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We reported another strong quarter of results for Blue Owl this morning with 12 straight quarters in consecutive managementfee and FRE growth since we've been a publiccompany. Managementfees are up 22% and 92% of these managementfees are from permanent capital vehicles.
Over the last 12 months, we have generated 23% fee-related earnings growth at 19% distributable earnings growth from the prior-year period. And since becoming a publiccompany, we have had 13 consecutive quarters of managementfee and FRE growth, highlighting both the stability and strength of our business.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. Managementfees were up 26%, and 92% of these managementfees are from permanent capital vehicles.
Not only are volumes up as banks retreat, the addition of new clients to the platform has never been higher. As you flip to Page 5 and you look at where we -- when this company was first started, just a quick snapshot in going back in history. I'll just take Page 13, and then Baron is going to take the mortgage company stuff.
Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. And this is kind of the second quarter of about a 40 quarter bitcoin gold rush where we are going to see bitcoin embraced by more and more banks, more and more money managers, more and more nations.
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.
As a reminder, in April of 2021, our company entered into a limited partnership agreement with Pelion Ventures in Draper, Utah, to manage the Medici portfolio. This partnership came with an annual managementfee, in addition to upside deal economics, in exchange for them nurturing these companies and building value.
Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. Achieving BTC yields sets us apart from spot bitcoin ETPs and other bitcoin investment vehicles that charge a managementfee and would therefore reflect a negative BTC yield as we measure it. That's an awful idea.
The first question is from Krisztina Katai from Deutsche Bank. Operator The next question is from Robby Ohmes from Bank of America. So, in the industry, the availability of like e-commerce options keeps increasing, whether it's the broader assortment or wider delivery radius or even maybe more manageablefees.
As a result, we've delivered positive total operational returns each year since becoming a publiccompany 30 years ago, successfully navigating a variety of economic environments. to the benefit of our public shareholders. Importantly, as we move through an improving external backdrop helped by a recent rate cut in the U.S.,
data center REIT as a well-positioned but poorly trading publiccompany with tremendous long-term potential. Our BREIT, BIP Infrastructure, and BPP perpetual strategies acquired the company for $10 billion in 2021, and its lease capacity has already grown sixfold in less than three years. billion or $0.95 Operator Thank you.
The past year has marked the most transformative in our 25-year history of being a publiccompany as we released MicroStrategy ONE, MicroStrategy AI, MicroStrategy Cloud for Azure, AWS, and now the Google Cloud Platform, and continue to focus on growth in both cloud and AI plus BI.
Consolidation in the industry is likely, with larger managers acquiring smaller ones to expand their strategies and AUM. Fee structures may change, with pressure on publiccompanies to reduce managementfees and focus on performance-based compensation.
Annaly Capital Management: 13.47% yield The first supercharged dividend stock I'm gladly accepting outsized quarterly payments from is mortgage real estate investment trust (REIT) Annaly Capital Management (NYSE: NLY). For example, the nation's central bank is expected to cut interest rates three times in 2024.
We also want to note the green shoots that we are seeing in the industry with the ongoing potential for passage of the SAFE Banking Act, state-level momentum for additional programs and tax relief and unit price stabilization trends we are seeing in certain markets, which Paul will spend more time discussing.
This combination not only solidifies our position as the largest commercial bank headquartered in Greater Boston and a leading financial institution in New England but also allows us to deliver a broader suite of offerings to our customers, greater opportunities for our colleagues, and even stronger commitment to the communities we serve.
publiccompany by market cap, exceeding the market value of all other asset managers. Stepping back, over the last two years, the campaign by central banks to control inflation has resulted in muted returns for most traditional asset classes. Fee related earnings were $4.3 Blackstone is now the 55th largest U.S.
million and introducing two new banks to the syndicate. Presumed President-elect Trump's recent remarks in September on federal cannabis reform are also encouraging, with a focus on SAFE Banking for state-authorized companies and supporting states' rights for passing and operating regulated cannabis programs.
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