Brookfield Asset Management (BAM) Q3 2026 earnings summary

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.