2024 Third Quarter Highlights
|
$6B |
19% |
|
LAST TWELVE MONTHS |
GROWTH IN DE BEFORE |
|
DISTRIBUTABLE EARNINGS ("DE") |
REALIZATIONS1 |
$150B
DEPLOYABLE CAPITAL
PERFORMANCE UPDATE
We generated $1.3 billion ($0.84/share) of Distributable Earnings ("DE") during the quarter and $6.0 billion ($3.78/ share) over the last twelve months ("LTM").
DE before realizations increased 19% to a record $1.3 billion ($0.80/share) for the quarter and $4.6 billion ($2.90/share) over the LTM.
Asset Management:
- Distributable earnings were $694 million ($0.44/share) in the quarter and $2.6 billion ($1.64/share) for the LTM.
- Fee-relatedearnings increased by 14% compared to the prior year quarter, driven by a 23% increase in fee-bearing capital over the LTM to $539 billion as at September 30, 2024. Inflows were $21 billion in the quarter and $135 billion for the LTM.
- During the quarter, we closed on the previously announced strategic partnership with Castlelake, a global alternative investment manager specializing in asset-based private credit including aviation and specialty finance. We also completed the acquisition of SVB Capital through Pinegrove Capital Partners, our venture investment platform formed with Sequoia Heritage.
- Distributions or DE from direct investments were $241 million in the quarter and $903 million for the LTM.
Wealth Solutions:
- Distributable operating earnings were $364 million ($0.23/share) in the quarter and $1.2 billion ($0.75/share) for the LTM.
- Our insurance assets increased to over $115 billion, as we generated approximately $4.5 billion of organic inflows in the quarter, primarily driven by retail and institutional annuity sales.
- The average investment portfolio yield on our insurance assets was 5.4%, 1.8% higher than our average cost of capital. As we continue to reposition the investment portfolio, annualized earnings for the business are poised to grow from approximately $1.5 billion today to $2 billion in the near term.
- Today, a subsidiary of Brookfield Wealth Solutions announced an agreement to reinsure $1.4 billion of U.K. pension liabilities. This is our first transaction outside of North America, as we continue to look to diversify and expand our wealth solutions business.
- We are raising close to $2 billion of retail capital per month through our combined wealth solutions platforms.
Operating Businesses:
- Distributable earnings were $356 million ($0.23/share) in the quarter and $1.5 billion ($0.93/share) for the LTM.
- Cash distributions from our operating businesses are supported by their resilient earnings and strong underlying performance. Our core real estate portfolio continues to deliver growth, with same-store net operating income ("NOI") increasing by 4% over the prior year quarter.
- In our real estate business, we signed close to 6 million square feet of office and retail leases during the quarter. Rents on the newly signed leases were approximately 10% higher compared to those leases expiring.
Monetization Activity:
- In the past few months, we have seen increased levels of transaction activity. We closed or advanced over $17 billion of asset sales across the business, which include retail parks in the U.K., a luxury resort in the U.S., multiple renewable power assets globally, and an office asset in Australia. All of these are expected to generate attractive returns.
- We generated $1.4 billion ($0.88/share) of earnings from realizations over the LTM, mainly from realizing a gain of approximately $950 million on the sale of the BAM shares to American Equity Life ("AEL") shareholders in the second quarter of 2024.
- We generated unrealized carried interest of $2.4 billion over the LTM, taking the total accrued unrealized carried interest balance to $11.5 billion at quarter end. We recognized $295 million of net realized carried interest into income to date this year.
1. Compared to the prior year quarter.
|
Q3 2024 Supplemental Information |
Brookfield Corporation 2 |
2024 Third Quarter Highlights cont'd
CAPITAL ALLOCATION
- During the quarter, we returned $203 million of capital to our shareholders via regular dividends and share repurchases. Over the last twelve months, we repurchased approximately $1 billion of Class A shares in the open market, adding approximately $0.80 of value to each remaining share.
- The balance of our distributable earnings over the LTM was invested back into the business-the strategies managed by BAM, our wealth solutions business and our operating businesses.
LIQUIDITY
As at September 30, 2024, we had $5.7 billion of corporate liquidity, including $2.4 billion of cash and financial assets and $3.4 billion of undrawn credit lines.
- Our balance sheet continues to be conservatively capitalized, with a corporate debt to market capitalization ratio of 13%. In addition, our corporate debt at the Corporation has a weighted-average interest rate of 4.6%, a remaining term of 13 years and modest maturities through to the end of 2025.
- We have over $150 billion of deployable capital, which includes $66 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
- Our strong access to capital throughout our franchise enabled us to execute on over $30 billion of financings in the past few months. This includes an $850 million loan on a high-quality mall in Las Vegas and an approximately $600 million financing for the acquisition of an industrial portfolio, demonstrating the very active CMBS market.
CONTENTS
|
Highlights and Overview |
2 |
Common Share Information |
26 |
|
Detailed Analysis |
Reconciliation of IFRS to non-IFRS Measures |
27 |
|
|
Asset Management |
12 |
Endnotes |
33 |
|
Wealth Solutions |
16 |
Glossary of Terms |
37 |
|
Operating Businesses |
17 |
|
3 Brookfield Corporation |
Q3 2024 Supplemental Information |
Brookfield Corporation
We are a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have one of the largest pools of discretionary capital globally, which is deployed across our three core businesses -Asset Management, Wealth Solutions, and our Operating Businesses. Through our core businesses, we invest in real assets that form the backbone of the global economy to deliver strong risk-adjusted returns to our stakeholders. Over the long term, we are focused on delivering 15%+ annualized returns to shareholders.
DE represents the deconsolidated earnings of the Corporation that are available for distribution to shareholders and it is our primary performance metric. DE is comprised of distributions we receive from our Asset Management, Wealth Solutions and Operating Businesses. It also includes disposition gains on our principal investments and our share of realized carried interest that is earned by our Asset Management business. We target growing our DE by 15% or more each year.
We create value for our shareholders in two ways. First, we participate in increases in the earnings and value of our Asset Management, Wealth Solutions and Operating Businesses, which enables us to increase our cash dividends paid to shareholders. Second, we are able to deploy the substantial free cash flows we retain towards supporting the growth of our three businesses, new strategic opportunities and share buybacks.
|
How value is created |
Key Performance Metrics |
How value is measured |
|
|
Asset Management |
|||
|
Brookfield Asset Management |
• Increase fee-bearing capital |
• Distributable earnings |
• Market price of BAM |
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("BAM") is a leading global alternative |
• Maintain cost discipline |
• Fee-bearing capital |
|
|
asset manager, with over $1 trillion of |
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as we scale |
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assets under management |
• Fee-related earnings |
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• Achieve strong investment |
• Generated unrealized carried |
• Multiple of target carried |
|
|
returns and, in turn, earn |
interest |
interest, net |
|
|
performance income (carried |
• Realized carried interest, net |
• Accumulated unrealized |
|
|
interest) |
|||
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carried interest, net |
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In addition, we invest discretionary |
• Increase cash income |
• Distributions from direct |
• Applicable valuation |
|
capital into and alongside private |
through organic levers |
investments |
methods on our direct |
|
investments |
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|
funds managed by BAM and other |
• Recycle underlying assets |
• Disposition gains on direct |
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|
investments |
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investments |
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Wealth Solutions |
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Brookfield Wealth Solutions ("BWS", |
• Acquire long duration and |
• Cost of insurance liabilities |
• Multiple of distributable |
|
previously known as "Brookfield |
predictable insurance liabilities |
• Earnings on investment |
operating earnings |
|
Reinsurance") is a leading wealth |
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|
• Proactively manage risk of |
portfolio |
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solutions provider focused on |
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underwritten liabilities |
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securing the financial futures of |
• Distributable operating |
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• Earn attractive risk-adjusted |
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individuals and institutions through a |
earnings |
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range of wealth protection products, |
returns on our investment |
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retirement services and tailored |
portfolio in excess of the cost |
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of the insurance liabilities we |
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capital solutions |
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manage |
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Operating Businesses |
We are invested in four global operating businesses in Renewable Power and Transition ("BEP"), Infrastructure ("BIP"), Private Equity ("BBU") and Real Estate ("BPG")
|
• Increase cash income through |
• Operating FFO / Net operating |
• Market price of public |
|
organic levers |
income |
affiliates (BEP, BIP, BBU) |
|
• Recycle underlying assets |
• Distributions from Operating |
• Fair value under IFRS |
|
Businesses |
(BPG) |
Capital Allocation
We allocate the free cash flows we receive to enhance value for our shareholders
|
• Increase in cash dividends |
• Disposition gains on principal |
|
• Share buybacks |
investments |
|
• Contribution to growth in DE & |
|
|
• Support the growth of our |
|
|
DE per share |
|
|
three businesses |
|
|
• New strategic investments |
|
|
• Special dividends |
- Applicable valuation methods based on how capital is deployed
|
Q3 2024 Supplemental Information |
Brookfield Corporation 4 |
Performance Highlights
Distributable Earnings
FOR THE LTM ENDED SEP. 30 (MILLIONS)
$6,613
$5,980
$5,032 $4,992
Distributable Earnings per share2
FOR THE LTM ENDED SEP. 30
$4.23
|
$3.78 |
|
|
$3.10 |
$3.13 |
$3,375
$3,707 $4,049
$2,826
$2,134
$4,582
|
$2.20 |
|
|
$2.90 |
|
|
$2.28 |
$2.54 |
|
$1.81 |
|
|
$1.39 |
2020 2021 2022 2023 2024
- Distributable earnings before realizations, adjusted for special distribution
- Realized carried interest and disposition gains from principal investments
- Adjustment for special distribution1
|
2020 |
2021 |
2022 |
2023 |
2024 |
- Distributable earnings before realizations, adjusted for special distribution
- Realized carried interest and disposition gains from principal investments
- Adjustment for special distribution1
Capital Returned to Common Shareholders
FOR THE LTM ENDED SEP. 30 (MILLIONS)
|
$14,386 |
||||
|
$13,099 |
||||
|
$1,670 |
$1,401 |
$1,442 |
||
|
$1,191 |
$538 |
|||
|
$539 |
$963 |
|||
|
$737 |
||||
|
$485 |
||||
|
$355 |
||||
|
$777 |
$862 |
|||
|
$706 |
||||
|
$550 |
$479 |
|||
|
2020 |
2021 |
2022 |
2023 |
20243 |
- Common distributions
- Share repurchases
- Special distributions
Capital Returned per share2
FOR THE LTM ENDED SEP. 30
|
$8.81 |
||||
|
$8.00 |
||||
|
$1.10 |
||||
|
$0.79 |
$0.36 |
$0.88 |
$0.92 |
|
|
$0.61 |
||||
|
$0.33 |
||||
|
$0.46 |
||||
|
$0.32 |
$0.23 |
|||
|
$0.47 |
$0.51 |
$0.55 |
||
|
$0.35 |
$0.31 |
|||
|
2020 |
2021 |
2022 |
2023 |
20243 |
- Common distributions
- Share repurchases
- Special distributions
See endnotes.
|
5 Brookfield Corporation |
Q3 2024 Supplemental Information |
Distributable Earnings ("DE")
DE before realizations increased 19% to a record $1.3 billion for the quarter and $4.6 billion over the LTM
The summary below presents DE on a historical basis which includes results for periods prior to the special distribution of a 25% interest in our asset management business. For comparability, we present DE on an adjusted basis at the bottom of this page, adjusting historical results for a 25% decrease in the DE from BAM in line with the impact of the special distribution.
|
FOR THE PERIODS ENDED SEP. 30 |
Three Months |
LTM |
Annualized1 |
|||||||||||||
|
2024 |
2023 |
2024 |
2023 |
Page Ref. |
||||||||||||
|
(MILLIONS, EXCEPT PER SHARE AMOUNTS) |
||||||||||||||||
|
BAM2 |
$ |
453 |
$ |
426 |
$ |
1,697 |
$ |
1,777 |
$ |
1,833 |
page 12 |
|||||
|
Direct investments |
241 |
208 |
903 |
830 |
838 |
page 15 |
||||||||||
|
Asset Management |
694 |
634 |
2,600 |
2,607 |
2,671 |
|||||||||||
|
Wealth Solutions |
364 |
182 |
1,182 |
657 |
1,485 |
page 16 |
||||||||||
|
BEP |
107 |
105 |
423 |
415 |
429 |
page 17 |
||||||||||
|
BIP |
84 |
80 |
331 |
315 |
336 |
page 18 |
||||||||||
|
BBU |
9 |
9 |
36 |
36 |
33 |
page 19 |
||||||||||
|
BPG |
166 |
179 |
722 |
766 |
827 |
page 20 |
||||||||||
|
Other |
(10) |
(7) |
(48) |
(24) |
(48) |
page 17 |
||||||||||
|
Operating Businesses |
356 |
366 |
1,464 |
1,508 |
1,577 |
|||||||||||
|
Corporate costs and other3,4,5 |
(155) |
(126) |
(664) |
(616) |
(891) |
page 23 |
||||||||||
|
Distributable earnings before realizations6 |
1,259 |
1,056 |
4,582 |
4,156 |
$ |
4,842 |
||||||||||
|
Realized carried interest, net |
61 |
94 |
395 |
750 |
page 13 |
|||||||||||
|
Disposition gains from principal investments |
5 |
- |
1,003 |
86 |
page 24 |
|||||||||||
|
Distributable earnings6 |
$ |
1,325 |
$ |
1,150 |
$ |
5,980 |
$ |
4,992 |
||||||||
|
Per share7 |
||||||||||||||||
|
Distributable earnings before realizations |
$ |
0.80 |
$ |
0.67 |
$ |
2.90 |
$ |
2.61 |
||||||||
|
Distributable earnings |
0.84 |
0.73 |
3.78 |
3.13 |
||||||||||||
Asset Management
- Generated DE of $694 million for the quarter and $2.6 billion for the LTM, mainly driven by a 14% increase in fee- related earnings ("FRE") compared to the prior year quarter due to strong fundraising momentum and capital deployment across our private fund strategies. This includes distributions from direct investments of $241 million for the quarter and $903 million for the LTM.
Wealth Solutions
- DE of $364 million for the quarter and $1.2 billion for the LTM, benefitting from a full quarter of contributions from the close of AEL, organic growth and the strength of our investment performance.
Operating Businesses
- Generated DE of $356 million for the quarter and $1.5 billion for the LTM, with cash distributions supported by the resilient earnings across our underlying businesses.
Over the LTM, we recognized $395 million of net carried interest from realizations in private funds managed by BAM and generated $1.0 billion of disposition gains from principal investments, primarily related to a gain on the sale of a portion of our BAM shares to AEL shareholders.
|
FOR THE PERIODS ENDED SEP. 30 |
Three Months |
LTM |
|||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||
|
(MILLIONS) |
|||||||||||
|
BAM distributable earnings before realizations |
$ |
453 |
$ |
426 |
$ |
1,697 |
$ |
1,777 |
|||
|
Less: adjustment for the special distribution |
- |
- |
- |
(107) |
|||||||
|
Adjusted BAM distributable earnings before realizations |
$ |
453 |
$ |
426 |
$ |
1,697 |
$ |
1,670 |
|||
|
Adjusted distributable earnings before realizations |
$ |
1,259 |
$ |
1,056 |
$ |
4,582 |
$ |
4,049 |
|||
|
Per share |
|||||||||||
|
Adjusted distributable earnings before realizations7 |
$ |
0.80 |
$ |
0.67 |
$ |
2.90 |
$ |
2.54 |
|||
See endnotes.
|
Q3 2024 Supplemental Information |
Brookfield Corporation 6 |
Capital
We create value for our shareholders by increasing the cash flows generated by our investments and appreciation of capital over time as we execute operational improvements and disciplined recycling of underlying assets.
Our capital was approximately $170 billion on a blended basis as at September 30, 2024, on which we earn $5.7 billion of diversified, long-term, stable cash flows via dividends. Most of our earnings are retained for reinvestment. Over the LTM, we generated unrealized carried interest, net of costs, of $1.6 billion, which is not included in the DE presented in the below table and instead is presented on page 13.
The following table provides a breakdown of our capital as at September 30, 2024 and December 31, 2023. We provide three methods for you to review: quoted prices, our IFRS values, and blended values. We recommend that you focus on the blended values as these include quoted market values and, since we have control over these assets, we believe we could liquidate for at least these values. Nonetheless, we provide this information so you can choose how to assess the numbers.
AS AT SEP. 30, 2024 AND DEC. 31, 2023
(MILLIONS, EXCEPT PER SHARE AMOUNTS)
|
Quoted1 |
IFRS |
Blended2 |
|||||||||||||||
|
No. of |
2024 |
2023 |
2024 |
2023 |
2024 |
Annualized |
|||||||||||
|
Units |
2023 Cash Flow3 |
||||||||||||||||
|
BAM |
1,194 |
$ 56,465 |
$ 49,268 |
$ |
7,018 |
$ |
7,126 |
$ |
56,465 |
$ |
49,268 |
$ |
1,833 |
||||
|
Target carried interest, net |
N/A |
N/A |
N/A |
N/A |
N/A |
26,860 |
25,980 |
- |
|||||||||
|
Accumulated unrealized carried interest, net |
N/A |
N/A |
N/A |
N/A |
N/A |
6,995 |
6,158 |
- |
|||||||||
|
Direct investments |
N/A |
N/A |
N/A |
11,024 |
12,358 |
11,024 |
12,358 |
838 |
|||||||||
|
Asset Management |
18,042 |
19,484 |
101,344 |
93,764 |
2,671 |
||||||||||||
|
Wealth Solutions4,5 |
9,354 |
6,144 |
22,275 |
14,100 |
1,485 |
||||||||||||
|
BEP |
302 |
8,677 |
8,034 |
3,431 |
4,302 |
8,677 |
8,034 |
429 |
|||||||||
|
BIP |
207 |
7,366 |
6,571 |
2,175 |
2,537 |
7,366 |
6,571 |
336 |
|||||||||
|
BBU |
132 |
3,170 |
3,058 |
3,265 |
3,291 |
3,170 |
3,058 |
33 |
|||||||||
|
BPG |
|||||||||||||||||
|
Core |
N/A |
N/A |
N/A |
15,240 |
14,092 |
15,240 |
14,092 |
480 |
|||||||||
|
Transitional and Development6 |
N/A |
N/A |
N/A |
8,427 |
8,321 |
9,943 |
9,783 |
347 |
|||||||||
|
Other |
N/A |
N/A |
N/A |
553 |
585 |
553 |
585 |
(48) |
|||||||||
|
Operating Businesses |
33,091 |
33,128 |
44,949 |
42,123 |
1,577 |
||||||||||||
|
Total investments |
60,487 |
58,756 |
168,568 |
149,987 |
5,733 |
||||||||||||
|
Corporate and other |
1,112 |
(589) |
1,112 |
(589) |
N/A |
||||||||||||
|
Capital |
61,599 |
58,167 |
169,680 |
149,398 |
$ |
5,733 |
|||||||||||
|
Debt and preferred capital7 |
(19,231) |
(16,493) |
(19,231) |
(16,493) |
|||||||||||||
|
Capital, net |
$ |
42,368 |
$ |
41,674 |
$ |
150,449 |
$ |
132,905 |
|||||||||
|
Per Share |
$ |
26.40 |
$ |
25.80 |
$ |
93.76 |
$ |
82.29 |
|||||||||
|
Capital |
Annualized Cash Flow |
||||||||||
|
AS AT SEP. 30 (BILLIONS) |
AS AT SEP. 30 (BILLIONS) |
$5.7 |
|||||||||
|
$169.7 |
|||||||||||
|
$136.1 |
$4.6 |
||||||||||
|
$3.3 |
|||||||||||
|
$2.5 |
|||||||||||
|
$51.8 |
$65.2 |
$68.8 |
$1.8 |
||||||||
|
2020 |
2021 |
2022 |
2023 |
2024 |
2020 |
2021 |
2022 |
2023 |
2024 |
See endnotes.
|
7 Brookfield Corporation |
Q3 2024 Supplemental Information |
Capital Allocation
We allocate the free cash flows we receive to enhance value for our shareholders
|
FOR THE PERIODS ENDED SEP. 30 |
Three Months |
LTM |
|||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||
|
(MILLIONS) |
|||||||||||
|
Sources |
|||||||||||
|
Distributable earnings, before realizations1, 2 |
$ |
1,259 |
$ |
1,056 |
$ |
4,582 |
$ |
4,156 |
|||
|
Realized carried interest, net2 |
61 |
94 |
395 |
750 |
|||||||
|
Disposition gains from principal investments2 |
5 |
- |
1,003 |
86 |
|||||||
|
1,325 |
1,150 |
5,980 |
4,992 |
||||||||
|
Return of capital |
|||||||||||
|
Dividends paid to common shareholders |
(124) |
(109) |
(479) |
(550) |
|||||||
|
Share repurchases3 |
(79) |
(218) |
(963) |
(737) |
|||||||
|
Reinvestment in businesses |
|||||||||||
|
Capital allocated to Asset Management business4 |
(781) |
(917) |
(2,283) |
(5,256) |
|||||||
|
Capital allocated to Wealth Solutions business |
(364) |
(182) |
(2,132) |
(605) |
|||||||
|
Capital allocated to Operating Businesses, net |
242 |
190 |
(931) |
183 |
|||||||
|
(1,106) |
(1,236) |
(6,788) |
(6,965) |
||||||||
|
Net financing activities |
44 |
(548) |
1,183 |
1,691 |
|||||||
|
Other (uses) sources5 |
(524) |
(361) |
471 |
(1,265) |
|||||||
|
In-period change |
$ |
(261) |
$ |
(995) |
$ |
846 |
$ |
(1,547) |
|||
We target paying a modest distribution so that we are able to deploy the majority of the substantial free cash flow we receive towards supporting the growth of our businesses, new strategic investments and share repurchases.
Over the LTM we allocated $6.8 billion of capital, primarily as follows:
- $479 million of dividends paid to common shareholders;
- Approximately $1 billion to repurchase 24.3 million BN common shares, at prices well below our view of intrinsic value;
- $2.3 billion to invest into various strategies managed by BAM;
- $2.1 billion investment in Wealth Solutions business to support continued growth; and
- $931 million primarily to opportunistically repay debt within our Operating Businesses.
Net financing activities of $1.2 billion relate to our bond issuances over the LTM, net of the repayment of maturing term notes and revolving facilities.
1. Refer to page 27 for reconciliation of IFRS to non-IFRS measures. See endnotes.
|
Q3 2024 Supplemental Information |
Brookfield Corporation 8 |
Liquidity Profile and Capital Structure
We manage our liquidity and capital resources on a group-wide basis and organize it into three principal tiers:
- The Corporation1, inclusive of our proportionate share of the liquidity of our asset management business;
- Our perpetual affiliates (BEP, BIP, BBU and BPG); and
- Managed funds or investments, either held directly or within perpetual affiliates.
LIQUIDITY
The Corporation has very few non-discretionary capital requirements. We maintain significant liquidity ($5.7 billion in the form of corporate cash and financial assets and undrawn credit facilities) at the corporate level to further enable the growth of the broader business. This does not include our ability to issue debt or sell our liquid securities to replenish our liquidity.
On a group basis, as at September 30, 2024, we had over $150 billion of deployable capital, which included corporate liquidity, perpetual affiliate liquidity, and uncalled private fund commitments. Uncalled fund commitments include third-party commitments available for drawdown in our private funds.
|
AS AT SEP. 30, 2024 AND DEC. 31, 2023 |
Corporate Liquidity |
Deployable Capital |
||||||||||
|
2024 |
2023 |
2024 |
2023 |
|||||||||
|
(MILLIONS) |
||||||||||||
|
Cash and financial assets, net2 |
$ |
2,368 |
$ |
2,013 |
$ |
56,446 |
$ |
29,161 |
||||
|
Undrawn committed credit facilities |
3,360 |
2,533 |
9,899 |
9,009 |
||||||||
|
Core liquidity |
5,728 |
4,546 |
66,345 |
38,170 |
||||||||
|
Third-party uncalled private fund commitments |
- |
- |
85,294 |
85,658 |
||||||||
|
Total liquidity |
$ |
5,728 |
$ |
4,546 |
$ |
151,639 |
$ |
123,828 |
||||
CAPITAL STRUCTURE
Virtually all of the debt within our business is issued by entities or assets within the funds, or other investing entities, that we manage and generally has no recourse to the Corporation. Only 6% of our consolidated debt is issued by, or has recourse to, the Corporation.
Our corporate capitalization was $66 billion as at September 30, 2024, with a debt to capitalization level of approximately 20% at the corporate level based on book values, which excludes virtually all of the value of our asset management business (see page 25 for details). Based on our market capitalization, the corporate debt to capitalization level was 13%.
- Corporate borrowings excluding commercial paper totaled $12.9 billion, with a weighted-average term of 13 years, and a weighted-average interest rate of 4.6%.
- Our corporate borrowings are supplemented by $4.3 billion of perpetual preferred shares with a weighted-average cost of 4.9%.
AS AT SEP. 30, 2024 (MILLIONS)
Corporate borrowing Term debt
Perpetual preferred shares4
|
Average |
Total3 |
Maturity |
||||||||||||||||||||
|
Term |
Rate |
2024 |
2025 |
2026 |
2027 |
2028 |
2029+ |
|||||||||||||||
|
13 |
4.6 % |
$ 12,899 |
$ |
- |
$ |
500 |
$ |
1,128 |
$ |
370 |
$ |
1,050 |
$ |
9,851 |
||||||||
|
perp. |
4.9 % |
4,333 |
- |
- |
- |
- |
- |
n/a |
||||||||||||||
|
$ 17,232 |
$ |
- |
$ |
500 |
$ |
1,128 |
$ |
370 |
$ |
1,050 |
$ |
9,851 |
||||||||||
See endnotes.
|
9 Brookfield Corporation |
Q3 2024 Supplemental Information |
Distributable Earnings and Net Income
|
FOR THE PERIODS ENDED SEP. 30 |
Three Months |
LTM |
|||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||
|
(MILLIONS, EXCEPT PER SHARE AMOUNTS) |
|||||||||||
|
Operating activities |
|||||||||||
|
Asset Management |
$ |
694 |
$ |
634 |
$ |
2,600 |
$ |
2,607 |
|||
|
Wealth Solutions |
364 |
182 |
1,182 |
657 |
|||||||
|
Operating Businesses |
356 |
366 |
1,464 |
1,508 |
|||||||
|
Corporate activities and other |
(155) |
(126) |
(664) |
(616) |
|||||||
|
Distributable earnings before realizations |
1,259 |
1,056 |
4,582 |
4,156 |
|||||||
|
Realized carried interest, net |
61 |
94 |
395 |
750 |
|||||||
|
Disposition gains from principal investments1,2 |
5 |
- |
1,003 |
86 |
|||||||
|
Distributable earnings |
1,325 |
1,150 |
5,980 |
4,992 |
|||||||
|
Add: disposition gains in net income |
9 |
67 |
1,306 |
430 |
|||||||
|
Less: realized disposition gains |
(5) |
- |
(1,003) |
(86) |
|||||||
|
Fair value changes and other2,3 |
(744) |
(283) |
(3,177) |
(2,878) |
|||||||
|
Depreciation and amortization2 |
(600) |
(580) |
(2,372) |
(2,259) |
|||||||
|
Deferred income taxes2 |
140 |
137 |
586 |
594 |
|||||||
|
Working capital, net |
(61) |
(261) |
(412) |
(678) |
|||||||
|
Net income attributable to shareholders4 |
$ |
64 |
$ |
230 |
$ |
908 |
$ |
115 |
|||
|
Per share5,6 |
|||||||||||
|
Distributable earnings before realizations |
$ |
0.80 |
$ |
0.67 |
$ |
2.90 |
$ |
2.61 |
|||
|
Distributable earnings |
0.84 |
0.73 |
3.78 |
3.13 |
|||||||
|
Net income (loss)7 |
0.01 |
0.12 |
0.47 |
(0.03) |
|||||||
3. Fair value changes and other for the three months ended September 30, 2024 primarily relate to mark-to-market changes on insurance reserves within our wealth solutions business, derivatives across our operating businesses, and other reconciling items.
See endnotes.
|
Q3 2024 Supplemental Information |
Brookfield Corporation 10 |
Attachments
Disclaimer
Brookfield Corporation published this content on November 14, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 14, 2024 at 11:55:30.845.
