IAM today announced unaudited financial results for the first quarter ended December 31, 2018.
John Robertson, President and CEO, said “Comparing the first quarter of 2019 to the first quarter of 2018, revenue was 34% higher, Adjusted EBITDA increased 82%, and net income rose 79%. These results dramatically illustrate the operating leverage of growing committed and invested capital with a modest increase in operating expenses.
On January 15, 2019, we announced the closing of IAM Private Debt Fund VI at $843 million. This was our largest fund raise yet, 25% bigger than our previous largest fund raise, IAM Private Debt Fund V. We now have approximately $1 billion in committed but uninvested capital and total AUM of approximately $3.1 billion. We are paid on invested capital, not committed capital, so this bodes well for increasing revenue, earnings and cash flow over the next two years as this fund gets invested. Congratulations to the Private Debt Group on this historic capital raise.”
The Board of Directors of the Corporation has approved payment of a dividend in the amount of $0.03 per outstanding share, totaling approximately $0.8 million based on the number of shares outstanding at that date. This dividend will be paid on March 8, 2019 to shareholders of record on February 21, 2019.
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