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NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. The increase in fee income over the third quarter was primarily driven by higher closing fees on new and follow-on investments during the fourth quarter and increased prepayment and amendment fees, driven by investment activity.
gigawatts following a 600-megawatt default by a customer who has recently delisted from the NewYorkStockExchange. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. As of today's call, that number is 1.1 Please turn to Slide 9.
Gross margins remained at 67% after allowing for amortization on the patents that generated this revenue. Now, during the quarter, we announced that Tim Foote was appointed as BlackBerry's new CFO. So, before we wrap up, I just want to remind everybody about our upcoming Investor Day at the NewYorkStockExchange on October 16.
Both will be listed on the NewYorkStockExchange with the GE Vernova as GEV and GE Aerospace carrying forward under GE. At insurance, we completed our annual review of liability cash flow assumptions under the new accounting standard. Part of that is amortization. So, it's still very, very strong.
This is a significant reduction for one quarter, and we expect to continue to improve net leverage over time propelled by our organic cash generation and scheduled debt amortization payments. We hope you are able to attend either in person at the NewYorkStockExchange or virtually through our webcast.
Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $7.4 Also, a reminder that we will be hosting an enterprise business review featuring both pharmaceutical and medtech at the NewYorkStockExchange on December 5th. a year ago.
Shifting to 2025 goals, as we discussed in our NewYorkStockExchange event in June, our time has expanded to 70 billion in 2028. This excludes all noncash stock-based compensation impacts, intangible asset amortization, and other nonrecurring items. Total revenues reached 1.81 billion to 1.9
We have good momentum on both sides of the Ally balance sheet from the multiyear transformation of both our assets and liabilities. Due to the improvement in spreads for both assets and liabilities, we're well positioned for margin expansion and sustainably higher NIM over the medium term. The Motley Fool has a disclosure policy.
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