Brookfield Asset Management .(BAM) - 2024 Q1 - Quarterly Report

Capital Raising and Deployment - Brookfield Asset Management raised $93 billion of capital in 2023, with $37 billion raised in the fourth quarter[5] - The company has $107 billion of dry powder available to deploy as of December 31, 2023[8] - The company deployed $15 billion of capital in the fourth quarter, including $4.5 billion into renewable power and transition platforms[7] Fee-Related and Distributable Earnings - Fee-bearing capital increased to $457 billion at the end of the fourth quarter, up 4% from the prior quarter and 9% over the past year[6] - Distributable earnings for the quarter were $586 million, with fee-related earnings comprising 100% of distributable earnings[3] - Fee-Related Earnings (FRE) for the three months ended December 31, 2023, were $581 million, compared to $576 million in the same period last year[22] - Distributable Earnings (DE) for the three months ended December 31, 2023, were $586 million, compared to $569 million in the same period last year[22] Financial Performance - Brookfield Asset Management's net income for the quarter totaled $95 million[2] - The company's total assets as of December 31, 2023, were $14.29 billion, up from $14.09 billion in 2022[18] - Total revenues for the year ended December 31, 2023, were $4.06 billion, up from $3.63 billion in 2022[19] - Net income for the three months ended December 31, 2023, was $531 million, compared to $613 million in the same period last year[20] - Net income attributable to Brookfield Asset Management for the three months ended December 31, 2023, was $374 million, compared to $504 million in the same period last year[20] - Net income per diluted share for the three months ended December 31, 2023, was $0.23, compared to $0.31 in the same period last year[20] Expenses and Allocations - Total expenses for the three months ended December 31, 2023, were $419 million, compared to $226 million in the same period last year[20] - Carried interest allocations for the three months ended December 31, 2023, were $(203) million, compared to $(297) million in the same period last year[22] - Interest expense paid to related parties for the three months ended December 31, 2023, was $4 million, compared to $21 million in the same period last year[22] - Share of income from equity accounted investments for the three months ended December 31, 2023, was $73 million, compared to $(49) million in the same period last year[20] - Cash taxes for the three months ended December 31, 2023, were $(45) million, compared to $(35) million in the same period last year[22] Dividends and Shareholder Returns - Brookfield Asset Management declared a quarterly dividend of $0.38 per share, representing a 19% increase[13] Strategic Initiatives and Funds - The company launched a multi-billion dollar Catalytic Transition Fund at COP28, with UAE's ALTÉRRA committing up to $1 billion[9] Risk and Forward-Looking Statements - Past performance is not indicative of future results and no guarantee that target returns or growth objectives will be achieved[35][36] - Target returns and growth objectives are based on assumptions that may prove incorrect and actual performance could differ materially[36] - Industry experts may disagree with the assumptions used in presenting target returns and growth objectives[36] - No assurance or warranty is made that target returns or growth objectives will be achieved[36] - Information from third-party sources is believed to be accurate but no representation or warranty is made regarding its completeness or accuracy[37] - Forward-looking statements are based on information available as of the date of the news release and may be affected by new information or future events[34] - Risks, uncertainties, and factors beyond the company's control could adversely affect future results[34] - The company undertakes no obligation to update or revise forward-looking statements unless required by law[34] - Future investments may not be similar to historic investments discussed[35] - Economic conditions or availability of opportunities may impact the achievement of investment strategies or objectives[35]