Brookfield Asset Management (BAM) Q4 2025 earnings summary

Executive summary

• Raised $112 billion in capital in 2025, with record $66 billion deployed and $50 billion monetized at strong returns.

• Fee-bearing capital grew 12% year-over-year to $603 billion, with 87% classified as long-term, permanent, or perpetual.

• Fee-related earnings reached $867 million in Q4 2025 (up 28% YoY) and $3.0 billion for the year (up 22% YoY).

• Distributable earnings were $767 million in Q4 (up 18% YoY) and $2.7 billion for the year (up 14% YoY).

• Leadership transition: Connor Teskey appointed CEO, Bruce Flatt remains Chair and CEO of Brookfield Corporation.

Financial highlights

• Q4 2025 FRE margin was 61%; annual FRE margin was 58%.

• Q4 DE per share was $0.47; FY DE per share was $1.65.

• Total assets under management reached $1.2 trillion.

• Record Q4 fundraising of $35 billion across 50+ strategies.

• Dividend increased 15% to $0.5025 per share quarterly ($2.01 annualized), payable March 31, 2026.

Outlook and guidance

• 2026 expected to be another record year, with FRE growth projected in the mid- to high teens, exceeding long-term targets.

• $200 million incremental FRE expected from Oaktree, Just Group, and recent acquisitions.

• Entering 2026 with $134 billion in dry powder and ~60 funds in market.

• Significant uncalled fund commitments of $134 billion, with $63 billion not currently earning fees.

• Anticipate first closes for new AI infrastructure and private equity funds in H1 2026.