We had $24 billion of long-term net inflows, largely in fixed income, representing our 25th consecutive quarter of long-term fee-based inflows. Turning to Page 7, on Alternatives. Alternative assets under supervision totaled $296 billion at the end of the first quarter, driving $486 million in management and other fees. Gross third-party fundraising was $14 billion in the quarter. We continue to expect to raise between $40 billion and $50 billion in Alternatives across private equity and other strategies this year. More broadly, we are leveraging our long-standing leadership position in private credit to capitalize on this secular growth opportunity and expect to grow our assets from roughly $130 billion to $300 billion over the next five years.
On-balance sheet Alternative investments totaled approximately $44 billion. In the first quarter, we reduced our historical principal investment portfolio by $1.5 billion to $14.8 billion. We expect reductions at roughly this pace for the rest of 2024 and expect to sell down the vast majority of our HPI portfolio by the end of 2026 consistent with our target. Next, Platform Solutions on Page 8. Revenues were $698 million. Overall, segment profitability has improved with a pre-tax net loss of $117 million for the quarter. In line with our target, we expect to drive this business to pre-tax breakeven next year. On Page 9, firmwide net interest income was $1.6 billion in the first quarter, up sequentially on an increase in interest-earning assets.
Our total loan portfolio at quarter-end was $184 billion, roughly in line with the fourth quarter, as an increase in other collateralized lending was partially offset by the sale of the remaining GreenSky portfolio. Our provision for credit losses was $318 million, which reflected net charge-offs in our credit card lending portfolio. Within our wholesale portfolio, impairments trended modestly lower versus the levels in the last few quarters. Turning to Page 10. We continue to provide additional information detailing our CRE exposure. As you know, we moved early in actively risk managing our CRE exposure and currently have $26 billion in loans, $4 billion in AWM alternative equity and debt securities, and $2 billion in equity at-risk related to CIEs. Turning to expenses on Page 11.
Total quarterly operating expenses were $8.7 billion, resulting in an efficiency ratio of 60.9%. Our compensation ratio net of provisions was 33%, reflecting improved operating performance for the firm. Non-compensation expenses were $4.1 billion. These costs declined year-on-year, even inclusive of a $78 million FDIC special assessment charge, and were down sharply versus the fourth quarter. Our effective tax rate for the quarter was 21.1% and for the full year, we expect a tax rate of approximately 22%. Now on to Slide 12. Our Common Equity Tier-1 ratio was 14.7% at the end of the first quarter under the standardized approach. In the quarter, we returned $2.4 billion to shareholders, including common stock repurchases of $1.5 billion and common stock dividends of $929 million.
We are currently running with a 170 basis point buffer above our capital requirements. Given expectations for significant modifications to the Basel III proposed rule, we should have materially more flexibility on capital deployment. We also remain committed to paying our shareholders a sustainable and growing dividend. In conclusion, our first quarter results reflect the strength of our leading global banking and markets franchise and our growing Asset & Wealth Management business. Simply put, we are delivering on the things we said we would do. We are focused on our strategic objectives and the execution focus areas for 2024 that we laid out in January, which will help our businesses produce mid-teens returns through the cycle. We are confident in our ability to deliver for shareholders while continuing to support our clients and remain optimistic about the future opportunity set for Goldman Sachs.
With that, we’ll now open up the line for questions.
Operator: Thank you. Ladies and gentlemen, we will now take a moment to compile the Q&A roster. [Operator Instructions] We’ll go first to Glenn Schorr with Evercore.
Glenn Schorr: Hi. Thanks very much. It’s a tough one because you are definitely executing on a lot of the objectives you laid out. And of course, the sustainability of banking is what it is. I noticed your lower pipeline. But the real question I have is, the sustainability of the whole package, meaning, you just had really strong revenue across the board on everything. Comp was up with that normally, but non-comp is down, the provision is down and RWA didn’t increase even though you were growing your financing. So I’m giving you a softball here and just saying, what of that package can continue to stick?
David Solomon: Well, I appreciate it, Glenn. And I think there are a bunch of things that continue to stick because one of the things you know that we’ve been focused on is building a more durable business and that there are a handful of things when you look across the whole package. We’ve made significant progress over the course of the last five years. Certainly, building our financing business in our markets business is something that’s more durable and more sustainable. We still think there’s lots of room to grow. And look, the world is growing and when the world grows and our clients grow, they need us to finance them. We’ve got the capital to deploy as long as we can drive attractive returns with that client base. And so we stay focused on that.
We’ve doubled our management fees on our Asset & Wealth Management business over the last five years and we continue to be very focused on fundraising, our ability to deliver on that. Those are more durable revenues. And there’s operating leverage around that business that we still think we have yet to achieve. You’ve seen the margin improvement obviously in that business, but that business still has a higher capital density than we’d like that business to have and we continue to focus on our historical principal investments and making progress there. Overall, I think, we’ve meaningfully improved the client franchise and taken wallet share, and we’re just very, very focused on our relative participation in the market opportunity that exists with our big institutional clients.
