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The combination triples infrastructure AUM and doubles private markets run-rate managementfees. increased 5%, reflecting a higher tax rate compared to a year ago. Our as-adjusted tax rate for the third quarter was 26%. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2024.
Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. The increase was primarily due to higher G&A expenses this quarter, which was specifically related to an increase in employer-paid payroll taxes in connection with employee stock option exercises in the first quarter.
We reported another strong quarter of results for Blue Owl this morning with 12 straight quarters in consecutive managementfee and FRE growth since we've been a publiccompany. Managementfees are up 22% and 92% of these managementfees are from permanent capital vehicles.
We finished 2023 on a strong note with another consecutive quarter of managementfee and FRE growth, 11 for 11 since we've been a publiccompany, against a market backdrop that has been exceptionally volatile and uncertain. Managementfees were up 26%, and 92% of these managementfees are from permanent capital vehicles.
Of course, there are significant benefits to this, the most important of which, from our perspective, is the potential lifting of the confiscatory 280e federal taxes imposed on regulated cannabis operators, and Paul will discuss our thoughts in more detail. Moving on to rent collection.
The past year has marked the most transformative in our 25-year history of being a publiccompany as we released MicroStrategy ONE, MicroStrategy AI, MicroStrategy Cloud for Azure, AWS, and now the Google Cloud Platform, and continue to focus on growth in both cloud and AI plus BI. It's not good medium exchange. It's not the dollar.
Our effective GAAP tax rate during the quarter was 28.6%, an increase over the effective tax rate in the third quarter of 2023 of 18.6%. We continue to expect a normalized tax rate of about 32%. Net interest expense increased 52.4% GAAP net income for the third quarter was $24.2 million or $0.24 per fully diluted share.
As a reminder, in April of 2021, our company entered into a limited partnership agreement with Pelion Ventures in Draper, Utah, to manage the Medici portfolio. This partnership came with an annual managementfee, in addition to upside deal economics, in exchange for them nurturing these companies and building value.
Annaly Capital Management: 13.47% yield The first supercharged dividend stock I'm gladly accepting outsized quarterly payments from is mortgage real estate investment trust (REIT) Annaly Capital Management (NYSE: NLY). At this time last year, IIP was contending with its first major challenge as a publiccompany: delinquencies.
We also want to note the green shoots that we are seeing in the industry with the ongoing potential for passage of the SAFE Banking Act, state-level momentum for additional programs and tax relief and unit price stabilization trends we are seeing in certain markets, which Paul will spend more time discussing.
The largest driver of the increase was our wealth business with fees of 18 million, up $3.1 Excluding this item, wealth managementfees were up 1.9 The after-tax nonoperating loss on the sale will be approximately $200 million and will be fully completed by mid first quarter 2025. million linked quarter.
Our strategy of acquiring Bitcoin in a manner we believe to be accretive to shareholders, thereby achieving Bitcoin yield, sets us apart from institutional Bitcoin investment options that charge a managementfee, and we therefore achieve a negative Bitcoin yield as we measure it. But we think it's pretty clear.
With our leased operating portfolio comprised of 91% multi-state operators, and 62% leased to publiccompany tenants. million of contractually due rent interest and property managementfees that were not collected during the quarter. The decrease was partially offset by a 4.6
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