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Our clients need capital, and our debt brokerage team did a fantastic job finding the appropriate capital for their needs. Importantly and atypically, over half of our Q1 debt brokerage dealflow was on non-multifamily assets in retail, hospitality, industrial, and office. Steve DeLaney -- JMP Securities -- Analyst Yeah.
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. It aims to realize the enormous investment potential of infrastructure to support AI innovation, and it's just the first proof point of the growth synergies we can create together.
Nonoperating results for the quarter included $90 million of net investment gains, driven primarily by mark-to-market noncash gains on our unhedged seed capitalinvestments and minority investment in Investec. Operating income of $1.8 billion was up 17% and earnings per share of $9.81
This is because an early stage investment today, if successful, is not expected to reach maturity or an eventual liquidity event for another 5-10 years, when we are likely to be in an entirely different market environment. Per Cooley, “The average pre-money valuation for seed deals has remained relatively consistent since late 2021.”
The company, which was launched in 2013 under the Fortress Investment Group, was again set up to capitalizeinvestment opportunities in real estate and the financial services space. The scoped at $34 billion asset manager complements Rithm's 7 billion of permanent capital, as well as our $30 billion-plus balance sheet.
Technology ranked 4th in dealflow but had the highest average pursuit rate, 8.76%, of all sectors. See below for the full Q3 deal activity overview on the Axial platform, and for a more detailed breakdown by industry, check out The SMB M&A Pipeline: Q3 2023. .” We also serve middle-market companies based in the D.C.
Hosting the call today, we have Ed Pitoniak, chief executive officer; John Payne, president and chief operating officer; David Kieske, chief financial officer; Gabe Wasserman, chief accounting officer; and Laurie McCluskey, senior vice president of capital markets. With that, I'll turn the call over to Ed. years to maturity.
So when we started this strategy in 1718, and started allocating capital, investing in entrepreneurs who had a solution, that had to be massified. In that case, one of the largest European insurance company, if not global, and having together a different proposal, fully aligned, with some complementary sourcing to the dealflow.
And over the past few months, the slate of client mandates we've been chosen for is the most broad and diversified has been in years: across active equity and fixed income, customized liquidity accounts, private markets, and multiproduct Aladdin assignments. Operating income of 1.9 billion and earnings per share of $10.36
We're talking about excellent counterparties, on average rated AA, and the capitalinvestment of these enterprises is expected to measure in the trillions of dollars over the next several years. Similarly, Atalaya and our credit teams have been active in sourcing investment-grade flow.
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