Benzinga - Brookfield Asset Management Ltd (NYSE: BAM) reported Q1 2023 revenues of $966 million which missed the consensus of $1.11 billion.
- EPS of $0.32 missed the consensus of $0.33.
- Distributable earnings rose 15% Y/Y to $563 million, with Fee-Related earnings increased 11% Y/Y to $547 million on solid fundraising and capital deployment activities.
- Assets under management stood at $834 billion at the end of the quarter.
- In Q1, the company launched Brookfield Infrastructure Income Fund and has raised over $750 million year-to-date. Post-quarter end, BAM initiated fundraising for the second vintage of its flagship Brookfield Global Transition Fund and attained $10 billion.
- The company has cash of $3.2 billion as of March 31, 2023. BAM invested $17 billion of capital in the quarter.
- BAM declared a Q1 2023 dividend per share of $0.32, payable on June 30, 2023, to shareholders of record as on May 31, 2023.
- The company raised $19 billion of capital year to date, increasing trailing twelve months to nearly $100 billion, Brookfield president Connor Teskey said.
- "We expect this will be another strong year for fundraising," Teskey added.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.