Distributable earnings were $2.2 billion or $1.75 per common share, and we declared a dividend of $1.49 per share, which we paid to holders of record as of February 9th. Blackstone just reported the best results in our 40-year history, with distributable earnings of $1.75 a share, as Weston mentioned. This capped a record year for the firm in which DE increased 20% to $5.57 per share, or $7.1 billion, powered by strong growth in fee-related earnings and a significant acceleration in net realizations. According to recent analyst research, Blackstone has an estimated 50% share of all private wealth revenue across the major alternative firms.
In total, the firm's fundraising success lifted assets under management 13% year-over-year to a new industry record of nearly $1.3 trillion. Today, there continues to be a range of geopolitical uncertainties that are impacting markets, but we remain anchored by the strong operating and capital market fundamentals we see through our portfolio. Our views on the economy and inflation have informed our investment approach, and they also led to our conviction that the deal cycle would accelerate, including a resurgence in capital markets activity. In credit, we saw record deployment in 2025, including the emergence of an important new source of direct origination: customized long-duration capital solutions for investment-grade corporates.
Turning to the acceleration in the deal cycle and capital market activity, we regularly spoke about this dynamic last year, and we're now seeing it start to materialize. In the fourth quarter, global IPO issuance rose 40% year-over-year, including a two-and-a-half-fold increase in the United States, notwithstanding the government shutdown. During our ownership, we accelerated the company's growth, implemented multiple initiatives to drive value, and executed accretive acquisitions to expand the company's product suite and end markets. In closing, I couldn't have more confidence in the firm and our prospects for continued growth.