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We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. We grew FRE and DE 25% this past year following over 40% growth in both metrics in 2022.
The combination triples infrastructure AUM and doubles private markets run-rate managementfees. This was due to the relative outperformance of lower fee U.S. equity markets and client preferences for lower fee U.S. The closing of GIP added $116 billion of client AUM and $70 billion of fee-paying AUM on October 1.
We have strong momentum in our non-agency products, originating over $185 million of non-QM loans in the first quarter, almost back to levels we were seeing in 2022 on a quarterly basis. As we look at Great Ajax, it's a platform that's going to be externally managed, assuming that shareholder vote is affirmative for us.
data center REIT as a well-positioned but poorly trading publiccompany with tremendous long-term potential. Our BREIT, BIP Infrastructure, and BPP perpetual strategies acquired the company for $10 billion in 2021, and its lease capacity has already grown sixfold in less than three years. billion or $0.95
in 2022, and 7.3% Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. Achieving BTC yields sets us apart from spot bitcoin ETPs and other bitcoin investment vehicles that charge a managementfee and would therefore reflect a negative BTC yield as we measure it.
Additional information about risks, uncertainties, and other important factors that could potentially impact our financial results is included in our Form 10-K for the year ended December 31, 2022, and in our subsequent filings with the SEC. I take very seriously every dollar that leaves this company. Think about us as surplus goods.
The past year has marked the most transformative in our 25-year history of being a publiccompany as we released MicroStrategy ONE, MicroStrategy AI, MicroStrategy Cloud for Azure, AWS, and now the Google Cloud Platform, and continue to focus on growth in both cloud and AI plus BI. Moving to costs.
For the year, IIP generated total revenues of $310 million and adjusted funds from operations of $256 million, increases of 12% and 10% over 2022, respectively. billion in 2023, representing approximately a 12% growth from 2022. That financial performance allowed us to continue to grow our dividend. Moving on to rent collection.
Last year, a study released by the Hartford Funds, in cooperation with Ned Davis Research, found that dividend-paying companies delivered an annualized return of 9.18% between 1973 and 2022. That compared to an annualized return of 3.95% for non-paying companies over the same five-decade stretch.
M&A transaction versus $2 billion in the first half of 2022 and $6 billion in the first half of 2021. We have relationships with some of the largest and most experienced operators in the industry, with our leased operating portfolio comprised of 89% multistate operators and 58% leased to publiccompany tenants.
Most major equity indices rebounded from significant declines in 2022 but with wide intrayear swings driven by historic movements in treasury yields, economic uncertainty, and geopolitical instability. Against this backdrop, Blackstone generated steady fee-related earnings of $4.3 BCRED had its best month since May 2022, raising $1.1
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