Brookfield Asset Management Inc · NYSE:BAM
Brookfield Asset Management — Q3 2025 Earnings Presentation
45 slides from Brookfield Asset Management's earnings presentation, Nov 7, 2025
Slide 1: Brookfield Asset Management Q3 Supplemental Information
Brookfield —— 2025 —— Brookfield Asset Management Q3 SUPPLEMENTAL INFORMATION THREE MONTHS ENDED SEPTEMBER 30, 2025
Slide 2: Brookfield Asset Management Overview
Brookfield Asset Management Overview BAM is a leading alternative asset manager with a +25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy $581B Our Businesses by Fee-Bearing Capital Fee-Bearing Capital Inf
Slide 3: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Record Quarterly Earnings Performance $754M 17% 58% Fee-Related Earnings (FRE) FRE Growth Year-over-year FRE Margin at Our Share Record Organic Fundraising, Deployments and Monetizations $30B $23B $15B Capital Raised Equity Capital Deployed Equity Capital Monetized Accr
Slide 4: Financial Performance Over the Quarter and Last Twelve Months
Financial Performance Over the Quarter and Last Twelve Months Q3 FRE of $754 million ($0.46 / share), up 17% from the prior year quarter • FRE of $2.8 billion ($1.72 / share) over the last twelve months, up 19% from the prior year period • Growth driven by record quarterly fundraising, including the
Slide 5: FRE Continues to Grow with Stable Revenue Base
FRE Continues to Grow with Stable Revenue Base $1.4B Fee Revenues (Millions) 58% 59% 57% 56% 58% Q3 Fee Revenues increased 15% compared to the $1,300 $1,390 $1,235 $1,285 ■ Credit prior year quarter $1,210 455 ■ Real Estate 397 399 372 388 ■ Private Equity $754M 248 249 318 261 113 256 110 ■ Renewab
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 8% over the last twelve months, driven by: • Inflows: $73 billion of fundraising during the period that became fee-bearing capital, as well as $19 billion a
Slide 7: Raised $30 Billion, Our Strongest Fundraising Quarter
Raised $30 Billion, Our Strongest Fundraising Quarter Raised $106 billion of capital over the last twelve months and $30 billion in the third quarter, including: • $3.5 billion in our infrastructure business, including $800 million within our infrastructure private wealth strategy, which now stands
Slide 8: Record Quarter of Deployment Activity
Record Quarter of Deployment Activity Deployed $69 billion of capital over the last twelve months and $23 billion in the third quarter, including: • $9.3 billion across our infrastructure business, including $3.8 billion toward the acquisition of Hotwire Communications and $3.4 billion toward the ac
Slide 9: Record Monetizations in a Continued Attractive Environment
Record Monetizations in a Continued Attractive Environment Monetized $46 billion of equity capital over the last twelve months, and $15 billion in the third quarter, including: • $4.2 billion across our infrastructure business, including $1.7 billion for a portfolio of stabilized data center assets
Slide 10: Liquidity Profile
Liquidity Profile We have significant uncalled fund commitments, ready to deploy into attractive, risk-adjusted opportunities Uncalled Fund Commitments BAM's Balance Sheet 12 $2.6B Corporate Liquidity 37 comprised of cash, short-term financial ■ Infrastructure assets and undrawn capacity on our $125
Slide 11: Business Lines
Business Lines Q3 2025 BAM Supplemental
Slide 12: Infrastructure – Overview
Infrastructure – Overview Brookfield is one of the world’s largest infrastructure investors, owners and operators $242B $101B 127 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our Infrastructure business is ideally positioned at the epicenter of the glob
Slide 13: Infrastructure – Q3 2025 Results
Infrastructure – Q3 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED SEP. 30 (BILLIONS) Q3-25 Q3-24 Variance BIF Series $ 34 $ 34 $ — Other Long-Term Funds and Co-investments8 12 11 1 Long-Term Private Funds 46 45 1 BIP 33 35 (2) Other Perpetual Funds and Co-investments 22 19 3 Permanent Cap
Slide 14: Renewable Power & Transition – Overview
Renewable Power & Transition – Overview Brookfield is one of the most impactful renewable power & transition investors, owners and operators $137B $69B 93 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our renewable power & transition business complements
Slide 15: Renewable Power & Transition – Q3 2025 Results
Renewable Power & Transition – Q3 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED SEP. 30 (BILLIONS) Q3-25 Q3-24 Variance BGTF Series $ 25 $ 17 $ 9 BIF Series (Renewable Allocation) 10 11 (1) Other Long-Term Funds and Co-investments 7 4 3 Long-Term Private Funds 42 32 11 BEP 24 25 (1) Other
Slide 16: Private Equity – Overview
Private Equity – Overview Brookfield is one of the most experienced private equity investors globally $151B $46B 171 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 17: Private Equity – Q3 2025 Results
Private Equity – Q3 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED SEP. 30 (BILLIONS) Q3-25 Q3-24 Variance BCP Series $ 12 $ 13 $ (1) Other Long-Term Funds9 19 16 3 Co-investments 7 8 (1) Long-Term Private Funds 38 37 1 BBU 8 7 1 Permanent Capital and Perpetual Strategies 8 7 1 Total Priva
Slide 18: 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 $272B $102B 295 Assets Under Management Fee-Bearing Capital Investment Professionals Overview Asset Types • Our Real Estate business seeks to build
Slide 19: Real Estate – Q3 2025 Results
Real Estate – Q3 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED SEP. 30 (BILLIONS) Q3-25 Q3-24 Variance BSREP Series $ 43 $ 41 $ 2 Other Long-Term Funds10 15 15 — Co-investments 15 13 2 Long-Term Private Funds 73 69 4 BPG 18 17 1 Other Perpetual Funds and Co-investments11 11 8 3 Permanent
Slide 20: Credit – Overview
Credit – Overview Brookfield credit strategies include our longstanding private credit and direct lending funds and our partnerships with leading credit managers $349B $263B 647 Assets Under Management Fee-Bearing Capital Investment Professionals12 Overview Credit Portfolio • Our Credit business off
Slide 21: Credit – Q3 2025 Results
Credit – Q3 2025 Results Fee-Bearing Capital AS OF THE PERIODS ENDED SEP. 30 (BILLIONS) Q3-25 Q3-24 Variance Private Credit13 $ 40 $ 37 $ 3 Opportunistic Credit14 24 26 (2) Structured Credit and Other 15 13 2 Long-Term Private Funds 79 76 3 Private Credit15 48 42 6 Opportunistic Credit16 3 2 1 Perpe
Slide 22: 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 protection products and tailored capital solutions. BAM manages over $100 billion of BWS capital and invests it in (i) liquid credit,
Slide 23: Supplemental Financial Information
Supplemental Financial Information Q3 2025 BAM Supplemental
Slide 24: Fee-Related Earnings Detail
Fee-Related Earnings Detail FOR THE PERIODS ENDED SEP. 30 Last Three Months Last Twelve Months (MILLIONS) Q3-25 Q3-24 Variance Q3-25 Q3-24 Variance Base Management Fees Infrastructure $ 240 $ 236 $ 4 $ 932 $ 908 $ 24 Renewable Power & Transition 197 127 70 628 474 154 Private Equity 110 112 (2) 428
Slide 25: Fee-Related Earnings Margin Detail
Fee-Related Earnings Margin Detail FOR THE PERIODS ENDED SEP. 30 Last Three Months Last Twelve Months Notes (MILLIONS) Q3-25 Q3-24 Variance Q3-25 Q3-24 Variance Consolidated Margin Total Fee Revenues $ 1,390 $ 1,210 $ 180 $ 5,210 $ 4,577 $ 633 A Total Direct Costs (616) (538) (78) (2,319) (2,098) (2
Slide 26: Capital Metrics Additional Detail
Capital Metrics Additional Detail Fee-Bearing Capital increased by $41 billion over the last twelve months Fee-Bearing Capital Rollforward Last Three Months Last Twelve Months Renewable Renewable FOR THE PERIODS ENDED SEP. 30 Power & Private Power & Private (MILLIONS) Infrastructure Transition Equit
Slide 27: Capital Deployed or Committed
Capital Deployed or Committed We deployed or committed $79 billion of capital over the last twelve months Capital Deployed or Committed (Funding Source) FOR THE LTM ENDED SEPTEMBER 30, 2025 Renewable (MILLIONS) Infrastructure Power & Transition Private Equity Real Estate Credit Total Capital Deploye
Slide 28: 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. As of September 30, 2025, BAM has accrued $1.1 billion of unrealized carried intere
Slide 29: Target Carried Interest
Target Carried Interest Target carried interest reflects our estimate of the carried interest earned on a straight-line basis over the life of a fund, assuming target returns are achieved AS OF SEPTEMBER 30, 2025 Carry Eligible Gross Target Average Carried Annualized Target (MILLIONS) Capital24 Retu
Slide 30: Fund Information
Fund Information Q3 2025 BAM Supplemental
Slide 31: Brookfield Private Funds Investment Records
Brookfield Private Funds Investment Records AS OF SEPTEMBER 30, 2025 Investment Value Performance (US$ MILLIONS, EXCEPT AS NOTED) Unlevered Gross IRR 36 / Net IRR 37 / Vintage Year Fund Capital Realized 33 Unrealized 34 Total 35 Net IRR 37 / Gross TWR 36 Net TWR 38 Net TWR 38 Infrastructure Core Plu
Slide 32: Brookfield Private Funds Investment Records cont’d
Brookfield Private Funds Investment Records cont’d AS OF SEPTEMBER 30, 2025 Investment Value Performance (US$ MILLIONS, EXCEPT AS NOTED) Unlevered Gross IRR 36 / Net IRR 37 / Vintage Year Fund Capital Realized 33 Unrealized 34 Total 35 Net IRR 37 / Gross TWR 36 Net TWR 38 Net TWR 38 Real Estate Oppo
Slide 33: Reconciliations and Disclosures
Reconciliations and Disclosures Q3 2025 BAM Supplemental
Slide 34: Listed Affiliate Fee Revenue Structure and Incentive Distributions
Listed Affiliate Fee Revenue Structure and Incentive Distributions Listed Affiliate Fee Revenue Structure AS OF SEPTEMBER 30, 2025 (MILLIONS, EXCEPT PER UNIT) BIP / BIPC43 BEP / BEPC43 BBU / BBUC43 Units Outstanding - Publicly Traded Partnerships 655 478 140 Volume Weighted Average Price44 $ 32.32 $
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 40: Endnotes cont’d
Endnotes cont'd Pages 24 and 25 18. Non-controlling interest represents the approximately 26% of Oaktree not held by Brookfield for the three months ended September 30, 2025; includes the approximately 26% of Oaktree not held by Brookfield for the twelve months ended September 30, 2025. Page 26 19.
Slide 41: Endnotes cont’d
Endnotes cont'd Pages 31 and 32 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 42: Endnotes cont’d
Endnotes cont'd Page 34 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 Q3-25 period represents the five (5) day trading period starting from September 24, 2025 to September 30, 2025. For BBU
Slide 43: Endnotes cont’d
Endnotes cont'd Page 36 62. This adjustment adds incentive distributions that are included in Fee Revenues. 63. This adjustment adds management fees at 100% ownership. 64. This adjustment involves base management fees earned from BSREP III and other funds that are eliminated upon consolidation. Q3 2
Slide 44: 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 45: 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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