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Millrose will be externally managed by a subsidiary of Kennedy Lewis Investments and Institutional alternative investment firm with approximately $17 billion in AUM and extensive experience with both Lennar and with the land and land development business for home builders. billion of cash and no borrowings on our $2.9
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S.
During today's call, management will discuss non-GAAP financial measures, including distributable net investment income or DNII. DNII is net investment income, or NII, as determined in accordance with the U.S. generally accepted accounting principles, or GAAP, excluding the impact of noncash compensation expenses.
Our broader set of credit card products continue to be well received by both existing customers and customers new to Wells Fargo with nearly 2 million new credit card accounts this year. The investments we've been making in our consumer, small, and business banking segment are starting to generate growth. million or 5% from last year.
million new credit card accounts opened in 2024. We had a more meaningful growth in net checking accounts in 2024. And importantly, most of that growth came in the form of more valuable primary checking accounts. Additionally, lower cost consumer deposit balances in checking and saving accounts have continued to stabilize.
Thus, private capital controls more than 90% of the U.S. commercial real estate market based on research from the National Association of Real Estate Investment Trusts. But this is also going to be a function of the capital raising.
The momentum in this business is demonstrated by continued strong credit card spend and new account growth. Building a larger credit card business is an investment as new products have significant upfront costs related to marketing, promo rates, onboarding, and allowance, which drive little profitability in the early years.
The Fund, which includes the combination of the base CPP and additional CPP accounts, achieved a net return of 8.0% Since the CPP is designed to serve multiple generations of beneficiaries, evaluating the performance of CPP Investments over extended periods is more suitable than in single years. The base CPP account achieved an 8.1%
CPP Investments received greater than usual net CPP cash flows in fiscal 2023 due to higher employment rates, an increased limit to the year’s maximum pensionable earnings, an increase to additional CPP contribution inflows, and a lump-sum inflow in the fourth quarter due to forecasting adjustments made by the CPP. for the fiscal year.
We will adopt the new FASB Fair Accounting Rule, which will require fair value treatment for bitcoin holdings when the rule takes effect in Q1 2025. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. A lot of companies have adopted fair value accounting this year.
So when we started this strategy in 1718, and started allocating capital, investing in entrepreneurs who had a solution, that had to be massified. Saba Capital is one, a few others did the same thing. And I think this is where the industry should be heading.
Over the last 12 months, we have grown managementfees by 26%, fee-related earnings by 27%, and distributable earnings by 22%, all compared to the prior-year period. Managementfees are up 26%, and 91% of these managementfees are from permanent capital vehicles. FRE is up 27% and DE is up 22%.
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