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Brookfield Asset Management (BAM) investor relations material
Brookfield Asset Management Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record quarterly and annual fundraising, deployment, and monetizations, with fee-related earnings up 17% year-over-year to $754 million and distributable earnings up 7% to $661 million.
Fee-bearing capital reached $581 billion, an 8% increase year-over-year, driven by $30 billion raised in Q3 and $106 billion over the last twelve months.
Net income attributable to shareholders rose 33% year-over-year to $724 million for the quarter and 41% to $2.6 billion for the last twelve months.
Announced agreement to acquire the remaining 26% of Oaktree Capital Management, enhancing scale and integration of the global credit platform.
Completed majority stake acquisition in Angel Oak, expanding credit capabilities.
Financial highlights
Fee-related earnings rose 17% to $754 million ($0.46/share) for the quarter and $2.8 billion for the last twelve months, up 19% year-over-year.
Distributable earnings were $661 million for the quarter ($0.41/share) and $2.6 billion for the last twelve months ($1.58/share), up 12% year-over-year.
Q3 fee revenues reached $1.39 billion, up 15% year-over-year; last twelve months fee revenues totaled $5.21 billion, up 14%.
Fee-bearing capital inflows totaled $92 billion over 12 months, with $73 billion from fundraising and $19 billion from deployment.
Management and incentive fee revenues totaled $974 million for the quarter, up from $873 million a year ago.
Outlook and guidance
Fundraising in 2025 is expected to exceed 2024's $85–$90 billion, with 2026 anticipated to surpass 2025 due to new flagship fund launches and acquisitions.
Five-year plan targets doubling the business by 2030, with fee-related earnings of $5.8 billion, distributable earnings of $5.9 billion, and fee-bearing capital of $1.2 trillion.
Fundraising momentum expected to continue, with new private equity and infrastructure flagship funds and the inaugural AI Infrastructure fund anticipated to be among the largest in their series.
Expects incremental fee growth as uncalled commitments of $125 billion are deployed.
Oaktree acquisition expected to close in the first half of 2026, immediately accretive to fee-related earnings and non-dilutive to shareholders.
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