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The Hopper is a comprehensive suite of systems and procedures used to operate and manage the acquisition, financing, and development of land assets at scale, designed and refined by Lennar over the past 20 years. They were a natural external manager. Millrose will receive consistent cash flows pursuant to option contracts.
The continued favorable performance of the majority of our lower middle market portfolio companies resulted in strong dividend income contributions and another quarter of significant net fair value appreciation in the equity investments in the lower middle market portfolio. Now, turning to our current investment pipeline.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. It aims to realize the enormous investment potential of infrastructure to support AI innovation, and it's just the first proof point of the growth synergies we can create together. Our partnership with Microsoft and MGX.
of our outstanding debt at the end of the quarter was variable rate in nature, illustrating the financing flexibility we have heading into the end of the year. With that said, we strive to demonstrate a proactive forward-looking mindset as we plan, position, and evolve our financing strategy for future growth.
By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate bitcoin and advocate for its role as digital capital. One, debt financing. Now, turning to our treasury operations, we had one of our most impactful quarters from a capital markets execution perspective.
Starting in the first half of next year, we will be the preferred purchase financing provider for Volkswagen and Audi brands in the United States. The investments we've been making in our consumer, small, and business banking segment are starting to generate growth. Turning to expenses on Slide 7.
Managing CPP Investments Costs Discipline in cost management is a main thrust of our public accountability as we continue to build an internationally competitive enterprise that seeks to create enduring value for multiple generations of beneficiaries of the CPP. mortgage real estate investment trust. To generate $46.4
The middle market banking revenue was down 2% from a year ago, driven by lower net interest income due to higher deposit costs, partially offset by growth in treasury managementfees. Revenue grew from a year ago due to improved results from our venture capitalinvestments. Slide 16 highlights our corporate results.
In our auto business, we announced a multiyear co-branded agreement where we will be the preferred purchase finance provider for Volkswagen and Audi brands in the United States starting in the first half of this year. Revenue increased from a year ago, driven by improved results from our venture capitalinvestments.
Graham said he believes interim targets create an incentive to sell off investments in high-emitting businesses (which will likely be financed by someone else, he said), rather than spending the money it takes to reduce emissions. Public Equities include absolute return strategies and related investment liabilities. We own a 16.3%
And looking backwards, as much as investment banking, even with banks that are no longer there, was a great, that was a great training. The exposure you get in investment banking, I was a leveraged finance banker by background. And there was no hint at the time that I would be heading into finance.
The total amount of capitalinvested and committed across our operating portfolio equates to $275 per square foot, which we believe remains significantly below replacement cost. For the second quarter, we collected approximately 97% of contractually due base rent and property managementfees from our operating portfolio.
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. For many of our products, there is zero redemption. So, every incremental dollar of assets raised contributes to our earnings layer cake.
economy, historically tight financing spreads, greater debt availability, the prospects of a more business-friendly regulatory climate and importantly, accelerating technological innovations have given us confidence to deploy capital at scale. First, with respect to fee-related earnings. Managementfees rose 12% to a record $1.9
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