Insurance Flows and Castlelake Add $75 Billion of AUM Since Quarter End $106 Billion of Dry Powder Available to Invest BROOKFIELD, NEWS, May 08, 2024 (GLOBE NEWSWIRE) -- Brookfield Asset Management Ltd. (NYSE:BAM, TSX:BAM) today announced financial results for the quarter ended March 31, 2024. Connor Teskey, President of Brookfield Asset Management stated, "We are off to a strong start in 2024 and are seeing accelerating momentum across our business as transaction activity picks up. We raised $20 billion of capital during the first quarter ($10 billion since our last earnings release), and with more than $100 billion of dry powder to invest, both the diversity of our business mix and our global footprint mean that we remain very well-positioned to capture investment opportunities." He continued, "We recently completed a $50 billion asset management mandate with American Equity Investment Life (AEL) and announced our intention to acquire a majority stake in Castlelake, a leader in asset- backed finance. With these, we are excited to grow both our insurance and private credit capabilities, bolstering our ability to serve our clients in more ways over the long-term." Operating Results Brookfield Asset Management Ltd. Net income for Brookfield Asset Management Ltd. (BAM), the publicly traded entity, totaled $102 million for the quarter. BAM owns a 25% interest in our asset management business with the other 75% owned by Brookfield Corporation. In order to provide meaningful comparative information, the discussion that follows relates to the financial results on a 100% basis for our asset management business (Brookfield Asset Management). Brookfield Asset Management1  For the periods ended March 31(US$ millions, except per share amounts) Three Months Ended   Twelve Months Ended   2024       2023       2024       2023   Fee-Related Earnings2 $ 552     $ 547     $ 2,246     $ 2,162   Add back: equity-based compensation costs and other3   48       53       194       119   Less: cash taxes   (53 )     (37 )     (212 )     (114 ) Distributable Earnings2 $ 547     $ 563     $ 2,228     $ 2,167                                   Fee-related earnings per share $ 0.34     $ 0.33     $ 1.37     $ 1.32   Distributable earnings per share $ 0.34     $ 0.34     $ 1.36     $ 1.33                                   Net income attributable to Brookfield Asset Management $ 441     $ 516     $ 1,764     $ 2,083   See endnotes                               Operating Highlights Financial Results Brookfield Asset Management's fee-related earnings were $552 million for the quarter and $2.2 billion over the last twelve months, versus $547 million and $2.2 billion for the same periods in the prior year, respectively. Distributable earnings were $547 million for the quarter and $2.2 billion over the last twelve months, versus $563 million and $2.2 billion for the same periods in the prior year, respectively. These results represent 15% growth in fee revenues from our flagship, private credit and insurance strategies over the last twelve months, on the back of over 15% growth in related fee-bearing capital over the same period, partially offset by lower transaction fees and lower fees associated with our permanent capital vehicles. Fundraising We raised $20 billion in the first quarter of 2024, $10 billion of which was raised since our last earnings release. Notable fundraising updates during the first quarter include: We finalized the first close of the second vintage of our flagship global transition fund strategy at $10 billion, including $1.2 billion of fund capital raised in the first quarter. We anticipate holding a final close in the second half of 2024. We finalized the first close of the fifth vintage of our flagship opportunistic real estate fund strategy, bringing the total to over $8.0 billion, including $2.2 billion of capital in the first quarter. We raised over $3.0 billion of capital within our infrastructure business, including $1.9 billion of capital raised within our supercore infrastructure fund as part of a follow-on acquisition of FirstEnergy, for $3.5 billion. We raised nearly $10 billion of capital across more than a dozen credit strategies this quarter. This includes raising nearly $6.0 billion across our Oaktree franchise, including $1.0 billion within our sponsor credit business and nearly $1.0 billion within the twelfth vintage of our opportunistic credit fund, bringing the total raised for this fund to nearly $9.0 billion. Within insurance solutions, we raised $2.0 billion, bringing our total insurance-related fee-bearing capital to $36 billion at the end of the quarter. Inclusive of the close of AEL, our insurance fee-bearing capital stands at nearly $90 billion today. Fee-Bearing Capital Fee-bearing capital was $459 billion at the end of the first quarter, up $27 billion or 6% over the past year and up $2 billion from the prior quarter. The above year-over-year increase in fee-bearing capital contributed to growth in fee-related earnings to $2.2 billion over the last twelve months, representing a 4% increase over the prior year period. Deployment In the first quarter, we deployed $11 billion of capital into investments across a number of large-scale, high-quality businesses and assets. Notable deployments in the quarter include: Deployed $2.8 billion of capital across our infrastructure platform, including $2.0 billion out of our supercore infrastructure fund. Deployed $6.2 billion of capital across credit funds, including $2.0 billion out of our opportunistic credit platform, $970 million out of our strategic credit fund, $400 million out of our power opportunities platform, and $360 million out of our sponsor fund credit business. We also deployed $400 million out of the third vintage of our infrastructure debt fund. Dry Powder Capital As of March 31, 2024, we had a total of $106 billion of uncalled fund commitments. We hold $2.6 billion of cash and equivalents on our balance sheet. Uncalled fund commitments include $50 billion which is not currently earning fees, but which will earn approximately $500 million of fees annually once deployed. Recent Strategic Initiatives We announced several strategic transactions subsequent to the end of the quarter which will bolster our long- term growth. Brookfield Reinsurance successfully completed its acquisition of AEL. On behalf of Brookfield Reinsurance, we are now managing AEL's $50 billion of capital, bringing our total insurance fee-bearing capital to nearly $90 billion. We have finalized an agreement to acquire a majority stake in Castlelake, an asset-backed private credit manager with $22 billion of assets under management. Castlelake's core competencies in aviation and other forms of specialty finance will further broaden our private credit capabilities for our clients, while allowing us to partner with a best-in-class manager to support its growth over the long term. We acquired an additional 5% interest in Oaktree, which brings our ownership stake to 73%. Regular Dividend Declaration The board of directors of Brookfield Asset Management Ltd. declared a quarterly dividend of $0.38 per share, payable on June 28, 2024, to shareholders of record as of the close of business on May 31, 2024. End Notes Reflects full period results unless otherwise noted on a 100% basis for Brookfield Asset Management, being Brookfield Asset Management ULC and its subsidiaries, including its share of the asset management activities of partly owned subsidiaries. See Reconciliation of Net Income to Fee-Related Earnings and Distributable Earnings on page 6 and Non-GAAP and Performance Measures section on page 8. Equity-based compensation costs and other income includes Brookfield Asset Management's portion of partly owned subsidiaries investment income, realized carried interest, and other items. Brookfield Asset Management Ltd.Statement of Financial Position   UnauditedAs at(US$ millions) March 31,2024     December 31,2023   Assets               Cash and cash equivalents $ 9     $ 9   Investment in Brookfield Asset Management   2,314       2,270   Due from affiliates   805       886   Other assets   77       40   Total Assets $ 3,205     $ 3,205                   Liabilities