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So, Robert, last quarter, you're obviously contemplating a bid, formal bid for Believe. So, I'd be curious to hear sort of why that deal fell apart. So, it's really -- it's basically about the dealflow if you really put it in business terms. Benjamin Black -- Deutsche Bank -- Analyst Hey, good morning. I have two.
They are well behind, but they aren't losing dealflow to other capital sources. What we are seeing in this challenging fundraising environment is that investors value Walker & Dunlop's access to dealflow and banker/broker distribution network as deals get harder and traditional sources of capital move in and out of the market.
BlackRock's infrastructure franchise and our private markets business more broadly benefited from the firm's global footprint, our deep network of clients and distribution relationships, and access to high-quality dealflow. So I think that is something to be watched to. I want you to think about it this way.
Do you see that going forward of continuing to bridge that gap in the capital markets, or is there another color that you are seeing in the dealflow? Bob Stephenson -- Chief Financial Officer Adding – bidding held-for-sale assets that they are held for sale assets, we booked 788,000 in the fourth quarter related to those.
And I certainly think we'll ramp up in Richmond in terms of the new dealflow we're starting to see there. Ted Klinck -- Chief Executive Officer Look, there's a -- certainly, there's bid-ask spread going on today. So, no, not in those two markets. Ronald Kamdem -- Morgan Stanley -- Analyst Got it. Makes sense.
Our team's continued efforts to create value and identify these opportunities combined with our improved cost of capital have opened up a larger opportunity set and resulted in accelerated dealflow. Both of these noncore dispositions were Florida based assets, which continued to command a strong bid from 1031 capital.
I read an article yesterday about one of the groups that is potentially bidding on the license. We're excited about that that group has put together a very healthy bid for the full license. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
So, I think that we have not changed our underwriting standards, and we are seeing some good dealflow. On top of the $5 billion NEVI program that the government has put in place, and we're starting to see finally the states starting to go out and bid for those projects. David Marsh -- Singular Research -- Analyst Got it.
Panossian ] 00:08:19 The liabilities, obviously the hedge funds had redemptions. There would’ve been no bid. Now they’re suffering from high rates because they have floating rate liabilities that they never hedged. But for you guys, there’s no bid. That had mismatched assets. That’s an example.
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. Walker -- Chairman and Chief Executive Officer It was standard dealflow.
Its somewhat of an anomaly that a fund which has liabilities greater than its assets, putting liquidity risk front and centre, would have so much invested in unlisted assets. 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.
I was in my early thirties, I didn’t have a mortgage, I didn’t have kids, I had very few liabilities. So we are seeing a lot more spread A bid-ask spread is very wide in the venture and growth world right now. So you mentioned dealflow is, has ticked up, I’m assuming that’ll continue into next year.
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