01—Abstract
Summary
Summary of the 10-Q filed November 10, 2025. Cited figures are marked; the original filing is the authoritative source.
Brookfield Asset Management Ltd. (BAM) reported solid financial performance for the nine months ended September 30, 2025.
Total revenues reached $3.4 billiona, up 17% year-over-year, driven by strong growth in base management and advisory fees across all segments, particularly in infrastructure and credit. Net income attributable to common stockholders was $1.9 billion, a significant increase from $1.5 billion in the prior year period, reflecting successful capital deployment and growing fee-bearing assets. The company's Fee-Bearing Capital also saw substantial growth, reaching $581 billion, up 8% year-to-date, highlighting continued investor confidence and the expansion of its asset management platform.
Operationally, BAM completed the significant 2025 Arrangement in February 2025, which has been accounted for as a reverse asset acquisition. The company also executed several strategic initiatives, including investments in Castlelake and Primary Wave, and announced its intention to acquire the remaining common equity interests in Oaktree, expected to close in the first half of 2026. These activities underscore BAM's commitment to strategic growth and enhancing its market position in the alternative asset management sector.
02—Key points
Key Highlights
- Total revenues increased by 17% to $3.4 billion for the nine months ended September 30, 2025, compared to the prior year period.
- Net income attributable to common stockholders rose to $1.9 billion for the nine months ended September 30, 2025, up from $1.5 billion in the same period last year.
- Fee-Bearing Capital grew by 8% year-to-date to $581 billion as of September 30, 2025, indicating strong fundraising and investor inflows.
- The company completed the 2025 Arrangement in February 2025, a significant corporate restructuring that has been accounted for as a reverse asset acquisition.
- BAM made strategic investments in Castlelake and Primary Wave, and announced a proposed transaction to acquire the remaining interests in Oaktree, expected to close in H1 2026.
- Base management and advisory fees saw a 15% increase year-over-year for the nine-month period, reflecting growth in assets under management.
- Corporate liquidity stood at $2.6 billion as of September 30, 2025, comprising cash, financial assets, and undrawn credit facilities, providing ample financial flexibility.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 10, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.25B$1.12B | +12.1% |
| Operating Expenses | $495.00M$476.00M | +4.0% |
| Net Income | $692.00M$537.00M | +28.9% |
05—Questions
Frequently Asked Questions
What were the main drivers of revenue growth in the nine months ended September 30, 2025?
Revenue growth was primarily driven by a 15% increase in base management and advisory fees, totaling $2.5 billion, reflecting strong fundraising across multiple fund vintages and increased fee-bearing capital in the infrastructure, credit, and renewable power segments. Additionally, higher incentive fees, particularly from Brookfield Infrastructure Partners (BIP) and Brookfield Renewable Partners (BEP), contributed to the overall revenue increase.
How did the 2025 Arrangement impact the financial statements?
The 2025 Arrangement, completed in February 2025, was accounted for as a reverse asset acquisition. This means that the historical financial statements of Brookfield Asset Management ULC (the 'Predecessor') are treated as the historical financial statements of BAM. Following the arrangement, BAM owns 100% of the Asset Management Company, and Brookfield Corporation (BN) holds a significant ownership stake in BAM. This transaction has been reflected in the equity section and related disclosures of the condensed consolidated financial statements.
What is Brookfield Asset Management's (BAM) current liquidity position?
As of September 30, 2025, BAM reported corporate liquidity of $2.6 billion. This consists of $1.2 billion in cash and short-term financial assets, and $1.4 billion in undrawn credit facilities. This liquidity is available to fund strategic transactions and seed new investment products.
What are BAM's key strategic developments following the reporting period?
Subsequent to the period end, BAM acquired a stake in Angel Oak on October 1, 2025, which will be accounted for as an equity method investment. Furthermore, BAM and BN announced a proposed transaction to acquire the remaining common equity interests in Oaktree, expected to close in the first half of 2026, which will result in Oaktree being fully consolidated within BAM's financial statements.
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