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Non-operating results for the quarter included 122 million of net investment income, driven primarily by mark-to-market gains in our private equity co-investment portfolios. Our as-adjusted tax rate for the fourth quarter was approximately 24%, driven, in part, by discrete items. As I said, deficits matter.
Operating expenses increased by $112 million due to an increase in full-time globally positioned talent, continuous improvements to our technology and data infrastructure, and the development of our investment science capabilities. Page 27 of the Fiscal 2023 Annual Report provides a discussion of how we manage our costs.
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