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year-over-year increase in its adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) to nearly $1.9 NextEra Energy Partners benefited from the increased income earned by new projects added to the portfolio and a reduction in managementfees from its parent, NextEra Energy. It delivered a robust 13.6%
We also benefited from significant fair value appreciation and the value of our External Investment Manager due to a combination of the continued increase in fee income, growth in assets under management, and broader market-based drivers. million realized gain in the quarter, as David discussed. Mark Hughes -- Analyst Yeah.
The funds we advised through our External Investment Manager continued to experience favorable performance in the fourth quarter, resulting in significant incentive fee income for our asset management business for the ninth consecutive quarter and, together with our recurring managementfees, a significant contribution to our net investment income.
As an operating business, we are able to use cash flows, as well as proceeds from equity and debt financing, to accumulate bitcoin, which serves as our primary treasury reserve asset. Debt financing. Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. Equity issuances.
For example, Steward reported facility-level earnings before interest, taxes, depreciation, amortization, rent, and managementfees (EBITDARM) coverage of 2.7x The company plans to evaluate additional asset sales and joint-venture opportunities, as well as explore limited secured debt financing options.
In terms of future harvesting, the third quarter marked the highest amount of overall fund depreciation in three years. In the energy area, we estimate, we were a lead financing provider for nearly 15% of all renewable projects in the U.S. Fee-related earnings were $1.2 in the last 12 months. Turning to the outlook.
We are also excited about the follow-on investments we made to finance strategic acquisitions by two of our high-performing lower middle market 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.
We also benefited from significant fair value appreciation in the external investment manager due to a combination of the continued increase in fee income, growth in assets under management, and broader market-based drivers. As of today, I would characterize our lower middle market investment pipeline as above average.
During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential acquisitions and other investments, future dividends and financing activities. Good morning.
This represents the second consecutive quarterly record for dividend income and demonstrates the continued strong performance of our lower middle market portfolio companies and the external investment manager. Fee income decreased 1.4 We recorded net fair value appreciation in our private loan portfolio of 0.6 We also recognized 1.3
But you mentioned their equities trading, which was really strong, their investment banking fee growth, which was 29% year over year, which came from a very low bar, but now more companies are going public, more M&A activities happening, and the banks are a big beneficiary of that. People were overpaying for a depreciating asset.
As a 27-year veteran of Prudential, Yanela is a seasoned executive who brings a deep understanding of our business and industry as well as significant finance, operations, and leadership experience. PGIM, our global investment manager, had lower other related revenues driven by lower incentive fees and agency income, and higher expenses.
Academic arguments supporting a theoretical relation between government debt and stock returns include one described by Blanchard (1991) whereby debt-financed government spending may raise interest rates and/or crowd out private spending. Review of Finance 22, no. Using data from International Monetary Fund (2021). Crowding Out.”
Rigorous research combined with decades of systematic investing expertise help inform portfolio design and management by identifying efficient uses for the many sources of information about expected returns. Profitability: A company’s operating income before depreciation and amortization minus interest expense scaled by book equity.
Academic arguments supporting a theoretical relation between government debt and stock returns include one described by Blanchard (1991) whereby debt-financed government spending may raise interest rates and/or crowd out private spending. Review of Finance 22, no. 3General government debt from OECD (2021). 5Reuters (2011).
On some assets, we’ve already reduced the value significantly over the past few years (such as shopping centres and offices), so I believe most of the depreciation linked to structural changes is behind us.” In the first half of 2023, higher financing costs hurt the Caisse’s private-equity portfolio, which posted a return of 1.4
For fiscal 2025, we will have increased capital expenditures due to a higher number of organic new store openings and supply chain investments, and as a result, higher depreciation and amortization. It's fully functional in everything we're just doing a lot of financing enhancements and one-off. Thank you for sneaking me in.
Graham said he believes interim targets create an incentive to sell off investments in high-emitting businesses (which will likely be financed by someone else, he said), rather than spending the money it takes to reduce emissions. The Canadian dollar depreciated against the U.S. Our operating expense ratio was 28.6 Committed INR 18.5
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