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Brookfield Asset Management (BAM) investor relations material
Brookfield Asset Management Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FRE was $864M ($0.54/share) and DE was $763M ($0.47/share), each up 15% YoY; fee-bearing capital reached $681.8B, up 13%.
Q3 fundraising was $25B and YTD fundraising was $123B; $18B was deployed and $12B monetized in the quarter.
Q3 revenue rose 72% to $2.149B; net income was $2.999B, including a $2.0B non-cash gain from remeasuring the previously held Oaktree interest.
Financial highlights
Fee revenues were $1.624B, up 11% YoY; direct costs were $748M, up 9%; FRE was $864M.
LTM FRE was $3.311B ($2.05/share), up 18%; LTM DE was $2.939B ($1.82/share), up 14%.
Nine-month revenue was $5.240B; FRE was $2.444B, up 15%, and DE was $2.172B, up 13%.
Q3 net income attributable to common stockholders was $2.645B, versus $724M a year earlier; a $140M goodwill impairment partially offset the Oaktree-related gain.
Q3 included $48M of net realized carry; $1.8B of unrealized carry had accrued net to the firm on post-spin-out funds.
Outlook and guidance
2026 fundraising, deployment and monetizations were expected to set records; earnings were expected to meet long-term targets but be modestly below initial expectations due to fee timing.
2027 fundraising was expected to be in line with or slightly above a baseline now viewed as >$100B annually.
$68B of uncalled commitments not yet earning fees could generate ~$680M of additional annual revenue as deployed.
The sixth infrastructure flagship was expected to begin charging fees Jan. 1, 2027; if funds meet targets, net carry realizations are projected at ~$3B in 2029–2031 and >$2B annually on average in 2032–2037.
Credit was expected to be an outsized growth driver, with credit fee rates expected to remain flat.
- FY23 earnings grew as fee-bearing capital reached $457B and fundraising totaled $93B.BAM
Q4 2023 - Fee-bearing capital set to double by 2031, fueled by record fundraising and diversified growth.BAM
Investor Day 2026 - Record fundraising and 20% earnings growth, with net income up 101% and major partnerships.BAM
Q2 2026 - Fee-related earnings up 11%, $67B raised YTD, and net income rose 16% to $586M.BAM
Q1 2026 - Record earnings, 15% dividend hike, and $100B AI infrastructure launch highlight 2025.BAM
Q4 2025 - Doubling capital base and earnings by 2030, fueled by innovation and diversified growth.BAM
Investor Day 2025 - Doubling AUM to $2T in five years, targeting $1.1T fee-bearing capital and 15%+ dividend growth.BAM
Investor Day 2024 - AUM reached $1T, $68B raised in Q2, and fee-bearing capital surged 17% to $514B.BAM
Q2 2024 - Record earnings, 15% dividend hike, and ambitious five-year growth targets approved.BAM
AGM 2025
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