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increased 5%, reflecting a higher tax rate compared to a year ago. Our as-adjusted tax rate for the third quarter was 26%. The prior-year quarter included $215 million of discrete tax benefits, while the third quarter of 2024 was impacted by $22 million of discrete expense. Earnings per share of $11.46 to 1 full basis point.
Greg Case -- Chief Executive Officer And just to remind you, Mike, we brought in -- we've been working on this since 2017 -- actually prior to that, but 2017. I know you had highlighted difficult comp on performancefees in the quarter. The second question, I know you typically don't disclose expected tax rates.
billion of net income, CPP Investments directly and indirectly incurred $1,617 million of operating expenses, $1,449 million in investment management fees and $2,067 million in performancefees paid to external managers, as well as $427 million of transaction-related expenses. Our original investments were made in 2017.
billion was 7% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. Our as-adjusted tax rate for the fourth quarter was approximately 24%, driven, in part, by discrete items. Fourth quarter base fees and securities lending revenue of 3.6 Operating income of 6.6
And then if you could just remind us of what the -- what you think the comp ratio overall on core plus is maybe that's kind of the by product. But a few questions in there, but basically, FRE margin, yes, ex core plus is the base question. And so I think we will see more competitors move into the space. The advantage we have is our brand.
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