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On an equivalent day count basis, our annualized effective fee rate was 0.2 Performancefees of 118 million increased from a year ago, primarily reflecting higher revenue from illiquid alternatives. And we again delivered strong margin for our shareholders. government money market funds.
We believe the continued path of central bank normalization will support sustained inflows across bond funds, ETFs, and institutional accounts. Successful execution of these goals should also result in multiple expansion for our shareholders. Finally, fixed income. We ended the quarter with AUM near $11.5 trillion, 11.5
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.
Now, I'd like to turn the call over to Christa for her thoughts on our financial results and long-term outlook for continued shareholder value creation. In summary, our strong financial results in the quarter and year to date reflects strong operational performance driven by our Aon United strategy and our Aon Business Services platform.
And they also have a unique approach to feeds when they’re generating alpha, when they’re outperforming their benchmark, they take a performancefee. And when they’re not generating alpha, when they’re underperforming, they actually return fees. 00:24:31 [Speaker Changed] We refund the fee.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Thanks, Katie, and good morning, and welcome to Blackstone's first-quarter conference call. We'll go next to Craig Siegenthaler with Bank of America.
You went to school in Paris, but you began your career in London at Merrill and Deutsche Bank. So that was a while back, but nonetheless, I don’t know if it was love at first sight, but we got to get along pretty well, and after a few years working for investment banks, he then joined Goldman Sachs. We were 28, 30 respectively.
I wanted to see the world, and whether it was investment banking, or basket weaving really had absolutely no bearing on my decision. It can be even a change in regulation or in market, where suddenly volatility picks up and the interest of bondholders and shareholders are at odds. I wanted a job that would take me away from Paris.
Redwood stands to earn administrative and potential performancefees. The financing facility has a two-year term with a one-year extension option and is designed with revolving capacity to facilitate the growth of Redwood's mortgage banking platforms. residential mortgage assets with Redwood.
AirTrunk founder and chief executive Robin Khuda will retain a stake, the statement said, without specifying the size of his remaining shareholding. The firm, which has been in debt-financing talks with banks, emerged as the buyer after competing with a consortium that included DigitalBridge Group Inc.,
With supportive markets and more optimistic sentiment from clients, we're confident in our ability to both grow assets on behalf of clients and drive profitable growth for our shareholders. Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March.
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.
And each of these priorities has detailed plans to deliver more customer, shareholder, and employee value in '25 and beyond. I want to share more on our thinking about how we leverage our network for maximum shareholder returns. The second aspect of our plan to drive improved shareholder return is all about utilization of our assets.
Excluding the prior year's net investment securities losses, it was up 21%, largely on higher asset management fees and investment bankingfees. In banking and wealth management, revenue was down 7% year on year on deposit margin compression and lower deposits, partially offset by growth in wealth management revenue.
Through strong organic growth and scaling of our private markets and technology platforms, we believe we can drive compelling earnings growth and multiple expansion for our shareholders. Through our iShares and indexing platforms, we've developed long-standing relationships, highly aligned shareholder relationship with global corporates.
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. This is evidenced by this quarter's fee rate increase primarily reflecting the onboarding of higher fee rate private market assets following the GIP closing. Operating income of 8.1 increased 15%.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. Stepping back, over the last two years, the campaign by central banks to control inflation has resulted in muted returns for most traditional asset classes.
As banks pull back, we win. 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. We acquired this company from Goldman's Merchant Bank, I believe, in '22.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. Questions & Answers: Operator [Operator instructions] We'll go first to Craig Siegenthaler with Bank of America. Today's call is being recorded.
Operator instructions] At this time, I'd like to turn the conference over to Weston Tucker, head of shareholder relations. Weston Tucker -- Head of Shareholder Relations Great. Operator We'll take our next question from Craig Siegenthaler with Bank of America. Today's call is being recorded. Please go ahead. billion valuation.
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