brookfield investor presentation 2022

Brookfield Infrastructure Partners

Upcoming events, past events.

CONTACT INFORMATION

Investor Enquiries

For all Brookfield Infrastructure Partners L.P. investor enquiries please call our Unitholder Enquiries Line:

bip. [email protected] North America:  1-866-989-0311 Global:  1-416-363-9491

Transfer Agent

For enquiries regarding unit transfers, changes of address, distribution cheques and lost unit certificates, please contact:

Computershare Shareholder correspondence should be mailed to: Computershare P.O. BOX 505000 Louisville, KY 40233

Overnight correspondence should be mailed to: Computershare 462 South 4th Street, Suite 1600 Louisville, KY 40202

Toll-Free:  (877) 243-3717 www.computershare.com/investor

Investor Relations Contact

Brookfield Infrastructure Tel:  416-956-5129 Email:  [email protected]

Brookfield Corporation

Press releases 2024.

Brookfield Corporation Reports Strong First Quarter Results

Record $150 billion of Deployable Capital Today

Distributable Earnings of $4.9 billion and Net Income of $5.2 billion  for the Last Twelve Months

BROOKFIELD, NEWS, May 09, 2024 (GLOBE NEWSWIRE) -- Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2024 .

Nick Goodman , President of Brookfield Corporation , said, “We delivered strong financial results in the first quarter, and we expect the positive momentum across our Asset Management, Wealth Solutions and Operating Businesses to drive continued strength over the course of 2024. We repurchased over $700 million of shares so far this year and continue to allocate capital to share buybacks, enhancing the value of each remaining share.”

He continued, “In addition, in May we advanced two strategic initiatives with the closing of the acquisition of American Equity Life and the announcement of a major renewables deal with Microsoft. Today, we have a record $150 billion of deployable capital available and, as always, remain focused on compounding wealth over the long term for our shareholders.”

Operating Results

Distributable earnings (“DE”) before realizations increased by 10% per share over the last twelve months (“LTM”), after adjusting for the special distribution of 25% of our asset management business in December 2022 .

See endnotes on page 8.

Net income was $519 million in the first quarter and $5 .2 billion for the last twelve months. Distributable earnings before realizations were $1 .0 billion for the quarter and $4 .3 billion for the last twelve months.

Asset management benefited from positive fundraising momentum and successful capital deployment across our latest flagship funds and complementary strategies.

Wealth solutions delivered a significant increase in earnings from strong investment performance and continued growth in the business.

Operating businesses generated stable cash flows, supported by the resilient earnings across our renewable power and transition, infrastructure and private equity businesses, as well as 5% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

During the quarter and over the LTM, earnings from realizations were $215 million and $586 million, respectively, with total DE for the quarter and the LTM of $1.2 billion and $4.9 billion , respectively.

Regular Dividend Declaration

The Board declared a quarterly dividend for Brookfield Corporation of $0.08 per share, payable on June 28, 2024 to shareholders of record as at the close of business on June 13, 2024 . The Board also declared the regular monthly and quarterly dividends on our preferred shares.

Operating Highlights

Distributable earnings before realizations were $1.0 billion ( $0.63 /share) for the quarter and $4.3 billion ( $2.70 /share) over the last twelve months, representing an increase of 10% per share over the prior year. 5 Total distributable earnings were $1.2 billion ( $0.77 /share) for the quarter and $4.9 billion ( $3.07 /share) for the last twelve months.

Asset Management:

• DE was $621 million ( $0.39 /share) in the quarter and $2 .5 billion ( $1.58 /share) over the LTM.
• We continue to see high demand for our private fund strategies. To date, we raised $10 billion for our second global transition fund strategy, over $8 billion for our fifth opportunistic real estate fund strategy, and $9 billion for opportunistic credit. Fee-bearing capital was $459 billion as of March 31, 2024 , an increase of $27 billion or 6% over the LTM, with fee-related earnings in line with the prior year quarter.
• We announced the acquisition of a majority stake in Castlelake , a premier asset-backed lender focused on aviation, specialty and real asset finance, broadening our presence in asset-backed lending.

Wealth Solutions:

• Distributable operating earnings were $273 million ( $0.17 /share) in the quarter and $868 million ( $0.55 /share) over the LTM.
• We originated $1 .6 billion of annuity sales in the quarter, and our average investment portfolio yield on our insurance assets was 5.7%, approximately 2% higher than the average cost of capital.
• With the close of American Equity Life (“AEL”) in May, our assets are now over $100 billion and annualized earnings are approximately $1 .4 billion, and as we rotate the investment portfolio, we expect annualized earnings to grow to approximately $2 billion in the next 18 to 24 months.
• Through our combined wealth solutions platforms, we remain on track to reach over $1 .5 billion of monthly retail capital inflows in the near-to-medium term.

Operating Businesses:

• DE was $337 million ( $0.21 /share) in the quarter and $1 .5 billion ( $0.95 /share) over the LTM.
• Cash distributions are supported by the resilient and high-quality earnings across our renewable power and transition, infrastructure and private equity businesses. Our core real estate portfolio delivered same-store NOI growth of 5% over the LTM.
• In our real estate business, we signed over 7 million square feet of office and retail leases during the quarter, with positive leasing spreads of 14% in office and 15% in retail.
• Following the quarter, our renewable power and transition business signed a landmark agreement with Microsoft to deliver over 10.5 gigawatts of new renewable energy capacity through the development of projects in the U.S. and Europe to support Microsoft’s data center growth.

Earnings from the monetization of mature assets were $215 million ( $0.14 /share) for the quarter and $586 million ( $0.37 /share) for the LTM .

• We are advancing several monetizations across the business, including the recently announced sale of a 49% stake in a premier office asset in Dubai and a significant pipeline of renewable asset sales. We are also progressing the sales of a hotel at our premier mixed-use complex in Seoul, Korea , a fiber platform in France , and a road fuels operation in Europe . Substantially all sales were completed or are expected to be agreed at prices in line with IFRS carrying values.
• We recognized $547 million of net realized carried interest into income over the LTM. Total accumulated unrealized carried interest now stands at $10.1 billion , representing an increase of 8% over the LTM, net of carried interest realized into income.

We now have a record $150 billion of capital available to deploy into new investments.

• During the quarter, we returned $626 million to shareholders through regular dividends and share repurchases. To date this year, we repurchased over $700 million of shares.
• Today, we have a record $150 billion of deployable capital, which includes approximately $65 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and managed investments.
• Our balance sheet remains conservatively capitalized, with a weighted-average term of 13 years and modest maturities through to the end of 2025.
• We continue to have strong access to the capital markets and executed on approximately $40 billion of financings across the business over the last few months, including issuing $750 million of 30-year bonds at the Corporation to enhance our liquidity.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED STATEMENTS OF OPERATIONS

• Direct costs disclosed above exclude depreciation and amortization expense.
• Interest expense from acquisitions, net of dispositions, and upfinancings completed over the twelve months ended March 31, 2024 .

SUMMARIZED FINANCIAL RESULTS

DISTRIBUTABLE EARNINGS

1.        Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.

RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

• Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting DE attributable to non-controlling interests, we are able to remove the portion of DE earned at non-wholly owned subsidiaries that is not attributable to Brookfield.
• Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.
• Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.  

EARNINGS PER SHARE

• Excludes dividends paid on perpetual subordinated notes of $3 million (2023 – $3 million) and $10 million (2023 – $10 million ) for the three and twelve months ended March 31, 2024 , which are recognized within net income.
• Includes management share option plan and escrowed stock plan.
• Per share amounts are inclusive of dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary.  

Additional Information

The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2024 , contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2024 , which have been prepared using IFRS, as issued by the IASB. The amounts have not been audited by Brookfield Corporation’s external auditor.

Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

Quarterly Earnings Call Details

Investors, analysts and other interested parties can access Brookfield Corporation’s 2024 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com .

To participate in the Conference Call today at 10:00 a.m. ET , please pre-register at https://register.vevent.com/register/BI004b533cfc974dc2b6b521b32900f76d . Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/m49bqp6n . For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 9, 2025 . To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/m49bqp6n . 

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com . Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please visit our website at www.bn.brookfield.com or contact:

Non-IFRS and Performance Measures

This news release and accompanying financial information are based on International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), unless otherwise noted.

We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations , which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

Realized carried interest and realized disposition gains are further described below:

• Realized Carried Interest represents our contractual share of investment gains generated within a private fund after considering our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
• Realized Disposition Gains from principal investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find these measures of value to them.

We make reference to Net Operating Income (“NOI”) , which refers to the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com .

1. Consolidated basis – includes amounts attributable to non-controlling interests. 2. Excludes amounts attributable to non-controlling interests. 3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8. 4. Distributable earnings before realizations, including per share amounts, for the twelve months ended March 31, 2023 were adjusted for the special distribution of 25% of our asset management business on December 9, 2022 . 5. The increase per share over the prior year is calculated after adjusting for the special distribution of 25% of our asset management business in December 2022 .

Notice to Readers

Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the Castlelake acquisition, including its expected impact on our business, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States .

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

Source: Brookfield Corporation

Associated Files

Brookfield Renewable Partners

Press releases 2024.

Brookfield and Microsoft Collaborating to Deliver Over 10.5 GW of New Renewable Power Capacity Globally

• First of its kind global framework agreement will accelerate the expansion of renewable energy capacity to contribute to Microsoft’s sustainability goals
• The five-year agreement outlines plans for the development of over 10.5 gigawatts of new renewable energy capacity, almost eight times larger than the largest single corporate PPA ever signed i
• Potential to expand the framework scope and development capacity within the target regions of the U.S. and Europe , and beyond to Asia-Pacific , India , and Latin America

TORONTO and REDMOND, Wash. , May 01, 2024 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE: BAM; TSX: BAM), together with Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) (“Brookfield”) and Microsoft (NDAQ: MSFT), are pleased to announce the signing of a global renewable energy framework agreement (“the agreement”) to contribute to Microsoft’s goal of having 100% of its electricity consumption, 100% of the time, matched by zero carbon energy purchases by 2030.

The agreement between Brookfield and Microsoft is rooted in the two companies’ shared goals to decarbonize global energy supplies and reduce carbon emissions. Having contracted almost one gigawatt of renewable capacity to date outside of the agreement, this agreement builds on the strong collaboration and extends it into the future.

The agreement provides a pathway for Brookfield to deliver over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030 in the U.S. and Europe . The agreement includes the potential to increase its scope to deliver additional renewable energy capacity within the U.S. and Europe , and beyond to Asia-Pacific , India , and Latin America , and provides an incentive for Brookfield to build a large portfolio of new renewable energy projects over the coming years.

The agreement provides Microsoft with access to a pipeline of new renewable energy capacity to support the growing demand for cloud services at home and at work. The scale of the new capacity from Brookfield will contribute to the decarbonization of the grid and accelerate the global shift to renewable energy solutions within the cloud industry. The agreement will not only focus on wind and solar, but also new or impactful carbon free energy generation technologies.

Connor Teskey , CEO of Brookfield Renewable and President of Brookfield Asset Management .

Adrian Anderson , General Manager of Renewables, Carbon Free Energy, and Carbon Dioxide Removal (CDR).

Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $900 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Brookfield Renewable

Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) is the flagship listed renewable power and transition company of Brookfield Asset Management and operates one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and distributed energy and storage facilities in North America , South America , Europe and Asia . Our operating capacity totals almost 33,000 megawatts and our development pipeline stands at approximately 155,400 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse (a leading global nuclear services business) and a utility and independent power producer with operations in the Caribbean and Latin America , as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.

i Per BNEF tracked data the largest PPA signed between two separate independent parties is 1.3 GW

Associated Files

Brookfield Asset Management

Press releases 2024, brookfield asset management and castlelake to enter into strategic partnership.

Brookfield Asset Management and Castlelake to Enter into Strategic Partnership

Brookfield to acquire 51% interest in Castlelake’s fee-related earnings and invest in the firm’s funds and strategies, total capital amounting to $1.5B  

BROOKFIELD NEWS, May 06, 2024 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE: BAM, TSX: BAM) (“Brookfield”) and Castlelake L.P. (“Castlelake”), an alternatives asset manager specializing in asset-based private credit including aviation and specialty finance, today announced that they have entered into an agreement whereby Brookfield will acquire a 51% stake in Castlelake’s fee-related earnings. The amount of capital to be invested will be approximately $1.5 billion , including capital to be invested in Castlelake’s investment strategies by Brookfield Reinsurance. The partnership will allow Castlelake and Brookfield to collaborate and expand Castlelake’s differentiated asset-based investment business.

Brookfield Credit said, “We are thrilled to be partnering with Castlelake , a leading asset-based private credit business with an exceptional management team. There is strong demand for Castlelake’s leading private credit strategies, and tremendous growth potential in the asset class. We look forward to helping Castlelake scale their business, and the addition of their capabilities enables us to better serve our clients around the world. With growing demand from investors for diverse credit strategies, this multi-trillion market has significant tailwinds that will help drive the growth of our $300 billion credit business over the next decade.”

Evan Carruthers and is one of the longest-tenured investment firms focused on asset-based investments. Its experience entails more than 18 years of execution and $39 billion of capital deployment across approximately 1,300 transactions globally. The firm manages approximately $22 billion of assets on behalf of more than 200 diverse institutional investors.

In a joint statement, Carruthers and O’Neill said, “In Brookfield, we believe we have found a like-minded partner that values experience and specialized expertise, and takes a disciplined, yet creative approach to delivering value for investors. We are excited about this partnership’s ability to enhance Castlelake’s value proposition, help accelerate its innovation, and scale its platform for the benefit of investors, business partners, and employees. Alongside the existing Executive Committee and senior leadership of Castlelake , and with the support of Brookfield’s significant credit franchise, we look forward to continuing to grow and evolve Castlelake into one of the foremost asset-based investment firms in the market.”

Castlelake will continue to operate its business independently, retaining its current governance and leadership structure, including Carruthers as Chief Executive Officer and Chief Investment Officer, and O’Neill as Executive Chair. It will retain majority ownership of its performance-related earnings. The transaction is expected to close in the third quarter of 2024.

Evercore acted as financial advisor to Brookfield and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as Brookfield’s lead legal counsel. Goldman Sachs & Co. LLC acted as lead advisor to Castlelake , and Colchester Partners also acted as advisor. Kirkland & Ellis LLP acted as legal counsel to Castlelake .

About Brookfield Credit

Brookfield’s Credit business manages approximately $300 billion of assets globally across a broad range of private and public credit strategies. These strategies include infrastructure, renewable power, and real estate debt, as well as opportunistic, corporate and direct lending. The business integrates Brookfield’s credit capabilities with its partnerships including Oaktree Capital Management , LCM Capital Management , 17Capital and other affiliated managers.

About Brookfield Asset Management

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with over $900 billion of assets under management across renewable power and transition, infrastructure, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

For more information, please visit our website at www.bam.brookfield.com .

About Castlelake

Castlelake, L.P. is a global alternative investment manager focused on asset-based investments in the private specialty finance, real assets and aviation markets. Founded in 2005, Castlelake manages approximately $22 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America , Europe and Asia . For more information, please visit www.castlelake.com .

Brookfield Contact Information:

Castlelake Media Relations:

Molly Blemker Tel: (612) 851-3083 Email: [email protected]

Remy Marin , Prosek Partners for Castlelake Tel: (212) 279-3115 Email: [email protected] / [email protected] / [email protected]

Notice to Readers

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the amount of capital to be invested in Castlelake , the impact of the partnership on Brookfield’s business and the expected closing date of the transaction.

Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States , not presently known to Brookfield, or that Brookfield currently believes are not material, could cause actual results to differ materially from those contemplated or implied by forward-looking statements.

READERS ARE URGED TO CONSIDER THESE RISKS, AS WELL AS OTHER UNCERTAINTIES, FACTORS AND ASSUMPTIONS CAREFULLY IN EVALUATING THE FORWARD-LOOKING STATEMENTS AND ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS, WHICH ARE BASED ONLY ON INFORMATION AVAILABLE TO US AS OF THE DATE OF THIS NEWS RELEASE. EXCEPT AS REQUIRED BY LAW, BROOKFIELD UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER WRITTEN OR ORAL, THAT MAY BE AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. 

Source: Brookfield Asset Management Ltd

Associated Files

1 st Moscow Solar System Symposium, 14/10/2010, IKI, Moscow

Sep 19, 2014

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1 st Moscow Solar System Symposium, 14/10/2010, IKI, Moscow. Development of the Sub-millimeter Instrument onboard the Japanese Mars Orbiter. Yasuko Kasai 1 , *Takeshi Kuroda 2 , Hideo Sagawa 1 , Paul Hartogh 3 , Donal Murtagh 4 , MELOS SMM Sounder Team.

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Presentation Transcript

1st Moscow Solar System Symposium, 14/10/2010, IKI, Moscow Development of the Sub-millimeter Instrument onboard the Japanese Mars Orbiter Yasuko Kasai1, *Takeshi Kuroda2, Hideo Sagawa1, Paul Hartogh3, Donal Murtagh4, MELOS SMM Sounder Team 1National Institute of Information and Communications Technology, Japan2Institiute of Space and Astronautical Science, JAXA, Japan 3Max Planck Institute for Solar System Research, Germany 4Chalmers University of Technology, Sweden

Japanese Mars Exploration Plan (MELOS) Mars Exploration with Lander-Orbiter Synergy —Why does Mars appear Reddish? Why is the current Martian surface covered by the hematite? To answer this question, we have to understand the evolution of Martian atmosphere, the current climate system, and the interaction between the surface and atmosphere. Japanese new Mars mission, MELOS, will carry on dedicated explorations on - Meteorology - Atmospheric Escape - Interior Structure & Surface Environment.

Preliminary Mission Design MELOS-1 - 1-2 Orbiter(s) and 1 (or more) Lander(s). - detail of the orbiters: trace the global atmospheric motion from near-apocenter (8 Martian radius) MELOS-1, a meteorological orbiter, targets the global mapping of atmospheric motions with multi-wavelengths imaging cameras from an equatorial elliptic orbit (heritages from Planet-C/Akatsuki). MELOS-2 explores the atmospheric escape with in-situ measurements from a near Mars polar orbit by using plasma instruments (heritages from Nozomi). LANDERS MELOS-2 In-situ measurement of escaping atmosphere - Now planned to launch in 2019-2022.- Collaborate with USA & European Mars 2010/20's missions.

Concept of MELOS SMM instrument • Concept study has been started in 2008 : focusing on the water cycle& atmospheric circulationsciences. • 2 frequency bands (500 GHz and 600 GHz) •  to observe different opacity H2O lines (weak H2O line sounds deeper altitudes) • Chirp-Transform spectrometer  clean baselines • Polarization  to observe thermal property of the surface • 40 – 50 cm-diameter antenna, Passive cooling system • Roughly estimated mass & power = 10-20 kg & 50 W Developed in an international collaboration: - Antenna & quasi-optics : Japan - Local Oscillator, Amp., Mixer : Sweden - Spectrometer : Germany

Concept of MELOS SMM instrument Japan JEM/SMILES (NICT/JAXA) Balloon SMILES (NICT) 2019-2022 High sensitivity, high frequency, large (500kg) Mars SMM Sounder Small (10–30 kg) Europe Odin/SMR (Sweden SSC) Techniques for light receivers with high frequency ROSETTA/MIRO (NASA/JPL, MPS) USA MLS (NASA/JPL)

Characteristics of SMM observations • SMM domain is a treasure of the molecular lines! A short list of the “potential targets” for the Martian atmospheric research using the SMM wavelength (300 – 900 GHz). • Atmospheric state (Temperature, Pressure): CO, CO isotopes • Water-cycle: H2O, H2O isotope (HDO, H218O, …) • Photochemistry: H2O2, HO2, O3, O3 isotopes, HCl, ClO, • (ClO)2, OCS, H2CO, etc. • Evolution/Escape of the atmosphere: HDO/H2O • Volcanic activity: SO2, SO • Evidence of life: H2S, NO, NO2, N2O, NH3

Characteristics of SMM observations • SMM domain is a treasure of the molecular lines! A short list of the “potential targets” for the Martian atmospheric research using the SMM wavelength (300 – 900 GHz). • Atmospheric state (Temperature, Pressure): CO, CO isotopes • Water-cycle: H2O, H2O isotope • Photochemistry: H2O2, HO2, O3, O3 isotopes, HCl, ClO, • (ClO)2, OCS, H2CO, etc. • Evolution/Escape of the atmosphere: HDO/H2O • Volcanic activity: SO2, SO • Evidence of life: H2S, NO, NO2, N2O, NH3 Example of the spectral atlas at SMM domain based on the HITRAN08 [Rothman et al. 2009] database

Characteristics of SMM observations • Very high frequency resolution spectroscopy (n/Dn ~ 10 7–8) with the Heterodyne technique • Pressure-broadened line shapes of molecular emission can be spectrally resolved in the measured spectra. • Sensitive to the vertical profiles of the molecular concentration. 1 mbar [75 km] 0.01 mbar [60 km] 0.1 mbar [40 km] • The frequency of the molecular lines are shifted (~100 kHz at 500 GHz band) due to Doppler shift caused by the line-of-sight velocity of the wind. • Such a small shift can be detected; i.e. the wind can be directly measured ! 1 mbar [20 km] Typical line shape of Martian molecular line. The line shape varies depends on the pressure. Observed spectrum is the integral of the different line shaped spectra along the line-of-sight.  SMM instrument is a very effective tool to investigate the Martian atmospheric chemistry & dynamics.

Complementary to other instruments Plasma Instruments SMM instrument (atmospheric escape) Ground-based Obs. - Monitoring, Calibration - Wind at upper mesosphere - D/H, 13C/12C profiles - Thermal property of the surface layer. - Evaporation/Condensation of H2O ice. - T(z), Wind, Compositions at 0–120 km; even under the dusty condition. - Complement the detection of minor species; provide 2D maps of minor species. IR Spectrometer Lander, Rover Vis/NIR imagers

e.g. SMM & IR spectrometer SMM : Can measure Winds directly [km] 200 Possible to observe up to 130 km (depends on the species). Observe averaged distributions of H2O2, HO2, etc. Unaffected by dust opacities. Thermosphere （atmos. escape) 160 [mbar] 10 -6 120 IR : Can observe CH4 10 -3 80 SMM (limb Scan) SMM (nadir) Better spatial resolution. Better sensitivity to minor species. Solar occultation can be used as the reference measurements. 0.01 IR spectrometer 0.1 40 1 Boundary layer 0 100 150 200 Temperature [K]

Simulations of nadir/limb obs. geometries Limb geometry Observes the molecular lines as emission against the cold sky. Advantages: Winds. Longer line-of-sight for weak lines. Sensitivity to higher altitudes with a better vertical resolution than the nadir geometry. Spectra from different pointing altitudes brightness temperature frequency Nadir geometry Spectra from different season Observes the molecular lines as absorption against the surface emission. Advantages: Horizontal mapping, Long data integration for minor species. brightness temperature frequency

Scientific Targets Mapping of water vapor distributions by MEx-SPICAM Daytime column density, by MGS-TES [Trokhimovskiy et al., 2008] [Smith, 2004] An example of vertical distributions [ppm] from solar occultation by MEx–SPICAM • A lot of daytime column density data have been obtained by the infrared observations from Mars Global Surveyor and Mars Express, but we still do not have the data for changes of density by local time (i.e. diurnal variation) • For the vertical we still have few observational data, from submm telescopes and MEx-SPICAM (observed local time coverage is limited). • Hygropause (cut-off height of water vapor) is a key to investigate the transport of water. (Favorable meridional transport if higher) [Fedorova et al., 2009]

Scientific Targets Detection of the HDO/H2Oratio • The D/H ratio is a key to investigate the climate change (escape of atmosphere) on Mars. • Deuterium is heavier than normal hydrogen and difficult to escape to space, so the water from old surface ice or underground should keep lower D/H ratio. (Is there underground water on Mars?) • According to the ground-based infrared observations, D/H ratio on Mars very large variances in space and time, from 2 to 8 times as SMOW (mean terrestrial ocean value). • Ground-based infrared observations can detect only daytime column densities. • The Mars SMM Sounder enables the detailed 3-D mapping of the D/H ratio for day and night. Distributions of the HDO/H2O ratio observed from a ground-based infrared telescope[Villanueva et al., 2008]

Scientific Targets Detection of HOx：Key of keeping CO2stable? Possible catalytic cycles to keep CO2 • CO2 divides into CO and O by the photo-dissociation of ultraviolet rays, but the recombination reaction is spin forbidden. Thus after about 6000 years all CO2 should be converted into CO + O. • However in reality there is about 95 % of CO2 and only ~900 ppm of CO. • →What saves the Martian atmosphere and climate? Is OH a catalyst to keep CO2? • The Mars SMM Sounder detects the minor radical species, and try to investigate the mechanism. Distribution of the OH production rate in the MAOAM chemistry GCM

Scientific Targets Mapping of wind velocity • There are the observational data of Doppler wind velocities from the ground-based SMM telescopes, but they are sparse (horizontal resolution of ~300km, vertical resolution of ~20km). • Limb-scan from the near Mars orbit (~ 1000 km altitude) enables the direct wind measurements within an error of ~5 m/s (at 40-70km altitude, lower accuracy at lower atmosphere). • →First, epoch-making wind mapping of Martian atmosphere Doppler wind at ~50km height by PdBI telescope [Moreno et al., 2009] Simulations of the wind velocity measurements limb-scanned between 0-120km altitude using 12CO and 13CO (antenna radius of 40cm, from apocenter (8 Mars radius), 100 seconds integration)

Summary • A new Japanese Mars mission, MELOS with 1-2 orbiter(s) and 1 (or more) lander(s), is planned to be launched in 2019-2022. • We propose a Sub-millimerer Sounder onboard the MELOS meteorological orbiter, with 2 frequency bands (500 and 600 GHz) and roughly estimated mass/power of 10-20 kg/ 50 W. • We are investigating the 4-dimensional (space+time) chemistry and dynamics of Martian atmosphere through the Nadir and Limb soundings with very high frequency resolution spectroscopy (Heterodyne technique). • Our main targets to observe are the water vapor including the HDO/H2O ratio, minor radical species and wind velocity. The instrument is also sensitive to the sulfur compounds and NH3 (detecting the upper limits).

Thank you for your attention We appreciate any comments on the scientific requirements, any other interesting targets, new collaborations, etc. All the input will improve and optimize the instrumental design and bring a fruitful science! feel free to contact: [email protected]

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Ukraine Today .org

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Desperate Vladimir Putin plunges 22 million Russians into darkness in bitter -22C winter

Moscow is to be plunged into darkness as putin ordered rolling blackouts amid freezing temperatures, according to reports..

By  TIM MCNULTY

07:54, Sun, Jan 14, 2024 | UPDATED: 11:39, Sun, Jan 14, 2024

Moscow to have ‘rolling electricity blackouts’ (Image: Getty)

Vladimir Putin has reportedly ordered rolling energy blackouts across Moscow as temperatures reach – 22C. The blackouts are said to cover the entire Moscow metropolitan area which has a total population of around 22 million. The order issued states that electricity is “not to exceed 12 hours per day” with the blackouts in place from January 14 through March 31 2024, according to  Ukraine  commentator Igor Sushko.

Sushko posted on X: “The entire Moscow metropolitan area, population 22 million, will have rolling blackouts of electricity “not to exceed 12 hours per day” from January 14 through March 31, 2024. – announced by the fascist state.”

It comes after a heating main ruptured at the Klimovsk Specialised Ammunition Plant in Podolsk, about 30 miles south of central Moscow, on January 4. As a result, tens of thousands of Russians are said to be without heat in their homes in the Moscow region due to subzero temperatures.

According to a map published by a Russian Telegram channel and circulated on various social media platforms, the affected areas include cities such as Khimki, Balashikha, Lobnya, Lyubertsy, Podolsk, Chekhov, Naro-Fominsk, and Podolsk.

Residents in Moscow, specifically Balashikha, Elektrostal, Solnechnogorsk, Dmitrov, Domodedovo, Troitsk, Taldom, Orekhovo-Zuyevo, Krasnogorsk, Pushkino, Ramenskoye, Voskresensk, Losino-Petrovsky, and Selyatino, are also experiencing power outages, according to other Russian media reports.

Power outages have been reported in St. Petersburg, Rostov, Volgograd, Voronezh, and Primorsky. Meanwhile, a huge fire t ore through a large warehouse  used by  Russia ’s largest online retailer south of St Petersburg on Saturday morning.

The blaze covered an area of 70,000 square meters, with 50,000 square meters of the Wildberries warehouse collapsing, according to  Russia ’s Emergency Situations Ministry. No casualties were reported.

Videos posted to social media appeared to show employees running down fire escapes and fleeing the scene. A video shot from a passenger jet flying nearby showed flames totally engulfing the warehouse, sending huge plumes of smoke into the sky.

(C)EXPRESS.CO.UK 2024

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Putin: We can better destroy our own grid ourselves…………………………………………………

And the hoarde just follows like blind idiots.

Vote for putler. He will cut your electricity bills for you.

12 hour a day blackouts for 10 weeks? Of course it will be back to normal a few days before the fake election. Perhaps we should send some drones to the north east and give them some of their own medicine….

What wonderful news. How many warmonger morons that are freezing their asses off and sitting in the dark are still for war? Instead of fixing the broken country, the idiots wage an expensive war.

You can bet your life that the area the siloviki live won’t suffer any power cuts.

Of course, not.

They still have warm feelings about killing Ukrainians and stealing their children. That should hold them over…..

they could always go to the front if they’re cold, it gets a bit hot there with the occasional blinding flash of light.

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