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We believe that in time, every organization, big and small, will leverage the power of AI to transform their businesses. As we've shared before, fiscal '25 will be a year of focused investment for us as we reinvest some of our natural operating leverage back in the business, in particular toward the GenAI opportunity.
We can invest approximately $500 million this year on a leverage-neutral basis, excluding any disposition proceeds, and without the need for any additional equity capital. billion in 319 retail net lease properties spanning 41 states. We leverage our relationships. of total acquisition volume for the quarter. It takes grit.
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. One thing I didn't cover is leverage.
This is a low leverage loan and we're reviewing financing options with Granite Properties, our partner. There's highnetworthindividuals got relationships that can finance these type of assets. And we've been successful selling both value-add and core assets over the last couple of years. And there's local banks.
It’s like what do I do, how do I address my needs, what are my liability structures, how do I make long-term investment decisions, and then how do I execute upon that overall advice through these individual investment opportunities. RITHOLTZ: You mentioned liability. RITHOLTZ: — than a family office. SALISBURY: Sure.
Our team continues to execute on our product roadmap while growing revenues and delivering strong operating leverage in the business. Our cost structure is roughly 90% fixed, which supports high incremental margins in operating leverage. And our adjusted EBITDA this year is on track to be roughly three times our prior record.
And remember, this is a high operating leverage group, so they ought to do quite well here. Highnetworthindividuals, both U.S. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Our expectation is quarter-over-quarter.
They were leveraged so this wasn’t like a bad year, this was a wipeout. Concentration, leverage, and illiquidity. The biggest difference for those institutions and high-net-worthindividuals is taxes. And now you see much more of that in the private credit world that has an asset-liability match.
First, the Times Black ICICI Bank credit card, catering to high-net-worthindividuals with travel and lifestyle benefits. So, through traditional issuance, winning share from domestic networks, and leveraging our brand products and innovation to secure important co-brands, our consumer payments business is strong.
I was in my early thirties, I didn’t have a mortgage, I didn’t have kids, I had very few liabilities. And here’s the most important fact that as ultra highnetworth and highnetworthindividuals build out their portfolios. Leverage buyouts requires leverage.
RITHOLTZ: It’s a liability on the books. Aren’t the big firms and the LBOs, the leveraged buyouts, very different than the middle market, smaller private equity firms that provide capital and equity to small companies. MORGENSON: Maybe, but still. MORGENSON: But still, it goes to these people. It is money for nothing.
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