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That sent net income for common shareholders falling 62% to $1.07 In addition, incentive fees on asset and wealth management nearly disappeared, although managementfees moved higher. Goldman's Q2 financial results were weak. Revenue of $10.90 billion was down 8% year over year. billion, working out to $3.08
Blue Owl had a very active second quarter, reporting another record quarter of earnings and announcing highly strategic acquisitions that further diversify our business. Over the last 12 months, we have generated 23% fee-related earnings growth at 19% distributable earnings growth from the prior-year period.
On October 1, we closed on our acquisition of Global Infrastructure Partners. The combination triples infrastructure AUM and doubles private markets run-rate managementfees. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients.
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.
Our disciplined approach to capital deployment enables us to effectively balance investing in the long-term growth of our businesses with returning capital to shareholders. In the fourth quarter, we returned over $700 million of capital to shareholders. And the third is returning excess capital to shareholders as we have in the past.
Card outstandings were up 11% due to strong account acquisition and the continued normalization of revolve. Asset and wealth management reported net income of $1.4 And to be fair, your long-term shareholders really don't care about whether it's 87% or 85%, right? Our shareholders will be very well-served by just waiting.
A small acquisition from AMD that could be a big deal in the AI race. Merger activity is somewhat robust, that helped them as well. An acquisition shows that AMD is gunning for Nvidia and its AI opportunity. I just happen to think it's one of the finest run companies in America and I'm happy to be a shareholder.
All of the success and balance sheet strength allowed us to deliver more capital back to our shareholders. We returned $21 billion of capital to shareholders in 2024, which was 75% more than 2023 and included an 8% increase in the common dividend. Shareholders' equity was flat at around $295 billion. We drove healthy returns.
operator, capital raising, and mergers and acquisitions activity in 2023, were at their lowest levels since before 2018, the funding environment continues to be challenged right now. We collected 100% of contractually due base rent and property managementfees from our operating portfolio in Q4.
Our team at Bank of America delivered strong profits for shareholders across a challenging year, navigating a slowing economy, geopolitical tensions, bank failures, and the impact of a rate hike of historic speed. Adjusted full year revenue grew 5% on a back of 9% NII improvement and strong asset managementfees and sales and trading results.
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 Thank you, Katie, and good morning. I strongly believe the best is ahead for Blackstone, investors in our funds and our shareholders. Please go ahead.
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. trillion of AUM and pro forma for the acquisition of IPI, which closed on January 3rd, we now have $265 billion of AUM.
As we close out the fourth quarter and reflect on another successful year, our most significant milestone was our merger with Cambridge Trust. We are now six months past the merger of Eastern and Cambridge, and we remain focused on continuing to capitalize on synergies, growth opportunities, and overall financial performance.
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