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McDade -- Executive Vice President, Chief Financial Officer Greg, from an international perspective, Greg, last year, we did recognize a one-time performancefee in our McArthurGlen business with some third-party managed capital there. Because again, we have accounting, we've got lots of depreciation, you don't add that back.
On some assets, we’ve already reduced the value significantly over the past few years (such as shopping centres and offices), so I believe most of the depreciation linked to structural changes is behind us.” The difference with 2022 is primarily explained by the increase in external performancefees related to increased returns.
Our performance was partially offset by significant declines in both equities and fixed income across major markets as high inflation and rising interest rates weighed heavily on both asset classes. The Canadian dollar depreciated against the U.S. Our operating expense ratio was 28.6 bps and up marginally from 27.1
Blackstone is in the business of investing capital, and earning management and performancefees on that invested capital. One of the most frustrating things that people find out is that even that mile down from the showroom floor, that car is already depreciated in value. Raising capital has become a bit of a struggle.
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