We have comments posted on SYZ.
BN reported EPS of $0.6836 beating estimates of $0.5886 and revenues of $1.02B matched estimates of $1.02B. Distributable Earnings grew by 24% for the year after adjusting for a special distribution of 25% of its asset management business. Distributions from its asset management business were $678M for the quarter, driven by a 15% increase in distributions from BAM. Its distributions from insurance solutions grew significantly from prior periods, as its investment portfolio showcased a strong yield of 5%. Distributions from its operating businesses demonstrated resilience in the quarter. In the quarter, BN invested $1.2B of capital into its businesses to grow its operations, and returned $404M to shareholders via share repurchases and dividends.
These were strong results, and BN continues to demonstrate its resilience, diversification of operational businesses, and we continue to like the long-term thesis as a serial compounder.