15: EPS -$0.80 loss vs. year-ago +$0.17. Revenues up 51% to $423.7 million. Operating cash flow $76.928 million ($0.97/share) vs. year-ago $131.335 million ($2.32/share). In May, dividend up 5% to $1.07.

March '15: Free cash flow/unit $1.68, up 46%. Revenues up 44% to $398.5 million. Operating cash flow $117.016 million ($1.60/unit) vs. $59.077 million ($1.05/unit). Airport services subsidiary, Atlantic Aviation, acquired Showalter Flying Service fixed base operation at Orlando Executive Airport. Deal increased number of Atlantic Aviation locations to 69. Acquired power generation facilities in Bayshore, New Jersey from affiliated company. In February, distribution up 4% to $1.02.

December '14: Free cash flow/unit $1.28, up 54%. Revenues up 56% to $405.1 million. Operating cash flow $57.252 million ($0.91/unit) vs. $27.357 million ($0.53/unit). In October, distribution up 3% to $0.98.

September '14: Free cash flow/unit (adjusted) $1.37, up 26%. Revenues up 47% to $388.638 million. Operating cash flow $63.028 million ($0.93/unit) vs. $50.663 million ($0.96/unit). Paid $11.5 million for non-controlling interest in wind power generating facilities, near Twin Falls, Idaho. Agreed to buy 50% stake that it didn't already own in International-Maxtex Tank Terminals for $1.03 billion. Said intends to distribute 80% to 85% of free cash flow to shareholders, which translated to 2015 distributions of $4.08 to $4.34 per share, up 11% to 18% vs. 2014. In July, distribution up 1% to $0.95.

June '14: EPU $0.17 vs. -$0.02 loss. Revenues up 11% to $280.9 million. Operating cash flow $72.258 million ($1.30/unit) vs. $44.328 million ($0.87/unit).

March '14: EPU $0.36 vs. $0.12. Revenues up 6% to $183.8 million. Operating cash flow $59.077 million ($1.05/unit) vs. $33.669 million ($0.71/unit). In February, distribution up 4% to $0.9125.

December '13: EPU $0.27, up $0.01. Revenues up 4% to $260.5 million. Operating cash flow $27.357 million ($0.33/unit) vs. $53.328 million ($1.14/unit). Acquired fixed base operations (FBOs), which are airport storage, fueling, repair and service facilities for private airplanes, at five airports in Florida from Galaxy Aviation for $195 million. In December, sold 2.22 million new shares at $52.50 per share.

September '13: EPS $0.20 vs. -$0.04 loss. Revenues up 2% to $263.7 million. Operating cash flow $50.663 million ($1.30/share) vs. $39.752 million ($0.86/share). In July, distribution up 27% to $0.875.

June'13: EPS -$0.02 vs. $0.24. Revenues down 2% to $252.6 million. Operating cash flow $66.318 million ($1.30/share) vs. $ 43.507 million ($0.93/share). Storage Terminals and fixed base operations, together, accounted for 96% of cash flow.

Navios Maritime Partners, L.P.

The September quarter numbers for both Navios Maritime Partners and Och-Ziff Capital Management are likely to come in below the year-ago figures. Both could sell-off even further. We're taking big losses and selling now.

In July, Navios increased its quarterly distribution by 2% to $0.44/unit.

In May, Navios agreed to purchase two tankers from its Master Partner, Navios Maritime Holdings. One is a mid-size tanker (Panamax) built in 2004, and the other is a larger ship (Capesize) built in 2010. Both are chartered under long-term contracts.

Forecast FY 12/2011 OCF Growth: -7% Div/CF: 65%

Background
Navios Maritime Partners, based in Piraeus, Greece, owns 14, and operates two additional dry bulk oceangoing vessels. Navios Maritime Partners was formed in November 2007 by Navios Maritime Holdings, itself a 55-year-old dry bulk shipping company. Navios Holdings controls about 31% of Navios Partners. Dry bulk ships typically carry coal, grain, iron ore, and fertilizer. Navios charters its ships under long-term contracts and 100% of its fleet is under contract for 2011 and 94% is contracted for 2012. Navios has entered into long-term time charter-out agreements for all of its vessels with a remaining average term of 4.6 years. The contracts are insured by an AA+ rated European Union governmental agency. Common unitholders are entitled to a $0.35/unit minimum quarterly distribution. Navios elected to be treated as a 'C' Corporation for U.S. tax purposes (investors receive a Form 1099-DIV and not a Schedule K-1).

Quarterly Reports

June'11: EPU (adjusted) $0.36, down $0.01 vs. year-ago. Operating cash flow $30.6 million ($0.55/unit) vs. year-ago $27.61 million ($0.65/unit). Revenues up 37% to $45.7 million. Has contracts for 98.1% of remaining available days for 2011, 91.0% for 2012, and 78.0% for 2013. Average daily rates: $30,282, $31,340 and $32,732 for 2011, 2012 and 2013. In April, sold 4.0 million new units for $19.68/unit.

March'11: EPU $0.35, down $0.04. Net income up 32%, but number of common units up 56%. Operating cash flow up 31% to $31.27 million. Revenues up 46% to $42.8 million. In January, distribution up 2% to $0.43.

December'10: EPU $0.38, down $0.01. Higher depreciation charges accounted for drop. Operating cash flow up 106% to $30.71 million. Revenues up 66% to $42.5 million. Purchased two dry bulk vessels from Navios Holdings for $98.2 million. Raised $112 million by selling 6.3 million new units at $17.65.

September'10: EPU $0.47 up 7%. Revenues $38.07 million, up 61%. Operating cash flow $14.88 million, up 18%. In July, distribution up 1% to $0.42.

June'10: EPU $0.40 up 82%. Revenues $32.26 million, up 46%. Operating cash flow $26.64 million, up 91%. Purchased another dry bulk ship from Navios Holdings for $110 million. Raised $92 million by selling 5.2 million new units at $17.84/unit.

Och-Ziff Capital Management

6/1/15: Och-Ziff Capital Management is not generating the numbers that we were expecting when we added it to the portfolio in January. We're selling Och Ziff.

Forecast FY 12/2015 EPU Growth: 27% CF Payout Ratio: 241%

Background
Och-Ziff was founded in 1994 by Daniel Och in partnership with Ziff Brothers Investments. Managed by Daniel Och, Och-Ziff is an investment manager that runs four multi-strategy hedge funds targeted to institutional and high net worth individuals. Och employs a low-risk strategy focusing on capital preservation. Och-Ziff went public, structured as a Limited Liability Corporation (LLC), in November 2007. As an LLC, Och-Ziff has no master partner. Its policy to to distribute virtually all of distributable cash flow to unit holders. Quarterly distributions are uneven with the largest payouts in February.

Quarterly Reports

Background
Founded in 1994 by Daniel Och, Och Ziff, one of the world's largest alternative asset managers, is involved in a wide variety of investment strategies including merger arbitrage, equity restructuring, private investments and real estate. It has more than 400 employees worldwide. It is organized as a Limited Liability Corporation (LLC), which for tax purposes, is similar to an MLP.

Quarterly Reports

March '15: EPU $0.14, even with year-ago. Distributable EPU $0.25, even with year-ago. Economic net income up 7% to $229.6 million. Assets under management up 13% vs. to $48.3 billion.

December '14: EPU $0.47 vs. $1.13. Revenues down 38% to $687.7 million. Distributable EPU $0.50 vs. $1.15. Economic net income $300.2 million vs. $671.8 million. Assets under management $47.5 billion, up 18%.

September '14: EPU $0.09 vs. $0.15. Revenues up 10% to $306.685 million. Distributable EPU $0.23 vs. year-ago $0.27. Economic net income $155.6 million ($0.32/share) vs. $154.2 million ($0.32/share). Assets under management $46.0 billion vs. $37.8 billion. Declared $0.20/share distribution.

March '14: EPU $0.05 vs. $0.02. Revenues up 15% to $262.469 million. Distributable EPU $0.18 vs. $0.16. Economic net income $113.4 million vs. year-ago $98.5 million. Assets under management $45.7 billion vs. $36.6 billion. Declared $0.17/share distribution.

June'11: EPU (distributable) $0.16, up $0.02 vs. year-ago. GAAP earnings -$0.96 loss vs. year-ago -$1.05 loss. Revenues up 19% to $147.3 million. Assets under management at August 1 $29.8 billion, up 17% vs. year-ago, and up 20.7% from July 1. In April, declared a $0.13 distribution, up 44% over year-ago.

March'11: EPU -$0.99 loss vs. -$1.07. Losses reflect non-cash charges. Distributable cash flow $0.16/unit, up 33%. Revenues up 27% to $138.4 million. Assets under management $29.0 billion, up 17%. In February, distribution up 22% vs. year-ago to $0.71.

December'10: EPU -$0.24 loss vs. -$0.58 loss. Losses reflect non-cash charges. Distributable cash flow $0.74/unit, up 22%. Revenues up 27% to $568.7 million. Assets under management $27.6 billion, up 17%.

September'10: EPU -$1.05 loss vs. -$1.06 loss. Losses reflect non-cash charges. Distributable cash flow $0.13/unit, up 63%. Revenues up 20% to $122.5 million. Assets under management $26.3 billion, up 19%.

Rentech

The price outlook for nitrogen fertilizers has weakened recently and there's risk that Rentech will cut its profit and distribution projections when it reports June quarter numbers.

8/8/13: Rentech reported June quarter earnings of $0.74 per unit, $0.27 below analysts' forecasts and 31% below the year-ago quarter. Revenues rose 47% to $104.0 million. Revenue gain entirely driven by acquisition. Revenues at original East Dubuque facility down 13% vs. year-ago. Cash available for distribution $33.021 million ($0.85/unit) vs. $19.420 million ($0.50/unit).

In July, 2013,Rentech declared a $0.85 per unit distribution, up 70% vs. its previous payout, but down from $1.17 in the year-ago quarter.

In April, Rentech announced plans to build a 15 megawatt power generation unit at its Pasadena, Texas facility that will use steam produced from the sulfuric acid plant at the facility to generate electrical power. A portion of that power will be used to run the Pasadena facility and the balance sold on the open market. Based on the rough numbers in the press release, the project could add $0.10 to $0.15 per unit to annual cash flow starting in the first quarter of 2015.

In April, Rentech declared a $0.50 per unit distribution, down 33% from its previous payout and down 53% from its year-ago distribution. Rentech said the distribution with its guidance calling for distributions totaling $2.60 per unit in 2013, down from $3.30 in 2012.

In April, Rentech sold $320 million of 6.5% second lien senior secured notes due 2021. Rentech expects the financing cost savings derived from the note sale to add the following amounts to its cash available for distribution: $0.18/unit in 2014, $0.28 in 2015, $0.60 in $2016, and $0.69 in 2017. Rentech expects to distribute $2.60/unit this year.

Forecast FY 12/2013 EPU Growth: -22% Div/CFU: 78%

Background
Rentech, a November 2011 IPO, produces nitrogen fertilizer products at its facility in East Dubuque, Illinois. Natural gas represents the majority of the cost of producing nitrogen fertilizers. While U.S. natural gas prices are at historic lows, that is not the case in Europe and Asia where natural gas prices remain high. Thus, fertilizers can be produced at lower cost in the U.S. than in the rest of the world. Rentech’s plant is located in the the farm belt, cutting transportation costs, giving Rentech a competitive advantage. Rentech's general partner, Rentech, Inc., does not take a cut of Rentech Nitrogen's Partners cash flow.

Previous Quarterly Reports

March'13: EPU $0.38 vs. year-ago $0.51. Revenues up 55% to $59.56 million. Revenue gain driven by acquisition. Production at original East Dubuque facility down 3% vs. year-ago. Cash available for distribution $19.420 million ($0.50/unit) vs. December quarter $29.105 million ($0.75/unit). Completed capacity expansion project to increase urea production by 15% at nitrogen fertilizer facility in East Dubuque. In January, declared $0.75 per unit distribution.

December'12: EPU $0.44. Revenues up 47% to $92.4 million. Revenue gain driven by acquisition. Plant outages reduced production a existing facilities. Cash available for distribution $29.105 million ($0.75/unit) vs. September quarter $38.980 million ($0.85/unit). Acquired Pasadena, Texas based ammonium sulfate fertilizer maker Agrifos for $158 million. In October, declared $0.85 distribution, down 27% vs. previous payout.

September'12: EPU $0.75. Revenues up 56% to $60.1 million. Production 266,000 tons vs. 203,000 tons. Gross profit margin 58.3% vs. year-ago 33.2%. Cash available for distribution $38.980 million ($0.85/unit) vs. June quarter $44.764 million ($1.17/unit). In July, distribution up 10% to $1.17.

June'12: EPU $1.08. Revenues down 5% to $70.643 million. Gross profit margin 64.6% vs. 50.3%. Cash available for distribution $44.764 million ($1.17/unit). Expects "continued high prices and significant acres planted next year. Low corn inventories should drive corn pricing throughout the year and support strong fertilizer demand." In April, Rentech $1.06 distribution, which covered November and December of last year, plus the March quarter.

March'12: EPU $0.51. Revenues up 61% to $38.473 million. Gross profit margin 58.7% vs. 42.6%. Operating cash flow $35.597 million ($0.96/unit) vs. $17.891 million. For 12 months ending September 30, Rentech expected distributable cash flow of $2.67/unit including debt service, up from earlier estimate of $2.28/unit.