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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
Two additional key performance indicators that management will be discussing on this call are net asset value, or NAV, and return on equity, or ROE. NAV is defined as total assets minus total liabilities and is also reported on a per-share basis. But I hear what you're saying that it will be very profitable in the long term.
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.
We grew noninterest income across most categories, including double-digit increases year over year in many of our largest fee-generating activities, including investment advisory, net gains from trading activities, deposit-related fees, and investment banking. Turning to expenses on Slide 7.
We actively monitor the capital markets and will continuously evaluate liabilitymanagement opportunities to manage our debt and interest expense, as well as opportunities to raise additional financings in the future. But you can invest in 500 other companies, and 500 other companies can make 10,000 capitalinvestments.
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. And keep in mind, we won't make the big capitalinvestment without having line of sight on potential clients being able to step in and take over those leases.
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. We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4. Moving on to rent collection.
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.
Middle market banking revenue was down 2% from a year ago, driven by lower net interest income, reflecting higher deposit costs, partially offset by growth in treasury managementfees. Revenue increased from a year ago, driven by improved results from our venture capitalinvestments.
But I also learned along the way that you rarely die, I mean as a company, from your P&L or from your assets, but you always die from your liabilities. Coming back to my comment, again, it’s your liability side. And I think this is where the industry should be heading. And there’s been plenty of comment there.
Asset and Geography Mix CPP Investments, inclusive of both the base CPP and additional CPP Investment Portfolios, is diversified across asset classes and geographies: 1 Fixed income consists of cash and cash equivalents, money market securities and government bonds, all net of financing liabilities. bps observed in fiscal 2022.
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. Managementfees are up 26%, and 91% of these managementfees are from permanent capital vehicles. FRE is up 27% and DE is up 22%.
The total amount of capitalinvested and committed across our operating portfolio equates to $281 per square foot, which we believe remains significantly below replacement cost. million of contractually due rent interest and property managementfees that were not collected during the quarter.
We've achieved these results while remaining true to our capital like brand-heavy open architecture model designed to serve a multitude of insurance clients without taking on any liabilities. First, with respect to fee-related earnings. Managementfees rose 12% to a record $1.9 billion valuation. billion or $1.50
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