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This REIT only operates in the medical cannabis industry, a far more widely legalized and regulated market compared to the recreational one. The company took on some costs for property managementfees it had to pay for properties it took back possession of, as well as costs associated with reclassifying leases on two properties.
We are also excited to have several portfolio companies in the advanced stages of completing strategic acquisitions, which if successful, will provide the opportunity for additional future fair value appreciation in addition to providing us highly attractive incremental debt investments in these high-performing portfolio companies.
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. As a reminder, our private loan strategy principally represents investments in the senior secured debt of private equity-sponsored businesses.
Our finance, accounting, legal, and real estate investment teams have had a busy year-end and beginning of 2024, closing over $1.2 Orange County, and Atlanta, both underperformed mainly for reasons related to bad debt, skips and evictions, and fraud. yield after managementfees and actual capex and generated a 10.6%
Meade -- General Counsel and Chief Legal Officer Good morning, everyone. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. Christopher J.
There were parts of this where you feel that, Bill I'm going to say either a political career or a podcast could be in this gentleman's future riffing on the US debt and other geopolitical issues in ways that were not necessarily related to the analysts asking him a question. I feel like that's legally required.
First, as of September 30, 2024, total net investments, that is our entire publicly traded investment portfolio plus cash minus debt, summed up to $30.3 So the managementfee portion would be real-time, but the performance fee would be on a lag. Five years ago, on September 30, 2019, that number stood at $18 billion.
We have one of the strongest and most experienced teams of real estate professionals in the cannabis industry, a high-quality portfolio and a conservative and flexible balance sheet with a 12% debt to total gross assets. No variable rate debt, no debt maturities until May 2026. Moving on to rent collection.
Our leverage, as measured by net debt to annualized pro forma adjusted EBITDA was a healthy 5.4 These offerings illustrate the diversity of debt products available to us and the intentionality of our capital diversification philosophy. as well as in the international markets in London, they will continue to manage these assets.
billion were up $808 million or 4% year on year, driven by compensation including revenue-related compensation and growth in employees, partially offset by lower legal expense. IB fees were up 31% year on year and we ranked No. In advisory, fees were up 10% benefiting from the closing of a few large deals. Expenses of $22.6
billion or 21%, largely driven by higher investment banking revenue and asset managementfees. In advisory, fees were up 45%, primarily driven by the closing of a few large deals and a weak prior-year quarter. Underwriting fees were up meaningfully, with equity up 56% and debt up 51%, benefiting from favorable market conditions.
IB fees were up 21% year on year, and we ranked No. In Advisory, fees were down 21% driven by fewer large completed deals. Underwriting fees were up significantly, benefiting from improved market conditions with debt up 58% and equity up 51%. billion were down 4% year on year predominantly driven by lower legal expense.
billion, or 8% year on year, primarily driven by higher compensation expense, including wage inflation and higher legal expense. IB fees were down 6% year on year, and we ranked at No. In advisory, fees were down 19%. Asset and wealth management reported a net income of 1.1 Expenses of 20.2 billion were up 1.5
So to clarify, some people’s called activity fees, the the profit participation is only on returns over and above what the SPF is generally. So it’s actually, I would say, even more advantageous and that our managementfees are a prepayment on future often. Each are issues and legal issues and administration issues.
billion growing 8% over the prior year, led by 14% growth in asset managementfees that Brian highlighted earlier. Expenses growth reflects the fee growth and other investments for our future growth as we continue to grow our advisor force through hiring of both experienced advisors and graduates from our training program.
This affords him the ability to work with people who are not yet wealthy but are likely to be: business owners who haven’t sold their businesses yet, doctors who are in residency burdened with debt, entrepreneurs who haven’t gone public yet, etc. ’cause they were 300000 in debt. Two transactions, and that was it.
to resolve its debt ceiling debacle and is looking to raise liquidity to take advantage of “opportunities” the fund sees in equity and fixed-income markets. Managementfees increased by $165 million, due to an increase in average assets managed by external fund managers. Our operating expense ratio was 28.6
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. And it can be very complicated like Puerto Rico that had 19 different debt issues by different entities with different terms.
We would still like to see if a business uses some of that cash for business purposes like paying down debt or something like that. Airbnb has some debt, but currently they have more cash than debt on the balance sheet, so it's really not a problem here. Scott Trench: Well, the property managementfee is going to be 30%.
As we noted then, and I think it's worth repeating here, we are, of course, first and foremost focused on maximizing the value of each of our properties and having tenants with strong teams that can manage their businesses successfully through the inevitable ups and downs of this industry.
As an operating business, we're able to use cash flows, as well as proceeds from equity and debt financings to accumulate Bitcoin, which serves as our primary treasury reserve asset. In addition, it also enables us to acquire Bitcoin thorough the use of excess cash or proceeds from equity capital raises or corporate debt capital raises.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset managementfees and investment banking fees. IB fees were up 49% year on year, and we ranked No. Advisory fees were up 41% and benefiting from large deals and share growth in a number of key sectors. billion or 30%.
It’s also legal and regulatory. Over the past decade, there has been, for lack of a better word, a democratization of private equity and and private debt. Private debt, private equity stepped into that and really filled that gap for, especially for institutional investors. There’s not that many participants.
We continue to have one of the lowest levered balance sheets in the REIT industry at 11% debt to total gross assets, no variable rate debt, and no debt maturities until May 2026. million of contractually due rent interest and property managementfees that were not collected during the quarter.
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