This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Following my comments, David and Jesse will provide additional comments regarding our investment strategy, investment portfolio, financial results, capital structure and leverage, and our expectations for the first quarter of 2024, after which we'll be happy to take your questions. per share or 14%. per share or 14%.
Following my comments, David and Jesse will provide additional comments regarding our investment strategy, investment portfolio, financial results, capital structure and leverage, and our expectations for the third quarter, after which we'll be happy to take your questions. We are very pleased with our performance in the second quarter.
Our platform strategy has delivered scale and operating leverage through time, with 240 basis points of margin expansion in the last 10 years. Markets have improved since the end of 2022, and we aim to be disciplined in driving profitable growth by prioritizing investments to propel our differentiated organic growth and operating leverage.
We are confident that our continued focus on innovation and strategic partnership will drive significant value for our shareholders. We also signed several new deals for Nanox.AI It offers life science companies the ability to leverage Nanox.AI solutions, including Oxford University Hospitals, NHS Foundation Trust in the U.K.
Successful execution of these goals should also result in multiple expansion for our shareholders. This approach is yielding profitable growth and operating leverage. On our earnings calls earlier this year, we discussed with our shareholders our visibility to a strong pipeline. We ended the quarter with AUM near $11.5
These increased earnings translated into an attractive return on equity of 12.7%, in addition to growing distribution for our shareholders. The business is generating record earnings, and we continue to share those earnings with our shareholders. billion, and we ended the quarter with net leverage of 1.13
While the net lease transaction market continues to sort itself out, our team is doing a tremendous job leveraging our relationships and uncovering unique opportunities. Our conversion rate of deals approved by our investment committee to letters of intent signed is the highest in over two years at approximately 38%. for the year.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thanks, Katie, and good morning, and welcome to Blackstone's first-quarter conference call. Today's conference is being recorded. Please go ahead.
We also continue to drive share gains in our markets by leveraging a multi-brand, multichannel approach at scale to differentiate ourselves competitively. Additionally, we are leveraging the scale of our Orkin brand across North America to effectively serve commercial customers coast to coast in both the U.S. and Canada.
How satisfied should Meta shareholders be with this is the first prototype product? How are you grading the revitalization plan in the latest shareholder update? At today's price, that would be, I think more than 83 million shares, ultimately, which would be very significant for the business and for shareholders.
Importantly and atypically, over half of our Q1 debt brokerage dealflow was on non-multifamily assets in retail, hospitality, industrial, and office. Despite the market challenges Willy just outlined, our team delivered for our clients and our business delivered growth in adjusted EBITDA and adjusted core EPS for our shareholders.
Through this partnership, RingCX customers will be able to leverage Verint's leading WEM and CX automation solutions, which complement RingCentral's native AI capabilities. We are also leveraging our large GSP network to grow internationally. Leveraging our unique GSP network is also a opportunity and differentiator of RingCX growth.
Operator instructions] At this time, I would like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. We've done that while also returning 100% of earnings to shareholders over this period through dividends and share repurchases totaling over $30 billion.
These are really exciting times for us, our shareholders, and our LPs. Our mission is to continue to do this very same thing we've done for the past 10 years, drive value for shareholders and LPs with teens-type returns. billion of dividends to shareholders, and we currently manage a $34 billion balance sheet. per diluted share.
At quarter end, leverage stood at just 3.6 This patient approach is paid off -- paid off as we've been able to capitalize on distressed sellers while leveraging our asymmetric data sets and relationships to identify unique opportunities. times pro forma net debt to recurring EBITDA. As of September 30th, we have north of $1.9
Earlier today, we published a shareholder letter and press release with our financial results and commentary for our first quarter of fiscal year 2025. As always, our shareholder letter contains management's insight and commentary for the quarter. And I would just point out, deal timing was not a factor in Q1 as it was in Q4.
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 take-private deal has since run into troubled waters. Kaskela Law announced that it is investigating Qualtrics International Inc.
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.
million in EBITDA seeking a growth-oriented partner and distressed businesses that are over leveraged and/or operate in out-of-favor sectors. Argonaut looks to partner with management teams to improve operations, implement best practices and generate shareholder value. Source Capital has offices in Atlanta and San Francisco.”
We enabled strong operating leverage driving 160% conversion of incremental revenue to adjusted EBITDA this quarter. As a result, the board has appointed a special committee to evaluate any proposed [Technical difficulty] in light of the company's strategic options in the best interest of shareholders.
We are leveraging our data and technology to understand those deals, meet with those customers, and win their business. That is what has made W&D such an exceptional company to invest in, and we'll continue to generate shareholder returns going forward. Those are the challenges. But there are opportunities.
billion in capital to our common shareholders, and that includes $500 million through share buyback. billion of net income to common shareholders, which added 27 basis points. We generated positive operating leverage this quarter as expenses decreased 4% driven by actions taken to rightsize the expense base.
And of course, we also continue to return capital via the dividend to shareholders. So, it's really -- it's basically about the dealflow if you really put it in business terms. Last year, we acquired 10K, which was a smaller inorganic acquisition. As Robert said, it's our job to survey the market.
Our press release and the shareholder letter were issued earlier today and are posted on the Investor Relations section of our website. A reconciliation of the GAAP and non-GAAP results is provided in today's press release and in our shareholder letter. Our win rates remain strong, and we are delivering operating leverage.
The inclusion of buyers’ specific criteria, mandate description, and closed deal experience allows intermediaries to gauge why one Independent Sponsor is different from another. This provides the necessary context to convince a selective investment bank to share a deal with them. What changed all of a sudden?
I am a shareholder, I love the concept. I know on the service, this may seem a little out of left field, but I think it makes a lot of sense is that it will help a company leverage its massive network of users and exposure to e commerce. A lot of people talked about Chipotle being expensive at that point in its evolution.
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, Michael.
We will leverage the talent of both organizations and remain committed to global surgeon education and research. We think that we could further leverage that facility to drive distribution for both companies moving forward. Thanks for taking the question and congrats on the dealflows. So follow-up on the cost side.
We'll leverage leading technology regardless of whether it was developed at Kensho, developed elsewhere within the divisions or come via a vendor or a partner. We're committed to transparency with our shareholders, and we'll provide regular updates on our new product launches as they take place. There's not a lot of dealflow.
The exposure you get in investment banking, I was a leveraged finance banker by background. And so late 90s, that’s the emergence of the high yield market in Europe, you would print deals like never before. And all our historical backers, shareholders, they actually kept on supporting the business. I think we learned a lot.
With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders. As markets improve, we remain committed to driving operating leverage and profitable growth. Our capital management strategy remains consistent.
increased by 40 basis points year on year as we continue to drive operating leverage and profitable growth after the market shock of 2022. Looking forward, we're prioritizing investments to propel our differentiated organic growth and operating leverage. Our fourth quarter operating margin of 41.6% In 2023, we returned over 4.5
Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders. Through our iShares and indexing platforms, we've developed long-standing relationships, highly aligned shareholder relationship with global corporates.
The report cites industry leaders at the Indian Venture and Alternate Capital Association (IVCA) event in Mumbai as highlighting that the ongoing market slump in 2025 stands in stark contrast to the robust IPO activity of 2024, when many investors leveraged a booming public market to exit their stakes.
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. And I'd like to thank our shareholders who continue to believe in our long-term vision for this company.
We will continue exploring opportunities to leverage our AI technology to promote accessible early diagnosis and preventive management. We have people who are actually working on building the dealflow that currently is pretty large. We know the cost of technology tend to decrease over time. the whole process that we mentioned.
Our ability to generate free cash from our core businesses allows us to service our debt, invest in our people and businesses, and create long-term sustainable value for our shareholders. per share, payable to shareholders of record as of August 17th. And at the same time, we remain committed to our quarterly dividend.
Over the last year since joining Macerich, I have become increasingly confident in our mission to operate and own thriving retail centers that bring our communities together and create long-term value for our shareholders, partners, and customers. One, simplify the business; two, improve operational performance; and three, reduce leverage.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. I am highly enthusiastic about what we will accomplish for our shareholders in 2024. Today's conference is being recorded. Please go ahead.
per share yesterday, payable to shareholders of record as of August 22. With lower interest rates and an increasing supply of capital to the commercial real estate sector, we are optimistic about the opportunities to capture dealflow and grow as the commercial real estate market recovers from the last two years of restricted interest rates.
And thank you for improving the lives of our teammates, our residents and our shareholders, one experience at a time. And so the question will be in order to get your -- because you're back to negative leverage when you start with 10-year the way it is today. Keith Oden is up next. Keith Oden -- Executive Vice Chairman Thanks, Ric.
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.
However, we also continue to demonstrate the discipline and operational excellence our shareholders have come to expect from us, delivering accelerated revenue growth in Commodity Insights and strong steady growth in both Market Intelligence and Mobility, despite some market headwinds on those two businesses. million shares.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. The fact that we have a differentiated brand that allows us to sell more to expand on a capital-light basis, all of that is very favorable for our shareholders.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content