Post #304 by Baybrooke on the US Policy board

Halls of Shrewd'm / US Policy ❤

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Conference call and webcast
https://edge.media-server.com/mmc/go/bnq3-2023/

Shareholder Letter
https://bn.brookfield.com/sites/brookfield-bn/file...

Supplemental Information
https://bn.brookfield.com/sites/brookfield-bn/file...

Press Release
https://bn.brookfield.com/sites/brookfield-bn/file...

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I have yet to dig into the financial statements, but headline numbers look OK. $26B capital raise in Q3, DE of $568M for $.35/share in fee-related earnings, optimism around the fundraising environment going forward. I'll take it. Like the J/V with Sequoia: it reminds me of Oaktree.

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Regarding capital allocation of funds received from distributable earnings over the last 12 months, BN says:

==========

Over the LTM we allocated $7.0 billion of capital, as follows:
� $550 million of dividends paid to common shareholders;
� $737 million to repurchase shares well below our view of intrinsic value, purchasing 20.4 million BN common shares and ~2.0 million preferred shares;
� $5.3 billion to invest into various strategies managed by BAM; and
� $605 million investment in our Insurance Solutions business to support the continued growth of the business.

==========

737 million on 22.4 million (20.4 common + 2 preferred) translates to an average repurchase price of 32.9 which is slightly higher than today's closing price of 32.06.

Of above 737 million, 315 million was spent in 3Q. Average closing price in 3Q was 33.74.

Approximately 7 times more (5.3 billion) was ploughed back into BAM funds where apparently they see a lot more value than repurchasing BN.

Insurance provided 605 million in DE and 100% of that amount was put right back into insurance. They seem to be fully committed to growing the insurance business.

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Any view BIP as it relates to BN?

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