Brookfield Corp (NYSE:BN) stock fell 3.01% (As on May 12, 11:01:02 AM UTC-4, Source: Google Finance) after the company reported a decline in first-quarter profit, despite a rise in revenue. The Canadian alternative-investment-management company reported a decline in net income to $424 million, from $2.96 billion, a year earlier. The company sought  to quell investor concerns about commercial real estate, saying its properties are soundly financed and that higher interest rates will have little adverse impact. Brookfield Corp. said first-quarter distributable earnings fell two per cent to US$1.16 billion from a year earlier. Earnings at Brookfield Property Group tumbled 34 per cent to US$145 million, mitigated by a sharp increase in profit from its insurance unit. On May 10, Brookfield’s asset-management arm reported a five per cent drop in fee-bearing capital in real estate, to $98 billion. Changes in market valuation accounted for US$1.8 billion, or two per cent of the decline

BN in the first quarter of FY 23 has reported the profit of the asset management business it owns with Brookfield Corp. amounted to US$125 million. The company, which owns a 25 per cent stake in the asset management business that is 75 per cent owned by Brookfield Corp., says the profit amounted to 31 cents per diluted share for the quarter ended March 31. The business, Brookfield Asset Management, was spun off from Brookfield Corp. in December last year. The full asset management business, which keeps its results in U.S. dollars, earned US$516 million in the quarter, up from US$348 million in the same quarter a year earlier.

Moreover, the asset management franchise delivered growth of 15% compared to the prior year quarter, benefiting from continued strong fundraising and deployment, and our insurance solutions business continues to benefit from re-deploying its liquid and short-duration investment portfolio into higher returning assets.

Additionally, the company has declared a quarterly dividend for the Corporation of $0.07 per share, payable on June 30, 2023 to shareholders of record as at the close of business on May 31, 2023. The Board also declared the regular monthly and quarterly dividends on its preferred shares.

The company says it raised US$13 billion during the first quarter and an additional US$6 billion subsequent to quarter ended. Assets under management totalled more than US$825 billion.