Good morning, ladies and gentlemen. Welcome to Flow Capital's earnings call for Q3 2024. At this time, all participants are in the listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has difficulties hearing the conference, you may press star zero for operator assistance at any time. I would like to remind everyone that today's discussions may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on Flow Capital's risks and uncertainties related to these forward-looking statements, please refer to the Q3 2024 Company's Management Discussion and Analysis, which is available on SEDAR+.
Today's call is being recorded on Wednesday, November 20th, 2024. I would now like to turn the conference over to Alex Baluta, Chief Executive Officer of Flow Capital. Please go ahead.
Thank you, Operator. Good morning, everybody, and thank you again for participating in today's call. I'm joined by Michael Denny, our Chief Financial Officer. After the close of market yesterday, we released the financial results for the quarter ended September 30th. Details can be found on our website, which is a new website, by the way, or as filed on SEDAR+. I will keep my comments brief, as I normally do, but I do want to focus on some highlights. I won't, as is typical for our calls, be going through all of the full financial statements as you can read them at. Revenue is CAD 2.5 million. That's up over 46% to the prior year and up 18% from the prior quarter. That is a very strong quarter for us. In fact, a record quarter. Our recurring free cash flow under IFRS is CAD 1.25 million per quarter.
I pointed this out on every call. IFRS revenue is hard to follow. At IFRS, changes in balance sheet items need to flow through the income statement, which can lead to things like negative revenue in the quarter and making it hard to track the real performance of our core business. That's why we talk about loan interest revenue and/or recurring free cash flow, which we believe are better metrics to track. In terms of recurring cash flow, defined as loan interest revenue, less cash expenses, and less cash interest costs was CAD 638,000 in Q3. That's up 169% from Q3 a year ago when we generated CAD 237,000. From a profitability perspective, Q3 marked the 19th sequential quarter that we've been free cash flow positive, going back all the way to Q1 2020.
Needless to say, we've been efficient operators, and we will continue to improve our efficiency every quarter as we scale our business. I do expect we'll remain profitable, as you will touch on. In terms of capital deployment, during the quarter, we deployed just over CAD 10 million. Overall, in terms of capital deployment, we've had a very strong year, deploying approximately CAD 29 million in the past 12 months and CAD 26 million year to date. It should be noted that from a repayment perspective, we had approximately CAD 14 million in repayments, so our net new deployments was over CAD 12 million in the year to date. As a result, our total assets are up to CAD 71 million, or up 12% in the year. Our book value per share was down slightly in the quarter at CAD 1.22 per share, down from CAD 1.25 in the year preceding Q2. This is driven by three factors.
Primarily, most of the revision was driven by the lowering of a few of the valuations in our warrant and equity portfolio. We had a small increase in ECL in one of our portfolio names, and finally, some FX names. So, what's lingering on the warrant and equity valuation issue? As you know, we need to value our equities or our warrants every quarter, essentially from mark-to- market. To do that with our private holdings, we use either the most recent valuation from an arm's- length based financing that the company may have done, which generally for us recent is within the last 12 months, or we use market comparables. So the downward revision this quarter in those valuations is primarily because, broadly speaking, market comparables for private positions and equity valuations continue to be materially down from 2023.
OpEx has remained consistent at approximately CAD 3.2 million per year, ± CAD 100,000, for almost the past five years. Over that time, going all the way back to Q1 2020, we've grown quarterly revenue from approximately CAD 1 million to CAD 2.5 million. That's up 150%, and we've grown book value per share by almost, by just, well, it's just over 160%, so I think that over the last five years, we've handily outperformed pretty much any relevant benchmark. I just want to reiterate that's revenue up 150%, cost flat, cash flow positive for 19 quarters, and if you look at our recurring cash flow for the year, we're on track for somewhere between CAD 1.5-CAD 1.9 million in terms of recurring free cash flow for the year.
Very proud of that performance and expect to continue to work hard to continue to deliver those kind of results over the coming quarters. The portfolio continues to perform well. We've had no new non-performing loans. Our portfolio IRR, or at the top level IRR, I should say, the portfolio level IRR for the past six and a half years is approximately 25%. You may recall last year our IRR was in the 30% range. It's down primarily because of the volume of new investments that we've made so far this year. New deals tend to pull down IRR. We think 25% is a great number. We work hard to keep it at that level, and our long-term target is somewhere between the 22%-26% range over time. So we continue to be at the top of our target.
This IRR performance is the result, I think, of a deeply ingrained focus on deal quality and risk mitigation. Philosophically, I've said this before, we target zero zeros and zero defaults, which is a shorthand way of reminding everybody on our team, more broadly our stakeholders, that it's hard to make up a capital loss with a net spread on the rest of your portfolio, although warrants can, over time, help make back some of those losses. We therefore do extensive due diligence and are very, very picky in the deals that we do. Now, this pickiness does mean that we close less than 1% of the deals that we see at the top of the funnel, and then even after signing a term sheet, we only close on one-third of the deals that we've signed a term sheet for.
But in spite of that, we've had a record deployment in terms of total capital deployment over the past 12 months. So what we're seeing is relative strength over the last three quarters in our pipeline. By the end of the year, we expect to have seen approximately 1,200 leads at the top of the funnel. That's up from 900 last year. While this is a nice increase, this really is well below what we're targeting. And we need to grow that top of the funnel dramatically on the order of 2,000 to 3,000 leads next year is what we need to generate in order to sustain our growth. And we have a lot of initiatives in place to make that happen. Finally, quick update on our NCIB.
In our Normal Course Issuer Bid ending November 2024, we repurchased 1.6 million shares for approximately CAD 800,000 at an average price per share of approximately CAD 0.51. I want to point out that over the past six years, we've repurchased approximately 17.5 million shares and spent approximately CAD 7 million doing so at an average price per share of below CAD 0.40. From our perspective, this represents a very significant return of capital to our shareholders, and as we've said in the past, given the continued market discount of our share price relative to book value, we will continue to buy back our stock, essentially buying, as the chairman likes to say, dollars for 50 cents, and we fund that through our strong cash flows, so with that, I'd like to wrap up. Strong quarter, and I look forward to continuing to generate this kind of performance in coming quarters.
Operator, I'll turn it back to you to see if there's any questions.
Thank you. We will now begin the question- and- answer session. To ask a question, you may press a star followed by the number one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press a star followed by the number two. Once again, please press a star one to join the queue, and again, please press a star one to ask a question. We currently have no questions at this time. I would like to turn it back to Alex Baluta for further remarks.
Thank you, Libby. Well, I appreciate everybody who might listen to this recording off our website and appreciate everybody who tuned in. Thanks very much for your ongoing support, and I look forward to speaking to you in a couple of months on our year-end results. Thank you, Operator. Thank you, everybody.
Thank you. And ladies and gentlemen, this concludes today's conference call. Thank you all for participating. You may now disconnect.