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I would suggest that the gauges measuring our total net investments, our underwriting and insurance earnings, our Markel Ventures earnings, and our recurring investment earnings would be the measurements that I, as your pilot and you as fellow shareholders should be monitoring. Net income to common shareholders was $2.2
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. These are just a few examples.
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.
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. Today's conference is being recorded. Please go ahead.
Sean Klimczak, global head of Blackstone Infrastructure and Nadeem Meghji, global co-head of Blackstone Real Estate, said: “Prior to AirTrunk, Blackstone’s portfolio consisted of US$55bn (€49.8bn) of data centres including facilities under construction, along with over US$70bn in prospective pipeline development.”
Tonight, I'll go through the headline results for the quarter and update you on our three pillars of shareholder value creation before handing it to John to speak more about financials and outlook. Turning now to our three pillars of shareholder value creation. Blackley -- Co-Founder, Chief Executive Officer, and Director Good evening.
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.
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. Clients choose BlackRock for performance. This was mainly due to the relative outperformance of lower fee U.S. First quarter revenue of $4.7
I know I speak for the entire BlackRock board of directors, BlackRock's leadership team, and all of our employees when I say we could not be more excited about the prospects of the BlackRock family with our colleagues from GIP. billion to our shareholders through a combination of dividends and share repurchases. Operating income of 6.6
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. and our prospects are very strong. I am highly enthusiastic about what we will accomplish for our shareholders in 2024. Please go ahead.
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. Performance is the No. One last note on Ajax. Now, I'll refer to the deck, which has been posted online.
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. Our positioning has never been stronger nor our prospects brighter. Today's call is being recorded. Please go ahead. I will catch it. Jonathan D.
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. Weston Tucker -- Head of Shareholder Relations Thank you, everyone, for joining us today and look forward to following up after the call.
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