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Leveraged loan issuance meanwhile climbed 75% to $41bn in over the period, while high yield bond buyouts stalled in Q2, totalling $4.3bn, less than half of H1 2023’s volume. Issuance of leveraged loans recovered in Q2 2024, rising 62% from Q1 2024 to €8.13bn and totaling €13.1bn for teh first six months of the year.
This approach is yielding profitable growth and operating leverage. As clients increasingly turn to BlackRock, we believe this will result in sustained market-leading organic growth, differentiated operating leverage and earnings and multiple expansion over time. With that, I'll turn it over to Larry.
Since 2017, the syndicate has deployed $8.4m It is what drives our dealflow, information advantage, ability to support our network, and more. across 25 investments into 16 companies. I estimate the current value to be $16.1m I care about the success of my business (e.g.
Since 2017, the syndicate has deployed $8.4m If I am doing my job right the first time in “picking winners”, at least for a few subsequent rounds, our best dealflow should come from our existing portfolio. It is what drives our dealflow, information advantage, ability to support our network, and more.
Our partner network continues to generate opportunities and open new dealflow. We leverage all layers of the AI tech stack, silicon cloud infrastructure services, and foundation models. We began our partnership with Con Ed in 2017, initially focusing on the advanced metering infrastructure project. For example, GPT 4.0,
Ed Sheeran's Divide released in 2017 and Dua Lipa's Future Nostalgia released in 2020 are both in our top-earning albums for the quarter. So, it's really -- it's basically about the dealflow if you really put it in business terms. These new releases are our catalog of the future. And that is exactly the intent.
She's been with the company as the CEO since 2017, and I think she's really helped stabilize this business, she's helped return to growth and I know that growth might not be software type growth or anything. But this is really one that it's taken a turn for the better. In the context of a $30 billion revenue business.
As we look forward, dealflow is significant. In 2017 -- or '18, I think it was, we acquired Prosper. You know, with SOFR or Fed funds in the mid-fives now, if you think about anything SOFR plus something, you're going to get again to that 8% to 12% on leverage return spectrum. We think we're in that period of time.
The exposure you get in investment banking, I was a leveraged finance banker by background. And so late 90s, that’s the emergence of the high yield market in Europe, you would print deals like never before. But I would add, we had just gone public at the time, 2017. So that was in 2017, we went public on Euronext Paris.
As we begin 2025, seven years after our IPO in 2018, I want to highlight 2024 and reflect on how far our balance sheet has come since, well, going way back to our preemergence in the summer of 2017 when VICI had total leverage of roughly 10.5 After we emerged in October of 2017, we got to work on fixing our balance sheet.
In terms of leverage, our total debt is currently $17.1 times within our target leverage range of five times to 5.5 But as we look at 2025 and given what we're working on, we remain confident that we are going to be bringing to the table both gaming and nongaming deals, big and small. years to maturity. John Payne? I will, John.
increased by 40 basis points year on year as we continue to drive operating leverage and profitable growth after the market shock of 2022. Looking forward, we're prioritizing investments to propel our differentiated organic growth and operating leverage. Our fourth quarter operating margin of 41.6%
Below are links to more performance details across our (i) primary fund vehicle which started in 2021, (ii) SPVs I have led since 2017, and (iii) a summary that incorporates both along with the angel investments I made prior to launching the fund.
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. There's also a variable around the sort of the level of dealflow a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term.
In 2017, we saw a historic investment opportunity emerging in the U.S. We leveraged the full breadth of our platform to design a custom solution across the capital structure for the borrowers secured by the long-term contractual cash flows of their critical pipeline infrastructure.
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