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And finally, it has enabled the consistent and predictable takedown of just in time delivered fully developed home site, and that has attracted capital to the structured land banking partnerships that have driven the nearly $20 billion of transaction that have enabled our land-light transformation to date. years down from 1.4
NAV is defined as total assets minus total liabilities and is also reported on a per share basis. The other thing I'd say we've seen is we have seen some regional local commercial banks that have surprised us, and have really stepped up on some of our portfolio companies when they come in and beat us by a wide margin in terms of spread.
NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. What I mean there is we lowered the base management fee so that, you know, that change in the percentage will reduce the base management fees we get. Any prospects you think for looser regulation on banks to get them more active?
And between our high-quality asset portfolio, our strong reserve levels are ample liquidity and our diversified earnings base, we are proving to our clients that we are truly a bank for all seasons. Security Services had revenue growth of 16% with some good underlying fee growth. Personal Banking was also up double digits at 13%.
The market has experienced strong inflows into fixed-income funds and modest bank buying, while net issuance has run slightly below expectations. Although our transactional activity slowed in Q2, the portfolio is nearly 30% higher year over year, as Annaly remains firmly entrenched as a Top 10 non-bank holder of servicing rights.
Now, let's shift to Slide 4 and talk about a very important theme in the mortgage industry, namely the ongoing retreat of banks from the sector, which is creating a major growth opportunity for us. As most of you are aware, banks used to dominate the mortgage industry with close to 100% market share in both originations and servicing.
In consumer loans, our partnership with WeBank and other licensed banks facilitate us distributing small-sized cash loans and installment payment services, and we kept the default rate low by applying stringent tech-enabled risk management procedures. Gross margin for fintech and business services was 43.9%, up 10.3
To get money into the account, users can transfer from other banks or use our money-in solution at physical stores, an important feature in an economy where cash is still dominant. In an under-banked country like Mexico, our strategy has been to serve and develop both sides of the market, payers, and merchants to drive market development.
Operator Next question comes from Tristan Richardson with Scotia Bank. Operator Our next question comes from Neil Mehta with Bank of America. Neil Mehta -- Bank of America Merrill Lynch -- Analyst Thank you for taking my question. The first thing on your increase on the earnings on the fee rate. Thank you, gentlemen.
Offsetting these improvements was higher interest-bearing liability cost, which increased 263 basis points to 4.04% and reduced net interest margin by 215 basis points. During the second quarter, our consumer bank offerings continue to resonate with customers. We'll take our next question from Mihir Bhatia with Bank of America.
But, you know, we're not really banking on that. Operator Our next questions are from the line of Robby Ohmes with Bank of America. Robby Ohmes -- Bank of America Merrill Lynch -- Analyst Hey, thanks for taking my question. Robby Ohmes -- Bank of America Merrill Lynch -- Analyst Gotcha. How is that structured?
So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business. The next question comes from David Barden of Bank of America. David Barden -- Bank of America Merrill Lynch -- Analyst Hey, guys. And we recently announced the Silicon Valley 12 transaction.
But in a partial victory for fund groups which opposed the rules, the Securities and Exchange Commission did not proceed with proposals that would have expanded funds' legal liability and outright banned arrangements that allow some investors special terms. And I have subsequently worked for a Swiss private bank!)
Our next question comes from the line of Craig Siegenthaler of Bank of America. And I wouldn't over-index on their feestructure at this point. We'd rather offer low fees and due to our investments in technology and infrastructure operate at larger scale than our competitors. Steven Chubak -- Analyst That's great color.
Operator The next question comes from Benjamin Black with Deutsche Bank. Benjamin Black -- Deutsche Bank -- Analyst Good morning and thank you for taking my question. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Please go ahead. Thanks a lot.
However, to be clear, we did not make any material changes to our feestructure in Q4. And the blended average fee rate that you see reported is simply due to mix shift on our platform. We have a large compliance team that has best-in-class compliance approaches the same as any other fintech or bank.
The other driver of affordability for us is obviously our own feestructure. Operator Our next question comes from the line of Justin Post from Bank of America. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Please go ahead.
Could you talk about some of the drivers behind it, where you're investing some of the impacts of the feestructure, contra revenue, and you have restaurants flowing through the business? And that can be how do we think about our feestructures. Our next question comes from Justin Post with Bank of America.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. We continue to make progress on faster bank-linked payments in the U.S. The Motley Fool has a disclosure policy.
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