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We completed the previously announced acquisition of the Management Contract of Great Ajax, which was a residential mortgage REIT, which is now we're going to transition that into an opportunistic commercial mortgage REIT, which will help generate fee-related earnings for shareholders as we reposition the company and grow it.
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Fourth quarter and full year performancefees of 311 million and 554 million, respectively, increased from a year ago, reflecting higher revenue from liquid alternatives and long-only mandates.
We've done this before while building new residential at Fortress going back to 2013, and we'll do it again. The commercial real estate business today is in one of those periods where we feel current capital deployment will be hugely rewarded down the road and being patient searching for the right investments will reward our shareholders.
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