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According to data from Pitchbook and Affinity’s annual predictions survey, more than a third of nearly 300 respondents identified due diligence criteria as a major factor impacting dealflow. With a 76% increase in the number of funds in operation from 2015 to 2023, the pressure to identify and close deals has never been higher.
It is what drives our dealflow, information advantage, ability to support our network, and more. And, as a result of these lower prices, we are able to buy more ownership in the companies that we choose to invest in for the same dollars that we would have been able to previously. I care about the success of my business (e.g.
And now we've transitioned to addressing the sector's growing power needs, leveraging our sizable energy infrastructure platform, which includes the largest private renewables developer in North America. One of the advantages of Blackstone is just our scale and the amount of dealflow we see across all these different areas.
That said, on the positive side, if you look across the US high yield and leveraged loan issuer market, we have had eight consecutive quarters of positive, albeit decelerating, revenue and earnings growth. I’d say on balance, the leveraged space and the economy generally have been trending better than one might have expected.
As we reported last year, between 2015 and 2019, our mean royalty rate was 2.4% And general and administration expenses were over $61 million compared to roughly $56 million in 2022, reflecting good operating leverage supporting the growing business. across 37 partner-initiated discovery programs with downstreams.
And you can go long, you can go short, you can have leverage, you could have higher exposure levels, but the securities are in the liquid public markets versus private equity, which are in illiquid private markets. 00:45:53 [Speaker Changed] So where does your dealflow come from? It sounds like very competitive space.
I had him on the show in 2015 and the thing that was so astonishing, 17.8% And I think a lot of investors and, and lenders and really lost their way and agreed to terms and conditions that in under today’s market environment would not be acceptable levels of leverage that would not work. Just an incredible run.
That’s a 5x increase since the financial crisis and a doubling since 2015. And so, that was a big event for us because all of those private equity relationships, as a limited partner, are fantastic drivers of knowledge and relationships and dealflow to finance those deals with those private equity firms.
We held our team together throughout the downturn to be able to capture dealflow when markets returned and our investment sales team's efforts in the back half of 2024 were fantastic and set us up very well for 2025 and beyond. Walker -- Chairman and Chief Executive Officer It was standard dealflow.
The transcript from this week’s, MiB: Howard Lindzon, Social Leverage , is below. So with no further ado, my discussion with Social Leverage’s Howard Lindzon. HOWARD LINDZON, MANAGING PARTNER, SOCIAL LEVERAGE: Hello, Barry. The next step from there was that Social Leverage. This all is leverage from the network.
They are well behind, but they aren't losing dealflow to other capital sources. What we are seeing in this challenging fundraising environment is that investors value Walker & Dunlop's access to dealflow and banker/broker distribution network as deals get harder and traditional sources of capital move in and out of the market.
I have personally been active in this field since 2015. And we think operating leverage over the long term. And then longer term, that sort of picture of stability and over time of operating leverage. AI is widely acknowledged as having the potential to be one of the greatest drivers of transformation in a generation.
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