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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/11/23 American Equity Inv Life Hold… Co DEFM14A 1:18M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: DEFM14A Definitive Proxy Statement - Merger or Acquisition HTML 11.81M
tm2327115-1_defm14a - none - 119.0518783s |
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| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1-1 | | | |
| | | | | D-2-1 | | | |
| | | | | D-3-1 | | | |
| | | | | E-1 | | |
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Three Months
Ended September 30, |
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Year Ended
December 31, |
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2022 (US$)
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2023 (US$)
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2021 (US$)
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2022 (US$)
|
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High
|
| | | | 0.7841 | | | | | | 0.7617 | | | | | | 0.8306 | | | | | | 0.8031 | | |
Low
|
| | | | 0.7285 | | | | | | 0.7313 | | | | | | 0.7727 | | | | | | 0.7217 | | |
Average
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| | | | 0.7662 | | | | | | 0.7457 | | | | | | 0.7980 | | | | | | 0.7692 | | |
End of Period
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| | | | 0.7296 | | | | | | 0.7396 | | | | | | 0.7888 | | | | | | 0.7383 | | |
| | |
BAM Class A
Stock NYSE |
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BAM Class A
Stock TSX |
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AEL Common
Stock NYSE |
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High
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Low
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High
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Low
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High
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Low
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| | |
(in US$)
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(in C$)
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(in US$)
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Quarterly information for the past two years and subsequent quarters
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2023(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 36.05 | | | | | | 31.08 | | | | | | 48.88 | | | | | | 41.55 | | | | | | 54.12 | | | | | | 51.75 | | | |
| | | | 33.86 | | | | | | 30.52 | | | | | | 45.42 | | | | | | 41.39 | | | | | | 52.86 | | | | | | 35.69 | | | |
| | | | 35.64 | | | | | | 28.46 | | | | | | 47.69 | | | | | | 38.88 | | | | | | 47.87 | | | | | | 33.09 | | | |
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 33.01 | | | | | | 27.11 | | | | | | 44.77 | | | | | | 37.12 | | | | | | 46.15 | | | | | | 32.99 | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42.64 | | | | | | 33.83 | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42.09 | | | | | | 33.67 | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 43.72 | | | | | | 35.24 | | | |
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 39.17 | | | | | | 30.08 | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33.41 | | | | | | 27.36 | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33.50 | | | | | | 29.21 | | | |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 32.46 | | | | | | 26.72 | | |
Date
|
| |
BAM
Class A Stock NYSE (in US$) |
| |
BAM
Class A Stock TSX (in C$) |
| |
AEL
Common Stock NYSE (in US$) |
| |
Implied Value
Per Share of AEL Common Stock (Cash Consideration) (in US$) |
| |
Implied Value
Per Share of AEL Common Stock (Stock Consideration) (in US$) |
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| | | | 31.65 | | | | | | 41.77 | | | | | | 40.67 | | | | | | 38.85 | | | | | | 15.73 | | | |
| | | | 32.98 | | | | | | 44.75 | | | | | | 53.29 | | | | | | 38.85 | | | | | | 16.39 | | |
| | |
BAM Class A
Stock Dividends (in US$) |
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AEL
Common Stock Dividends (in US$) |
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Quarterly information for the past two years and subsequent quarters(1) | | | | | | | | | | | | | |
2023 | | | | | | | | | | | | | |
| | | $ | 0.32 | | | | | $ | — | | | |
| | | $ | 0.32 | | | | | $ | — | | | |
| | | $ | 0.32 | | | | | $ | — | | | |
2022 | | | | | | | | | | | | | |
| | | $ | — | | | | | $ | 0.36 | | | |
| | | $ | — | | | | | $ | — | | | |
| | | $ | — | | | | | $ | — | | | |
| | | $ | — | | | | | $ | — | | | |
2022 | | | | | | | | | | | | | |
| | | $ | — | | | | | $ | 0.34 | | | |
| | | $ | — | | | | | $ | — | | | |
| | | $ | — | | | | | $ | — | | | |
| | | $ | — | | | | | $ | — | | |
Year
|
| |
Median Premia
to Unaffected Share Price |
| |||
2019
|
| | | | 18.3% | | |
2020
|
| | | | 24.0% | | |
2021
|
| | | | 29.9% | | |
2022
|
| | | | 37.5% | | |
2023 (as of 6/30/23)
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| | | | 35.6% | | |
Company
|
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P / 2023E EPS
|
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P / 2024E EPS
|
| |
MRQ BVPS
(excl. AOCI) |
| |||||||||
American Equity Life (Consensus Estimates) (unaffected)
|
| | | | 6.2x | | | | | | 5.9x | | | | | | 0.64x | | |
MetLife, Inc. (“Metlife”)
|
| | | | 7.2x | | | | | | 6.1x | | | | | | 1.05x | | |
Prudential Financial, Inc. (“Prudential”)
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| | | | 7.2x | | | | | | 6.8x | | | | | | 0.92x | | |
Corebridge Financial, Inc. (“Corebridge”)
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| | | | 4.4x | | | | | | 3.7x | | | | | | 0.45x | | |
Equitable Holdings, Inc. (“Equitable”)
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| | | | 5.3x | | | | | | 4.2x | | | | | | 1.12x | | |
F&G Annuities & Life, Inc. (“F&G”)
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| | | | 7.8x | | | | | | 6.1x | | | | | | 0.62x | | |
CNO Financial Group, Inc. (“CNO”)
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| | | | 8.6x | | | | | | 7.7x | | | | | | 0.75x | | |
| | |
P/2023E EPS
|
| |||
AEL (Research Analyst Estimates)
|
| | | | 6.2x | | |
AEL (AEL Forecasts)*
|
| | | | 5.7x | | |
MetLife
|
| | | | 7.2x | | |
Prudential
|
| | | | 7.2x | | |
Corebridge
|
| | | | 4.4x | | |
Equitable
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| | | | 5.3x | | |
F&G
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| | | | 7.8x | | |
CNO
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| | | | 8.6x | | |
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P/MRQ BVPS
(excl. AOCI) |
| |||
AEL
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| | | | 0.64x | | |
MetLife
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| | | | 1.05x | | |
Prudential
|
| | | | 0.92x | | |
Corebridge
|
| | | | 0.45x | | |
Equitable
|
| | | | 1.12x | | |
F&G
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| | | | 0.62x | | |
CNO
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| | | | 0.75x | | |
(US$ in millions, except for per share figures)
|
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2023E
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2024E
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2025E
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2026E
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2027E
|
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Gross Sales
|
| | | $ | 5,000 | | | | | $ | 5,500 | | | | | $ | 6,500 | | | | | $ | 7,000 | | | | | $ | 7,500 | | |
Operating Earnings (Post-tax)(1)(2)
|
| | | $ | 557 | | | | | $ | 530 | | | | | $ | 529 | | | | | $ | 557 | | | | | $ | 594 | | |
Operating EPS
|
| | | $ | 7.08 | | | | | $ | 7.28 | | | | | $ | 7.95 | | | | | $ | 9.13 | | | | | $ | 10.55 | | |
Shareholder’s Equity (ex. AOCI)(3)
|
| | | $ | 5,277 | | | | | $ | 5,457 | | | | | $ | 5,636 | | | | | $ | 5,844 | | | | | $ | 6,088 | | |
Shareholder’s Equity (ex. AOCI & FAS 133 & MRB)(3)
|
| | | $ | 3,294 | | | | | $ | 3,474 | | | | | $ | 3,653 | | | | | $ | 3,860 | | | | | $ | 4,104 | | |
BVPS (ex. AOCI & FAS 133 & MRB)(3)
|
| | | $ | 43.25 | | | | | $ | 50.05 | | | | | $ | 57.44 | | | | | $ | 65.96 | | | | | $ | 75.81 | | |
Total Capital Returned to Shareholders(4)
|
| | | $ | 380 | | | | | $ | 350 | | | | | $ | 350 | | | | | $ | 350 | | | | | $ | 350 | | |
Named Executive Officer
|
| |
Cash ($)(1)
|
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Equity ($)(2)
|
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Perquisites/Benefits ($)(3)
|
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Other ($)(4)(5)
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Total ($)
|
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| | | $ | 10,243,836 | | | | | $ | 60,689,343 | | | | | $ | 40,000 | | | | | $ | 2,500,000 | | | | | $ | 73,473,179 | | | |
Axel André
|
| | | $ | 5,603,014 | | | | | $ | 4,481,463 | | | | | $ | 40,000 | | | | | $ | 717,594 | | | | | $ | 10,842,072 | | |
James Hamalainen
|
| | | $ | 3,953,014 | | | | | $ | 5,444,263 | | | | | $ | 27,000 | | | | | $ | 622,800 | | | | | $ | 10,047,076 | | |
Jeffrey Lorenzen
|
| | | $ | 2,812,154 | | | | | $ | 3,928,420 | | | | | $ | 40,000 | | | | | $ | 3,060 | | | | | $ | 6,783,634 | | |
Phyllis J. Zanghi(6)
|
| | | | — | | | | | $ | 2,789,968 | | | | | | — | | | | | | — | | | | | $ | 2,789,968 | | |
Named Executive Officer
|
| |
Cash Severance
($) |
| |
Pro-Rata Bonus
($) |
| ||||||
| | | $ | 9,000,000 | | | | | $ | 1,243,836 | | | |
Axel André
|
| | | $ | 4,950,000 | | | | | $ | 653,014 | | |
James Hamalainen
|
| | | $ | 3,300,000 | | | | | $ | 653,014 | | |
Jeffrey Lorenzen
|
| | | $ | 2,591,000 | | | | | $ | 221,154 | | |
Phyllis J. Zanghi
|
| | | | — | | | | | | — | | |
Named Executive Officer
|
| |
Value of
AEL Stock Options ($) |
| |
Value of AEL
RSUs ($) |
| |
Value of AEL
PSUs ($) |
| |
Value of AEL
Restricted Stock ($) |
| ||||||||||||
| | | $ | 2,300,463 | | | | | $ | 4,306,170 | | | | | $ | 35,749,395 | | | | | $ | 18,333,315 | | | |
Axel André
|
| | | $ | 663,033 | | | | | $ | 755,700 | | | | | $ | 3,062,730 | | | | | | — | | |
James Hamalainen
|
| | | $ | 213,983 | | | | | $ | 1,056,880 | | | | | $ | 4,173,400 | | | | | | — | | |
Jeffrey Lorenzen
|
| | | $ | 217,405 | | | | | $ | 727,485 | | | | | $ | 2,983,530 | | | | | | — | | |
Phyllis J. Zanghi
|
| | | $ | 56,083 | | | | | $ | 566,005 | | | | | $ | 2,167,880 | | | | | | — | | |
Named Executive Officer
|
| |
Value of Deferred
Cash Plan ($) |
| |
Value of ESOP
($) |
| ||||||
| | | $ | 2,500,000 | | | | | | — | | | |
Axel André
|
| | | $ | 675,000 | | | | | $ | 42,594 | | |
James Hamalainen
|
| | | $ | 622,500 | | | | | $ | 300 | | |
Jeffrey Lorenzen
|
| | | | — | | | | | $ | 3,060 | | |
Phyllis J. Zanghi
|
| | | | — | | | | | | — | | |
| | |
AEL Common Stock
|
| |
BAM Class A Stock
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Corporate Governance | | | AEL is a corporation incorporated under the Laws of Iowa. The rights of holders of the AEL Common Stock are governed by the IBCA and the AEL Organizational Documents. | | | BAM is a company incorporated under the Laws of the Province of British Columbia. The rights of holders of BAM Class A Stock are governed by the BCBCA and the BAM Organizational Documents. | |
Authorized Capital Stock | | | AEL is authorized to issue up to (i) 200,000,000 shares of Common Stock with a par value of $1.00 per share and (ii) 2,000,000 shares of preferred stock with a par value of $1.00 per share in one or more series. | | | BAM is authorized to issue (i) an unlimited number of class A preference shares (the “BAM Class A Preference Stock”), (ii) an unlimited number of BAM Class A Stock and (iii) 21,280 class B limited voting shares (the “BAM Class B Stock”), each without par value. | |
| | | Under the AEL Articles, but subject to the terms of any outstanding class or series of preferred stock, the AEL Board is authorized, without shareholder approval, to determine the terms, including the preferences, rights and limitations, to any class of shares before the issuance of any shares of that class or any series within a class before the issuance of any shares of that series. | | | Under the BCBCA, a company’s notice of articles must set out the identifying name of each class or series of its shares and the kind of shares of which that class or series consists, for each class or series, the maximum number of shares of that class or series that the company is authorized to issue or state that there is no maximum number, the par value of any shares with par value and identify any shares without par value. The company’s articles must set out, in | |
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AEL Common Stock
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BAM Class A Stock
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| | | | | | respect of each class and series of shares, any special rights and restrictions in respect of those shares and series of shares. | |
Voting Rights | | |
Each shareholder entitled to vote retains the right to one vote (which may be cast either in person or by proxy) for each share of outstanding Common Stock held thereby on the record date. Other than with respect to the election of directors, and unless a greater number is required by Law, action on a matter is approved if the votes cast for such matter exceed the votes cast opposing such matter, so long as a quorum exists.
Absent special circumstances, under Section 2.8(c) of the AEL Bylaws and IBCA § 490.721, shares may not be voted if the shares are held by a majority-owned subsidiary of AEL.
|
| | Except as otherwise expressly provided in the BAM Organizational Documents, each holder of BAM Class A Stock and BAM Class B Stock is entitled to notice of, and to attend and vote at, all meetings of the BAM’s shareholders, other than meetings at which holders of only a specified class or series may vote, and is entitled to cast one vote per share. Subject to applicable Law and in addition to any other required shareholder approvals, all matters to be approved by shareholders (other than the election of directors), must be approved: by a majority or, in the case of matters that require approval by a special resolution of shareholders, two-thirds, of the votes cast by holders of BAM Class A Stock who vote in respect of the resolution or special resolution, as the case may be; and by a majority or, in the case of matters that require approval by a special resolution of shareholders, two-thirds, of the votes cast by holders of BAM Class B Stock who vote in respect of the resolution or special resolution, as the case may be. On any matters for BAM that require shareholder approval, approval must be obtained from the holders of the BAM Class A Stock and the holders of the BAM Class B Stock, in each case voting separately as a class. In the event that holders of BAM Class A Stock vote for a resolution and the holders of BAM Class B Stock votes against, or vice versa, such resolution would not receive the requisite approval and would therefore not be passed. | |
Size of Board | | | The AEL Board currently has 10 Directors that have staggered terms. AEL’s Corporate Governance Standards note that the optimum size of the AEL Board is generally between seven and 11 directors. Each director will serve for three-year terms, each concluding at the annual general meeting of AEL. | | | The BAM Board currently has 12 directors. BAM has a policy in relation to the independent members on the BAM Board to ensure that the BAM Board operates independent of management and effectively oversees the conduct of management. | |
| | |
AEL Common Stock
|
| |
BAM Class A Stock
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Vacancies, Elections and Removal of Directors | | |
Any vacancy occurring in the AEL Board, including a vacancy resulting from an increase in the number of directors, may be filled by an affirmative vote of a majority of the remaining AEL Board (even if less than a quorum remain). A director so elected to fill a vacancy shall hold office until the next election of directors by the shareholders.
AEL has a staggered board. The AEL Board has three classes of directors. Only one class of directors is elected annually. Each class is elected for a three-year term.
Directors may be removed by shareholders with or without cause, but only at a special meeting called for such purpose, if the votes cast for removal at such meeting exceed the votes cast against removal.
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| | In the election of directors, holders of the BAM Class A Stock are entitled to elect one half of the BAM Board. Each holder of shares of a class or series of shares entitled to vote in an election of directors has the right to cast a number of votes equal to the number of votes attached to the shares held by the holder multiplied by the number of directors to be elected by the holder and the holders of shares of the classes or series of shares entitled to vote with the holder in the election of directors. A holder may cast all such votes in favor of one candidate or distribute such votes among the candidates in any manner the holder sees fit. Where a holder has voted for more than one candidate without specifying the distribution of votes among such candidates, the holder shall be deemed to have distributed the holder’s votes equally among the candidates for whom the holder voted. | |
| | | | | | Each of the directors will serve until the next annual meeting of shareholders of BAM or his or her death, resignation or removal from office, whichever occurs first. Casual vacancies on the BAM Board may be filled by the directors; however, if BAM has no directors or fewer directors in office than the number set pursuant to the BAM Organizational Documents as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the BAM Board. A director may be removed from office by a special resolution of the shareholders. A director will be removed from the BAM Board if he or she is convicted of an indictable offence or ceases to be qualified to act as a director of a company and does not promptly resign. | |
Process to Amend the Governing Instruments | | | Amendments to the AEL Articles generally must be adopted by the AEL Board and approved by shareholders. IBCA § 490.1005 includes enumerated exceptions for amendments that do not require approval by the shareholders (for e.g., duration of the corporation, names and officers and directors and registered agent). | | | If the BCBCA does not specify the type of resolution and the BAM Organizational Documents do not specify another type of resolution, BAM may by special resolution alter the BAM Organizational Documents. | |
| | |
AEL Common Stock
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| |
BAM Class A Stock
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| | |
Once a quorum is established (a majority of the votes entitled to be cast by the applicable voting group entitled to vote, plus a majority of the shares of any class entitled to vote as a separate group on a matter), action on a matter is approved if the votes cast in favor of such action exceeds votes against. There is no supermajority requirement for amendments to the AEL Articles.
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| | Under the BAM Organizational Documents, an alteration of the BAM Articles requires authorization by a special resolution of the shareholders, which is approval by two-thirds of the votes cast by holders of BAM Class A Stock and BAM Class B Stock entitled to vote or by the methods specified in the BAM Organizational Documents. An alteration to the BAM Notice of Articles to change the company name, subdivide or consolidate any of the unissued or fully paid issued shares, or alter the identifying name of any of the shares requires authorization by a resolution of the directors. Alterations that affect a particular class or series in a manner that would prejudice or interfere with the rights of such class or series will entitle the affected class or series to consent by special resolution to the alteration whether or not such class or series otherwise carries the right to vote. | |
Special Meetings of Shareholders | | | AEL is required to hold a special meeting of AEL’s shareholders only (i) on call of the Board (or anyone else authorized to call a special meeting by the AEL Organizational Documents) or (ii) by shareholders holding at least 50% of all the votes entitled to be cast on any issue to be considered at the proposed special meeting upon written demand by such shareholders describing the purpose or purposes for such meeting. Currently, neither the AEL Articles nor the AEL Bylaws include an express authorization of any Persons to call a special meeting. | | | BAM must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as a special resolution or a special separate resolution, and any notice to consider approving a continuation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in the BAM Organizational Documents, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of BAM, unless the BAM Organizational Documents otherwise provide, at least 21 days before the meeting. | |
Written Consent in Lieu of Meeting | | | Under the AEL Bylaws, any action taken at a meeting of the shareholders may be taken without a meeting if a consent in writing setting forth the action shall be signed by the holders of outstanding shares having not less than 90% of the | | | Under the BCBCA, generally, shareholder action without a meeting may only be taken by consent resolution of the shareholders entitled to vote on the resolution. A consent resolution requires (i) in the case of an action | |
| | |
AEL Common Stock
|
| |
BAM Class A Stock
|
|
| | | votes entitled to be cast at a meeting at which all shares entitled to vote on the action were present and voted, subject to the requirements and limitations of the IBCA. | | | requiring an ordinary resolution, the written consent of shareholders holding two-thirds of the shares that carry the right to vote at general meetings of BAM or (ii) in the case of any other resolution, with a written consent executed by all shareholders that carry the right to vote at general meetings of BAM or by all of the shareholders holding shares of the applicable class or series of shares, as the case may be. | |
Limitation of Liability and Indemnification of Directors and Officers | | | Under the AEL Articles, a director of AEL will not be liable to AEL or its shareholders for money damages for any action taken, or any failure to take any action, as a director, except liability for (i) the amount of a financial benefit received by a director to which the director is not entitled; (ii) an intentional infliction of harm on AEL or AEL’s shareholders; (iii) unlawful distributions in violation of the IBCA; and (iv) an intentional violation of criminal law. In addition, each individual who is or was a director of AEL who was or is made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director of AEL or is or was serving at the request of AEL as a director, officer, partner, trustee, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise (“Indemnitee”), shall be indemnified and held harmless by AEL to the fullest extent permitted by applicable law. An Indemnitee will be indemnified by AEL for any action taken, or failure to take any action, as a director, except liability for (i) receipt of a financial benefit to which the person is not entitled; (ii) an intentional infliction of harm on AEL or its shareholders; (iii) unlawful distributions in violation of the IBCA; and (iv) an intentional violation of criminal law. Any Indemnitee and any officer of AEL will also be entitled to have AEL pay the expenses reasonably incurred in defending any such proceeding against such Indemnitee, or any similar type of | | |
No director will be personally liable to BAM or its shareholders for monetary damages for breach of fiduciary duty, except to the extent such exemption is not permitted under the BCBCA. Under the BCBCA, no provision in the BAM Organizational Documents or other contract relieves a director or officer from (i) the duty to act in accordance with the BCBCA and the regulations promulgated thereunder, or (ii) liability that by virtue of any enactment or rule of Law or equity would otherwise attach to that director or officer in respect of any negligence, default, breach of duty or breach of trust of which the director or officer may be guilty in relation to BAM.
Subject to the BCBCA, BAM must indemnify each “eligible party” (defined as an individual who is or was a director or officer of BAM) and the heirs and legal personal representatives of each eligible party against all eligible penalties to which such Person is or may be liable, and BAM must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such Person in respect of that proceeding. Each eligible party is deemed to have contracted with BAM on the terms of the indemnity contained in the BAM Organizational Documents.
Subject to any restrictions in the BCBCA, BAM may agree to indemnify and may indemnify any Person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that Person for BAM.
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|
| | |
AEL Common Stock
|
| |
BAM Class A Stock
|
|
| | | proceeding against such officer, in advance of its final disposition, to the fullest extent authorized by applicable law. | | | | |
Dividends and Distributions | | |
Dividends on Common Stock are at the sole discretion of the AEL Board. Under the AEL Articles, subject to the rights of holders of Preferred Stock, holders of Common Stock have equal ratable rights to dividends from funds legally available therefor, when, as, and if declared by the AEL Board and are entitled to share ratably in all assets of AEL available for distribution to holders of Common Stock upon liquidation, dissolution or winding up of AEL.
The payment of dividends or distributions, including surplus note payments, by AEL insurance subsidiaries is subject to regulation by each subsidiary’s state of domicile’s insurance department. Currently, American Equity Life may pay dividends or make other distributions without the prior approval of the Iowa Insurance Commissioner, unless such payments, together with all other such payments within the preceding 12 months, exceed the greater of (1) American Equity Life’s statutory net gain from operations for the preceding calendar year, or (2) 10% of American Equity Life’s statutory surplus at the prior year-end. For 2023, up to $369.3 million can be distributed as dividends by American Equity Life without prior approval of the Iowa Insurance Commissioner. In addition, in many U.S. states, dividends and surplus note payments may be made only out of earned surplus,
and all surplus note payments are subject to prior approval by regulatory authorities. American Equity Life had $2.0 billion of statutory earned surplus at December 31, 2022.
All states have also enacted regulations on the activities of insurance holding company systems, including acquisitions, extraordinary dividends, the terms of affiliate transactions, enterprise risk management, and other related matters. American Equity Life is registered pursuant to such legislation in Iowa. A
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| |
Subject to the BCBCA, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable. A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of BAM or any other entity, or in any one or more of those ways. All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held. If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend. Notwithstanding anything contained in the BAM Organizational Documents, the directors may from time to time capitalize any retained earnings or surplus of BAM and may from time
to time issue, as fully paid, shares or any bonds, debentures or other securities of BAM as a dividend representing the retained earnings or surplus so capitalized or any part thereof.
If any difficulty arises in regard to a distribution under the BAM Organizational Documents, the directors may settle the difficulty as they deem advisable, and, in particular, may: (a) set the value for distribution of specific assets; (b) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and (c) vest any such specific assets in trustees for the Persons entitled to the dividend.
Under the BCBCA, a company may not declare or pay dividends or purchase or
|
|
| | |
AEL Common Stock
|
| |
BAM Class A Stock
|
|
| | | number of state legislatures have also considered or have enacted legislative proposals that alter and, in many cases, increase the authority of state agencies to regulate insurance companies and holding company systems. | | | redeem its shares if there are reasonable grounds for believing that the company is insolvent, or the action would render the company insolvent. “Insolvent” is defined to mean that a company is unable to pay its debts as they become due in the ordinary course of business. The BCBCA does not impose a net asset insolvency test for these purposes. | |
Liquidation | | | Subject to the rights of the holders of any outstanding Preferred Stock, upon the dissolution of AEL or upon its liquidation otherwise, or upon any distribution of its assets by way of return of capital, the holders of Common Stock shall be entitled to receive and be paid all the remaining assets of AEL. | | | The BAM Class A Stock and the BAM Class B Stock shall rank on parity with each other and shall rank after the BAM Class A Preference Stock with respect to the payment of dividends and the return of capital on the liquidation, dissolution or winding-up of BAM. After payment to the holders of the BAM Class A Preference Stock and any other shares ranking as to dividends prior to the BAM Class A Stock and the BAM Class B Stock of the amount or amounts to which they may be entitled, the holders of the BAM Class A Stock and the BAM Class B Stock shall be entitled to receive any dividend declared by the BAM Board and to receive the remaining property of BAM on dissolution. | |
Fiduciary Duties | | | Under Iowa law, directors of an Iowa corporation each owe a fiduciary duty and a duty of care and loyalty in their dealings with or on behalf of AEL. Under the IBCA, a director must perform his duties on the board or on any of its committees: (i) in good faith, (ii) in a manner the director reasonably believes to be in the best interests of the corporation and (iii) with the care a Person in a like position would reasonably believe appropriate under similar circumstances. A director is entitled to rely on information provided by others, so long as the director does not have knowledge that makes reliance unwarranted. | | |
In addition to any enactment or rule of Law or equity relating to the duties or liabilities of directors and offices of a company, the directors of BAM have three principal responsibilities under the BCBCA and the BAM Organizational Documents, being (i) the duty to manage or supervise the management of the business and affairs of BAM, (ii) the fiduciary duty, which is to act honestly and in good faith with a view to the best interests of BAM and (iii) the duty of care, which is to exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances.
In addition, the BCBCA imposes duties with respect to the disclosure of conflicts of interest and accounting for profits where conflicts have not been disclosed.
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|
Protection of Shareholders | | | Under the IBCA, a shareholder has appraisal rights, in certain specified circumstances, including certain mergers, shares exchanges and sales of assets, with | | | Under the BCBCA, pursuant to the oppression remedy, any holder of BAM Class A Stock may apply to court for an order on the grounds that the affairs of | |
| | |
AEL Common Stock
|
| |
BAM Class A Stock
|
|
| | | some exceptions. For example, appraisal rights are not available to any shareholder of the corporation with respect to shares of any class or series that remain outstanding after consummation of a merger or share exchange or for any holders of securities listed on a national securities exchange. Notwithstanding the foregoing, appraisal rights are available under the IBCA for shareholders where in an interested transaction. | | |
BAM are being or have been conducted, or that the powers of the directors are being or have been exercised, in a manner that is oppressive to one or more of the shareholders, or where there has been some act of BAM that is unfairly prejudicial to one or more of the shareholders.
Under the BCBCA, pursuant to the derivative action remedy, a shareholder (including a beneficial shareholder) may bring an action in the name of and on behalf of BAM to enforce a right, duty or obligation owed to BAM that could be enforced by BAM itself or to obtain damages for any such breach of right, duty or obligation.
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|
Takeover Bids, Issuer Bids and Tender Offers | | | AEL has not opted out of Section 1110 of the IBCA, which provides that a company cannot engage in any “business combination” with any “interested shareholder” for a period of three years following the time that the shareholder became an interested shareholder, unless (i) prior to the shareholder becoming an interested shareholder, the board of directors approved either the business combination or the transaction which resulted in the shareholder becoming an interested shareholder, (ii) upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced (excluding shares owned by directors and officers and certain employee stock plans) or (iii) at or after the time the shareholder became an interested shareholder, the business combination is approved by the board of directors and authorized at a shareholder’s meeting (i.e., not by written consent) by the affirmative vote of at least 662∕3% of the outstanding voting stock that is not owned by the interested shareholder. | | | The BCBCA provides a right of compulsory acquisition for an offeror that acquires 90% of a company’s securities pursuant to a takeover bid or issuer bid. Specifically, the BCBCA provides that if, within four months after the making of an offer to acquire shares, or any class of shares, of a company, the offer is accepted by the holders of not less than 90% of the shares (other than the shares held by the offeror or an affiliate of the offeror) of any class of shares to which the offer relates, the offeror is entitled, upon giving proper notice within five months after the date of the offer, to acquire (on the same terms on which the offeror acquired shares from those holders of shares who accepted the offer) the shares held by those holders of shares of that class who did not accept the offer. The BCBCA also provides that where an offeror does not use the compulsory acquisition right when entitled to do so, a security holder who did not accept the original offer may require the offeror to acquire the security holder’s securities on the same terms contained in the original offer. Offerees may apply to the court, within two months of receiving notice, and the court may set a different price or terms of payment and may make any consequential orders or directions as it considers appropriate. | |
Beneficial Owners
|
| |
AEL Common
Stock(1) |
| |
Percentage of
Class(1) |
| ||||||
Dimensional Fund Advisors LP.
|
| | | | 7,005,497(2) | | | | | | 8.91% | | |
The Vanguard Group
|
| | | | 9,856,998(3) | | | | | | 12.54% | | |
BlackRock, Inc.
|
| | | | 11,484,877(4) | | | | | | 14.61% | | |
Brookfield Reinsurance Ltd.
|
| | | | 15,886,163(5) | | | | | | 20.20% | | |
Directors | | | | | | | | | | | | | |
Anant Bhalla
Director; President and Chief Executive Officer |
| | | | 462,105(6) | | | | | | * | | |
David S. Mulcahy
Director; Chairman |
| | | | 119,364 | | | | | | * | | |
Michael E. Hayes
Director |
| | | | 3,995 | | | | | | * | | |
Robert L. Howe
Director |
| | | | 78,282 | | | | | | * | | |
William R. Kunkel
Director |
| | | | 48,135 | | | | | | * | | |
Brenda J. Cushing
Director |
| | | | 22,925 | | | | | | * | | |
Douglas T. Healy
Director |
| | | | 13,075 | | | | | | * | | |
Alan D. Matula
Director |
| | | | 43,245 | | | | | | * | | |
Gerard Nugent
Director |
| | | | 53,507 | | | | | | * | | |
Joyce A. Chapman
Director |
| | | | 51,183 | | | | | | * | | |
Executive Officers | | | | | | | | | | | | | |
Axel André
|
| | | | 813 | | | | | | * | | |
James L. Hamalainen(8)
|
| | | | 1,370 | | | | | | * | | |
Jeffrey D. Lorenzen
|
| | | | 37,718 | | | | | | * | | |
All Directors and Executive Officers as a Group, including but not limited to those active individuals listed above
|
| | | | 932,695(7) | | | | | | * | | |
AEL Filings with the SEC (File No. 001-31911)
|
| |
Period and/or Filing Date
|
|
Annual Report on Form 10-K | | | Year ended December 31, 2022, as filed February 28, 2023, as recast with respect to certain sections contained therein on Current Report on Form 8-K, as filed on August 9, 2023 | |
Quarterly Reports on Form 10-Q | | | Quarterly period ended March 31, 2023, as filed May 10, 2023, and June 30, 2023, as filed August 9, 2023 | |
Definitive proxy statement on Form DEF14A | | | Filed April 28, 2023 | |
Current Reports on Form 8-K | | | Filed February 16, 2023, March 20, 2023, April 5, 2023, April 17, 2023, April 28, 2023, May 8, 2023, May 9, 2023, June 14, 2023, June 27, 2023, July 5, 2023, July 11, 2023, August 7, 2023, August 9, 2023 and October 6, 2023 | |
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Page
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| |||
ARTICLE I
DEFINITIONS AND TERMS
|
| | | | | | |
| | | | A-6 | | | |
| | | | A-20 | | | |
ARTICLE II
THE MERGER
|
| | |||||
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
ARTICLE III
EFFECT ON THE SHARE CAPITAL OF THE CONSTITUENT ENTITIES;
PAYMENT OF CONSIDERATION |
| | |||||
| | | | A-22 | | | |
| | | | A-24 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
|
| | |||||
| | | | A-29 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
| | | | A-31 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
| | | | A-34 | | | |
| | | | A-35 | | | |
| | | | A-36 | | | |
| | | | A-38 | | | |
| | | | A-39 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-42 | | | |
| | | | A-43 | | | |
| | | | A-43 | | | |
| | | | A-44 | | | |
| | | | A-45 | | | |
| | | | A-45 | | |
| | |
Page
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| |||
| | | | A-46 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
| | | | A-47 | | | |
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB
|
| | |||||
| | | | A-47 | | | |
| | | | A-48 | | | |
| | | | A-48 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-49 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-50 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
| | | | A-51 | | | |
ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF BAM
|
| | |||||
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
ARTICLE VII
ADDITIONAL COVENANTS AND AGREEMENTS
|
| | |||||
| | | | A-56 | | | |
| | | | A-60 | | | |
| | | | A-60 | | | |
| | | | A-63 | | | |
| | | | A-64 | | | |
| | | | A-66 | | |
| | |
Page
|
| |||
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-73 | | | |
| | | | A-73 | | | |
| | | | A-76 | | | |
| | | | A-76 | | | |
| | | | A-77 | | | |
ARTICLE VIII
CONDITIONS PRECEDENT
|
| | |||||
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-78 | | | |
| | | | A-79 | | | |
ARTICLE IX
TERMINATION
|
| | |||||
| | | | A-79 | | | |
| | | | A-80 | | | |
| | | | A-80 | | | |
ARTICLE X
MISCELLANEOUS
|
| | |||||
| | | | A-81 | | | |
| | | | A-81 | | | |
| | | | A-81 | | | |
| | | | A-81 | | | |
| | | | A-81 | | | |
| | | | A-82 | | | |
| | | | A-82 | | | |
| | | | A-82 | | | |
| | | | A-83 | | | |
| | | | A-83 | | | |
| | | | A-84 | | | |
| | | | A-85 | | | |
| | | | A-85 | | | |
| | | | A-85 | | | |
| | | | A-86 | | |
Name and Address of Stockholder
|
| |
Number of Shares of
Common Stock Owned |
|
Freestone Re Ltd.
Ideation House, 1st Floor 94 Pitts Bay Road Pembroke, HM08, Bermuda Attention: Anna Knapman-Scott Email: anna.knapmanscott@northendre.com |
| |
3,857,184
|
|
North End RE (Cayman) SPC
18 Forum Lane, 2nd Floor Camana Bay, PO Box 30487 Grand Cayman KY1-1202, Cayman Islands Attention: Gregory McConnie Email: gregory.mcconnie@brookfield.com |
| |
12,028,979
|
|
| | | | | D-1-4 | | | |
| | | | | D-1-9 | | | |
| | | | | D-1-14 | | | |
| | | | | D-1-16 | | | |
| | | | | D-1-20 | | | |
| | | | | D-1-22 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-23 | | | |
| | | | | D-1-52 | | | |
| | | | | D-1-52 | | | |
| | | | | D-1-53 | | | |
| | | | | D-1-68 | | | |
| | | | | D-1-69 | | | |
| | | | | D-1-69 | | | |
| | | | | D-1-69 | | | |
| | | | | D-1-69 | | | |
| | | | | D-1-117 | | | |
| | | | | D-1-117 | | | |
| | | | | D-1-117 | | | |
| | | | | D-1-117 | | | |
| | | | | D-1-118 | | | |
| | | | | D-1-118 | | | |
| | | | | D-1-122 | | | |
| | | | | D-1-123 | | | |
| | | | | D-1-128 | | | |
| | | | | D-1-128 | | | |
| | | | | D-1-130 | | | |
| | | | | D-1-131 | | | |
| | | | | D-1-131 | | | |
| | | | | D-1-132 | | | |
| | | | | D-1-144 | | | |
| | | | | D-1-145 | | | |
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| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
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| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
| | | | | D-1-145 | | | |
| | | | | D-1-152 | | | |
| | | | | D-1-152 | | | |
| | | | | D-1-152 | | | |
| | | | | D-1-160 | | | |
| | | | | D-1-160 | | | |
| | | | | D-1-160 | | | |
| | | | | D-1-161 | | | |
| | | | | D-1-161 | | | |
| | | | | D-1-161 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-162 | | | |
| | | | | D-1-163 | | | |
| | | | | D-1-163 | | | |
| | | | | D-1-163 | | | |
| | | | | D-1-163 | | | |
| | | | | D-1-163 | | | |
| | | | | D-1-164 | | | |
| | | | | D-1-164 | | | |
| | | | | D-1-165 | | | |
| | | | | D-1-165 | | | |
| | | | | D-1-165 | | | |
| | | | | D-1-165 | | | |
| | | | | D-1-167 | | | |
| | | | | D-1-168 | | | |
| | | | | D-1-177 | | |
|
|
| |
|
|
|
|
| |
|
|
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Expenses, net of recoveries | | | | | | | |
Compensation and benefits recovery
|
| | | $ | 37 | | |
General and administrative expense
|
| | | | (1) | | |
Unrealized carried interest compensation expense
|
| | | | (3) | | |
Other expenses
|
| | | | (35) | | |
Total expenses
|
| | | | (2) | | |
Share of income from equity method investments
|
| | | | 21 | | |
Net income and comprehensive income
|
| | | $ | 19 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Management fee revenues | | | | | | | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 2,835 | | | | | $ | 2,266 | | | | | $ | 1,892 | | |
Performance fees
|
| | | | — | | | | | | 157 | | | | | | — | | |
Total management fee revenues
|
| | | | 2,835 | | | | | | 2,423 | | | | | | 1,892 | | |
Investment income | | | | | | | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | | | | | | | |
Realized
|
| | | | 241 | | | | | | 49 | | | | | | 32 | | |
Unrealized
|
| | | | 249 | | | | | | 299 | | | | | | (97) | | |
Total investment income
|
| | | | 490 | | | | | | 348 | | | | | | (65) | | |
Interest and dividend revenue
|
| | | | 258 | | | | | | 293 | | | | | | 287 | | |
Other revenues
|
| | | | 44 | | | | | | 23 | | | | | | 40 | | |
Total revenues
|
| | | | 3,627 | | | | | | 3,087 | | | | | | 2,154 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (700) | | | | | | (703) | | | | | | (519) | | |
Other operating expenses
|
| | | | (236) | | | | | | (185) | | | | | | (157) | | |
General, administrative and other
|
| | | | (81) | | | | | | (132) | | | | | | (114) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (1,017) | | | | | | (1,020) | | | | | | (790) | | |
Carried interest allocation compensation | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | (61) | | | | | | (74) | | | | | | (55) | | |
Unrealized
|
| | | | (139) | | | | | | (137) | | | | | | (65) | | |
Total carried interest allocation compensation
|
| | | | (200) | | | | | | (211) | | | | | | (120) | | |
Interest expense
|
| | | | (154) | | | | | | (171) | | | | | | (257) | | |
Total expenses
|
| | | | (1,371) | | | | | | (1,402) | | | | | | (1,167) | | |
Other income (expenses), net
|
| | | | 1,090 | | | | | | 1,504 | | | | | | (226) | | |
Share of income from equity accounted investments
|
| | | | 146 | | | | | | 161 | | | | | | 38 | | |
Income before taxes
|
| | | | 3,492 | | | | | | 3,350 | | | | | | 799 | | |
Income tax expense
|
| | | | (627) | | | | | | (504) | | | | | | (226) | | |
Net income
|
| | | | 2,865 | | | | | | 2,846 | | | | | | 573 | | |
Net (income) attributable to redeemable non-controlling interests in consolidated funds
|
| | | | (909) | | | | | | (977) | | | | | | (175) | | |
Net (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | — | | |
Net (income) attributable to non-controlling interest
|
| | | | (6) | | | | | | — | | | | | | — | | |
Net income attributable to common stockholders
|
| | | $ | 1,915 | | | | | $ | 1,869 | | | | | $ | 398 | | |
| | |
Pro Forma
|
| |||||||||
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) (Unaudited) |
| |
2022
|
| |
2021
|
| ||||||
Revenues | | | | | | | | | | | | | |
Management fee revenues | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 2,909 | | | | | $ | 2,392 | | |
Performance fees
|
| | | | — | | | | | | 157 | | |
Total management fee revenues
|
| | | | 2,909 | | | | | | 2,549 | | |
Investment income | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | |
Realized
|
| | | | 241 | | | | | | 49 | | |
Unrealized
|
| | | | 249 | | | | | | 299 | | |
Total investment income
|
| | | | 490 | | | | | | 348 | | |
Interest and dividend revenue
|
| | | | 55 | | | | | | 13 | | |
Other revenues
|
| | | | 188 | | | | | | 358 | | |
Total revenues
|
| | | | 3,642 | | | | | | 3,268 | | |
Expenses | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (674) | | | | | | (830) | | |
Other operating expenses
|
| | | | (236) | | | | | | (185) | | |
General and administrative
|
| | | | (66) | | | | | | (63) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (976) | | | | | | (1,078) | | |
Carried interest allocation compensation
|
| | | | (124) | | | | | | (211) | | |
Total expenses
|
| | | | (1,100) | | | | | | (1,289) | | |
Other (expenses) income, net
|
| | | | 162 | | | | | | 26 | | |
Share of income from equity accounted investments
|
| | | | 146 | | | | | | 161 | | |
Income before taxes
|
| | | | 2,850 | | | | | | 2,166 | | |
Income tax expense
|
| | | | (689) | | | | | | (569) | | |
Net income
|
| | | | 2,161 | | | | | | 1,597 | | |
Net income attributable to redeemable non-controlling interest
|
| | | | — | | | | | | — | | |
Net (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (546) | | | | | | (488) | | |
Net (income) attributable non-controlling interest
|
| | | | (98) | | | | | | — | | |
Net income attributable to the Asset Management Company
|
| | | $ | 1,517 | | | | | $ | 1,109 | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Assets | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1 | | |
Due from affiliates
|
| | | | 782 | | |
Investments
|
| | | | 2,378 | | |
Total Assets
|
| | | $ | 3,161 | | |
Liabilities | | | | | | | |
Accounts payable
|
| | | $ | 781 | | |
Due to affiliates
|
| | | | 3 | | |
Total Liabilities
|
| | | | 784 | | |
Common Equity
|
| | | | 2,377 | | |
Total Liabilities and Equity
|
| | | $ | 3,161 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,545 | | | | | $ | 2,494 | | |
Accounts receivable and other
|
| | | | 429 | | | | | | 224 | | |
Due from affiliates
|
| | | | 2,121 | | | | | | 6,732 | | |
Investments
|
| | | | 6,877 | | | | | | 13,564 | | |
Property, plant and equipment
|
| | | | 68 | | | | | | 48 | | |
Intangible assets
|
| | | | 59 | | | | | | 64 | | |
Goodwill
|
| | | | 249 | | | | | | 249 | | |
Deferred income tax assets
|
| | | | 739 | | | | | | 2,268 | | |
Total Assets
|
| | | $ | 14,087 | | | | | $ | 25,643 | | |
Liabilities and Shareholder’s Equity | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | 1,842 | | | | | $ | 1,872 | | |
Due to affiliates
|
| | | | 811 | | | | | | 8,207 | | |
Corporate borrowings
|
| | | | — | | | | | | 461 | | |
Deferred income tax liabilities
|
| | | | 17 | | | | | | 700 | | |
Total Liabilities
|
| | | | 2,670 | | | | | | 11,240 | | |
Redeemable non-controlling interest
|
| | | | — | | | | | | 4,532 | | |
Preferred shares redeemable non-controlling interest
|
| | | | 1,811 | | | | | | — | | |
Equity | | | | | | | | | | | | | |
Net Parent Investment
|
| | | | — | | | | | | 9,715 | | |
Common stock (Common shares – unlimited authorized, 1,635,327,858 issued and outstanding)
|
| | | | 9,271 | | | | | | — | | |
Retained earnings
|
| | | | 84 | | | | | | — | | |
Accumulated other comprehensive income
|
| | | | 153 | | | | | | 156 | | |
Non-controlling interest
|
| | | | 98 | | | | | | — | | |
Total liabilities, redeemable non-controlling interest and common equity
|
| | | $ | 14,087 | | | | | $ | 25,643 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Operating activities | | | | | | | |
Net income
|
| | | $ | 19 | | |
Non-cash adjustments | | | | | | | |
Undistributed earnings of investments accounted for under the equity method
|
| | | | (21) | | |
Other expense
|
| | | | 35 | | |
Compensation and benefits recovery
|
| | | | (37) | | |
Unrealized carried interest compensation expense
|
| | | | 3 | | |
Working capital movements
|
| | | | (782) | | |
Due from affiliates
|
| | | | 781 | | |
Accounts Payable
|
| | | | (2) | | |
Financing activities | | | | | | | |
Change in amount due to affiliates
|
| | | | 281 | | |
Share subscriptions
|
| | | | 52 | | |
Purchase of treasury shares
|
| | | | (330) | | |
| | | | | 3 | | |
Cash and cash equivalents | | | | | | | |
Change in cash and cash equivalents
|
| | | | 1 | | |
Balance, beginning of year
|
| | | | — | | |
Balance, end of year
|
| | | $ | 1 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Operating activities before net changes in working capital and other non-cash operating items
|
| | | $ | 1,988 | | | | | $ | 1,669 | | | | | $ | 1,203 | | |
Net changes in working capital
|
| | | | (3,020) | | | | | | (246) | | | | | | 102 | | |
Other non-cash operating items
|
| | | | 658 | | | | | | 20 | | | | | | 481 | | |
Operating activities
|
| | | | (374) | | | | | | 1,443 | | | | | | 1,786 | | |
Investing activities
|
| | | | 1,706 | | | | | | (861) | | | | | | (759) | | |
Financing activities
|
| | | | (280) | | | | | | (187) | | | | | | (576) | | |
Change in cash and cash equivalents
|
| | | $ | 1,052 | | | | | $ | 395 | | | | | $ | 451 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Fee Revenues
|
| | | $ | 4,048 | | | | | $ | 3,523 | | | | | $ | 2,870 | | |
Fee-Related Earnings(1)
|
| | | | 2,108 | | | | | | 1,827 | | | | | | 1,376 | | |
Add back: equity-based compensation costs
|
| | | | 86 | | | | | | 123 | | | | | | 51 | | |
Taxes and other
|
| | | | (98) | | | | | | (58) | | | | | | — | | |
Disposition gains from principal investments
|
| | | | — | | | | | | — | | | | | | 71 | | |
Distributable Earnings
|
| | | $ | 2,096 | | | | | $ | 1,892 | | | | | $ | 1,498 | | |
AS AT
(MILLIONS) |
| |
Long-Term
Private Funds |
| |
Perpetual
Strategies |
| |
Liquid
Strategies |
| |
Total
|
| ||||||||||||
Renewable power and transition
|
| | | $ | 26,708 | | | | | $ | 20,510 | | | | | $ | — | | | | | $ | 47,218 | | |
Infrastructure
|
| | | | 44,512 | | | | | | 41,375 | | | | | | — | | | | | | 85,887 | | |
Real estate
|
| | | | 69,473 | | | | | | 33,552 | | | | | | — | | | | | | 103,025 | | |
Private equity
|
| | | | 31,501 | | | | | | 7,816 | | | | | | — | | | | | | 39,317 | | |
Credit and other
|
| | | | 46,663 | | | | | | 23,902 | | | | | | 71,851 | | | | | | 142,416 | | |
| | | $ | 218,857 | | | | | $ | 127,155 | | | | | $ | 71,851 | | | | | $ | 417,863 | | | |
| | | $ | 169,279 | | | | | $ | 114,624 | | | | | $ | 80,230 | | | | | $ | 364,133 | | |
AS AT
(MILLIONS) |
| |
Renewable
Power and Transition |
| |
Infrastructure
|
| |
Real Estate
|
| |
Private Equity
|
| |
Credit and
Other |
| |
Total
|
| ||||||||||||||||||
Balance, December 31, 2021
|
| | | $ | 47,525 | | | | | $ | 67,736 | | | | | $ | 82,282 | | | | | $ | 34,395 | | | | | $ | 132,195 | | | | | $ | 364,133 | | |
Inflows
|
| | | | 6,823 | | | | | | 26,974 | | | | | | 18,850 | | | | | | 9,135 | | | | | | 45,887 | | | | | | 107,669 | | |
Outflows
|
| | | | — | | | | | | — | | | | | | (394) | | | | | | — | | | | | | (21,648) | | | | | | (22,042) | | |
Distributions
|
| | | | (1,428) | | | | | | (3,794) | | | | | | (4,556) | | | | | | (810) | | | | | | (1,573) | | | | | | (12,161) | | |
Market Valuation
|
| | | | (5,873) | | | | | | (5,053) | | | | | | 1,645 | | | | | | (2,534) | | | | | | (8,432) | | | | | | (20,247) | | |
Other
|
| | | | 171 | | | | | | 24 | | | | | | 5,198 | | | | | | (869) | | | | | | (4,013) | | | | | | 511 | | |
Change
|
| | | | (307) | | | | | | 18,151 | | | | | | 20,743 | | | | | | 4,922 | | | | | | 10,221 | | | | | | 53,730 | | |
Balance, December 31, 2022
|
| | | $ | 47,218 | | | | | $ | 85,887 | | | | | $ | 103,025 | | | | | $ | 39,317 | | | | | $ | 142,416 | | | | | $ | 417,863 | | |
AS AT
(MILLIONS) |
| |
Long-Term
Private Funds |
| |
Perpetual
Strategies |
| |
Liquid
Strategies |
| |
Total
|
| ||||||||||||
Renewable power and transition
|
| | | $ | 20,682 | | | | | $ | 26,843 | | | | | $ | — | | | | | $ | 47,525 | | |
Infrastructure
|
| | | | 31,119 | | | | | | 36,617 | | | | | | — | | | | | | 67,736 | | |
Real estate
|
| | | | 52,332 | | | | | | 29,950 | | | | | | — | | | | | | 82,282 | | |
Private equity
|
| | | | 26,079 | | | | | | 8,316 | | | | | | — | | | | | | 34,395 | | |
Credit and other
|
| | | | 39,067 | | | | | | 12,898 | | | | | | 80,230 | | | | | | 132,195 | | |
| | | $ | 169,279 | | | | | $ | 114,624 | | | | | $ | 80,230 | | | | | $ | 364,133 | | | |
| | | $ | 135,462 | | | | | $ | 103,361 | | | | | $ | 72,797 | | | | | $ | 311,620 | | |
AS AT
(MILLIONS) |
| |
Renewable
Power and Transition |
| |
Infrastructure
|
| |
Real Estate
|
| |
Private Equity
|
| |
Credit and
Other |
| |
Total
|
| ||||||||||||||||||
Balance, December 31, 2020
|
| | | $ | 45,440 | | | | | $ | 62,535 | | | | | $ | 61,519 | | | | | $ | 30,931 | | | | | $ | 111,195 | | | | | $ | 311,620 | | |
Inflows
|
| | | | 10,510 | | | | | | 4,619 | | | | | | 16,406 | | | | | | 2,435 | | | | | | 28,821 | | | | | | 62,791 | | |
Outflows
|
| | | | — | | | | | | — | | | | | | (385) | | | | | | — | | | | | | (8,970) | | | | | | (9,355) | | |
Distributions
|
| | | | (1,427) | | | | | | (3,708) | | | | | | (2,943) | | | | | | (1,175) | | | | | | (1,855) | | | | | | (11,108) | | |
Market Valuation
|
| | | | (6,169) | | | | | | 5,426 | | | | | | 6,707 | | | | | | 1,922 | | | | | | 4,921 | | | | | | 12,807 | | |
Other
|
| | | | (829) | | | | | | (1,136) | | | | | | 978 | | | | | | 282 | | | | | | (1,917) | | | | | | (2,622) | | |
Change
|
| | | | 2,085 | | | | | | 5,201 | | | | | | 20,763 | | | | | | 3,464 | | | | | | 21,000 | | | | | | 52,513 | | |
Balance, December 31, 2021
|
| | | $ | 47,525 | | | | | $ | 67,736 | | | | | $ | 82,282 | | | | | $ | 34,395 | | | | | $ | 132,195 | | | | | $ | 364,133 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Base management fees(1)
|
| | | $ | 3,955 | | | | | $ | 3,355 | | | | | $ | 2,845 | | |
Performance fees
|
| | | | — | | | | | | 157 | | | | | | — | | |
Transaction and advisory fees
|
| | | | 93 | | | | | | 11 | | | | | | 25 | | |
Fee Revenues
|
| | | | 4,048 | | | | | | 3,523 | | | | | | 2,870 | | |
Less: direct costs(2)
|
| | | | (1,792) | | | | | | (1,540) | | | | | | (1,378) | | |
| | | | | 2,256 | | | | | | 1,983 | | | | | | 1,492 | | |
Less: Fee-Related Earnings not attributable to the Asset Management business
|
| | | | (148) | | | | | | (156) | | | | | | (116) | | |
Fee-Related Earnings
|
| | | $ | 2,108 | | | | | $ | 1,827 | | | | | $ | 1,376 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Net income
|
| | | $ | 2,865 | | | | | $ | 2,846 | | | | | $ | 573 | | |
Add or subtract the following: | | | | | | | | | | | | | | | | | | | |
Provision for taxes(a)
|
| | | | 627 | | | | | | 504 | | | | | | 226 | | |
Depreciation, amortization and other(b)
|
| | | | 13 | | | | | | 11 | | | | | | 7 | | |
Carried interest allocations(c)
|
| | | | (490) | | | | | | (348) | | | | | | 65 | | |
Carried interest allocation compensation(c)
|
| | | | 200 | | | | | | 211 | | | | | | 120 | | |
Other income and expenses(d)
|
| | | | (1,090) | | | | | | (1,504) | | | | | | 226 | | |
Interest expense paid to related parties(e)
|
| | | | 154 | | | | | | 171 | | | | | | 257 | | |
Interest and dividend revenue(e)
|
| | | | (258) | | | | | | (293) | | | | | | (287) | | |
Other revenues(e)
|
| | | | (44) | | | | | | (23) | | | | | | (40) | | |
Share of income from equity accounted investments(f)
|
| | | | (146) | | | | | | (161) | | | | | | (38) | | |
Fee-Related Earnings of Oaktree at our share(f)
|
| | | | 252 | | | | | | 250 | | | | | | 186 | | |
Fee Revenues from BSREP III & Other(g)
|
| | | | 25 | | | | | | 163 | | | | | | 81 | | |
Fee-Related Earnings
|
| | | $ | 2,108 | | | | | $ | 1,827 | | | | | $ | 1,376 | | |
Disposition gains from principal investments(h)
|
| | | $ | — | | | | | $ | — | | | | | $ | 71 | | |
Current taxes(i)
|
| | | | (98) | | | | | | (58) | | | | | | — | | |
Equity-based compensation expense and other(j)
|
| | | | 86 | | | | | | 123 | | | | | | 51 | | |
Distributable Earnings
|
| | | $ | 2,096 | | | | | $ | 1,892 | | | | | $ | 1,498 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Total management fee revenues
|
| | | $ | 2,835 | | | | | $ | 2,423 | | | | | $ | 1,892 | | |
Fee Revenues from Oaktree(a)
|
| | | | 1,165 | | | | | | 1,062 | | | | | | 897 | | |
BSREP III Fees & Other(b)
|
| | | | 48 | | | | | | 38 | | | | | | 81 | | |
Fee Revenues
|
| | | $ | 4,048 | | | | | $ | 3,523 | | | | | $ | 2,870 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Renewable power and transition
|
| | | $ | 578 | | | | | $ | 487 | | | | | $ | 420 | | |
Infrastructure
|
| | | | 1,067 | | | | | | 870 | | | | | | 774 | | |
Real estate
|
| | | | 937 | | | | | | 769 | | | | | | 592 | | |
Private equity
|
| | | | 436 | | | | | | 538 | | | | | | 365 | | |
Credit and other
|
| | | | 1,030 | | | | | | 859 | | | | | | 719 | | |
Total Fee Revenues
|
| | | $ | 4,048 | | | | | $ | 3,523 | | | | | $ | 2,870 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Renewable power and transition
|
| | | $ | 47,218 | | | | | $ | 47,525 | | | | | $ | 45,440 | | |
Infrastructure
|
| | | | 85,887 | | | | | | 67,736 | | | | | | 62,535 | | |
Real estate
|
| | | | 103,025 | | | | | | 82,282 | | | | | | 61,519 | | |
Private equity
|
| | | | 39,317 | | | | | | 34,395 | | | | | | 30,931 | | |
Credit and other
|
| | | | 142,416 | | | | | | 132,195 | | | | | | 111,195 | | |
Total Fee-Bearing Capital
|
| | | $ | 417,863 | | | | | $ | 364,133 | | | | | $ | 311,620 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of period
|
| | | $ | 364,133 | | | | | $ | 311,620 | | | | | $ | 289,812 | | |
Inflows
|
| | | | 107,669 | | | | | | 62,791 | | | | | | 32,983 | | |
Outflows
|
| | | | (22,042) | | | | | | (9,355) | | | | | | (9,865) | | |
Distributions
|
| | | | (12,161) | | | | | | (11,108) | | | | | | (6,664) | | |
Market Valuation
|
| | | | (20,247) | | | | | | 12,807 | | | | | | 17,745 | | |
Other
|
| | | | 511 | | | | | | (2,622) | | | | | | (12,391) | | |
Change
|
| | | | 53,730 | | | | | | 52,513 | | | | | | 21,808 | | |
Balance, end of period
|
| | | $ | 417,863 | | | | | $ | 364,133 | | | | | $ | 311,620 | | |
|
Fee-Bearing Capital
AS AT DEC 31. (BILLIONS) |
| |
Fee Revenues
FOR THE PERIODS ENDED DEC 31. (MILLIONS) |
|
|
|
| |
|
|
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Long-Term Private Funds
|
| | | $ | 26,708 | | | | | $ | 20,682 | | | | | $ | 10,881 | | |
Permanent Capital Vehicles and Perpetual Strategies
|
| | | | 20,510 | | | | | | 26,843 | | | | | | 34,559 | | |
Total Fee-Bearing Capital
|
| | | $ | 47,218 | | | | | $ | 47,525 | | | | | $ | 45,440 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of period
|
| | | $ | 47,525 | | | | | $ | 45,440 | | | | | $ | 33,520 | | |
Inflows
|
| | | | 6,823 | | | | | | 10,510 | | | | | | 3,841 | | |
Distributions
|
| | | | (1,428) | | | | | | (1,427) | | | | | | (1,020) | | |
Market Valuation
|
| | | | (5,873) | | | | | | (6,169) | | | | | | 14,748 | | |
Other
|
| | | | 171 | | | | | | (829) | | | | | | (5,649) | | |
Change
|
| | | | (307) | | | | | | 2,085 | | | | | | 11,920 | | |
Balance, end of period
|
| | | $ | 47,218 | | | | | $ | 47,525 | | | | | $ | 45,440 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 206 | | | | | $ | 98 | | | | | $ | 97 | | |
Co-investment and other funds
|
| | | | 19 | | | | | | 16 | | | | | | 14 | | |
| | | | | 225 | | | | | | 114 | | | | | | 111 | | |
Perpetual strategies | | | | | |||||||||||||||
BEP(1)
|
| | | | 244 | | | | | | 288 | | | | | | 211 | | |
Co-investment and other funds
|
| | | | — | | | | | | 3 | | | | | | 27 | | |
| | | | | 244 | | | | | | 291 | | | | | | 238 | | |
Catch-up fees
|
| | | | 12 | | | | | | — | | | | | | 4 | | |
Transaction and advisory fees
|
| | | | 2 | | | | | | 2 | | | | | | 1 | | |
Total management and advisory fees
|
| | | | 483 | | | | | | 407 | | | | | | 354 | | |
Incentive Distributions
|
| | | | 95 | | | | | | 80 | | | | | | 66 | | |
Total Fee Revenues
|
| | | $ | 578 | | | | | $ | 487 | | | | | $ | 420 | | |
|
Fee-Bearing Capital
AS AT DEC 31. (BILLIONS) |
| |
Fee Revenues
FOR THE PERIODS ENDED DEC 31. (MILLIONS) |
|
|
|
| |
|
|
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Long-Term Private Funds
|
| | | $ | 44,512 | | | | | $ | 31,119 | | | | | $ | 32,749 | | |
Permanent Capital Vehicles and Perpetual Strategies
|
| | | | 41,375 | | | | | | 36,617 | | | | | | 29,786 | | |
Total Fee-Bearing Capital
|
| | | $ | 85,887 | | | | | $ | 67,736 | | | | | $ | 62,535 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of period
|
| | | $ | 67,736 | | | | | $ | 62,535 | | | | | $ | 57,623 | | |
Inflows
|
| | | | 26,974 | | | | | | 4,619 | | | | | | 3,939 | | |
Distributions
|
| | | | (3,794) | | | | | | (3,708) | | | | | | (1,610) | | |
Market Valuation
|
| | | | (5,053) | | | | | | 5,426 | | | | | | 4,586 | | |
Other
|
| | | | 24 | | | | | | (1,136) | | | | | | (2,003) | | |
Change
|
| | | | 18,151 | | | | | | 5,201 | | | | | | 4,912 | | |
Balance, end of period
|
| | | $ | 85,887 | | | | | $ | 67,736 | | | | | $ | 62,535 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 279 | | | | | $ | 215 | | | | | $ | 217 | | |
Co-investment and other funds
|
| | | | 39 | | | | | | 33 | | | | | | 36 | | |
| | | | | 318 | | | | | | 248 | | | | | | 253 | | |
Permanent capital vehicles and perpetual strategies | | | | | | | | | | | | | | | | | | | |
BIP(1)
|
| | | | 421 | | | | | | 394 | | | | | | 301 | | |
Co-investment and other funds
|
| | | | 53 | | | | | | 19 | | | | | | 9 | | |
| | | | | 474 | | | | | | 413 | | | | | | 310 | | |
Catch-up fees
|
| | | | 2 | | | | | | — | | | | | | 13 | | |
Transaction and advisory fees
|
| | | | 33 | | | | | | 2 | | | | | | 14 | | |
Total management and advisory fees
|
| | | | 827 | | | | | | 663 | | | | | | 590 | | |
Incentive distributions
|
| | | | 240 | | | | | | 207 | | | | | | 184 | | |
Total Fee Revenues
|
| | | $ | 1,067 | | | | | $ | 870 | | | | | $ | 774 | | |
|
Fee-Bearing Capital
AS AT DEC 31. (BILLIONS) |
| |
Fee Revenues
FOR THE PERIODS ENDED DEC 31. (MILLIONS) |
|
|
|
| |
|
|
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Long-Term Private Funds
|
| | | $ | 31,501 | | | | | $ | 26,079 | | | | | $ | 25,668 | | |
Permanent Capital Vehicles and Perpetual Strategies
|
| | | | 7,816 | | | | | | 8,316 | | | | | | 5,263 | | |
Total Fee-Bearing Capital
|
| | | $ | 39,317 | | | | | $ | 34,395 | | | | | $ | 30,931 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of period
|
| | | $ | 34,395 | | | | | $ | 30,931 | | | | | $ | 29,921 | | |
Inflows
|
| | | | 9,135 | | | | | | 2,435 | | | | | | 3,263 | | |
Distributions
|
| | | | (810) | | | | | | (1,175) | | | | | | (1,042) | | |
Market Valuation
|
| | | | (2,534) | | | | | | 1,922 | | | | | | (714) | | |
Other
|
| | | | (869) | | | | | | 282 | | | | | | (497) | | |
Change
|
| | | | 4,922 | | | | | | 3,464 | | | | | | 1,010 | | |
Balance, end of period
|
| | | $ | 39,317 | | | | | $ | 34,395 | | | | | $ | 30,931 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 137 | | | | | $ | 103 | | | | | $ | 121 | | |
Co-investment and other funds
|
| | | | 195 | | | | | | 175 | | | | | | 164 | | |
| | | | | 332 | | | | | | 278 | | | | | | 285 | | |
Perpetual strategies | | | | | | | | | | | | | | | | | | | |
BBU(1)
|
| | | | 95 | | | | | | 93 | | | | | | 63 | | |
Co-investment and other funds
|
| | | | — | | | | | | — | | | | | | 2 | | |
| | | | | 95 | | | | | | 93 | | | | | | 65 | | |
Catch-up fees
|
| | | | — | | | | | | 3 | | | | | | 5 | | |
Transaction and advisory fees
|
| | | | 9 | | | | | | 7 | | | | | | 10 | | |
Total management and advisory fees
|
| | | | 436 | | | | | | 381 | | | | | | 365 | | |
Performance fees
|
| | | | — | | | | | | 157 | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 436 | | | | | $ | 538 | | | | | $ | 365 | | |
|
Fee-Bearing Capital
AS AT DEC 31. (BILLIONS) |
| |
Fee Revenues
FOR THE PERIODS ENDED DEC 31. (MILLIONS) |
|
|
|
| |
|
|
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Long-Term Private Funds
|
| | | $ | 69,473 | | | | | $ | 52,332 | | | | | $ | 35,857 | | |
Permanent Capital Vehicles and Perpetual Strategies
|
| | | | 33,552 | | | | | | 29,950 | | | | | | 25,662 | | |
Total Fee-Bearing Capital
|
| | | $ | 103,025 | | | | | $ | 82,282 | | | | | $ | 61,519 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of period
|
| | | $ | 82,282 | | | | | $ | 61,519 | | | | | $ | 62,272 | | |
Inflows
|
| | | | 18,850 | | | | | | 16,406 | | | | | | 5,143 | | |
Outflows
|
| | | | (394) | | | | | | (385) | | | | | | (263) | | |
Distributions
|
| | | | (4,556) | | | | | | (2,943) | | | | | | (2,192) | | |
Market Valuation
|
| | | | 1,645 | | | | | | 6,707 | | | | | | (1,842) | | |
Other
|
| | | | 5,198 | | | | | | 978 | | | | | | (1,599) | | |
Change
|
| | | | 20,743 | | | | | | 20,763 | | | | | | (753) | | |
Balance, end of period
|
| | | $ | 103,025 | | | | | $ | 82,282 | | | | | $ | 61,519 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 354 | | | | | $ | 264 | | | | | $ | 224 | | |
Co-investment and other funds
|
| | | | 217 | | | | | | 183 | | | | | | 142 | | |
| | | | | 571 | | | | | | 447 | | | | | | 366 | | |
Permanent capital vehicles and perpetual strategies | | | | | | | | | | | | | | | | | | | |
BPG(1)
|
| | | | 225 | | | | | | 224 | | | | | | 114 | | |
Co-investment and other funds
|
| | | | 107 | | | | | | 65 | | | | | | 56 | | |
| | | | | 332 | | | | | | 289 | | | | | | 170 | | |
Catch-up fees
|
| | | | 34 | | | | | | 5 | | | | | | — | | |
Total management and advisory fees
|
| | | | 937 | | | | | | 741 | | | | | | 536 | | |
Incentive distributions
|
| | | | — | | | | | | 28 | | | | | | 56 | | |
Total Fee Revenues
|
| | | $ | 937 | | | | | $ | 769 | | | | | $ | 592 | | |
|
Fee-Bearing Capital
AS AT DEC 31. (BILLIONS) |
| |
Fee Revenues
FOR THE PERIODS ENDED DEC 31. (MILLIONS) |
|
|
|
| |
|
|
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Long-Term Private Funds
|
| | | $ | 46,663 | | | | | $ | 39,067 | | | | | $ | 30,307 | | |
Perpetual Strategies
|
| | | | 23,902 | | | | | | 12,898 | | | | | | 8,091 | | |
Liquid Strategies
|
| | | | 71,851 | | | | | | 80,230 | | | | | | 72,797 | | |
Total Fee-Bearing Capital
|
| | | $ | 142,416 | | | | | $ | 132,195 | | | | | $ | 111,195 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of period
|
| | | $ | 132,195 | | | | | $ | 111,195 | | | | | $ | 106,476 | | |
Inflows
|
| | | | 45,887 | | | | | | 28,821 | | | | | | 16,797 | | |
Outflows
|
| | | | (21,648) | | | | | | (8,970) | | | | | | (9,602) | | |
Distributions
|
| | | | (1,573) | | | | | | (1,855) | | | | | | (799) | | |
Market Valuation
|
| | | | (8,432) | | | | | | 4,921 | | | | | | 968 | | |
Other
|
| | | | (4,013) | | | | | | (1,917) | | | | | | (2,645) | | |
Change
|
| | | | 10,221 | | | | | | 21,000 | | | | | | 4,719 | | |
Balance, end of period
|
| | | $ | 142,416 | | | | | $ | 132,195 | | | | | $ | 111,195 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Management and advisory fees
|
| | | | | | | | | | | | | | | | | | |
Long-term private funds
|
| | | $ | 529 | | | | | $ | 414 | | | | | $ | 325 | | |
Perpetual Strategies
|
| | | | 184 | | | | | | 144 | | | | | | 118 | | |
Liquid Strategies(1)
|
| | | | 268 | | | | | | 301 | | | | | | 276 | | |
Transaction and advisory fees
|
| | | | 49 | | | | | | — | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 1,030 | | | | | $ | 859 | | | | | $ | 719 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Cash and financial assets(1)
|
| | | $ | 3,222 | | | | | $ | 2,797 | | | | | $ | 2,477 | | |
Undrawn committed credit facility
|
| | | | 300 | | | | | | — | | | | | | — | | |
Core liquidity
|
| | | | 3,522 | | | | | | 2,797 | | | | | | 2,477 | | |
Uncalled private fund commitments
|
| | | | 87,364 | | | | | | 77,079 | | | | | | 60,594 | | |
Total liquidity
|
| | | $ | 90,886 | | | | | $ | 79,876 | | | | | $ | 63,071 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026 +
|
| |
Total 2022
|
| |
Dec. 2021
|
| |||||||||||||||||||||
Renewable power and transition
|
| | | $ | — | | | | | $ | 64 | | | | | $ | 126 | | | | | $ | — | | | | | $ | 14,645 | | | | | $ | 14,835 | | | | | $ | 12,278 | | |
Infrastructure
|
| | | | 394 | | | | | | 763 | | | | | | 244 | | | | | | 3,303 | | | | | | 17,277 | | | | | | 21,981 | | | | | | 11,643 | | |
Private equity
|
| | | | 66 | | | | | | — | | | | | | 923 | | | | | | — | | | | | | 10,014 | | | | | | 11,003 | | | | | | 9,863 | | |
Real estate
|
| | | | — | | | | | | 49 | | | | | | 257 | | | | | | — | | | | | | 21,589 | | | | | | 21,895 | | | | | | 25,831 | | |
Credit and other
|
| | | | 7 | | | | | | 1,132 | | | | | | 448 | | | | | | 726 | | | | | | 15,337 | | | | | | 17,650 | | | | | | 17,464 | | |
| | | | $ | 467 | | | | | $ | 2,008 | | | | | $ | 1,998 | | | | | $ | 4,029 | | | | | $ | 78,862 | | | | | $ | 87,364 | | | | | $ | 77,079 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
BEP
|
| | | $ | 19 | | | | | $ | 29 | | | | | $ | 21 | | |
BIP
|
| | | | 33 | | | | | | 39 | | | | | | 30 | | |
BBU
|
| | | | 7 | | | | | | 9 | | | | | | 6 | | |
BPY(1) | | | | | — | | | | | | 11 | | | | | | 11 | | |
Revenues
|
| | | $ | 59 | | | | | $ | 88 | | | | | $ | 68 | | |
YEAR ENDED DECEMBER 31, 2022
(MILLIONS) |
| |
Historical
Brookfield Asset Management ULC |
| |
Autonomous
Entity Adjustments |
| |
Transaction
Accounting Adjustments |
| |
Notes
|
| |
Brookfield
Asset Management ULC (pro forma) |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fee revenues
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 2,835 | | | | | $ | — | | | | | $ | 74 | | | |
(iii)
|
| | | $ | 2,909 | | |
Performance Fees
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total management fee revenues
|
| | | | 2,835 | | | | | | — | | | | | | 74 | | | | | | | | | 2,909 | | |
Investment income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | 241 | | | | | | — | | | | | | — | | | | | | | | | 241 | | |
Unrealized
|
| | | | 249 | | | | | | — | | | | | | — | | | | | | | | | 249 | | |
Total investment income
|
| | | | 490 | | | | | | — | | | | | | — | | | | | | | | | 490 | | |
Interest and dividend revenue
|
| | | | 258 | | | | | | — | | | | | | (203) | | | |
(i), (iii)
|
| | | | 55 | | |
Other revenues
|
| | | | 44 | | | | | | 144 | | | | | | — | | | |
(v)
|
| | | | 188 | | |
Total revenues
|
| | | | 3,627 | | | | | | 144 | | | | | | (129) | | | | | | | | | 3,642 | | |
Compensation, operating, and general and administrative expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (700) | | | | | | 26 | | | | | | — | | | |
(v)
|
| | | | (674) | | |
Other operating expenses
|
| | | | (236) | | | | | | — | | | | | | — | | | | | | | | | (236) | | |
General and administrative
|
| | | | (81) | | | | | | — | | | | | | 15 | | | |
(iii)
|
| | | | (66) | | |
Total compensation, operating and general and administrative expenses
|
| | | | (1,017) | | | | | | 26 | | | | | | 15 | | | | | | | | | (976) | | |
Carried interest allocation compensation
|
| | | | (200) | | | | | | 76 | | | | | | — | | | |
(v)
|
| | | | (124) | | |
Interest expense paid to related parties
|
| | | | (154) | | | | | | — | | | | | | 154 | | | |
(i)
|
| | | | — | | |
Total expenses
|
| | | | (1,371) | | | | | | 102 | | | | | | 169 | | | | | | | | | (1,100) | | |
Other income (expenses), net
|
| | | | 1,090 | | | | | | — | | | | | | (928) | | | |
(i), (iii),
(iv), (vii) |
| | | | 162 | | |
Share of income from equity accounted investments
|
| | | | 146 | | | | | | — | | | | | | — | | | | | | | | | 146 | | |
Income before taxes
|
| | | | 3,492 | | | | | | 246 | | | | | | (888) | | | | | | | | | 2,850 | | |
Income tax (expense) benefit
|
| | | | (627) | | | | | | (62) | | | | | | — | | | |
(vi)
|
| | | | (689) | | |
Net income
|
| | | | 2,865 | | | | | | 184 | | | | | | (888) | | | | | | | | | 2,161 | | |
Net (income) attributable to redeemable non-controlling interests in consolidated funds
|
| | | | (909) | | | | | | — | | | | | | 909 | | | |
(iii)
|
| | | | — | | |
Net (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | (511) | | | |
(ii), (iii)
|
| | | | (546) | | |
Net (income) attributable non-controlling interest
|
| | | | (6) | | | | | | — | | | | | | (92) | | | |
(iv)
|
| | | | (98) | | |
Net income attributable to common shareholders
|
| | | $ | 1,915 | | | | | $ | 184 | | | | | $ | (582) | | | | | | | | $ | 1,517 | | |
(millions)
|
| |
Year ended
December 31, 2022 |
| |||
Interest and dividend revenue
|
| | | $ | (181) | | |
Interest expense paid to related parties
|
| | | | 154 | | |
(millions)
|
| |
Year ended
December 31, 2022 |
| |||
Management and advisory fees
|
| | | $ | 74 | | |
Interest and dividend revenue
|
| | | | (22) | | |
General and administrative
|
| | | | 15 | | |
Other income (expenses), net
|
| | | | (976) | | |
Net income attributable to redeemable non-controlling interest
|
| | | | 909 | | |
(millions)
|
| |
Year ended
December 31, 2022 |
| |||
Benefit for taxes
|
| | | $ | (62) | | |
YEAR ENDED DECEMBER 31, 2021
(MILLIONS) |
| |
Historical
Brookfield Asset Management ULC |
| |
Autonomous
Entity Adjustments |
| |
Transaction
Accounting Adjustments |
| |
Notes
|
| |
Brookfield Asset
Management ULC (pro forma) |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fee revenues
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 2,266 | | | | | $ | — | | | | | $ | 126 | | | |
(iii)
|
| | | $ | 2,392 | | |
Performance fees
|
| | | | 157 | | | | | | — | | | | | | — | | | | | | | | | 157 | | |
Total management fee revenues
|
| | | | 2,423 | | | | | | — | | | | | | 126 | | | | | | | | | 2,549 | | |
Investment income
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | 49 | | | | | | — | | | | | | — | | | | | | | | | 49 | | |
Unrealized
|
| | | | 299 | | | | | | — | | | | | | — | | | | | | | | | 299 | | |
Total investment income
|
| | | | 348 | | | | | | — | | | | | | — | | | | | | | | | 348 | | |
Interest and dividend revenue
|
| | | | 293 | | | | | | — | | | | | | (280) | | | |
(i), (iii)
|
| | | | 13 | | |
Other revenues
|
| | | | 23 | | | | | | 335 | | | | | | — | | | |
(v)
|
| | | | 358 | | |
Total revenues
|
| | | | 3,087 | | | | | | 335 | | | | | | (154) | | | | | | | | | 3,268 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (703) | | | | | | (72) | | | | | | (55) | | | |
(v)
|
| | | | (830) | | |
Other operating expenses
|
| | | | (185) | | | | | | — | | | | | | — | | | | | | | | | (185) | | |
General and administrative
|
| | | | (132) | | | | | | — | | | | | | 69 | | | |
(iii), (v)
|
| | | | (63) | | |
Total compensation, operating and general and administrative expenses
|
| | | | (1,020) | | | | | | (72) | | | | | | 14 | | | | | | | | | (1,078) | | |
Carried interest allocation compensation
|
| | | | (211) | | | | | | — | | | | | | — | | | | | | | | | (211) | | |
Interest expense paid to related
parties |
| | | | (171) | | | | | | — | | | | | | 171 | | | |
(i)
|
| | | | — | | |
Total expenses
|
| | | | (1,402) | | | | | | (72) | | | | | | 185 | | | | | | | | | (1,289) | | |
Other income (expenses) net
|
| | | | 1,504 | | | | | | — | | | | | | (1,478) | | | |
(i), (iii),
(iv), (vii) |
| | | | 26 | | |
Share of income from equity accounted investments
|
| | | | 161 | | | | | | — | | | | | | — | | | | | | | | | 161 | | |
Income before taxes
|
| | | | 3,350 | | | | | | 263 | | | | | | (1,447) | | | | | | | | | 2,166 | | |
Income tax (expense) benefit
|
| | | | (504) | | | | | | (65) | | | | | | — | | | |
(vi)
|
| | | | (569) | | |
Net income
|
| | | | 2,846 | | | | | | 198 | | | | | | (1,447) | | | | | | | | | 1,597 | | |
Net (income) loss attributable to redeemable non-controlling interest in consolidated funds
|
| | | | (977) | | | | | | 977 | | | | | | | | | |
(iii)
|
| | | | — | | |
Net (income) loss attributable to preferred share redeemable non-controlling interest
|
| | | | — | | | | | | — | | | | | | (488) | | | |
(ii)
|
| | | | (488) | | |
Net income attributable to common shareholders
|
| | | $ | 1,869 | | | | | $ | 1,175 | | | | | $ | (1,935) | | | | | | | | | 1,109 | | |
(millions)
|
| |
Year ended
December 31, 2021 |
| |||
Interest and dividend revenue
|
| | | $ | (277) | | |
Interest expense paid to related parties
|
| | | | 171 | | |
(millions)
|
| |
Year ended
December 31, 2021 |
| |||
Management and advisory fees
|
| | | $ | 126 | | |
Interest and dividend revenue
|
| | | | (16) | | |
General and administrative
|
| | | | 14 | | |
Other income (expenses), net
|
| | | | (1,101) | | |
Net income attributable to redeemable non-controlling interest
|
| | | | 977 | | |
(millions)
|
| |
Year ended
December 31, 2021 |
| |||
Income tax expense
|
| | | $ | (65) | | |
Name(1)
|
| |
Position/Title
|
| |
Age
|
| |
Principal Occupation(2)
|
|
Mark Carney | | | Chair of the Board and Head of Transition Investing; Director | | | 57 | | | Chair and Head of Transition Investing | |
Marcel R. Coutu(3)(4)(5) | | | Lead Independent Director | | | 69 | | | Corporate Director | |
Bruce Flatt | | | Chief Executive Officer; Director | | | 57 | | | Chief Executive Officer of the Manager and the Corporation | |
Olivia (Liv) Garfield(3)(5)
|
| | Director | | | 47 | | | Chief Executive Officer of Severn Trent | |
Nili Gilbert(3)(4) | | | Director | | | 44 | | | Vice Chairwoman of Carbon Direct LLC | |
Keith Johnson(3)(4) | | | Director | | | 47 | | | Senior Managing Director of Sequoia Heritage | |
Brian W. Kingston | | | Chief Executive Officer of Real Estate; Director | | | 49 | | | Chief Executive Officer of Real Estate | |
Allison Kirkby(3)(4) | | | Director | | | 55 | | | President and Chief Executive Officer of Telia Company | |
Cyrus Madon | | | Chief Executive Officer of Private Equity; Director | | | 57 | | | Chief Executive Officer of Private Equity | |
Diana Noble(3)(5) | | | Director | | | 61 | | | Founder of Kirkos Partners | |
Samuel J. B. Pollock | | | Chief Executive Officer of Infrastructure; Director | | | 56 | | | Chief Executive Officer of Infrastructure | |
Satish Rai(3) | | | Director | | | 59 | | | Senior Global Financial Services Executive | |
Name(1)
|
| |
Position/Title
|
| |
Age
|
| |
Principal Occupation(2)
|
|
Justin B. Beber | | | Chief Administrative Officer and General Counsel | | | 53 | | | Chief Administrative Officer and General Counsel of the Manager | |
Bruce Flatt | | | Chief Executive Officer; Director | | | 57 | | | Chief Executive Officer of the Manager and the Corporation | |
Brian W. Kingston | | | Chief Executive Officer of Real Estate; Director | | | 49 | | | Chief Executive Officer of Real Estate | |
Cyrus Madon | | | Chief Executive Officer of Private Equity; Director | | | 57 | | | Chief Executive Officer of Private Equity | |
Bahir Manios | | | Chief Financial Officer | | | 44 | | | Chief Financial Officer of the Manager | |
Craig W. A. Noble | | | Chief Executive Officer of Alternative Investments | | | 49 | | | Chief Executive Officer of Alternative Investments | |
Samuel J. B. Pollock | | | Chief Executive Officer of Infrastructure; Director | | | 56 | | | Chief Executive Officer of Infrastructure | |
Connor D. Teskey | | | President of the Manager and Chief Executive Officer of Renewable Power & Transition | | | 35 | | | President of the Manager and Chief Executive Officer of Renewable Power & Transition | |
Executive Officers
|
| |
Holdings
|
| |||
Bruce Flatt
Chief Executive Officer |
| | | | 17,039,014 | | |
Justin B. Beber
Chief Administrative Officer and General Counsel |
| | | | 616,237 | | |
Bahir Manios
Chief Financial Officer |
| | | | 83,002 | | |
Craig W.A. Noble
Chief Executive Officer of Alternative Investments |
| | | | 591,887 | | |
Connor Teskey
President of the Manager and Chief Executive Officer of Renewable Power & Transition |
| | | | 1,233,626 | | |
Brian W. Kingston
Chief Executive Officer of Real Estate |
| | | | 1,706,425 | | |
Cyrus Madon
Chief Executive Officer of Private Equity |
| | | | 3,810,792 | | |
Samuel J. B. Pollock
Chief Executive Officer of Infrastructure |
| | | | 6,261,427 | | |
(THOUSANDS)
|
| |
2022
|
| |||
Audit Fees(1)
|
| | | $ | 1,465 | | |
Audit-related fees(2)
|
| | | | — | | |
Tax fees(3)
|
| | | | — | | |
All other fees(4)
|
| | | | — | | |
| | | | $ | 1,465 | | |
| 1.1 | | | Notice of Articles and Articles of Brookfield Asset Management Ltd. (incorporated by reference to Exhibit 99.1 of the Manager’s Form 6-K filed with the SEC on December 12, 2022). | |
| 2.1 | | | Description of Securities.* | |
| 4.1 | | | Relationship Agreement dated November 8, 2022 among Brookfield Asset Management Inc., Brookfield Asset Management Ltd. and Brookfield Asset Management ULC (incorporated by reference to Exhibit 10.1 of the Manager’s Form F-1/A filed with the SEC on November 9, 2022). | |
| 4.2 | | | Voting Agreement dated December 9, 2022 between Brookfield Corporation and Brookfield Asset Management Ltd. (incorporated by reference to Exhibit 99.2 of the Manager’s Form 6-K filed with the SEC on December 12, 2022). | |
| 4.3 | | | Asset Management Services Agreement dated November 8, 2022 between Brookfield Asset Management Ltd. and Brookfield Asset Management ULC (incorporated by reference to Exhibit 10.3 of the Manager’s Form F-1/A filed with the SEC on November 9, 2022). | |
| 4.4 | | | Transitional Services Agreement dated November 8, 2022 among Brookfield Asset Management Inc., Brookfield Asset Management Ltd. and Brookfield Asset Management ULC (incorporated by reference to Exhibit 10.4 of the Manager’s Form F-1/A filed with the SEC on November 9, 2022). | |
| 4.5 | | | Trademark Sublicense Agreement dated December 9, 2022 between Brookfield Corporation and Brookfield Asset Management Ltd. (incorporated by reference to Exhibit 99.3 of the Manager’s Form 6-K filed with the SEC on December 12, 2022). | |
| 4.6 | | | 2022 Trust Agreement dated December 9, 2022 among Brookfield Asset Management Ltd., BAM Partners Trust and Computershare Trust Company of Canada (incorporated by reference to Exhibit 99.4 of the Manager’s Form 6-K filed with the SEC on December 12, 2022). | |
| 4.7 | | | Credit Agreement dated November 8, 2022 between Brookfield Asset Management Ltd. and Brookfield Asset Management ULC (incorporated by reference to Exhibit 10.7 of the Manager’s Form F-1/A filed with the SEC on November 9, 2022). | |
| 4.8 | | | Tax Matters Agreement dated December 8, 2022 among Brookfield Asset Management Inc., Brookfield Asset Management Ltd. and Brookfield Asset Management ULC (incorporated by reference to Exhibit 99.5 of the Manager’s Form 6-K filed with the SEC on December 12, 2022). | |
| 8.1 | | | Not applicable.† | |
| 11.1 | | | Code of Business Conduct and Ethics (incorporated by reference to Exhibit 99.6 of the Manager’s Form 6-K filed with the SEC on December 12, 2022). | |
| 12.1 | | | Certification of Bruce Flatt, Chief Executive Officer, Brookfield Asset Management Ltd., pursuant to Section 302 of the Sarbanes Oxley Act of 2002.* | |
| 12.2 | | | Certification of Bahir Manios, Chief Financial Officer, Brookfield Asset Management Ltd., pursuant to Section 302 of the Sarbanes Oxley Act of 2002.* | |
| 13.1 | | | Certification of Bruce Flatt, Chief Executive Officer, Brookfield Asset Management Ltd., pursuant to 18 U.S.C. Section 1350, as adopted to Section 906 of the Sarbanes Oxley Act of 2002.* | |
| 13.2 | | | Certification of Bahir Manios, Chief Financial Officer, Brookfield Asset Management Ltd., pursuant to 18 U.S.C. Section 1350, as adopted to Section 906 of the Sarbanes Oxley Act of 2002.* | |
| 15.1 | | | Consent of Deloitte LLP, relating to the audited consolidated financial statements of Brookfield Asset Management Ltd.* | |
| 15.2 | | | Consent of Deloitte LLP, relating to the audited consolidated and combined financial statements of Brookfield Asset Management ULC* | |
| 15.3 | | | Consent of Ernst & Young LLP, relating to the audited combined and consolidated financial statements of Oaktree Capital II, L.P., Oaktree Capital Management, L.P., Oaktree AIF Investments, L.P., Oaktree Capital Management (Cayman) L.P. and Oaktree Investment Holdings, L.P.* | |
| 101.INS | | | XBRL Instance Document* | |
| 101.SCH | | | XBRL Taxonomy Extension Schema Document* | |
| 101.CAL | | | XBRL Taxonomy Extension Calculation Linkbase Document* | |
| 101.DEF | | | XBRL Taxonomy Extension Definition Linkbase Document* | |
| 101.LAB | | | XBRL Taxonomy Extension Label Linkbase Document* | |
| 101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document* | |
| 104 | | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
| Dated: March 31, 2023 | | |
BROOKFIELD ASSET MANAGEMENT LTD.
|
|
| | |
Page
|
| |||
| | | | D-1-178 | | | |
| | | | D-1-179 | | | |
| | | | D-1-181 | | | |
| | | | D-1-182 | | | |
| | | | D-1-183 | | | |
| | | | D-1-184 | | | |
| | | | D-1-185 | | | |
| | | | D-1-197 | | | |
| | | | D-1-198 | | | |
| | | | D-1-200 | | | |
| | | | D-1-201 | | | |
| | | | D-1-202 | | | |
| | | | D-1-203 | | | |
| | | | D-1-204 | | | |
| | | | D-1-205 | | | |
| | | | D-1-233 | | | |
| | | | D-1-234 | | | |
| | | | D-1-236 | | | |
| | | | D-1-237 | | | |
| | | | D-1-238 | | | |
| | | | D-1-239 | | | |
| | | | D-1-241 | | | |
| | | | D-1-242 | | |
AS AT DECEMBER 31, 2022
(MILLIONS. EXCEPT SHARE AMOUNTS) |
| | | | | | |
Assets | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1 | | |
Due from affiliates (Note 7)
|
| | | | 782 | | |
Investments (Note 3)
|
| | | | 2,378 | | |
Total Assets
|
| | | $ | 3,161 | | |
Liabilities | | | | | | | |
Accounts payable
|
| | | $ | 781 | | |
Due to affiliates (Note 7)
|
| | | | 3 | | |
Total Liabilities
|
| | | | 784 | | |
Commitments and contingencies (Note 8) | | | | | | | |
Equity | | | | | | | |
Common stock: | | | | | | | |
Class A (Unlimited authorized and 396,154,728 issued and outstanding)
|
| | | | 2,410 | | |
Class B (Unlimited authorized and 21,280 issued and outstanding)
|
| | | | — | | |
Class A held in Treasury (16,048,129 shares outstanding)
|
| | | | (330) | | |
Additional paid-in-capital
|
| | | | 278 | | |
Retained earnings
|
| | | | 19 | | |
Total Equity
|
| | | | 2,377 | | |
Total Liabilities and Equity
|
| | | $ | 3,161 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) |
| | | | | | |
Expenses, net of recoveries | | | | | | | |
Compensation and benefits recovery /(expense)
|
| | | $ | 37 | | |
General and administrative expense
|
| | | | (1) | | |
Unrealized carried interest compensation expense
|
| | | | (3) | | |
Other expense
|
| | | | (35) | | |
Total (expense)
|
| | | | (2) | | |
Share of income from equity method investments
|
| | | | 21 | | |
Net income and comprehensive income
|
| | | $ | 19 | | |
Net income per share of common stock (Note 6) | | | | | | | |
Basic
|
| | | $ | 0.05 | | |
Diluted
|
| | | | 0.05 | | |
Weighted-average shares of common stock outstanding (Note 6) | | | | | | | |
Basic
|
| | | | 396,166,341 | | |
Diluted
|
| | | | 400,896,766 | | |
| | |
Shares of Brookfield Asset
Management Ltd |
| |
Brookfield Asset Management Ltd.
|
| ||||||||||||||||||||||||||||||||||||
(MILLIONS, EXCEPT SHARE DATA)
|
| |
Class A
Common Stock |
| |
Class B
Common Stock |
| |
Common
Stock |
| |
Treasury
Stock |
| |
Additional
Paid-in- Capital |
| |
Retained
Earnings |
| |
Total Equity
|
| |||||||||||||||||||||
Balance at July 4, 2022
|
| | | | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19 | | | | | | 19 | | |
Share subscriptions
|
| | | | 2,404,747 | | | | | | — | | | | | | 52 | | | | | | — | | | | | | — | | | | | | — | | | | | | 52 | | |
Purchase of treasury stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | (330) | | | | | | — | | | | | | — | | | | | | (330) | | |
Capital contribution
|
| | | | 393,749,981 | | | | | | 21,280 | | | | | | 2,358 | | | | | | — | | | | | | 278 | | | | | | — | | | | | | 2,636 | | |
Balance at December 31, 2022
|
| | | | 396,154,728 | | | | | | 21,280 | | | | | $ | 2,410 | | | | | $ | (330) | | | | | $ | 278 | | | | | $ | 19 | | | | | $ | 2,377 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Operating activities | | | | | | | |
Net income
|
| | | $ | 19 | | |
Non-cash adjustments | | | | | | | |
Undistributed earnings of investments accounted for under the equity method (Note 3)
|
| | | | (21) | | |
Other expense
|
| | | | 35 | | |
Compensation and benefits recovery
|
| | | | (37) | | |
Unrealized carried interest compensation expense
|
| | | | 3 | | |
Working capital movements: | | | | | | | |
Due from affiliates (Note 7)
|
| | | | (782) | | |
Accounts payable
|
| | | | 781 | | |
| | | | | (2) | | |
Financing activities | | | | | | | |
Change in due to affiliates (Note 7)
|
| | | | 281 | | |
Share subscriptions
|
| | | | 52 | | |
Purchase of treasury shares
|
| | | | (330) | | |
| | | | | 3 | | |
Cash and cash equivalents | | | | | | | |
Change in cash and cash equivalents
|
| | | | 1 | | |
Balance, beginning of year
|
| | | | — | | |
Balance, end of year
|
| | | $ | 1 | | |
Supplemental cash flow disclosures
|
| | | | | | |
Settlement of due to affiliates (Note 7)
|
| | | $ | (278) | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Cash
|
| | | $ | 3,545 | | |
Investments
|
| | | | 6,877 | | |
Assets
|
| | | | 14,087 | | |
Liabilities
|
| | | | 2,670 | | |
Preferred shares redeemable non-controlling interest
|
| | | | 1,811 | | |
Equity
|
| | | | 9,606 | | |
FOR THE PERIOD ENDED DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Revenues
|
| | | $ | 174 | | |
Expenses
|
| | | | (61) | | |
Net income
|
| | | | 84 | | |
Net (income) attributable to redeemable non-controlling interest in consolidated funds
|
| | | | (6) | | |
Net (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (35) | | |
Net income attributable to common stockholders
|
| | | | 43 | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Investments
|
| | | $ | 2,378 | | |
Due from affiliates
|
| | | | 4 | | |
VIE related assets
|
| | | | 2,382 | | |
Accounts payable
|
| | | | 781 | | |
Due to affiliates
|
| | | | 3 | | |
Maximum exposure to loss
|
| | | $ | 3,166 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Canadian
|
| | | $ | 19 | | |
Foreign
|
| | | | — | | |
| | | | $ | 19 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Statutory income tax rate
|
| | | | 27% | | |
(Reduction) increase in rate resulting from: | | | | | | | |
Non taxable amounts
|
| | | | (27)% | | |
Effective income tax rate
|
| | | | —% | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| | | | | | |
Expenses arising from equity classified share-based awards
|
| | | $ | 5 | | |
Recovery arising from liability classified share-based awards
|
| | | | (45) | | |
| | | | $ | (40) | | |
| | |
Brookfield Asset
Management Ltd.(1) |
| |
Brookfield
Corporation(2) |
| ||||||||||||||||||
| | |
Number of
Options (000’s) |
| |
Weighted-
Average Exercise Price |
| |
Number of
Options (000’s) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
Outstanding as at July 4, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Transferred
|
| | | | — | | | | | | — | | | | | | 13,972 | | | | | | 23.77 | | |
Granted
|
| | | | 3,663 | | | | | | 22.39 | | | | | | 899 | | | | | | 46.62 | | |
Exercised
|
| | | | (24) | | | | | | 12.18 | | | | | | (309) | | | | | | 13.90 | | |
Cancelled
|
| | | | — | | | | | | — | | | | | | (9) | | | | | | 46.62 | | |
Outstanding as at December 31, 2022
|
| | | | 3,639 | | | | | $ | 22.45 | | | | | | 14,553 | | | | | $ | 25.38 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
|
| |
Unit
|
| | | | | | |
Weighted-average share price
|
| |
US$
|
| | | $ | 22.39 | | |
Average term to exercise
|
| |
Years
|
| | | | 7.4 | | |
Share price volatility(1)
|
| |
%
|
| | | | 22.2 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 1.8 | | |
Risk-free rate
|
| |
%
|
| | | | 2.1 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
|
| |
Unit
|
| | | | | | |
Weighted-average share price
|
| |
US$
|
| | | $ | 46.62 | | |
Average term to exercise
|
| |
Years
|
| | | | 7.5 | | |
Share price volatility(1)
|
| |
%
|
| | | | 24.8 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 1.4 | | |
Risk-free rate
|
| |
%
|
| | | | 1.9 | | |
| | |
Brookfield Asset
Management Ltd.(1) |
| |
Brookfield
Corporation(2) |
| ||||||||||||||||||
| | |
Number of
Options (000’s) |
| |
Weighted-
Average Exercise Price |
| |
Number of
Options (000’s) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
Outstanding as at July 4, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Transferred
|
| | | | — | | | | | | — | | | | | | 5 | | | | | | 42.62 | | |
Granted
|
| | | | 5,452 | | | | | | 29.64 | | | | | | 16,319 | | | | | | 34.84 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2022
|
| | | | 5,452 | | | | | $ | 29.64 | | | | | | 16,324 | | | | | $ | 34.84 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| |
Unit
|
| | | | | | |
Weighted-average share price
|
| |
US$
|
| | | $ | 29.64 | | |
Average term to exercise
|
| |
Years
|
| | | | 6.87 | | |
Share price volatility(1)
|
| |
%
|
| | | | 28.9 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 5.3 | | |
Risk-free rate
|
| |
%
|
| | | | 3.7 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS) |
| |
Unit
|
| | | | | | |
Weighted-average share price
|
| |
US$
|
| | | $ | 34.84 | | |
Average term to exercise
|
| |
Years
|
| | | | 7.1 | | |
Share price volatility(1)
|
| |
%
|
| | | | 27.0 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 1.0 | | |
Risk-free rate
|
| |
%
|
| | | | 4.0 | | |
| | |
Brookfield Corporation
|
| |||||||||||||||||||||
| | |
DSUs
|
| |
RSUs
|
| ||||||||||||||||||
| | |
Number of Units
Tracking to BAM Ltd. share price (000’s) |
| |
Number of Units
Tracking to BN share price (000’s) |
| |
Number of Units
(000’s) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
Outstanding as at July 4, 2022
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
Transferred
|
| | | | — | | | | | | 6,011 | | | | | | 5,488 | | | | | | 6.11 | | |
Granted and reinvested
|
| | | | 1,207 | | | | | | 56 | | | | | | — | | | | | | — | | |
Exercised and cancelled
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2022
|
| | | | 1,207 | | | | | | 6,067 | | | | | | 5,488 | | | | | $ | 6.11 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
(MILLIONS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) |
| |
Class A
Shares |
| |
Class B
Shares |
| ||||||
Numerator | | | | | | | | | | | | | |
Net income
|
| | | $ | 19 | | | | | $ | — | | |
Denominator | | | | | | | | | | | | | |
Weighted average of common stock outstanding – basic
|
| | | | 396,166,341 | | | | | | 21,280 | | |
Dilutive effect of potential common stock using treasury stock method
|
| | | | 4,730,425 | | | | | | — | | |
Weighted average of common stock outstanding – diluted
|
| | | | 400,896,766 | | | | | | 21,280 | | |
Net Income per Share | | | | | | | | | | | | | |
Earnings per share – basic
|
| | | $ | 0.05 | | | | | $ | 0.05 | | |
Earnings per share – diluted
|
| | | | 0.05 | | | | | | 0.05 | | |
FOR THE PERIOD JULY 4, 2022 TO DECEMBER 31, 2022
|
| | | | | | |
Management stock options of the Manager issued and allocated
|
| | | | 3,350,560 | | |
Escrow shares of the Manager issued and allocated
|
| | | | 819,365 | | |
Restricted shares of the Manager issued and allocated
|
| | | | 560,500 | | |
Total
|
| | | | 4,730,425 | | |
AS AT DECEMBER 31, 2022 (MILLIONS)
|
| | | | | | |
Due from Affiliates | | | | | | | |
Receivables from affiliates related to compensation
|
| | | $ | 782 | | |
Due to Affiliates | | | | | | | |
Borrowings on short-term credit facility
|
| | | | 3 | | |
AS AT DECEMBER 31
(MILLIONS, EXCEPT SHARE AMOUNTS) |
| |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents (Note 13)
|
| | | $ | 3,545 | | | | | $ | 2,494 | | |
Accounts receivable and other (Note 10)
|
| | | | 429 | | | | | | 224 | | |
Due from affiliates (Note 14)
|
| | | | 2,121 | | | | | | 6,732 | | |
Investments (Note 3)
|
| | | | 6,877 | | | | | | 13,564 | | |
Property, plant and equipment, net of accumulated depreciation
|
| | | | 68 | | | | | | 48 | | |
Intangible assets, net of accumulated amortization (Note 12)
|
| | | | 59 | | | | | | 64 | | |
Goodwill (Note 12)
|
| | | | 249 | | | | | | 249 | | |
Deferred income tax assets (Note 7)
|
| | | | 739 | | | | | | 2,268 | | |
Total assets
|
| | | $ | 14,087 | | | | | $ | 25,643 | | |
Liabilities | | | | | | | | | | | | | |
Accounts payable and other (Note 11)
|
| | | $ | 1,842 | | | | | $ | 1,872 | | |
Due to affiliates (Note 14)
|
| | | | 811 | | | | | | 8,207 | | |
Corporate borrowings (Note 15)
|
| | | | — | | | | | | 461 | | |
Deferred income tax liabilities (Note 7)
|
| | | | 17 | | | | | | 700 | | |
Total liabilities
|
| | | | 2,670 | | | | | | 11,240 | | |
Commitments and contingencies (Note 16) | | | | | | | | | | | | | |
Redeemable non-controlling interest in consolidated funds
|
| | | | — | | | | | | 4,532 | | |
Preferred shares redeemable non-controlling interest (Note 9)
|
| | | | 1,811 | | | | | | — | | |
Equity | | | | | | | | | | | | | |
Net parent investment
|
| | | | — | | | | | | 9,715 | | |
Common stock (Common shares – unlimited authorized, 1,635,327,858 issued and outstanding)
|
| | | | 9,271 | | | | | | — | | |
Retained earnings
|
| | | | 84 | | | | | | — | | |
Accumulated other comprehensive income
|
| | | | 153 | | | | | | 156 | | |
Total Common Equity
|
| | | | 9,508 | | | | | | 9,871 | | |
Non-controlling interest
|
| | | | 98 | | | | | | — | | |
Total Equity
|
| | | | 9,606 | | | | | | 9,871 | | |
Total liabilities, redeemable non-controlling interest, and common equity
|
| | | $ | 14,087 | | | | | $ | 25,643 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Management fee revenues (Note 6)
|
| | | | | | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 2,835 | | | | | $ | 2,266 | | | | | $ | 1,892 | | |
Performance fees
|
| | | | — | | | | | | 157 | | | | | | — | | |
Total management fee revenues
|
| | | | 2,835 | | | | | | 2,423 | | | | | | 1,892 | | |
Investment income
|
| | | | | | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | | | | | | | |
Realized
|
| | | | 241 | | | | | | 49 | | | | | | 32 | | |
Unrealized
|
| | | | 249 | | | | | | 299 | | | | | | (97) | | |
Total investment income
|
| | | | 490 | | | | | | 348 | | | | | | (65) | | |
Interest and dividend revenue
|
| | | | 258 | | | | | | 293 | | | | | | 287 | | |
Other revenues, net
|
| | | | 44 | | | | | | 23 | | | | | | 40 | | |
Total revenues
|
| | | | 3,627 | | | | | | 3,087 | | | | | | 2,154 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses Compensation and benefits
|
| | | | (700) | | | | | | (703) | | | | | | (519) | | |
Other operating expenses
|
| | | | (236) | | | | | | (185) | | | | | | (157) | | |
General and administrative
|
| | | | (81) | | | | | | (132) | | | | | | (114) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (1,017) | | | | | | (1,020) | | | | | | (790) | | |
Carried interest compensation
|
| | | | | | | | | | | | | | | | | | |
Realized
|
| | | | (61) | | | | | | (74) | | | | | | (55) | | |
Unrealized
|
| | | | (139) | | | | | | (137) | | | | | | (65) | | |
Total carried interest compensation
|
| | | | (200) | | | | | | (211) | | | | | | (120) | | |
Interest expense paid to related parties
|
| | | | (154) | | | | | | (171) | | | | | | (257) | | |
Total expenses
|
| | | | (1,371) | | | | | | (1,402) | | | | | | (1,167) | | |
Other (expenses) income, net
|
| | | | 1,090 | | | | | | 1,504 | | | | | | (226) | | |
Share of income from equity method investments
|
| | | | 146 | | | | | | 161 | | | | | | 38 | | |
Income before taxes
|
| | | | 3,492 | | | | | | 3,350 | | | | | | 799 | | |
Income tax expense (Note 7)
|
| | | | (627) | | | | | | (504) | | | | | | (226) | | |
Net income
|
| | | $ | 2,865 | | | | | $ | 2,846 | | | | | $ | 573 | | |
Net (income) attributable to redeemable non-controlling interest in consolidated funds
|
| | | $ | (909) | | | | | $ | (977) | | | | | $ | (175) | | |
Net (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | — | | |
Net (income) attributable to non-controlling interest
|
| | | | (6) | | | | | | — | | | | | | — | | |
Net income attributable to common stockholders
|
| | | $ | 1,915 | | | | | $ | 1,869 | | | | | $ | 398 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Net income
|
| | | $ | 2,865 | | | | | $ | 2,846 | | | | | $ | 573 | | |
Currency translation
|
| | | | (32) | | | | | | (5) | | | | | | (11) | | |
Comprehensive income
|
| | | | 2,833 | | | | | | 2,841 | | | | | | 562 | | |
Comprehensive (income) attributable to redeemable non-controlling interest
|
| | | | (909) | | | | | | (978) | | | | | | (174) | | |
Comprehensive (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | — | | |
Comprehensive (income) attributable to non-controlling interest
|
| | | | (6) | | | | | | — | | | | | | — | | |
Comprehensive income attributable to common shareholders
|
| | | $ | 1,883 | | | | | $ | 1,863 | | | | | $ | 388 | | |
| | |
Common Equity
|
| |
Non-
controlling interest |
| |
Total Equity
|
| |
Redeemable
non-controlling interests |
| ||||||||||||||||||||||||||||||||||||||||||
(MILLIONS)
|
| |
Net Parent
Investment |
| |
Common
Shares |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Accumulated
other comprehensive income |
| |
Total
Common Equity |
| ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
| | | $ | 9,162 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 175 | | | | | $ | 9,337 | | | | | $ | — | | | | | $ | 9,337 | | | | | $ | 2,117 | | |
Correction of immaterial errors
|
| | | | 40 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | 40 | | | | | | — | | |
Net income
|
| | | | 398 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 398 | | | | | | — | | | | | | 398 | | | | | | 175 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11) | | | | | | (11) | | | | | | — | | | | | | (11) | | | | | | (1) | | |
Contributions
|
| | | | 1,238 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,238 | | | | | | — | | | | | | 1,238 | | | | | | 630 | | |
Distributions
|
| | | | (1,839) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2) | | | | | | (1,841) | | | | | | — | | | | | | (1,841) | | | | | | (77) | | |
Balance at December 31, 2020
|
| | | | 8,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | 162 | | | | | | 9,161 | | | | | | — | | | | | | 9,161 | | | | | | 2,844 | | |
Net income
|
| | | | 1,869 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,869 | | | | | | — | | | | | | 1,869 | | | | | | 977 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6) | | | | | | (6) | | | | | | — | | | | | | (6) | | | | | | 1 | | |
Contributions
|
| | | | 2,194 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,194 | | | | | | — | | | | | | 2,194 | | | | | | 1,315 | | |
Distributions
|
| | | | (3,347) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,347) | | | | | | — | | | | | | (3,347) | | | | | | (605) | | |
Balance at December 31, 2021
|
| | | | 9,715 | | | | | | — | | | | | | — | | | | | | — | | | | | | 156 | | | | | | 9,871 | | | | | | — | | | | | | 9,871 | | | | | | 4,532 | | |
Net income
|
| | | | 1,831 | | | | | | — | | | | | | — | | | | | | 84 | | | | | | — | | | | | | 1,915 | | | | | | 6 | | | | | | 1,921 | | | | | | 944 | | |
Currency translation
|
| | | | (29) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | | | | | (32) | | | | | | — | | | | | | (32) | | | | | | — | | |
Contributions
|
| | | | 3,897 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,897 | | | | | | 92 | | | | | | 3,989 | | | | | | — | | |
Distributions
|
| | | | (6,143) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,143) | | | | | | — | | | | | | (6,143) | | | | | | (5,476) | | |
Transfer of interest
|
| | | | (9,271) | | | | | | 9,271 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at December 31, 2022
|
| | | $ | — | | | | | $ | 9,271 | | | | | $ | — | | | | | $ | 84 | | | | | $ | 153 | | | | | $ | 9,508 | | | | | $ | 98 | | | | | $ | 9,606 | | | | | $ | — | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Operating activities | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 2,865 | | | | | $ | 2,846 | | | | | $ | 573 | | |
Other income, net
|
| | | | (1,090) | | | | | | (1,504) | | | | | | 226 | | |
Share of (income) loss from investments accounted for under the equity method
|
| | | | 22 | | | | | | (37) | | | | | | 87 | | |
Depreciation and amortization
|
| | | | 13 | | | | | | 11 | | | | | | 7 | | |
Deferred income taxes
|
| | | | 336 | | | | | | 316 | | | | | | 49 | | |
Stock based equity awards
|
| | | | (48) | | | | | | 199 | | | | | | 99 | | |
Unrealized carried interest allocation, net
|
| | | | (110) | | | | | | (162) | | | | | | 162 | | |
Net change in working capital balances
|
| | | | (3,020) | | | | | | (246) | | | | | | 102 | | |
Other non-cash operating items
|
| | | | 658 | | | | | | 20 | | | | | | 481 | | |
| | | | | (374) | | | | | | 1,443 | | | | | | 1,786 | | |
Investing activities | | | | | | | | | | | | | | | | | | | |
Acquisitions
|
| | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | (13) | | | | | | (35) | | | | | | (20) | | |
Equity accounted investments
|
| | | | (279) | | | | | | (23) | | | | | | (25) | | |
Financial assets and other
|
| | | | (84) | | | | | | (1,528) | | | | | | (784) | | |
Dispositions of investments and other
|
| | | | 2,082 | | | | | | 725 | | | | | | 70 | | |
| | | | | 1,706 | | | | | | (861) | | | | | | (759) | | |
Financing activities | | | | | | | | | | | | | | | |||||
Corporate borrowings
|
| | | | (1,612) | | | | | | 461 | | | | | | — | | |
Issuance of related party loans
|
| | | | 461 | | | | | | 892 | | | | | | 136 | | |
Repayment of related party loans
|
| | | | (324) | | | | | | (907) | | | | | | (60) | | |
Issuance of non-operating loans to affiliates
|
| | | | 35 | | | | | | — | | | | | | — | | |
Contributions from parent
|
| | | | 5,155 | | | | | | 52 | | | | | | 65 | | |
Contributions from redeemable non-controlling interest
|
| | | | 517 | | | | | | 736 | | | | | | 551 | | |
Distributions to parent
|
| | | | (3,184) | | | | | | (1,395) | | | | | | (1,264) | | |
Distributions to redeemable non-controlling interest
|
| | | | (1,328) | | | | | | (26) | | | | | | (4) | | |
| | | | | (280) | | | | | | (187) | | | | | | (576) | | |
Cash and cash equivalents | | | | | | | | | | | | | | | |||||
Change in cash and cash equivalents
|
| | | | 1,052 | | | | | | 395 | | | | | | 451 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | (1) | | | | | | (2) | | | | | | 4 | | |
Balance, beginning of year
|
| | | | 2,494 | | | | | | 2,101 | | | | | | 1,646 | | |
Balance, end of year
|
| | | $ | 3,545 | | | | | $ | 2,494 | | | | | $ | 2,101 | | |
Supplemental cash flow disclosures | | | | | | | | | | | | | | | | | | | |
Net change in working capital balances
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable and other
|
| | | $ | (205) | | | | | $ | 68 | | | | | $ | 446 | | |
Accounts payable and other
|
| | | | (30) | | | | | | 216 | | | | | | (189) | | |
Due from affiliates
|
| | | | 4,611 | | | | | | (294) | | | | | | (1,529) | | |
Due to affiliates
|
| | | | (7,396) | | | | | | (236) | | | | | | 1,374 | | |
Income taxes paid
|
| | | | 291 | | | | | | 188 | | | | | | 177 | | |
Interest paid
|
| | | | 37 | | | | | | 171 | | | | | | 257 | | |
(MILLIONS)
|
| | | ||||||||||||||||
|
As previously
reported |
| |
Adjustment
|
| |
As revised
|
| |||||||||||
Investments
|
| | | $ | 13,650 | | | | | $ | (86) | | | | | $ | 13,564 | | |
Total Assets
|
| | | | 25,729 | | | | | | (86) | | | | | | 25,643 | | |
(MILLIONS)
|
| | | ||||||||||||||||
|
As previously
reported |
| |
Adjustment
|
| |
As revised
|
| |||||||||||
Accounts payable and other
|
| | | $ | 2,032 | | | | | $ | (160) | | | | | $ | 1,872 | | |
Total Liabilities
|
| | | | 11,400 | | | | | | (160) | | | | | | 11,240 | | |
Common equity
|
| | | | 9,797 | | | | | | 74 | | | | | | 9,871 | | |
Total Liabilities, Redeemable non-controlling interest and Common equity
|
| | | $ | 25,729 | | | | | $ | (86) | | | | | $ | 25,643 | | |
(MILLIONS)
|
| |
Year ended December 31, 2020
|
| |
Year ended December 31, 2021
|
| ||||||||||||||||||||||||||||||
|
As previously
reported |
| |
Adjustment
|
| |
As revised
|
| |
As previously
reported |
| |
Adjustment
|
| |
As revised
|
| ||||||||||||||||||||
Other income and expenses
|
| | | $ | (242) | | | | | $ | 16 | | | | | $ | (226) | | | | | $ | 1,486 | | | | | $ | 18 | | | | | $ | 1,504 | | |
Income before provision for taxes
|
| | | | 783 | | | | | | 16 | | | | | | 799 | | | | | | 3,332 | | | | | | 18 | | | | | | 3,350 | | |
Net income
|
| | | | 557 | | | | | | 16 | | | | | | 573 | | | | | | 2,828 | | | | | | 18 | | | | | | 2,846 | | |
Net Income attributable to Manager
|
| | | $ | 382 | | | | | $ | 16 | | | | | $ | 398 | | | | | $ | 1,851 | | | | | $ | 18 | | | | | $ | 1,869 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Common shares(a)
|
| | | $ | 75 | | | | | $ | 1,323 | | |
Investments in affiliates(b)
|
| | | | 1,309 | | | | | | 6,204 | | |
Preferred shares(c)
|
| | | | — | | | | | | 1,557 | | |
Accrued carried interest(d)
|
| | | | 1,271 | | | | | | 676 | | |
Equity accounted investments(e) | | | | | | | | | | | | | |
Equity interest in Oaktree
|
| | | | 3,940 | | | | | | 3,790 | | |
Equity interest in other affiliates
|
| | | | 282 | | | | | | 14 | | |
Total equity accounted investments
|
| | | | 4,222 | | | | | | 3,804 | | |
| | | | $ | 6,877 | | | | | $ | 13,564 | | |
(MILLIONS)
|
| |
2022
|
| |||
Balance, beginning of year
|
| | | $ | 676 | | |
Changes in fund fair values
|
| | | | 386 | | |
Impact of BSREP III deconsolidation
|
| | | | 338 | | |
Realized carried interest
|
| | | | (129) | | |
Balance, end of year
|
| | | $ | 1,271 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Investments
|
| | | $ | 40,019 | | | | | $ | 25,022 | | |
Assets
|
| | | | 44,908 | | | | | | 27,177 | | |
Liabilities
|
| | | | 21,256 | | | | | | 13,223 | | |
Capital
|
| | | | 23,168 | | | | | | 11,566 | | |
Non-controlling interest
|
| | | $ | 483 | | | | | $ | 2,182 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenues
|
| | | $ | 3,462 | | | | | $ | 4,916 | | | | | $ | 1,397 | | |
Expense
|
| | | | (3,559) | | | | | | (1,650) | | | | | | (1,100) | | |
Net income
|
| | | | (97) | | | | | | 3,266 | | | | | | 297 | | |
Net income attributable to non-controlling interest
|
| | | $ | 186 | | | | | $ | 403 | | | | | $ | 44 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Investments
|
| | | $ | 18 | | | | | $ | 14 | | |
Due from affiliates
|
| | | | 22 | | | | | | 2 | | |
VIE related assets
|
| | | | 40 | | | | | | 16 | | |
Maximum exposure to loss
|
| | | $ | 40 | | | | | $ | 16 | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,545 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,545 | | |
Investments (Note 3) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| | | | — | | | | | | — | | | | | | 75 | | | | | | 75 | | |
Total investments
|
| | | | — | | | | | | — | | | | | | 75 | | | | | | 75 | | |
Total Assets
|
| | | | 3,545 | | | | | | — | | | | | | 75 | | | | | | 3,620 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other
|
| | | | — | | | | | | — | | | | | | 190 | | | | | | 190 | | |
Total Liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
AS AT DECEMBER 31, 2021
(MILLIONS) |
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,494 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,494 | | |
Investments (Note 3) | | | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| | | | 91 | | | | | | 670 | | | | | | 562 | | | | | | 1,323 | | |
Investments in affiliates
|
| | | | — | | | | | | — | | | | | | 6,204 | | | | | | 6,204 | | |
Preferred shares
|
| | | | — | | | | | | — | | | | | | 1,557 | | | | | | 1,557 | | |
Total investments
|
| | | | 91 | | | | | | 670 | | | | | | 8,323 | | | | | | 9,084 | | |
Loans to related parties (Note 13)
|
| | | | — | | | | | | — | | | | | | 545 | | | | | | 545 | | |
Total Assets
|
| | | | 2,585 | | | | | | 670 | | | | | | 8,868 | | | | | | 12,123 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | — | | | | | $ | — | | | | | $ | 69 | | | | | $ | 69 | | |
Borrowings from related parties (Note 13)
|
| | | | — | | | | | | — | | | | | | 4,102 | | | | | | 4,102 | | |
Total Liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,171 | | | | | $ | 4,171 | | |
AS AT DECEMBER 31, 2022
|
| |
Fair
Value |
| |
Valuation
Techniques |
| |
Unobservable
Inputs |
| |
Ranges
|
| |
Weighted-
Average(a) |
| |
Impact to
valuation from an increase in input |
|
Common shares
|
| |
$75
|
| |
See note(b)
|
| |
N/A
|
| |
N/A
|
| |
N/A
|
| |
N/A
|
|
Accounts payable and other
|
| |
190
|
| |
See note(c)
|
| |
N/A
|
| |
N/A
|
| |
N/A
|
| |
N/A
|
|
AS AT DECEMBER 31, 2021
|
| |
Fair
Value |
| |
Valuation Techniques
|
| |
Unobservable Inputs
|
| |
Ranges
|
| |
Weighted-
Average(a) |
| |
Impact to
valuation from an increase in input |
| |||
Common shares
|
| | | $ | 562 | | | | See note(b) | | | N/A | | |
N/A
|
| |
N/A
|
| |
N/A
|
|
Investment in affiliates
|
| | | | 6,204 | | | | Discounted cash flows | | | Discount rate | | |
7.0% – 22%
|
| |
8.4%
|
| |
Lower
|
|
| | | | | | | | |
Direct capitalization method
|
| |
Capitalization rate
|
| |
4.3% – 21%
|
| |
5.5%
|
| |
Lower
|
|
Preferred shares
|
| | | | 1,557 | | | | Discounted cash flows | | | Discount rate | | |
4.5% – 6.0%
|
| |
5.6%
|
| |
Lower
|
|
Loans to related parties
|
| | | | 545 | | | | Discounted cash flows | | | Discount rate | | |
2.5% – 6.5%
|
| |
4.2%
|
| |
Lower
|
|
Accounts payable and other
|
| | | | 69 | | | | See note(c) | | | N/A | | |
N/A
|
| |
N/A
|
| |
N/A
|
|
Borrowings from related parties
|
| | | | 4,102 | | | | Discounted cash flows | | | Discount rate | | |
4.9% – 6.0%
|
| |
5.8%
|
| |
Lower
|
|
FOR THE YEAR ENDED DECEMBER 31, 2022
(MILLIONS) |
| |
Common
shares |
| |
Investment
in affiliates |
| |
Preferred
shares |
| |
Loans to
related parties |
| |
Borrowings
from parties |
| |
Accounts
Payable and other |
| ||||||||||||||||||
Balance, beginning of period
|
| | | $ | 562 | | | | | $ | 6,204 | | | | | $ | 1,557 | | | | | $ | 545 | | | | | $ | 4,102 | | | | | $ | 69 | | |
Net purchases (redemptions)
|
| | | | (487) | | | | | | (7,122) | | | | | | (1,557) | | | | | | (540) | | | | | | (4,102) | | | | | | 121 | | |
Gains (losses) included in earnings
|
| | | | — | | | | | | 918 | | | | | | — | | | | | | (5) | | | | | | — | | | | | | — | | |
Balance, end of period
|
| | | $ | 75 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 190 | | |
FOR THE YEAR ENDED DECEMBER 31, 2021
(MILLIONS) |
| |
Common
shares |
| |
Investment
in affiliates |
| |
Preferred
shares |
| |
Loans to
related parties |
| |
Borrowings
from parties |
| |
Accounts
Payable and other |
| ||||||||||||||||||
Balance, beginning of period
|
| | | $ | — | | | | | $ | 3,780 | | | | | $ | 725 | | | | | $ | 1,807 | | | | | $ | 4,781 | | | | | $ | 35 | | |
Transfer into Level III(a)
|
| | | | 562 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Net purchases (redemptions)
|
| | | | — | | | | | | 1,475 | | | | | | 832 | | | | | | (1,262) | | | | | | (679) | | | | | | 34 | | |
Gains included in earnings
|
| | | | — | | | | | | 949 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Balance, end of period
|
| | | $ | 562 | | | | | $ | 6,204 | | | | | $ | 1,557 | | | | | $ | 545 | | | | | $ | 4,102 | | | | | $ | 69 | | |
FOR THE YEAR ENDED DECEMBER 31, 2022
(MILLIONS) |
| |
Renewable
Power and Transition |
| |
Infrastructure
|
| |
Private
Equity |
| |
Real Estate
|
| |
Credit and
Other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 455 | | | | | $ | 737 | | | | | $ | 218 | | | | | $ | 800 | | | | | $ | 290 | | | | | $ | 2,500 | | |
Incentive distributions
|
| | | | 95 | | | | | | 240 | | | | | | — | | | | | | — | | | | | | — | | | | | | 335 | | |
| | | | $ | 550 | | | | | $ | 977 | | | | | $ | 218 | | | | | $ | 800 | | | | | $ | 290 | | | | | $ | 2,835 | | |
FOR THE YEAR ENDED DECEMBER 31, 2021
(MILLIONS) |
| |
Renewable
Power and Transition |
| |
Infrastructure
|
| |
Private
Equity |
| |
Real Estate
|
| |
Credit and
Other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 388 | | | | | $ | 584 | | | | | $ | 175 | | | | | $ | 569 | | | | | $ | 235 | | | | | $ | 1,951 | | |
Incentive distributions
|
| | | | 80 | | | | | | 206 | | | | | | — | | | | | | 29 | | | | | | — | | | | | | 315 | | |
Performance fees
|
| | | | — | | | | | | — | | | | | | 157 | | | | | | — | | | | | | — | | | | | | 157 | | |
| | | | $ | 468 | | | | | $ | 790 | | | | | $ | 332 | | | | | $ | 598 | | | | | $ | 235 | | | | | $ | 2,423 | | |
FOR THE YEAR ENDED DECEMBER 31, 2020
(MILLIONS) |
| |
Renewable
Power and Transition |
| |
Infrastructure
|
| |
Private
Equity |
| |
Real Estate
|
| |
Credit and
Other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 250 | | | | | $ | 615 | | | | | $ | 182 | | | | | $ | 348 | | | | | $ | 191 | | | | | $ | 1,586 | | |
Incentive distributions
|
| | | | 65 | | | | | | 183 | | | | | | — | | | | | | 58 | | | | | | — | | | | | | 306 | | |
| | | | $ | 315 | | | | | $ | 798 | | | | | $ | 182 | | | | | $ | 406 | | | | | $ | 191 | | | | | $ | 1,892 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Canadian
|
| | | $ | 752 | | | | | $ | 1,360 | | | | | $ | 601 | | |
Foreign
|
| | | | 2,740 | | | | | | 1,990 | | | | | | 198 | | |
| | | | $ | 3,492 | | | | | $ | 3,350 | | | | | $ | 799 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Current | | | | | | | | | | | | | | | | | | | |
Canadian
|
| | | $ | 174 | | | | | $ | 125 | | | | | $ | 132 | | |
Foreign
|
| | | | 117 | | | | | | 63 | | | | | | 45 | | |
Total provision for current tax
|
| | | | 291 | | | | | | 188 | | | | | | 177 | | |
Deferred | | | | | | | | | | | | | | | | | | | |
Canadian
|
| | | | 29 | | | | | | 79 | | | | | | (41) | | |
Foreign
|
| | | | 307 | | | | | | 237 | | | | | | 90 | | |
Total provision for deferred tax
|
| | | | 336 | | | | | | 316 | | | | | | 49 | | |
| | | | $ | 627 | | | | | $ | 504 | | | | | $ | 226 | | |
FOR THE YEARS ENDED DECEMBER 31
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Statutory income tax rate
|
| | | | 27% | | | | | | 27% | | | | | | 27% | | |
(Reduction) increase in rate resulting from: | | | | | | | | | | | | | | | | | | | |
Incentive distributions
|
| | | | (3)% | | | | | | (3)% | | | | | | (9)% | | |
International operations subject to different tax rates
|
| | | | —% | | | | | | —% | | | | | | 1% | | |
Taxable income attributable to non-controlling interests
|
| | | | (7)% | | | | | | (8)% | | | | | | (6)% | | |
Portion of gains subject to different tax rates
|
| | | | —% | | | | | | (1)% | | | | | | 13% | | |
Other
|
| | | | 1% | | | | | | —% | | | | | | 2% | | |
Effective income tax rate
|
| | | | 18% | | | | | | 15% | | | | | | 28% | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Losses (Canada)
|
| | | $ | 24 | | | | | $ | 43 | | |
Losses (Foreign)
|
| | | | 1,023 | | | | | | 1,872 | | |
Investment basis differences/net unrealized gains and losses
|
| | | | (308) | | | | | | 353 | | |
Deferred income tax assets
|
| | | $ | 739 | | | | | $ | 2,268 | | |
Liabilities | | | | | | | | | | | | | |
Investment basis differences/net unrealized gains and losses
|
| | | | 17 | | | | | | 700 | | |
Deferred income tax liabilities
|
| | | $ | 17 | | | | | $ | 700 | | |
FOR THE YEARS ENDED DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Expenses arising from equity-settled share-based awards
|
| | | $ | 132 | | | | | $ | 53 | | | | | $ | 39 | | |
(Recovery)/Expense arising from cash-settled share-based awards
|
| | | | (195) | | | | | | 98 | | | | | | 12 | | |
| | | | $ | (63) | | | | | $ | 151 | | | | | $ | 51 | | |
| | |
Brookfield Asset
Management Ltd. |
| |
Brookfield
Corporation |
| ||||||||||||||||||
| | |
Number of
Options (000’s) |
| |
Weighted-
Average Exercise Price |
| |
Number of
Options (000’s) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
Outstanding as at January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 17,499 | | | | | $ | 23.66 | | |
Transferred
|
| | | | — | | | | | | — | | | | | | 3,588 | | | | | | 15.58 | | |
Granted
|
| | | | 5,644 | | | | | | 22.90 | | | | | | 2,562 | | | | | | 46.62 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | (1,701) | | | | | | 15.19 | | |
Cancelled
|
| | | | (13) | | | | | | 35.55 | | | | | | (120) | | | | | | 38.09 | | |
Outstanding as at December 31, 2022
|
| | | | 5,631 | | | | | $ | 22.87 | | | | | | 21,828 | | | | | $ | 25.61 | | |
| | |
Brookfield Corporation
|
| |||||||||
| | |
Number of
Options
(000’s)
|
| |
Weighted-Average
Exercise Price
|
| ||||||
Outstanding as at January 1, 2021
|
| | | | 17,907 | | | | | $ | 21.33 | | |
Granted
|
| | | | 1,867 | | | | | | 35.56 | | |
Exercised
|
| | | | (2,275) | | | | | | 15.08 | | |
Outstanding as at December 31, 2021
|
| | | | 17,499 | | | | | $ | 23.66 | | |
| | |
Brookfield Corporation
|
| ||||||||||||
AS AT AND FOR THE YEARS ENDED DECEMBER 31
|
| |
Unit
|
| |
2022
|
| |
2021
|
| ||||||
Weighted-average share price
|
| |
US$
|
| | | $ | 46.62 | | | | | $ | 35.56 | | |
Average term to exercise
|
| |
Years
|
| | | | 7.5 | | | | | | 7.5 | | |
Share price volatility(1)
|
| |
%
|
| | | | 24.8 | | | | | | 24.4 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | | | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 1.4 | | | | | | 1.7 | | |
Risk-free rate
|
| |
%
|
| | | | 1.9 | | | | | | 1.0 | | |
| | |
Brookfield Asset
Management Ltd. |
| ||||||
AS AT AND FOR THE YEARS ENDED DECEMBER 31
|
| |
Unit
|
| |
2022
|
| |||
Weighted-average share price
|
| |
US$
|
| | | $ | 22.90 | | |
Average term to exercise
|
| |
Years
|
| | | | 7.4 | | |
Share price volatility(1)
|
| |
%
|
| | | | 22.2 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 1.8 | | |
Risk-free rate
|
| |
%
|
| | | | 2.1 | | |
| | |
Brookfield Asset Management Ltd.
|
| |
Brookfield Corporation
|
| ||||||||||||||||||
| | |
Number of
Units (000’s) |
| |
Weighted-
Average Exercise Price |
| |
Number of
Units (000’s) |
| |
Weighted-
Average Exercise Price |
| ||||||||||||
Outstanding as at January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 10,361 | | | | | $ | 25.29 | | |
Transferred
|
| | | | — | | | | | | — | | | | | | 318 | | | | | | 46.22 | | |
Granted
|
| | | | 2,361 | | | | | | 29.64 | | | | | | 10,755 | | | | | | 36.28 | | |
Exercised
|
| | | | — | | | | | | — | | | | | | (11,293) | | | | | | 29.10 | | |
Outstanding as at December 31, 2022
|
| | | | 2,361 | | | | | $ | 29.64 | | | | | | 10,141 | | | | | $ | 35.23 | | |
| | |
Brookfield Corporation
|
| |||||||||
| | |
Number of
Units (000’s) |
| |
Weighted-
Average Exercise Price |
| ||||||
Outstanding as at January 1, 2021
|
| | | | 9,489 | | | | | $ | 23.56 | | |
Granted
|
| | | | 1,209 | | | | | | 35.65 | | |
Exercised
|
| | | | (337) | | | | | | 13.76 | | |
Outstanding as at December 31, 2021
|
| | | | 10,361 | | | | | $ | 25.29 | | |
FOR THE YEARS ENDED DECEMBER 31
|
| |
Brookfield Corporation
|
| ||||||||||||
|
Unit
|
| |
2022
|
| |
2021
|
| ||||||||
Weighted-average share price
|
| |
US$
|
| | | $ | 36.28 | | | | | $ | 35.64 | | |
Average term to exercise
|
| |
Years
|
| | | | 7.20 | | | | | | 7.50 | | |
Share price volatility(1)
|
| |
%
|
| | | | 26.7 | | | | | | 24.4 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | | | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 1.0 | | | | | | 1.6 | | |
Risk-free rate
|
| |
%
|
| | | | 3.7 | | | | | | 1.0 | | |
AS AT AND FOR THE YEARS ENDED DECEMBER 31
|
| |
Brookfield Asset
Management Ltd. |
| ||||||
|
Unit
|
| |
2022
|
| |||||
Weighted-average share price
|
| |
US$
|
| | | $ | 29.64 | | |
Average term to exercise
|
| |
Years
|
| | | | 6.87 | | |
Share price volatility(1)
|
| |
%
|
| | | | 28.9 | | |
Liquidity discount
|
| |
%
|
| | | | 25.0 | | |
Weighted-average annual dividend yield
|
| |
%
|
| | | | 5.3 | | |
Risk-free rate
|
| |
%
|
| | | | 3.7 | | |
| | |
Brookfield Corporation
|
| |||||||||||||||||||||
| | |
DSUs
|
| |
RSUs
|
| ||||||||||||||||||
| | |
Number of Units
BAM Ltd. Tracking (000’s) |
| |
Number of Units
BN Tracking (000’s) |
| |
Number of Units
(000’s) |
| |
Weighted-
Average Exercise
Price
|
| ||||||||||||
Outstanding as January 1, 2022
|
| | | | — | | | | | | 3,397 | | | | | | 823 | | | | | $ | 3.92 | | |
Transferred
|
| | | | — | | | | | | 225 | | | | | | — | | | | | | — | | |
Granted and reinvested
|
| | | | 915 | | | | | | 234 | | | | | | — | | | | | | — | | |
Exercised and cancelled
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2022
|
| | | | 915 | | | | | | 3,856 | | | | | | 823 | | | | | $ | 3.92 | | |
| | |
Brookfield Corporation
|
| |||||||||||||||
| | |
DSUs
|
| |
RSUs
|
| ||||||||||||
| | |
Number of
Units (000’s) |
| |
Number of
Units (000’s) |
| |
Weighted-
Average
Exercise
Price |
| |||||||||
Outstanding as at January 1, 2021
|
| | | | 4,893 | | | | | | 823 | | | | | $ | 3.92 | | |
Granted
|
| | | | 90 | | | | | | — | | | | | | — | | |
Exercised
|
| | | | (1,586) | | | | | | — | | | | | | — | | |
Outstanding as at December 31, 2021
|
| | | | 3,397 | | | | | | 823 | | | | | $ | 3.92 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Balance at the beginning of the year
|
| | | $ | — | | | | | $ | — | | |
Issuance of preferred shares
|
| | | | 1,776 | | | | | | — | | |
Change in redemption price of preferred shares
|
| | | | 35 | | | | | | — | | |
Balance at the end of the year
|
| | | $ | 1,811 | | | | | $ | — | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Accounts receivable
|
| | | $ | 245 | | | | | $ | 26 | | |
Prepaid expenses
|
| | | | 61 | | | | | | 40 | | |
Other assets
|
| | | | 123 | | | | | | 158 | | |
| | | | $ | 429 | | | | | $ | 224 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Accounts payable
|
| | | $ | 376 | | | | | $ | 561 | | |
Accrued liabilities
|
| | | | 991 | | | | | | 1,077 | | |
Other liabilities
|
| | | | 475 | | | | | | 234 | | |
| | | | $ | 1,842 | | | | | $ | 1,872 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Contractual customer relationships(1)
|
| | | $ | 82 | | | | | $ | 82 | | |
Accumulated amortization
|
| | | | (23) | | | | | | (18) | | |
| | | | $ | 59 | | | | | $ | 64 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Balance, beginning of year
|
| | | $ | 64 | | | | | $ | 71 | | | | | $ | 123 | | |
Amortization
|
| | | | (5) | | | | | | (2) | | | | | | (6) | | |
Impairment and other
|
| | | | — | | | | | | (5) | | | | | | (46) | | |
Balance, end of year
|
| | | $ | 59 | | | | | $ | 64 | | | | | $ | 71 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Cash and bank balances
|
| | | $ | 272 | | | | | $ | 2,482 | | |
Cash equivalents
|
| | | | 3,273 | | | | | | 12 | | |
| | | | $ | 3,545 | | | | | $ | 2,494 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2022
|
| |
2021
|
| ||||||
Due from Affiliates | | | | | | | | | | | | | |
Loans to related parties – operating
|
| | | $ | 1,859 | | | | | $ | 6,187 | | |
Receivables from affiliates related to share based compensation
|
| | | | 173 | | | | | | — | | |
Loans to related parties
|
| | | | 89 | | | | | | 545 | | |
| | | | | 2,121 | | | | | | 6,732 | | |
Due to Affiliates | | | | | | | | | | | | | |
Operating payables due to related parties
|
| | | | 811 | | | | | | 4,105 | | |
Payables to affiliates related to share based compensation
|
| | | | — | | | | | | — | | |
Borrowings from related parties
|
| | | | — | | | | | | 4,102 | | |
| | | | $ | 811 | | | | | $ | 8,207 | | |
AS AT DECEMBER 31
(THOUSANDS) |
| |
2022
|
| |
2021
(unaudited) |
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash-equivalents
|
| | | $ | 436,342 | | | | | $ | 203,089 | | |
U.S. Treasury and other securities
|
| | | | 319,004 | | | | | | 281,611 | | |
Corporate investments (includes $43,276 and $84,420 measured at fair value
as of December 31, 2022 and 2021, respectively) |
| | | | 1,634,721 | | | | | | 1,252,228 | | |
Due from affiliates
|
| | | | 161,904 | | | | | | 83,125 | | |
Deferred tax assets
|
| | | | 3,528 | | | | | | 3,548 | | |
Other assets
|
| | | | 601,710 | | | | | | 553,169 | | |
Right-of-use assets
|
| | | | 75,913 | | | | | | 85,684 | | |
Assets of consolidated funds:
|
| | | | | | | | | | | | |
Cash and cash-equivalents
|
| | | | 456,921 | | | | | | 490,008 | | |
Investments, at fair value
|
| | | | 9,934,610 | | | | | | 11,514,222 | | |
Dividends and interest receivable
|
| | | | 56,569 | | | | | | 36,607 | | |
Receivable for securities sold
|
| | | | 54,284 | | | | | | 223,439 | | |
Derivative assets, at fair value
|
| | | | 384 | | | | | | 663 | | |
Other assets, net
|
| | | | 5,164 | | | | | | 5,362 | | |
Total assets
|
| | | $ | 13,741,054 | | | | | $ | 14,732,755 | | |
Liabilities and Unitholders’ Capital | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | |
Accrued compensation expense
|
| | | $ | 1,206,291 | | | | | $ | 1,097,288 | | |
Accounts payable, accrued expenses and other liabilities
|
| | | | 193,134 | | | | | | 167,103 | | |
Due to affiliates
|
| | | | 18,886 | | | | | | 72,836 | | |
Debt obligations (Note 10)
|
| | | | 1,043,534 | | | | | | 899,470 | | |
Operating lease liabilities
|
| | | | 98,021 | | | | | | 110,739 | | |
Liabilities of consolidated funds:
|
| | | | | | | | | | | | |
Accounts payable, accrued expenses and other liabilities
|
| | | | 98,175 | | | | | | 46,966 | | |
Payables for securities purchased
|
| | | | 402,253 | | | | | | 953,216 | | |
Derivative liabilities, at fair value
|
| | | | 1,542 | | | | | | 38 | | |
Distributions payable
|
| | | | — | | | | | | 25,807 | | |
Debt obligations of the consolidated funds
|
| | | | 222,421 | | | | | | 414,000 | | |
Debt obligations of CLOs
|
| | | | 8,745,652 | | | | | | 7,806,263 | | |
Total liabilities
|
| | | | 12,029,909 | | | | | | 11,593,726 | | |
Commitments and contingencies (Note 17)
|
| | | | | | | | | | | | |
Non-controlling redeemable interests in consolidated funds
|
| | | | 466,021 | | | | | | 2,141,523 | | |
Unitholders’ capital:
|
| | | | | | | | | | | | |
Total unitholders’ capital
|
| | | | 1,245,124 | | | | | | 997,506 | | |
Total liabilities and unitholders’ capital
|
| | | $ | 13,741,054 | | | | | $ | 14,732,755 | | |
FOR THE YEARS ENDED DECEMBER 31
(THOUSANDS, EXCEPT PER UNIT AMOUNTS) |
| |
2022
|
| |
2021
(unaudited) |
| |
2020
(unaudited) |
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Management fees
|
| | | $ | 1,066,236 | | | | | $ | 967,629 | | | | | $ | 805,319 | | |
Incentive fees and carried interest allocation
|
| | | | 220,797 | | | | | | 449,502 | | | | | | 5,911 | | |
Total revenues
|
| | | | 1,287,033 | | | | | | 1,417,131 | | | | | | 811,230 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (603,320) | | | | | | (551,248) | | | | | | (485,237) | | |
Equity-based compensation
|
| | | | (36,578) | | | | | | (42,777) | | | | | | (62,194) | | |
Performance related compensation
|
| | | | (158,083) | | | | | | (450,148) | | | | | | (56,301) | | |
Total compensation and benefits expense
|
| | | | (797,981) | | | | | | (1,044,173) | | | | | | (603,732) | | |
General and administrative
|
| | | | (191,716) | | | | | | (139,541) | | | | | | (139,553) | | |
Depreciation and amortization
|
| | | | (20,900) | | | | | | (80,544) | | | | | | (26,557) | | |
Consolidated fund expenses
|
| | | | (20,272) | | | | | | (22,447) | | | | | | (13,462) | | |
Total expenses
|
| | | | (1,030,869) | | | | | | (1,286,705) | | | | | | (783,304) | | |
Other income (loss) | | | | | | | | | | | | | | | | | | | |
Interest expense
|
| | | | (297,578) | | | | | | (191,934) | | | | | | (193,680) | | |
Interest and dividend income
|
| | | | 523,870 | | | | | | 407,605 | | | | | | 381,603 | | |
Net realized gain (loss) on consolidated funds’ investments
|
| | | | (38,748) | | | | | | (14,301) | | | | | | (76,164) | | |
Net change in unrealized appreciation (depreciation) on consolidated funds’ investments
|
| | | | 42,217 | | | | | | 326,154 | | | | | | (40,718) | | |
Investment income
|
| | | | 60,581 | | | | | | 142,662 | | | | | | 127,908 | | |
Other income, net
|
| | | | (2,998) | | | | | | (6,981) | | | | | | (451) | | |
Total other income
|
| | | | 287,344 | | | | | | 663,205 | | | | | | 198,498 | | |
Income before income taxes
|
| | | | 543,508 | | | | | | 793,631 | | | | | | 226,424 | | |
Income taxes
|
| | | | (26,069) | | | | | | (15,710) | | | | | | (9,236) | | |
Net income
|
| | | | 517,439 | | | | | | 777,921 | | | | | | 217,188 | | |
Less: | | | | | | | | | | | | | | | | | | | |
Net income attributable to non-controlling interests in consolidated funds
|
| | | | (159,609) | | | | | | (364,282) | | | | | | (38,220) | | |
Net income attributable to non-controlling interests in consolidated subsidiaries
|
| | | | (1,377) | | | | | | (1,932) | | | | | | (1,715) | | |
Net income attributable to Oaktree Asset Management Operating
Group |
| | | $ | 356,453 | | | | | $ | 411,707 | | | | | $ | 177,253 | | |
FOR THE YEARS ENDED DECEMBER 31
(THOUSANDS) |
| |
2022
|
| |
2021
(unaudited) |
| |
2020
(unaudited) |
| |||||||||
Net income
|
| | | $ | 517,439 | | | | | $ | 777,921 | | | | | $ | 217,188 | | |
Other comprehensive income (loss), net of tax: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | (8,357) | | | | | | 10,858 | | | | | | (4,633) | | |
Other comprehensive income (loss), net of tax
|
| | | | (8,357) | | | | | | 10,858 | | | | | | (4,633) | | |
Total comprehensive income
|
| | | | 509,082 | | | | | | 788,779 | | | | | | 212,555 | | |
Less: | | | | | | | | | | | | | | | | | | | |
Comprehensive (income) loss attributable to non-controlling interests in consolidated funds
|
| | | | (159,609) | | | | | | (364,282) | | | | | | (38,220) | | |
Comprehensive (income) attributable to non-controlling interests in
consolidated subsidiaries |
| | | | (1,377) | | | | | | (1,932) | | | | | | (1,715) | | |
Comprehensive income attributable to Oaktree Asset Management Operating Group unitholders
|
| | | $ | 348,096 | | | | | $ | 422,565 | | | | | $ | 172,620 | | |
FOR THE YEARS ENDED DECEMBER 31
(THOUSANDS) |
| |
2022
|
| |
2021
(unaudited) |
| |
2020
(unaudited) |
| |||||||||
Operating activities | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 517,439 | | | | | $ | 777,921 | | | | | $ | 217,188 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Carried interest allocation, performance related revenue
|
| | | | (63,192) | | | | | | (328,165) | | | | | | 51,291 | | |
Carried interest allocation, performance related
compensation |
| | | | 32,276 | | | | | | 308,756 | | | | | | 3,601 | | |
Investment income
|
| | | | (60,581) | | | | | | (142,662) | | | | | | (127,908) | | |
Depreciation and amortization
|
| | | | 20,900 | | | | | | 80,544 | | | | | | 26,557 | | |
Equity-based compensation
|
| | | | 36,578 | | | | | | 42,777 | | | | | | 62,194 | | |
Net realized and unrealized (gain) loss from consolidated funds’ investments
|
| | | | (3,469) | | | | | | (311,853) | | | | | | 116,882 | | |
Accretion of original issue and market discount of consolidated funds’ investments, net
|
| | | | (15,187) | | | | | | (5,560) | | | | | | (24,673) | | |
Income distributions from corporate investments in funds and
companies |
| | | | 113,467 | | | | | | 99,673 | | | | | | 99,102 | | |
Other non-cash items
|
| | | | 911 | | | | | | 1,974 | | | | | | 3,016 | | |
Cash flows due to changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
(Increase) decrease in deferred tax assets
|
| | | | 321 | | | | | | 94 | | | | | | (1,039) | | |
Decrease (increase) in other assets
|
| | | | 14,171 | | | | | | 9,878 | | | | | | (27,239) | | |
Increase (decrease) in net due to affiliates
|
| | | | (214,475) | | | | | | (20,308) | | | | | | 31,220 | | |
Increase (decrease) in accrued compensation expense
|
| | | | 76,727 | | | | | | 116,966 | | | | | | 47,520 | | |
Increase (decrease) in accounts payable, accrued expenses and
other liabilities |
| | | | (7,836) | | | | | | (46,434) | | | | | | 92,598 | | |
Cash flows due to changes in operating assets and liabilities of consolidated funds
|
| | | | | | | | | | | | | | | | | | |
Increase in dividends and interest receivable
|
| | | | (21,339) | | | | | | (11,368) | | | | | | 4,080 | | |
(Increase) decrease in due from brokers
|
| | | | — | | | | | | (2,694) | | | | | | 2 | | |
Increase in receivables for securities sold
|
| | | | 164,265 | | | | | | (110,111) | | | | | | (30,357) | | |
(Increase) decrease in other assets
|
| | | | (6,189) | | | | | | 4,198 | | | | | | 12,216 | | |
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
| | | | 29,328 | | | | | | 31,139 | | | | | | (36,994) | | |
Increase in payables for securities purchased
|
| | | | (499,715) | | | | | | 361,434 | | | | | | 187,182 | | |
Purchases of securities
|
| | | | (4,219,282) | | | | | | (6,795,699) | | | | | | (3,399,000) | | |
Proceeds from maturities and sales of securities
|
| | | | 2,665,006 | | | | | | 4,502,056 | | | | | | 2,909,648 | | |
Net cash (used in) provided by operating activities
|
| | | | (1,439,876) | | | | | | (1,437,444) | | | | | | 217,087 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | |
Purchases of U.S. Treasury and other securities
|
| | | | (215,624) | | | | | | (17,050) | | | | | | (321,829) | | |
Proceeds from maturities and sales of U.S. Treasury and other securities
|
| | | | 178,065 | | | | | | 23,938 | | | | | | 43,153 | | |
Corporate investments in funds and companies
|
| | | | (570,970) | | | | | | 71,583 | | | | | | (88,992) | | |
Distributions and proceeds from corporate investments in funds
and companies |
| | | | 688,463 | | | | | | 83,247 | | | | | | 143,249 | | |
Purchases of fixed assets
|
| | | | (6,953) | | | | | | (5,250) | | | | | | (12,340) | | |
Net cash provided by (used in) investing activities
|
| | | $ | 72,981 | | | | | $ | 156,468 | | | | | $ | (236,759) | | |
FOR THE YEARS ENDED DECEMBER 31
(THOUSANDS) |
| |
2022
|
| |
2021
(unaudited) |
| |
2020
(unaudited) |
| |||||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Capital contributions
|
| | | $ | 50,000 | | | | | $ | 50,000 | | | | | $ | 50,000 | | |
Distributions to unitholders
|
| | | | (178,370) | | | | | | (201,418) | | | | | | (201,276) | | |
Distributions to non-controlling interests
|
| | | | — | | | | | | (3,210) | | | | | | (3,907) | | |
Proceeds from issuance of debt obligations
|
| | | | 400,000 | | | | | | 200,000 | | | | | | 250,000 | | |
Payment of debt issuance costs
|
| | | | (1,848) | | | | | | (480) | | | | | | (2,222) | | |
Repayment of debt obligations
|
| | | | (255,000) | | | | | | (145,000) | | | | | | (150,000) | | |
Cash flows from financing activities of consolidated funds | | | | | | | | | | | | | | | | | | | |
Contributions from non-controlling interests
|
| | | | 141,542 | | | | | | 683,444 | | | | | | 270,230 | | |
Distributions to non-controlling interests
|
| | | | (61,889) | | | | | | (301,531) | | | | | | (338,071) | | |
Proceeds from debt obligations issued by CLOs
|
| | | | 2,581,282 | | | | | | 5,367,766 | | | | | | 1,054,403 | | |
Payment of debt issuance costs
|
| | | | (7,611) | | | | | | (2,577) | | | | | | (2,419) | | |
Repayment on debt obligations issued by CLOs
|
| | | | (1,049,450) | | | | | | (3,800,803) | | | | | | (599,139) | | |
Borrowings on credit facilities
|
| | | | 361,350 | | | | | | 199,489 | | | | | | 6,364 | | |
Repayments on credit facilities
|
| | | | (128,350) | | | | | | (858,089) | | | | | | (139,419) | | |
Net cash provided by financing activities
|
| | | | 1,851,656 | | | | | | 1,187,591 | | | | | | 194,544 | | |
Effect of exchange rate changes on cash
|
| | | | (28,088) | | | | | | (12,891) | | | | | | 4,869 | | |
Net increase in cash and cash-equivalents
|
| | | | 456,673 | | | | | | (106,276) | | | | | | 179,741 | | |
Initial consolidation (deconsolidation) of funds
|
| | | | (246,949) | | | | | | 11,995 | | | | | | (5,822) | | |
Cash and cash-equivalents, beginning balance
|
| | | | 699,899 | | | | | | 794,180 | | | | | | 620,261 | | |
Cash and cash-equivalents, ending balance
|
| | | $ | 909,623 | | | | | $ | 699,899 | | | | | $ | 794,180 | | |
Supplemental cash flow disclosures: | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | 218,952 | | | | | $ | 156,276 | | | | | $ | 173,936 | | |
Cash paid for income taxes
|
| | | | 23,212 | | | | | | 11,217 | | | | | | 13,168 | | |
Supplemental disclosure of non-cash activities: | | | | | | | | | | | | | | | | | | | |
Net assets related to the initial consolidation of funds
|
| | | | — | | | | | | 893,987 | | | | | | 852,675 | | |
Net assets related to the deconsolidation of funds
|
| | | | 1,952,580 | | | | | | — | | | | | | 762,911 | | |
Reconciliation of cash and cash equivalents | | | | | | | | | | | | | | | | | | | |
Cash and cash-equivalents – Oaktree
|
| | | | 436,342 | | | | | | 203,089 | | | | | | 324,078 | | |
Cash and cash-equivalents – Oaktree restricted cash
|
| | | | 16,360 | | | | | | 6,802 | | | | | | 51,906 | | |
Cash and cash-equivalents – Consolidated funds
|
| | | | 456,921 | | | | | | 490,008 | | | | | | 418,196 | | |
Total cash and cash-equivalents
|
| | | $ | 909,623 | | | | | $ | 699,899 | | | | | $ | 794,180 | | |
|
YEAR ENDED DECEMBER 31, 2022
(THOUSANDS) |
| |
Unitholders’
Capital |
| |
Accumulated
Other Comprehensive Loss |
| | | |
Total
Unitholders’ Capital |
| |||||||||||||
Unitholders’ capital beginning of period
|
| | | $ | 996,497 | | | | | $ | 1,009 | | | | | $ | — | | | | | $ | 997,506 | | |
Activity for the period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital contributions
|
| | | | 50,000 | | | | | | — | | | | | | — | | | | | | 50,000 | | |
Distributions declared
|
| | | | (176,993) | | | | | | — | | | | | | (1,377) | | | | | | (178,370) | | |
Capital increase related to equity-based compensation expense
|
| | | | 36,578 | | | | | | — | | | | | | — | | | | | | 36,578 | | |
Net income
|
| | | | 356,453 | | | | | | — | | | | | | 1,377 | | | | | | 357,830 | | |
Foreign currency translation adjustment and
other |
| | | | (10,063) | | | | | | (8,357) | | | | | | — | | | | | | (18,420) | | |
Unitholders’ capital end of period
|
| | | $ | 1,252,472 | | | | | $ | (7,348) | | | | | $ | — | | | | | $ | 1,245,124 | | |
YEAR ENDED DECEMBER 31, 2021
(UNAUDITED, THOUSANDS) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Unitholders’ capital beginning of period
|
| | | $ | 702,647 | | | | | $ | (9,849) | | | | | $ | 1,278 | | | | | $ | 694,076 | | |
Activity for the period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital contributions
|
| | | | 50,000 | | | | | | — | | | | | | — | | | | | | 50,000 | | |
Distributions declared
|
| | | | (201,418) | | | | | | — | | | | | | (3,210) | | | | | | (204,628) | | |
Capital increase related to equity-based compensation expense
|
| | | | 29,036 | | | | | | — | | | | | | — | | | | | | 29,036 | | |
Net income
|
| | | | 411,707 | | | | | | — | | | | | | 1,932 | | | | | | 413,639 | | |
Foreign currency translation adjustment and
other |
| | | | 4,525 | | | | | | 10,858 | | | | | | — | | | | | | 15,383 | | |
Unitholders’ capital end of period
|
| | | $ | 996,497 | | | | | $ | 1,009 | | | | | $ | — | | | | | $ | 997,506 | | |
YEAR ENDED DECEMBER 31, 2020
(UNAUDITED, THOUSANDS) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Unitholders’ capital beginning of period
|
| | | $ | 620,070 | | | | | $ | (5,216) | | | | | $ | 3,470 | | | | | $ | 618,324 | | |
Activity for the period: | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital contributions
|
| | | | 50,000 | | | | | | — | | | | | | — | | | | | | 50,000 | | |
Distributions declared
|
| | | | (201,276) | | | | | | — | | | | | | (3,907) | | | | | | (205,183) | | |
Capital increase related to equity-based compensation expense
|
| | | | 62,194 | | | | | | — | | | | | | — | | | | | | 62,194 | | |
Net income
|
| | | | 177,253 | | | | | | — | | | | | | 1,715 | | | | | | 178,968 | | |
Foreign currency translation adjustment and
other |
| | | | (5,594) | | | | | | (4,633) | | | | | | — | | | | | | (10,227) | | |
Unitholders’ capital end of period
|
| | | $ | 702,647 | | | | | $ | (9,849) | | | | | $ | 1,278 | | | | | $ | 694,076 | | |
| | |
Year Ended December 31
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Management Fees | | | | | | | | | | | | | | | | | | | |
Closed-end
|
| | | $ | 762,052 | | | | | $ | 684,221 | | | | | $ | 564,135 | | |
Open-end
|
| | | | 139,440 | | | | | | 141,148 | | | | | | 119,498 | | |
Evergreen
|
| | | | 164,744 | | | | | | 142,260 | | | | | | 121,686 | | |
Total
|
| | | $ | 1,066,236 | | | | | $ | 967,629 | | | | | $ | 805,319 | | |
Incentive fees and carried interest allocations | | | | | | | | | | | | | | | | | | | |
Incentive fees
|
| | | $ | 211 | | | | | $ | 18,971 | | | | | $ | 12,073 | | |
Carried interest allocations
|
| | | | 220,586 | | | | | | 430,531 | | | | | | (6,162) | | |
Total
|
| | | $ | 220,797 | | | | | $ | 449,502 | | | | | $ | 5,911 | | |
| | |
As of December 31
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Receivables
|
| | | $ | 87,414 | | | | | $ | 90,006 | | |
Contract assets(1)
|
| | | | 100,102 | | | | | | 183,877 | | |
Contract liabilities(2)
|
| | | | (16,995) | | | | | | (20,021) | | |
| | |
As of December 31
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Corporate investments
|
| | | $ | 506,569 | | | | | $ | 788,128 | | |
Due from affiliates
|
| | | | 274,748 | | | | | | 155,169 | | |
Due to affiliates
|
| | | | (15,052) | | | | | | (7,613) | | |
Maximum exposure to loss
|
| | | $ | 766,265 | | | | | $ | 935,684 | | |
| | |
As of December 31
|
| |||||||||
Corporate Investments
|
| |
2022
|
| |
2021
|
| ||||||
Equity-method investments: | | | | | | | | | | | | | |
Funds
|
| | | $ | 475,508 | | | | | $ | 344,866 | | |
Companies
|
| | | | 216,918 | | | | | | 47,547 | | |
Other investments, at fair value
|
| | | | 43,276 | | | | | | 84,420 | | |
Accrued carried interest allocations
|
| | | | 899,019 | | | | | | 775,395 | | |
Total corporate investments
|
| | | $ | 1,634,721 | | | | | $ | 1,252,228 | | |
| | |
Year Ended December 31
|
| |||||||||||||||
Investment Income (Loss)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Equity-method investments: | | | | | | | | | | | | | | | | | | | |
Funds
|
| | | $ | 42,078 | | | | | $ | 67,875 | | | | | $ | 16,329 | | |
Companies
|
| | | | 33,436 | | | | | | 76,731 | | | | | | 70,940 | | |
Other investments, at fair value
|
| | | | (14,933) | | | | | | (1,944) | | | | | | 40,639 | | |
Total investment income
|
| | | $ | 60,581 | | | | | $ | 142,662 | | | | | $ | 127,908 | | |
| | |
Year Ended December 31
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Realized gain
|
| | | $ | 155 | | | | | $ | 9,392 | | | | | $ | 9,626 | | |
Net change in unrealized gain (loss)
|
| | | | (15,088) | | | | | | (11,336) | | | | | | 31,013 | | |
Total gain (loss)
|
| | | $ | (14,933) | | | | | $ | (1,944) | | | | | $ | 40,639 | | |
| | |
Fair Value as of
December 31 |
| |
Fair Value as a
Percentage of Investments of Consolidated Funds as of December 31 |
| ||||||||||||||||||
Investments
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
United States: | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Communication services
|
| | | $ | 533,502 | | | | | $ | 585,196 | | | | | | 5.4% | | | | | | 5.1% | | |
Consumer discretionary
|
| | | | 875,486 | | | | | | 642,870 | | | | | | 8.8 | | | | | | 5.6 | | |
Consumer staples
|
| | | | 259,001 | | | | | | 186,868 | | | | | | 2.6 | | | | | | 1.6 | | |
Energy
|
| | | | 195,374 | | | | | | 242,136 | | | | | | 2.0 | | | | | | 2.1 | | |
Financials
|
| | | | 347,566 | | | | | | 253,872 | | | | | | 3.5 | | | | | | 2.2 | | |
Health care
|
| | | | 564,905 | | | | | | 429,842 | | | | | | 5.7 | | | | | | 3.7 | | |
Industrials
|
| | | | 1,039,699 | | | | | | 836,704 | | | | | | 10.5 | | | | | | 7.3 | | |
Information technology
|
| | | | 746,559 | | | | | | 669,100 | | | | | | 7.5 | | | | | | 5.8 | | |
Materials
|
| | | | 522,514 | | | | | | 371,540 | | | | | | 5.3 | | | | | | 3.2 | | |
Real estate
|
| | | | 65,473 | | | | | | 75,880 | | | | | | 0.7 | | | | | | 0.7 | | |
Utilities
|
| | | | 359,195 | | | | | | 321,519 | | | | | | 3.6 | | | | | | 2.8 | | |
Other
|
| | | | — | | | | | | — | | | | | | 0.0 | | | | | | — | | |
Total debt securities (cost: $5,833,475 and $4,634,213 as of December 31, 2022 and 2021, respectively)
|
| | | | 5,509,274 | | | | | | 4,615,527 | | | | | | 55.5 | | | | | | 40.1 | | |
Equity securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Communication services
|
| | | | 175 | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | |
Consumer discretionary
|
| | | | 1,110 | | | | | | 4,439 | | | | | | 0.0 | | | | | | 0.0 | | |
Consumer Staples
|
| | | | 134 | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | |
Energy
|
| | | | 173 | | | | | | 238 | | | | | | 0.0 | | | | | | 0.0 | | |
Financials
|
| | | | 127 | | | | | | 258 | | | | | | 0.0 | | | | | | — | | |
Health care
|
| | | | 12,972 | | | | | | 3,086 | | | | | | 0.1 | | | | | | — | | |
Industrials
|
| | | | 276,320 | | | | | | 397,844 | | | | | | 2.8 | | | | | | 3.5 | | |
Information technology
|
| | | | — | | | | | | 150,000 | | | | | | 0.0 | | | | | | 1.3 | | |
Materials
|
| | | | 22 | | | | | | 81 | | | | | | 0.0 | | | | | | — | | |
Real Estate
|
| | | | 46,650 | | | | | | 36,587 | | | | | | 0.5 | | | | | | 0.3 | | |
Total equity securities (cost: $308,774 and $580,195 as of December 31, 2022 and 2021, respectively)
|
| | | | 337,683 | | | | | | 592,533 | | | | | | 3.4 | | | | | | 5.1 | | |
Real estate:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Real estate
|
| | | $ | — | | | | | $ | 2,090,758 | | | | | | —% | | | | | | 18.2% | | |
Total real estate securities (cost: $0 and $1,665,936 as of December 31, 2022 and 2021, respectively)
|
| | | | — | | | | | | 2,090,758 | | | | | | — | | | | | | 18.2 | | |
Europe: | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Communication services
|
| | | $ | 633,097 | | | | | $ | 637,542 | | | | | | 6.5% | | | | | | 5.5% | | |
Consumer discretionary
|
| | | | 794,620 | | | | | | 905,646 | | | | | | 8.0 | | | | | | 7.9 | | |
| | |
Fair Value as of
December 31 |
| |
Fair Value as a
Percentage of Investments of Consolidated Funds as of December 31 |
| ||||||||||||||||||
Investments
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Consumer staples
|
| | | | 252,540 | | | | | | 214,479 | | | | | | 2.5 | | | | | | 1.9 | | |
Energy
|
| | | | 354 | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | |
Financials
|
| | | | 70,201 | | | | | | 67,545 | | | | | | 0.7 | | | | | | 0.6 | | |
Health care
|
| | | | 740,267 | | | | | | 762,139 | | | | | | 7.5 | | | | | | 6.6 | | |
Industrials
|
| | | | 602,124 | | | | | | 645,901 | | | | | | 6.1 | | | | | | 5.6 | | |
Information technology
|
| | | | 345,305 | | | | | | 380,727 | | | | | | 3.5 | | | | | | 3.3 | | |
Materials
|
| | | | 447,114 | | | | | | 459,991 | | | | | | 4.5 | | | | | | 4.0 | | |
Real estate
|
| | | | 42,685 | | | | | | 20,640 | | | | | | 0.4 | | | | | | 0.2 | | |
Utilities
|
| | | | 302 | | | | | | 10 | | | | | | 0.0 | | | | | | 0.0 | | |
Other
|
| | | | 195 | | | | | | — | | | | | | 0.0 | | | | | | — | | |
Total debt securities (cost: $4,195,653 and $4,096,691 as of December 31, 2022 and 2021, respectively)
|
| | | | 3,928,804 | | | | | | 4,094,620 | | | | | | 39.5 | | | | | | 35.6 | | |
Equity securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Consumer discretionary
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.0 | | |
Financials
|
| | | | — | | | | | | — | | | | | | — | | | | | | 0.0 | | |
Health care
|
| | | | 1,476 | | | | | | 1,747 | | | | | | 0.0 | | | | | | — | | |
Industrials
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Materials
|
| | | | — | | | | | | — | | | | | | 0.0 | | | | | | — | | |
Real estate
|
| | | | — | | | | | | — | | | | | | 0.0% | | | | | | — | | |
Total equity securities (cost: $248 and $1,759 as of December 31, 2022 and 2021, respectively)
|
| | | | 1,476 | | | | | | 1,747 | | | | | | 0.0 | | | | | | 0.0 | | |
Asia and other: | | | | | | | | | | | | | | | | | | | | | | | | | |
Debt securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Communication services
|
| | | | 837 | | | | | | 1,113 | | | | | | — | | | | | | — | | |
Consumer discretionary
|
| | | | 75,233 | | | | | | 73,658 | | | | | | 0.9 | | | | | | 0.6 | | |
Consumer staples
|
| | | | 9,082 | | | | | | 13,378 | | | | | | 0.1 | | | | | | 0.1 | | |
Energy
|
| | | | 17,055 | | | | | | 18,857 | | | | | | 0.2 | | | | | | 0.2 | | |
Financials
|
| | | | 2,439 | | | | | | — | | | | | | — | | | | | | — | | |
Health care
|
| | | | 1,127 | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | |
Industrials
|
| | | | 24,819 | | | | | | 8,032 | | | | | | 0.2 | | | | | | 0.1 | | |
Information technology
|
| | | | 19,219 | | | | | | 13 | | | | | | 0.2 | | | | | | 0.0 | | |
Materials
|
| | | | 1,699 | | | | | | 673 | | | | | | — | | | | | | — | | |
Real estate
|
| | | | 1,229 | | | | | | — | | | | | | 0.0 | | | | | | 0.0 | | |
Europe: | | | | | | | | | | | | | | | | | | | | | | | | | |
Utilities
|
| | | $ | 2,587 | | | | | $ | 2,857 | | | | | | 0.1 | | | | | | 0.0% | | |
Other
|
| | | | 2,046 | | | | | | — | | | | | | 0.0 | | | | | | — | | |
Total debt securities (cost: $166,036 and $117,822 as of December 31, 2022 and 2021, respectively)
|
| | | | 157,372 | | | | | | 118,581 | | | | | | 1.6 | | | | | | 1.0 | | |
Asia and other: | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity securities:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Energy
|
| | | $ | — | | | | | $ | 280 | | | | | | —% | | | | | | —% | | |
Utilities
|
| | | | 1 | | | | | | 176 | | | | | | — | | | | | | — | | |
|
| | |
Fair Value as of
December 31 |
| |
Fair Value as a
Percentage of Investments of Consolidated Funds as of December 31 |
| ||||||||||||||||||
Investments
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Total equity securities (cost: $0 and $2,856 as of December 31, 2022 and 2021, respectively)
|
| | | | 1 | | | | | | 456 | | | | | | — | | | | | | — | | |
Total debt securities
|
| | | | 9,595,450 | | | | | | 8,828,728 | | | | | | 96.6 | | | | | | 76.7 | | |
Total equity securities
|
| | | | 339,160 | | | | | | 594,736 | | | | | | 3.4 | | | | | | 5.1 | | |
Total real estate
|
| | | | — | | | | | | 2,090,758 | | | | | | 0.0 | | | | | | 18.2 | | |
Total investments, at fair value
|
| | | $ | 9,934,610 | | | | | $ | 11,514,222 | | | | | | 100.0% | | | | | | 100.0% | | |
|
| | |
Year Ended December 31
|
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||||||||
| | |
Net Realized
Gain (Loss) on Investments |
| |
Net Change in
Unrealized Appreciation (Depreciation) on Investments |
| |
Net Realized
Gain (Loss) on Investments |
| |
Net Change in
Unrealized Appreciation (Depreciation) on Investments |
| |
Net Realized
Gain (Loss) on Investments |
| |
Net Change in
Unrealized Appreciation (Depreciation) on Investments |
| ||||||||||||||||||
Investments and other financial instruments
|
| | | $ | (9,475) | | | | | $ | 152,857 | | | | | $ | (8,402) | | | | | $ | 339,219 | | | | | $ | 10,063 | | | | | $ | (20,113) | | |
CLO liabilities(1)
|
| | | | (33,252) | | | | | | (108,997) | | | | | | (6,956) | | | | | | (14,428) | | | | | | (85,592) | | | | | | (20,887) | | |
Foreign-currency forward contracts(2)
|
| | | | 1,719 | | | | | | (1,640) | | | | | | 1,057 | | | | | | 1,363 | | | | | | (635) | | | | | | 282 | | |
Options and futures(2)
|
| | | | 472 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commodity swaps(2)
|
| | | | 1,788 | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | (38,748) | | | | | $ | 42,217 | | | | | $ | (14,301) | | | | | $ | 326,154 | | | | | $ | (76,164) | | | | | $ | (40,718) | | |
| | |
As of December 31, 2022
|
| |
As of December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury and other securities(1)
|
| | | $ | 106,026 | | | | | $ | 212,978 | | | | | $ | — | | | | | $ | 319,004 | | | | | $ | 2,107 | | | | | $ | 278,566 | | | | | $ | 938 | | | | | $ | 281,611 | | |
Corporate investments
|
| | | | — | | | | | | 42,237 | | | | | | 1,039 | | | | | | 43,276 | | | | | | 6,682 | | | | | | 77,738 | | | | | | — | | | | | | 84,420 | | |
Foreign-currency forward contracts included in
other assets |
| | | | — | | | | | | 3,861 | | | | | | — | | | | | | 3,861 | | | | | | — | | | | | | 10,158 | | | | | | — | | | | | | 10,158 | | |
Total assets
|
| | | $ | 106,026 | | | | | $ | 259,076 | | | | | $ | 1,039 | | | | | $ | 366,141 | | | | | $ | 8,789 | | | | | $ | 366,462 | | | | | $ | 938 | | | | | $ | 376,189 | | |
| | |
As of December 31, 2022
|
| |
As of December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts included in other liabilities
|
| | | $ | — | | | | | $ | 15,350 | | | | | $ | — | | | | | $ | 15,350 | | | | | $ | — | | | | | $ | 3,209 | | | | | $ | — | | | | | $ | 3,209 | | |
Total liabilities
|
| | | $ | — | | | | | $ | 15,350 | | | | | $ | — | | | | | $ | 15,350 | | | | | $ | — | | | | | $ | 3,209 | | | | | $ | — | | | | | $ | 3,209 | | |
| | |
Year Ended December 31
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
| | |
Corporate Investments
|
| |
Corporate Investments
|
| ||||||
Corporate Investments: | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 938 | | | | | $ | — | | |
Contributions or additions
|
| | | | 1,039 | | | | | | 938 | | |
Transfers out of Level III
|
| | | | (938) | | | | | | — | | |
Ending balance
|
| | | $ | 1,039 | | | | | $ | 938 | | |
Net change in unrealized gains (losses) attributable to financial instruments still held at end of period
|
| | | $ | — | | | | | $ | — | | |
Valuation Input
|
| |
Low
|
| |
High
|
| |
Weighted
Average Rate |
| |||||||||
Discount rates
|
| | | | 11.0% | | | | | | 33.0% | | | | | | 25.8% | | |
Constant default rates
|
| | | | 2.0% | | | | | | 2.0% | | | | | | 2.0% | | |
Recovery rates
|
| | | | 65.0% | | | | | | 65.0% | | | | | | 65.0% | | |
| | |
As of December 31, 2022
|
| |
As of December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate debt – bank debt
|
| | | $ | — | | | | | $ | 8,276,954 | | | | | $ | 489,024 | | | | | $ | 8,765,978 | | | | | $ | — | | | | | $ | 7,866,465 | | | | | $ | 176,341 | | | | | $ | 8,042,806 | | |
Corporate debt – all other
|
| | | | — | | | | | | 756,555 | | | | | | 72,918 | | | | | | 829,473 | | | | | | — | | | | | | 714,046 | | | | | | 71,877 | | | | | | 785,923 | | |
Equities – common stock
|
| | | | 1,657 | | | | | | — | | | | | | 293,950 | | | | | | 295,607 | | | | | | 188 | | | | | | 281 | | | | | | 561,893 | | | | | | 562,362 | | |
Equities – preferred stock
|
| | | | — | | | | | | — | | | | | | 43,552 | | | | | | 43,552 | | | | | | — | | | | | | — | | | | | | 32,373 | | | | | | 32,373 | | |
Real estate
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,090,758 | | | | | | 2,090,758 | | |
Total investments
|
| | | | 1,657 | | | | | | 9,033,509 | | | | | | 899,444 | | | | | | 9,934,610 | | | | | | 188 | | | | | | 8,580,792 | | | | | | 2,933,242 | | | | | | 11,514,222 | | |
Derivatives: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | | — | | | | | | 332 | | | | | | — | | | | | | 332 | | | | | | — | | | | | | 628 | | | | | | — | | | | | | 628 | | |
Swaps
|
| | | | — | | | | | | 14 | | | | | | — | | | | | | 14 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Options and futures
|
| | | | 3 | | | | | | 35 | | | | | | — | | | | | | 38 | | | | | | — | | | | | | 35 | | | | | | — | | | | | | 35 | | |
Total derivatives(1)
|
| | | | 3 | | | | | | 381 | | | | | | — | | | | | | 384 | | | | | | — | | | | | | 663 | | | | | | — | | | | | | 663 | | |
Total assets
|
| | | $ | 1,660 | | | | | $ | 9,033,890 | | | | | $ | 899,444 | | | | | $ | 9,934,994 | | | | | $ | 188 | | | | | $ | 8,581,455 | | | | | $ | 2,933,242 | | | | | $ | 11,514,885 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CLO debt obligations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Senior secured notes
|
| | | $ | — | | | | | $ | (8,453,534) | | | | | $ | — | | | | | $ | (8,453,534) | | | | | $ | — | | | | | $ | (7,472,521) | | | | | $ | — | | | | | $ | (7,472,521) | | |
Subordinated notes
|
| | | | — | | | | | | (292,118) | | | | | | — | | | | | | (292,118) | | | | | | — | | | | | | (333,742) | | | | | | — | | | | | | (333,742) | | |
Total CLO debt obligations(2)
|
| | | | — | | | | | | (8,745,652) | | | | | | — | | | | | | (8,745,652) | | | | | | — | | | | | | (7,806,263) | | | | | | — | | | | | | (7,806,263) | | |
Derivatives: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | — | | | | | $ | (1,542) | | | | | $ | — | | | | | $ | (1,542) | | | | | $ | — | | | | | $ | (38) | | | | | $ | — | | | | | $ | (38) | | |
Swaps
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total derivatives(3)
|
| | | | — | | | | | | (1,542) | | | | | | — | | | | | | (1,542) | | | | | | — | | | | | | (38) | | | | | | — | | | | | | (38) | | |
Total liabilities
|
| | | $ | — | | | | | $ | (8,747,194) | | | | | $ | — | | | | | $ | (8,747,194) | | | | | $ | — | | | | | $ | (7,806,301) | | | | | $ | — | | | | | $ | (7,806,301) | | |
| | |
Corporate
Debt — Bank Debt |
| |
Corporate
Debt — All Other |
| |
Equities —
Common Stock |
| |
Equities —
Preferred Stock |
| |
Real Estate
|
| |
Total
|
| ||||||||||||||||||
2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 176,342 | | | | | $ | 71,877 | | | | | $ | 561,893 | | | | | $ | 32,373 | | | | | $ | 2,090,757 | | | | | $ | 2,933,242 | | |
Deconsolidation of funds
|
| | | | — | | | | | | — | | | | | | (310,000) | | | | | | — | | | | | | (2,262,509) | | | | | | (2,572,509) | | |
Transfers into Level III
|
| | | | 164,789 | | | | | | 2,810 | | | | | | 277 | | | | | | — | | | | | | — | | | | | | 167,876 | | |
Transfers out of Level III
|
| | | | (105,066) | | | | | | (7,335) | | | | | | (2,100) | | | | | | (1,028) | | | | | | — | | | | | | (115,529) | | |
Purchases
|
| | | | 413,339 | | | | | | 15,598 | | | | | | 31,613 | | | | | | 8,819 | | | | | | 72,482 | | | | | | 541,851 | | |
Sales
|
| | | | (147,348) | | | | | | (9,898) | | | | | | (45) | | | | | | — | | | | | | (52,954) | | | | | | (210,245) | | |
Realized gain (loss), net
|
| | | | (1,298) | | | | | | 140 | | | | | | 13 | | | | | | — | | | | | | 12,780 | | | | | | 11,635 | | |
Unrealized appreciation (depreciation), net
|
| | | | (11,734) | | | | | | (274) | | | | | | 12,299 | | | | | | 3,388 | | | | | | 139,444 | | | | | | 143,123 | | |
Ending balance
|
| | | $ | 489,024 | | | | | $ | 72,918 | | | | | $ | 293,950 | | | | | $ | 43,552 | | | | | $ | — | | | | | $ | 899,444 | | |
Net change in unrealized appreciation (depreciation) attributable to assets still held at end of period
|
| | | $ | (14,305) | | | | | $ | (488) | | | | | $ | 8,424 | | | | | $ | 1,239 | | | | | $ | — | | | | | $ | (5,130) | | |
| | |
Corporate
Debt — Bank Debt |
| |
Corporate
Debt — All Other |
| |
Equities —
Common Stock |
| |
Equities —
Preferred Stock |
| |
Real Estate
|
| |
Total
|
| ||||||||||||||||||
2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning balance
|
| | | $ | 161,296 | | | | | $ | 38,554 | | | | | $ | 73,294 | | | | | $ | 159,087 | | | | | $ | 874,250 | | | | | $ | 1,306,481 | | |
Deconsolidation of funds
|
| | | | — | | | | | | (12,598) | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,598) | | |
Transfers into Level III
|
| | | | 83,737 | | | | | | 2,960 | | | | | | 3,266 | | | | | | — | | | | | | — | | | | | | 89,963 | | |
Transfers out of Level III
|
| | | | (105,239) | | | | | | (9,615) | | | | | | — | | | | | | (1,303) | | | | | | — | | | | | | (116,157) | | |
Purchases
|
| | | | 149,396 | | | | | | 59,163 | | | | | | 492,271 | | | | | | 3,176 | | | | | | 943,441 | | | | | | 1,647,447 | | |
Sales
|
| | | | (114,175) | | | | | | (7,301) | | | | | | (40,383) | | | | | | (109,577) | | | | | | (26,037) | | | | | | (297,473) | | |
Realized loss, net
|
| | | | 803 | | | | | | 350 | | | | | | (13,060) | | | | | | (13,942) | | | | | | 6,931 | | | | | | (18,918) | | |
Unrealized depreciation, net
|
| | | | 524 | | | | | | 364 | | | | | | 46,505 | | | | | | (5,068) | | | | | | 292,172 | | | | | | 334,497 | | |
Ending balance
|
| | | $ | 176,342 | | | | | $ | 71,877 | | | | | $ | 561,893 | | | | | $ | 32,373 | | | | | $ | 2,090,757 | | | | | $ | 2,933,242 | | |
Net change in unrealized depreciation
attributable to assets still held at end of period |
| | | $ | (466) | | | | | $ | (743) | | | | | $ | 26,236 | | | | | $ | (5,238) | | | | | $ | 306,243 | | | | | $ | 326,032 | | |
Investment Type
|
| |
Fair
Value |
| |
Valuation Technique
|
| |
Significant
Unobservable Inputs(1)(2) |
| |
Range
|
| |
Weighted
Average(3) |
| |||
Credit-oriented investments: | | | | | | | | | | | | | | | | | | | |
Consumer discretionary:
|
| | | $ | 2,330 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 24,446 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 6,400 | | | | Discounted cash flow(6) | | | Discount rate | | |
12% – 15%
|
| |
14%
|
|
| | | | | 1,031 | | | |
Market approach (comparable companies)(7)
|
| |
Revenue multiple(8)
|
| |
0.45x – 0.45x
|
| |
0.45x
|
|
Health Care:
|
| | | | 255,115 | | | | Discounted cash flow(6) | | | Discount rate | | |
10% – 20%
|
| |
14%
|
|
| | | | | 49,235 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Industrials:
|
| | | $ | 53,842 | | | | Discounted cash flow(6) | | | Discount rate | | |
11% – 15%
|
| |
15%
|
|
| | | | | 2,525 | | | | Market approach (comparable companies) | | |
Multiple of
underlying assets(9) |
| |
0.9x – 1.0x
|
| |
1.0x
|
|
| | | | | 1,037 | | | |
Market approach (comparable companies)(7)
|
| |
Earnings multiple(10)
|
| |
5x – 5x
|
| |
5x
|
|
| | | | | 22,995 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Materials:
|
| | | | 26,523 | | | | Discounted cash flow(6) | | | Discount rate | | |
11% – 16%
|
| |
16%
|
|
| | | | | — | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 13,105 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Real estate:
|
| | | | 16,531 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Other:
|
| | | | 51,077 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 7,677 | | | |
Market approach (comparable companies)(7)
|
| |
Earnings multiple(10)
|
| |
8x – 8x
|
| |
8x
|
|
| | | | | 28,074 | | | | Discounted cash flow(6) | | | Discount rate | | |
11% – 16%
|
| |
13%
|
|
Equity investments: | | | | | | | | | | | | | | | | | | | |
| | | | | 17,392 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 5,666 | | | |
Market approach (comparable companies)(7)
|
| |
Earnings multiple(10)
|
| |
4x – 10x
|
| |
5x
|
|
| | | | | 1,169 | | | | Discounted cash flow(6) | | | Discount rate | | |
15% – 16%
|
| |
16%
|
|
| | | | | 313,009 | | | |
Discounted cash flow(6) / market approach
(comparable companies)(7)
|
| | Discount rate | | |
8% – 16%
|
| |
11.00%
|
|
| | | | | 265 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Total Level III investments
|
| | | $ | 899,444 | | | | | | | | | | | | | | |
Investment Type
|
| |
Fair
Value |
| |
Valuation Technique
|
| |
Significant
Unobservable Inputs(1)(2) |
| |
Range
|
| |
Weighted
Average(3) |
| |||
Credit-oriented investments:
|
| | | | | | | | | | | | | | | | | | |
Consumer Staples:
|
| | | $ | 7,137 | | | | Market approach (comparable companies) | | |
Revenue multiple(8)
|
| |
9x – 9x
|
| |
9x
|
|
| | | | | 9,693 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 2,391 | | | | Discounted cash flow(6) | | | Discount rate | | |
9% – 10%
|
| |
9%
|
|
Financials:
|
| | | | 2,472 | | | | Discounted cash flow(6) | | | Discount rate | | |
8% – 10%
|
| |
9%
|
|
| | | | | 21,591 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Health care:
|
| | | | 29,141 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 21,580 | | | | Discounted cash flow(6) | | | Discount rate | | |
9% – 30%
|
| |
14%
|
|
| | | | | 16,893 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Industrials
|
| | | | 10,265 | | | | Discounted cash flow(6) | | | Discount rate | | |
9% – 13%
|
| |
11%
|
|
| | | | | 2,689 | | | |
Market approach (comparable companies)(7)
|
| |
Multiple of
underlying assets(9) |
| |
0.9x – 1.1x
|
| |
1.0x
|
|
| | | | | 1,517 | | | |
Market approach (comparable companies)(7)
|
| |
Earnings multiple(10)
|
| |
8x – 8x
|
| |
8x
|
|
| | | | | 1,852 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 35,529 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Utilities:
|
| | | | 29,747 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Real estate:
|
| | | | 6,129 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Other:
|
| | | | 13,806 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 5,886 | | | | Discounted cash flow(6) | | | Discount rate | | |
9% – 14%
|
| |
10%
|
|
| | | | | 4,493 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 979 | | | | Market approach (comparable companies) | | |
Earnings multiple(10)
|
| |
6.0x – 6.0x
|
| |
6x
|
|
| | | | | 854 | | | | Market approach (comparable companies) | | |
Revenue multiple(8)
|
| |
0.3x – 0.3x
|
| |
0.3x
|
|
Information Technology:
|
| | | | 11,332 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 11,298 | | | | Discounted cash flow(6) | | | Discount rate | | |
8% – 11%
|
| |
10%
|
|
| | | | | 944 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Equity investments: | | | | | | | | | | | | | | | | | | | |
| | | | | 348,530 | | | | Recent transaction price(4) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 187,527 | | | |
Discounted cash flow(6) / market approach
(comparable companies) |
| | Discount rate | | |
9% – 11%
|
| |
9%
|
|
| | | | | 5,807 | | | |
Market approach (comparable companies)(7)
|
| |
Earnings multiple(10)
|
| |
6x – 8x
|
| |
7x
|
|
| | | | | 49,623 | | | | Discounted cash flow(6) | | | Discount rate | | |
11% – 19%
|
| |
11%
|
|
| | | | | 774 | | | |
Market approach (comparable companies)(7)
|
| |
Revenue multiple(8)
|
| |
0.3x – 0.6x
|
| |
0.3x
|
|
| | | | | 2,005 | | | | Recent market information(5) | | | Quoted prices | | |
Not applicable
|
| |
Not applicable
|
|
Real estate-oriented: | | | | | | | | | | | | | | | | | | | |
| | | | | 715,458 | | | | Recent transaction price(4) | | | Not Applicable | | |
Not applicable
|
| |
Not applicable
|
|
| | | | | 1,375,300 | | | | Discounted cash flow(6) | | | Discount rate | | |
5% – 9%
|
| |
6%
|
|
Total Level III investments
|
| | | $ | 2,933,242 | | | | | | | | | | | | | | |
| | |
Assets
|
| |
Liabilities
|
| ||||||||||||||||||
| | |
Notional
|
| |
Fair Value
|
| |
Notional
|
| |
Fair Value
|
| ||||||||||||
As of December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | 98,235 | | | | | $ | 3,921 | | | | | $ | (287,571) | | | | | $ | (15,410) | | |
As of December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | 249,324 | | | | | $ | 10,158 | | | | | $ | (111,154) | | | | | $ | (3,209) | | |
| | |
Year Ended December 31
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
General and administrative expense(1)
|
| | | $ | (1,469) | | | | | $ | 13,311 | | | | | $ | 33,049 | | |
Total gain (loss)
|
| | | $ | (1,469) | | | | | $ | 13,311 | | | | | $ | 33,049 | | |
| | |
Assets
|
| |
Liabilities
|
| ||||||||||||||||||
| | |
Notional
|
| |
Fair Value
|
| |
Notional
|
| |
Fair Value
|
| ||||||||||||
As of December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | 25,533.00 | | | | | $ | 367.00 | | | | | $ | 5,287.00 | | | | | $ | 1,542.00 | | |
Options and futures
|
| | | | 2,805 | | | | | | 17 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 28,338.00 | | | | | $ | 384.00 | | | | | $ | 5,287.00 | | | | | $ | 1,542.00 | | |
As of December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | 31,459.00 | | | | | $ | 628.00 | | | | | $ | 8,291.00 | | | | | $ | 38.00 | | |
Options and futures
|
| | | | 1,012 | | | | | | 35 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 32,471.00 | | | | | $ | 663.00 | | | | | $ | 8,291.00 | | | | | $ | 38.00 | | |
| | |
Year Ended December 31
|
| |||||||||||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||||||||||||||||
| | |
Net Realized
Gain (Loss) on Investments |
| |
Net Change in
Unrealized Appreciation (Depreciation) on Investments |
| |
Net Realized
Gain (Loss) on Investments |
| |
Net Change in
Unrealized Appreciation (Depreciation) on Investments |
| |
Net Realized
Gain (Loss) on Investments |
| |
Net Change in
Unrealized Appreciation (Depreciation) on Investments |
| ||||||||||||||||||
Foreign-currency forward contracts
|
| | | $ | 1,719 | | | | | $ | (1,640) | | | | | $ | 1,057 | | | | | $ | 1,363 | | | | | $ | (635) | | | | | $ | 282 | | |
Options and futures
|
| | | | 472 | | | | | | 3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Commodity swaps
|
| | | | 1,788 | | | | | | (6) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Total
|
| | | $ | 3,979 | | | | | $ | (1,643) | | | | | $ | 1,057 | | | | | $ | 1,363 | | | | | $ | (635) | | | | | $ | 282 | | |
As of December 31, 2022
|
| |
Gross
Amounts of Assets (Liabilities) Presented |
| |
Gross Amounts Not Offset in
Statements of Financial Condition |
| |
Net Amount
|
| |||||||||||||||
|
Derivative
Assets (Liabilities) |
| |
Cash
Collateral Received (Pledged) |
| ||||||||||||||||||||
Derivative Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | 3,921 | | | | | $ | 60 | | | | | $ | — | | | | | $ | 3,861 | | |
Derivative assets of consolidated funds:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | | 367 | | | | | | — | | | | | | — | | | | | | 367 | | |
Total-return and interest-rate and credit default swaps
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Options and futures
|
| | | | 17 | | | | | | — | | | | | | — | | | | | | 17 | | |
Subtotal
|
| | | | 384 | | | | | | — | | | | | | — | | | | | | 384 | | |
Total
|
| | | $ | 4,305 | | | | | $ | 60 | | | | | $ | — | | | | | $ | 4,245 | | |
Derivative Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | (15,410) | | | | | $ | (60) | | | | | $ | — | | | | | $ | (15,350) | | |
Derivative liabilities of consolidated funds:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | | (1,542) | | | | | | — | | | | | | — | | | | | | (1,542) | | |
Total-return and interest-rate and credit default swaps
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Subtotal
|
| | | | (1,542) | | | | | | — | | | | | | — | | | | | | (1,542) | | |
Total
|
| | | $ | (16,952) | | | | | $ | (60) | | | | | $ | — | | | | | $ | (16,892) | | |
As of December 31, 2021
|
| |
Gross
Amounts of Assets (Liabilities) Presented |
| |
Gross Amounts Not Offset in
Statements of Financial Condition |
| |
Net Amount
|
| |||||||||||||||
|
Derivative
Assets (Liabilities) |
| |
Cash
Collateral Received (Pledged) |
| ||||||||||||||||||||
Derivative Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | 10,158 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,158 | | |
Derivative assets of consolidated funds:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | | 628 | | | | | | — | | | | | | — | | | | | | 628 | | |
Total-return and interest-rate swaps
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Options and futures
|
| | | | 35 | | | | | | — | | | | | | — | | | | | | 35 | | |
Subtotal
|
| | | | 663 | | | | | | — | | | | | | — | | | | | | 663 | | |
Total
|
| | | $ | 10,821 | | | | | $ | — | | | | | $ | — | | | | | $ | 10,821 | | |
Derivative Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | $ | (3,209) | | | | | $ | — | | | | | $ | — | | | | | $ | (3,209) | | |
Derivative liabilities of consolidated funds:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Foreign-currency forward contracts
|
| | | | (38) | | | | | | — | | | | | | — | | | | | | (38) | | |
Subtotal
|
| | | | (38) | | | | | | — | | | | | | — | | | | | | (38) | | |
Total
|
| | | $ | (3,247) | | | | | $ | — | | | | | $ | — | | | | | $ | (3,247) | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2021
|
| |||||||
Furniture, equipment and capitalized software
|
| | | $ | 35,416 | | | | | $ | 35,376 | | |
Leasehold improvements
|
| | | | 90,171 | | | | | | 87,062 | | |
Corporate aircraft
|
| | | | 66,120 | | | | | | 66,120 | | |
Other
|
| | | | 4,812 | | | | | | 5,033 | | |
Fixed assets
|
| | | | 196,519 | | | | | | 193,591 | | |
Accumulated depreciation
|
| | | | (100,986) | | | | | | (93,024) | | |
Fixed assets, net
|
| | | $ | 95,533 | | | | | $ | 100,567 | | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2021
|
| |||||||
Contractual rights
|
| | | $ | 347,452 | | | | | $ | 347,452 | | |
Accumulated amortization
|
| | | | (146,529) | | | | | | (136,375) | | |
Intangible assets, net
|
| | | $ | 200,923 | | | | | $ | 211,077 | | |
|
2023
|
| | | $ | 10,154 | | |
|
2024
|
| | | | 10,154 | | |
|
2025
|
| | | | 10,154 | | |
|
2026
|
| | | | 10,154 | | |
|
2027
|
| | | | 10,154 | | |
|
Thereafter
|
| | | | 150,153 | | |
|
Total
|
| | | $ | 200,923 | | |
| | |
As of December 31
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Senior unsecured notes | | | | | | | | | | | | | |
$50,000, 3.91%, issued in September 2014, payable on September 3, 2024
|
| | | $ | 50,000 | | | | | $ | 50,000 | | |
$100,000, 4.01%, issued in September 2014, payable on September 3, 2026
|
| | | | 100,000 | | | | | | 100,000 | | |
$100,000, 4.21%, issued in September 2014, payable on September 3, 2029
|
| | | | 100,000 | | | | | | 100,000 | | |
$100,000, 3.69%, issued in July 2016, payable on July 12, 2031
|
| | | | 100,000 | | | | | | 100,000 | | |
$250,000, 3.78%, issued in December 2017, payable on December 18, 2032
|
| | | | 250,000 | | | | | | 250,000 | | |
$200,000, 3.64%, issued in July 2020, payable on July 22, 2030
|
| | | | 200,000 | | | | | | 200,000 | | |
$50,000, 3.84%, issued in July 2020, payable on July 22, 2035
|
| | | | 50,000 | | | | | | 50,000 | | |
$200,000, 3.06%, issued in November 2021, payable on January 12, 2037
|
| | | | 200,000 | | | | | | — | | |
Credit facility, issued in March 2014, variable rate obligations payable on December 15, 2027
|
| | | | — | | | | | | 55,000 | | |
Total remaining principal
|
| | | | 1,050,000 | | | | | | 905,000 | | |
Less: Debt issuance costs
|
| | | | (6,466) | | | | | | (5,530) | | |
Debt obligations
|
| | | $ | 1,043,534 | | | | | $ | 899,470 | | |
|
2023
|
| | | $ | — | | |
|
2024
|
| | | | 50,000 | | |
|
2025
|
| | | | — | | |
|
2026
|
| | | | 100,000 | | |
|
2027
|
| | | | — | | |
|
Thereafter
|
| | | | 900,000 | | |
|
Total
|
| | | $ | 1,050,000 | | |
| | |
As of
December 31, 2022 |
| |||
Senior unsecured notes | | | | | | | |
€50,000, 2.20%, issued in June 2022, payable on June 8, 2032
|
| | | $ | 53,362 | | |
€75,000, 2.40%, issued in June 2022, payable on June 8, 2034
|
| | | | 80,044 | | |
€75,000, 2.58%, issued in June 2022, payable on June 8, 2037
|
| | | | 80,044 | | |
Total remaining principal
|
| | | | 213,450 | | |
Less: Debt issuance costs
|
| | | | (1,255) | | |
Total debt obligations, net
|
| | | $ | 212,195 | | |
Credit Agreement
|
| |
Outstanding Amount as of
December 31 |
| |
Key terms as of December 31, 2022
|
| ||||||||||||||||||||||||||||||||||||
|
2022
|
| |
2021
|
| |
Facility
Capacity |
| |
Weighted
Average Interest Rate |
| |
Weighted
Average Remaining Maturity (years) |
| |
Commitment
Fee Rate |
| |
L/C Fee
|
| |||||||||||||||||||||||
Revolving credit facilities(1)
|
| | | $ | 18,860 | | | | | $ | 416,949 | | | | | $ | 64,943 | | | | | | 7.09% | | | | | | 2.33 | | | | | | 0.96% | | | | | | 0 | | |
Secured borrowings(1)
|
| | | | 204,368 | | | | | | — | | | | | | 280,660 | | | | | | 10.73 | | | | | | 4.45 | | | | | | 0.12% | | | | | | 0 | | |
Total debt obligations
|
| | | | 223,228 | | | | | | 416,949 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Less: Debt issuance costs
|
| | | | (807) | | | | | | (2,949) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total debt obligations, net
|
| | | $ | 222,421 | | | | | $ | 414,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
As of December 31, 2022
|
| |
As of December 31, 2021
|
| ||||||||||||||||||||||||||||||
| | |
Fair Value(1)
|
| |
Weighted
Average Interest Rate |
| |
Weighted
Average Remaining Maturity (years) |
| |
Fair Value(1)
|
| |
Weighted
Average Interest Rate |
| |
Weighted
Average Remaining Maturity (years) |
| ||||||||||||||||||
Senior secured notes
|
| | | $ | 8,453,534 | | | | | | 4.90% | | | | | | 10.8 | | | | | $ | 7,472,521 | | | | | | 1.75% | | | | | | 11.0 | | |
Subordinated notes(2)
|
| | | | 292,118 | | | | | | N/A | | | | | | 9.5 | | | | | | 333,742 | | | | | | N/A | | | | | | 11.2 | | |
Total CLO debt obligations
|
| | | $ | 8,745,652 | | | | | | | | | | | | | | | | | $ | 7,806,263 | | | | | | | | | | | | | | |
| | |
Twelve months ended
December 31, 2022 |
| |
Twelve months ended
December 31, 2021 |
| |
Twelve months ended
December 31, 2020 |
| |||||||||
Operating lease cost
|
| | | $ | 17,047 | | | | | $ | 17,733 | | | | | $ | 20,512 | | |
Sublease income
|
| | | | (358) | | | | | | (407) | | | | | | (750) | | |
Total lease cost
|
| | | $ | 16,689 | | | | | $ | 17,326 | | | | | $ | 19,762 | | |
| | |
Twelve months ended
December 31, 2022 |
| |||
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | |
Operating cash flows used for operating leases
|
| | | $ | 18,514 | | |
Weighted average remaining lease term for operating leases (in years)
|
| | | | 6.71 | | |
Weighted average discount rate for operating leases
|
| | | | 4.2% | | |
|
2023
|
| | | $ | 19,195 | | |
|
2024
|
| | | | 18,727 | | |
|
2025
|
| | | | 18,501 | | |
|
2026
|
| | | | 18,156 | | |
|
2027
|
| | | | 7,462 | | |
|
Thereafter
|
| | | | 30,645 | | |
|
Total lease payments
|
| | | | 112,686 | | |
|
Less: imputed interest
|
| | | | (14,665) | | |
|
Total operating lease liabilities
|
| | | $ | 98,021 | | |
| | |
Year Ended December 31
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Beginning balance
|
| | | $ | 2,141,523 | | | | | $ | 550,747 | | | | | $ | 486,021 | | |
Initial consolidation of a fund
|
| | | | — | | | | | | 848,171 | | | | | | 809,773 | | |
Deconsolidation of funds
|
| | | | (1,834,358) | | | | | | — | | | | | | (742,371) | | |
Contributions
|
| | | | 141,542 | | | | | | 683,444 | | | | | | 270,230 | | |
Distributions
|
| | | | (139,901) | | | | | | (269,445) | | | | | | (320,583) | | |
Net income (loss)
|
| | | | 159,609 | | | | | | 364,282 | | | | | | 38,220 | | |
Change in distributions payable
|
| | | | (5,213) | | | | | | (25,807) | | | | | | 4,885 | | |
Change in contribution receivable
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign-currency translation and other
|
| | | | 2,819 | | | | | | (9,869) | | | | | | 4,572 | | |
Ending balance
|
| | | $ | 466,021 | | | | | $ | 2,141,523 | | | | | $ | 550,747 | | |
|
United States
|
| |
Canada
Brookfield Place
181 Bay Street, Suite 100 Bay Wellington Tower Toronto, ON M5J 2T3 +1.416.363.9491 |
| |
United Kingdom
One Canada Square
Level 25 Canary Wharf London E14 5AA +44.20.7659.3500 |
| |
Australia
Brookfield Place
Level 19 10 Carrington Street Sydney, NSW 2000 +61.2.9158.5100 |
|
|
Brazil
Avenida das Nações Unidas,
14.261 Edifício WT Morumbi Ala B - 20° andar Morumbi - São Paulo - SP CEP 04794-000 +55 (11) 2540.9150 |
| |
United Arab Emirates
Level 24, ICD Brookfield Place
AI Mustaqbal Street, DIFC P.O. Box 507234 Dubai +971.4.597.0100 |
| |
India
Unit 1
4th Floor, Godrej BKC Bandra Kurla Complex Mumbai 400 051 +91.22.6600.0700 |
| |
China
Unit 01,
11F Tower C, One East No. 768 South Zhongshan 1st Road Huangpu District, Shanghai 200023 +86.21.2306.0700 |
|
| OAKTREE CORPORATE OFFICES | | |||||||||
|
United States
|
| |
United States
|
| |
United Kingdom
Verde
10 Bressenden Place London SW1E 5DH +44.20.7201.4600 |
| |
Hong Kong
Suite 2001,
20/F Champion Tower 3 Garden Road Central +852.3655.6800 |
|
| REGIONAL OFFICES (BROOKFIELD & OAKTREE) | | |||||||||
|
North America
Bermuda
Brentwood Calgary Chicago Houston Los Angeles Stamford Vancouver |
| |
South America
Bogotà
Lima |
| |
Europe / UAE
Amsterdam
Dublin Frankfurt Helsinki Luxembourg Paris Madrid Dubai |
| |
Asia Pacific
Sydney
Beijing Hong Kong Shanghai Seoul Singapore Tokyo |
|
| | | | | D-2-3 | | | |
|
PART I
MANAGEMENT’S DISCUSSION & ANALYSIS
|
| | | | | | |
| | | | | D-2-8 | | | |
| | | | | D-2-10 | | | |
| | | | | D-2-11 | | | |
| | | | | D-2-17 | | | |
| | | | | D-2-20 | | | |
| | | | | D-2-25 | | | |
| | | | | D-2-28 | | | |
| | | | | D-2-38 | | | |
| | | | | D-2-40 | | | |
| | | | | D-2-41 | | | |
|
PART II
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | | D-2-42 | | | |
| | | | | D-2-56 | | |
| Sincerely, | | | | |
|
|
| |
|
|
|
Bruce Flatt
Chief Executive Officer |
| |
Connor Teskey
President |
|
| By Fund Type | | | By Business Line | |
|
|
| |
|
|
FOR THE THREE MONTHS ENDED MARCH 31,
(MILLIONS) |
| |
2023
|
| |||
Compensation and benefits recovery
|
| | | $ | 138 | | |
Expenses | | | | | | | |
Compensation and benefits
|
| | | | (84) | | |
Unrealized carried interest compensation expense
|
| | | | (56) | | |
Other operating expense
|
| | | | (2) | | |
Total expenses
|
| | | | (142) | | |
Share of income from equity method investments
|
| | | | 129 | | |
Income tax (expense) benefit
|
| | | | — | | |
Net income and comprehensive income
|
| | | $ | 125 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Revenues | | | | | | | | | | | | | |
Management fee revenues | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 791 | | | | | $ | 671 | | |
Total management fee revenues
|
| | | | 791 | | | | | | 671 | | |
Investment income | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | |
Realized
|
| | | | 31 | | | | | | 47 | | |
Unrealized
|
| | | | 28 | | | | | | (48) | | |
Total investment income
|
| | | | 59 | | | | | | (1) | | |
Interest and dividend revenue
|
| | | | 43 | | | | | | 67 | | |
Other revenues
|
| | | | 161 | | | | | | 18 | | |
Total revenues
|
| | | | 1,054 | | | | | | 755 | | |
Expenses | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (299) | | | | | | (169) | | |
Other operating expenses
|
| | | | (70) | | | | | | (51) | | |
General, administrative and other
|
| | | | (7) | | | | | | (40) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (376) | | | | | | (260) | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Carried interest allocation compensation | | | | | | | | | | | | | |
Realized
|
| | | | — | | | | | | (10) | | |
Unrealized
|
| | | | (88) | | | | | | (103) | | |
Total carried interest allocation compensation
|
| | | | (88) | | | | | | (113) | | |
Interest expense
|
| | | | (2) | | | | | | (42) | | |
Total expenses
|
| | | | (466) | | | | | | (415) | | |
Other income (expenses), net
|
| | | | (22) | | | | | | 457 | | |
Share of income from equity accounted investments
|
| | | | 43 | | | | | | 68 | | |
Income before taxes
|
| | | | 609 | | | | | | 865 | | |
Income tax expense
|
| | | | (93) | | | | | | (142) | | |
Net income
|
| | | | 516 | | | | | | 723 | | |
Net loss (income) attributable to redeemable non-controlling interests in consolidated funds
|
| | | | — | | | | | | (375) | | |
Net loss (income) attributable to preferred share redeemable non-controlling interest
|
| | | | 19 | | | | | | — | | |
Net loss (income) attributable to non-controlling interest
|
| | | | (19) | | | | | | — | | |
Net income attributable to the common stockholders
|
| | | $ | 516 | | | | | $ | 348 | | |
|
AS AT MARCH 31, AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 12 | | | | | $ | 1 | | |
Due from affiliates
|
| | | | 875 | | | | | | 782 | | |
Other assets
|
| | | | 41 | | | | | | — | | |
Investments
|
| | | | 2,374 | | | | | | 2,378 | | |
Total assets
|
| | | $ | 3,302 | | | | | $ | 3,161 | | |
AS AT MARCH 31, AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Liabilities | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 873 | | | | | $ | 781 | | |
Due to affiliates
|
| | | | 100 | | | | | | 3 | | |
Total liabilities
|
| | | | 973 | | | | | | 784 | | |
Equity | | | | | | | | | | | | | |
Common Stock: | | | | | | | | | | | | | |
Class A (unlimited authorized and 412,428,007 issued and 392,409,501 outstanding)
|
| | | | 2,411 | | | | | | 2,410 | | |
Class B (unlimited authorized and 21,280 issued and outstanding)
|
| | | | — | | | | | | — | | |
Class A held in treasury (20,018,506 shares)
|
| | | | (482) | | | | | | (330) | | |
Additional paid-in-capital
|
| | | | 374 | | | | | | 278 | | |
Retained earnings
|
| | | | 17 | | | | | | 19 | | |
Non-controlling interest
|
| | | | 9 | | | | | | — | | |
Total equity
|
| | | | 2,329 | | | | | | 2,377 | | |
Total liabilities and equity
|
| | | $ | 3,302 | | | | | $ | 3,161 | | |
|
AS AT MARCH 31, AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,152 | | | | | $ | 3,545 | | |
Accounts receivable and other
|
| | | | 564 | | | | | | 429 | | |
Due from affiliates
|
| | | | 2,157 | | | | | | 2,121 | | |
Investments
|
| | | | 6,976 | | | | | | 6,877 | | |
Property, plant and equipment
|
| | | | 67 | | | | | | 68 | | |
Intangible assets
|
| | | | 55 | | | | | | 59 | | |
Goodwill
|
| | | | 265 | | | | | | 249 | | |
Deferred income tax assets
|
| | | | 737 | | | | | | 739 | | |
Total assets
|
| | | $ | 13,973 | | | | | $ | 14,087 | | |
Liabilities and shareholder’s equity | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | 1,815 | | | | | $ | 1,842 | | |
Due to affiliates
|
| | | | 615 | | | | | | 811 | | |
Deferred income tax liabilities
|
| | | | 18 | | | | | | 17 | | |
AS AT MARCH 31, AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Total liabilities
|
| | | | 2,448 | | | | | | 2,670 | | |
Preferred shares redeemable non-controlling interest
|
| | | | 1,864 | | | | | | 1,811 | | |
Equity | | | | | | | | | | | | | |
Common equity (common shares – unlimited authorized, 1,635,327,858 issued and
outstanding) |
| | | | 9,242 | | | | | | 9,271 | | |
Retained earnings
|
| | | | 72 | | | | | | 84 | | |
Accumulated other comprehensive income
|
| | | | 159 | | | | | | 153 | | |
Additional paid-in capital
|
| | | | 32 | | | | | | — | | |
Total common equity
|
| | | | 9,505 | | | | | | 9,508 | | |
Non-controlling interest
|
| | | | 156 | | | | | | 98 | | |
Total equity
|
| | | | 9,661 | | | | | | 9,606 | | |
Total liabilities, redeemable non-controlling interest and common equity
|
| | | $ | 13,973 | | | | | $ | 14,087 | | |
|
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |||
Operating activities before net changes in working capital and other non-cash operating items
|
| | | $ | (16) | | |
Net changes in working capital
|
| | | | 15 | | |
Other non-cash operating items
|
| | | | 2 | | |
Operating activities
|
| | | | 1 | | |
Investing activities
|
| | | | 91 | | |
Financing activities
|
| | | | (81) | | |
Change in cash and cash equivalents
|
| | | $ | 11 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Operating activities before net changes in working capital and other non-cash operating items
|
| | | $ | 515 | | | | | $ | 621 | | |
Net changes in working capital
|
| | | | (553) | | | | | | (409) | | |
Other non-cash operating items
|
| | | | (3) | | | | | | (611) | | |
Operating activities
|
| | | | (41) | | | | | | (399) | | |
Investing activities
|
| | | | (5) | | | | | | 262 | | |
Financing activities
|
| | | | (347) | | | | | | 222 | | |
Change in cash and cash equivalents
|
| | | $ | (393) | | | | | $ | 85 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Fee Revenues
|
| | | $ | 1,080 | | | | | $ | 965 | | |
Fee-Related Earnings(1)
|
| | | | 547 | | | | | | 492 | | |
Add back: equity-based compensation costs
|
| | | | 19 | | | | | | 25 | | |
Taxes and other
|
| | | | (3) | | | | | | (26) | | |
Distributable Earnings
|
| | | $ | 563 | | | | | $ | 491 | | |
AS AT
(MILLIONS) |
| |
Long-term
private funds |
| |
Perpetual
strategies |
| |
Liquid
strategies |
| |
Total
|
| ||||||||||||
Renewable power and transition
|
| | | $ | 27,727 | | | | | $ | 24,757 | | | | | $ | — | | | | | $ | 52,484 | | |
Infrastructure
|
| | | | 47,246 | | | | | | 45,506 | | | | | | — | | | | | | 92,752 | | |
Private equity
|
| | | | 32,046 | | | | | | 7,426 | | | | | | — | | | | | | 39,472 | | |
Real estate
|
| | | | 66,716 | | | | | | 31,376 | | | | | | — | | | | | | 98,092 | | |
Credit and other
|
| | | | 50,234 | | | | | | 25,507 | | | | | | 73,120 | | | | | | 148,861 | | |
| | | $ | 223,969 | | | | | $ | 134,572 | | | | | $ | 73,120 | | | | | $ | 431,661 | | | |
| | | $ | 218,857 | | | | | $ | 127,155 | | | | | $ | 71,851 | | | | | $ | 417,863 | | |
AS AT
(MILLIONS) |
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real estate
|
| |
Credit and
other |
| |
Total
|
| ||||||||||||||||||
Balance, December 31, 2022
|
| | | $ | 47,218 | | | | | $ | 85,887 | | | | | $ | 39,317 | | | | | $ | 103,025 | | | | | $ | 142,416 | | | | | $ | 417,863 | | |
Inflows
|
| | | | 1,876 | | | | | | 3,944 | | | | | | 1,477 | | | | | | 1,433 | | | | | | 9,350 | | | | | | 18,080 | | |
Outflows
|
| | | | — | | | | | | (6) | | | | | | — | | | | | | (132) | | | | | | (4,614) | | | | | | (4,752) | | |
Distributions
|
| | | | (558) | | | | | | (914) | | | | | | (105) | | | | | | (2,046) | | | | | | (1,231) | | | | | | (4,854) | | |
Market valuation
|
| | | | 3,965 | | | | | | 2,460 | | | | | | (291) | | | | | | (1,833) | | | | | | 2,285 | | | | | | 6,586 | | |
Other
|
| | | | (17) | | | | | | 1,381 | | | | | | (926) | | | | | | (2,355) | | | | | | 655 | | | | | | (1,262) | | |
Change
|
| | | | 5,266 | | | | | | 6,865 | | | | | | 155 | | | | | | (4,933) | | | | | | 6,445 | | | | | | 13,798 | | |
Balance, March 31, 2023
|
| | | $ | 52,484 | | | | | $ | 92,752 | | | | | $ | 39,472 | | | | | $ | 98,092 | | | | | $ | 148,861 | | | | | $ | 431,661 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Base management fees(1)
|
| | | $ | 981 | | | | | $ | 850 | | |
Incentive distributions
|
| | | | 94 | | | | | | 84 | | |
Transaction and advisory fees
|
| | | | 5 | | | | | | 31 | | |
Fee Revenues
|
| | | | 1,080 | | | | | | 965 | | |
Less: direct costs(2)
|
| | | | (504) | | | | | | (435) | | |
| | | | | 576 | | | | | | 530 | | |
Less: Fee-Related Earnings not attributable to the Asset Management business
|
| | | | (29) | | | | | | (38) | | |
Fee-Related Earnings
|
| | | $ | 547 | | | | | $ | 492 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Renewable power and transition
|
| | | $ | 154 | | | | | $ | 146 | | |
Infrastructure
|
| | | | 298 | | | | | | 278 | | |
Private equity
|
| | | | 117 | | | | | | 95 | | |
Real estate
|
| | | | 261 | | | | | | 214 | | |
Credit and other
|
| | | | 250 | | | | | | 232 | | |
Total Fee Revenues
|
| | | $ | 1,080 | | | | | $ | 965 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Renewable power and transition
|
| | | $ | 52,484 | | | | | $ | 47,218 | | |
Infrastructure
|
| | | | 92,752 | | | | | | 85,887 | | |
Private equity
|
| | | | 39,472 | | | | | | 39,317 | | |
Real estate
|
| | | | 98,092 | | | | | | 103,025 | | |
Credit and other
|
| | | | 148,861 | | | | | | 142,416 | | |
Total Fee-Bearing Capital
|
| | | $ | 431,661 | | | | | $ | 417,863 | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Balance, beginning of period
|
| | | $ | 417,863 | | | | | $ | 364,133 | | |
Inflows
|
| | | | 18,080 | | | | | | 107,669 | | |
Outflows
|
| | | | (4,752) | | | | | | (22,042) | | |
Distributions
|
| | | | (4,854) | | | | | | (12,161) | | |
Market valuation
|
| | | | 6,586 | | | | | | (20,247) | | |
Other
|
| | | | (1,262) | | | | | | 511 | | |
Change
|
| | | | 13,798 | | | | | | 53,730 | | |
Balance, end of period
|
| | | $ | 431,661 | | | | | $ | 417,863 | | |
|
Fee-Bearing Capital
AS AT MAR 31, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED MAR 31 (MILLIONS) |
|
|
|
| |
|
|
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 27,727 | | | | | $ | 26,708 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 24,757 | | | | | | 20,510 | | |
Total Fee-Bearing Capital
|
| | | $ | 52,484 | | | | | $ | 47,218 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Balance, beginning of period
|
| | | $ | 47,218 | | | | | $ | 47,525 | | |
Inflows
|
| | | | 1,876 | | | | | | 6,823 | | |
Distributions
|
| | | | (558) | | | | | | (1,428) | | |
Market valuation
|
| | | | 3,965 | | | | | | (5,873) | | |
Other
|
| | | | (17) | | | | | | 171 | | |
Change
|
| | | | 5,266 | | | | | | (307) | | |
Balance, end of period
|
| | | $ | 52,484 | | | | | $ | 47,218 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Management and advisory fees | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 57 | | | | | $ | 41 | | |
Co-investment and other funds
|
| | | | 7 | | | | | | 5 | | |
| | | | | 64 | | | | | | 46 | | |
Perpetual strategies | | | | | | | | | | | | | |
BEP(1)
|
| | | | 59 | | | | | | 76 | | |
Co-investment and other funds
|
| | | | — | | | | | | — | | |
| | | | | 59 | | | | | | 76 | | |
Catch-up fees
|
| | | | 1 | | | | | | — | | |
Transaction and advisory fees
|
| | | | 2 | | | | | | — | | |
Total management and advisory fees
|
| | | | 126 | | | | | | 122 | | |
Incentive distributions
|
| | | | 28 | | | | | | 24 | | |
Total Fee Revenues
|
| | | $ | 154 | | | | | $ | 146 | | |
|
Fee-Bearing Capital
AS AT MAR 31, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED MAR 31 (MILLIONS) |
|
|
|
| |
|
|
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 47,246 | | | | | $ | 44,512 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 45,506 | | | | | | 41,375 | | |
Total Fee-Bearing Capital
|
| | | $ | 92,752 | | | | | $ | 85,887 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Balance, beginning of period
|
| | | $ | 85,887 | | | | | $ | 67,736 | | |
Inflows
|
| | | | 3,944 | | | | | | 26,974 | | |
Outflows
|
| | | | (6) | | | | | | — | | |
Distributions
|
| | | | (914) | | | | | | (3,794) | | |
Market valuation
|
| | | | 2,460 | | | | | | (5,053) | | |
Other
|
| | | | 1,381 | | | | | | 24 | | |
Change
|
| | | | 6,865 | | | | | | 18,151 | | |
Balance, end of period
|
| | | $ | 92,752 | | | | | $ | 85,887 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Management and advisory fees | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 90 | | | | | $ | 53 | | |
Co-investment and other funds
|
| | | | 13 | | | | | | 11 | | |
| | | | | 103 | | | | | | 64 | | |
Permanent capital vehicles and perpetual strategies | | | | | | | | | | | | | |
BIP(1)
|
| | | | 100 | | | | | | 118 | | |
Co-investment and other funds
|
| | | | 22 | | | | | | 6 | | |
| | | | | 122 | | | | | | 124 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Catch-up fees
|
| | | | 5 | | | | | | — | | |
Transaction and advisory fees
|
| | | | 2 | | | | | | 30 | | |
Total management and advisory fees
|
| | | | 232 | | | | | | 218 | | |
Incentive distributions
|
| | | | 66 | | | | | | 60 | | |
Total Fee Revenues
|
| | | $ | 298 | | | | | $ | 278 | | |
|
|
Fee-Bearing Capital
AS AT MAR 31, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED MAR 31 (MILLIONS) |
|
|
|
| |
|
|
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 66,716 | | | | | $ | 69,473 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 31,376 | | | | | | 33,552 | | |
Total Fee-Bearing Capital
|
| | | $ | 98,092 | | | | | $ | 103,025 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Balance, beginning of period
|
| | | $ | 103,025 | | | | | $ | 82,282 | | |
Inflows
|
| | | | 1,433 | | | | | | 18,850 | | |
Outflows
|
| | | | (132) | | | | | | (394) | | |
Distributions
|
| | | | (2,046) | | | | | | (4,556) | | |
Market valuation
|
| | | | (1,833) | | | | | | 1,645 | | |
Other
|
| | | | (2,355) | | | | | | 5,198 | | |
Change
|
| | | | (4,933) | | | | | | 20,743 | | |
Balance, end of period
|
| | | $ | 98,092 | | | | | $ | 103,025 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Management and advisory fees | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 97 | | | | | $ | 85 | | |
Co-investment and other funds
|
| | | | 82 | | | | | | 50 | | |
| | | | | 179 | | | | | | 135 | | |
Permanent capital vehicles and perpetual strategies | | | | | | | | | | | | | |
BPG(1)
|
| | | | 50 | | | | | | 55 | | |
Co-investment and other funds
|
| | | | 31 | | | | | | 22 | | |
| | | | | 81 | | | | | | 77 | | |
Catch-up fees
|
| | | | 1 | | | | | | 2 | | |
Total management and advisory fees
|
| | | | 261 | | | | | | 214 | | |
Incentive distributions
|
| | | | — | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 261 | | | | | $ | 214 | | |
|
Fee-Bearing Capital
AS AT MAR 31, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED MAR 31 (MILLIONS) |
|
|
|
| |
|
|
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 32,046 | | | | | $ | 31,501 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 7,426 | | | | | | 7,816 | | |
Total Fee-Bearing Capital
|
| | | $ | 39,472 | | | | | $ | 39,317 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Balance, beginning of period
|
| | | $ | 39,317 | | | | | $ | 34,395 | | |
Inflows
|
| | | | 1,477 | | | | | | 9,135 | | |
Distributions
|
| | | | (105) | | | | | | (810) | | |
Market valuation
|
| | | | (291) | | | | | | (2,534) | | |
Other
|
| | | | (926) | | | | | | (869) | | |
Change
|
| | | | 155 | | | | | | 4,922 | | |
Balance, end of period
|
| | | $ | 39,472 | | | | | $ | 39,317 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Management and advisory fees | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 42 | | | | | $ | 25 | | |
Co-investment and other funds
|
| | | | 48 | | | | | | 45 | | |
| | | | | 90 | | | | | | 70 | | |
Perpetual strategies | | | | | | | | | | | | | |
BBU(1)
|
| | | | 23 | | | | | | 24 | | |
Co-investment and other funds
|
| | | | — | | | | | | — | | |
| | | | | 23 | | | | | | 24 | | |
Catch-up fees
|
| | | | 3 | | | | | | — | | |
Transaction and advisory fees
|
| | | | 1 | | | | | | 1 | | |
Total management and advisory fees
|
| | | | 117 | | | | | | 95 | | |
Performance fees
|
| | | | — | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 117 | | | | | $ | 95 | | |
|
Fee-Bearing Capital
AS AT MAR 31, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED MAR 31 (MILLIONS) |
|
|
|
| |
|
|
| |
2023
|
| |
2022
|
| |||||||
Long-term private funds
|
| | | $ | 50,234 | | | | | $ | 46,663 | | |
Perpetual strategies
|
| | | | 25,507 | | | | | | 23,902 | | |
Liquid strategies
|
| | | | 73,120 | | | | | | 71,851 | | |
Total Fee-Bearing Capital
|
| | | $ | 148,861 | | | | | $ | 142,416 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Balance, beginning of period
|
| | | $ | 142,416 | | | | | $ | 132,195 | | |
Inflows
|
| | | | 9,350 | | | | | | 45,887 | | |
Outflows
|
| | | | (4,614) | | | | | | (21,648) | | |
Distributions
|
| | | | (1,231) | | | | | | (1,573) | | |
Market valuation
|
| | | | 2,285 | | | | | | (8,432) | | |
Other
|
| | | | 655 | | | | | | (4,013) | | |
Change
|
| | | | 6,445 | | | | | | 10,221 | | |
Balance, end of period
|
| | | $ | 148,861 | | | | | $ | 142,416 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Management and advisory fees | | | | | | | | | | | | | |
Long-term private funds
|
| | | $ | 133 | | | | | $ | 120 | | |
Perpetual strategies
|
| | | | 55 | | | | | | 41 | | |
Liquid strategies(1)
|
| | | | 62 | | | | | | 71 | | |
Transaction and advisory fees
|
| | | | — | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 250 | | | | | $ | 232 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Net Income
|
| | | $ | 516 | | | | | $ | 723 | | |
Add or subtract the following: | | | | | | | | | | | | | |
Provision for taxes(a)
|
| | | | 93 | | | | | | 142 | | |
Depreciation, amortization and other(b)
|
| | | | 4 | | | | | | 3 | | |
Carried interest allocations(c)
|
| | | | (59) | | | | | | 1 | | |
Carried interest allocation compensation(c)
|
| | | | 88 | | | | | | 113 | | |
Other income and expenses(d)
|
| | | | 22 | | | | | | (457) | | |
Interest expense paid to related parties(d)
|
| | | | — | | | | | | 42 | | |
Interest and dividend revenue(d)
|
| | | | (43) | | | | | | (67) | | |
Other revenues(e)
|
| | | | (161) | | | | | | (18) | | |
Share of income from equity accounted investments(f)
|
| | | | (43) | | | | | | (68) | | |
Fee-Related Earnings of Oaktree at our share(f)
|
| | | | 56 | | | | | | 59 | | |
Compensation costs recovered from affiliates(g)
|
| | | | 74 | | | | | | — | | |
Fee Revenues from BSREP III & other(h)
|
| | | | — | | | | | | 19 | | |
Fee-Related Earnings
|
| | | $ | 547 | | | | | $ | 492 | | |
Cash taxes and other(i)
|
| | | | (3) | | | | | | (26) | | |
Equity-based compensation expense and other(j)
|
| | | | 19 | | | | | | 25 | | |
Distributable Earnings
|
| | | $ | 563 | | | | | $ | 491 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Total management fee revenues
|
| | | $ | 791 | | | | | $ | 671 | | |
Fee Revenues from Oaktree(a)
|
| | | | 289 | | | | | | 278 | | |
BSREP III Fees & other(b)
|
| | | | — | | | | | | 16 | | |
Fee Revenues
|
| | | $ | 1,080 | | | | | $ | 965 | | |
AS AT March 31, and December 31
(MILLIONS) |
| |
Manager Liquidity
|
| |
Group Liquidity(a)
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Cash and financial assets
|
| | | $ | 3,180 | | | | | $ | 3,222 | | | | | $ | 25,533 | | | | | $ | 29,486 | | |
Undrawn committed credit facility
|
| | | | 102 | | | | | | 300 | | | | | | 5,574 | | | | | | 5,438 | | |
Core liquidity
|
| | | | 3,282 | | | | | | 3,522 | | | | | | 31,107 | | | | | | 34,924 | | |
Uncalled private fund commitments
|
| | | | — | | | | | | — | | | | | | 79,065 | | | | | | 87,364 | | |
Total liquidity
|
| | | $ | 3,282 | | | | | $ | 3,522 | | | | | $ | 110,172 | | | | | $ | 122,288 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027 +
|
| |
Total 2023
|
| |
Dec. 2022
|
| |||||||||||||||||||||
Renewable power and transition
|
| | | $ | — | | | | | $ | 64 | | | | | $ | 129 | | | | | $ | — | | | | | $ | 15,402 | | | | | $ | 15,595 | | | | | $ | 14,835 | | |
Infrastructure
|
| | | | — | | | | | | 49 | | | | | | 200 | | | | | | — | | | | | | 16,296 | | | | | | 16,545 | | | | | | 21,981 | | |
Private equity
|
| | | | 66 | | | | | | — | | | | | | 560 | | | | | | — | | | | | | 9,839 | | | | | | 10,465 | | | | | | 11,003 | | |
Real estate
|
| | | | 392 | | | | | | 774 | | | | | | 208 | | | | | | 3,141 | | | | | | 15,376 | | | | | | 19,891 | | | | | | 21,895 | | |
Credit and other
|
| | | | 28 | | | | | | 1,171 | | | | | | 449 | | | | | | 515 | | | | | | 14,406 | | | | | | 16,569 | | | | | | 17,650 | | |
| | | | $ | 486 | | | | | $ | 2,058 | | | | | $ | 1,546 | | | | | $ | 3,656 | | | | | $ | 71,319 | | | | | $ | 79,065 | | | | | $ | 87,364 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS, EXCEPT SHARE AMOUNTS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 12 | | | | | $ | 1 | | |
Due from affiliates (Note 7)
|
| | | | 875 | | | | | | 782 | | |
Other assets
|
| | | | 41 | | | | | | — | | |
Investments (Note 3)
|
| | | | 2,374 | | | | | | 2,378 | | |
Total assets
|
| | | $ | 3,302 | | | | | $ | 3,161 | | |
Liabilities | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 873 | | | | | $ | 781 | | |
Due to affiliates (Note 7)
|
| | | | 100 | | | | | | 3 | | |
Total liabilities
|
| | | | 973 | | | | | | 784 | | |
Commitments and contingencies (Note 8) | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | |
Common stock: | | | | | | | | | | | | | |
Class A (unlimited authorized and 412,428,007 issued and 392,409,501 outstanding)
|
| | | | 2,411 | | | | | | 2,410 | | |
Class B (unlimited authorized and 21,280 issued and outstanding)
|
| | | | — | | | | | | — | | |
Class A held in treasury (20,018,506 shares)
|
| | | | (482) | | | | | | (330) | | |
Additional paid-in-capital
|
| | | | 374 | | | | | | 278 | | |
Retained earnings
|
| | | | 17 | | | | | | 19 | | |
Non-controlling interest
|
| | | | 9 | | | | | | — | | |
Total equity
|
| | | | 2,329 | | | | | | 2,377 | | |
Total liabilities and equity
|
| | | $ | 3,302 | | | | | $ | 3,161 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) |
| |
2023
|
| |||
Compensation and benefits recovery
|
| | | $ | 138 | | |
Expenses | | | | | | | |
Compensation and benefits
|
| | | | (84) | | |
Unrealized carried interest compensation expense
|
| | | | (56) | | |
Other operating expense
|
| | | | (2) | | |
Total expense
|
| | | | (142) | | |
Share of income from equity method investments
|
| | | | 129 | | |
Net income and comprehensive income
|
| | | $ | 125 | | |
Net income per share of common stock | | | | | | | |
Basic
|
| | | $ | 0.31 | | |
Diluted
|
| | | | 0.31 | | |
Weighted-average shares of common stock outstanding | | | | | | | |
Basic
|
| | | | 392,592,450 | | |
Diluted
|
| | | | 397,297,203 | | |
| | |
Shares of Brookfield Asset
Management Ltd. |
| |
Brookfield Asset Management Ltd.
|
| ||||||||||||||||||||||||||||||||||||||||||
AS AT
(MILLIONS) |
| |
Class A
common stock |
| |
Class B
common stock |
| |
Common
stock |
| |
Treasury
stock |
| |
Additional
paid-in-capital |
| |
Retained
earnings |
| |
Non-
controlling interest |
| |
Total equity
|
| ||||||||||||||||||||||||
Balance at December 31, 2022
|
| | | | 396,154,728 | | | | | | 21,280 | | | | | $ | 2,410 | | | | | $ | (330) | | | | | $ | 278 | | | | | $ | 19 | | | | | $ | — | | | | | $ | 2,377 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 125 | | | | | | — | | | | | | 125 | | |
Share subscriptions
|
| | | | 225,150 | | | | | | — | | | | | | 1 | | | | | | —(1) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Purchase of treasury shares
|
| | | | (3,970,377) | | | | | | — | | | | | | — | | | | | | (152) | | | | | | — | | | | | | — | | | | | | — | | | | | | (152) | | |
Contributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 97 | | | | | | — | | | | | | 9 | | | | | | 106 | | |
Distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (127) | | | | | | — | | | | | | (127) | | |
Balance at March 31, 2023
|
| | | | 392,409,501 | | | | | | 21,280 | | | | | $ | 2,411 | | | | | $ | (482) | | | | | $ | 374 | | | | | $ | 17 | | | | | $ | 9 | | | | | $ | 2,329 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |||
Operating activities | | | | | | | |
Net income
|
| | | $ | 125 | | |
Non-cash adjustments | | | | | | | |
Compensation and benefits recovery
|
| | | | (138) | | |
Share of income from equity method investments
|
| | | | (129) | | |
Compensation and benefits expense
|
| | | | 70 | | |
Unrealized carried interest compensation expense
|
| | | | 56 | | |
Working capital movements: | | | | | | | |
Due from affiliates
|
| | | | (93) | | |
Due to affiliates
|
| | | | 16 | | |
Accounts payable
|
| | | | 92 | | |
Other non-cash operating items
|
| | | | 2 | | |
| | | | | 1 | | |
Investing activities | | | | | | | |
Distributions received from equity method investments
|
| | | | 132 | | |
Purchase of tracking option
|
| | | | (41) | | |
| | | | | 91 | | |
Financing activities | | | | | | | |
Stock-based compensation prepayment from affiliates
|
| | | | 103 | | |
Change in due to affiliates
|
| | | | 95 | | |
Distributions paid to common stockholders
|
| | | | (127) | | |
Purchase of treasury shares
|
| | | | (152) | | |
| | | | | (81) | | |
Cash and cash equivalents | | | | | | | |
Change in cash and cash equivalents
|
| | | | 11 | | |
Balance, beginning of period
|
| | | | 1 | | |
Balance, end of period
|
| | | $ | 12 | | |
AS AT MARCH 31, AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Cash
|
| | | $ | 3,152 | | | | | $ | 3,545 | | |
Investments
|
| | | | 6,976 | | | | | | 6,877 | | |
Assets
|
| | | | 13,973 | | | | | | 14,087 | | |
Liabilities
|
| | | | 2,448 | | | | | | 2,670 | | |
Preferred shares redeemable non-controlling interest
|
| | | | 1,864 | | | | | | 1,811 | | |
Equity
|
| | | $ | 9,661 | | | | | $ | 9,606 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |||
Revenues
|
| | | $ | 1,054 | | |
Expenses
|
| | | | (466) | | |
Net income
|
| | | | 516 | | |
Net (income) attributable to preferred share redeemable non-controlling interest
|
| | | | 19 | | |
Net (income) attributable to non-controlling interest
|
| | | | (19) | | |
Net income attributable to common stockholders
|
| | | $ | 516 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |||
Expense arising from equity classified share-based payment transactions
|
| | | $ | 9 | | |
Expense arising from liability classified share-based payment transactions
|
| | | | 22 | | |
| | | | $ | 31 | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2023
(MILLIONS, EXCEPT PER SHARE AMOUNTS AND NUMBER OF SHARES) |
| |
Class A
|
| |
Class B
|
| ||||||
Numerator | | | | | | | | | | | | | |
Net income
|
| | | $ | 125 | | | | | $ | — | | |
Denominator | | | | | | | | | | | | | |
Weighted average of common stock outstanding – basic
|
| | | | 392,592,450 | | | | | | 21,280 | | |
Dilutive effect of conversion of options and escrowed shares using treasury stock
method |
| | | | 4,704,753 | | | | | | — | | |
Weighted average of common stock outstanding – diluted
|
| | | | 397,297,203 | | | | | | 21,280 | | |
Net Income per Share | | | | | | | | | | | | | |
Earnings per share – basic
|
| | | $ | 0.31 | | | | | $ | 0.31 | | |
Earnings per share – diluted
|
| | | | 0.31 | | | | | | 0.31 | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2023
|
| | | | | | |
Management stock options of the Manager issued and allocated
|
| | | | 4,959,356 | | |
Escrow shares of the Manager issued and allocated
|
| | | | 2,486,568 | | |
Restricted shares of the Manager issued and allocated
|
| | | | 1,195,319 | | |
Total
|
| | | | 8,641,243 | | |
AS AT MARCH 31, 2023
(MILLIONS) |
| | | | | | |
Due from Affiliates | | | | | | | |
Receivables from related to share and cash-based compensation
|
| | | $ | 856 | | |
Other transactions with related parties
|
| | | | 19 | | |
Due to Affiliates | | | | | | | |
Borrowings on short-term credit facility
|
| | | $ | 95 | | |
Other transactions with related parties
|
| | | | 5 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS, EXCEPT SHARE AMOUNTS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,152 | | | | | $ | 3,545 | | |
Accounts receivable and other
|
| | | | 564 | | | | | | 429 | | |
Due from affiliates
|
| | | | 2,157 | | | | | | 2,121 | | |
Investments
|
| | | | 6,976 | | | | | | 6,877 | | |
Property, plant and equipment
|
| | | | 67 | | | | | | 68 | | |
Intangible assets
|
| | | | 55 | | | | | | 59 | | |
Goodwill
|
| | | | 265 | | | | | | 249 | | |
Deferred income tax assets
|
| | | | 737 | | | | | | 739 | | |
Total assets
|
| | | $ | 13,973 | | | | | $ | 14,087 | | |
Liabilities | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | 1,815 | | | | | $ | 1,842 | | |
Due to affiliates
|
| | | | 615 | | | | | | 811 | | |
Deferred income tax liabilities
|
| | | | 18 | | | | | | 17 | | |
Total liabilities
|
| | | | 2,448 | | | | | | 2,670 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Preferred shares redeemable non-controlling interest
|
| | | | 1,864 | | | | | | 1,811 | | |
Equity | | | | | | | | | | | | | |
Common equity (Common shares – unlimited authorized, 1,635,327,858 issued and outstanding)
|
| | | | 9,242 | | | | | | 9,271 | | |
Retained earnings
|
| | | | 72 | | | | | | 84 | | |
Accumulated other comprehensive income
|
| | | | 159 | | | | | | 153 | | |
Additional paid-in capital
|
| | | | 32 | | | | | | — | | |
Non-controlling interest
|
| | | | 156 | | | | | | 98 | | |
Total equity
|
| | | | 9,661 | | | | | | 9,606 | | |
Total liabilities, redeemable non-controlling interest and equity
|
| | | $ | 13,973 | | | | | $ | 14,087 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Revenues | | | | | | | | | | | | | |
Management fee revenues
|
| | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 791 | | | | | $ | 671 | | |
Total management fee revenues
|
| | | | 791 | | | | | | 671 | | |
Investment income
|
| | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | |
Realized
|
| | | | 31 | | | | | | 47 | | |
Unrealized
|
| | | | 28 | | | | | | (48) | | |
Total investment income
|
| | | | 59 | | | | | | (1) | | |
Interest and dividend revenue
|
| | | | 43 | | | | | | 67 | | |
Other revenues, net
|
| | | | 161 | | | | | | 18 | | |
Total revenues
|
| | | | 1,054 | | | | | | 755 | | |
Expenses | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses
|
| | | | | | | | | | | | |
Compensation and benefits
|
| | | | (299) | | | | | | (169) | | |
Other operating expenses
|
| | | | (70) | | | | | | (51) | | |
General and administrative
|
| | | | (7) | | | | | | (40) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (376) | | | | | | (260) | | |
Carried interest compensation
|
| | | | | | | | | | | | |
Realized
|
| | | | — | | | | | | (10) | | |
Unrealized
|
| | | | (88) | | | | | | (103) | | |
Total carried interest compensation
|
| | | | (88) | | | | | | (113) | | |
Interest expense paid to related parties
|
| | | | (2) | | | | | | (42) | | |
Total expenses
|
| | | | (466) | | | | | | (415) | | |
Other income, net
|
| | | | (22) | | | | | | 457 | | |
Share of income from equity accounted investments
|
| | | | 43 | | | | | | 68 | | |
Income before taxes
|
| | | | 609 | | | | | | 865 | | |
Income tax expense
|
| | | | (93) | | | | | | (142) | | |
Net income
|
| | | $ | 516 | | | | | $ | 723 | | |
Net loss (income) attributable to redeemable non-controlling interest in consolidated funds
|
| | | $ | — | | | | | $ | (375) | | |
Net loss (income) attributable to preferred share redeemable non-controlling interest
|
| | | | 19 | | | | | | — | | |
Net loss (income) attributable to non-controlling interest
|
| | | | (19) | | | | | | — | | |
Net income attributable to common stockholders
|
| | | $ | 516 | | | | | $ | 348 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Net income
|
| | | $ | 516 | | | | | $ | 723 | | |
Currency translation, net of tax impact
|
| | | | 6 | | | | | | — | | |
Comprehensive income
|
| | | | 522 | | | | | | 723 | | |
Comprehensive loss (income) attributable to redeemable non-controlling interest in consolidated funds
|
| | | | — | | | | | | (375) | | |
Comprehensive income attributable to common stockholders
|
| | | $ | 522 | | | | | $ | 348 | | |
| | |
Common equity
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
AS AT
(MILLIONS) |
| |
Common
shares |
| |
Additional
paid-in capital |
| |
Retained
earnings |
| |
Accumulated
other comprehensive income |
| |
Total
common equity |
| |
Non-
controlling interest |
| |
Total
equity |
| |||||||||||||||||||||
Balance at December 31, 2022
|
| | | $ | 9,271 | | | | | $ | — | | | | | $ | 84 | | | | | $ | 153 | | | | | $ | 9,508 | | | | | $ | 98 | | | | | $ | 9,606 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 516 | | | | | | — | | | | | | 516 | | | | | | 19 | | | | | | 535 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6 | | | | | | 6 | | | | | | — | | | | | | 6 | | |
Contributions
|
| | | | — | | | | | | 32 | | | | | | — | | | | | | — | | | | | | 32 | | | | | | 10 | | | | | | 42 | | |
Distributions
|
| | | | — | | | | | | — | | | | | | (528) | | | | | | — | | | | | | (528) | | | | | | — | | | | | | (528) | | |
Transfer of interest
|
| | | | (29) | | | | | | — | | | | | | — | | | | | | — | | | | | | (29) | | | | | | 29 | | | | | | — | | |
Balance at March 31, 2023
|
| | | $ | 9,242 | | | | | $ | 32 | | | | | $ | 72 | | | | | $ | 159 | | | | | $ | 9,505 | | | | | $ | 156 | | | | | $ | 9,661 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Operating activities | | | | | | | | | | | | | |
Net income
|
| | | $ | 516 | | | | | $ | 723 | | |
Other income, net
|
| | | | 22 | | | | | | (457) | | |
Other revenue
|
| | | | (161) | | | | | | — | | |
Share of (income) loss from investments accounted for under the equity method
|
| | | | (3) | | | | | | (34) | | |
Depreciation and amortization
|
| | | | 4 | | | | | | 3 | | |
Deferred income taxes
|
| | | | 57 | | | | | | 80 | | |
Stock based equity awards
|
| | | | 94 | | | | | | 135 | | |
Stock based equity awards recovery
|
| | | | (74) | | | | | | — | | |
Unrealized carried interest allocation, net
|
| | | | 60 | | | | | | 171 | | |
Net change in working capital balances
|
| | | | (553) | | | | | | (409) | | |
Other non-cash operating items
|
| | | | (3) | | | | | | (611) | | |
| | | | | (41) | | | | | | (399) | | |
Investing activities | | | | | | | | | | | | | |
Acquisitions
|
| | | | | | | | | | | | |
Property, plant and equipment
|
| | | | (1) | | | | | | (17) | | |
Equity accounted investments
|
| | | | (4) | | | | | | (5) | | |
Dispositions of investments and other
|
| | | | — | | | | | | 284 | | |
| | | | | (5) | | | | | | 262 | | |
Financing activities | | | | | | | | | | | | | |
Corporate borrowings
|
| | | | — | | | | | | (105) | | |
Issuance of related party loans
|
| | | | 235 | | | | | | 255 | | |
Repayment of related party loans
|
| | | | — | | | | | | (72) | | |
Advances provided to related parties
|
| | | | (95) | | | | | | — | | |
Contributions from parent
|
| | | | — | | | | | | 355 | | |
Distributions to stockholders
|
| | | | (528) | | | | | | (207) | | |
Issuance of tracking option
|
| | | | 41 | | | | | | — | | |
Distributions to redeemable non-controlling interest
|
| | | | — | | | | | | (4) | | |
| | | | | (347) | | | | | | 222 | | |
Cash and cash equivalents | | | | | | | | | | | | | |
Change in cash and cash equivalents
|
| | | | (393) | | | | | | 85 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | — | | | | | | (1) | | |
Balance, beginning of period
|
| | | | 3,545 | | | | | | 2,494 | | |
Balance, end of period
|
| | | $ | 3,152 | | | | | $ | 2,578 | | |
Supplemental cash flow disclosures | | | | | | | | | | | | | |
Net change in working capital balances
|
| | | | | | | | | | | | |
Accounts receivable and other
|
| | | $ | (135) | | | | | $ | (55) | | |
Accounts payable and other
|
| | | | (27) | | | | | | 17 | | |
Due from affiliates
|
| | | | (364) | | | | | | (529) | | |
Due to affiliates
|
| | | | (27) | | | | | | 158 | | |
Income taxes paid
|
| | | | 81 | | | | | | 60 | | |
Interest paid
|
| | | $ | 2 | | | | | $ | 42 | | |
(UNAUDITED) AS AT MARCH 31 AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Common shares(a)
|
| | | $ | 74 | | | | | $ | 75 | | |
Investments in affiliates(b)
|
| | | | 1,348 | | | | | | 1,309 | | |
Accrued carried interest – mature funds(c)
|
| | | | 1,145 | | | | | | 1,163 | | |
Accrued carried interest – new funds(c)
|
| | | | 174 | | | | | | 108 | | |
Equity accounted investments(d) | | | | | | | | | | | | | |
Equity interest in Oaktree
|
| | | | 3,955 | | | | | | 3,940 | | |
Equity interest in other affiliates
|
| | | | 280 | | | | | | 282 | | |
| | | | $ | 6,976 | | | | | $ | 6,877 | | |
(UNAUDITED) AS AT MARCH 31
(MILLIONS) |
| |
2023
|
| |||
Balance, beginning of period
|
| | | $ | 1,163 | | |
Changes in fund fair values
|
| | | | 13 | | |
Realized carried interest
|
| | | | (31) | | |
Balance, end of period
|
| | | $ | 1,145 | | |
(UNAUDITED) AS AT MARCH 31
(MILLIONS) |
| |
2023
|
| |||
Balance, beginning of period
|
| | | $ | 108 | | |
Changes in fund fair values
|
| | | | 66 | | |
Realized carried interest
|
| | | | — | | |
Balance, end of period
|
| | | $ | 174 | | |
(UNAUDITED) FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Revenues
|
| | | $ | 701 | | | | | $ | 1,644 | | |
Expense
|
| | | | (829) | | | | | | (406) | | |
Net income
|
| | | | (128) | | | | | | 1,238 | | |
Net income attributable to non-controlling interest
|
| | | $ | 11 | | | | | $ | (186) | | |
(UNAUDITED) AS AT MARCH 31 AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Investments
|
| | | $ | 21 | | | | | $ | 18 | | |
Due from affiliates
|
| | | | 45 | | | | | | 22 | | |
VIE related assets
|
| | | | 66 | | | | | | 40 | | |
Maximum exposure to loss
|
| | | $ | 66 | | | | | $ | 40 | | |
AS AT MARCH 31, 2023
(MILLIONS) |
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,152 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,152 | | |
Accounts receivable and other
|
| | | | — | | | | | | — | | | | | | 38 | | | | | | 38 | | |
Common shares
|
| | | | — | | | | | | — | | | | | | 74 | | | | | | 74 | | |
Total assets
|
| | | $ | 3,152 | | | | | $ | — | | | | | $ | 112 | | | | | $ | 3,264 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | — | | | | | $ | — | | | | | $ | 193 | | | | | $ | 193 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 193 | | | | | $ | 193 | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,545 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,545 | | |
Accounts receivable and other
|
| | | | — | | | | | | — | | | | | | 52 | | | | | | 52 | | |
Common shares
|
| | | | — | | | | | | — | | | | | | 75 | | | | | | 75 | | |
Total assets
|
| | | $ | 3,545 | | | | | $ | — | | | | | $ | 127 | | | | | $ | 3,672 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
AS AT MARCH 31, 2023
|
| |
Fair
Value |
| |
Valuation techniques
|
| |
Unobservable
inputs |
| |
Ranges
|
| |
Weighted-
average(a) |
| |
Impact to
valuation from an increase in input |
| |||||||||||||||
Common shares
|
| | | $ | 74 | | | | See note(b) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts receivable and other
|
| | | | 38 | | | | See note(d) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts payable and other
|
| | | | 193 | | | | See note(c) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
AS AT DECEMBER 31, 2022
|
| |
Fair
value |
| |
Valuation techniques
|
| |
Unobservable
inputs |
| |
Ranges
|
| |
Weighted-
average(a) |
| |
Impact to
valuation from an increase in input |
| |||||||||||||||
Common shares
|
| | | $ | 75 | | | | See note(b) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts payable and other
|
| | | | 190 | | | | See note(c) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
AS AT MARCH 31, 2023
(MILLIONS) |
| |
Common
shares |
| |
Accounts
receivable and other |
| |
Accounts
payable and other |
| |||||||||
Balance, beginning of period
|
| | | $ | 75 | | | | | $ | 52 | | | | | $ | 190 | | |
Net purchases (redemptions)
|
| | | | (1) | | | | | | — | | | | | | — | | |
Gains (losses) included in earnings
|
| | | | — | | | | | | (14) | | | | | | 3 | | |
Balance, end of period
|
| | | $ | 74 | | | | | $ | 38 | | | | | $ | 193 | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| |
Common
shares |
| |
Accounts
receivable and other |
| |
Investment
in affiliates |
| |
Preferred
shares |
| |
Loans to
related parties |
| |
Borrowings
from parties |
| |
Accounts
payable and other |
| |||||||||||||||||||||
Balance, beginning of period
|
| | | $ | 562 | | | | | $ | — | | | | | $ | 6,204 | | | | | $ | 1,557 | | | | | $ | 545 | | | | | $ | 4,102 | | | | | $ | 69 | | |
Net purchases (redemptions)
|
| | | | (487) | | | | | | 52 | | | | | | (7,122) | | | | | | (1,557) | | | | | | (540) | | | | | | (4,102) | | | | | | 121 | | |
Gains (losses) included in earnings
|
| | | | — | | | | | | — | | | | | | 918 | | | | | | — | | | | | | (5) | | | | | | — | | | | | | — | | |
Balance, end of period
|
| | | $ | 75 | | | | | $ | 52 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 190 | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2023
(MILLIONS) |
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real estate
|
| |
Credit and
other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 119 | | | | | $ | 207 | | | | | $ | 63 | | | | | $ | 206 | | | | | $ | 102 | | | | | $ | 697 | | |
Incentive distributions
|
| | | | 28 | | | | | | 66 | | | | | | — | | | | | | — | | | | | | — | | | | | | 94 | | |
| | | | $ | 147 | | | | | $ | 273 | | | | | $ | 63 | | | | | $ | 206 | | | | | $ | 102 | | | | | $ | 791 | | |
FOR THE THREE MONTHS ENDED MARCH 31, 2022
(MILLIONS) |
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real estate
|
| |
Credit and
other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 117 | | | | | $ | 197 | | | | | $ | 43 | | | | | $ | 170 | | | | | $ | 60 | | | | | $ | 587 | | |
Incentive distributions
|
| | | | 24 | | | | | | 60 | | | | | | — | | | | | | — | | | | | | — | | | | | | 84 | | |
| | | | $ | 141 | | | | | $ | 257 | | | | | $ | 43 | | | | | $ | 170 | | | | | $ | 60 | | | | | $ | 671 | | |
FOR THE THREE MONTHS ENDED MARCH 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Expenses arising from equity-settled share-based payment transactions
|
| | | $ | 22 | | | | | $ | 33 | | |
Expense (recovery) arising from cash-settled share-based payment transactions
|
| | | | 65 | | | | | | (49) | | |
| | | | $ | 87 | | | | | $ | (16) | | |
(UNAUDITED) AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |||
Balance at the beginning of the period
|
| | | $ | 1,811 | | |
Issuance of preferred shares
|
| | | | — | | |
Change in redemption price of preferred shares and other
|
| | | | 53 | | |
Balance at the end of the period
|
| | | $ | 1,864 | | |
AS AT MARCH 31, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Due from Affiliates
|
| | | $ | 1,287 | | | | | $ | 1,317 | | |
Loans to affiliates
|
| | | | 775 | | | | | | 801 | | |
Receivables from affiliates related to share and cash-based compensation Loans to related parties
|
| | | | 95 | | | | | | 3 | | |
| | | | $ | 2,157 | | | | | $ | 2,121 | | |
Due to Affiliates
|
| | | | | | | | | | | | |
Operating payables due to related parties
|
| | | $ | 480 | | | | | $ | 786 | | |
Payables to affiliates related to share and cash-based compensation to carried interest
|
| | | | 42 | | | | | | 25 | | |
Borrowings from related parties
|
| | | | 93 | | | | | | — | | |
| | | | $ | 615 | | | | | $ | 811 | | |
| | | | | D-3-3 | | | |
| | | | | D-3-8 | | | |
| | | | | D-3-9 | | | |
| | | | | D-3-11 | | | |
| | | | | D-3-12 | | | |
| | | | | D-3-18 | | | |
| | | | | D-3-21 | | | |
| | | | | D-3-31 | | | |
| | | | | D-3-34 | | | |
| | | | | D-3-47 | | | |
| | | | | D-3-49 | | | |
| | | | | D-3-50 | | | |
|
PART II
FINANCIAL STATEMENTS
|
| | | | | | |
| | | | | D-3-51 | | | |
| | | | | D-3-65 | | |
Investments
|
| |
Value
|
| |
Monetizations
|
| |
Value
|
| ||||||
Power Transformation Platform
|
| | | $ | 13B | | | |
North American Midstream
|
| | | $ | 5B | | |
Global Container Network
|
| | | $ | 13B | | | |
Asia Pacific Telecom
|
| | | $ | 4B | | |
Global Data Center Portfolio
|
| | | $ | 11B | | | |
India Property Portfolio
|
| | | $ | 1B | | |
US Renewable Power
|
| | | $ | 3B | | | |
US Hospitality
|
| | | $ | 1B | | |
European Payments Platform
|
| | | $ | 3B | | | |
Indian Toll Roads
|
| | | $ | 1B | | |
Other Transactions
|
| | | $ | 8B | | | |
Other Dispositions
|
| | | $ | 3B | | |
TOTAL
|
| | | $ | 51B | | | | TOTAL | | | | $ | 15B | | |
|
|
| |
|
|
| Bruce Flatt | | | Connor Teskey | |
| Chief Executive Officer | | | President | |
| By Fund Type | | | By Business Line | |
|
|
| |
|
|
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended |
| |
Six Months
Ended |
| ||||||
|
2023
|
| |
2023
|
| ||||||||
Operating recoveries
|
| | | $ | 47 | | | | | $ | 185 | | |
Expenses | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (37) | | | | | | (122) | | |
Carried interest allocation compensation
|
| | | | | | | | | | | | |
Realized
|
| | | | (14) | | | | | | (14) | | |
Unrealized
|
| | | | 1 | | | | | | (55) | | |
Total carried interest allocation compensation
|
| | | | (13) | | | | | | (69) | | |
Interest Expense
|
| | | | (2) | | | | | | (3) | | |
Total expenses
|
| | | | (52) | | | | | | (194) | | |
Share of income from equity method investments
|
| | | | 114 | | | | | | 243 | | |
Net income
|
| | | $ | 109 | | | | | $ | 234 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 770 | | | | | $ | 665 | | | | | $ | 1,561 | | | | | $ | 1,336 | | |
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | 1 | | | | | | 10 | | | | | | 32 | | | | | | 57 | | |
Unrealized
|
| | | | 113 | | | | | | 153 | | | | | | 141 | | | | | | 105 | | |
Total investment income
|
| | | | 114 | | | | | | 163 | | | | | | 173 | | | | | | 162 | | |
Interest and dividend revenue
|
| | | | 40 | | | | | | 74 | | | | | | 83 | | | | | | 141 | | |
Other revenues
|
| | | | 61 | | | | | | 22 | | | | | | 222 | | | | | | 40 | | |
Total revenues
|
| | | | 985 | | | | | | 924 | | | | | | 2,039 | | | | | | 1,679 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (258) | | | | | | (134) | | | | | | (557) | | | | | | (303) | | |
Other operating expenses
|
| | | | (78) | | | | | | (55) | | | | | | (148) | | | | | | (106) | | |
General, administrative and other
|
| | | | (12) | | | | | | (34) | | | | | | (19) | | | | | | (74) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (348) | | | | | | (223) | | | | | | (724) | | | | | | (483) | | |
Carried interest allocation compensation | | | | | | | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | (14) | | | | | | (10) | | | | | | (14) | | | | | | (20) | | |
Unrealized
|
| | | | 17 | | | | | | (8) | | | | | | (71) | | | | | | (111) | | |
Total carried interest allocation compensation
|
| | | | 3 | | | | | | (18) | | | | | | (85) | | | | | | (131) | | |
Interest expense
|
| | | | (5) | | | | | | (43) | | | | | | (7) | | | | | | (85) | | |
Total expenses
|
| | | | (350) | | | | | | (284) | | | | | | (816) | | | | | | (699) | | |
Other income (expenses), net
|
| | | | 72 | | | | | | 269 | | | | | | 50 | | | | | | 726 | | |
Share of income from equity accounted investments
|
| | | | 29 | | | | | | 87 | | | | | | 72 | | | | | | 155 | | |
Income before taxes
|
| | | | 736 | | | | | | 996 | | | | | | 1,345 | | | | | | 1,861 | | |
Income tax expense
|
| | | | (156) | | | | | | (162) | | | | | | (249) | | | | | | (304) | | |
Net income
|
| | | | 580 | | | | | | 834 | | | | | | 1,096 | | | | | | 1,557 | | |
Net (income) loss attributable to redeemable non-controlling interests
in consolidated funds |
| | | | — | | | | | | (166) | | | | | | — | | | | | | (541) | | |
Net (income) loss attributable to preferred share redeemable non-controlling interest
|
| | | | (90) | | | | | | — | | | | | | (71) | | | | | | — | | |
Net (income) loss attributable to non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | (54) | | | | | | — | | |
Net income attributable to the common stockholders
|
| | | $ | 455 | | | | | $ | 668 | | | | | $ | 971 | | | | | $ | 1,016 | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 12 | | | | | $ | 1 | | |
Due from affiliates
|
| | | | 810 | | | | | | 782 | | |
Other assets
|
| | | | 41 | | | | | | — | | |
Investments
|
| | | | 2,305 | | | | | | 2,378 | | |
Total assets
|
| | | $ | 3,168 | | | | | $ | 3,161 | | |
Liabilities | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 766 | | | | | $ | 781 | | |
Due to affiliates
|
| | | | 168 | | | | | | 3 | | |
Total liabilities
|
| | | | 934 | | | | | | 784 | | |
Equity | | | | | | | | | | | | | |
Common Stock: | | | | | | | | | | | | | |
Class A (unlimited authorized and 412,586,307 issued and 391,646,691 outstanding)
|
| | | | 2,356 | | | | | | 2,410 | | |
Class B (unlimited authorized and 21,280 issued and outstanding)
|
| | | | — | | | | | | — | | |
Class A held in treasury (20,939,616 shares)
|
| | | | (517) | | | | | | (330) | | |
Additional paid-in-capital
|
| | | | 383 | | | | | | 278 | | |
Retained earnings (deficit)
|
| | | | (1) | | | | | | 19 | | |
Accumulated other comprehensive income
|
| | | | 4 | | | | | | — | | |
Non-controlling interest
|
| | | | 9 | | | | | | — | | |
Total equity
|
| | | | 2,234 | | | | | | 2,377 | | |
Total liabilities and equity
|
| | | $ | 3,168 | | | | | $ | 3,161 | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Assets
|
| | | $ | 2,918 | | | | | $ | 3,545 | | |
Cash and cash equivalents Accounts receivable and other
|
| | | | 510 | | | | | | 429 | | |
Due from affiliates
|
| | | | 2,129 | | | | | | 2,121 | | |
Investments
|
| | | | 7,364 | | | | | | 6,877 | | |
Property, plant and equipment
|
| | | | 65 | | | | | | 68 | | |
Intangible assets
|
| | | | 59 | | | | | | 59 | | |
Goodwill
|
| | | | 265 | | | | | | 249 | | |
Deferred income tax assets
|
| | | | 750 | | | | | | 739 | | |
Total assets
|
| | | $ | 14,060 | | | | | $ | 14,087 | | |
Liabilities and shareholder’s equity
|
| | | $ | 1,685 | | | | | $ | 1,842 | | |
Accounts payable and other Due to affiliates
|
| | | | 890 | | | | | | 811 | | |
Deferred income tax liabilities
|
| | | | 15 | | | | | | 17 | | |
Total liabilities
|
| | | | 2,590 | | | | | | 2,670 | | |
Preferred shares redeemable non-controlling interest | | | | | | | | | | | | | |
Equity
|
| | | | 2,032 | | | | | | 1,811 | | |
Common equity (common shares – unlimited authorized, 1,635,327,858 issued and outstanding)
|
| | | | 9,013 | | | | | | 9,271 | | |
Retained earnings
|
| | | | 3 | | | | | | 84 | | |
Accumulated other comprehensive income
|
| | | | 166 | | | | | | 153 | | |
Additional paid-in capital
|
| | | | 65 | | | | | | — | | |
Total common equity
|
| | | | 9,247 | | | | | | 9,508 | | |
Non-controlling interest
|
| | | | 191 | | | | | | 98 | | |
Total equity
|
| | | | 9,438 | | | | | | 9,606 | | |
Total liabilities, redeemable non-controlling interest and common equity
|
| | | $ | 14,060 | | | | | $ | 14,087 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended |
| |
Six Months
Ended |
| ||||||
|
2023
|
| |
2023
|
| ||||||||
Operating activities before net changes in working capital and other non-cash operating items
|
| | | $ | 127 | | | | | $ | 256 | | |
Net changes in working capital
|
| | | | (3) | | | | | | (2) | | |
Other non-cash operating items
|
| | | | 10 | | | | | | 12 | | |
Operating activities
|
| | | | 134 | | | | | | 266 | | |
Investing activities
|
| | | | — | | | | | | (41) | | |
Financing activities
|
| | | | (134) | | | | | | (214) | | |
Change in cash and cash equivalents
|
| | | $ | — | | | | | $ | 11 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended |
| |
Six Months
Ended |
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Operating activities before net changes in working capital and other non-cash operating items
|
| | | $ | 413 | | | | | $ | 365 | | | | | $ | 999 | | | | | $ | 986 | | |
Net changes in working capital
|
| | | | 79 | | | | | | 1,870 | | | | | | (473) | | | | | | 1,461 | | |
Other non-cash operating items
|
| | | | 34 | | | | | | 432 | | | | | | (39) | | | | | | (179) | | |
Operating activities
|
| | | | 526 | | | | | | 2,667 | | | | | | 487 | | | | | | 2,268 | | |
Investing activities
|
| | | | (232) | | | | | | (339) | | | | | | (237) | | | | | | (77) | | |
Financing activities
|
| | | | (528) | | | | | | (2,265) | | | | | | (877) | | | | | | (2,043) | | |
Change in cash and cash equivalents
|
| | | $ | (234) | | | | | $ | 63 | | | | | $ | (627) | | | | | $ | 148 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Fee Revenues
|
| | | $ | 1,086 | | | | | $ | 993 | | | | | $ | 2,166 | | | | | $ | 1,958 | | |
Fee-Related Earnings(1)
|
| | | | 548 | | | | | | 516 | | | | | | 1,095 | | | | | | 1,008 | | |
Add back: equity-based compensation costs and other income
|
| | | | 47 | | | | | | 16 | | | | | | 100 | | | | | | 36 | | |
Cash taxes
|
| | | | (68) | | | | | | (21) | | | | | | (105) | | | | | | (42) | | |
Distributable Earnings
|
| | | $ | 527 | | | | | $ | 511 | | | | | $ | 1,090 | | | | | $ | 1,002 | | |
AS AT
(MILLIONS) |
| |
Long-term
private funds |
| |
Perpetual
strategies |
| |
Liquid
strategies |
| |
Total
|
| ||||||||||||
Renewable power and transition
|
| | | $ | 27,651 | | | | | $ | 24,270 | | | | | $ | — | | | | | $ | 51,921 | | |
Infrastructure
|
| | | | 47,580 | | | | | | 48,994 | | | | | | — | | | | | | 96,574 | | |
Real estate
|
| | | | 67,099 | | | | | | 31,082 | | | | | | — | | | | | | 98,181 | | |
Private equity
|
| | | | 33,051 | | | | | | 7,485 | | | | | | — | | | | | | 40,536 | | |
Credit and other
|
| | | | 52,058 | | | | | | 28,049 | | | | | | 72,429 | | | | | | 152,536 | | |
| | | $ | 227,439 | | | | | $ | 139,880 | | | | | $ | 72,429 | | | | | $ | 439,748 | | | |
| | | $ | 218,857 | | | | | $ | 127,155 | | | | | $ | 71,851 | | | | | $ | 417,863 | | |
AS AT AND FOR THE THREE MONTHS ENDED
(MILLIONS) |
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Real estate
|
| |
Private
equity |
| |
Credit and
other |
| |
Total
|
| ||||||||||||||||||
Balance, March 31, 2023
|
| | | $ | 52,484 | | | | | $ | 92,752 | | | | | $ | 98,092 | | | | | $ | 39,472 | | | | | $ | 148,861 | | | | | $ | 431,661 | | |
Inflows
|
| | | | 1,269 | | | | | | 2,511 | | | | | | 1,948 | | | | | | 1,088 | | | | | | 6,166 | | | | | | 12,982 | | |
Outflows
|
| | | | — | | | | | | — | | | | | | (144) | | | | | | — | | | | | | (3,754) | | | | | | (3,898) | | |
Distributions
|
| | | | (490) | | | | | | (988) | | | | | | (1,482) | | | | | | (11) | | | | | | (629) | | | | | | (3,600) | | |
Market valuation
|
| | | | (895) | | | | | | 2,361 | | | | | | 200 | | | | | | (1) | | | | | | 1,134 | | | | | | 2,799 | | |
Other
|
| | | | (447) | | | | | | (62) | | | | | | (433) | | | | | | (12) | | | | | | 758 | | | | | | (196) | | |
Change
|
| | | | (563) | | | | | | 3,822 | | | | | | 89 | | | | | | 1,064 | | | | | | 3,675 | | | | | | 8,087 | | |
Balance, June 30, 2023
|
| | | $ | 51,921 | | | | | $ | 96,574 | | | | | $ | 98,181 | | | | | $ | 40,536 | | | | | $ | 152,536 | | | | | $ | 439,748 | | |
AS AT AND FOR THE SIX MONTHS ENDED
(MILLIONS) |
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Real estate
|
| |
Private
equity |
| |
Credit and
other |
| |
Total
|
| ||||||||||||||||||
Balance, December 31, 2022
|
| | | $ | 47,218 | | | | | $ | 85,887 | | | | | $ | 103,025 | | | | | $ | 39,317 | | | | | $ | 142,416 | | | | | $ | 417,863 | | |
Inflows
|
| | | | 3,145 | | | | | | 6,455 | | | | | | 3,381 | | | | | | 2,565 | | | | | | 15,516 | | | | | | 31,062 | | |
Outflows
|
| | | | — | | | | | | (6) | | | | | | (276) | | | | | | — | | | | | | (8,368) | | | | | | (8,650) | | |
Distributions
|
| | | | (1,048) | | | | | | (1,902) | | | | | | (3,528) | | | | | | (116) | | | | | | (1,860) | | | | | | (8,454) | | |
Market valuation
|
| | | | 3,070 | | | | | | 4,821 | | | | | | (1,633) | | | | | | (292) | | | | | | 3,419 | | | | | | 9,385 | | |
Other
|
| | | | (464) | | | | | | 1,319 | | | | | | (2,788) | | | | | | (938) | | | | | | 1,413 | | | | | | (1,458) | | |
Change
|
| | | | 4,703 | | | | | | 10,687 | | | | | | (4,844) | | | | | | 1,219 | | | | | | 10,120 | | | | | | 21,885 | | |
Balance, June 30, 2023
|
| | | $ | 51,921 | | | | | $ | 96,574 | | | | | $ | 98,181 | | | | | $ | 40,536 | | | | | $ | 152,536 | | | | | $ | 439,748 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Base management fees(1)
|
| | | $ | 983 | | | | | $ | 894 | | | | | $ | 1,964 | | | | | $ | 1,744 | | |
Incentive distributions
|
| | | | 94 | | | | | | 84 | | | | | | 188 | | | | | | 168 | | |
Transaction and advisory fees
|
| | | | 9 | | | | | | 15 | | | | | | 14 | | | | | | 46 | | |
Fee Revenues
|
| | | $ | 1,086 | | | | | $ | 993 | | | | | $ | 2,166 | | | | | $ | 1,958 | | |
Less: direct costs(2)
|
| | | | (507) | | | | | | (442) | | | | | | (1,011) | | | | | | (877) | | |
| | | | $ | 579 | | | | | $ | 551 | | | | | $ | 1,155 | | | | | $ | 1,081 | | |
Less: Fee-Related Earnings not attributable to the asset management
business |
| | | | (31) | | | | | | (35) | | | | | | (60) | | | | | | (73) | | |
Fee-Related Earnings
|
| | | $ | 548 | | | | | $ | 516 | | | | | $ | 1,095 | | | | | $ | 1,008 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Renewable power and transition
|
| | | $ | 155 | | | | | $ | 157 | | | | | $ | 309 | | | | | $ | 303 | | |
Infrastructure
|
| | | | 306 | | | | | | 248 | | | | | | 604 | | | | | | 526 | | |
Real estate
|
| | | | 248 | | | | | | 237 | | | | | | 509 | | | | | | 451 | | |
Private equity
|
| | | | 117 | | | | | | 106 | | | | | | 234 | | | | | | 201 | | |
Credit and other
|
| | | | 260 | | | | | | 245 | | | | | | 510 | | | | | | 477 | | |
Total Fee Revenues
|
| | | $ | 1,086 | | | | | $ | 993 | | | | | $ | 2,166 | | | | | $ | 1,958 | | |
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2022
|
| |
2023
|
| ||||||
Renewable power and transition
|
| | | $ | 51,921 | | | | | $ | 47,218 | | |
Infrastructure
|
| | | | 96,574 | | | | | | 85,887 | | |
Real estate
|
| | | | 98,181 | | | | | | 103,025 | | |
Private equity
|
| | | | 40,536 | | | | | | 39,317 | | |
Credit and other
|
| | | | 152,536 | | | | | | 142,416 | | |
Total Fee-Bearing Capital
|
| | | $ | 439,748 | | | | | $ | 417,863 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 431,661 | | | | | $ | 378,587 | | | | | $ | 417,863 | | | | | $ | 364,133 | | |
Inflows
|
| | | | 12,982 | | | | | | 37,846 | | | | | | 31,062 | | | | | | 53,736 | | |
Outflows
|
| | | | (3,898) | | | | | | (5,787) | | | | | | (8,650) | | | | | | (10,609) | | |
Distributions
|
| | | | (3,600) | | | | | | (3,849) | | | | | | (8,454) | | | | | | (7,234) | | |
Market valuation
|
| | | | 2,799 | | | | | | (15,134) | | | | | | 9,385 | | | | | | (10,033) | | |
Other
|
| | | | (196) | | | | | | 93 | | | | | | (1,458) | | | | | | 1,763 | | |
Change
|
| | | | 8,087 | | | | | | 13,169 | | | | | | 21,885 | | | | | | 27,623 | | |
Balance, end of period
|
| | | $ | 439,748 | | | | | $ | 391,756 | | | | | $ | 439,748 | | | | | $ | 391,756 | | |
|
Fee-Bearing Capital
AS AT JUN 30, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED JUN 30 (MILLIONS) |
|
|
|
| |
|
|
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 27,651 | | | | | $ | 26,708 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 24,270 | | | | | | 20,510 | | |
Total Fee-Bearing Capital
|
| | | $ | 51,921 | | | | | $ | 47,218 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 52,484 | | | | | $ | 51,468 | | | | | $ | 47,218 | | | | | $ | 47,525 | | |
Inflows
|
| | | | 1,269 | | | | | | 2,916 | | | | | | 3,145 | | | | | | 2,989 | | |
Outflows
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions
|
| | | | (490) | | | | | | (572) | | | | | | (1,048) | | | | | | (890) | | |
Market valuation
|
| | | | (895) | | | | | | (3,785) | | | | | | 3,070 | | | | | | (72) | | |
Other
|
| | | | (447) | | | | | | 11 | | | | | | (464) | | | | | | 486 | | |
Change
|
| | | | (563) | | | | | | (1,430) | | | | | | 4,703 | | | | | | 2,513 | | |
Balance, end of period
|
| | | $ | 51,921 | | | | | $ | 50,038 | | | | | $ | 51,921 | | | | | $ | 50,038 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 58 | | | | | $ | 51 | | | | | $ | 115 | | | | | $ | 92 | | |
Co-investment and other funds
|
| | | | 7 | | | | | | 5 | | | | | | 14 | | | | | | 10 | | |
| | | | | 65 | | | | | | 56 | | | | | | 129 | | | | | | 102 | | |
Perpetual strategies | | | | | | | | | | | | | | | | | | | | | | | | | |
BEP(1)
|
| | | | 55 | | | | | | 65 | | | | | | 112 | | | | | | 141 | | |
Co-investment and other funds
|
| | | | 3 | | | | | | — | | | | | | 5 | | | | | | — | | |
| | | | | 58 | | | | | | 65 | | | | | | 117 | | | | | | 141 | | |
Catch-up fees
|
| | | | 2 | | | | | | 11 | | | | | | 3 | | | | | | 11 | | |
Transaction and advisory fees
|
| | | | 2 | | | | | | 1 | | | | | | 4 | | | | | | 1 | | |
Total management and advisory fees
|
| | | | 127 | | | | | | 133 | | | | | | 253 | | | | | | 255 | | |
Incentive distributions
|
| | | | 28 | | | | | | 24 | | | | | | 56 | | | | | | 48 | | |
Total Fee Revenues
|
| | | $ | 155 | | | | | $ | 157 | | | | | $ | 309 | | | | | $ | 303 | | |
|
Fee-Bearing Capital
AS AT JUN 30, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED JUN 30 (MILLIONS) |
|
|
|
| |
|
|
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 47,580 | | | | | $ | 44,512 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 48,994 | | | | | | 41,375 | | |
Total Fee-Bearing Capital
|
| | | $ | 96,574 | | | | | $ | 85,887 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 92,752 | | | | | $ | 75,530 | | | | | $ | 85,887 | | | | | $ | 67,736 | | |
Inflows
|
| | | | 2,511 | | | | | | 4,283 | | | | | | 6,455 | | | | | | 9,591 | | |
Outflows
|
| | | | — | | | | | | — | | | | | | (6) | | | | | | — | | |
Distributions
|
| | | | (988) | | | | | | (1,052) | | | | | | (1,902) | | | | | | (2,152) | | |
Market valuation
|
| | | | 2,361 | | | | | | (4,341) | | | | | | 4,821 | | | | | | (1,459) | | |
Other
|
| | | | (62) | | | | | | (256) | | | | | | 1,319 | | | | | | 448 | | |
Change
|
| | | | 3,822 | | | | | | (1,366) | | | | | | 10,687 | | | | | | 6,428 | | |
Balance, end of period
|
| | | $ | 96,574 | | | | | $ | 74,164 | | | | | $ | 96,574 | | | | | $ | 74,164 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 89 | | | | | $ | 56 | | | | | $ | 179 | | | | | $ | 109 | | |
Co-investment and other funds
|
| | | | 15 | | | | | | 9 | | | | | | 28 | | | | | | 20 | | |
| | | | | 104 | | | | | | 65 | | | | | | 207 | | | | | | 129 | | |
Perpetual strategies | | | | | | | | | | | | | | | | | | | | | | | | | |
BIP(1)
|
| | | | 106 | | | | | | 105 | | | | | | 206 | | | | | | 223 | | |
Co-investment and other funds
|
| | | | 23 | | | | | | 15 | | | | | | 45 | | | | | | 21 | | |
| | | | | 129 | | | | | | 120 | | | | | | 251 | | | | | | 244 | | |
Catch-up fees
|
| | | | 5 | | | | | | — | | | | | | 10 | | | | | | — | | |
Transaction and advisory fees
|
| | | | 2 | | | | | | 3 | | | | | | 4 | | | | | | 33 | | |
Total management and advisory fees
|
| | | | 240 | | | | | | 188 | | | | | | 472 | | | | | | 406 | | |
Incentive distributions
|
| | | | 66 | | | | | | 60 | | | | | | 132 | | | | | | 120 | | |
Total Fee Revenues
|
| | | $ | 306 | | | | | $ | 248 | | | | | $ | 604 | | | | | $ | 526 | | |
|
Fee-Bearing Capital
AS AT JUN 30, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED JUN 30 (MILLIONS) |
|
|
|
| |
|
|
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 67,099 | | | | | $ | 69,473 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 31,082 | | | | | | 33,552 | | |
Total Fee-Bearing Capital
|
| | | $ | 98,181 | | | | | $ | 103,025 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 98,092 | | | | | $ | 84,704 | | | | | $ | 103,025 | | | | | $ | 82,282 | | |
Inflows
|
| | | | 1,948 | | | | | | 4,073 | | | | | | 3,381 | | | | | | 6,290 | | |
Outflows
|
| | | | (144) | | | | | | (157) | | | | | | (276) | | | | | | (246) | | |
Distributions
|
| | | | (1,482) | | | | | | (1,144) | | | | | | (3,528) | | | | | | (2,660) | | |
Market valuation
|
| | | | 200 | | | | | | 1,225 | | | | | | (1,633) | | | | | | 2,186 | | |
Other
|
| | | | (433) | | | | | | 645 | | | | | | (2,788) | | | | | | 1,494 | | |
Change
|
| | | | 89 | | | | | | 4,642 | | | | | | (4,844) | | | | | | 7,064 | | |
Balance, end of period
|
| | | $ | 98,181 | | | | | $ | 89,346 | | | | | $ | 98,181 | | | | | $ | 89,346 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended |
| |
Six Months
Ended |
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 95 | | | | | $ | 87 | | | | | $ | 192 | | | | | $ | 172 | | |
Co-investment and other funds
|
| | | | 73 | | | | | | 55 | | | | | | 155 | | | | | | 105 | | |
| | | | | 168 | | | | | | 142 | | | | | | 347 | | | | | | 277 | | |
Perpetual strategies | | | | | | | | | | | | | | | | | | | | | | | | | |
BPG(1)
|
| | | | 50 | | | | | | 58 | | | | | | 100 | | | | | | 113 | | |
Co-investment and other funds
|
| | | | 27 | | | | | | 27 | | | | | | 58 | | | | | | 49 | | |
| | | | | 77 | | | | | | 85 | | | | | | 158 | | | | | | 162 | | |
Catch-up fees
|
| | | | — | | | | | | 10 | | | | | | 1 | | | | | | 12 | | |
Transaction and advisory fees
|
| | | | 3 | | | | | | — | | | | | | 3 | | | | | | — | | |
Total management and advisory fees
|
| | | | 248 | | | | | | 237 | | | | | | 509 | | | | | | 451 | | |
Incentive distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 248 | | | | | $ | 237 | | | | | $ | 509 | | | | | $ | 451 | | |
|
Fee-Bearing Capital
AS AT JUN 30, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED JUN 30 (MILLIONS) |
|
|
|
| |
|
|
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Long-term private funds
|
| | | $ | 33,051 | | | | | $ | 31,501 | | |
Permanent capital vehicles and perpetual strategies
|
| | | | 7,485 | | | | | | 7,816 | | |
Total Fee-Bearing Capital
|
| | | $ | 40,536 | | | | | $ | 39,317 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 39,472 | | | | | $ | 35,917 | | | | | $ | 39,317 | | | | | $ | 34,395 | | |
Inflows
|
| | | | 1,088 | | | | | | 4,274 | | | | | | 2,565 | | | | | | 6,341 | | |
Outflows
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Distributions
|
| | | | (11) | | | | | | (594) | | | | | | (116) | | | | | | (605) | | |
Market valuation
|
| | | | (1) | | | | | | (999) | | | | | | (292) | | | | | | (1,544) | | |
Other
|
| | | | (12) | | | | | | 356 | | | | | | (938) | | | | | | 367 | | |
Change
|
| | | | 1,064 | | | | | | 3,037 | | | | | | 1,219 | | | | | | 4,559 | | |
Balance, end of period
|
| | | $ | 40,536 | | | | | $ | 38,954 | | | | | $ | 40,536 | | | | | $ | 38,954 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended |
| |
Six Months
Ended |
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term private funds | | | | | | | | | | | | | | | | | | | | | | | | | |
Flagship funds
|
| | | $ | 44 | | | | | $ | 30 | | | | | $ | 86 | | | | | $ | 55 | | |
Co-investment and other funds
|
| | | | 45 | | | | | | 50 | | | | | | 93 | | | | | | 95 | | |
| | | | | 89 | | | | | | 80 | | | | | | 179 | | | | | | 150 | | |
Perpetual strategies | | | | | | | | | | | | | | | | | | | | | | | | | |
BBU(1)
|
| | | | 23 | | | | | | 23 | | | | | | 46 | | | | | | 47 | | |
Co-investment and other funds
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 23 | | | | | | 23 | | | | | | 46 | | | | | | 47 | | |
Catch-up fees
|
| | | | 3 | | | | | | — | | | | | | 6 | | | | | | — | | |
Transaction and advisory fees
|
| | | | 2 | | | | | | 3 | | | | | | 3 | | | | | | 4 | | |
Total management and advisory fees
|
| | | | 117 | | | | | | 106 | | | | | | 234 | | | | | | 201 | | |
Incentive distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Fee Revenues
|
| | | $ | 117 | | | | | $ | 106 | | | | | $ | 234 | | | | | $ | 201 | | |
|
Fee-Bearing Capital
AS AT JUN 30, 2023 AND DEC 31, 2022 (BILLIONS) |
| |
Fee Revenues
FOR THE THREE MONTHS ENDED JUN 30 (MILLIONS) |
|
|
|
| |
|
|
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2022
|
| |
2023
|
| ||||||
Long-term private funds
|
| | | $ | 52,058 | | | | | $ | 46,663 | | |
Perpetual strategies
|
| | | | 28,049 | | | | | | 23,902 | | |
Liquid strategies
|
| | | | 72,429 | | | | | | 71,851 | | |
Total Fee-Bearing Capital
|
| | | $ | 152,536 | | | | | $ | 142,416 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 148,861 | | | | | $ | 130,968 | | | | | $ | 142,416 | | | | | $ | 132,195 | | |
Inflows
|
| | | | 6,166 | | | | | | 22,300 | | | | | | 15,516 | | | | | | 28,525 | | |
Outflows
|
| | | | (3,754) | | | | | | (5,630) | | | | | | (8,368) | | | | | | (10,363) | | |
Distributions
|
| | | | (629) | | | | | | (487) | | | | | | (1,860) | | | | | | (927) | | |
Market valuation
|
| | | | 1,134 | | | | | | (7,234) | | | | | | 3,419 | | | | | | (9,144) | | |
Other
|
| | | | 758 | | | | | | (663) | | | | | | 1,413 | | | | | | (1,032) | | |
Change
|
| | | | 3,675 | | | | | | 8,286 | | | | | | 10,120 | | | | | | 7,059 | | |
Balance, end of period
|
| | | $ | 152,536 | | | | | $ | 139,254 | | | | | $ | 152,536 | | | | | $ | 139,254 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Management and advisory fees | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term private funds
|
| | | $ | 141 | | | | | $ | 127 | | | | | $ | 274 | | | | | $ | 247 | | |
Perpetual strategies
|
| | | | 58 | | | | | | 42 | | | | | | 113 | | | | | | 83 | | |
Liquid strategies(1)
|
| | | | 61 | | | | | | 68 | | | | | | 123 | | | | | | 139 | | |
Transaction and advisory fees
|
| | | | — | | | | | | 8 | | | | | | — | | | | | | 8 | | |
Total Fee Revenues
|
| | | $ | 260 | | | | | $ | 245 | | | | | $ | 510 | | | | | $ | 477 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Net Income
|
| | | $ | 580 | | | | | $ | 834 | | | | | $ | 1,096 | | | | | $ | 1,557 | | |
Add or subtract the following: | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision for taxes(a)
|
| | | | 156 | | | | | | 162 | | | | | | 249 | | | | | | 304 | | |
Depreciation, amortization and other(b)
|
| | | | 3 | | | | | | 1 | | | | | | 7 | | | | | | 3 | | |
Carried interest allocations(c)
|
| | | | (114) | | | | | | (163) | | | | | | (173) | | | | | | (162) | | |
Carried interest allocation compensation(c)
|
| | | | (3) | | | | | | 18 | | | | | | 85 | | | | | | 131 | | |
Other income and expenses(d)
|
| | | | (72) | | | | | | (269) | | | | | | (50) | | | | | | (726) | | |
Interest expense paid to related parties(d)
|
| | | | 5 | | | | | | 43 | | | | | | 7 | | | | | | 85 | | |
Interest and dividend revenue(d)
|
| | | | (40) | | | | | | (74) | | | | | | (83) | | | | | | (141) | | |
Other revenues(e)
|
| | | | (31) | | | | | | (22) | | | | | | (194) | | | | | | (40) | | |
Share of income from equity accounted investments(f)
|
| | | | (29) | | | | | | (87) | | | | | | (72) | | | | | | (155) | | |
Fee-related earnings of partly owned subsidiaries at our share(f)
|
| | | | 65 | | | | | | 64 | | | | | | 127 | | | | | | 124 | | |
Compensation costs recovered from affiliates(g)
|
| | | | 22 | | | | | | — | | | | | | 96 | | | | | | — | | |
Fee Revenues from BSREP III & other(h)
|
| | | | 6 | | | | | | 9 | | | | | | — | | | | | | 28 | | |
Fee-Related Earnings
|
| | | $ | 548 | | | | | $ | 516 | | | | | $ | 1,095 | | | | | $ | 1,008 | | |
Cash taxes(i)
|
| | | | (68) | | | | | | (21) | | | | | | (105) | | | | | | (42) | | |
Equity-based compensation expense and other(j)
|
| | | | 47 | | | | | | 16 | | | | | | 100 | | | | | | 36 | | |
Distributable Earnings
|
| | | $ | 527 | | | | | $ | 511 | | | | | $ | 1,090 | | | | | $ | 1,002 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Total management fee revenues
|
| | | $ | 770 | | | | | $ | 665 | | | | | $ | 1,561 | | | | | $ | 1,336 | | |
Fee Revenues from equity-accounted investments(a)
|
| | | | 310 | | | | | | 302 | | | | | | 603 | | | | | | 580 | | |
BSREP III Fees & other(b)
|
| | | | 6 | | | | | | 26 | | | | | | 2 | | | | | | 42 | | |
Fee Revenues
|
| | | $ | 1,086 | | | | | $ | 993 | | | | | $ | 2,166 | | | | | $ | 1,958 | | |
| | |
Manager Liquidity
|
| |
Group Liquidity(a)
|
| ||||||||||||||||||
AS AT
(MILLIONS) |
| | | | | | | | | ||||||||||||||||
Cash and financial assets
|
| | | $ | 2,918 | | | | | $ | 3,545 | | | | | $ | 25,840 | | | | | $ | 29,809 | | |
Undrawn committed credit facility
|
| | | | 106 | | | | | | 300 | | | | | | 4,467 | | | | | | 5,438 | | |
Core liquidity
|
| | | | 3,024 | | | | | | 3,845 | | | | | | 30,307 | | | | | | 35,247 | | |
Uncalled private fund commitments
|
| | | | — | | | | | | — | | | | | | 83,075 | | | | | | 87,364 | | |
Total liquidity
|
| | | $ | 3,024 | | | | | $ | 3,845 | | | | | $ | 113,382 | | | | | $ | 122,611 | | |
AS AT DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |
2027 +
|
| |
Total
2023 |
| |
Dec.
2022 |
| |||||||||||||||||||||
Renewable power and transition
|
| | | $ | — | | | | | $ | 64 | | | | | $ | 113 | | | | | $ | — | | | | | $ | 16,031 | | | | | $ | 16,208 | | | | | $ | 14,835 | | |
Infrastructure
|
| | | | — | | | | | | 49 | | | | | | 192 | | | | | | — | | | | | | 15,391 | | | | | | 15,632 | | | | | | 21,895 | | |
Real estate
|
| | | | 382 | | | | | | 728 | | | | | | 234 | | | | | | 3,170 | | | | | | 15,105 | | | | | | 19,619 | | | | | | 21,981 | | |
Private equity
|
| | | | 65 | | | | | | — | | | | | | 550 | | | | | | — | | | | | | 10,466 | | | | | | 11,081 | | | | | | 11,003 | | |
Credit and other
|
| | | | 55 | | | | | | 1,129 | | | | | | 450 | | | | | | 579 | | | | | | 18,322 | | | | | | 20,535 | | | | | | 17,650 | | |
| | | | $ | 502 | | | | | $ | 1,970 | | | | | $ | 1,539 | | | | | $ | 3,749 | | | | | $ | 75,315 | | | | | $ | 83,075 | | | | | $ | 87,364 | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 12 | | | | | $ | 1 | | |
Due from affiliates
|
| | | | 810 | | | | | | 782 | | |
Other assets
|
| | | | 41 | | | | | | — | | |
Investments
|
| | | | 2,305 | | | | | | 2,378 | | |
Total assets
|
| | | $ | 3,168 | | | | | $ | 3,161 | | |
Liabilities | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 766 | | | | | $ | 781 | | |
Due to affiliates
|
| | | | 168 | | | | | | 3 | | |
Total liabilities
|
| | | | 934 | | | | | | 784 | | |
Commitment and contingencies | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | |
Common Stock: | | | | | | | | | | | | | |
Class A (unlimited authorized and 412,586,307 issued and 391,660,962 outstanding)
|
| | | | 2,356 | | | | | | 2,410 | | |
Class B (unlimited authorized and 21,280 issued and outstanding)
|
| | | | — | | | | | | — | | |
Class A held in treasury (20,925,345 shares)
|
| | | | (517) | | | | | | (330) | | |
Additional paid-in-capital
|
| | | | 383 | | | | | | 278 | | |
Retained earnings (deficit)
|
| | | | (1) | | | | | | 19 | | |
Accumulated other comprehensive income
|
| | | | 4 | | | | | | — | | |
Non-controlling interest
|
| | | | 9 | | | | | | — | | |
Total equity
|
| | | | 2,234 | | | | | | 2,377 | | |
Total liabilities and equity
|
| | | $ | 3,168 | | | | | $ | 3,161 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Operating recoveries
|
| | | $ | 47 | | | | | $ | 185 | | |
Expenses | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (37) | | | | | | (122) | | |
Carried interest allocation compensation
|
| | | | | | | | | | | | |
Realized
|
| | | | (14) | | | | | | (14) | | |
Unrealized
|
| | | | 1 | | | | | | (55) | | |
Total carried interest allocation compensation
|
| | | | (13) | | | | | | (69) | | |
Interest Expense
|
| | | | (2) | | | | | | (3) | | |
Total expenses
|
| | | | (52) | | | | | | (194) | | |
Share of income from equity method investments
|
| | | | 114 | | | | | | 243 | | |
Net income
|
| | | $ | 109 | | | | | $ | 234 | | |
Net income per share of common stock | | | | | | | | | | | | | |
Basic
|
| | | $ | 0.28 | | | | | $ | 0.59 | | |
Diluted
|
| | | $ | 0.28 | | | | | $ | 0.59 | | |
Weighted-average shares of common stock outstanding | | | | | | | | | | | | | |
Basic
|
| | | | 392.1 | | | | | | 393.5 | | |
Diluted
|
| | | | 396.3 | | | | | | 399.6 | | |
Comprehensive income: | | | | | | | | | | | | | |
Net income
|
| | | $ | 109 | | | | | $ | 234 | | |
Other comprehensive income:
|
| | | | | | | | | | | | |
Currency translation from equity method investments
|
| | | | 4 | | | | | | 4 | | |
Other comprehensive income
|
| | | | 4 | | | | | | 4 | | |
Comprehensive income
|
| | | $ | 113 | | | | | $ | 238 | | |
| | |
Shares of Brookfield
Asset Management Ltd. |
| |
Brookfield Asset Management Ltd.
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
AS AT
(MILLIONS) |
| |
Class A
common stock |
| |
Class B
common stock |
| |
Common
stock |
| |
Treasury
stock |
| |
Additional
paid-in- capital |
| |
Retained
earnings (deficit) |
| |
Accumulated
other comprehensive income |
| |
Non-
controlling interest |
| |
Total
equity |
| |||||||||||||||||||||||||||
Balance at March 31, 2023
|
| | | | 392,619,562 | | | | | | 21,280 | | | | | $ | 2,411 | | | | | $ | (482) | | | | | $ | 374 | | | | | $ | 17 | | | | | $ | — | | | | | $ | 9 | | | | | $ | 2,329 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 109 | | | | | | — | | | | | | — | | | | | | 109 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | |
Share subscriptions
|
| | | | 158,300 | | | | | | — | | | | | | 1 | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Purchase of treasury shares, net
|
| | | | (1,116,900) | | | | | | — | | | | | | — | | | | | | (35) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (35) | | |
Contributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10 | | |
Distributions
|
| | | | — | | | | | | — | | | | | | (56) | | | | | | — | | | | | | — | | | | | | (127) | | | | | | — | | | | | | — | | | | | | (183) | | |
Balance at June 30, 2023
|
| | | | 391,660,962 | | | | | | 21,280 | | | | | $ | 2,356 | | | | | $ | (517) | | | | | $ | 383 | | | | | $ | (1) | | | | | $ | 4 | | | | | $ | 9 | | | | | $ | 2,234 | | |
| | |
Shares of Brookfield
Asset Management Ltd. |
| |
Brookfield Asset Management Ltd.
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
AS AT
(MILLIONS) |
| |
Class A
common stock |
| |
Class B
common stock |
| |
Common
stock |
| |
Treasury
stock |
| |
Additional
paid-in- capital |
| |
Retained
earnings (deficit) |
| |
Accumulated
other comprehensive income |
| |
Non-
controlling interest |
| |
Total
equity |
| |||||||||||||||||||||||||||
Balance at December 31, 2022
|
| | | | 396,154,728 | | | | | | 21,280 | | | | | $ | 2,410 | | | | | $ | (330) | | | | | $ | 278 | | | | | $ | 19 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,377 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 234 | | | | | | — | | | | | | — | | | | | | 234 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | 4 | | |
Share subscriptions
|
| | | | 373,344 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Purchase of treasury shares,
net |
| | | | (4,867,110) | | | | | | — | | | | | | — | | | | | | (187) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (187) | | |
Contributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 107 | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 116 | | |
Distributions
|
| | | | — | | | | | | — | | | | | | (56) | | | | | | — | | | | | | — | | | | | | (254) | | | | | | — | | | | | | — | | | | | | (310) | | |
Balance at June 30, 2023
|
| | | | 391,660,962 | | | | | | 21,280 | | | | | $ | 2,356 | | | | | $ | (517) | | | | | $ | 383 | | | | | $ | (1) | | | | | $ | 4 | | | | | $ | 9 | | | | | $ | 2,234 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Operating activities | | | | | | | | | | | | | |
Net income
|
| | | $ | 109 | | | | | $ | 234 | | |
Non-cash adjustments: | | | | | | | | | | | | | |
Share of (income) loss from investments accounted for under the equity method, net
|
| | | | 17 | | | | | | 20 | | |
Stock based equity awards
|
| | | | 1 | | | | | | 2 | | |
Working capital movements: | | | | | | | | | | | | | |
Due from affiliates
|
| | | | 65 | | | | | | (28) | | |
Due to affiliates
|
| | | | 39 | | | | | | 41 | | |
Accounts payable
|
| | | | (107) | | | | | | (15) | | |
Other non-cash operating items
|
| | | | 10 | | | | | | 12 | | |
| | | | | 134 | | | | | | 266 | | |
Investing activities | | | | | | | | | | | | | |
Acquisitions | | | | | | | | | | | | | |
Purchase of tracking option
|
| | | | — | | | | | | (41) | | |
| | | | | — | | | | | | (41) | | |
Financing activities | | | | | | | | | | | | | |
Stock based compensation prepayment from affiliates
|
| | | | — | | | | | | 104 | | |
Change in due to affiliates
|
| | | | 29 | | | | | | 124 | | |
Proceeds (costs) related to issuance of shares
|
| | | | (1) | | | | | | (1) | | |
Distributions paid to common stockholders
|
| | | | (127) | | | | | | (254) | | |
Purchase of treasury shares
|
| | | | (35) | | | | | | (187) | | |
| | | | | (134) | | | | | | (214) | | |
Cash and cash equivalents | | | | | | | | | | | | | |
Change in cash and cash equivalents
|
| | | | — | | | | | | 11 | | |
Balance, beginning of period
|
| | | | 12 | | | | | | 1 | | |
Balance, end of period
|
| | | $ | 12 | | | | | $ | 12 | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Cash
|
| | | $ | 2,918 | | | | | $ | 3,545 | | |
Investments
|
| | | | 7,364 | | | | | | 6,877 | | |
Assets
|
| | | | 14,060 | | | | | | 14,087 | | |
Liabilities
|
| | | | 2,590 | | | | | | 2,670 | | |
Preferred shares redeemable non-controlling interest
|
| | | | 2,032 | | | | | | 1,811 | | |
Equity
|
| | | | 9,438 | | | | | | 9,606 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Revenues
|
| | | $ | 985 | | | | | $ | 2,039 | | |
Expenses
|
| | | | (350) | | | | | | (816) | | |
Net income
|
| | | | 580 | | | | | | 1,096 | | |
Net (income) loss attributable to preferred share redeemable non-controlling interest
|
| | | | (90) | | | | | | (71) | | |
Net (income) loss attributable to non-controlling interest
|
| | | | (35) | | | | | | (54) | | |
Net income attributable to the common stockholders
|
| | | | 455 | | | | | | 971 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Expense arising from equity classified share-based payment transactions
|
| | | $ | 9 | | | | | $ | 18 | | |
Expense arising from liability classified share-based payment transactions
|
| | | | 5 | | | | | | 30 | | |
| | | | $ | 14 | | | | | $ | 48 | | |
| | |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
2023
|
| |
2023
|
| |
2023
|
| |
2023
|
| ||||||||||||
|
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||
Numerator | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 109 | | | | | $ | — | | | | | $ | 234 | | | | | $ | — | | |
Denominator | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average of common stock outstanding – basic
|
| | | | 392.1 | | | | | | — | | | | | | 393.5 | | | | | | — | | |
Dilutive effect of conversion of options and escrowed shares using treasury stock method
|
| | | | 4.2 | | | | | | — | | | | | | 6.1 | | | | | | — | | |
Weighted average of common stock outstanding – diluted
|
| | | | 396.3 | | | | | | — | | | | | | 399.6 | | | | | | — | | |
Net Income per Share | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings per share – basic
|
| | | $ | 0.28 | | | | | $ | 0.28 | | | | | $ | 0.59 | | | | | $ | 0.59 | | |
Earnings per share – diluted
|
| | | | 0.28 | | | | | | 0.28 | | | | | | 0.59 | | | | | | 0.59 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Management stock options of the Manager issued and allocated
|
| | | | 10.6 | | | | | | 7.8 | | |
Escrow shares of the Manager issued and allocated
|
| | | | 4.9 | | | | | | 3.7 | | |
Restricted shares of the Manager issued and allocated
|
| | | | — | | | | | | — | | |
Total
|
| | | | 15.5 | | | | | | 11.5 | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Due from Affiliates | | | | | | | | | | | | | |
Receivables related to share and cash-based compensation
|
| | | $ | 776 | | | | | $ | 782 | | |
Other transactions with related parties
|
| | | | 34 | | | | | | — | | |
| | | | $ | 810 | | | | | $ | 782 | | |
Due to Affiliates | | | | | | | | | | | | | |
Borrowings on short-term credit facility
|
| | | $ | 124 | | | | | $ | — | | |
Other transactions with related parties
|
| | | | 44 | | | | | | 3 | | |
| | | | $ | 168 | | | | | $ | 3 | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,918 | | | | | $ | 3,545 | | |
Accounts receivable and other
|
| | | | 510 | | | | | | 429 | | |
Due from affiliates
|
| | | | 2,129 | | | | | | 2,121 | | |
Investments
|
| | | | 7,364 | | | | | | 6,877 | | |
Property, plant and equipment
|
| | | | 65 | | | | | | 68 | | |
Intangible assets
|
| | | | 59 | | | | | | 59 | | |
Goodwill
|
| | | | 265 | | | | | | 249 | | |
Deferred income tax assets
|
| | | | 750 | | | | | | 739 | | |
Total assets
|
| | | $ | 14,060 | | | | | $ | 14,087 | | |
Liabilities and shareholder’s equity | | | | | | | | | | | | | |
Accounts payable and other
|
| | | $ | 1,685 | | | | | $ | 1,842 | | |
Due to affiliates
|
| | | | 890 | | | | | | 811 | | |
Deferred income tax liabilities
|
| | | | 15 | | | | | | 17 | | |
Total liabilities
|
| | | | 2,590 | | | | | | 2,670 | | |
Commitments and contingencies | | | | | | | | | | | | | |
Preferred shares redeemable non-controlling interest
|
| | | | 2,032 | | | | | | 1,811 | | |
Equity | | | | | | | | | | | | | |
Common equity (common shares – unlimited authorized, 1,635,327,858 issued and outstanding)
|
| | | | 9,013 | | | | | | 9,271 | | |
Retained earnings
|
| | | | 3 | | | | | | 84 | | |
Accumulated other comprehensive income
|
| | | | 166 | | | | | | 153 | | |
Additional paid-in capital
|
| | | | 65 | | | | | | — | | |
Total common equity
|
| | | | 9,247 | | | | | | 9,508 | | |
Non-controlling interest
|
| | | | 191 | | | | | | 98 | | |
Total equity
|
| | | | 9,438 | | | | | | 9,606 | | |
Total liabilities, redeemable non-controlling interest and common equity
|
| | | $ | 14,060 | | | | | $ | 14,087 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Base management and advisory fees
|
| | | $ | 770 | | | | | $ | 665 | | | | | $ | 1,561 | | | | | $ | 1,336 | | |
Investment income | | | | | | | | | | | | | | | | | | | | | | | | | |
Carried interest allocations
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | 1 | | | | | | 10 | | | | | | 32 | | | | | | 57 | | |
Unrealized
|
| | | | 113 | | | | | | 153 | | | | | | 141 | | | | | | 105 | | |
Total investment income
|
| | | | 114 | | | | | | 163 | | | | | | 173 | | | | | | 162 | | |
Interest and dividend revenue
|
| | | | 40 | | | | | | 74 | | | | | | 83 | | | | | | 141 | | |
Other revenues
|
| | | | 61 | | | | | | 22 | | | | | | 222 | | | | | | 40 | | |
Total revenues
|
| | | | 985 | | | | | | 924 | | | | | | 2,039 | | | | | | 1,679 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation, operating, and general and administrative expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | (258) | | | | | | (134) | | | | | | (557) | | | | | | (303) | | |
Other operating expenses
|
| | | | (78) | | | | | | (55) | | | | | | (148) | | | | | | (106) | | |
General, administrative and other
|
| | | | (12) | | | | | | (34) | | | | | | (19) | | | | | | (74) | | |
Total compensation, operating, and general and administrative expenses
|
| | | | (348) | | | | | | (223) | | | | | | (724) | | | | | | (483) | | |
Carried interest allocation compensation
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Realized
|
| | | | (14) | | | | | | (10) | | | | | | (14) | | | | | | (20) | | |
Unrealized
|
| | | | 17 | | | | | | (8) | | | | | | (71) | | | | | | (111) | | |
Total carried interest allocation compensation
|
| | | | 3 | | | | | | (18) | | | | | | (85) | | | | | | (131) | | |
Interest expense
|
| | | | (5) | | | | | | (43) | | | | | | (7) | | | | | | (85) | | |
Total expenses
|
| | | | (350) | | | | | | (284) | | | | | | (816) | | | | | | (699) | | |
Other income (expenses), net
|
| | | | 72 | | | | | | 269 | | | | | | 50 | | | | | | 726 | | |
Share of income from equity accounted investments
|
| | | | 29 | | | | | | 87 | | | | | | 72 | | | | | | 155 | | |
Income before taxes
|
| | | | 736 | | | | | | 996 | | | | | | 1,345 | | | | | | 1,861 | | |
Income tax expense
|
| | | | (156) | | | | | | (162) | | | | | | (249) | | | | | | (304) | | |
Net income
|
| | | | 580 | | | | | | 834 | | | | | | 1,096 | | | | | | 1,557 | | |
Net (income) loss attributable to redeemable non-controlling interests in consolidated funds
|
| | | | — | | | | | | (166) | | | | | | — | | | | | | (541) | | |
Net (income) loss attributable to preferred share redeemable non-controlling interest
|
| | | | (90) | | | | | | — | | | | | | (71) | | | | | | — | | |
Net (income) loss attributable to non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | (54) | | | | | | — | | |
Net income attributable to the common stockholders
|
| | | $ | 455 | | | | | $ | 668 | | | | | $ | 971 | | | | | $ | 1,016 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Net income
|
| | | $ | 580 | | | | | $ | 834 | | | | | $ | 1,096 | | | | | $ | 1,557 | | |
Currency translation, net of tax impact
|
| | | | 7 | | | | | | (10) | | | | | | 13 | | | | | | (10) | | |
Comprehensive income
|
| | | | 587 | | | | | | 824 | | | | | | 1,109 | | | | | | 1,547 | | |
Comprehensive loss (income) attributable to redeemable non-controlling interest in consolidated funds
|
| | | | — | | | | | | (166) | | | | | | — | | | | | | (541) | | |
Comprehensive loss (income) attributable to preferred share redeemable non-controlling interest
|
| | | | (90) | | | | | | — | | | | | | (71) | | | | | | — | | |
Comprehensive loss (income) attributable to non-controlling interest
|
| | | | (35) | | | | | | — | | | | | | (54) | | | | | | — | | |
Comprehensive income attributable to common stockholders
|
| | | $ | 462 | | | | | $ | 658 | | | | | $ | 984 | | | | | $ | 1,006 | | |
| | |
Common equity
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
AS AT
(MILLIONS) |
| |
Common
shares |
| |
Additional
paid-in capital |
| |
Retained
earnings |
| |
Accumulated
other comprehensive income |
| |
Total
common equity |
| |
Non-
controlling interest |
| |
Total
equity |
| |||||||||||||||||||||
Balance at March 31, 2023
|
| | | $ | 9,242 | | | | | $ | 32 | | | | | $ | 72 | | | | | $ | 159 | | | | | $ | 9,505 | | | | | $ | 156 | | | | | $ | 9,661 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 455 | | | | | | — | | | | | | 455 | | | | | | 35 | | | | | | 490 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 7 | | | | | | — | | | | | | 7 | | |
Contributions
|
| | | | — | | | | | | 33 | | | | | | — | | | | | | — | | | | | | 33 | | | | | | — | | | | | | 33 | | |
Distributions
|
| | | | (229) | | | | | | — | | | | | | (524) | | | | | | — | | | | | | (753) | | | | | | — | | | | | | (753) | | |
Transfer of interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at June 30, 2023
|
| | | $ | 9,013 | | | | | $ | 65 | | | | | $ | 3 | | | | | $ | 166 | | | | | $ | 9,247 | | | | | $ | 191 | | | | | $ | 9,438 | | |
| | |
Common equity
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||
AS AT
(MILLIONS) |
| |
Common
shares |
| |
Additional
paid-in capital |
| |
Retained
earnings |
| |
Accumulated
other comprehensive income |
| |
Total
common equity |
| |
Non-
controlling interest |
| |
Total
equity |
| |||||||||||||||||||||
Balance at December 31, 2022
|
| | | $ | 9,271 | | | | | $ | — | | | | | $ | 84 | | | | | $ | 153 | | | | | $ | 9,508 | | | | | $ | 98 | | | | | $ | 9,606 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 971 | | | | | | — | | | | | | 971 | | | | | | 54 | | | | | | 1,025 | | |
Currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | 13 | | | | | | — | | | | | | 13 | | |
Contributions
|
| | | | — | | | | | | 65 | | | | | | — | | | | | | — | | | | | | 65 | | | | | | 10 | | | | | | 75 | | |
Distributions
|
| | | | (229) | | | | | | — | | | | | | (1,052) | | | | | | — | | | | | | (1,281) | | | | | | — | | | | | | (1,281) | | |
Transfer of interest
|
| | | | (29) | | | | | | — | | | | | | — | | | | | | — | | | | | | (29) | | | | | | 29 | | | | | | — | | |
Balance at June 30, 2023
|
| | | $ | 9,013 | | | | | $ | 65 | | | | | $ | 3 | | | | | $ | 166 | | | | | $ | 9,247 | | | | | $ | 191 | | | | | $ | 9,438 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Operating activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income
|
| | | $ | 580 | | | | | $ | 834 | | | | | $ | 1,096 | | | | | $ | 1,557 | | |
Other income, net
|
| | | | (66) | | | | | | (269) | | | | | | (44) | | | | | | (726) | | |
Other revenue
|
| | | | (37) | | | | | | — | | | | | | (198) | | | | | | — | | |
Share of (income) loss from investments accounted for under the equity method, net
|
| | | | 17 | | | | | | (17) | | | | | | 14 | | | | | | (51) | | |
Depreciation and amortization
|
| | | | 3 | | | | | | 2 | | | | | | 7 | | | | | | 5 | | |
Deferred income taxes
|
| | | | 22 | | | | | | 109 | | | | | | 79 | | | | | | 189 | | |
Stock based equity awards
|
| | | | 24 | | | | | | (129) | | | | | | 115 | | | | | | 6 | | |
Unrealized carried interest allocation, net
|
| | | | (130) | | | | | | (165) | | | | | | (70) | | | | | | 6 | | |
Net change in working capital balances
|
| | | | 79 | | | | | | 1,870 | | | | | | (473) | | | | | | 1,461 | | |
Other non-cash operating items
|
| | | | 34 | | | | | | 432 | | | | | | (39) | | | | | | (179) | | |
| | | | | 526 | | | | | | 2,667 | | | | | | 487 | | | | | | 2,268 | | |
Investing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment
|
| | | | (3) | | | | | | (2) | | | | | | (4) | | | | | | (19) | | |
Equity accounted investments
|
| | | | (239) | | | | | | (194) | | | | | | (243) | | | | | | (199) | | |
Financial assets and other
|
| | | | (1) | | | | | | (266) | | | | | | (1) | | | | | | (266) | | |
Dispositions
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financial assets and other
|
| | | | 11 | | | | | | 126 | | | | | | 11 | | | | | | 410 | | |
Restricted cash and deposits
|
| | | | — | | | | | | (3) | | | | | | — | | | | | | (3) | | |
| | | | | (232) | | | | | | (339) | | | | | | (237) | | | | | | (77) | | |
Financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate borrowings
|
| | | | — | | | | | | 959 | | | | | | — | | | | | | 854 | | |
Capital repaid to parent
|
| | | | — | | | | | | (3,050) | | | | | | — | | | | | | (2,695) | | |
Contributions from redeemable non-controlling interests
|
| | | | 1 | | | | | | 166 | | | | | | 1 | | | | | | 166 | | |
Capital repaid to redeemable non-controlling interests
|
| | | | — | | | | | | (266) | | | | | | — | | | | | | (266) | | |
Issuance of related party loans
|
| | | | — | | | | | | 110 | | | | | | 194 | | | | | | 365 | | |
Repayment of related party loans
|
| | | | (39) | | | | | | (1) | | | | | | — | | | | | | (73) | | |
Advances provided to related parties
|
| | | | (29) | | | | | | — | | | | | | (124) | | | | | | — | | |
Preferred equity issuances
|
| | | | 63 | | | | | | — | | | | | | 63 | | | | | | — | | |
Issuance of tracking option
|
| | | | — | | | | | | — | | | | | | 41 | | | | | | — | | |
Distributions to redeemable non-controlling interests
|
| | | | — | | | | | | (4) | | | | | | — | | | | | | (8) | | |
Distributions to parent
|
| | | | (524) | | | | | | (179) | | | | | | (1,052) | | | | | | (386) | | |
| | | | | (528) | | | | | | (2,265) | | | | | | (877) | | | | | | (2,043) | | |
Cash and cash equivalents | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in cash and cash equivalents
|
| | | | (234) | | | | | | 63 | | | | | | (627) | | | | | | 148 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2) | | |
Balance, beginning of period
|
| | | | 3,152 | | | | | | 2,577 | | | | | | 3,545 | | | | | | 2,494 | | |
Balance, end of period
|
| | | $ | 2,918 | | | | | $ | 2,640 | | | | | $ | 2,918 | | | | | $ | 2,640 | | |
Supplemental cash flow disclosures | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in working capital balances | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable and other
|
| | | $ | 89 | | | | | $ | (79) | | | | | $ | (46) | | | | | $ | (134) | | |
Accounts payable and other
|
| | | | (242) | | | | | | 136 | | | | | | (269) | | | | | | 153 | | |
Due from affiliates
|
| | | | 355 | | | | | | (203) | | | | | | (8) | | | | | | (732) | | |
Due to affiliates
|
| | | | 106 | | | | | | 2,016 | | | | | | 79 | | | | | | 2,174 | | |
Income taxes paid
|
| | | | 59 | | | | | | 43 | | | | | | 140 | | | | | | 85 | | |
Interest paid
|
| | | | — | | | | | | 55 | | | | | | 2 | | | | | | 115 | | |
Financing Activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-cash distribution
|
| | | $ | 229 | | | | | $ | — | | | | | $ | 229 | | | | | $ | — | | |
AS AT JUNE 30, AND DECEMBER 31,
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Common shares(a)
|
| | | $ | 74 | | | | | $ | 75 | | |
Investments in affiliates(b)
|
| | | | 1,383 | | | | | | 1,309 | | |
Accrued carried interest – mature funds(c)
|
| | | | 1,145 | | | | | | 1,163 | | |
Accrued carried interest – new funds(c)
|
| | | | 289 | | | | | | 108 | | |
Equity method investments(d)
|
| | | | | | | | | | | | |
Equity interest in Oaktree
|
| | | | 4,175 | | | | | | 3,940 | | |
Equity interest in other affiliates
|
| | | | 298 | | | | | | 282 | | |
| | | | $ | 7,364 | | | | | $ | 6,877 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months Ended
|
| |
Six Months Ended
|
| ||||||||||||||||||
|
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||||
Balance, beginning of period
|
| | | $ | 1,145 | | | | | $ | 628 | | | | | $ | 1,163 | | | | | $ | 676 | | |
Changes in fund fair values
|
| | | | 1 | | | | | | 153 | | | | | | 14 | | | | | | 105 | | |
Realized carried interest
|
| | | | (1) | | | | | | — | | | | | | (32) | | | | | | — | | |
Balance, end of period
|
| | | $ | 1,145 | | | | | $ | 781 | | | | | $ | 1,145 | | | | | $ | 781 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Balance, beginning of period
|
| | | $ | 174 | | | | | $ | 108 | | |
Changes in fund fair values
|
| | | | 115 | | | | | | 181 | | |
Realized carried interest
|
| | | | — | | | | | | — | | |
Balance, end of period
|
| | | $ | 289 | | | | | $ | 289 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Revenues
|
| | | $ | 1,066 | | | | | $ | 1,767 | | |
Expense
|
| | | | (826) | | | | | | (1,655) | | |
Net income
|
| | | | 240 | | | | | | 112 | | |
Net income attributable to non-controlling interest
|
| | | | (11) | | | | | | — | | |
(UNAUDITED) AS AT JUNE 30 AND DECEMBER 31
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Investments
|
| | | $ | 21 | | | | | $ | 18 | | |
Due from affiliates
|
| | | | 48 | | | | | | 22 | | |
VIE related assets
|
| | | | 69 | | | | | | 40 | | |
Maximum exposure to loss
|
| | | $ | 69 | | | | | $ | 40 | | |
AS AT JUNE 30, 2023
(MILLIONS) |
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,918 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,918 | | |
Accounts receivable and other
|
| | | | — | | | | | | — | | | | | | 36 | | | | | | 36 | | |
Common shares
|
| | | | — | | | | | | — | | | | | | 74 | | | | | | 74 | | |
Total assets
|
| | | $ | 2,918 | | | | | $ | — | | | | | $ | 110 | | | | | $ | 3,028 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | — | | |
Accounts payable and other
|
| | | $ | — | | | | | $ | — | | | | | $ | 180 | | | | | $ | 180 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 180 | | | | | $ | 180 | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| |
Level I
|
| |
Level II
|
| |
Level III
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 3,545 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,545 | | |
Accounts receivable and other
|
| | | | — | | | | | | — | | | | | | 52 | | | | | | 52 | | |
Common shares
|
| | | | — | | | | | | — | | | | | | 75 | | | | | | 75 | | |
Total assets
|
| | | $ | 3,545 | | | | | $ | — | | | | | $ | 127 | | | | | $ | 3,672 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | — | | |
Accounts payable and other
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 190 | | | | | $ | 190 | | |
AS AT JUNE 30, 2023
(MILLIONS) |
| |
Fair
Value |
| |
Valuation
techniques |
| |
Unobservable
inputs |
| |
Ranges
|
| |
Weighted-
average(a) |
| |
Impact to
valuation from an increase in input |
| |||||||||||||||
Common shares
|
| | | $ | 74 | | | |
See note(b)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts receivable and other
|
| | | | 36 | | | |
See note(d)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts payable and other
|
| | | | 180 | | | |
See note(c)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
AS AT DECEMBER 31, 2022
(MILLIONS) |
| |
Fair
Value |
| |
Valuation
techniques |
| |
Unobservable
inputs |
| |
Ranges
|
| |
Weighted-
average(a) |
| |
Impact to
valuation from an increase in input |
| |||||||||||||||
Common shares
|
| | | $ | 75 | | | |
See note(b)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts receivable and other
|
| | | | 52 | | | |
See note(d)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Accounts payable and other
|
| | | | 190 | | | |
See note(c)
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
AS AT AND FOR THE THREE MONTHS ENDED JUNE 30, 2023
(MILLIONS) |
| |
Common
shares |
| |
Accounts
receivable and other |
| |
Accounts
payable and other |
| |||||||||
Balance as at March 31, 2023
|
| | | $ | 74 | | | | | $ | 38 | | | | | $ | 193 | | |
Net purchases (redemptions)
|
| | | | — | | | | | | — | | | | | | — | | |
Gains (losses) included in earnings
|
| | | | — | | | | | | (2) | | | | | | (13) | | |
Balance as at June 30, 2023
|
| | | $ | 74 | | | | | $ | 36 | | | | | $ | 180 | | |
AS AT AND FOR THE SIX MONTHS ENDED JUNE 30, 2023
(MILLIONS) |
| |
Common
shares |
| |
Accounts
receivable and other |
| |
Accounts
payable and other |
| |||||||||
Balance as at December 31, 2022
|
| | | $ | 75 | | | | | $ | 52 | | | | | $ | 190 | | |
Net purchases (redemptions)
|
| | | | — | | | | | | — | | | | | | — | | |
Gains (losses) included in earnings
|
| | | | (1) | | | | | | (16) | | | | | | (10) | | |
Balance as at June 30, 2023
|
| | | $ | 74 | | | | | $ | 36 | | | | | $ | 180 | | |
FOR THE THREE MONTHS ENDED JUNE 30, 2023
|
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real
estate |
| |
Credit
and other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 120 | | | | | $ | 211 | | | | | $ | 75 | | | | | $ | 191 | | | | | $ | 80 | | | | | $ | 677 | | |
Incentive distributions
|
| | | | 28 | | | | | | 65 | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | |
| | | | $ | 148 | | | | | $ | 276 | | | | | $ | 75 | | | | | $ | 191 | | | | | $ | 80 | | | | | $ | 770 | | |
FOR THE THREE MONTHS ENDED JUNE 30, 2022
|
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real
estate |
| |
Credit
and other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 125 | | | | | $ | 164 | | | | | $ | 48 | | | | | $ | 185 | | | | | $ | 59 | | | | | $ | 581 | | |
Incentive distributions
|
| | | | 23 | | | | | | 61 | | | | | | — | | | | | | — | | | | | | — | | | | | | 84 | | |
| | | | $ | 148 | | | | | $ | 225 | | | | | $ | 48 | | | | | $ | 185 | | | | | $ | 59 | | | | | $ | 665 | | |
FOR THE SIX MONTHS ENDED JUNE 30, 2023
|
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real
estate |
| |
Credit
and other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 239 | | | | | $ | 418 | | | | | $ | 138 | | | | | $ | 397 | | | | | $ | 182 | | | | | $ | 1,374 | | |
Incentive distributions
|
| | | | 56 | | | | | | 131 | | | | | | — | | | | | | — | | | | | | — | | | | | | 187 | | |
| | | | $ | 295 | | | | | $ | 549 | | | | | $ | 138 | | | | | $ | 397 | | | | | $ | 182 | | | | | $ | 1,561 | | |
FOR THE SIX MONTHS ENDED JUNE 30, 2022
|
| |
Renewable
power and transition |
| |
Infrastructure
|
| |
Private
equity |
| |
Real
estate |
| |
Credit
and other |
| |
Total
|
| ||||||||||||||||||
Management and advisory fees, net
|
| | | $ | 242 | | | | | $ | 362 | | | | | $ | 91 | | | | | $ | 354 | | | | | $ | 119 | | | | | $ | 1,168 | | |
Incentive distributions
|
| | | | 48 | | | | | | 120 | | | | | | — | | | | | | — | | | | | | — | | | | | | 168 | | |
| | | | $ | 290 | | | | | $ | 482 | | | | | $ | 91 | | | | | $ | 354 | | | | | $ | 119 | | | | | $ | 1,336 | | |
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Expenses arising from equity-settled share-based payment transactions
|
| | | $ | 22 | | | | | $ | 45 | | |
Expense (recovery) arising from cash-settled share-based payment transactions
|
| | | | 2 | | | | | | 70 | | |
| | | | $ | 24 | | | | | $ | 115 | | |
AS AT AND FOR THE PERIOD ENDED JUNE 30, 2023
(MILLIONS) |
| |
Three Months
Ended 2023 |
| |
Six Months
Ended 2023 |
| ||||||
Opening balance
|
| | | $ | 1,864 | | | | | $ | 1,811 | | |
Net issuances (redemptions)
|
| | | | 78 | | | | | | 150 | | |
Changes in redemption value included in net income attributable to preferred share non-controlling interest
|
| | | | 90 | | | | | | 71 | | |
Balance as at June 30, 2023
|
| | | $ | 2,032 | | | | | $ | 2,032 | | |
AS AT JUNE 30, 2023 AND DECEMBER 31, 2022
(MILLIONS) |
| |
2023
|
| |
2022
|
| ||||||
Due from Affiliates | | | | | | | | | | | | | |
Loans to affiliates
|
| | | $ | 1,383 | | | | | $ | 1,317 | | |
Receivables from affiliates related to share and cash-based compensation
|
| | | | 649 | | | | | | 801 | | |
Loans to related parties
|
| | | | 97 | | | | | | 3 | | |
| | | | $ | 2,129 | | | | | $ | 2,121 | | |
Due to Affiliates | | | | | | | | | | | | | |
Operating payables due to related parties
|
| | | $ | 657 | | | | | $ | 786 | | |
Payables to affiliates related to share and cash-based compensation to carried interest
|
| | | | 38 | | | | | | 25 | | |
Borrowings from related parties
|
| | | | 195 | | | | | | — | | |
| | | | $ | 890 | | | | | $ | 811 | | |
|
United States
|
| |
Canada
Brookfield Place
181 Bay Street, Suite 100 Bay Wellington Tower Toronto, ON M5J 2T3 +1.416.363.9491 |
| |
United Kingdom
One Canada Square
Level 25 Canary Wharf London E14 5AA +44.20.7659.3500 |
| |
Australia
Brookfield Place
Level 19 10 Carrington Street Sydney, NSW 2000 +61.2.9158.5100 |
|
|
Brazil
Avenida das Nações Unidas,
14.261 Edifício WT Morumbi Ala B - 20° andar Morumbi - São Paulo - SP CEP 04794-000 +55 (11) 2540.9150 |
| |
United Arab Emirates
Level 24, ICD Brookfield Place
AI Mustaqbal Street, DIFC P.O. Box 507234 Dubai +971.4.597.0100 |
| |
India
Unit 1
4th Floor, Godrej BKC Bandra Kurla Complex Mumbai 400 051 +91.22.6600.0700 |
| |
China
Unit 01,
11F Tower C, One East No. 768 South Zhongshan 1st Road Huangpu District, Shanghai 200023 +86.21.2306.0700 |
|
| OAKTREE CORPORATE OFFICES | | |||||||||
|
United States
|
| |
United States
|
| |
United Kingdom
Verde
10 Bressenden Place London SW1E 5DH +44.20.7201.4600 |
| |
Hong Kong
Suite 2001,
20/F Champion Tower 3 Garden Road Central +852.3655.6800 |
|
| REGIONAL OFFICES (BROOKFIELD & OAKTREE) | | |||||||||
|
North America
Bermuda
Brentwood Calgary Chicago Houston Los Angeles Stamford Vancouver |
| |
South America
Bogotà
Lima |
| |
Europe / UAE
Amsterdam
Dublin Frankfurt Helsinki Luxembourg Paris Madrid Dubai |
| |
Asia Pacific
Sydney
Beijing Hong Kong Shanghai Seoul Singapore Tokyo |
|
This ‘DEFM14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
6/8/37 | ||||
1/12/37 | ||||
7/22/35 | ||||
6/8/34 | ||||
12/18/32 | ||||
6/8/32 | ||||
7/12/31 | ||||
7/22/30 | ||||
9/3/29 | ||||
12/31/27 | ||||
12/15/27 | ||||
12/31/26 | ||||
9/14/26 | ||||
9/3/26 | ||||
12/31/25 | ||||
12/31/24 | ||||
12/13/24 | ||||
9/30/24 | ||||
9/3/24 | ||||
7/5/24 | ||||
6/8/24 | ||||
5/7/24 | ||||
4/9/24 | ||||
4/5/24 | ||||
4/4/24 | ||||
3/10/24 | ||||
2/1/24 | ||||
1/10/24 | ||||
1/5/24 | ||||
1/1/24 | ||||
12/31/23 | ||||
12/26/23 | ||||
12/15/23 | ||||
12/11/23 | ||||
11/10/23 | ||||
11/9/23 | ||||
11/3/23 | ||||
10/12/23 | ||||
Filed on: | 10/11/23 | |||
10/10/23 | ||||
10/6/23 | 8-K | |||
9/30/23 | ||||
9/29/23 | 3/A, 4 | |||
9/15/23 | 4 | |||
8/31/23 | ||||
8/16/23 | 4 | |||
8/15/23 | 4 | |||
8/9/23 | 10-Q, 8-K | |||
8/8/23 | 10-Q | |||
8/7/23 | 8-K | |||
7/17/23 | ||||
7/13/23 | ||||
7/11/23 | 4, 8-K | |||
7/5/23 | 425, 8-K, SC 13D/A | |||
7/4/23 | 8-K | |||
7/3/23 | ||||
7/2/23 | ||||
7/1/23 | ||||
6/30/23 | 10-Q | |||
6/29/23 | ||||
6/28/23 | ||||
6/27/23 | 8-K, SC 13D/A | |||
6/26/23 | ||||
6/25/23 | ||||
6/24/23 | ||||
6/23/23 | ||||
6/22/23 | ||||
6/20/23 | ||||
6/18/23 | ||||
6/15/23 | ||||
6/14/23 | 8-K | |||
6/9/23 | ||||
6/8/23 | 4, 8-K | |||
6/4/23 | ||||
6/2/23 | ||||
6/1/23 | ||||
5/31/23 | ||||
5/28/23 | ||||
5/26/23 | ||||
5/24/23 | ||||
5/19/23 | ||||
5/18/23 | ||||
5/10/23 | 10-Q | |||
5/9/23 | 8-K/A | |||
5/8/23 | 8-K, 8-K/A | |||
5/6/23 | ||||
5/3/23 | ||||
4/28/23 | 8-K, ARS, DEF 14A, DEFA14A | |||
4/19/23 | ||||
4/17/23 | 8-K | |||
4/14/23 | ||||
4/7/23 | 4 | |||
4/5/23 | 8-K | |||
4/3/23 | 3, 8-K | |||
4/1/23 | ||||
3/31/23 | 10-Q | |||
3/30/23 | ||||
3/20/23 | 8-K | |||
3/17/23 | 8-K | |||
3/6/23 | ||||
3/3/23 | 4 | |||
2/28/23 | 10-K | |||
2/24/23 | ||||
2/22/23 | ||||
2/21/23 | ||||
2/16/23 | 8-K | |||
2/15/23 | ||||
2/13/23 | ||||
2/10/23 | SC 13G/A | |||
2/9/23 | 5, SC 13G/A | |||
2/7/23 | ||||
2/6/23 | ||||
2/2/23 | ||||
1/26/23 | SC 13G/A | |||
1/25/23 | ||||
1/22/23 | ||||
1/13/23 | SC 13D/A | |||
1/11/23 | ||||
1/9/23 | ||||
1/2/23 | ||||
1/1/23 | ||||
12/31/22 | 10-K, 5, ARS | |||
12/30/22 | ||||
12/29/22 | ||||
12/28/22 | ||||
12/23/22 | ||||
12/22/22 | 8-K, SC 13D/A | |||
12/20/22 | 8-K | |||
12/19/22 | ||||
12/15/22 | ||||
12/12/22 | ||||
12/9/22 | ||||
12/8/22 | ||||
12/7/22 | 8-K | |||
11/30/22 | 4, S-3ASR | |||
11/29/22 | 4, 8-K | |||
11/21/22 | ||||
11/15/22 | ||||
11/11/22 | ||||
11/9/22 | ||||
11/8/22 | 10-Q, SC 13D/A | |||
10/7/22 | ||||
10/3/22 | ||||
10/1/22 | ||||
9/30/22 | 10-Q | |||
9/29/22 | ||||
9/26/22 | ||||
9/23/22 | ||||
9/22/22 | ||||
9/10/22 | ||||
9/8/22 | ||||
9/7/22 | ||||
7/4/22 | ||||
7/1/22 | ||||
6/30/22 | 10-Q, 8-K | |||
6/21/22 | SC 13D/A | |||
6/8/22 | 8-K | |||
5/26/22 | ||||
5/25/22 | ||||
5/12/22 | ||||
5/11/22 | 4, SC 13D/A | |||
4/1/22 | ||||
3/31/22 | 10-Q | |||
3/30/22 | ||||
3/2/22 | 4 | |||
2/24/22 | ||||
2/15/22 | 8-K | |||
1/14/22 | 3, SC 13D/A | |||
1/12/22 | ||||
1/7/22 | 3, 4 | |||
1/1/22 | ||||
12/31/21 | 10-K, 5 | |||
12/27/21 | ||||
12/21/21 | ||||
12/3/21 | ||||
11/19/21 | 8-K | |||
11/4/21 | ||||
10/14/21 | ||||
10/8/21 | 8-K | |||
10/1/21 | ||||
9/30/21 | 10-Q | |||
9/14/21 | 8-K | |||
8/9/21 | 10-Q | |||
7/26/21 | ||||
7/1/21 | ||||
6/30/21 | 10-Q | |||
6/28/21 | SC 13D, SC 13D/A | |||
5/7/21 | ||||
4/1/21 | 8-K | |||
3/31/21 | 10-Q | |||
3/19/21 | 4 | |||
2/28/21 | ||||
2/26/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K, 5 | |||
12/2/20 | SC 13D | |||
11/30/20 | 3, 8-K | |||
11/12/20 | ||||
10/19/20 | 8-K | |||
10/18/20 | ||||
10/17/20 | 8-K | |||
10/16/20 | ||||
10/1/20 | 425, 8-K | |||
9/30/20 | 10-Q | |||
9/8/20 | 3, 4 | |||
9/4/20 | ||||
7/22/20 | ||||
6/17/20 | 8-K, CERT | |||
5/20/20 | ||||
5/19/20 | ||||
3/11/20 | ||||
3/6/20 | 4 | |||
3/1/20 | ||||
1/27/20 | 3, 3/A | |||
1/24/20 | ||||
1/9/20 | 8-K | |||
1/1/20 | 4 | |||
12/31/19 | 10-K, 5 | |||
11/21/19 | 8-K, CERT | |||
10/1/19 | ||||
9/30/19 | 10-Q | |||
7/1/19 | 4 | |||
3/13/19 | ||||
1/31/19 | ||||
1/1/19 | ||||
6/16/17 | 8-K | |||
7/1/16 | 8-K | |||
7/1/15 | 4 | |||
3/31/14 | 10-Q, 4 | |||
1/1/14 | ||||
4/13/07 | ||||
1/1/05 | ||||
4/22/04 | S-3/A | |||
10/26/01 | ||||
8/1/97 | ||||
List all Filings |