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Now, turning to our balance sheet and debt capacity. We remain confident in the strength of our balance sheet and manage liquidity risk through a well-laddered debt maturity profile. As we've said before, we expect to add incremental debt as EBITDA grows over the long term while maintaining a strong investment-grade credit profile.
So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investmentbanks, he then joined Goldman Sachs. I joined, effectively, Deutsche Bank. We decided to try to have a go on our own. We were 28, 30 respectively.
I wanted to see the world, and whether it was investmentbanking, or basket weaving really had absolutely no bearing on my decision. And anything above the par value of the total debt on the capital structure belongs to the equity guys. So let’s get long this debt, which is trading at a fraction of what it was issued for.
I was actually running the InvestmentBanking Club at BYU, and you know, thought I was interested in that, interested in going to Wall Street. You know, when the firm launched its debt business, I was the analyst putting together some of the credit analysis on the first couple of loans that we had written at that time.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset management fees and investmentbankingfees. Next, the commercial and investmentbank on Page 6. IB fees were up 49% year on year, and we ranked No. NIR ex-markets was up 3.1 billion or 30%.
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