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NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. The increase in fee income over the third quarter was primarily driven by higher closing fees on new and follow-on investments during the fourth quarter and increased prepayment and amendment fees, driven by investment activity.
This was driven by margin enhancement following cloud business restructuring, emerging high-quality revenues, including video accounts e-commerce technology service fee, structural shift toward high-margin products within fintech services, and our efficiency initiatives. Gross margin for fintech and business services was 43.9%, up 10.3
Obviously, this was stronger than our guidance of a dollar in accretion and reflects very favorably on the performance of the MSRs we acquired as well as limited exposure to contingent liabilities after extensive diligence. In this scenario, servicing suffers from higher amortization expense. Now, let's turn to Slide 12.
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