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We are pleased with our second quarter results, which were highlighted by an annualized return on equity of 16.1%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the eighth consecutive quarter.
Our DNII in the second quarter exceeded the monthly dividends paid to our shareholders by 66% and the total dividends paid to our shareholders by 24%. Fee income decreased 1.4 million from a year ago and 2 million over the first quarter, driven by closing fees on new and follow-on investments and repayment activity.
Our disciplined approach to capital deployment enables us to effectively balance investing in the long-term growth of our businesses with returning capital to shareholders. In the fourth quarter, we returned over $700 million of capital to shareholders. And the third is returning excess capital to shareholders as we have in the past.
This activity is consistent with how customers are spending money in the 2016 to 2019 timeframe. This quarter, we saw a healthy revenue growth in our wealth and investment management business and in our global markets businesses. billion of capital to shareholders while also supporting the needs of our clients. We returned 5.6
As many of you know, we've gone through both a management and company restructure in the last 75 days. Yesterday, we announced management changes which provide clear direction on the two brands and position us with a leadership team that is now aligned with shareholders on incentives and driving value.
We returned $25 billion of capital to shareholders. Early last year, the OCC terminated a consent order it issued in 2016 regarding sales practices. Middle market banking revenue was down 2% from a year ago, driven by lower net interest income, reflecting higher deposit costs, partially offset by growth in treasury managementfees.
Our disciplined approach to capital deployment, coupled with the added capital flexibility achieved through our de-risking transactions, enables us to effectively balance investing in the long-term growth of our businesses with returning capital to shareholders. Turning to Slide 12 and in summary. dollar and yen-denominated?
Two, increasing our annual dividends declared each year since inception in 2016; three, committing capital totaling $119.5 We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4. million during 2023. Moving on to rent collection. And we look forward to a bright 2024.
And all our historical backers, shareholders, they actually kept on supporting the business. We were lucky enough to have Temasek backing us as early as 2016. We never sold a single share on the occasion of the ’60s. RITHOLTZ: You guys only allowed a small piece to go public, right? CHABRAN: Yes, that’s right.
It can be even a change in regulation or in market, where suddenly volatility picks up and the interest of bondholders and shareholders are at odds. Before that, 2016, the energy crisis, same. It can be a bankruptcy, but it also can be an M&A event. It can be an LBO. And that’s really what made the job absolutely thrilling.
We invest first, either to scale strategic growth initiatives or drive operational efficiency, and then return excess cash to our shareholders through a combination of dividends and share repurchases. billion to our shareholders through a combination of dividends and share repurchases. In 2023, we returned over 4.5
The Caisses managementfees were 0.6 Financial reporting CDPQ incurs costs to conduct its activities, including operating expenses, external managementfees and transaction costs. Fixed Income has gone from 100% government bonds up until 2016 and today we $100 billion in Credit, $50 billion in government bonds.
million of contractually due rent interest and property managementfees that were not collected during the quarter. Since our IPO in 2016, we have maintained one of the most conservative balance sheets in the REIT industry, and that continued this quarter. The decrease was partially offset by a 4.6 So, that's what we do.
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