Brookfield Asset Management Ltd.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
BAM$52.95+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001628280-25-050749
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001628280-26-033010
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 475 previous paragraphs and 390 current paragraphs.
186 unchanged; 148 reworded; 55 added; 122 removed; 19 previous and 1 current paragraphs rearranged.
Tables are not compared: 43 previous and 41 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
Current report
Amounts and percentages presented throughout our discussion and analysis of financial condition and results of operations may reflect rounded results in millions (unless otherwise indicated) and consequently, totals may not appear to sum. In addition, illustrative charts may not be presented at scale.
Current report
The changes from current period compared to prior period may be deemed to be not meaningful and are designated as “NM” within this discussion and analysis.
Current report
The U.S. Federal Reserve (the “Fed”) maintained the Federal Funds target range at 3.50%–3.75% in March 2026, following a series of rate cuts in late 2025, and signaled a data-dependent approach amid elevated macro uncertainty. The Fed highlighted balanced risks to both inflation and the labor market, with geopolitical developments and energy prices adding to uncertainty. The latest Summary of Economic Projections indicates inflation expectations have been revised modestly higher, while growth and labor market forecasts remain broadly stable. The Fed continues to guide toward a gradual easing path, with only one rate cut expected in 2026, reflecting persistent inflation pressures and a more cautious policy stance. During the quarter ended March 31, 2026, the 10-year government bond yields increased 0.15% in the U.S.
Current report
Outside the U.S., GDP growth in the Eurozone remained subdued over the first quarter of 2026, with ECB indicators pointing to continued but modest expansion early in the year, albeit with a weaker outlook due to energy shocks and heightened uncertainty. The European Central Bank kept its key deposit rate unchanged over the quarter, following a series of cuts beginning in mid-2025, while maintaining a cautious, data-dependent stance amid persistent services inflation and geopolitical uncertainty. In China, real GDP is estimated to have grown by 4.8% for the quarter ended March 31, 2026, up from 4.5% in the last quarter of 2025, driven by strong exports and early-year policy support. The 1-year prime rate set by the People's Bank of China was 3.00% as of March 31, 2026, unchanged from December 31, 2025.
Current report
Includes Oaktree employees that will become BAM employees following the completion of the Oaktree Acquisition and approximately 1,500 fully-dedicated Brookfield operating employees, that are integral to the business, including individuals focused on our core investment strategies and those undertaking various corporate activities.
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Energy
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Across our energy products, we have invested on behalf of our clients in:
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◦Oaktree, one of the world’s premier credit investors;
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◦Angel Oak, a mortgage and consumer credit manager with a vertically integrated origination platform;
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◦LCM, a leader in European consumer and small and medium-sized enterprise loan markets;
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◦17Capital, a leader in NAV finance.
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Condensed Consolidated Statements of Operations
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Base management and advisory fees for the three months ended March 31, 2026 were $860 million, which represents an increase of $23 million or 3% compared to the three months ended March 31, 2025. Management fee revenues increased by $44 million from a higher trading price of BIP, BEP, and BBUC. In addition, the increase was driven by $15 million attributable to fundraising for our infrastructure and energy perpetual strategies, $11 million attributable to growth of our mandate with BWS, and $8 million from capital raised for the second vintage of our global transition flagship fund. These increases were partially offset by $63 million of catch-up fees earned from the fifth vintage of our real estate flagship fund in the prior period, as well as $19 million of lower fees from as a result of realizations from earlier vintages of our real estate flagship and certain infrastructure funds. The remaining increase was attributable to fundraising and growth across various long-term private funds and complementary strategies.
Current report
Carried interest allocations are a performance fee arrangement which is earned from those arrangements where BAM has a general partner capital interest and is entitled to a disproportionate allocation of investment income. Each of these general partners is generally entitled to a carried interest that allocates to it 20% of the net profits realized by the limited partners from the fund’s investment subject to the return of contributed capital and a preferred return of typically 8% per annum to the limited partners. At the end of each reporting period, the Company calculates the balance of accrued carried interest that would be due to BAM for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized.
Current report
Realized carried interest allocations were $16 million for the three months ended March 31, 2026, which were predominantly due to dispositions within certain private equity fund strategies.
Current report
The following table presents the carried interest in new funds, and related performance compensation by investment strategy.
Current report
Carried interest generated within our partner managers in Credit is presented within the investment balance of our partner managers rather than accrued carried interest and as a result is excluded from the table above.
Current report
The following table presents the change in accrued carried interest in new funds by investment strategy for the three months ended March 31, 2026.
Current report
Carried interest generated within our partner managers in Credit is presented within the investment balance of our partner managers rather than accrued carried interest and as a result is excluded from the table above.
Current report
Other revenues are largely comprised of recoverables from BN related to share and performance-based compensation as defined by the Services Agreement, fund expense recharges, and incentive management fees earned on certain funds. Share-based and performance-based award expenses that are recoverable from BN are recognized in other revenues with the offsetting expense recognized in compensation and benefits, and carried interest allocation compensation, respectively. Other revenues were $207 million for the three months ended March 31, 2026, an increase of $102 million compared to the three months ended March 31, 2025. The increase was primarily attributable to higher recoveries of $79 million related to share and performance-based compensation, as a result of newly issued share based compensation awards that are recoverable as well as the modification of BN DSU awards during the period.
Current report
Interest expense of consolidated funds for the three months ended March 31, 2026 was $10 million, which was primarily driven by borrowings made by BSI II and BMEP in which BAM holds a sufficient interest to require the consolidation of the funds.
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Other Income (Expenses), net
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Our share of income from equity method investments was $70 million compared to $58 million in the prior year, an increase of $12 million. The increase was driven by higher unrealized carry from Primary Wave of $12 million and incremental earnings from the acquisition of Concora of $11 million, partially offset by $11 million of lower earnings from Oaktree.
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Net Loss Attributable to Redeemable Non-Controlling Interest in Consolidated Funds
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Net loss attributable to redeemable non-controlling interest in consolidated funds reflects net income or loss generated by the respective fund that is allocated to non-controlling interest based on the substantive contractual terms of the funds governing agreements that specify the allocation of income or loss, such as fees allocable to BAM. Net loss attributable to redeemable non-controlling interest in consolidated funds was $6 million for the three months ended March 31, 2026.
Current report
As of March 31, 2026 and December 31, 2025
Current report
Total assets were $17.9 billion as of March 31, 2026, an increase of $890 million or 5% compared to December 31, 2025.
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Cash and cash equivalents were $1.0 billion as of March 31, 2026, a decrease of $538 million from December 31, 2025. This was largely due to share repurchases of $376 million, distributions of $810 million, and funding of working capital requirements during the three months ended March 31, 2026. The decrease was partially offset by incremental cash deposits from related parties of $400 million.
Current report
•49.9% economic interest in LCM of $221 million (2025 – $221 million);
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•51.3% economic interest in Angel Oak of $139 million (2025 - $133 million); and
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•limited partner interests in funds of $329 million (2025 - $368 million) including Pinegrove Fund (2026 – $245 million; 2025 – $230 million), and BGTF II (2026 – $75 million; 2025 – $36 million);
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During the three months ended March 31, 2026, investments decreased by $285 million, $246 million of which were primarily attributable to the sale of GEMS Education and Cherry Parent, LLC to BMEP and BPE, respectively, both of which are consolidated by BAM as of March 31, 2026. Investments further decreased due to changes in value of accumulated unrealized carried interest on mature funds of $99 million and the derecognition of BAM's equity method investment in BPE of $92 million due to consolidation of the fund, partially offset by an increase in accumulated unrealized carried interest on new funds of $211 million.
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Intangible assets, net
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Intangible assets, net was $229 million as of March 31, 2026 and was recognized upon the completion of the 2025 Arrangement.
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Total liabilities were $6.7 billion as of March 31, 2026, a decrease of $35 million or 1% compared to December 31, 2025.
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Corporate borrowings of $2.5 billion represents the amount raised from BAM's debt offerings, net of deferred financing costs of $22 million.
Current report
Redeemable non-controlling interest in consolidated funds of $1.4 billion represents units held in BPE by BN, BBUC, BWS and third parties. Due to the terms of these units, they are recognized as mezzanine equity and presented separately from non-controlling interest in consolidated funds.
Current report
Net cash inflows from investing activities totaled $160 million, compared to inflows of $235 million in the prior period. Net inflows of $160 million during the three months ended March 31, 2026 were primarily attributable to the partial disposition of our interest in Pretium, cash assumed on the consolidation of BPE, partially offset by investments related to limited partner commitments in funds managed by BAM and affiliates. Net inflows of $235 million for the three months ended March 31, 2025 were primarily attributable to the disposition of our interest in Redwood Evergreen Fund LP.
Current report
Net cash outflows from financing activities totaled $983 million, compared to outflows of $422 million in the prior period. Net cash outflows of $983 million during the three months ended March 31, 2026 were primarily attributable to $809 million of dividend distributions, $376 million of share repurchases, and $206 million of related party loan repayments. These outflows were partially offset by inflows of $400 million in deposits from related parties.
Current report
Fee-Bearing Capital was $614 billion as of March 31, 2026 compared to $603 billion as of December 31, 2025, a net increase of $11.1 billion, or 2%:
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Previous report
We are in a fortunate position to be trusted with our clients’ capital and our objective is to meet their financial goals and provide for a better financial future while providing market leading experience. Our team of over 300 client service professionals across 19 global offices are dedicated to ensuring that the business exceeds our clients’ service expectations.
Previous report
We have over 2,400 clients, with some of our clients being among the world’s largest institutional investors, including sovereign wealth funds, pension plans, endowments, foundations, financial institutions, and insurance companies.
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Development of the Business
Previous report
On February 4, 2025 BAM completed a corporate arrangement with Brookfield Corporation ("BN"), whereby BN transferred its approximately 73% interest in Brookfield Asset Management ULC ("Asset Management Company") to BAM in exchange for newly issued class A shares of BAM on a one-for-one basis (the "2025 Arrangement"). See discussion of the accounting for the 2025 Arrangement in Note 3 of the condensed consolidated financial statements of BAM included in Part I.
Previous report
The financial statements of BAM for the periods prior to the closing date of the 2025 Arrangement reflect historical financial information of Brookfield Asset Management ULC, the accounting acquirer, as the "Predecessor" entity. For the periods thereafter, the financial statements reflect the financial position and results of the combined entity.
Previous report
After giving effect to the 2025 Arrangement, BAM owns 100% of Brookfield Asset Management ULC, and BN owned approximately 73% of the Class A Shares of BAM. As at September 30, 2025, BN owns approximately 69% of the Class A shares of BAM.
Previous report
The U.S. Federal Reserve trimmed the Federal Funds target range from 4.25%-4.50% down to 4.00%-4.25% in September, after an extended pause. The U.S. Federal Reserve highlighted downside risks to the labor market and reaffirmed that inflation continued to stay elevated. The U.S. Federal Reserve’s latest economic projections reveal expectations of better growth and higher core inflation by the end of 2025, compared to June 2025. During the quarter ended September 30, 2025, the 10-year government bond yields fell 0.07% in the United States.
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Outside the U.S., GDP growth in the Eurozone is estimated to have increased by 1.1% for the quarter ended September 30, 2025, while inflation is expected to move to 2.1% in 2025 and drop to 1.7% in 2026, below the European Central Bank’s 2% target. The short-term benchmark interest rate set by the European Central Bank was 2.15% as of September 30, 2025, unchanged from June 30, 2025. In China, real GDP is estimated to have grown by 4.8% for the quarter ended September 30, 2025, down from 5.2% in the second quarter, as the economy remains subject to various headwinds, including trade policy uncertainties and concerns about its property sector. The 1-year prime rate set by the People's Bank of China was 3.00% as of September 30, 2025, unchanged from June 30, 2025.
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Renewable Power and Transition
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Across our renewable power and transition products, we have invested on behalf of our clients in:
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◦Oaktree, a leader among global investment managers specializing in alternative investments, emphasizing an opportunistic, value-oriented and risk-controlled approach to investing in credit, equity and real estate. For further discussion on our proposed transaction with Oaktree, refer to Part I—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments”, in this report;
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◦Angel Oak, a leading asset manager specializing in innovative mortgage and consumer products. For further discussion on our recent transaction with Angel Oak, refer to Part I—Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Developments”, in this report;
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◦LC Financial Holdings, a leading technology-driven credit specialist with a comprehensive portfolio of businesses in the financial sector;
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◦17Capital LLP (“17Capital”), the go-to global source of NAV finance for investors in private equity.
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Condensed Consolidated Statement of Operations
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Base management and advisory fees, for the three months ended September 30, 2025 were $859 million, which represents an increase of $91 million or 12% compared to the three months ended September 30, 2024. Management fee revenues increased by $64 million from capital raised for the second vintage of our global transition flagship fund, $16 million from inflows and NAV increases of certain liquid infrastructure strategies and $12 million from capital raised for the fifth vintage of our real estate flagship fund.
Previous report
Incentive fees for the three months ended September 30, 2025, were $115 million, an increase of $10 million or 10% from the three months ended September 30, 2024, driven by a 6% growth in BIP dividends of $6 million and 5% growth in BEP dividends of $4 million.
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Realized carried interest allocations were $nil for the three months ended September 30, 2025 and the three months ended September 30, 2024.
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Interest and Dividend Revenue of Consolidated Funds
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Interest and dividend revenue of consolidated funds for the three months ended September 30, 2025 was $7 million, which represents interest and dividends earned from investments held by certain funds in which BAM holds a sufficient interest to require the consolidation of the funds.
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Other revenues were $135 million for the three months ended September 30, 2025, a net decrease of $20 million compared to the three months ended September 30, 2024. The gross decrease of $60 million was due to a reduction in recoveries associated with carried interest compensation for legacy funds. This was partially offset by an increase of $40 million, comprised of $20 million of higher recoveries in share and performance-based compensation, as well as $18 million of other incremental performance fees.
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Carried Interest Allocation Recovery (Compensation)
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Interest expense of consolidated funds for three months ended September 30, 2025 was $6 million, which was driven by borrowings made by certain funds in which BAM holds a sufficient interest to require the consolidation of the funds.
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Other Expenses, net
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Our share of income from equity method investments was $110 million compared to $61 million in the prior period, an increase of $49 million. This is predominantly driven by $39 million of incremental earnings from Castlelake and Concora, as well as $38 million from our other various equity method investments. This was partially offset by a $28 million decrease in income from Oaktree due to lower carried interest in the period.
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For the nine months ended September 30, 2025 and 2024
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Net income for the nine months ended September 30, 2025 was $1.8 billion, of which $1.9 billion was attributable to common stockholders. This compares to net income of $1.4 billion for the nine months ended September 30, 2024, of which $1.5 billion was attributable to common stockholders.
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Revenues
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Revenues for the nine months ended September 30, 2025 were $3.4 billion, which represents an increase of $506 million or 17% compared to $2.9 billion of revenue for the nine months ended September 30, 2024.
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Base Management and Advisory Fees
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Base management and advisory fees for the nine months ended September 30, 2025 were $2.5 billion, which represents an increase of $348 million or 16% compared to the nine months ended September 30, 2024. Management fee revenues increased by $112 million from capital raised for the fifth vintage of our real estate flagship fund, $109 million from capital raised for the second vintage of our global transition flagship fund, $50 million from insurance capital inflows from BWS and $22 million in NAV increases in BPG. In addition, management fees increased $10 million from a higher trading price of BIP.
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Incentive Fees
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Incentive fees for the nine months ended September 30, 2025, were $348 million, an increase of $31 million or 10% from the nine months ended September 30, 2024, driven by a 6% growth in BIP dividends of $13 million and 5% growth in BEP dividends of $8 million.
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Carried Interest Allocations
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Realized carried interest allocations were $nil for the nine months ended September 30, 2025, which represents a net decrease of $11 million compared to the nine months ended September 30, 2024. Realized carried interest allocations in the prior period were predominantly due to dispositions within our first real estate flagship fund and certain other real estate fund strategies. All realized carried interest income in the nine months ended September 30, 2024, net of carried interest compensation related to mature funds and are attributable to BN through our redeemable preferred shares.
Previous report
The unrealized carried interest allocations of $51 million for the nine months ended September 30, 2025 represents an increase of $75 million compared to the nine months ended September 30, 2024. The gross increase of $363 million compared to the prior period reflects changes in fund valuations associated with the fifth vintage of our infrastructure flagship fund of $210 million and the first vintage of our global transition flagship fund for $121 million. This was partially offset by a decrease of $288 million compared to the prior period reflecting lower relative valuations across various mature real estate flagship funds.
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Interest and Dividend Revenue
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Interest and dividend revenue for the nine months ended September 30, 2025 was $71 million, which represents a decrease of $46 million compared to the nine months ended September 30, 2024. The decrease was due to lower interest income earned on our deposit with BN.
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Interest and Dividend Revenue of Consolidated Funds
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Interest and dividend revenue of consolidated funds for the nine months ended September 30, 2025 was $22 million, which represents interest and dividends earned from investments held by certain funds in which BAM holds a sufficient interest to require the consolidation of the funds.
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Previous wording
We are a leading global alternative asset manager, headquartered in New York, NY, with over $1 trillion of Assets Under Management across infrastructure, renewable power and transition, private equity, real estate, and credit. Our objective is to generate attractive, long-term risk-adjusted returns for the benefit of our clients and shareholders.
Current wording
We are a leading global alternative asset manager, headquartered in New York, NY, with over $1 trillion of Assets Under Management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy.
Previous wording
We manage a range of public and private investment products and services for institutional and individual investors. We earn asset management income for doing so and ensure strong alignment of interests with our clients by investing Brookfield capital alongside them. Our access to large-scale capital enables us to make investments in sizeable, premier assets and businesses across geographies and asset classes that we believe few others can.
Current wording
We offer a range of alternative investment products to over 2,500 institutional clients around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors which also continues to grow with approximately 60,000 clients. We earn asset management income for doing so and ensure strong alignment of interests with our clients by investing Brookfield capital alongside them. Our deep operating expertise, global reach and access to large-scale flexible capital enable us to identify attractive investment opportunities and make investments on a proprietary basis in sizable, premier assets and businesses across geographies and asset classes that we believe few others can.
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To do this, we leverage our team of over 2,500 investment and asset management professionals, our global reach, deep operating expertise, and access to large-scale capital to identify attractive investment opportunities and invest on a proprietary basis. Our investment approach and strong track record have been the foundation and driver of our growth.
Current wording
To do this, we leverage our team of over 5,800 investment and asset management professionals and employees, including over 300 client service professionals across 32 global offices, to ensure that the business exceeds our clients’ service expectations. We also have a dedicated team of approximately 150 people that are focused on distributing and developing catered products to the private wealth channel. Our disciplined investment approach and strong track record have been the foundation and driver of our growth. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.
Previous wording
We provide a highly diversified suite of alternative investment strategies to our clients and are constantly seeking to innovate new strategies to meet their needs. We have over 55 unique active strategies that span a wide range of risk-adjusted returns, including opportunistic, value-add, core, super-core, and credit. We evaluate the performance of these product offerings and our investment strategies using a number of non-GAAP measures. BAM utilizes Fee-Bearing Capital, Fee Revenues, Fee-Related Earnings and Distributable Earnings to assess the performance of our asset management business.
Current wording
We provide a highly diversified suite of alternative investment strategies to our clients and are constantly seeking to innovate new strategies to meet their needs. We have 59 unique active strategies that span a wide range of risk-adjusted returns, including opportunistic, value-add, core, super-core, and credit. We evaluate the performance of these product offerings and our investment strategies using a number of non-GAAP measures, including Fee-Bearing Capital, Fee Revenues, Fee-Related Earnings and Distributable Earnings.
Previous wording
In terms of economic conditions in the U.S., real gross domestic product (“GDP”) is estimated to have grown by 3.9% for the quarter ended September 30, 2025, compared to an increase of 3.8% for the quarter ended June 30, 2025. U.S. inflation increased over the third quarter of 2025 with estimates reporting that the annual U.S. inflation rate increased to 3.0% as of September 30, 2025, compared to 2.7% as of June 30, 2025. The U.S. unemployment rate saw a modest increase to 4.3% in August 2025 from 4.2% in June 2025, according to data from the U.S. Bureau of Labor Statistics. As of October 2025, the International Monetary Fund estimated that the U.S. economy will slow to 2.0% in 2025 and 2.1% in 2026 from 2.8% in 2024, on account of greater policy uncertainty, trade tensions, and fiscal vulnerabilities.
Current wording
In terms of economic conditions in the U.S., real gross domestic product (“GDP”) is estimated to have grown by 1.3% for the quarter ended March 31, 2026, compared to an increase of 0.5% for the quarter ended December 31, 2025. U.S. inflation increased to 3.3% as of March 31, 2026, compared to 2.7% as of December 31, 2025. The U.S. unemployment rate saw a modest decrease to 4.3% in March 2026 from 4.5% in December 2025. As of April 2026, the International Monetary Fund projected U.S. real GDP growth of 2.5% in 2026 and 2.2% in 2027, compared with 2.1% in 2025, while noting continued uncertainty related to inflation, energy prices, geopolitical developments, trade tensions and the pace of artificial-intelligence-related productivity gains.
Previous wording
For the quarter ended September 30, 2025, the S&P 500 was up by 8.2%, the MSCI Europe Index was up 3.2%, the MSCI Asia Index was up 8.5%, and the MSCI World Index increased by 7.0%. During the quarter ended September 30, 2025, U.S. investment grade corporate bond spreads (BofA US Corporate Bond Index) tightened by 10 basis points, and the high yield credit spreads were down by 16 basis points.
Current wording
For the quarter ended March 31, 2026, the S&P 500 was down by 4.6%, the MSCI Europe Index was down 1.6%, the MSCI Asia Index was down 0.6%, and the MSCI World Index decreased by 3.9%. During the quarter ended March 31, 2026, U.S. investment grade corporate bond spreads (BofA US Corporate Bond Index) widened by 11 basis points, and the high yield credit spreads were up by 44 basis points.
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Our products broadly fall into one of three categories: (i) long-term private funds, (ii) permanent capital vehicles and perpetual strategies, and (iii) liquid strategies. These are invested across five principal strategies: (i) infrastructure, (ii) renewable power and transition, (iii) real estate, (iv) private equity, and (v) credit.
Current wording
Our products broadly fall into one of three categories: (i) long-term private funds, (ii) permanent capital vehicles and perpetual strategies, and (iii) liquid strategies. These are invested across five principal strategies: (i) infrastructure, (ii) energy, (iii) private equity, (iv) real estate, and (v) credit.
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•We are one of the world’s largest investment managers in infrastructure, with $242 billion of AUM and $101 billion of Fee-Bearing Capital as of September 30, 2025.
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•We are one of the world’s largest investment managers in infrastructure, with $255 billion of AUM and $109 billion of Fee-Bearing Capital as of March 31, 2026.
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•We focus on acquiring high-quality real assets and operating businesses on behalf of our clients that deliver essential goods and services, diversified across the utilities, transport, midstream and data infrastructure sectors. We partner closely with management teams to enable long-term success through operational and other improvements.
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•We focus on acquiring high-quality real assets and operating businesses on behalf of our clients that deliver essential goods and services, diversified across the utilities, transport, midstream and data sectors. We partner closely with management teams to enable long-term success through operational and other improvements.
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•We have approximately 220 investment and asset management professionals globally that are focused on our infrastructure strategy, supported by approximately 61,000 operating employees in the infrastructure operating businesses that we manage.
Current wording
•We have approximately 230 investment and asset management professionals globally that are focused on our infrastructure strategy, supported by approximately 64,000 operating employees in the infrastructure operating businesses that we manage.
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•Brookfield Infrastructure Structured Solutions Fund (“BISS”) seeks to invest structured equity and non-control common equity in the infrastructure mid-market. The fund is focused on deploying our deep capabilities to partner with sponsors, developers, and corporates to access attractive development opportunities.
Current wording
•Brookfield Infrastructure Structured Solutions Fund (“BISS”) seeks to invest structured equity and non-control common equity in the infrastructure mid-market. The fund is focused on deploying our capabilities to partner with sponsors, developers, and corporates to access attractive development opportunities.
Previous wording
•We manage Brookfield Infrastructure Partners L.P. (“BIP”), one of the largest, pure-play, publicly traded global infrastructure platforms, which is listed on the NYSE and TSX and had a market capitalization of $26.7 billion as of September 30, 2025.
Current wording
•We manage Brookfield Infrastructure Partners L.P. (“BIP”), one of the largest, pure-play, publicly traded global infrastructure platforms, which is listed on the NYSE and TSX and had a market capitalization of $28.5 billion as of March 31, 2026.
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•We manage Brookfield Super-Core Infrastructure Partners (“BSIP”), which is our perpetual infrastructure private fund strategy. In this product offering, we invest on behalf of our clients in core infrastructure assets in developed markets, with a focus on yield, diversification, and inflation-protection.
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•We manage Brookfield Super-Core Infrastructure Partners, which is our perpetual infrastructure private fund strategy. In this product offering, we invest on behalf of our clients in core infrastructure assets in developed markets, with a focus on yield, diversification, and inflation-protection.
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•We are one of the largest investors in renewable power and transition investments, with $137 billion of AUM and $69 billion of Fee-Bearing Capital as of September 30, 2025.
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•We are one of the largest investors in energy investments, with $142 billion of AUM and $72 billion of Fee-Bearing Capital as of March 31, 2026.
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•We believe that the growing global demand for low-cost, low-carbon energy, especially amongst corporate off-takers, will lead to continued growth opportunities for us in the future. The investment environment for renewable power and transition remains favorable and we expect to continue to advance our substantial pipeline of renewable power and transition opportunities on behalf of our clients and managed assets.
Current wording
•We believe that the growing global demand for low-cost, low-carbon energy, especially amongst corporate off-takers, will lead to continued growth opportunities for us in the future. The investment environment for energy remains favorable and we expect to continue to advance our substantial pipeline of energy opportunities on behalf of our clients and managed assets.
Previous wording
•We have approximately 145 investment and asset management professionals globally that are focused on our renewable power and transition strategy, supported by approximately 17,800 operating employees in the renewable power and transition operating businesses that we manage. Our extensive experience and knowledge in this industry enable us to be a leader in all major technologies with deep operating and development capabilities.
Current wording
•We have approximately 175 investment and asset management professionals globally that are focused on our energy strategy, supported by approximately 20,100 operating employees in the energy operating businesses that we manage. Our extensive experience and knowledge in this industry enable us to be a leader in all major technologies with deep operating and development capabilities.
Previous wording
•We also manage Brookfield Renewable Partners L.P. (“BEP”), one of the world’s largest publicly traded renewable power platforms, which is listed on the NYSE and TSX and had a market capitalization of over $18.5 billion as of September 30, 2025.
Current wording
•We also manage Brookfield Renewable Partners L.P. (“BEP”), one of the world’s largest publicly traded renewable power platforms, which is listed on the NYSE and TSX and had a market capitalization of over $23.1 billion as of March 31, 2026.
Previous wording
•We have one of the best long-term track records for investing in private equity with $151 billion of AUM and $46 billion of Fee-Bearing Capital as of September 30, 2025.
Current wording
•We have one of the best long-term track records for investing in private equity with $160 billion of AUM and $48 billion of Fee-Bearing Capital as of March 31, 2026.
Previous wording
•We have approximately 270 investment and asset management professionals globally that are focused on our private equity strategy, supported by approximately 142,900 operating employees in the businesses that we manage.
Current wording
•We have approximately 260 investment and asset management professionals globally that are focused on our private equity strategy, supported by approximately 136,900 operating employees in the businesses that we manage.
Previous wording
•Our regional private equity strategy, Brookfield Middle East Partners, is focused on opportunistically investing across sectors and countries in the Middle East by drawing on Brookfield’s global footprint and value-add as a strategic partner.
Current wording
•Our regional private equity strategy, Brookfield Middle East Partners (“BMEP”), is focused on opportunistically investing across sectors and countries in the Middle East by drawing on Brookfield’s global footprint and value-add as a strategic partner.
Previous wording
•We manage Brookfield Business Partners L.P. (“BBU”), which is a publicly traded global business services and industrials company focused on owning and operating high-quality providers of essential products and services. BBU is listed on the NYSE and TSX and had a market capitalization of $6.1 billion as at September 30, 2025.
Current wording
•We manage Brookfield Business Corporation (“BBUC”), which is a publicly traded global business services and industrials company focused on owning and operating high-quality providers of essential products and services. BBUC is listed on the NYSE and TSX and had a market capitalization of $7.0 billion as of March 31, 2026.
Previous wording
•We also manage Brookfield Private Equity ("BPE"), which is an evergreen semi-liquid fund offering individual investors streamlined, diversified access to Brookfield’s global private equity platform through a single vehicle.
Current wording
•We also manage Brookfield Private Equity Fund (“BPE”), which is an evergreen semi-liquid fund offering individual investors streamlined, diversified access to Brookfield’s global private equity platform through a single vehicle.
Previous wording
•Essential services providers, including the largest private sector residential mortgage insurer in Canada, a leading value-add distributor of telecom equipment, a leading provider of software and technology services to automotive dealers, one of the largest private school operators globally, and a leading American private education company.
Current wording
•Essential services providers, including the largest private sector residential mortgage insurer in Canada, a leading value-add distributor of telecom equipment, a leading provider of software to automotive dealers, one of the largest private school operators globally, and a leading American private education company.
Previous wording
•We are one of the world’s largest investment managers in real estate, with over $272 billion of AUM and $102 billion of Fee-Bearing Capital as of September 30, 2025.
Current wording
•We are one of the world’s largest investment managers in real estate, with over $277 billion of AUM and $103 billion of Fee-Bearing Capital as of March 31, 2026.
Previous wording
•We have approximately 650 investment and asset management professionals that are focused on generating superior returns across our real estate strategies, supported by approximately 24,500 operating employees in the real estate operating businesses that we manage.
Current wording
•We have approximately 2,150 investment and asset management professionals and employees that are focused on generating superior returns across our real estate strategies, supported by approximately 23,900 operating employees in the real estate operating businesses that we manage.
Previous wording
•We manage $18 billion of Fee-Bearing Capital in Brookfield Property Group (“BPG”) as of September 30, 2025, which we invest, on behalf of BN, directly in real estate assets. BPG owns, operates, and develops iconic properties in the world’s most dynamic markets with a global portfolio of office, retail, multifamily, logistics, hospitality, land and housing, triple net lease, manufactured housing, and student housing assets on five continents.
Current wording
•We manage $20 billion of Fee-Bearing Capital in Brookfield Property Group (“BPG”) as of March 31, 2026, which we invest, on behalf of BN, directly in real estate assets. BPG owns, operates, and develops iconic properties in the world’s most dynamic markets with a global portfolio of retail, multifamily, logistics, office, hospitality, land and housing, triple net lease, manufactured housing, and student housing assets on five continents.
Previous wording
•We also manage capital in our perpetual private fund real estate strategy, Brookfield Premier Real Estate Partners (“BPREP”). This is a core plus strategy that invests in high-quality, stabilized real assets located primarily in the U.S. with a focus on office, retail, multifamily and logistics real estate assets. We also have two regional BPREP strategies that are dedicated specifically to investments in Australia and Europe.
Current wording
•We also manage capital in our perpetual private fund real estate strategy, Brookfield Premier Real Estate Partners (“BPREP”). This is a core plus strategy that invests in high-quality, stabilized real assets located primarily in the U.S. with a focus on retail, multifamily, office, and logistics real estate assets. We also have two regional BPREP strategies that are dedicated specifically to investments in Australia and Europe.
Previous wording
•We also manage a non-traded REIT, Brookfield Real Estate Income Trust (“Brookfield REIT”), which is a semi-liquid strategy catering specifically to the private wealth channel. This product invests in high quality income-producing opportunities globally through equity or real estate-related debt.
Current wording
•We also manage a non-traded REIT, Brookfield Real Estate Income Trust, which is a semi-liquid strategy catering specifically to the private wealth channel. This product invests in high quality income-producing opportunities globally through equity or real estate-related debt.
Previous wording
•Full-service hotels and leisure-style hospitality assets in high-barrier markets across North America, the U.K. and Australia; and
Current wording
•Full-service hotels and leisure-style hospitality assets in high-barrier markets across North America, the U.K. and Australia;
Previous wording
•High-quality assets with operational upside across multifamily, alternative living, life sciences and logistics sectors globally.
Current wording
•High-quality assets with operational upside across multifamily, alternative living, life sciences and logistics sectors globally; and
Previous wording
•We are one of the world’s largest and most experienced credit managers globally, with $349 billion of AUM and $263 billion of Fee-Bearing Capital as of September 30, 2025.
Current wording
•We are one of the world’s largest and most experienced credit managers, with $365 billion of AUM and $282 billion of Fee-Bearing Capital as of March 31, 2026.
Previous wording
•We seek to provide flexible, specialized capital solutions to borrowers and deliver attractive risk-adjusted returns to our clients across a range of debt strategies, focusing on private credit and direct lending in areas in which we possess differentiated investment and operational capabilities.
Current wording
•We seek to provide flexible, specialized capital solutions to borrowers and delivering attractive risk-adjusted returns to our clients across a range of debt strategies.
Previous wording
•We have approximately 230 investment and asset management professionals globally that are focused on our credit strategies, investing across a broad spectrum of investments, leveraging the capabilities we have organically built in collaboration with the capabilities of leading credit managers with whom we partner. Our partners include:
Current wording
•We have approximately 1,800 investment and asset management professionals globally, including Oaktree employees that will become BAM employees following completion of the Oaktree Acquisition, that are focused on our credit strategies, investing across a broad spectrum of investments, leveraging the capabilities we have organically built in collaboration with the capabilities of leading credit managers with whom we partner. Our partner managers where we have significant non-controlling ownership stakes include:
Previous wording
◦Castlelake L.P., a global alternative investment manager specializing in asset-based private credit including aviation and specialty finance;
Current wording
◦Castlelake, a private credit investor specializing in asset based, aviation, and specialty finance;
Previous wording
◦Primary Wave, a leading independent publisher of iconic and legendary music; and
Current wording
◦Primary Wave, a leading music rights investor; and
Previous wording
•Brookfield Infrastructure Debt is our infrastructure debt fund series, which invests on behalf of our clients in mezzanine debt investments in high-quality, infrastructure assets.
Current wording
•Brookfield Infrastructure Debt is our infrastructure debt fund series, which invests on behalf of our clients in mezzanine debt investments in high-quality, infrastructure and energy assets.
Previous wording
•Private Credit strategies focusing on underwriting and managing directly sourced credit investments on behalf of our clients, across various sectors, including infrastructure, renewable energy, real estate, corporate credit, royalties, aviation, equipment finance, as well as consumer and SME credit;
Current wording
•Private Credit strategies focusing on underwriting and managing directly sourced credit investments on behalf of our clients, across various sectors, including infrastructure, energy, real estate, corporate credit, royalties, aviation, equipment finance, as well as consumer and SME credit;
Previous wording
•Structured Credit strategies investing across structured and asset-backed finance opportunities in real estate, fund finance, aviation, consumer and corporate credit and more; and
Current wording
•Structured Credit strategies investing across structured and asset-backed finance opportunities in infrastructure, energy, real estate, fund finance, aviation, consumer and corporate credit and more; and
Previous wording
The following table summarizes the condensed consolidated statements of operations for BAM for the three and nine months ended September 30, 2025 and 2024:
Current wording
The following table summarizes the condensed consolidated statements of operations for BAM for the three months ended March 31, 2026 and 2025:
Previous wording
BAM primarily generates revenue from fees earned pursuant to contractual arrangements with funds, publicly traded vehicles, and investors, as well as transaction and advisory fees. These fees include base management fees, incentive fees, and certain advisory fees. Base management fees are long-term, recurring in nature, and correspond to fundraising activity, net asset values of certain of our funds, and market capitalizations of our publicly traded vehicles, specifically BIP, BEP and BBU. Incentive fees are performance fees earned from BIP and BEP for exceeding predetermined distribution thresholds, are long-term, and are not subject to clawback.
Current wording
BAM primarily generates revenue from fees earned pursuant to contractual arrangements with funds, publicly traded vehicles, and investors, as well as transaction and advisory fees. These fees include base management fees, incentive fees, and certain advisory fees. Base management fees are long-term, recurring in nature, and correspond to fundraising activity, NAVs of certain of our funds, and market capitalizations of our publicly traded vehicles, specifically BIP, BEP and BBUC. Incentive fees are performance fees earned from BIP and BEP for exceeding predetermined distribution thresholds, are long-term, and are not subject to clawback.
Showing the first 40 of 148 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Net Loss (Income) Attributable to Non-Controlling Interest in Consolidated Funds
Rearranged previous paragraphs (19)
Previous report — wording carried elsewhere
Compensation expenses related to carried interest allocation recovery (compensation) was $20 million for the three months ended September 30, 2025, which represents a change of $58 million compared to the three months ended September 30, 2024. This was primarily driven by lower relative valuations across certain real estate funds compared to the three months ended September 30, 2024. The carried interest compensation expense associated with mature funds is fully recoverable from BN. Carried interest compensation expense on new funds during the period was $9 million.
Previous report — wording carried elsewhere
Net Income Attributable to Non-Controlling Interest of Consolidated Funds
Previous report — wording carried elsewhere
Carried interest allocations generated by new funds are 66.7% attributable to BAM and 33.3% to BN. Within the condensed consolidated statements of operations, carried interest allocations are presented on a 100% basis and the portion attributable to BN is presented in net loss (income) attributable to non-controlling interest in consolidated entities. Unrealized carried interest allocations attributable to BAM were $421 million for the nine months ended September 30, 2025, compared to $179 million for the nine months ended September 30, 2024.
Previous report — wording carried elsewhere
Compensation and benefits for the nine months ended September 30, 2025 was $1.0 billion, which represents an increase of $164 million compared to the nine months ended September 30, 2024. This was attributable to higher share-based compensation expense of $79 million on our share and performance-based awards due to an increase in the trading price of BAM Class A Shares during the period. The remaining increase is due to higher compensation costs from the ongoing growth of our business.
Previous report — wording carried elsewhere
Other operating expenses are comprised of professional fees, facilities costs, as well as costs directly associated with our fundraising and investment functions. Other operating expenses were broadly consistent with the prior period at $247 million for the nine months ended September 30, 2025, compared to $238 million for the nine months ended September 30, 2024.
Previous report — wording carried elsewhere
Other Income, net of Consolidated Funds
Previous report — wording carried elsewhere
Share of Income from Equity Method Investments
Previous report — wording carried elsewhere
Net Loss Attributable to Preferred Share Redeemable Non-Controlling Interest
Previous report — wording carried elsewhere
BAM recognizes carried interest income and associated carried interest allocation expense on mature funds within our condensed consolidated statements of operations on a gross basis. As the net carried interest generated on mature funds is attributable to BN, the net income or loss attributable to BN via the preferred shares primarily represents the change in carried interest, net of carried interest allocation expense and taxes on mature funds owing to BN.
Previous report — wording carried elsewhere
Net loss attributable to preferred redeemable non-controlling interest was $391 million for the nine months ended September 30, 2025 primarily due to lower valuations in certain mature real estate funds.
Previous report — wording carried elsewhere
Net income attributable to non-controlling interest of consolidated entities was $229 million for the nine months ended September 30, 2025. BAM recognizes carried interest income on new funds within our condensed consolidated statements of operations on a gross basis. On new funds, 33.3% of carried interest revenue is attributable to BN. This balance is primarily the carried interest generated on new funds that is attributable to BN and fluctuates depending on the carried interest generated on new funds during the period.
Previous report — wording carried elsewhere
Net Income Attributable to Non-Controlling Interest of Consolidated Funds
Previous report — wording carried elsewhere
For income earned by certain funds in which BAM holds a sufficient interest to require the consolidation of the funds, a portion of the income earned is attributable to other parties invested in the funds. Net income attributable to non-controlling interest of consolidated funds was $20 million for the nine months ended September 30, 2025.
Previous report — wording carried elsewhere
Preferred Shares Redeemable Non-Controlling Interest
Previous report — wording carried elsewhere
Non-Controlling Interest in Consolidated Funds
Previous report — wording carried elsewhere
During the nine months ended September 30, 2025, the Company's operating activities generated cash inflows of $1.4 billion, compared to cash inflows of $1.5 billion in the prior period. The decrease in operating cash flows compared to the prior period was primarily due to changes in investments of consolidated funds of $457 million partially offset by higher cash generated from fee revenues and net changes in working capital.
Previous report — wording carried elsewhere
The changes in Fee-Bearing Capital are set out in the following table for the nine months ended September 30, 2025:
Previous report — wording carried elsewhere
Fee-Related Earnings not attributable to BAM decreased by $28 million due to lower Fee-Related Earnings from Oaktree.
Previous report — wording carried elsewhere
This column accounts for investments in all subsidiaries of BAM under the equity method.