Brookfield Asset Management Announces Record Third Quarter Results

Executive Summary

• Brookfield Asset Management reported record Q3 2025 fee‑related earnings of $754 M ($0.46 per share) and net income of $724 M, up 33% YoY.
• The firm raised a record $30 B in capital during the quarter (total FY 2025 fundraising >$100 B) and deployed $23 B, marking its largest deployment quarter ever.
• Announced definitive agreement to acquire the remaining ~26 % interest in Oaktree Capital for an aggregate consideration of ≈ $3 B (BAM funding $1.6 B, Brookfield Corp. $1.4 B), expected to close H1 2026 and be immediately accretive to fee‑related earnings.

Key Details

• Financial Performance (Q3 2025)
• Fee‑related earnings (FRE): $754 M vs. $644 M YoY (+17%).
• Distributable earnings (DE): $661 M vs. $619 M YoY (+7%).
• Net income attributable to BAM: $724 M vs. $544 M YoY (+33%).

• FRE per share: $0.46 (up from $0.39); DE per share: $0.41 (up from $0.38).

• Fundraising & Deployments

• Total capital raised Q3 2025: $30 B; FY 2025 to date >$100 B.
• Fee‑bearing capital at quarter‑end: $581 B, up 8% YoY.
• Deployments Q3 2025: $23 B (largest quarterly deployment ever).

• Monetizations Q3 2025: $25 B of assets sold, generating $15 B of equity value.

• Segment Highlights

• Infrastructure: Raised $3.5 B; deployed $9.3 B (incl. $3.8 B Hotwire Communications, $3.4 B Colonial Enterprises). Entered $5 B strategic partnership with Bloom Energy for up‑to‑1 GW AI‑infrastructure power generation. Monetized $4.2 B (data centers & Patrick Terminals).
• Renewable Power & Transition: Raised $6.3 B; monetized $2.1 B South American power business.
• Private Equity: Raised $2.1 B; closed inaugural Pinegrove opportunistic fund at $2.5 B.
• Real Estate: Raised $2.0 B; deployed $1.9 B (acquisitions of Generator Hostels and Singapore industrial portfolio).

• Credit: Raised ~$16 B (incl. $6.1 B long‑term private funds); deployed $9.9 B; monetized $5.0 B across opportunistic, strategic, insurance‑solution, and mezzanine credit vehicles.

• Oaktree Acquisition

• Target: Remaining ~26 % interest in Oaktree Capital.
• Total consideration: ≈ $3 B.
• Funding split: BAM $1.6 B; Brookfield Corp. $1.4 B (pro‑rata to existing ownership).
• BAM will acquire Oaktree’s fee‑related earnings, carried interest (net of BN’s 33 % royalty), and manager interests in 17Capital & DoubleLine.

• Transaction structure: non‑dilutive, immediately accretive to FRE, fully aligned with asset‑light model. Expected close H1 2026, subject to customary approvals.

• Other Strategic Moves

• Completed acquisition of majority interest in Angel Oak (specialty mortgage & consumer credit manager).
• Approved Brookfield Wealth Solutions’ acquisition of Just Group (adds ~$36 B assets; BAM acts as investment manager).

• Announced $80 B U.S. Government partnership to accelerate nuclear power deployment using Westinghouse technology.

• Liquidity & Capital Structure

• Uncalled fund commitments: $125 B (of which $55 B will earn ~$550 M annually once deployed).
• Cash on hand: $1.062 B; total corporate liquidity $2.6 B.
• Issued $750 M of 30‑year senior unsecured notes (coupon 6.077%).

• Revolver capacity increased to $1.0 B (+$300 M).

• Dividend

• Quarterly dividend declared: $0.4375 per share, payable Dec 31 2025.

Notable Quotes

“We delivered strong results this quarter, highlighted by records in both capital raising of $30 billion and deployment of $23 billion… The acquisition of the remaining interest in Oaktree will allow us to work together more closely, deepening collaboration across our businesses.” – Connor Teskey, President, Brookfield Asset Management.