Toronto-based Brookfield Asset Management reported US$441 million in net income for the first quarter of 2024, down from US$516 million for the same period year earlier. Distributable earnings—how much cash it can pay to investors—dropped from US$563 million to US$547 million year over year. Its earnings related to fees, however, were up slightly for the period, from US$547 million to US$552 million. (The Logic)

Talking point: Brookfield, which manages over US$925 billion in assets, said in a letter to shareholders Wednesday that it expects both its fee-related and distributable earnings to “grow meaningfully” through 2024, as its fresh capital (it raised US$20 billion in the first quarter) begins to pay off. The company said it’s sitting on US$106 billion in dry powder to invest as transaction conditions improve. Brookfield has been angling to take advantage of discounts in the private equity space. It launched Pinegrove, a US$1-billion fund, with Silicon Valley-based Sequoia Heritage last year to invest in startups whose valuations have taken a hit. The firm announced last week plans to buy Silicon Valley Bank’s venture capital business.