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According to Preqin data, global Private Debt AUM has grown from just $310 billion in 2010 to an estimated $1.5 With this context as a backdrop, we chatted with Andrew Edgell, Senior Managing Director & Global Head of Credit Investments at CPP Investments about how he sees private debt faring in the credit cycle ahead.
Our goal continues to be to deliver operating cash flow conversion of 50% to 60% over a multiyear period, which we expect to achieve for full year 2024. As of March 31, we had a cash balance of $587 million, total debt of $4 billion, and net debt of $3.4 Our weighted average cost of debt was 4.5% I have two.
In addition, we discuss non-GAAP financial measures, including core funds from operations or core FFO, adjusted funds from operations or AFFO, and net debt to recurring EBITDA. times pro forma net debt to recurring EBITDA. Proforma for the settlement of our outstanding forward equity, net debt to recurring EBITDA was approximately 3.6
A new survey of investors and deal advisers conducted by Private Equity Wire found high asset prices were the number one challenge when considering tech firms. The last 12 months’ highs of stock prices are dropping, and equity fund managers are pressuring companies to accept bids at reasonable premiums,” he says.
gain, helped by stocks and private debt: CalPERS swung to a 5.8% gain in its latest fiscal year as the stock market rally and private debt buoyed the largest traditional public pension fund in the United States. on private debt, as private equity slipped 2.3%, real assets dropped 3.1% The results were mixed.
Our $518 million development pipeline will generate meaningful NOI as it delivers and stabilizes and our balance sheet is strong with ample liquidity to fund the remainder of our development spending and all debt maturities until 2026. 1 bullet in terms of either paying down debt or funding development, etc.? That's really helpful.
billion in debt was at fixed rates and our net funded debt to annualized adjusted normalized EBITDA was 4.96 And one other question about the debt investments, though, $167 million, and we are discussing the makeup between the loan and acquisition volumes. As of year end, 99% of our $5.1 So, let me try to address them all.
At the end of the day, it's equity capital that's going to come in to rescue properties that have problems with their debt capital structure. We've got investor after investor after investor who owns great Multifamily properties that are cash flowing amazingly right now at negative one, negative 2% rent. They're servicing their debt.
So, when I was in graduate school, I thought about all the different types of investing or advisory work I could do, and I, you know, really triangulated on distressed debt being the most interesting part of the, of the markets where I could participate in PWA Capital. Ritholtz ] 00:03:30 Yeah, Sandberg is a fascinating guy.
times debt to EBITDA. We were born with a very unnatural balance sheet for a REIT, short tenor, secured debt, second-lien debt, a $1.6 In connection with the Eldorado-Caesars merger, we retired the CMBS debt. billion, which we have unsecured debt of 14.1 There was one straggler at that time, Moody's.
Now, turning to our balance sheet and cash flow, Alliance had another strong quarter of cash generation with $153.5 million of free cash flow before growth investments in the 2023 quarter, an increase of 88.7% times, respectively, total debt to trailing 12 months adjusted EBITDA. I know you took down some debt recently.
In March, we issued $3 billion of debt to fund a portion of the cash consideration for our planned acquisition of GIP. We currently have invested the proceeds of the offering at substantially the same rate as the cost of borrowing, effectively eliminating incremental cost of carrying additional debt prior to the close of the GIP transaction.
We held our team together throughout the downturn to be able to capture dealflow when markets returned and our investment sales team's efforts in the back half of 2024 were fantastic and set us up very well for 2025 and beyond. For the full year, our property sales team sold $9.8 billion of properties in the first half of the year.
In September last year, after analysing performance and dealflow, Berg decided to switch to fund investing in Asia and Europe and to focus on buyouts in North America. We are starting to see green shoots in the M&A market, investor interest in auctions, and bids at fuller multiples, he says.
They are well behind, but they aren't losing dealflow to other capital sources. Debt brokerage volume declined 52% year over year to $3.1 Only 9% of our at-risk portfolio is floating-rate debt, and every loan must maintain an interest rate cap. billion in Q3, in line with our Q2 volumes. That's only 5.5%
Over the past decade, there has been, for lack of a better word, a democratization of private equity and and private debt. Private debt, private equity stepped into that and really filled that gap for, especially for institutional investors. So deal value values came down. Some markup. 00:39:03 [Speaker Changed] Huh.
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