$BAM (+0%) with extremely strong earnings. Tomorrow it's BN's turn, then there will be more information. I am very pleased with the figures, BAM is delivering what it promised.

Financial results

• Fee-bearing capital (FBC) increased to USD 539 billion in the fourth quarter of 2024 (+18% year-on-year)
• Fee-related earnings reached USD 677 million (USD 0.42/share) in the quarter and USD 2.5 billion (USD 1.51/share) in the year (+17 % and +10 % respectively)
• Distributable earnings amounted to USD 649 million (USD 0.40/share) in the quarter and USD 2.4 billion (USD 1.45/share) in the year (+11 % and +5 % respectively).

Fundraising

• USD 29 billion raised in the fourth quarter and USD 137 billion for the year as a whole.
• Renewable energies: USD 4.2 billion (incl. USD 3.5 billion for global transformation fund).
• Infrastructure: USD 2.5 billion (strongest quarter in two years).
• Private equity: USD 1.8 billion, including USD 1.0 billion for Middle East funds.
• Real Estate: USD 700 million, including USD 500 million for flagship funds.
• Lending business: USD 20 billion, including USD 9.2 billion via Oaktree funds.

Investments and disposals

• Investments: USD 16 billion per quarter, USD 48 billion per year.
• Renewable energies: USD 4.5 billion (including USD 3.2 billion for Neoen acquisition).
• Real estate: USD 2.4 billion (e.g. US rental apartments & European logistics REITs).
• Lending business: USD 7.7 billion.
• Disposals: USD 9 bn per quarter, USD 30 bn per year.
• Renewable energies: USD 1.4 billion (including the sale of Saeta Yield).
• Real estate: USD 1.8 billion (e.g. sale of British shopping centers).
• Private equity: Clarios refinancing with USD 4.5 billion payout.

Strategic transactions & dividends

• BAM acquired 73 % of BN's stake in the asset management business and now holds 100 %. BN now holds BAM shares to further simplify the corporate structure.
• Quarterly dividend: USD 0.4375/share (+15%), payable on March 31, 2025.

Will Vici Properties $VICI (-0,13%) to the Bahamas next ?!?

The rumors that the Real Estate Investment Trust, which was spun off from Caesars Entertainment in 2017, may be interested in investing in Atlantis stem from the Central Bank of the Bahamas' latest quarterly report on economic and financial developments.

The bank's "Selected New Foreign Investment Projects" summary listed Vici and Atlantis owner Brookfield Asset Management $BAM (+0%) were listed as recently approved foreign companies for further investment in The Bahamas via New Providence.

Reports surfaced both in 2019 and last year that Brookfield was looking to sell Atlantis for around $2.5 billion. However, a takeover never materialized. Now Brookfield appears to have found a partner to invest in either ownership and/or expansion of the ocean-themed hotel.

The aforementioned 382 million dollar project could be a rejuvenation of a project that Atlantis 2022 launched in partnership with David Grutman of Groot Hospitality and music producer Pharrell Williams. The 400-room hotel called "Somewhere Else" was to be built near The Coral. However, the ground-breaking ceremony for the project never took place.

Vici might as well just buy a piece of Atlantis with its $382 million presentation, which was approved by the Central Bank of the Bahamas in September. Requests for comment from Vici, Brookfield and Atlantis have so far gone unanswered.