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The continued positive momentum across our platform during 2023 allowed us to deliver significantly increased value to our shareholders, with a 25% increase in the total dividends paid to our shareholders in 2023. Despite this significant increase, our DNII still exceeded the total dividends paid to our shareholders by over 17%.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. Successful execution of these goals should also result in multiple expansion for our shareholders. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S.
Operator instructions] At this time, I would like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. We've done that while also returning 100% of earnings to shareholders over this period through dividends and share repurchases totaling over $30 billion.
Our DNII in the second quarter exceeded the monthly dividends paid to our shareholders by 66% and the total dividends paid to our shareholders by 24%. Fee income decreased 1.4 million from a year ago and 2 million over the first quarter, driven by closing fees on new and follow-on investments and repayment activity.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a public company, against a market backdrop that has been exceptionally volatile and uncertain. This robust growth has allowed us to return significant capital to our shareholders. Thank you, Ann.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thanks, Katie, and good morning, and welcome to Blackstone's first-quarter conference call. Fee-related earnings increased 12% year over year to $1.2
“More institutional partners are willing to help support Independent Sponsor deals,” says Al Bhakta, Principal at CMG Companies. Limited partners are gravitating towards Independent Sponsors given their lower managementfees, and the flexibility that comes with co-investing on a deal by deal basis.
Asset and wealth management reported net income of 925 million with pre-tax margin of 28%. billion was up 2% year on year driven by higher managementfees on strong net inflows and higher average market levels, predominantly offset by lower NII. And then to complete our lines of business, AWM on Page 8. Revenue of 4.7
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. Note that we aren't cherry-picking here.
And all our historical backers, shareholders, they actually kept on supporting the business. In that case, one of the largest European insurance company, if not global, and having together a different proposal, fully aligned, with some complementary sourcing to the dealflow. CHABRAN: Yes, that’s right.
We invest first, either to scale strategic growth initiatives or drive operational efficiency, and then return excess cash to our shareholders through a combination of dividends and share repurchases. billion to our shareholders through a combination of dividends and share repurchases. In 2023, we returned over 4.5
We'd also like to remind everyone that we'll refer to non-GAAP measures on the call, which are reconciled to GAAP figures in our earnings presentation available on the Shareholders section of our website at blueowl.com. Similarly, Atalaya and our credit teams have been active in sourcing investment-grade flow.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. I am highly enthusiastic about what we will accomplish for our shareholders in 2024. Fee related earnings were $4.3 Please go ahead.
They are well behind, but they aren't losing dealflow to other capital sources. What we are seeing in this challenging fundraising environment is that investors value Walker & Dunlop's access to dealflow and banker/broker distribution network as deals get harder and traditional sources of capital move in and out of the market.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. First, with respect to fee-related earnings. Managementfees rose 12% to a record $1.9 Today's call is being recorded. Please go ahead.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. Notwithstanding the temporary impact from these fee holidays, managementfees increased 5% year over year to a record $1.8 Please go ahead.
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