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The Blackstone portfolio consists of $70 billion of data centers and over $100 billion in prospective pipeline development, including AirTrunk and facilities under construction. Notwithstanding the temporary impact from these fee holidays, managementfees in the third quarter increased 8% year over year to a record $1.8
We appreciate the hard work and efforts of the management teams and employees at our portfolio companies and continue to be encouraged by the favorable performance of the companies in our diversified lower middle market and private loan investment strategies. The variability quarter to quarter is really driven by the incentive fees.
And there is an additional $50 billion in prospective future development pipeline. Fee-related earnings increased 12% year over year to $1.2 per share, the highest level in six quarters and the third-best quarter in firm history, powered by double-digit growth in fee revenues, coupled with the firm's robust margin position.
Our servicing activities, including recurring servicing fees and related placement fees, generated Q4 revenues of $121 million, up 18% year over year, offsetting the majority of the decline from investment managementfees. Willy Walker -- Chairman and Chief Executive Officer Thank you, Greg.
I know I speak for the entire BlackRock board of directors, BlackRock's leadership team, and all of our employees when I say we could not be more excited about the prospects of the BlackRock family with our colleagues from GIP. The integration will nearly double our private markets managementfees to over 1.5
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. Similarly, Atalaya and our credit teams have been active in sourcing investment-grade flow. AUM not yet paying fees, was $21.7
and our prospects are very strong. We continue to be optimistic about our prospects in the vast and underpenetrated private wealth channel, given our performance, the investment we've made in distribution, and our highly differentiated brand. Fee related earnings were $4.3 Blackstone is an extraordinary place. Good morning.
And as BIP has continued to scale, it has in turn enhanced the firm's intellectual capital, relationships, and dealflow, supporting our growth in other areas, including our $90 billion infrastructure and asset-based credit platform, our infrastructure Secondaries business and our dedicated energy and energy transition focused funds.
Our portfolio today consists of $55 billion of data centers, including facilities under construction, along with over $70 billion in prospective pipeline development. Notwithstanding the temporary impact from these fee holidays, managementfees increased 5% year over year to a record $1.8 Fee-related earnings were $1.1
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