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Our positive performance in all four quarters for the year resulted in a return on equity of 19.4% for the full year, strong levels of NII per share and DNII per share to fund our record level of annual shareholder dividends, and a new record for NAV per share for the 10th consecutive quarter.
Harvey Schwartz, CEO of The Carlyle Group, the world’s fifth largest privateequityfirm, and former President and Co-COO at Goldman Sachs, has set new targets for the privateequityfirm’s growth and profitability, after a period of high interest rates and senior management issues, according to a report by the Financial Times.
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.
We are also pleased that we continue to maintain an attractive investment pipeline in both our lower middle market and private loan investment strategies and this attractive investment pipeline together with our conservative liquidity position and capital structure provides us a continued favorable outlook for the third quarter. That's great.
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. And we're always looking ahead, striving to lift the firm to new heights. Please go ahead. billion or $0.94
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 public company. Managementfees are up 22% and 92% of these managementfees are from permanent capital vehicles. AUM not yet paying fees was $16.8
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
CVC has continued to identify profitable exits while expanding its managementfee earnings, a key driver of its financial performance. per share dividend, bringing total shareholder distributions to 225m. The strong earnings performance led to a 3.3 percent rise in CVCs stock, narrowing year-to-date losses.
CVC Capital Partners, the Jersey headquartered privateequityfirm with 186bn in assets under management reported a stronger-than-expected annual profit for 2024, bolstered by a significant increase in managementfees. Looking ahead, CVC expects strong growth in managementfee earnings throughout 2025.
He is chairman and CEO of Harper & Associates, his consulting and advisory business, and chairman and co-founder of Miami-based investment fund Vision One, as well as a “working equity partner” at private-equityfirm Azimuth Capital, which invests in energy and the energy transition.
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. Blackstone is the reference firm in the alternatives industry. Fee-related earnings were $1.1 First, with respect to managementfee holidays.
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.
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