Brookfield Asset Management Inc · NYSE:BAM
Brookfield Asset Management — Q4 2025 Earnings Presentation
46 slides from Brookfield Asset Management's earnings presentation, Feb 4, 2026
Slide 1: Brookfield Asset Management Q4 Supplemental Information
2025 Brookfield Asset Management Q4 SUPPLEMENTAL INFORMATION Brookfield = == THREE MONTHS AND YEAR ENDED DECEMBER 31 2025
Slide 2: Brookfield Asset Management Overview
Brookfield Asset Management Overview BAM is a leading alternative asset manager with a more than 25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy $603B Our Businesses by Fee-Bearing Capital Fee-Bearing Ca
Slide 3: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights Record Earnings Record Year Well-Positioned for Strong 2026 $867M $112B ~60 Q4-25 FY-25 Funds Fee-Related Earnings (FRE) Capital Raised in Market $3.0B $66B $134B FY-25 FY-25 Dry Powder Available FRE Capital Deployment for Deployment 28% / 22% $50B 15% Q4
Slide 4: Financial Performance Over the Fourth Quarter and Full Year 2025
Financial Performance Over the Fourth Quarter and Full Year 2025 Q4 FRE of $867 million ($0.53 / share), up 28% from the prior year quarter • FRE of $3.0 billion ($1.84 / share) over the last twelve months, up 22% from the prior year period • Growth driven by record quarterly fundraising and continu
Slide 5: FRE Continues to Grow with Stable Revenue Base
FRE Continues to Grow with Stable Revenue Base $1.5B Fee Revenues (MILLIONS) 61% Q4 Fee Revenues 59% 58% 57% increased 22% compared to the 56% $1,512 ■ Credit prior year quarter $1,390 $1,235 $1,300 $1,285 ■ Real Estate 475 455 ■ Private Equity $867M 397 399 388 255 ■ Renewable Power & Transition 26
Slide 6: Strong Fundraising Drives Our Fee-Bearing Capital Base Growth
Strong Fundraising Drives Our Fee-Bearing Capital Base Growth Fee-Bearing Capital Fee-Bearing Capital Composition Fee-Bearing Capital has grown 12% over the last twelve months, driven by: • Inflows: $75 billion of fundraising during the period that became fee-bearing capital, as well as $16 billion
Slide 7: Record Year of Fundraising
Record Year of Fundraising Raised $112 billion of capital in 2025 and $35 billion in the fourth quarter, comprised of: • $7.0 billion in our infrastructure business, including $5.0 billion raised for our inaugural AI infrastructure fund. We also raised $900 million for our infrastructure private wea
Slide 8: Record Year of Capital Deployment
Record Year of Capital Deployment Deployed $66 billion of capital in 2025 and $13 billion in the fourth quarter, including: • $800 million across our infrastructure business, including towards the 100% acquisition of an industrial gas business in Asia • $1.8 billion across our real estate business a
Slide 9: Record Year of Monetizations
Record Year of Monetizations Monetized $50 billion of equity capital in 2025 and $13 billion in the fourth quarter, including: • $1.6 billion across our infrastructure business, including the partial sale of our investment in one of the U.K.’s major port groups • $2.4 billion within our renewable po
Slide 10: Uncalled Fund Commitments
Uncalled Fund Commitments We have significant uncalled fund commitments, ready to deploy into attractive, risk-adjusted investment opportunities $17B $63B $43B Uncalled fund commitments not $134B currently earning fees $29B Uncalled Commitments $630M Approximate additional revenue generated once the
Slide 11: Liquidity & Asset Light Balance Sheet
Liquidity & Asset Light Balance Sheet We continue to maintain an asset light balance sheet, with a strong liquidity profile Corporate Liquidity Corporate Credit Profile Cash & Cash Equivalents A / A- 14.5 Years Corporate Ratings from Fitch / S&P Weighed Average Tenor $3.0B Finan cia Asse l $2.5B 5.5
Slide 12: Business Lines
Business Lines Q4 2025 BAM Supplemental
Slide 13: Infrastructure – Overview
Infrastructure – Overview Brookfield is one of the world’s largest infrastructure investors, owners and operators $247B $106B 129 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our Infrastructure business is positioned at the epicenter of the global secul
Slide 14: Infrastructure – Q4 2025 Results
Infrastructure – Q4 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED DEC. 31 (BILLIONS) Q4-25 Q4-24 Variance BIF Series $ 35 $ 35 $ — Other Long-Term Funds and Co-investments8 13 11 2 Long-Term Private Funds 48 46 2 BIP 35 32 3 Other Perpetual Funds and Co-investments 23 19 4 Permanent Capit
Slide 15: Renewable Power & Transition – Overview
Renewable Power & Transition – Overview Brookfield is one of the most impactful renewable power & transition investors, owners and operators $143B $67B 101 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our renewable power & transition business complement
Slide 16: Renewable Power & Transition – Q4 2025 Results
Renewable Power & Transition – Q4 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED DEC. 31 (BILLIONS) Q4-25 Q4-24 Variance BGTF Series $ 25 $ 20 $ 5 BIF Series (Renewable Allocation) 7 10 (3) Other Long-Term Funds and Co-investments 7 5 2 Long-Term Private Funds 39 35 4 BEP 26 21 5 Other Per
Slide 17: Private Equity – Overview
Private Equity – Overview Brookfield is one of the most experienced private equity investors globally $155B $48B 148 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our Private Equity platform seeks to invest in high-quality businesses that provide essenti
Slide 18: Private Equity – Q4 2025 Results
Private Equity – Q4 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED DEC. 31 (BILLIONS) Q4-25 Q4-24 Variance BCP Series $ 12 $ 13 $ (1) Other Long-Term Funds9 19 16 3 Co-investments 8 8 — Long-Term Private Funds 39 37 2 BBU 9 8 1 Permanent Capital and Perpetual Strategies 9 8 1 Total Private
Slide 19: Real Estate – Overview
Real Estate – Overview Brookfield is one of the largest real estate investors with a diversified portfolio in the world’s most well-established markets $273B $102B 278 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our Real Estate business seeks to build
Slide 20: Real Estate – Q4 2025 Results
Real Estate – Q4 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED DEC. 31 (BILLIONS) Q4-25 Q4-24 Variance BSREP Series $ 43 $ 41 $ 2 Other Long-Term Funds10 15 13 2 Co-investments 14 16 (2) Long-Term Private Funds 72 70 2 BPG 19 17 2 Other Perpetual Funds and Co-investments11 11 7 4 Permanen
Slide 21: Credit – Overview
Credit – Overview Brookfield credit strategies include our longstanding private credit and direct lending funds and our partnerships with leading credit managers $363B $280B 726 Assets Under Management Fee-Bearing Capital Investment Professionals12 Overview Credit Portfolio • Our Credit business off
Slide 22: Credit – Q4 2025 Results
Credit – Q4 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED DEC. 31 (BILLIONS) Q4-25 Q4-24 Variance Opps Series13 $ 24 $ 25 $ (1) Private Credit14 47 38 9 Structured Credit and Other 17 12 5 Long-Term Private Funds 88 75 13 Opportunistic Credit15 3 2 1 Private Credit16 56 43 13 Perpetual Li
Slide 23: Brookfield Wealth Solutions
Brookfield Wealth Solutions We manage capital on behalf of our strategic partner, Brookfield Wealth Solutions (BWS). BWS offers a range of retirement services, wealth protections products and tailored capital solutions. BAM manages over $100 billion of BWS capital and invests it in (i) liquid credit
Slide 24: Supplemental Financial Information
Supplemental Financial Information Q4 2025 BAM Supplemental
Slide 25: Fee-Related Earnings Detail
Fee-Related Earnings Detail FOR THE PERIODS ENDED DEC. 31 Last Three Months Last Twelve Months (MILLIONS) Q4-25 Q4-24 Variance Q4-25 Q4-24 Variance Base Management Fees Infrastructure $ 249 $ 230 $ 19 $ 951 $ 902 $ 49 Renewable Power & Transition 186 138 48 676 494 182 Private Equity 132 107 25 453
Slide 26: Fee-Related Earnings Margin Detail
Fee-Related Earnings Margin Detail FOR THE PERIODS ENDED DEC. 31 Last Three Months Last Twelve Months Notes (MILLIONS) Q4-25 Q4-24 Variance Q4-25 Q4-24 Variance Consolidated Margin Total Fee Revenues $ 1,512 $ 1,235 $ 277 $ 5,487 $ 4,706 $ 781 A Total Direct Costs (621) (530) (91) (2,410) (2,136) (2
Slide 27: Capital Metrics Additional Detail
Capital Metrics Additional Detail Fee-Bearing Capital increased by $64 billion over the last twelve months Fee-Bearing Capital Rollforward Last Three Months Last Twelve Months Renewable Renewable FOR THE PERIODS ENDED DEC. 31 Power & Private Power & Private (MILLIONS) Infrastructure Transition Equit
Slide 28: Capital Deployed or Committed
Capital Deployed or Committed We deployed or committed $83 billion of capital over the last twelve months Capital Deployed or Committed (Funding Source) FOR THE LTM ENDED DECEMBER 31, 2025 Renewable (MILLIONS) Infrastructure Power & Transition Private Equity Real Estate Credit Total Capital Deployed
Slide 29: Carry Eligible Capital Provides for Future Earnings Upside
Carry Eligible Capital Provides for Future Earnings Upside BAM earns two-thirds of carried interest on certain existing funds and all future vintages of our long-term funds, with BN retaining the remaining one-third. BAM has accrued $1.3 billion of unrealized carried interest on these funds, which i
Slide 30: Target Carried Interest
Target Carried Interest Target carried interest reflects our estimate of the carried interest earned on a straight-line basis over the life of a fund, assuming target returns are achieved AS OF DECEMBER 31, 2025 Carry Eligible Gross Target Average Carried Annualized Target (MILLIONS) Capital24 Retur
Slide 31: Fund Information
Fund Information Q4 2025 BAM Supplemental
Slide 32: Brookfield Private Funds Investment Records
Brookfield Private Funds Investment Records AS OF DECEMBER 31, 2025 Investment Value Performance (MILLIONS, EXCEPT AS NOTED) Unlevered Gross IRR36 / Net IRR37 / Vintage Year Fund Capital Realized33 Unrealized34 Total35 Net IRR37 / Gross TWR36 Net TWR38 Net TWR38 Infrastructure Core Plus Brookfield I
Slide 33: Brookfield Private Funds Investment Records cont’d
Brookfield Private Funds Investment Records cont’d AS OF DECEMBER 31, 2025 Investment Value Performance (MILLIONS, EXCEPT AS NOTED) Unlevered Gross IRR36 / Net IRR37 / Vintage Year Fund Capital Realized33 Unrealized34 Total35 Net IRR37 / Gross TWR36 Net TWR38 Net TWR38 Real Estate Opportunistic Broo
Slide 34: Reconciliations and Disclosures
Reconciliations and Disclosures Q4 2025 BAM Supplemental
Slide 35: Listed Affiliate Fee Revenue Structure and Incentive Distributions
Listed Affiliate Fee Revenue Structure and Incentive Distributions Listed Affiliate Fee Revenue Structure AS OF DECEMBER 31, 2025 (MILLIONS, EXCEPT PER UNIT) BIP / BIPC43 BEP / BEPC43 BBU / BBUC43 Units Outstanding - Publicly Traded Partnerships 654 500 139 Volume Weighted Average Price44 $ 34.94 $
Slide 36: Reconciliation of U.S. GAAP to Non-GAAP Measures
Reconciliation of U.S. GAAP to Non-GAAP Measures Overview We disclose certain non-GAAP financial measures in these supplemental schedules. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are
Slide 37: Reconciliation of Revenues to Fee Revenues
Reconciliation of Revenues to Fee Revenues Overview We disclose certain non-GAAP financial measures in these supplemental schedules. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are prese
Slide 38: Glossary of Terms
Glossary of Terms This Supplement Information contains key performance measures that we employ in analyzing and discussing our results. These measures include non-GAAP measures. Brookfield Asset Management Refers to our asset management business, which includes Brookfield Asset Management Ltd. and i
Slide 39: Glossary of Terms cont’d
Glossary of Terms cont’d Fee Revenues Include base management fees, incentive distributions, performance fees and transaction fees excluding carried interest. Incentive Distributions Determined by contractual arrangements and are paid to us by BEP and BIP and represent a portion of distributions pai
Slide 40: Endnotes
Endnotes Page 4 1. FRE Margin at our share is calculated consolidating our share of Oaktree's non-controlling interest revenues and costs. 2. Other income includes BAM's portion of equity method investments’ realized carried interest, investment income, interest expense and other items. Page 6 3. Ma
Slide 41: Endnotes cont’d
Endnotes cont'd Pages 25 and 26 18. Non-controlling interest represents the approximately 26% of Oaktree not held by Brookfield for the three months ended December 31, 2025; includes the approximately 26% of Oaktree not held by Brookfield for the twelve months ended December 31, 2025. Page 27 19. Pe
Slide 42: Endnotes cont’d
Endnotes cont'd Pages 32 and 33 33. “Realized Proceeds” represents any proceeds from disposition and distributions or other forms of current income and loss. 34. Values ascribed to “Unrealized Proceeds”, where applicable, and used in determining performance results are based on assumptions that the
Slide 43: Endnotes cont’d
Endnotes cont'd Page 35 43. Net Debt and Preferred Share detail is presented on a combined basis for BIP / BIPC, BEP / BEPC, and BBU / BBUC. 44. For BIP / BIPC and BEP / BEPC: The Q4-25 period represents the five (5) day trading period starting from December 24, 2025 to December 31, 2025. For BBU /
Slide 44: Endnotes cont’d
Endnotes cont'd Page 36 52. This adjustment removes the impact of income tax provisions on the basis that we do not believe this item reflects the present value of the actual tax obligations that we expect to incur over the long-term due to the substantial deferred tax assets of BAM. 53. This adjust
Slide 45: Notice to Readers
Notice to Readers Brookfield Asset Management Ltd. ("BAM") is not making any offer or invitation of any kind by communication of this Supplemental Information and under no circumstance is it to be construed as a prospectus or an advertisement. Unless otherwise specified, the information and statemen
Slide 46: Notice to Readers cont’d
Notice to Readers cont’d STATEMENT REGARDING PAST AND FUTURE PERFORMANCE AND TARGET RETURNS Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, or that future investments or fundraising efforts will b
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