Fundraised a Record $35 Billion in the Fourth Quarter; $112 Billion for 2025
Quarterly Fee-Related Earnings of $867 Million, Up 28% Year-Over-Year
Quarterly Distributable Earnings of $767 Million, Up 18% Year-Over-Year
Connor Teskey Appointed CEO of
The Board of Directors approved the appointment of Connor Teskey as Chief Executive Officer of BAM. Bruce Flatt will continue in his role as Chair of the Board, in addition to his role as Chief Executive Officer of
Bruce Flatt said, “Today’s announcement is the next step in the succession process we started four years ago. This will set up our next generation of leaders who will guide the company in the coming decades. Connor is an exceptional leader who embodies Brookfield’s culture of collaboration, innovation, and discipline. The entire senior management team is thrilled to work with him as he assumes this role and takes BAM to new levels of success.”
In discussing results, Connor Teskey said, “2025 was another record year for our business— across each of fundraising, deployment, and monetizations. Our fee-bearing capital grew to over $600 billion, with 22% year-over-year growth in fee-related earnings and 14% growth in distributable earnings. Looking ahead, we will have key flagship strategies in the market and a growing suite of complementary offerings, positioning us to drive sustained growth across multiple channels. This confidence supports our decision to increase our dividend by 15%.”
Common Dividend Increase
The board of directors of BAM declared a quarterly dividend of $0.5025 per share, representing a 15% increase, payable on March 31, 2026, to shareholders of record as of the close of business on February 27, 2026.
Financial Results
In the fourth quarter, we delivered record results, driven by strong capital inflows and deployment of capital.
Unaudited | Three Months Ended | Twelve Months Ended | ||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Fee-related earnings1 | $ | 867 | $ | 677 | $ | 2,995 | $ | 2,456 | ||||
Fee-related earnings per share | $ | 0.53 | $ | 0.42 | $ | 1.84 | $ | 1.51 | ||||
Distributable earnings1 | $ | 767 | $ | 649 | $ | 2,695 | $ | 2,363 | ||||
Distributable earnings per share | $ | 0.47 | $ | 0.40 | $ | 1.65 | $ | 1.45 | ||||
Net income | $ | 615 | $ | 680 | $ | 2,398 | $ | 2,108 | ||||
See endnotes
Net income was $615 million in the quarter and $2.4 billion over the last twelve months.
Fee-related earnings (“FRE”) increased 28% to a record $867 million or $0.53 per share for the quarter and 22% to $3.0 billion, or $1.84 per share for the year. Margins expanded to 61% in the quarter, and 58% over the last twelve months.
Distributable earnings (“DE”) were $767 million, or $0.47 per share in the quarter and $2.7 billion, or $1.65 per share over the last twelve months, up 18% and 14%, respectively.
Operating Results
Fee-bearing capital grew to $603 billion, up 12% year-over-year, driven by record quarterly fundraising of $35 billion and $112 billion in the past twelve months. Fundraising growth was supported by a growing suite of complementary strategies and continued growth in insurance inflows. Some recent fundraising highlights include:
- In November, we launched a $100 billion global AI infrastructure program, anchored by the
Brookfield AI Infrastructure Fund (“BAIIF”). The fund is targeting $10 billion of equity commitments, of which it has already secured $5 billion of commitments. This first-of-its-kind strategy will focus on investing in the physical infrastructure that powers AI, including AI factories, power generation, compute infrastructure and other strategic adjacencies. We expect a first close in the first half of 2026. - We launched two private equity funds: the seventh vintage of our private equity flagship fund and a new private equity vehicle for wealth investors. Both strategies are entering the market at a favorable point for our operator-led approach focused on industrial and essential services businesses. We expect to hold a first close for the flagship during the first half of 2026, and expect it to be our largest private equity strategy ever.
- In January, we held a final close for our Pinegrove opportunistic strategy, raising $2.2 billion, exceeding its initial target and ranking among the industry’s largest first-time venture secondaries funds ever raised.
The market environment for investment remains strong. In the quarter, we deployed $13 billion across our business, bringing our total capital invested to $66 billion, our strongest year ever.
At the same time, market conditions have supported increased transaction activity and our ability to monetize investments at strong valuations. During the quarter, we sold $20 billion of assets, realizing $13 billion of equity value. In total, this increased monetizations in 2025 to nearly $80 billion, realizing $50 billion of equity.
Fourth quarter highlights of our activities across each of our business groups include:
Infrastructure
- Fundraising: We raised $7.0 billion, including $5.0 billion raised for our inaugural AI infrastructure fund. We raised $900 million for our infrastructure private wealth strategy, which now stands at nearly $8.0 billion, and an additional $900 million for our supercore infrastructure strategy.
- Deployment: We invested $800 million, including the acquisition of SK Aircore, an industrial gas business in
South Korea . - Monetizations: We monetized $1.6 billion, including the partial sale of our investment in PD Ports, one of the U.K.’s major port groups and the initial public offering of Rockpoint Gas Storage, a North American independent natural gas storage operator.
- Fundraising: We raised $1.1 billion, including $650 million issued by our public affiliate, BEP.
- Monetizations: We monetized $2.4 billion, including the sale of a ~1.5 GW portfolio of operating solar distributed generation assets in
North America .
Private Equity
- Fundraising: We raised $1.6 billion, including $900 million for our private equity special situations strategy, and $300 million for our inaugural Pinegrove opportunistic strategy of $2.2 billion, which held its final close in January.
Real Estate
- Deployments: We deployed $1.8 billion, across a diversified pool of investments, primarily in logistics and hospitality.
- Monetizations: We monetized $2.6 billion, including the sale of ±90 manufactured housing communities in the
U.S. , Ecoworld, a business park inIndia , and a prime logistics center inSouth Korea .
Credit
- Fundraising: We raised $23 billion of capital, including nearly $9.0 billion from Brookfield Wealth Solutions. We also raised $5.6 billion from long-term private funds, including $1.4 billion for our fourth vintage infrastructure mezzanine fund, $4.0 billion for perpetual credit funds, and $3.2 billion for liquid credit strategies.
- Deployments: We deployed $8.5 billion, including $1.6 billion from our flagship opportunistic credit strategy and $300 million from our infrastructure mezzanine fund.
- Monetizations: We monetized $5.1 billion, including $3.1 billion across our opportunistic credit strategies, and $1.2 billion across strategic credit vehicles.
Strategic Initiatives and Partnerships
- AI
Joint Venture : In December, we announced a strategic partnership with Qai, Qatar’s national AI company, to establish a $20 billion joint venture focused on artificial intelligence infrastructure. The joint venture will be executed through our recently launched AI Infrastructure fund and will serve as a cornerstone of our broader global AI infrastructure program, which aims to deploy over $100 billion of total investment. - Oaktree: In October, we announced the acquisition of the final 26% of Oaktree that we do not already own for total consideration of approximately $3.0 billion, with BAM funding approximately $1.6 billion and
Brookfield Corporation funding $1.4 billion. BAM will acquire Oaktree’s fee-related earnings, carried interest in certain funds and their partner manager interests. The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. Angel Oak : In October, we completed the acquisition of a majority interest inAngel Oak , a leading asset manager focused on specialty mortgage and consumer credit solutions with over $10 billion of fee-bearing capital.
Uncalled Fund Commitments and Liquidity
As of December 31, 2025, we had $134 billion of uncalled fund commitments, $63 billion of which will commence earning fees of approximately $630 million annually once deployed.
We had corporate liquidity of $3.0 billion as of December 31, 2025, comprised of cash, short term financial assets, and the undrawn capacity on our revolving credit. In November, we issued $1.0 billion of senior notes, including $600 million of five-year senior unsecured notes with a coupon of 4.653% and $400 million of 10-year senior unsecured notes with a coupon of 5.298%.
End Notes |
- See Reconciliation of Net Income to FRE and DE on page 7 and Non-GAAP and Performance Measures section on page 9.
- Other income includes BAM's portion of equity method investments’ realized carried interest, investment income, interest expense and other items.
| |||||||
Unaudited | Dec. 31, | Dec. 31, | |||||
2025 | 2024 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 1,583 | $ | 404 | |||
Accounts receivable and other | 731 | 714 | |||||
Investments | 9,818 | 9,355 | |||||
Investments of consolidated funds | 505 | 251 | |||||
Due from affiliates | 3,280 | 2,500 | |||||
Deferred income tax assets and other assets | 1,134 | 933 | |||||
Total assets | $ | 17,051 | $ | 14,157 | |||
Liabilities | |||||||
Accounts payable and other | $ | 2,912 | $ | 1,577 | |||
Corporate borrowings | 2,478 | — | |||||
Borrowings of consolidated funds | 462 | 251 | |||||
Due to affiliates | 720 | 1,092 | |||||
Deferred income tax liabilities | 169 | 46 | |||||
Total liabilities | 6,741 | 2,966 | |||||
Preferred shares redeemable non-controlling interest | 1,398 | 2,103 | |||||
Equity | 8,912 | 9,088 | |||||
Total liabilities and equity | $ | 17,051 | $ | 14,157 | |||
| |||||||||||||||
Unaudited | Three Months Ended | Year Ended | |||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Revenues | |||||||||||||||
Management and incentive fee revenues | $ | 1,085 | $ | 901 | $ | 3,944 | $ | 3,381 | |||||||
Carried interest income | 158 | 29 | 209 | 16 | |||||||||||
Other revenues | 151 | 133 | 664 | 583 | |||||||||||
Total revenues | 1,394 | 1,063 | 4,817 | 3,980 | |||||||||||
Expenses | |||||||||||||||
Compensation and operating | (447 | ) | (407 | ) | (1,783 | ) | (1,565 | ) | |||||||
Interest | (39 | ) | (5 | ) | (115 | ) | (22 | ) | |||||||
Carried interest allocation compensation | (4 | ) | (11 | ) | (146 | ) | (93 | ) | |||||||
Total expenses | (490 | ) | (423 | ) | (2,044 | ) | (1,680 | ) | |||||||
Other (expenses) income | (43 | ) | 24 | (250 | ) | (93 | ) | ||||||||
Share of income from equity method investments | 53 | 145 | 402 | 339 | |||||||||||
Income before taxes | 914 | 809 | 2,925 | 2,546 | |||||||||||
Income tax expense | (299 | ) | (129 | ) | (527 | ) | (438 | ) | |||||||
Net income | 615 | 680 | 2,398 | 2,108 | |||||||||||
Net (income) loss attributable to non-controlling interests | (55 | ) | 8 | 87 | 60 | ||||||||||
Net income attributable to BAM | $ | 560 | $ | 688 | $ | 2,485 | $ | 2,168 | |||||||
Net income attributable to BAM per share | |||||||||||||||
Basic | $ | 0.35 | $ | 0.43 | $ | 1.54 | $ | 1.35 | |||||||
Diluted | $ | 0.34 | $ | 0.42 | $ | 1.52 | $ | 1.34 | |||||||
SELECT FINANCIAL INFORMATION | |||||||||||||||
Unaudited | Three Months Ended | Year Ended | |||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Net income | $ | 615 | $ | 680 | $ | 2,398 | $ | 2,108 | |||||||
Add or subtract the following: | |||||||||||||||
Provision for taxes1 | 299 | 129 | 527 | 438 | |||||||||||
Depreciation and amortization2 | 24 | 3 | 68 | 14 | |||||||||||
Carried interest allocations3 | (158 | ) | (29 | ) | (209 | ) | (16 | ) | |||||||
Carried interest allocation compensation3 | 4 | 11 | 146 | 93 | |||||||||||
Other income and expenses4 | 43 | (24 | ) | 250 | 93 | ||||||||||
Interest expense5 | 39 | 5 | 115 | 22 | |||||||||||
Interest and dividend revenue5 | (36 | ) | (26 | ) | (129 | ) | (143 | ) | |||||||
Other revenues6 | (115 | ) | (59 | ) | (570 | ) | (372 | ) | |||||||
Share of income from equity method investments7 | (53 | ) | (145 | ) | (402 | ) | (339 | ) | |||||||
Fee-related earnings of equity method investments at our share7 | 153 | 95 | 494 | 330 | |||||||||||
Compensation costs recovered from affiliates8 | 48 | 34 | 298 | 218 | |||||||||||
Other adjustments9 | 4 | 3 | 9 | 10 | |||||||||||
Fee-related earnings | 867 | 677 | 2,995 | 2,456 | |||||||||||
Add: Investment & other income (net of interest expense)10 | (8 | ) | 52 | 33 | 170 | ||||||||||
Add: Equity-based compensation costs | 8 | 8 | 44 | 38 | |||||||||||
Less: Cash taxes11 | (100 | ) | (88 | ) | (377 | ) | (301 | ) | |||||||
Distributable earnings | $ | 767 | $ | 649 | $ | 2,695 | $ | 2,363 | |||||||
- This adjustment removes the impact of income tax provisions on the basis that we do not believe this item reflects the present value of the actual tax obligations that we expect to incur over the long-term due to the substantial deferred tax assets of BAM.
- This adjustment removes the depreciation and amortization on property, plant and equipment and intangible assets, which are non-cash in nature and therefore excluded from FRE as well as certain capital depreciation costs recharged from BAM's affiliates.
- These adjustments remove the impact of both unrealized and realized carried interest allocations and the associated compensation expense. Unrealized carried interest allocations and associated compensation expense are non-cash in nature. Carried interest allocations and associated compensation costs are included in DE once realized.
- This adjustment removes other income and expenses associated with fair value changes for consolidated entities and funds.
- This adjustment removes interest and charges paid or received by consolidated entities and funds.
- This adjustment adds back other revenues earned that are non-cash in nature.
- These adjustments remove our share of equity method investments' earnings, including items 1) to 6) above and include its share of equity method investments' fee-related earnings.
- This item adds back compensation costs that will be borne by affiliates.
- This adjustment adds base management fees earned from funds that are eliminated upon consolidation and other items.
- This adjustment adds back other income associated with our portion of partly owned subsidiaries’ investment income, realized carried interest, interest income and interest expense.
- Represents the impact of cash taxes paid by the business.
RECONCILIATION OF BASE MANAGEMENT AND ADVISORY FEES TO FEE REVENUES | |||||||||||||||
Unaudited | Three Months Ended | Year Ended | |||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||
Base management and advisory fees | $ | 873 | $ | 794 | $ | 3,384 | $ | 2,957 | |||||||
Incentive fees1 | 212 | 106 | 561 | 424 | |||||||||||
Fee revenues from equity method investments2 | 438 | 338 | 1,569 | 1,335 | |||||||||||
Other adjustments3 | (11 | ) | (3 | ) | (27 | ) | (10 | ) | |||||||
Fee revenues | $ | 1,512 | $ | 1,235 | $ | 5,487 | $ | 4,706 | |||||||
- This adjustment adds incentive distributions that are included in fee revenues.
- This adjustment adds Oaktree management fees at 100% ownership and our proportionate share of partner manager earnings.
- This adjustment involves base management fees earned from funds that are eliminated upon consolidation and other items.
Additional Information
The Letter to Shareholders and the Supplemental Information for the three months and twelve months ended December 31, 2025 contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on BAM’s website.
The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended December 31, 2025, which have been prepared using
BAM’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements, prior to its release.
Information on our dividends can be found on our website under the “Share Information” section at bam.brookfield.com.
Quarterly Earnings Call Details
Investors, analysts and other interested parties can access BAM’s Fourth Quarter 2025 Results, as well as the Letter to Shareholders and Supplemental Information, on its website under the “Reports & SEC Filings” section at bam.brookfield.com.
To participate in the Conference Call today at 10:00 a.m. ET, please preregister at https://register-conf.media-server.com/register/BIdfe871f45bb949b3a37e1f67119f0aa1.
Upon registering, you will be emailed a dial-in number, and unique PIN.
The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/ssaib4es. For those unable to participate in the Conference Call, the telephone replay will be archived and available for 90 days, or on our website at bam.brookfield.com.
About
Please note that Brookfield Asset Management Ltd.’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at bam.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please visit our website at bam.brookfield.com or contact:
Media: | Investor Relations: |
Non-GAAP and Performance Measures of our Asset Management Business
This news release and accompanying financial information are based on generally accepted accounting principles in
We make reference to Distributable Earnings (“DE”), which is referring to the sum of its fee-related earnings, realized carried interest, realized principal investments, interest expense, and general and administrative expenses; excluding equity-based compensation costs and depreciation and amortization. The most directly comparable measure disclosed in the primary financial statements of
We use Fee-Related Earnings (“FRE”) and DE to assess our operating results and the value of Brookfield’s business and believe that many shareholders and analysts also find these measures of value to them.
We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with
We provide additional information on key terms and non-GAAP measures in our filings available at bam.brookfield.com.
Notice to Readers
BAM is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.
This news release contains “forward-looking statements” within the meaning of the
Although BAM believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) volatility in the trading price of our class A limited voting shares; (ii) deficiencies in public company financial reporting and disclosures; (iii) the difficulty for investors to effect service of process and enforce judgments in various jurisdictions; (iv) being subjected to numerous laws, rules and regulatory requirements; (v) the potential ineffectiveness of our policies to prevent violations of applicable law; (vi) foreign currency risk and exchange rate fluctuations; (vii) further increases in interest rates; (viii) political instability or changes in government; (ix) unfavorable economic conditions or changes in the industries in which we operate; (x) inflationary pressures; (xi) catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; (xii) ineffective management of sustainability considerations, and inadequate or ineffective health and safety programs; (xiii) failure of our information technology systems; (xiv) failure to adopt AI in support of our business objectives (xv) us and our managed assets becoming involved in legal disputes; (xvi) losses not covered by insurance; (xvi) inability to collect on amounts owing to us; (xviii) operating and financial restrictions through covenants in our loan, debt and security agreements; (xix) our ability to maintain our global reputation; (xx) risks related to our renewable power and transition, infrastructure, private equity, real estate, and credit strategies; (xxi) the impact on growth in fee-bearing capital of poor product development or marketing efforts; (xxii) meeting our financial obligations due to our cash flow from our asset management business; (xxiii) our acquisitions; (xxiv) requirement of temporary investments and backstop commitments to support our asset management business; (xxv) revenues impacted by a decline in the size or pace of investments made by our managed assets; (xxvi) our earnings growth can vary, which may affect our dividend and the trading price of our class A limited voting shares; (xxvii) exposed risk due to increased amount and type of investment products in our managed assets; (xxviii) information barriers that may give rise to conflicts and risks; (xxix)
We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, BAM undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.
Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).
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