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The opportunistic credit team will build on the work of the special opportunities strategy and leverage the experience and direct origination network across the firm’s leading global credit platform. The opportunistic credit team will be led by Aaron Rosen and Craig Snyder, who serve as Co-Portfolio Managers of special opportunities.
This approach is yielding profitable growth and operating leverage. As clients increasingly turn to BlackRock, we believe this will result in sustained market-leading organic growth, differentiated operating leverage and earnings and multiple expansion over time. With that, I'll turn it over to Larry.
Our net cash provided by operating activities was $8 million, and we generated free cash flow of $7.1 I'll note that this is the 15th consecutive quarter as a publiccompany in which we have met or exceeded our revenue guidance. Our partner network continues to generate opportunities and open new dealflow.
This delivers a tremendous inflection point of delivering positive adjusted EBITDA for the first time in the company's history and one quarter earlier than initially forecast. We enabled strong operating leverage driving 160% conversion of incremental revenue to adjusted EBITDA this quarter. Editorial costs were approximately $4.5
These megatrends are occurring amid an increasing focus by organizations to leverage digital transformation to drive business transformation. It was the first time in our history as a publiccompany where we saw a sequential increase over our seasonally strongest third quarter, making for a difficult year-over-year compare this Q4.
As you've read in our shareholder letter, FY '25 is off to a good start, with fresh off our Team '24 Europe event in Barcelona, where we heard our customers like Vodafone, Lloyds Banking Group and Mercedes-Benz are leveraging our products in powerful ways to drive team productivity and deliver superior service. So looking forward to it.
Dealflow is very strong, and we believe that we are still the best partner in the industry. million at the end of the third quarter with net leverage of about 1.5x. The closeout buying environment remains very healthy. Consumers continue to prioritize value, and we are well-positioned to capture growth in this environment.
Our win rates remain strong, and we are delivering operating leverage. And is there any difference in linearity of dealflow during the quarter, this quarter versus previous quarters? It's our entire history as a publiccompany, and we're going to continue with that. Our teams are executing well.
Just really a fascinating history from, from a private company to a publiccompany back to a, a partnership. He is uniquely situated because he has run both public mutual funds as well as privates, including late stage venture private equity credit down the list. They’ve been around literally nearly a century.
data center REIT as a well-positioned but poorly trading publiccompany with tremendous long-term potential. Our BREIT, BIP Infrastructure, and BPP perpetual strategies acquired the company for $10 billion in 2021, and its lease capacity has already grown sixfold in less than three years. plus upfront fees, you're earning 11.5%
Instead, our teams will leverage behavioral analysis, machine-learning operations, and our unique metadata telemetry to protect them. This allows companies to realize more value from their data, leverage it safely, and keep it protected. Customers will no longer have to monitor the Varonis Solr. This increased scrutiny on U.S.-listed
And general and administration expenses were over $61 million compared to roughly $56 million in 2022, reflecting good operating leverage supporting the growing business. No, I think it's just there's no sort of predictable seasonality with the BD dealflow. Carl Hansen -- President and Chief Executive Officer Hey, Robyn.
As we begin 2025, seven years after our IPO in 2018, I want to highlight 2024 and reflect on how far our balance sheet has come since, well, going way back to our preemergence in the summer of 2017 when VICI had total leverage of roughly 10.5 times, within our target leverage range of 5 to 5.5 Aman, obviously, is not a publiccompany.
One, simplify the business; two, improve operational performance; and three, reduce leverage. dating back 30 years when Macerich first became a publiccompany. and we've outlined our strategy to further reduce leverage to the low six times range over the next several years. For the full-year 2024, we signed leases for 3.7
publiccompany by market cap, exceeding the market value of all other asset managers. BXPE will leverage the firm's full breadth of investment capabilities in private equity, including buyout, secondaries, tactical opportunities, life sciences growth, and other opportunistic strategies. Blackstone is now the 55th largest U.S.
You know, there used to be companies that have a hundred and $200 million market caps that would go public, but it’s been, it’s been made much more difficult to be a publiccompany. There are far fewer people that play with those companies. And so we came in 2002 before anybody knew what FinTech was.
And the Government segment was weaker than we had anticipated based on timing of dealflow. Sequentially, our net leverage ratio went up slightly from the prior quarter to 1.6 Once this work is completed during the second half of 2025, you'll see this net leverage ratio returning to around 1.5
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