Record $150 billion of Deployable Capital Today Distributable Earnings of $4.9 billion and Net Income of $5.2 billion for the Last Twelve Months BROOKFIELD, NEWS, May 09, 2024 (GLOBE NEWSWIRE) -- Brookfield Corporation (NYSE:BN, TSX:BN) announced strong financial results for the quarter ended March 31, 2024. Nick Goodman, President of Brookfield Corporation, said, "We delivered strong financial results in the first quarter, and we expect the positive momentum across our Asset Management, Wealth Solutions and Operating Businesses to drive continued strength over the course of 2024. We repurchased over $700 million of shares so far this year and continue to allocate capital to share buybacks, enhancing the value of each remaining share." He continued, "In addition, in May we advanced two strategic initiatives with the closing of the acquisition of American Equity Life and the announcement of a major renewables deal with Microsoft. Today, we have a record $150 billion of deployable capital available and, as always, remain focused on compounding wealth over the long term for our shareholders." Operating Results Distributable earnings ("DE") before realizations increased by 10% per share over the last twelve months ("LTM"), after adjusting for the special distribution of 25% of our asset management business in December 2022. UnauditedFor the periods ended March 31(US$ millions, except per share amounts) Three Months Ended   Last Twelve Months Ended   2024     2023     2024     2023 Net income1 $ 519   $ 424   $ 5,200   $ 2,659 Distributable earnings before realizations2,3   1,001     945     4,279     4,312 - Adjusted for the special distribution2,3,4   1,001     945     4,279     3,946 - Per Brookfield share2,3,4   0.63     0.59     2.70     2.46 Distributable earnings2,3   1,216     1,157     4,865     5,204 - Per Brookfield share2,3   0.77     0.72     3.07     3.25 See endnotes on page 8. Net income was $519 million in the first quarter and $5.2 billion for the last twelve months. Distributable earnings before realizations were $1.0 billion for the quarter and $4.3 billion for the last twelve months. Asset management benefited from positive fundraising momentum and successful capital deployment across our latest flagship funds and complementary strategies. Wealth solutions delivered a significant increase in earnings from strong investment performance and continued growth in the business. Operating businesses generated stable cash flows, supported by the resilient earnings across our renewable power and transition, infrastructure and private equity businesses, as well as 5% growth in same-store net operating income ("NOI") from our core real estate portfolio. During the quarter and over the LTM, earnings from realizations were $215 million and $586 million, respectively, with total DE for the quarter and the LTM of $1.2 billion and $4.9 billion, respectively. Regular Dividend Declaration The Board declared a quarterly dividend for Brookfield Corporation of $0.08 per share, payable on June 28, 2024 to shareholders of record as at the close of business on June 13, 2024. The Board also declared the regular monthly and quarterly dividends on our preferred shares. Operating Highlights Distributable earnings before realizations were $1.0 billion ($0.63/share) for the quarter and $4.3 billion ($2.70/share) over the last twelve months, representing an increase of 10% per share over the prior year.5 Total distributable earnings were $1.2 billion ($0.77/share) for the quarter and $4.9 billion ($3.07/share) for the last twelve months. Asset Management: DE was $621 million ($0.39/share) in the quarter and $2.5 billion ($1.58/share) over the LTM. We continue to see high demand for our private fund strategies. To date, we raised $10 billion for our second global transition fund strategy, over $8 billion for our fifth opportunistic real estate fund strategy, and $9 billion for opportunistic credit. Fee-bearing capital was $459 billion as of March 31, 2024, an increase of $27 billion or 6% over the LTM, with fee-related earnings in line with the prior year quarter. We announced the acquisition of a majority stake in Castlelake, a premier asset-backed lender focused on aviation, specialty and real asset finance, broadening our presence in asset-backed lending. Wealth Solutions: Distributable operating earnings were $273 million ($0.17/share) in the quarter and $868 million ($0.55/share) over the LTM. We originated $1.6 billion of annuity sales in the quarter, and our average investment portfolio yield on our insurance assets was 5.7%, approximately 2% higher than the average cost of capital. With the close of American Equity Life ("AEL") in May, our assets are now over $100 billion and annualized earnings are approximately $1.4 billion, and as we rotate the investment portfolio, we expect annualized earnings to grow to approximately $2 billion in the next 18 to 24 months. Through our combined wealth solutions platforms, we remain on track to reach over $1.5 billion of monthly retail capital inflows in the near-to-medium term. Operating Businesses: DE was $337 million ($0.21/share) in the quarter and $1.5 billion ($0.95/share) over the LTM. Cash distributions are supported by the resilient and high-quality earnings across our renewable power and transition, infrastructure and private equity businesses. Our core real estate portfolio delivered same-store NOI growth of 5% over the LTM. In our real estate business, we signed over 7 million square feet of office and retail leases during the quarter, with positive leasing spreads of 14% in office and 15% in retail. Following the quarter, our renewable power and transition business signed a landmark agreement with Microsoft to deliver over 10.5 gigawatts of new renewable energy capacity through the development of projects in the U.S. and Europe to support Microsoft's data center growth. Earnings from the monetization of mature assets were $215 million ($0.14/share) for the quarter and $586 million ($0.37/share) for the LTM. We are advancing several monetizations across the business, including the recently announced sale of a 49% stake in a premier office asset in Dubai and a significant pipeline of renewable asset sales. We are also progressing the sales of a hotel at our premier mixed-use complex in Seoul, Korea, a fiber platform in France, and a road fuels operation in Europe. Substantially all sales were completed or are expected to be agreed at prices in line with IFRS carrying values. We recognized $547 million of net realized carried interest into income over the LTM. Total accumulated unrealized carried interest now stands at $10.1 billion, representing an increase of 8% over the LTM, net of carried interest realized into income. We now have a record $150 billion of capital available to deploy into new investments. During the quarter, we returned $626 million to shareholders through regular dividends and share repurchases. To date this year, we repurchased over $700 million of shares. Today, we have a record $150 billion of deployable capital, which includes approximately $65 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and managed investments. Our balance sheet remains conservatively capitalized, with a weighted-average term of 13 years and modest maturities through to the end of 2025. We continue to have strong access to the capital markets and executed on approximately $40 billion of financings across the business over the last few months, including issuing $750 million of 30-year bonds at the Corporation to enhance our liquidity. CONSOLIDATED BALANCE SHEETS Unaudited (US$ millions)   March 31   December 31     2024     2023 Assets         Cash and cash equivalents   $ 11,742   $ 11,222 Other financial assets     27,572     28,324 Accounts receivable and other     33,267     31,001 Inventory     11,287     11,412 Equity accounted investments     58,603     59,124 Investment properties     124,760     124,152 Property, plant and equipment     148,432     147,617 Intangible assets     38,339     38,994 Goodwill     34,475     34,911 Deferred income tax assets     3,378     3,338 Total Assets   $ 491,855   $ 490,095           Liabilities and Equity         Corporate borrowings   $ 13,784   $ 12,160 Accounts payable and other     57,640     59,011 Non-recourse borrowings     221,847     221,550 Subsidiary equity obligations     4,882     4,145 Deferred income tax liabilities     24,672     24,987           Equity         Non-controlling interests in net assets $ 124,450   $ 122,465   Preferred equity   4,103     4,103   Common equity   40,477   169,030   41,674   168,242 Total Equity     169,030     168,242 Total Liabilities and Equity   $ 491,855   $ 490,095 CONSOLIDATED STATEMENTS OF OPERATIONS UnauditedFor the periods ended March 31(US$ millions, except per share amounts) Three Months Ended   2024       2023   Revenues $ 22,907     $ 23,297   Direct costs1   (16,571 )     (17,632 ) Other income and gains   240       381   Equity accounted income   686       429   Interest expense       – Corporate borrowings   (173 )     (136 ) – Non-recourse borrowings       Same-store   (3,793 )     (3,477 ) Acquisitions, net of dispositions2   (68 )     —   Upfinancings2   (94 )     —   Corporate costs   (17 )     (14 ) Fair value changes   158       38   Depreciation and amortization   (2,475 )     (2,188 ) Income tax   (281 )