2023-05-10 07:33:40 ET
Brookfield Asset Management ( NYSE: BAM ) stock rose 3.3% in Wednesday premarket trading after the asset management firm posted Q1 earnings that slightly exceeded the average analyst estimate.
Year-to-date, BAM has raised $19B — $13B during Q1 and $6B after the quarter ended. The company said it's close to final closes for its fifth flagship infrastructure fund, which currently stands at $24B and its sixth flagship private equity fund, which is now at $9B. In the past 12 months, the company has raised almost $100B.
Q1 distributable EPS of $0.34 , vs. $0.33 consensus, slipped from $0.35 in the prior quarter and increased from $0.30 in the year-ago period.
Fee-related earnings, excluding performance fees, were $547M, down from $576M in Q4 2022 and up from $530M in Q1 2022.
Total assets under management were $834B at March 31, 2023 compared with $790B at Dec. 31, 2022.
Fee-bearing capital was $432B at the end of the quarter, up $14B during Q1.
During the quarter, Brookfield Asset Management ( BAM ) deployed $17B of capital, with $9B going into infrastructure projects.
The company has $79B of uncalled fund commitments, also called dry powder, that's ready to deploy.
Q1 compensation, operating, and general and administrative expenses were $376M vs. $205M in Q4 2022 and $260M in Q1 2022.
Conference call at 11:00 AM ET.
Earlier, Brookfield Asset Management ( BAM ) distributable earnings of $0.34 beats by $0.01, revenue of $966M misses by $134M .
More on Brookfield Asset Management:
- Brookfield Asset Management cut to Underperform at KBW
- Well Positioned to Outperform
- Brookfield to kick off sale of stake in one of the world's largest wind farms
For further details see:
Brookfield Asset Management Q1 earnings beat; raises $19B of funds in quarter