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debt to total capital ratio. We are extremely well positioned to spin Millrose and to be able to continue to repurchase shares and reduce debt as we have driven strong overall operating results to date. And then turning to our debt position, we had no redemptions or repurchases of senior notes this quarter.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. The majority of our portfolio investments represented less than 1% of our income and our assets.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. We expect that these follow-on investments will provide the opportunity for additional future fair value appreciation, in addition to providing us the highly attractive incremental debt investments in these high-performing portfolio companies.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. Each of which were funded by follow-on debt investments by Main Street for a total of over $36 million of incremental debt investments in these portfolio companies.
Intermediate and short-term goals may include saving for a vacation, buying a home, paying off debts or funding your child’s education. Certain investments or strategies may offer tax advantages, while others could result in higher tax liabilities. Tax Considerations Be mindful of tax implications related to your goals.
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. This allows us along with our lower middle market portfolio management team partners to benefit from a larger portion of the portfolio company's cash flow after debt service which can be available for distributions to the equity owners.
Intermediate and short-term goals may include saving for a vacation, buying a home, paying off debts or funding your child’s education. Certain investments or strategies may offer tax advantages, while others could result in higher tax liabilities. Tax Considerations Be mindful of tax implications related to your goals.
But in a partial victory for fund groups which opposed the rules, the Securities and Exchange Commission did not proceed with proposals that would have expanded funds' legal liability and outright banned arrangements that allow some investors special terms. Canada's large pension funds issue debt and get rated by the rating agencies.
And then, when looking at the quarter, we see about an 80 basis-point increase for shipping fees within the take rate. How you are thinking about the feestructure? So, it's the cost of the FGICs, and it's the cost of the debt that we take on to fund that and our equity participation. Curious what's driving that?
While repo rates remained stable, even declining 2 basis points in Q2, securitized debt expense increased in Q2 due to the high volume of securitizations we completed in the first six months of 2024. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
billion credit agreement and our run rate net debt-to-EBITDA ratio was 3.8x As it relates to capital allocation, we remain focused on delivering long-term value for our stakeholders through a balanced combination of high-return capital projects, dividend growth, debt reduction, and share repurchases. all of our debt has turned out.
Sponsoring a 401(k) paves the way for business owners to reduce personal tax liability, enjoy available tax credits and increase business tax deductions. When was the last time these retirement plan fees were plainly explained to you, or your fees were actually reduced? This includes a study of your company culture.
Obviously, this was stronger than our guidance of a dollar in accretion and reflects very favorably on the performance of the MSRs we acquired as well as limited exposure to contingent liabilities after extensive diligence. We are also monitoring spreads on high yield debt issuance. Now, let's turn to Slide 12.
As noted previously and given our strong balance sheet and liquidity position, we plan to remain opportunistic as it relates to the timing, size, and currency of our future capital market activities, including when we plan to refinance the $1 billion of debt maturing later this year. billion due in 2025.
Offsetting these improvements was higher interest-bearing liability cost, which increased 263 basis points to 4.04% and reduced net interest margin by 215 basis points. The remainder of our funding stack is comprised of securitized and unsecured debt at 6% and 10% of our funding, respectively. billion, up $521 million from last year.
The shift in the rate question from how high to how long has catalyzed more client activity, however, corporates have stopped waiting for rates to come down and are beginning to access the debt capital markets around the globe. And this plays to our strengths and strategy, in particular, our invaluable global network.
So highlights from 2023 include significant growth in our subscription and services revenue through a down market, materially lower expenses, a return to profitability, a stronger balance sheet, we have more US dollar resources and less debt as we enter 2024, and we did this all while accelerating our product velocity.
So, to take an example, in the world of credit, distressed debt used to be bucketed in hedge fund strategies with quarterly liquidity. But it’s not a great match for the underlying liquidity of those debt instruments. And now you see much more of that in the private credit world that has an asset-liability match.
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