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In 2022 and 2023, the Federal Reserve hiked interest rates 11 times in an effort to stifle abnormally high levels of inflation. has materially cooled from its high points during the summer of 2022. Moreover, Hercules has a unique opportunity to form strong relationships with the VCs that back many of its portfolio companies.
billion a year ago, and EBITDA reached $317 million versus $250 million in the first half of 2022. Recurring investment income rose 74% to $329 million versus $189 million in the first half of 2022. billion for the first half of 2023, compared to $5 billion in 2022. Revenues rose to $2.5 billion, compared to $2.3
Despite ongoing macro challenges, SaaS ARR grew from several million dollars in 2022 to approximately $125 million at the end of 2023. Our fourth-quarter results reflect the sustained momentum of our SaaS platform, and I'm happy to announce that SaaS ARR represents approximately 23% of total company ARR at year-end. million or $0.27
This compares to research fee revenue of approximately $41 million in 2022. And unlike in 2022, we earned no royalties in 2023. In sales and marketing expenses for 2023, we're approximately $14 million compared to just over $11 million in 2022. This compares to earnings of approximately $159 million in 2022.
We finished 2023 on a strong note with another consecutive quarter of management fee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. We grew FRE and DE 25% this past year following over 40% growth in both metrics in 2022. Thank you, Ann.
data center REIT as a well-positioned but poorly trading publiccompany with tremendous long-term potential. Our BREIT, BIP Infrastructure, and BPP perpetual strategies acquired the company for $10 billion in 2021, and its lease capacity has already grown sixfold in less than three years.
We celebrated the 25th anniversary of BlackRock becoming a publiccompany, and we closed our acquisition of Global Infrastructure Partners. We see this through unique deals and partnerships with BlackRock at the center and are accelerating client activity. Hopefully, everyone has had a good summer and a really fun fall.
Excluding the noncash deferred revenue adjustment from 2022, our advisory and other revenue was $3.9 Like many companies, we tend to see a bit more churn in the small enterprise space, particularly in this macro. Excluding noncash stock based compensation and other publiccompany expenses, G&A was $9.5 Turning to ARR.
And is there any difference in linearity of dealflow during the quarter, this quarter versus previous quarters? So, when you acquired TiVo back in early -- I think it was 2022, that business was growing at about a 50% annual pace. It's our entire history as a publiccompany, and we're going to continue with that.
Eva Shang : So at the time that we launched, there were already publiccompanies that were doing litigation finance. I think the pace of the number of deals we do is definitely accelerating, considering the fact that we only had 10 million for the first two years. 00:23:44 [Speaker Changed] And in 2022 you raised $400 million.
billion CMBS loan that matured in 2022, all instruments that we knew were not consistent with becoming the blue chip REIT we knew we should and could become. And with our acquisition of MGP, we were able to retire all of our remaining secured debt and received an investment-grade credit rating from S&P and Fitch in April of 2022.
This company is interesting. It had brought 325 million in net revenue in 2022. Robert Glazer: We have a lot of leaders that have 10 years of not having to make money, and you can always get more and it was cheaper and part of the real downside of that is I think a lot of companies haven't figured out product market fit.
Most major equity indices rebounded from significant declines in 2022 but with wide intrayear swings driven by historic movements in treasury yields, economic uncertainty, and geopolitical instability. publiccompany by market cap, exceeding the market value of all other asset managers. Blackstone is now the 55th largest U.S.
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