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In this podcast, Motley Fool analyst Asit Sharma and host Ricky Mulvey discuss: Why Bank of America 's $1.5 Plus, Motley Fool host Alison Southwick and personal finance expert Robert Brokamp answer listener questions about tracking investments, leveraged shares, and life insurance. We've got another batch of the big bank earnings.
And finally, it has enabled the consistent and predictable takedown of just in time delivered fully developed home site, and that has attracted capital to the structured land banking partnerships that have driven the nearly $20 billion of transaction that have enabled our land-light transformation to date. years down from 1.4
Following my comments, Dave and Ryan will provide additional comments regarding our investment strategy, investment portfolio, financial results, capital structure and leverage, and our expectations for the fourth quarter, after which we'll be happy to take your questions. Net asset value, or NAV -- or NAV, increased by $0.77
Most notably and uniquely, our lower middle market strategy provides attractive leverage points and income yield on our first-lien debt investments while also creating a true partnership with the management teams and other equity owners of our portfolio companies through our flexible and highly aligned equity ownership structures.
Private credit loans are complex and bespoke, with negotiated terms such as cash flow, timing, and feestructures. A fund structure may have ten investments, but there are 100 mid-tier entities in that structure below the fund level—some of the clients making thousands of loans, which adds to the complexity.
Axial is excited to release our Q3 2024 Lower Middle Market Investment Banking League Tables. To assemble this list, we reviewed the deal-making activities of 370 investment banks and advisory firms that met the qualifications to be considered for league tables last quarter.
Earnings available for distribution exceeded our dividend by $0.03, demonstrating our ability to consistently earn strong returns with prudent leverage, which stood at 5.8 The market has experienced strong inflows into fixed-income funds and modest bank buying, while net issuance has run slightly below expectations.
To get money into the account, users can transfer from other banks or use our money-in solution at physical stores, an important feature in an economy where cash is still dominant. In an under-banked country like Mexico, our strategy has been to serve and develop both sides of the market, payers, and merchants to drive market development.
And between our high-quality asset portfolio, our strong reserve levels are ample liquidity and our diversified earnings base, we are proving to our clients that we are truly a bank for all seasons. Security Services had revenue growth of 16% with some good underlying fee growth. Personal Banking was also up double digits at 13%.
We further enhanced our operating profit growth from gross profit growth through operating leverage. We've scaled the model up to the trillion-parameter mark, leveraging the MoE architecture to enhance performance and reduce inference costs, and we are rapidly improving the model's text-to-picture and text-to-video capabilities.
The last way we're leveraging newness is to jump-start sales in lagging categories. Another one of our long-range plan initiatives is to leverage and scale our supply chain. We believe in our long-range plan and are committed to investing in it while also managing our existing cost structure. Please proceed with your questions.
But there is leverage in being recruited, and firms are increasingly willing to be flexible with potential candidates. This is a critical step, and it’s not just about portability and mappability; it’s also about feestructure.
Now, let's shift to Slide 4 and talk about a very important theme in the mortgage industry, namely the ongoing retreat of banks from the sector, which is creating a major growth opportunity for us. As most of you are aware, banks used to dominate the mortgage industry with close to 100% market share in both originations and servicing.
By leveraging their network, advisors can approach 10x as many buyers, increasing your chance of finding the best steward for your business. Bridgepoint Investment Banking Bridgepoint Investment Banking serves a range of privately owned companies. Advisors can improve the chances of selling your business by as much as 75%.
Operator Next question comes from Tristan Richardson with Scotia Bank. We are going to continue to leverage that into the future for more plant connects and to feed or transportation and fractionation business. Operator Our next question comes from Neil Mehta with Bank of America. Spiro Dounis -- Citi -- Analyst Great.
Whether applying in-person, online, or through an app, we leverage our data and advanced analytics for our digital ecosystem to deliver fast, seamless offers designed to responsibly support each customer's particular purchase. During the second quarter, our consumer bank offerings continue to resonate with customers. billion for 2023.
Their mainstay financial services practice, which was banking and equities, fell off a cliff. We typically hire people out of the banks. I can’t remember if he sat at Bear or Lehman, but it was one of the banks that no longer exist. Banking getting much better. And at the same time, the dot com bubble collapsed.
And now looking at our capital structure, please refer to Slide 8. Our net leverage remained low relative to our peers at 3.6 So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business. The next question comes from David Barden of Bank of America.
Our next question comes from the line of Craig Siegenthaler of Bank of America. And so, I think we have a lot of opportunity to see continuing leverage in our existing business. And I wouldn't over-index on their feestructure at this point. Steven Chubak -- Analyst That's great color. Operator Thank you.
The new rules require private funds to issue quarterly fee and performance reports, and to disclose certain feestructures while barring giving some investors preferential treatment over redemptions and portfolio exposure. And I have subsequently worked for a Swiss private bank!) One thing I didn't cover is leverage.
Leveraging AI, Tinder will focus on creating a more inclusive experience, beginning with improving the Gen Z and women's experiences while solving for key user pain points across the dating journey. Similarly, Hinge is leveraging AI to further improve its powerful experience by reimagining meaningful connection.
In our letter, I gave examples from several partners that leverage our technologies across our marketplace, their e-commerce websites, and in their stores. The other driver of affordability for us is obviously our own feestructure. Operator Our next question comes from the line of Justin Post from Bank of America.
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. We have a large compliance team that has best-in-class compliance approaches the same as any other fintech or bank. We did that in Q4.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. We continue to make progress on faster bank-linked payments in the U.S. So, you know, good leverage in the fourth quarter.
By leveraging our suite of innovative ad products, powerful ML models, advanced targeting and measurement tools, our performance remains best in class across a number of key metrics like ROAS, click-through rates, and sales lift. This, combined with operating expense leverage, resulted in solid profitability across key metrics.
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