Distributable Earnings were also $1.6 billion, or $1.21 per common share, and we declared a dividend of $1.03 per share, which will be paid to holders of record as of August 4th. As Weston mentioned, fee-related earnings grew a remarkable 31% year over year and represented one of the best quarters in our history. The strength of these results, notwithstanding a muted backdrop for realizations, reflects the significant expansion of the firm's earnings power that has been underway as we continue to innovate and scale key growth initiatives. The foundation of Blackstone's exceptional long-term growth, of course, is investment performance.
In particular, the enormous need for debt and equity capital to build the infrastructure powering the artificial intelligence revolution has created extremely positive dynamics for our business. We are now seeing promising signs with new supply falling sharply, the cost of debt capital coming down, and transaction activity picking up. In terms of the economy, the backdrop remains favorable with resilient growth. We see inflation remaining muted with the likelihood for an increase in goods inflation but decelerating wage, energy, and shelter inflation.
In terms of policy, we continue to believe the focus of policy actions ultimately is to support growth. stock market at record levels, M&A, particularly sponsor M&A accelerating, and the IPO market reopening. More conducive capital markets, if sustained, should lead to the acceleration of realizations for Blackstone over time. The firm's distinctive competitive advantages continue to drive us forward in multiple areas, leading to expanding earnings power, as Steve noted.