Brookfield Asset Management
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Brookfield Asset Management (BAM) investor relations material

Brookfield Asset Management Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Achieved record financial results for Q4 and full year 2025, with the strongest performance since listing.

  • Fee-related earnings reached $867M in Q4, up 28% year-over-year, and $3.0B for the year, up 22%.

  • Distributable earnings were $767M in Q4, up 18% year-over-year, and $2.7B for the year, up 14%.

  • Raised $112B in capital and invested $66B in high-quality assets in 2025, with $50B in monetizations at strong returns.

  • Leadership transition: Connor Teskey appointed CEO, Bruce Flatt remains Chair.

Financial highlights

  • Fee-bearing capital grew 12% to $603B; Q4 FRE margin at 61% and full-year at 58%.

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

  • Record fundraising of $35B in Q4 and $112B for the year; deployed $13B in Q4 and $66B for the year.

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

  • Total assets under management reached $1.2T.

Outlook and guidance

  • 2026 expected to be another record year for fundraising and earnings, with FRE growth projected in the mid- to high teens.

  • Entering 2026 with $134B in dry powder and nearly 60 funds in market.

  • $200M incremental annualized FRE expected from Oaktree, Just Group, and recent credit manager acquisitions.

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

  • Wealth channel growth exceeded 40% in 2025, with similar momentum expected in 2026.

What is the strategic focus of the AI program?
How does Bruce Flatt's role evolve post-CEO change?
What Oaktree assets does BAM gain from acquisition?
Detail the AI infrastructure program's focus
Quantify Oaktree acquisition's financial contribution
What is the fee potential from uncalled commitments?
Elaborate on $100B AI infrastructure strategy
Wealth channel: brand awareness vs. culture
Secondaries market: acquisition strategy
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Frequently asked questions

Brookfield Asset Management Ltd. (NYSE/TSX: BAM) is a global alternative asset manager with over $750 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. The company invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. Brookfield Asset Management offers a range of alternative investment products to investors around the world, including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield Asset Management Ltd. is a spin-off from Brookfield Corporation (formerly Brookfield Asset Management Inc.). The spin-off was completed in December 2022 with Brookfield Asset Management Ltd. listing on the New York Stock Exchange and the Toronto Stock Exchange.

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