A power machine and a power conversion system for a power machine are disclosed. In an exemplary embodiment, the power conversion system includes a pump configured to provide a source of pressurized hydraulic fluid and a control valve assembly to receive the hydraulic fluid. The control valve assembly includes a first valve element configured to direct hydraulic fluid to an actuator when the first valve element is in first and second actuated positions. The control valve assembly also includes a second valve element downstream of the first spool. The first valve element is moveable between an unactuated position and the first and second actuated positions and is configured to direct hydraulic fluid received from the actuator through the second actuated position to the second valve element and to direct hydraulic fluid received from the actuator through the first actuated position to bypass the second valve element.