Despite not being public during the September quarter we’re reporting net adjusted income per share for a former basis at the end of the September quarter FSAM had total asset under management of just over 6 billion dollars and feat earning AUM of 4.8 billion dollars with 90% of total AUM in permanent capital vehicles. FSAM is currently operating with the wind at our backs and now have opportunity to take advantage of the favorable market trends to continue growing our business. Our senior loan fund business continues to gain momentum, we’re evaluating options regarding the securitization of senior loan fund 1, continue to ramp senior load fund 2 and in the process of raising our 3rd senior load fund 3. Our hedge fund, Fifth street opportunities fund only which started taking money from outside investors the beginning of this year has 60 million dollars in AUM as of December 1st 2014 and continues to receive interest from multiple potential investors due to its’ strong returns and unique office strategy.
Along with continuing to grow our investing vehicles we are also excited about diversifying the asset management platform through the launch of new funds. We expect from launch an aircraft leasing funds in the near term which will lever the expertise and experience of our aircraft team as we stayed on the road show. I and other members of management intend to use personal capital to re seed new products. The aircraft fund will be seeded with 20 million dollars of capital from management primarily myself in the form of GP investment. Additionally we have identified several attractive aircrafts that we anticipate temporarily warehousing in the management company credit facility prior to the funds first close.
Another initiative we are actively pursuing is possibly expanding Fifth street into Japan to take advantage of the attractive market opportunities that we feel will be presented there. Todd and I just returned from a week-long trip to Japan where we met with potential investors and potential partners including importantly SMBC. The opportunity in Japan remains very attractive and we look forward to continuing to work with SMBC and other partners to develop our products to Japanese market which we expect to launch by the end of 2015 and won’t have material impact in operations till 2016.
In the prospectus we say that we expect the dividend to be 30 cents for the 4th quarter, the board of directors continues to expect that it will declare their dividend of 30 cents per share to the quarter ending December 31st 2014. Based on current market conditions including the fact that our 2 BDCs are trading substantially below book value we believe that 30 cent dividend will represent a dividend payout ratio greater than 100% of managed adjusted net income per share in the 4th quarter which exceeds our long term targeted 80-90% payout ratio as stated in our prospectus. Furthermore we believe that a continuing 30 cent quarterly dividend per share on an annualized basis may exceed 90% of our 2015 estimated adjusted net income per share. We expect our boards dividend declaration policy will be in lined with our peers and we anticipate declaring our quarterly dividend as set by the board when we report earnings for that quarter with the exception of this 4th quarter dividend.
Management expects to communicate the 4th quarter dividend as declared by the board the week of January 19, 2015 as a reminder our dividend will be a qualified dividend which is favorable for investors with tax standpoint and since we’re seek corp we will not be providing k1s investors. We look forward to providing frequent updates as we continue to grow our existing vehicles and expand the asset management platform into new products and geographies. I would now like to turn the call over to our co president Todd Owens.
