Brookfield Corporation (NYSE:BN) Q2 2024 Results Conference Call August 8, 2024 10:00 AM ET

Company Participants

Angela Yulo - VP, IR
Bruce Flatt - CEO
Nick Goodman - President

Conference Call Participants

Geoff Kwan - RBC Capital Markets
Mario Saric - Scotiabank
Cherilyn Radbourne - TD Cowen
Sohrab Movahedi - BMO Capital Markets
Alex Bernstein - JP Morgan

Operator

Hello, and welcome to the Brookfield Corporation's Second Quarter 2024 Conference Call and Webcast [Operator Instructions].

I would now like to hand the conference call over to our first speaker, Ms. Angela Yulo, Vice President, Investor Relations. Please go ahead.

Angela Yulo

Thank you, operator. And good morning. Welcome to Brookfield Corporation's second quarter 2024 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; and Nick Goodman, President of Brookfield Corporation. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we request that you refrain from asking more than two questions. I would like to remind you that in today's comments, including in responding to questions and in discussing new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and US securities laws. These statements reflect predictions of future events and trends and do not relate to historic events. They are subject to known and unknown risks and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the US and the information available on our Web site. With that, I'll turn the call over to Bruce.

Bruce Flatt

Thank you, Angela. And welcome, everyone, on the call. Results for the second quarter were strong with each of our businesses performing well and continuing to deliver strong cash flows. Distributable earnings before realizations were $1.1 billion for the quarter and $4.4 billion for the last 12 months, representing an increase compared to the prior year quarter of 11% on a total per share basis. Total distributable earnings increased by 80% to $2.1 billion for the quarter as transaction activity continues to pick up. With regard to the economy, inflation is cooling down, short term interest rates are starting to decline in major economies around the world and risk appetite has been coming back. In just the last six months, we successfully financed approximately $75 billion of debt and realized $15 billion from monetizations across a number of assets globally. With this constructive economic backdrop, albeit volatile over the last week, liquidity continues to return to the private markets, setting us up well to capitalize on attractive growth opportunities, monetize mature assets and deliver strong returns. As we look forward, we believe this should be a great environment for real assets and specifically for those investment teams with operational expertise and access to scaled capital. At the same time, we continue to take the opportunity to repurchase our shares at significantly lower prices compared to our view of intrinsic value. Since the start of this year, we completed over $800 million of share buybacks, which added very meaningfully to the value of our company based on our view of that value. We intend to continue to allocate capital to share repurchases when it makes sense, enhancing the underlying value of the business for each remaining share.