Core Viewpoint - The article emphasizes the potential of foreign dividend stocks as an attractive investment opportunity, especially in light of the underperformance of U.S. stocks in early 2025 compared to international counterparts [1][2]. Group 1: U.S. Stock Market Performance - The SPDR S&P 500 ETF Trust (SPY) has shown disappointing results, ranking as the fifth worst among 41 country-specific ETFs as of March 10 [2]. - U.S. indexes are heavily weighted towards the tech sector, which constitutes 31% of the index [2]. Group 2: Foreign Dividend Stocks - Morningstar's analysis indicates that foreign dividend stocks provide geographic and sector diversification, with tech weightings around 8% or lower in two Morningstar dividend indexes that exclude U.S. stocks [3]. - This diversification can serve as a counterweight to the tech-heavy focus of U.S. stocks while also providing income [3]. Group 3: JD.com - JD.com has announced a 30% increase in its dividend, with a current dividend yield of 1.83% and an annual dividend of $0.74 [4][5]. - The company reported a revenue growth of over 13% in Q4, contributing to the confidence in raising its dividend [4]. - JD.com has spent $3.6 billion on share buybacks in 2024 and has a new repurchase program authorized for up to $5 billion over the next 36 months [6]. Group 4: Brookfield Asset Management - Brookfield Asset Management has increased its quarterly dividend by 15%, resulting in a dividend yield of 3.69% [8][9]. - The company operates in various sectors, including renewable energy and private credit, managing over $500 billion in fee-bearing capital [8]. Group 5: TotalEnergies - TotalEnergies plans to raise its dividend by over 7.6%, with a projected dividend yield of 5.8% [11][12]. - The company has consistently raised dividends by 7% or more for three consecutive years, with a total dividend for 2025 expected to be 3.28 euros per share [12].

Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at several firms [1] - He is a Professional Engineer and Project Management Professional with degrees in Civil Engineering & Mathematics and a Master's in Engineering focused on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value [2] Group 2 - High Yield Investor provides real-money core, retirement, and international portfolios, along with regular trade alerts and educational content [2] - The service includes an active chat room for like-minded investors to share insights and strategies [2]

Core Viewpoint - Brookfield Asset Management has successfully closed its inaugural Brookfield Infrastructure Structured Solutions Fund (BISS) with approximately $1 billion in capital commitments, marking a significant milestone in its expansion into the middle-market infrastructure sector [1][3]. Fund Overview - BISS aims to leverage Brookfield's expertise as an owner and operator of global infrastructure assets to collaborate with sponsors, developers, and corporates in the mid-market [2]. - The fund will invest in both structured and common equity, targeting sectors where Brookfield has established operations and significant asset expertise [2][3]. Initial Investments and Commitments - Brookfield affiliated entities contributed $150 million to the fund, highlighting the firm's alignment of interests with its investors [3]. - A substantial portion of the fund is already committed, and there is a strong pipeline of opportunities, indicating potential for significant growth in the Infrastructure Structured Solutions strategy [3]. Market Demand and Trends - The demand for infrastructure investment is increasing, driven by trends such as decarbonization, digitalization, and deglobalization [4]. - The BISS fund combines attributes of infrastructure debt and equity, areas where Brookfield manages some of the largest funds globally [4]. Company Background - Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management across various sectors, including renewable power, infrastructure, private equity, real estate, and credit [5]. - The company focuses on long-term investments in real assets and essential service businesses that are fundamental to the global economy [5].

Core Insights - Strategic Venue Partners (SVP) completed its inaugural 4(a)2 private placement, raising $120 million in debt from institutional investors, marking a significant milestone in the in-building wireless (IBW) infrastructure industry [1][2] - The fixed price Notes achieved an investment grade credit rating, representing the first long-term financing of its kind for an IBW portfolio, which underscores the long-term value of SVP's wireless connectivity-as-a-service model [1][2] - Proceeds from the debt placement will be utilized to refinance existing wireless infrastructure and support additional development projects, enhancing SVP's market position amid growing demand for mission-critical IBW infrastructure [3] Company Overview - SVP is a leading provider of in-building wireless connectivity-as-a-service, partnering with venues and carriers to design, develop, and operate bespoke wireless systems using advanced technologies [5] - The company has experienced significant growth over the past year, welcoming new customers and expanding its infrastructure assets, which highlights the benefits of achieving scale in the IBW sector [2][3] - Tiger Infrastructure Partners holds a controlling stake in SVP, while Brookfield Asset Management has recently become a minority equity investor, indicating strong institutional support for the company's growth strategy [3] Financing Details - The private placement was arranged by TD Securities, which acted as the sole agent and lead arranger for the credit facility refinancing [4] - The innovative financing structure is designed to support SVP's growth plans and create an attractive capital structure, emphasizing the company's commitment to building and operating critical utility-like wireless infrastructure [2]

Core Viewpoint - Brookfield Renewable Holdings is set to acquire at least 85.39% of Neoen's share capital following the conversion of OCEANEs tendered in the ongoing cash tender offer, which is mandatory and will close on March 13, 2025 [1][4][8]. Company Summary - Brookfield Renewable Holdings filed a mandatory simplified cash tender offer for Neoen shares and convertible bonds, which was approved by the French financial markets authority on February 11, 2025 [2][8]. - The offer opened on February 13, 2025, and will close on March 13, 2025, with results expected to be published on March 18, 2025 [5][8]. - The offer price is set at 39.85 euros per share, representing a premium of 40.3% and 43.5% over the 3-month and 6-month volume-weighted average prices (VWAP) of Neoen shares as of May 29, 2024 [7][10]. - Brookfield Renewable Holdings intends to convert all OCEANEs acquired to date, which will result in holding at least 138,876,760 shares of Neoen, reducing the free float to below 15% [4][8]. Industry Context - The transaction is being conducted in compliance with U.S. tender offer rules and the "Tier II" exemption for foreign private issuers [11]. - An independent expert, Finexsi, has concluded that the financial terms of the offer are fair for Neoen's shareholders and convertible bondholders [11].

Group 1 - Samuel Smith has extensive experience in dividend stock research and investment, having served as lead analyst and Vice President at several firms [1] - He is a Professional Engineer and Project Management Professional, holding degrees in Civil Engineering & Mathematics and a Masters in Engineering with a focus on applied mathematics and machine learning [1] - Samuel leads the High Yield Investor investing group, collaborating with Jussi Askola and Paul R. Drake to balance safety, growth, yield, and value [2] Group 2 - High Yield Investor offers various investment portfolios, including core, retirement, and international options, along with regular trade alerts and educational content [2] - The service features an active chat room for investors to engage and share insights [2]

Financial Data and Key Metrics Changes - The company raised over $135 billion in capital during 2024, with a record $29 billion in organic fundraising in Q4 [7][8] - Fee-bearing capital increased by 18% to $539 billion, generating $2.5 billion in fee-related earnings and $2.4 billion in distributable earnings for the year [9][42] - Q4 fee-related earnings were $677 million, up 17% year-over-year, while distributable earnings were $649 million, up 11% [42][43] Business Line Data and Key Metrics Changes - The renewable power and transition business raised over $4 billion in Q4, including $3.5 billion for the global transition flagship strategy [44] - The infrastructure business raised $2.5 billion in Q4, marking the strongest quarter in over two years [45] - The credit group raised $20 billion in Q4, with over $10 billion coming from Oaktree and other partner managers [46] Market Data and Key Metrics Changes - The company noted a strong demand for essential assets and businesses with robust cash flows, leading to nearly $40 billion in asset sales [24] - The credit group is now the largest business by assets, with nearly $250 billion of fee-bearing capital [27] - The company expects significant growth in the insurance fundraising channel, projecting annual inflows to exceed $25 billion [34] Company Strategy and Development Direction - The company aims for 15% annual growth in cash flow per share, leveraging trends in digitalization, clean energy, and private credit [19] - Strategic investments were made to expand credit origination capabilities and diversify product offerings [10] - The company is positioned to capitalize on significant infrastructure and AI-related investment opportunities, particularly in data centers and renewable energy [88][90] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable market conditions for both capital deployment and asset monetization, expecting this environment to persist throughout 2025 [59] - The company is well-positioned to benefit from increasing allocations to alternative strategies, particularly in the 401(k) market [60][61] - Management highlighted a robust pipeline of sales processes and ongoing discussions, indicating a strong outlook for fundraising and deployment in 2025 [31][57] Other Important Information - The company announced a 15% increase in its quarterly dividend, raising it to an annualized rate of $1.75 [52] - A transaction was completed to swap Brookfield Corporation's private ownership in the asset management business for public shares, enhancing market capitalization [49] - The company ended the quarter with $1.8 billion in liquidity and no third-party debt on its balance sheet [50] Q&A Session Summary Question: How long can the favorable environment for capital deployment and asset monetization persist? - Management expects the favorable market conditions to last throughout 2025, with potential for a longer duration [59] Question: What is the timeline for the 401(k) market to open to alternative strategies? - The timing is uncertain, but management feels well-positioned to capitalize on this opportunity if regulations change [60][61] Question: What is the outlook for fundraising in 2025 compared to 2024? - Management anticipates 2025 fundraising to exceed 2024 levels, driven by flagship funds and complementary strategies [66][67] Question: How is the company addressing opportunities in investment-grade private credit? - The company is expanding its capabilities in investment-grade credit and sees significant opportunities in this space [70][72] Question: What enhancements are being made to the private wealth business? - The company is focused on raising more products and increasing distribution to capture market share in the crowded channel [75][78] Question: How is the company positioned regarding potential U.S.-Canadian trade war risks? - Management believes the business is largely insulated from potential disruptions due to its domestic focus and critical infrastructure investments [80][82] Question: Can you elaborate on the EUR 20 billion infrastructure investment program in France? - The investment aims to support AI infrastructure build-out, leveraging the company's existing capabilities in power and data centers [88][90]

Relating to the Simplified Tender Offer for the Neoen Shares and Bonds Convertible Into And/Or Exchangeable for New and/or Existing Neoen SharesParis, Feb. 12, 2025 (GLOBE NEWSWIRE) -- THIS DOCUMENT IS AN UNOFFICIAL ENGLISH-LANGUAGE TRANSLATION OF THE FRENCH LANGUAGE PRESS RELEASE WHICH WAS PUBLISHED BY THE OFFEROR ON 11 FEBRUARY 2025. IN THE EVENT OF ANY DIFFERENCES BETWEEN THIS UNOFFICIAL ENGLISH LANGUAGE TRANSLATION AND THE OFFICIAL FRENCH LANGUAGE PRESS RELEASE, THE OFFICIAL FRENCH LANGUAGE PRESS RELEAS ...

Core Viewpoint - Brookfield Renewable Holdings has received approval from the French financial markets authority (AMF) for its mandatory simplified cash tender offer for Neoen, aiming to acquire all remaining shares and OCEANEs of Neoen [2][6]. Group 1: Offer Details - The offer includes approximately 32.31% of Neoen's share capital and all outstanding OCEANEs, with specific prices set at 39.85 euros per share, 48.14 euros per OCEANE issued in 2020, and 105,000.00 euros per OCEANE issued in 2022 [6][8]. - The offer price of 39.85 euros per share represents a premium of 40.3% and 43.5% over the 3-month and 6-month volume weighted average price (VWAP) prior to the announcement [6][8]. - The offer is expected to open on 13 February 2025 and close on 13 March 2025 [11]. Group 2: Support and Recommendations - Neoen's Board of Directors has expressed support for the transaction and recommended that shareholders and convertible bondholders tender their securities into the offer [9]. - An independent expert, Finexsi, concluded that the financial terms of the offer are fair for all Neoen's shareholders and convertible bondholders [6][9]. Group 3: Future Steps - If legal conditions are met at the closing of the offer, Brookfield Renewable Holdings will request a squeeze-out procedure for the remaining shares and OCEANEs at the respective offer price [10]. - Documentation related to the offer will be available on the dedicated transaction websites of Neoen and Brookfield Renewable Holdings, as well as the AMF's website [7].

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%2F%20Highlights) [Overall Performance and Strategic Milestones](index=1&type=section&id=Overall%20Performance%20and%20Strategic%20Milestones) Brookfield Asset Management achieved record 2024 results with significant capital inflows and deployment, driving growth in earnings and dividends while simplifying its corporate structure - Capital inflows exceeded **$135 billion** and capital deployment reached **$48 billion** in 2024[1](index=1&type=chunk)[2](index=2&type=chunk) - Quarterly Fee-Related Earnings (FRE) grew by **17%** year-over-year to a record **$677 million**[1](index=1&type=chunk)[2](index=2&type=chunk) - The quarterly dividend was increased by **15%**[1](index=1&type=chunk)[2](index=2&type=chunk) - BAM completed the acquisition of the 73% interest in the asset management business held by Brookfield Corporation, achieving 100% ownership and simplifying its corporate structure for potential inclusion in broader global equity indices[2](index=2&type=chunk)[3](index=3&type=chunk) [Key Financial Metrics (Summary)](index=1&type=section&id=Key%20Financial%20Metrics%20(Summary)) The company reported significant growth in Fee-Related Earnings, Distributable Earnings, and Net Income for the fourth quarter and full year of 2024 | Metric | Q4 2024 (millions of USD) | Q4 2023 (millions of USD) | Full Year 2024 (millions of USD) | Full Year 2023 (millions of USD) | | :--- | :--- | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | 677 | 581 | 2,456 | 2,241 | | Distributable Earnings (DE) | 649 | 586 | 2,363 | 2,244 | | Net Income Attributable to BAM | 688 | 374 | 2,168 | 1,839 | | FRE per Share | 0.42 | 0.36 | 1.51 | 1.37 | | DE per Share | 0.40 | 0.36 | 1.45 | 1.37 | [Operating Results (100% Asset Management Business)](index=1&type=section&id=Operating%20Results%20(100%25%20Asset%20Management%20Business)) [Fee-Bearing Capital (FBC)](index=2&type=section&id=Fee-Bearing%20Capital%20(FBC)) Fee-Bearing Capital grew 18% year-over-year, driven by successful fundraising, strategic deployment, and asset value appreciation - Fee-Bearing Capital (FBC) reached **$539 billion** at quarter-end, an increase of **$82 billion or 18%** year-over-year[6](index=6&type=chunk) - FBC growth was primarily driven by fundraising for transition and real estate flagship funds, deployment of infrastructure debt funds, and NAV appreciation in Oaktree's perpetual credit funds[6](index=6&type=chunk) [Fee-Related Earnings (FRE) and Distributable Earnings (DE)](index=2&type=section&id=Fee-Related%20Earnings%20(FRE)%20and%20Distributable%20Earnings%20(DE)) Both Fee-Related Earnings and Distributable Earnings saw strong growth in the fourth quarter and full year of 2024, supported by increased Fee-Bearing Capital | Metric | Q4 2024 | YoY Growth | Full Year 2024 | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Fee-Related Earnings (FRE) | $677 million | 17% | $2.5 billion | 10% | | FRE per Share | $0.42 | - | $1.51 | - | | Distributable Earnings (DE) | $649 million | 11% | $2.4 billion | 5% | | DE per Share | $0.40 | - | $1.45 | - | [Fundraising Activities](index=2&type=section&id=Fundraising%20Activities) The company raised $29 billion in the fourth quarter and $137 billion for the full year, with strong contributions from renewable power, transition, and credit funds - Raised **$29 billion** in Q4 2024 and **$137 billion** for the full year[8](index=8&type=chunk) - Key Q4 fundraising highlights: * **Renewable Power:** $4.2 billion, including $3.5 billion for the second global transition flagship fund * **Infrastructure:** $2.5 billion, including $700 million for the super-core infrastructure strategy and nearly $700 million for a private wealth infrastructure fund * **Private Equity:** $1.8 billion, including $1 billion for a Middle East fund and $500 million for the second special investments fund * **Real Estate:** Over $700 million, including nearly $500 million for the fifth flagship real estate fund * **Credit:** Approximately $20 billion, including $9.2 billion for Oaktree funds and strategies and $6.6 billion from insurance clients[9](index=9&type=chunk) [Capital Deployment](index=2&type=section&id=Capital%20Deployment) Capital deployment totaled $16 billion in the fourth quarter and $48 billion for the full year, with significant investments in renewable energy, real estate, and credit - Deployed **$16 billion** of capital in Q4 2024 and **$48 billion** for the full year[8](index=8&type=chunk) - Recent key deployment highlights: * **Renewable Power and Transition:** $4.5 billion, including the acquisition of global renewable developer Neoen ($3.2 billion) and an $850 million investment in U.S. developer Origis Energy * **Real Estate:** $2.4 billion, including investments in a U.S. multifamily portfolio, a U.S. student housing portfolio, and the pan-European logistics REIT Tritax * **Credit:** $7.7 billion, including $2.4 billion for the opportunistic credit flagship series and over $900 million for the strategic credit private wealth fund[9](index=9&type=chunk) [Monetization Activities](index=2&type=section&id=Monetization%20Activities) The company monetized approximately $9 billion of assets in the fourth quarter and $30 billion for the full year, primarily from renewable energy and real estate sectors - Monetized approximately **$9 billion** of capital in Q4 2024 and **$30 billion** for the full year[8](index=8&type=chunk) - Recent key monetization highlights: * **Renewable Power and Transition:** $1.4 billion, including the sale of Saeta Yield and a partial sale of Shepherds Flat * **Real Estate:** $1.8 billion, including the sale of a U.K. shopping center portfolio * **Private Equity:** Post-quarter, Clarios completed a refinancing, distributing $4.5 billion[9](index=9&type=chunk) [Uncalled Fund Commitments and Liquidity](index=3&type=section&id=Uncalled%20Fund%20Commitments%20and%20Liquidity) As of year-end 2024, the company held $115 billion in uncalled fund commitments and maintained a strong liquidity position of $1.8 billion - Total uncalled fund commitments were **$115 billion** as of December 31, 2024[10](index=10&type=chunk) - Of this total, **$53 billion** is not currently earning fees but is expected to generate approximately **$530 million** in annual fees upon deployment[10](index=10&type=chunk) - Corporate liquidity stood at **$1.8 billion** as of December 31, 2024, including cash, short-term financial assets, and undrawn credit facilities[10](index=10&type=chunk) [Strategic Transactions and Corporate Announcements](index=3&type=section&id=Strategic%20Transactions%20and%20Corporate%20Announcements) [Corporate Structure Simplification](index=3&type=section&id=Corporate%20Structure%20Simplification) BAM acquired the remaining 73% interest in its asset management business from Brookfield Corporation, achieving 100% ownership and enhancing its corporate governance - BAM acquired the 73% private interest in the asset management business held by BN, with BAM Class A shares as consideration[11](index=11&type=chunk) - The transaction simplifies the corporate structure, enhances governance, and gives BAM 100% ownership of the asset management business[11](index=11&type=chunk) - This move positions BAM for potential inclusion in broader global equity indices[11](index=11&type=chunk) [Dividend Declaration](index=3&type=section&id=Dividend%20Declaration) The Board of Directors declared a 15% increase in the quarterly dividend to $0.4375 per share, payable in March 2025 - The Board of Directors declared a quarterly dividend of **$0.4375 per share**, a **15%** increase year-over-year[12](index=12&type=chunk) - The dividend is payable on March 31, 2025, to shareholders of record as of the close of business on February 28, 2025[12](index=12&type=chunk) [Share Purchase Agreement](index=7&type=section&id=Share%20Purchase%20Agreement) BAM approved an agreement to purchase 2 million of its own shares from BN to fund its escrowed stock plan - BAM has approved an agreement to purchase **2 million** of its own shares from BN to fund its escrowed stock plan[28](index=28&type=chunk) - The share purchase is expected to be completed on or after February 21, 2025[28](index=28&type=chunk) [Financial Statements (Brookfield Asset Management Ltd. - Public Entity)](index=3&type=section&id=Financial%20Statements%20(Brookfield%20Asset%20Management%20Ltd.%20-%20Public%20Entity)) [Statement of Financial Position (BAM Ltd.)](index=3&type=section&id=Statement%20of%20Financial%20Position%20(BAM%20Ltd.)) As of December 31, 2024, Brookfield Asset Management Ltd. reported total assets of $4.39 billion and total equity of $3.28 billion | Metric | Dec 31, 2024 (millions of USD) | Dec 31, 2023 (millions of USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 12 | 9 | | Investment in Brookfield Asset Management | 3,331 | 2,270 | | Amounts receivable from related parties | 968 | 886 | | Other assets | 75 | 40 | | **Total Assets** | **4,386** | **3,205** | | **Liabilities** | | | | Accounts payable and other | 879 | 859 | | Amounts payable to related parties | 229 | 261 | | **Total Liabilities** | **1,108** | **1,120** | | **Equity** | | | | Total Equity | **3,278** | **2,085** | [Statement of Operating Results (BAM Ltd.)](index=4&type=section&id=Statement%20of%20Operating%20Results%20(BAM%20Ltd.)) For Q4 2024, Brookfield Asset Management Ltd. recorded net income of $186 million, a 95.8% increase, and full-year net income of $541 million, a 19.9% increase | Metric | Q4 2024 (millions of USD) | Q4 2023 (millions of USD) | Full Year 2024 (millions of USD) | Full Year 2023 (millions of USD) | | :--- | :--- | :--- | :--- | :--- | | Equity accounted earnings | 192 | 104 | 570 | 470 | | Compensation and other expenses | (6) | (9) | (29) | (19) | | **Net Income** | **186** | **95** | **541** | **451** | | Diluted net income per share | 0.42 | 0.24 | 1.28 | 1.13 | | Basic net income per share | 0.44 | 0.24 | 1.31 | 1.15 | [Financial Statements (Brookfield Asset Management - 100% Basis)](index=4&type=section&id=Financial%20Statements%20(Brookfield%20Asset%20Management%20-%20100%25%20Basis)) [Statement of Financial Position (100% Basis)](index=4&type=section&id=Statement%20of%20Financial%20Position%20(100%25%20Basis)) On a 100% basis, Brookfield Asset Management reported total assets of $14.16 billion and total equity of $9.09 billion as of December 31, 2024 | Metric | Dec 31, 2024 (millions of USD) | Dec 31, 2023 (millions of USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 404 | 2,667 | | Accounts receivable and other | 713 | 588 | | Investments | 9,606 | 7,522 | | Amounts receivable from related parties | 2,501 | 2,504 | | Deferred income tax assets and other | 933 | 1,009 | | **Total Assets** | **14,157** | **14,290** | | **Liabilities** | | | | Accounts payable and other | 1,829 | 1,799 | | Amounts payable to related parties | 1,091 | 986 | | Deferred income tax liabilities and other | 2,149 | 2,206 | | **Total Liabilities** | **5,069** | **4,991** | | **Equity** | **9,088** | **9,299** | | **Total Liabilities and Equity** | **14,157** | **14,290** | [Statement of Operating Results (100% Basis)](index=5&type=section&id=Statement%20of%20Operating%20Results%20(100%25%20Basis)) On a 100% basis, the company generated total revenues of $1.06 billion and net income of $680 million in Q4 2024 | Metric | Q4 2024 (millions of USD) | Q4 2023 (millions of USD) | Full Year 2024 (millions of USD) | Full Year 2023 (millions of USD) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | | | | | | Management fees and incentive distributions | 901 | 803 | 3,381 | 3,142 | | Carried interest income, net of amount attributable to Corporation | 78 | (13) | 257 | 109 | | Other income, net | 84 | 340 | 342 | 811 | | **Total Revenues** | **1,063** | **1,130** | **3,980** | **4,062** | | **Expenses** | | | | | | Compensation, operating and general & administrative | (407) | (415) | (1,565) | (1,446) | | Interest expense | (5) | (4) | (22) | (14) | | **Total Expenses** | **(412)** | **(419)** | **(1,587)** | **(1,460)** | | Other income (expenses) | 13 | (137) | (186) | (215) | | Share of earnings from equity accounted investments | 145 | 73 | 339 | 167 | | **Income before income tax** | **809** | **647** | **2,546** | **2,554** | | Income tax expense | (129) | (116) | (438) | (417) | | **Net Income** | **680** | **531** | **2,108** | **2,137** | | Net loss (income) attributable to Brookfield Corporation | 8 | (157) | 60 | (298) | | **Net Income Attributable to Brookfield Asset Management** | **688** | **374** | **2,168** | **1,839** | | Diluted net income per share | 0.42 | 0.23 | 1.33 | 1.12 | | Basic net income per share | 0.42 | 0.23 | 1.33 | 1.12 | [Reconciliation of Net Income to FRE and DE](index=5&type=section&id=Reconciliation%20of%20Net%20Income%20to%20FRE%20and%20DE) This table reconciles net income to the non-GAAP measures of Fee-Related Earnings (FRE) and Distributable Earnings (DE) by adjusting for various non-cash and non-operating items | Metric | Q4 2024 (millions of USD) | Q4 2023 (millions of USD) | Full Year 2024 (millions of USD) | Full Year 2023 (millions of USD) | | :--- | :--- | :--- | :--- | :--- | | Net income | 680 | 531 | 2,108 | 2,137 | | **Add or deduct the following:** | | | | | | Provision for taxes | 129 | 116 | 438 | 417 | | Depreciation and amortization | 3 | 4 | 14 | 14 | | Carried interest allocation | (29) | (137) | (16) | (399) | | Carried interest allocation compensation | 11 | (2) | 93 | 86 | | Other (income) expenses | (24) | 139 | 93 | 129 | | Interest expense paid to related parties | 5 | 4 | 22 | 14 | | Interest and dividend income | (26) | (45) | (143) | (172) | | Other income | (59) | (96) | (372) | (300) | | Share of earnings from equity accounted investments | (145) | (73) | (339) | (167) | | FRE from partially owned subsidiaries (our share) | 95 | 73 | 330 | 271 | | Compensation costs recovered from related parties | 34 | 45 | 218 | 156 | | Non-recurring restructuring costs | — | 35 | — | 35 | | Fee revenues from BSREP III and other funds | 3 | (13) | 10 | 20 | | **Fee-Related Earnings (FRE)** | **677** | **581** | **2,456** | **2,241** | | Cash taxes | (88) | (45) | (301) | (196) | | Add back: Equity-based compensation costs and other | 60 | 50 | 208 | 199 | | **Distributable Earnings (DE)** | **649** | **586** | **2,363** | **2,244** | [Company Overview](index=7&type=section&id=Company%20Overview) [About Brookfield Asset Management](index=7&type=section&id=About%20Brookfield%20Asset%20Management) Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management across a diverse range of sectors - Brookfield Asset Management Ltd. is a leading global alternative asset manager with over **$1 trillion** in assets under management[29](index=29&type=chunk) - Investment sectors include renewable power and transition, infrastructure, private equity, real estate, and credit[29](index=29&type=chunk) - The company offers alternative investment products to a global client base including public and private pension plans, sovereign wealth funds, and financial institutions[29](index=29&type=chunk) [Non-GAAP and Performance Measures](index=7&type=section&id=Non-GAAP%20and%20Performance%20Measures) [Definitions and Usage](index=7&type=section&id=Definitions%20and%20Usage) The company utilizes non-GAAP financial measures such as Distributable Earnings (DE) and Fee-Related Earnings (FRE) to evaluate its operational performance and business value - Distributable Earnings (DE) is the sum of fee-related earnings, realized carried interest, realized principal investments, interest expense, and general and administrative expenses, excluding equity-based compensation and depreciation[32](index=32&type=chunk) - Fee-Related Earnings (FRE) and Distributable Earnings (DE) are used to assess the company's operating performance and business value[33](index=33&type=chunk) - The company advises that these non-GAAP measures are not standardized under U.S. GAAP, may differ from those of other companies, and should not be considered in isolation or as a substitute for GAAP financial measures[34](index=34&type=chunk) [Important Notices](index=8&type=section&id=Important%20Notices) [Forward-Looking Statements](index=8&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements based on current management estimates and assumptions, which are subject to significant business, economic, and competitive uncertainties - This press release contains "forward-looking information" and "forward-looking statements" that involve predictions of future results, events, or conditions based on management's current estimates, beliefs, and assumptions[37](index=37&type=chunk) - Forward-looking statements are inherently subject to significant business, economic, competitive, and other uncertainties, and actual results may differ materially[37](index=37&type=chunk)[38](index=38&type=chunk) - The company advises readers to evaluate risks carefully and undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law[39](index=39&type=chunk)[40](index=40&type=chunk) [Disclaimers](index=9&type=section&id=Disclaimers) Past performance is not indicative of future results, and there is no assurance that targeted returns, growth objectives, or investment strategies will be achieved - Past performance is not indicative of future results, and there is no guarantee that future investments will be similar to historical ones or that target returns and growth objectives will be achieved[41](index=41&type=chunk) - Target returns and growth objectives in this press release are for illustrative purposes and are based on various assumptions; actual performance may differ materially due to risks and uncertainties beyond the company's control[42](index=42&type=chunk) - Some information is sourced from independent third parties, and the company makes no representation or warranty as to its accuracy, reasonableness, or completeness[43](index=43&type=chunk)