Brookfield Asset Management Ltd. has announced that its assets under management have reached a record high of approximately $1 trillion. Despite a year-over-year increase in profits, the company reported earnings that fell short of analysts’ expectations.
In its quarterly update, Brookfield revealed that it raised $68 billion during the quarter, contributing to a total of $140 billion raised over the past year. The firm’s distributable earnings for the second quarter increased to $548 million, or 34 cents per share. However, this figure was slightly below the 35-cent average estimate from analysts and an increase from $527 million in the same period last year. Revenue for the quarter declined by 7% to $916 million.
Brookfield’s approach to calculating assets under management sets it apart from peers like Blackstone Inc., which reached the trillion-dollar milestone last year. Brookfield includes the full enterprise value of its investments, including debt, whereas Blackstone counts only the equity value of its stakes.
Looking ahead, Brookfield anticipates increased deal activity as central banks begin cutting interest rates. The company expects significant monetization opportunities in the latter half of the year, particularly in its renewable power and transition businesses.
During the quarter, Brookfield made several strategic acquisitions, including a majority stake in French renewable developer Neoen SA and investments in Dubai-based GEMS Education and Gulf Islamic Investments’ logistics unit. The firm also increased its stake in Oaktree Capital Management to approximately 73%.
Brookfield’s fee-bearing capital rose to $514 billion, a 17% increase over the past year, and the company aims to reach $1 trillion in fee-paying assets by 2028. The board declared a quarterly dividend of 38 cents per share. Despite these advancements, Brookfield’s shares fell about 2.5% to $39.15.
Mark Carney, chair of Brookfield Asset Management, also serves as chair of Bloomberg Inc.
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