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Our as-adjusted tax rate for the second quarter was approximately 25%. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023. The actual effective tax rate may differ because of nonrecurring or discrete items, or potential changes in tax legislation.
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.
First, as of September 30, 2024, total net investments, that is our entire publicly traded investment portfolio plus cash minus debt, summed up to $30.3 At the end of September, the fair value of our equity portfolio included cumulative pre-tax unrealized gains of $7.8 As far as how are the funds performance this year holding up?
Now, turning to our balance sheet and debt capacity. We remain confident in the strength of our balance sheet and manage liquidity risk through a well-laddered debt maturity profile. As we've said before, we expect to add incremental debt as EBITDA grows over the long term while maintaining a strong investment-grade credit profile.
Our second-quarter pre-tax income was $248 million, delivering a 23% ROE, excluding mark-to-market on the owned portfolio. Excluding MSR mark-to-market, our pre-tax income increased 7% quarter over quarter, reinforcing the strength of our balanced business model overall. I believe performancefees typically occur end of year.
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. billion, including the assumption of debt.
to resolve its debt ceiling debacle and is looking to raise liquidity to take advantage of “opportunities” the fund sees in equity and fixed-income markets. Management fees increased by $165 million, due to an increase in average assets managed by external fund managers. What percentage of Total Credit assets are in Private Debt?
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.
And anything above the par value of the total debt on the capital structure belongs to the equity guys. So let’s get long this debt, which is trading at a fraction of what it was issued for. And it can be very complicated like Puerto Rico that had 19 different debt issues by different entities with different terms.
Total annualized organic base fee growth of 1% reflected seasonally softer flows earlier in the quarter before coming back to target in March. billion increased 11% year over year, driven by the impact of market appreciation over the last 12 months on average AUM and higher performancefees and technology services revenue.
With a strong common culture of serving clients with excellence, together, we will deliver for our clients a holistic global infrastructure manager across equity, debt, and solutions. BlackRock has developed a broad network of global corporate relationships through many years of long-term investments in both debt and equity.
We strengthened our financial position and restored market confidence in Lumen, and it started with the debt restructuring that gives us ample time to execute our transformation. We lowered our debt load by $1.6 And importantly, we drove material improvement in both our equity and debt trading values. billion to $1.3
You know, when the firm launched its debt business, I was the analyst putting together some of the credit analysis on the first couple of loans that we had written at that time. I was talking to one of our founders, he said, look, a lot of people think we’re in Zug for tax reasons. It’s, like, where’s mom?
billion was 8% higher year over year, driven by positive organic base fee growth and the impact of market movements on average AUM over the last 12 months. Higher performancefees and technology services revenue also contributed to revenue growth. Our as-adjusted tax rate for the second quarter was approximately 24%.
billion was 23% higher year over year, driven by the impact of higher markets on average AUM and higher performancefees. EPS also reflected a lower tax rate partially offset by lower nonoperating income and a higher share count in the current quarter. Fourth-quarter base fees and securities lending revenue of 4.4
IB fees were up 49% year on year, and we ranked No. Advisory fees were up 41% and benefiting from large deals and share growth in a number of key sectors. Underwriting fees were up meaningfully, with debt up 56% and equity up 54%, primarily driven by favorable market conditions. billion, with pre-tax margin of 35%.
We have funded our growth with our operating businesses, balance sheet, and a little bit of high-yield debt. And -- we delivered another strong quarter with pre-tax income, excluding mark-to-market on the owned MSR portfolio of approximately $246 million, which is an increase of 8% quarter over quarter and delivering a 24% return on equity.
The world’s largest private capital firms have sidestepped income taxes on more than $1tn in incentive fees since 2000 by structuring payments to incur lower levies, according to a report by the Financial Times citing new research from Oxford University.
We're also providing equity and debt capital to other AI-related companies. billion financing package, the largest debt financing in our history, and we're now focusing on addressing the sector's power needs in many differentiated ways. We've raised now a little over $5 billion for our latest real estate debt fund.
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