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On an equivalent day count basis, our annualized effective fee rate was 0.2 Performancefees of 118 million increased from a year ago, primarily reflecting higher revenue from illiquid alternatives. In May, we capitalized on the improved conditions for debt issuance, issuing 1.25 government money market funds.
And there is an additional $50 billion in prospective future development pipeline. The firm itself could not be in a stronger position with minimal net debt and no insurance liabilities, allowing us to distribute $4.7 Borrowing spreads have tightened significantly and the availability of debt capital has increased significantly.
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 The strong results this year have also yielded higher profit-sharing expense commensurate with performance. We feel good about our longer-term prospects here. Please go ahead.
Sean Klimczak, global head of Blackstone Infrastructure and Nadeem Meghji, global co-head of Blackstone Real Estate, said: “Prior to AirTrunk, Blackstone’s portfolio consisted of US$55bn (€49.8bn) of data centres including facilities under construction, along with over US$70bn in prospective pipeline development.”
While acquisitions contributed a portion of the year-over-year growth in adjusted EBITDA, we're also benefiting from a healthy mix of higher pull-through of specialty technology and services, as well as maturation of the performance we book. And as we go around and talk to customers and prospects, that's certainly what the market wants.
Very excited for the prospects of that business. billion of book value that you show on Slide 5, so is that allocating all of the corporate debt to Newrez, is that how you get from the $4 billion of book value down to that level? I believe performancefees typically occur end of year. Bose George -- Analyst OK.
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.
The second benefit is an expansion of our product offering for clients and prospects. million in the quarter to close off the earn out for NIA, electing to fund that liability entirely in cash, which increased our net debt to 2.5 Just going back to the performancefee margin ramp, you said 12% to 18% is possible there as those mature.
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. Management fees increased by $165 million, due to an increase in average assets managed by external fund managers. What percentage of Total Credit assets are in Private Debt?
Although cash remains an attractive safe haven with the prospect of fewer rate cuts for 2024, the nearly 30% increase in equities over the last year continues to propel clients toward rerisking into stocks and bonds. Clients choose BlackRock for performance. This was mainly due to the relative outperformance of lower fee U.S.
With a strong common culture of serving clients with excellence, together, we will deliver for our clients a holistic global infrastructure manager across equity, debt, and solutions. BlackRock has developed a broad network of global corporate relationships through many years of long-term investments in both debt and equity.
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. How much is the prospective market size, as well as how robust local economy is? It’s all about what are this company’s prospects?
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Lower interest income in the current quarter reflected the delivery of cash at the closing of the GIP transaction, which was raised through our debt offering in March 2024. Operating income of 8.1
and our prospects are very strong. We continue to be optimistic about our prospects in the vast and underpenetrated private wealth channel, given our performance, the investment we've made in distribution, and our highly differentiated brand. You've got debt market spreads starting to come down a bit.
We have funded our growth with our operating businesses, balance sheet, and a little bit of high-yield debt. Performance is the No. 1 thing that matters and obviously, in the asset management business, we lead with performance. So again, really, really excited with the prospects of Sculptor and the overall team.
Our positioning has never been stronger nor our prospects brighter. economy, historically tight financing spreads, greater debt availability, the prospects of a more business-friendly regulatory climate and importantly, accelerating technological innovations have given us confidence to deploy capital at scale. I will catch it.
Our portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development. We're also providing equity and debt capital to other AI-related companies. We're also providing equity and debt capital to other AI-related companies.
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