Exhibit 99.1 
MEDLEY MANAGEMENT INC. REPORTS SECOND QUARTER 2020 RESULTS 

NEW YORK, August 14, 2020 (GLOBE NEWSWIRE) -- Medley Management Inc. (NYSE: MDLY) ("MDLY" or the "Company") today reported its financial results for its
second quarter ended June 30, 2020.
Summary 
Fee earning assets under management were $1.7 billion as of June 30, 2020
Total assets under management were $3.6 billion as of June 30, 2020
Total revenues were $8.6 million for the three months ended June 30, 2020 and $16.4 million for the six months ended June 30, 2020
U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.12 for Q2 2020
Core Net Loss Per Share was $0.11 for Q2 2020

Results of Operations for the Three Months Ended June 30, 2020
Total revenues were $8.6 million for the three months ended June 30, 2020 compared to $12.9 million for the same period in 2019. Revenues consisted of $8.1 million of management fees and other revenue and $0.4 million of investment income. The decrease in total revenues was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a reduction in leverage and decline in portfolio valuations.
Total expenses from operations were $10.0 million for the three months ended June 30, 2020 compared to $11.1 million for the same period in 2019. The decrease was due primarily to a decrease in professional fees, primarily driven by lower costs associated with our terminated merger with Sierra Income Corporation ("Sierra"). Included in total expenses are costs associated with our terminated merger of $0.6 million and $1.1 million for the three months ended June 30, 2020 and 2019, respectively.
Total other expenses, net were $8.2 million for the three months ended June 30, 2020 and consisted of $2.6 million of interest expense and $5.5 million of other expenses. Of the $5.5 million in other expenses, $5.2 million was attributed to the revaluation of our revenue share payable. Total other expenses, net were $8.7 million for the three months ended June 30, 2019 and consisted of $2.9 million of interest expense and $6.0 million of unrealized loss on shares held of Medley Capital Corporation ("MCC"), offset in part by $0.2 million of dividend income.
Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $8.5 million for the three months ended June 30, 2020 compared to a net loss of $1.1 million for the same period in 2019. Medley Management Inc.’s net loss per share was $0.12 for the three months ended June 30, 2020 compared to a net loss per share of $0.03 for the same period in 2019.
Pre-Tax Core Net Income (Loss) was $(7.1) million for the three months ended June 30, 2020 compared to $0.8 million for the same period in 2019. Core Net Income (Loss) Per Share was $(0.11) for the three months ended June 30, 2020, compared to $0.02 for the same period in 2019. Core EBITDA was $(4.3) million for the three months ended June 30, 2020 compared to $3.8 million for the same period in 2019.

Results of Operations for the Six Months Ended June 30, 2020
Total revenues were $16.4 million for the six months ended June 30, 2020 compared to $26.7 million for the same period in 2019. Revenues consisted of $18.1 million of management fees and other revenue and $1.7 million of investment loss. The decrease was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a decline in portfolio valuations, a reduction in leverage, and a decline in investment income due to equity losses and reversal of previously recorded carried interest.
Total expenses from operations were $21.2 million for the six months ended June 30, 2020 compared to $22.3 million for the same period in 2019. The decrease was due primarily to a decline in compensation and benefits as a result of lower average headcount and discretionary bonuses, offset in part by an increase in professional fees. Included in total expenses are costs associated with our terminated merger of $2.5 million and $1.4 million for the six months ended June 30, 2020 and 2019, respectively.
Total other expenses, net were $10.7 million for the six months ended June 30, 2020 and consisted of $5.4 million of interest expense and $5.4 million of other expenses, offset in part by $0.1 million of dividend income. Of the $5.4 million in other expenses,



The following information was filed by Medley Management Inc. (MDLY) on Friday, August 14, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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