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Carey's prospects over the next three years. Through the first nine months of 2024, it bought roughly $740 million of new assets. Carey had shied away from retail properties because it believed the sector was overdeveloped and, equally important, competition was high for assets. Let's take a closer look at W.P. Historically W.P.
Michele Reber -- Senior Director, Asset Management Thank you, and good morning. Comments made during this conference call that are not historical facts may be forward-looking statements, such as statements regarding our financial projections, potential transactions, operator prospects, and outlook, generally. You may begin, Michele.
We have now shipped several demo kits to the prospective clients to more easily allow them to experience our unique technology. The primary purpose of the center is to consolidate our core assets and knowledge and to advance the development of the chips and the tubes and to lead our future road map. we have put the U.S.
trillion in assets, 9.4 We deliver durable long-term investment performance by executing on alpha opportunities, sourcing unique deals, and managing risk. The foundation of a market-leading asset management platform is comprehensive, high-quality investment products with strong long-term investment performance.
Our conversion rate of deals approved by our investment committee to letters of intent signed is the highest in over two years at approximately 38%. Simultaneously, we have ramped up our efforts and leveraged our tenant relationships, exemplifying how we create proprietary dealflow and accretive off-market opportunities.
Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is also reported on a per share basis. We've also continued to produce attractive results in our asset management business.
We are in a period of time where unlevered returns on most of the assets we invest in are between 8% and 12% on an unlevered basis. While we are a mortgage REIT, I'd like to think of us as an asset manager operating as a REIT. In July, we announced the acquisition of Sculptor asset management, which is a $34 billion asset manager.
In the middle market, where every deal counts, you need to be both methodical and a bit opportunistic. Building a Healthy DealFlowDealflow is a term youll hear in almost every PE conversation. Their referrals often lead to the highest quality deals.
In the first quarter, our funds reported steady appreciation overall, highlighted by strength in infrastructure, credit, and our multi-asset investing platform, BXMA. And there is an additional $50 billion in prospective future development pipeline. We are building a variety of other center platforms around the world as well.
We further improved our portfolio quality and balance sheet by selling 51 million of noncore assets. We demonstrated resiliency with our FFO results in the face of higher interest rates, and we posted solid cash flows. We're seeing good prospect activity across our development projects. Leasing activity was healthy.
Michele Reber -- Senior Director, Asset Management Thank you and good morning. Comments made during this conference call that are not historical facts maybe forward-looking statements such as statements regarding our financial projections, potential transactions, operator prospects and outlook generally. You may begin.
Our partner network continues to generate opportunities and open new dealflow. The application monitors several hundred critical plant assets such as vertical roller mills and ball mills to accurately predict potential problems well in advance of failure. which makes these data easily and quickly accessible to plant operators.
These changes have been driven by higher interest rates that offer the ability for investors to earn greater yields today than at any other time over the past 15 years via “risk-free” assets like U.S. With this, they can tap into startups and talent worldwide, thus increasing investment prospects. Treasury Bills.
We also stated our belief that an easing of the cost of capital would be very positive for Blackstone's asset values and would be a catalyst for transaction activity, including deployment and ultimately, realizations, which in turn fuel fundraising. The alternative industry still represents a small portion of investable assets globally.
Pension plans and insurers have been piling into funds that invest in equity tranches of collateralized loan obligations in recent months, according to several asset managers who spoke on the condition of anonymity. billion in assets, said the attraction of low default rates for leveraged loans, estimated at 1.5%-2%
The 2020 Covid recession was deep and certainly a stress test the asset class unquestionably passed, but it was also short-lived. A combination of our scale, certainty of assets, and our long investment horizon make us uniquely positioned as a global investor. trillion today, with nearly $700 billion being deployed in North America.
The world’s largest asset manager also promoted Rachel Lord as head of all international business across Europe, the Middle East, India and Asia-Pacific, BlackRock Chief Executive Officer Larry Fink and President Rob Kapito said Friday in a memo to employees. billion in a major push into alternative assets. in early New York trading.
Considering the potential development across multiple indications, we believe it is likely that maximizing the value of this asset will require engagement with a large partner for later-stage trials and commercialization. No, I think it's just there's no sort of predictable seasonality with the BD dealflow.
That type of rate volatility makes it exceedingly difficult for buyers and sellers of commercial real estate to establish pricing, determine their cost of capital, and compute an IRR on the sale or acquisition of an asset. These deals remain in our portfolio, and we expect to dispose of the assets when market conditions become more favorable.
The decision to divest this asset aligns with our strategy to focus on profitable growth in core pest control operations. The gains on asset sales will come through. And we saw roughly $3 million lower asset sales that came through other income, about 40 basis points on the margin line and the EBITDA margin line.
Now, at least half of our dealflow comes from other independent sponsors and seven of our current 10 portfolio companies were originally sourced by another independent sponsor(s). The firm has roughly $4 billion in assets under management, with a growing team of over 65 professionals. Any notable differentiators for the firm?
These include, but are not limited to, statements about our future and prospects, our financial projections, and cash position. The number of joint deals in our pipeline being worked between us and CDW partners has increased from zero to over 60 deals over just the last two quarters. So, I think that was the biggest piece.
It's a highly strategic advisory service, again, with some of the best minds in cybersecurity that comes to help our customers or a new prospect design their security posture regardless of the product. Much like Splunk, Splunk did not own any one of these assets. Obviously, this is completely vendor-neutral. We do it with OCSF.
We seek to invest in businesses with attractive growth prospects and high quality management teams. The Courtney Group has a strong record of helping its investments reach new levels of success with financing, strategic advice, a strong network of contacts, helping recruit top talent, M&A dealflow and opportunity creation.”
For those of you not familiar with Cain, which, as of year-end 2024, had nearly $18 billion in assets under management, it was founded in 2014 by Jonathan and his partner Todd Boehly and is affiliated with Eldridge Industries, an investment company founded and led by Todd Boehly. Thanks and good morning.
As we look beyond 2023, we are encouraged by growth opportunities being pursued by our new ventures group, the recent increase in the forward oil and gas price curves, and acquisition prospects for our oil and gas royalty segment. And that fifth vertical was in those type of asset investments. Thank you, guys, very much for the color.
With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders. In addition, as many of you know, we updated the presentation of expense line items by including a new sales, asset and account income statement caption.
Today, we are announcing two transformational changes in anticipation of the evolution we see ahead for the asset management industry and for the entire global capital markets. We've spoken throughout the year about what conditions we'd expect to bring investors out of cash and into risk assets.
Acquisitions and IPOs have surged, driven by central bank rate cuts and a stock market rally fuelled by deregulation prospects. This vibrant dealflow provides private equity firms with more opportunities to deploy capital and realise gains. In Q4 2024, IPO activity hit $54bn the highest since Q3 2022.
At its core, Salesforce is a leader in customer relationship management (CRM) -- a tool that allows sales leaders to track dealflow, pipeline trends, marketing campaigns, and more in a data-centric, efficient way. Nevertheless, I remain moderately bullish over Salesforce's prospects relative to those of Microsoft.
One, we have extremely high levels of permanent capital, meaning few assets leave the system. So, every incremental dollar of assets raised contributes to our earnings layer cake. Three, our business is geared toward the largest secular trends within the alternative asset market. And this is intentional positioning.
We were the first alternative manager to surpass $1 trillion of assets under management. public company by market cap, exceeding the market value of all other asset managers. Stepping back, over the last two years, the campaign by central banks to control inflation has resulted in muted returns for most traditional asset classes.
trillion of AUM today, the largest alternative asset manager in the world and why I believe we will continue to achieve strong growth in the future. This network effect sets Blackstone apart in the asset management area, underpins the strength of our brand, acts as an accelerant for the firm's overall growth. I will catch it.
This should be very positive for Blackstone's asset values and provide the foundation for a significant realization cycle over time. This data also alerts us to major paradigm shifts, which is essential for any top-performing asset manager. As the largest alternatives firm in the world with nearly $1.1 How did we do it?
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