Good morning, everyone, and warm welcome also from my side. I'm Roland Rapelius, Head of Investor Relations, and it's a pleasure for me to welcome you this morning. It's been a good quarter. Without much ado, I would like to hand over to Tom Alzin, the Spokesman of the Board of Management of DBAG. Please go ahead, Tom.
Thank you, Roland. I'm happy to report you another set of strong results. During the quarter, we managed one more successful disposal to a strategic buyer, and we did four add-on acquisitions. Overall, successful transactions, a positive operating development, drove us to a 20% year-to-date NAV growth, which is quite good in this environment, but quite frankly, also driven because of the low starting point last year, when we started in September. The DAX was at a quite a low point for some time, yeah. Our earnings from funds investment service proved to be, again, a very stable source of income. We are very happy to reconfirm our raised guidance. What does that mean?
Our net asset value has increased to EUR 36. Our earnings before taxes reach EUR 103 million, roughly. Especially strong is our cash flow from investment activity, which is nearly EUR 100 million, which shows again that our earnings are not only based on peer group going higher, but also on strong realized earnings in what is still a very tough environment, yeah. On the investment service side, earnings before tax translate to EUR 11 million this year, and our assets under management have been quite stable with EUR 2.5 million. Overall, this leads to a net income of EUR 140 million, which is also the upper end of our guidance or close to our upper end of our guidance.
Depending on how Q4 develops in terms of multiples, we could, you know, overachieve our guidance, but it's too early to tell, and frankly, it depends on some singular events which for the time being, we cannot foresee. Thus, we have not, we have refrained from further increasing our guidance. We are still, and I said that many times on this call, in a very healthy market. You see that in this market, 67% are still primaries. Primaries is really the focus area for us with our strong brand because we are the ones who interact with the family founders, and that's really where we source most of our investments, yeah.
The total number of investment opportunities has a bit decreased, and quite frankly, most of the MBOs are on the lower side in terms of volume from what we tend to do. Our investments which we did so far this year have also been on the lower side because here the market is still very healthy functioning in terms of financing supply. As I alluded already to the disposal of BTV Multimedia, and what we did is really after this quarter ended, we sold our first long-term balance sheet investment to a strategic buyer.
It was supposed to be a long-term investment, but when the strategic showed up with a number which we found quite attractive, we then decided to make it a shorter term investment, quite frankly. This resulted in a very good result for us. We reinvested some of the proceeds in NOKERA, which is a, the largest operator, the largest woodworking factory for a sustainable lower social housing. We're very excited about that. If you look at the other themes we played, AOE Group is in the IT service space, Avrio is a biogas producer, and TVD is also a service company in the renewable energy space. We really repositioned part of our portfolio towards clear growth, structural growth sectors, yeah. Furthermore, we were quite active on the add-on side.
We did three add-ons for akquinet, our IT service platform. We did one with in-tech, one with Metal Works, which we are still to announce. We continued to buy smaller add-ons for Operasan, our dialysis platform. With that, I would hand over to Roland Rapelius, who can guide you through the granularity of our numbers.
Thank you very much, Tom. On this slide, you're already familiar with it. On the left-hand side, you see how the split of the portfolio by subsectors has changed over the past years and how the growth sectors were gaining importance, especially IT services and software, which has quadrupled over the last three years. On the right-hand side, you are familiar with that. In the meantime, we have two columns. On the right side, you have the column showing the effect of the pandemic.
The middle column shows the effect of the change of the interest rate regime in 2022, which was, of course, a negative effect on the capital markets and also on our portfolio. On the left column, the second left column for the second column from the left, June 2023, you see the current snapshot of the portfolio, and you see an increasing valuation, IFRS divided by acquisition costs, across all sectors here. On the next slide, you're also aware that on the left-hand side you see the market position of DBAG. DBAG is clearly the market leader in the mid-market for MBOs, in the German market here for MBOs, that's over a longer-term time horizon, and that hasn't changed.
On the right-hand side, also you are familiar with that. In essence, it shows really the a key differentiating factor or it proves a key differentiating factor that DBAG is a German stock-listed company which is focused on follow-on situations and succession situations for Mittelstand companies, mostly family or founder-led in Germany, which is our specialization and where we have a higher share than the market. Also the recent three transactions with which Tom has already described, the recent four transactions signed in July, three of which were really bilateral. On the next slide, you see the development of NAV and going up 20% year to date, and our forecast, which has been specified now at the upper half of the range.
We will go to the details on the next few slides. Here firstly you can see that the change in value was the main driver of the increase, coupled with the acquisitions in the first nine months and the disposals are listed here on the right side. It's BTV Multimedia, Cloudflight, Heytex, PNX and the partial disposal of GMM Pfaudler. The count here is five and R+S is not included. If you add up R+S, there's also a count of six in the year to date, including July. Change of value, EUR 56.4 million. We will go to that on the next slide in detail. That change in value is mainly driven here by change in multiples, as you can see, EUR 96.7 million.
As you are aware, within the 96.7, there are also effects resulting from our successful transactions because if we receive a bid for a portfolio company, we, which is not yet signed as a disposal, then this positive effect is impacting here the column change in multiples. Therefore, the successful transactions played a major role in the EUR 56.4 million net gains and losses on measurement in the first nine months of DBAG. Second point to make about this slide is that the operating performance is positive, and that's mainly resulting from a positive change in earnings, which came from nearly all our portfolio companies.
You see the change in debt, which is reflecting also our buy and build strategy because predominantly the other acquisitions are debt-financed and therefore that you have a change in debt. On the next slide is on our Fund Investment Services Segment. You should not expect major surprises in this segment. There's a relatively steady top line and good visibility on the planning of the top line. Going up from EUR 32.9- EUR 35.2. The bottom line going up mainly because this year in the first nine months we didn't have one-off effects which we had last year when we had higher personnel expenses by EUR 2 million related to the departure of a member of the Board of Management.
At the same time, we have effects resulting from higher costs here, IT among other things, these costs are going up. All in all, the EUR 11.3 million you can see are fully on track to meet the guided range of EUR 13 million-15 million, I would say. On the next slide, the cash position, Tom Alzin has mentioned that in the beginning. The cash flow from investing activities here, is really a substantial figure in the first nine months, resulting from our successful disposals. The financing cash flow, the negative, it's mainly the net redemption of credit lines, EUR 41 million, and the dividend payment of EUR 15 million. Resulting in EUR 72.9 million financial resources by the end of the first nine months.
On this slide, you're also aware, we always show our co-investment commitments along the DBAG funds, which are reflecting a longer-term investment time horizon vis-à-vis our available liquidity. Here clearly the available liquidity has benefited from the cash flow from the disposals. Our forecast, we've talked about that, specified at the upper half of the range with our ad hoc, which we have released on July 17th this year. That affects our NAV guided range and our net income guided range. Of course, the Fund Investment Services guidance is unchanged, EUR 13 billion-EUR 15 billion. With that, I would like to hand back to Tom for some closing remarks, please.
Thank you, Roland. I think we can all agree that this has been a very successful nine months. We have and still see nice opportunities. It's an environment which has clearly come much more interesting to invest and to deploy money at accretive rates. Actually, the 4 transactions we did after this quarter closed were done underwritten at a bit of higher multiples than in the past. We see that money has again, or capital has again become a valuable resource, especially also in Germany, because from growing as Germany is given macroeconomic headwinds and also headlines on the newspapers a bit shunned, and we see that we have an environment where competition has become less intense than a few years ago.
We are quite confident with where our portfolio sits. We still think that the overall portfolio is still valued nearly to cost basis, and that should leave for some upside for further growth. All in all, given also our strong realizations, we have a very strong cash flow, a strong financial basis, our strong reputation and also a tracker play into our cards in this kind of environment. We're looking with further confidence for the next starting in the next year, which shall begin in October. Thank you very much, ladies and gentlemen, for attending our Q3 conference call.
It was a pleasure to have you, and it was a pleasure to have all your questions here, showing a good level of interest in our company. We look forward to speaking to you again, when our next scheduled conference call will take place at the end of November with the full year results. With that, I would like to thank again very much and wish you a good day. Goodbye.