Brookfield Asset Management Announces Record 2025 Results and 15% Dividend Increase

Executive Summary

• Brookfield Asset Management reported record Q4 2025 results – fee‑related earnings of $867 M (up 28% YoY) and distributable earnings of $767 M (up 18% YoY).
• The Board appointed Connor Teskey as the new Chief Executive Officer, succeeding Bruce Flatt who remains Chair and CEO of Brookfield Corporation.
• A quarterly dividend of $0.5025 per share was declared – a 15% increase – payable March 31 2026.

Key Details

• Financial Performance (Quarter ended Dec 31 2025)
• Fee‑related earnings (FRE): $867 M ($0.53/share), up 28% YoY; FY FRE: $2.995 B, up 22%.
• Distributable earnings (DE): $767 M ($0.47/share), up 18% YoY; FY DE: $2.695 B, up 14%.
• Net income: $615 M for the quarter; $2.398 B for FY2025.
• Fee‑bearing capital grew to $603 B (12% YoY); record fundraising of $35 B in Q4 and $112 B YTD.
• Capital Deployment & Monetization
• Deployed $13 B in Q4, total invested capital now $66 B (record).
• Sold assets worth $20 B, realizing $13 B of equity value; FY monetizations ≈ $80 B, equity realized $50 B.
• Business‑Segment Highlights
• Infrastructure: Raised $7.0 B (incl. $5.0 B for AI Infrastructure Fund); invested $800 M (e.g., acquisition of SK Aircore, South Korea); monetized $1.6 B.
• Renewable Power & Transition: Raised $1.1 B; monetized $2.4 B (including ~1.5 GW solar portfolio sale).
• Private Equity: Raised $1.6 B across special situations and Pinegrove opportunistic fund.
• Real Estate: Deployed $1.8 B; monetized $2.6 B (manufactured housing, logistics, etc.).
• Credit: Raised $23 B; deployed $8.5 B; monetized $5.1 B across credit strategies.
• Strategic Partnerships & Acquisitions
• Announced a $20 B AI infrastructure joint venture with Qai (Qatar’s national AI company).
• Oaktree acquisition: final 26% purchase for ≈$3.0 B (BAM funding $1.6 B, Brookfield Corp $1.4 B), expected close H1 2026.
• Completed majority‑interest acquisition of Angel Oak (specialty mortgage & consumer credit manager).
• Liquidity & Debt
• Uncalled fund commitments: $134 B (≈$63 B to begin earning ~$630 M fees annually).
• Corporate liquidity: $3.0 B cash/short‑term assets + undrawn revolving capacity.
• Issued senior notes in Nov 2025: $1.0 B total ($600 M 5‑yr @4.653%, $400 M 10‑yr @5.298%).
• Dividend
• Quarterly dividend declared at $0.5025 per share (15% increase), payable March 31 2026 to shareholders of record Feb 27 2026.

Notable Quotes

“Today’s announcement is the next step in the succession process we started four years ago… Connor is an exceptional leader…” – Bruce Flatt, Chair & CEO, Brookfield Corporation
“2025 was another record year… fee‑bearing capital grew to over $600 B… This confidence supports our decision to increase our dividend by 15%.” – Connor Teskey, CEO, Brookfield Asset Management