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Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. You would have the option to raise financing, not just from banks but also from the public capital markets. So, we are a publiccompany and an operating company. The Motley Fool has a disclosure policy.
Over the last 12 months, we have generated 23% fee-related earnings growth at 19% distributable earnings growth from the prior-year period. And since becoming a publiccompany, we have had 13 consecutive quarters of managementfee and FRE growth, highlighting both the stability and strength of our business.
The past year has marked the most transformative in our 25-year history of being a publiccompany as we released MicroStrategy ONE, MicroStrategy AI, MicroStrategy Cloud for Azure, AWS, and now the Google Cloud Platform, and continue to focus on growth in both cloud and AI plus BI. And so increasingly, investors are recognizing this.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. The closing of GIP added $116 billion of client AUM and $70 billion of fee-paying AUM on October 1.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. Managementfees were up 26%, and 92% of these managementfees are from permanent capital vehicles.
I think that the growth in the -- I know that the growth in the Adoor business will come in a so-called co-investment fund alongside our publiccompany where we have about $200 million of equity capital committed to that business. The name of the game there is scale. What that's going to do is increase the value of Sculptor.
As a reminder, in April of 2021, our company entered into a limited partnership agreement with Pelion Ventures in Draper, Utah, to manage the Medici portfolio. This partnership came with an annual managementfee, in addition to upside deal economics, in exchange for them nurturing these companies and building value.
We have relationships with some of the largest and most experienced operators in the industry, with our leased operating portfolio comprised of 90% multistate operators and 62% leased to publiccompany tenants. We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4.
If I had to go down my list of things I'm looking for some publiccompany experience, obviously, important proven track record, someone who's scaled our retail model, which is certainly what we're doing and what is in front of us, some retail, some fresh, and then someone that's really excited about this model.
As a result, we've delivered positive total operational returns each year since becoming a publiccompany 30 years ago, successfully navigating a variety of economic environments. to the benefit of our public shareholders. Importantly, as we move through an improving external backdrop helped by a recent rate cut in the U.S.,
We have relationships with some of the largest and most experienced operators in the industry, with our leased operating portfolio comprised of 89% multistate operators and 58% leased to publiccompany tenants. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
We reported another strong quarter of results for Blue Owl this morning with 12 straight quarters in consecutive managementfee and FRE growth since we've been a publiccompany. We had no desire to become balance sheet heavy or to become an insurance company. AUM not yet paying fees was $16.8
data center REIT as a well-positioned but poorly trading publiccompany with tremendous long-term potential. Our BREIT, BIP Infrastructure, and BPP perpetual strategies acquired the company for $10 billion in 2021, and its lease capacity has already grown sixfold in less than three years. billion or $0.95
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. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy.
And it does not take into account debt and other liabilities. Our strategy of acquiring Bitcoin in a manner we believe to be accretive to shareholders, thereby achieving Bitcoin yield, sets us apart from institutional Bitcoin investment options that charge a managementfee, and we therefore achieve a negative Bitcoin yield as we measure it.
This demonstrates the positive financial impact of the Cambridge merger and our ability to manage funding costs lower with recent rate reductions from the Federal Reserve. Our asset yields declined 4 basis points compared to a decline in our liability cost of 17 basis points. Excluding this item, wealth managementfees were up 1.9
With our leased operating portfolio comprised of 91% multi-state operators, and 62% leased to publiccompany tenants. million of contractually due rent interest and property managementfees that were not collected during the quarter. The decrease was partially offset by a 4.6 The Motley Fool has a disclosure policy.
publiccompany by market cap, exceeding the market value of all other asset managers. Fee earning AUM increased 6% year over year, while base managementfees rose 7% to a record $6.5 Q4 represented the 56th consecutive quarter of year-over-year growth in base managementfees at the firm.
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