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Nonoperating results for the quarter included $108 million of net investment gains, driven primarily by gains linked to a minority investment and unhedged seed capitalinvestments. This approach is yielding profitable growth and operating leverage. Earnings per share of $11.46 With that, I'll turn it over to Larry.
Our clients need capital, and our debt brokerage team did a fantastic job finding the appropriate capital for their needs. Importantly and atypically, over half of our Q1 debt brokerage dealflow was on non-multifamily assets in retail, hospitality, industrial, and office. But you can't do that at current leverage levels.
If I am doing my job right the first time in “picking winners”, at least for a few subsequent rounds, our best dealflow should come from our existing portfolio. It is what drives our dealflow, information advantage, ability to support our network, and more. since 2019.
Technology ranked 4th in dealflow but had the highest average pursuit rate, 8.76%, of all sectors. See below for the full Q3 deal activity overview on the Axial platform, and for a more detailed breakdown by industry, check out The SMB M&A Pipeline: Q3 2023. .” Mr. Kerchner, Mr. Clark, Mr. Fay, Ms.
Source Capital’s investment strategy targets both healthy growing companies with greater than $2.0 million in EBITDA seeking a growth-oriented partner and distressed businesses that are over leveraged and/or operate in out-of-favor sectors. Source Capital has offices in Atlanta and San Francisco.”
This is because an early stage investment today, if successful, is not expected to reach maturity or an eventual liquidity event for another 5-10 years, when we are likely to be in an entirely different market environment.
The company, which was launched in 2013 under the Fortress Investment Group, was again set up to capitalizeinvestment opportunities in real estate and the financial services space. The scoped at $34 billion asset manager complements Rithm's 7 billion of permanent capital, as well as our $30 billion-plus balance sheet.
And looking backwards, as much as investment banking, even with banks that are no longer there, was a great, that was a great training. The exposure you get in investment banking, I was a leveraged finance banker by background. ” What are your thoughts on the SPACs, special purpose investment vehicles?
These proceeds contributed to funding the Venetian capitalinvestment we announced in Q2. In terms of leverage, our total debt is currently $17.1 times within our target leverage range of five times to 5.5 We currently have approximately $2.9 billion of availability under our revolving credit facility. years to maturity.
Nonoperating results for the quarter included $90 million of net investment gains, driven primarily by mark-to-market noncash gains on our unhedged seed capitalinvestments and minority investment in Investec. As markets improve, we remain committed to driving operating leverage and profitable growth.
Nonoperating results for the quarter included 113 million of net investment gains, driven primarily by noncash mark-to-market gains on our unhedged seed capitalinvestments and minority investments. As markets improve, we expect execution on our financial rubric to drive profitable growth and operating leverage.
And as BIP has continued to scale, it has in turn enhanced the firm's intellectual capital, relationships, and dealflow, supporting our growth in other areas, including our $90 billion infrastructure and asset-based credit platform, our infrastructure Secondaries business and our dedicated energy and energy transition focused funds.
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