Distributable earnings were $1.9 billion or $1.52 per common share, and we declared a dividend of $1.29 per share, which will be paid to holders of record as of November 3. Distributable earnings increased nearly 50% year-on-year to $1.9 billion, as Weston mentioned, underpinned by a 26% growth in fee-related earnings and a more than doubling of net realizations. Our fundraising success lifted assets under management to a new industry record of $1.24 trillion. Looking forward, I believe our prospects for growth are as strong today as at any point in the firm's history.
Notwithstanding the current government shutdown, more conducive capital markets should lead to greater realizations for Blackstone, which in turn support fundraising and deployment. In the last three months, we executed three successful IPOs, and our IPO pipeline for the next 12 months, if converted, would translate to one of the largest years of issuance in our history. Performance has powered our growth in private credit, and we believe it will continue to power our growth in the future. Importantly, we achieved almost all of this growth organically, which is quite distinctive among large firms in our industry.
Pete Peterson, my co-founder, gave us the necessary credibility that provided the launchpad for our growth. In terms of where we raise capital, we believe Blackstone is the partner of choice to bring the best of private markets to a rapidly expanding universe of investors. I'm going to focus my remarks specifically on the growing sources of capital inflows at the firm. In private wealth, our AUM in the channel grew 15% year-over-year to nearly $290 billion.