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Furthermore, some BDCs, such as Ares Capital, offer more sophisticated financing solutions -- making them appealing to larger publiccompanies as well. BDCs have an unusual corporate structure in that 90% of taxable income is distributed to shareholders on an annual basis. Well, not exactly.
Successful execution of these goals should also result in multiple expansion for our shareholders. We celebrated the 25th anniversary of BlackRock becoming a publiccompany, and we closed our acquisition of Global Infrastructure Partners. We ended the quarter with AUM near $11.5 trillion, 11.5
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.
While we, as a publiccompany, always provide you with the split times quarterly results, we are running a marathon, not a series of sprints. We reported net income to common shareholders of $1.2 Comprehensive income to shareholders for the first half of 2023 was $1.2 Turning to cash flows. billion, compared to $4.2
We finished 2023 on a strong note with another consecutive quarter of management fee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. This robust growth has allowed us to return significant capital to our shareholders. Thank you, Ann.
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. It's our entire history as a publiccompany, and we're going to continue with that.
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. Excluding noncash stock based compensation and other publiccompany expenses, G&A was $9.5 Editorial costs were approximately $4.5
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.
But I think as we think about and we look at companies that have had sustained out-performance, there tends to be great leadership and great culture behind that and there's a lot of numbers and some studies that have been done with publiccompanies to back that up. Ricky Mulvey: What have you learned from those studies?
No, I think it's just there's no sort of predictable seasonality with the BD dealflow. But I think those are all also right in line with what the strategic objectives are of the company. So, we are 100% aligned in maximizing shareholder value, bringing great drugs to patients. Happy to take that.
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. publiccompany by market cap, exceeding the market value of all other asset managers. Today's conference is being recorded. Please go ahead.
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. dating back 30 years when Macerich first became a publiccompany.
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