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Brookfield Letter to Shareholders Q4 2020 Overview We ended the year with the best quarter on record . Given the environment and the extraordinary year , that says a lot for our business . Despite the turmoil and disruption , our investment strategies and the strength of our capital structure showed through . Results in our asset management business were very strong , with FFO up close to 20 % over the previous year . Total FFO for the year of $ 5.2 billion was also a record , with realizations in the fourth quarter adding to results . On a go - forward basis , annualized asset management revenues including carry are now running at $ 6.5 billion , and with our next round of fundraising for our private flagship funds just beginning , the franchise is poised for growth . We have also launched four new strategies , and while none of these are expected to be significant contributors to our results in the short term , they should all be meaningful in the longer term . These include investing in LP secondaries , the energy transition to net - zero carbon , technology and reinsurance . With respect to reinsurance , as recently announced , we plan to distribute to you a new share of Brookfield Reinsurance as a special dividend . This share will be paired with BAM shares to enable us to efficiently operate this business , and it should be attractive to some of you to hold . Post t year end , we launched a tender offer to take our property company private . We did this as most property securities trade poorly in the market , despite the underlying real estate being valuable . Taking it private will offer us greater flexibility in managing assets , and by paying our co - owners of BPY an attractive price , which they can elect to receive in a combination of cash , preferred shares with a coupon commensurate with current yields , or BAM shares for continued upside in the stock market , we believe it is best for all concerned . BAM Stock Market Performance was Good , All Things Considered As an indication of returns that can be generated for investors , below is our latest tabulation of annualized compound investment returns over the past 30 years . For reference , $ 1,000 invested 30 years ago in Brookfield Asset Management is today worth $ 86,000 . Some years have been fantastic , some were like 2020 ; but as demonstrated in this table , compounding reasonable returns over long periods of time is an incredible miracle of finance . Compound Investment Performance Years 1 5 10 20 30 $ 1,000 Invested in Brookfield Brookfield NYSE S & P 500 10 - Year U.S. Treasuries $ 1,090 9 % 18 % 10 % $ 2,200 17 % 15 % 5 % $ 3,400 13 % 14 % 5 % $ 32,500 19 % 8 % 5 % $ 86,000 16 % 11 % 4 % The returns earned by a company are the reflection of many factors , but over the longer term they are the result of the combination of a good strategic plan and relentless execution of that plan . Only in the longer term is it Q4 2020 Letter to Shareholders Brookfield Asset Management Inc. 1