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We're pleased with our performance in the third quarter, which resulted in an annualized return on equity of 18.8%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the ninth consecutive quarter.
We are pleased with our second quarter results, which were highlighted by an annualized return on equity of 16.1%, DNII per share that continued to exceed the dividends paid to our shareholders, and a new record for NAV per share for the eighth consecutive quarter. Some of it may end up moving into the fourth quarter.
Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. I hope you've all had the opportunity to read our shareholder letter, which was published on our investor relations website earlier today. Q4 was $375 million, up 12%.
We're also driving growth in Robinhood Gold, which continues to deliver value to both our customers and our shareholders. For the Q&A session, we'll start by answering the top few shareholder questions from Say Technologies ranked by number of votes. That concludes our shareholder questions from Say Technologies.
We believe that by peering offerings and simplifying our feestructure, we're going to incentivize our clients to deepen their relationships with us. billion to our shareholders through common dividends and stock buybacks. And the early reaction from clients along those lines has been very positive. Our CET1 ratio grew to 13.5%
We are in the early chapters of our ads and monetization journey, and we'll continue building on the strong foundations we have established to unlock more value for customers and shareholders over time. However, we're not contemplating changes to our feestructure right now. And with that, we'd be happy to take your questions.
We will grow revenues, maintain or enhance our margins, and generate significant free cash flow, which will allow us to return capital to shareholders. G&A costs, including SBC expense, declined 2% year over year in Q4 and 2 points as a percent of revenue to 12% as legal and professional fees declined by $11 million year over year.
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