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Brookfield Letter to Shareholders Q1 2021 Overview Our first quarter results were exceptional . Funds from Operations ( " FFO ” ) and distributable earnings both set quarterly records at $ 2.8 billion and $ 2.5 billion , respectively . On a rolling - 12 - month basis , FFO was $ 7.1 billion - the result of strong operating results across most of our operations , increased deployment of capital in our funds , and a number of disposition gains . We sold $ 13 billion of assets which generated $ 6.4 billion of gains - $ 1.8 billion for BAM and $ 4.6 billion for our clients . We expect our strong results to continue , as those operations affected by the shutdown are all now recovering . As a result , like many businesses , we expect that the coming quarterly comparisons to last year will be very strong . We are raising capital for a number of large funds that will have first closes this year . Those closings , continued deployment of capital into new opportunities , and asset sales into a strong and liquid market should all continue to provide momentum to our operating results . With regard to BAM Re , our newly organized insurance subsidiary , we expect the prospectus for your share distribution to be approved and the spin - off to be completed by early July , and we are excited about taking this next step . Market Environment Economies around the world continue to recover from the pandemic , with most countries emerging slowly from lockdowns . While it's not happening as quickly as we would all like , it is clear that we are moving into the recovery phase in most economies around the world as vaccinations take hold . Capital markets , flush with liquidity provided by central banks , have already predicted and priced this recovery in for some assets and securities . As a result , we are being selective with our investment strategies in the stock markets , although there are still spots globally ― and businesses specifically - that offer opportunity . Investors betting on rising interest rates are expecting more good news , in that they are predicting that GDP growth will follow . While short rates are still effectively zero , long - term interest rates have moved off a very low floor and are now increasing towards 2 % . While a large move up from where they were , today's interest rates are still incredibly low on any historical measure . Our ideal macro backdrop is reasonably good global growth combined with " lowish " interest rates . We believe these conditions will play out during this up - cycle . As a result , our strategies for alternative investment should continue to be among the exceptional places to be invested for years to come . Q1 2021 Letter to Shareholders Brookfield Asset Management Inc. 1