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Brookfield Asset Management Ltd. 8-K Report, Financial Results (Feb 4, 2026)

Reports
Earnings & Results·Leadership Changes·Exhibits & Filings
Filing Date
Filed February 4, 2026
Period End
February 3, 2026
Security
BAM
In the record · 2022–202610-K410-Q58-K133

BAM filed 4 annual reports (10-K), 5 quarterly reports (10-Q) and 133 current reports (8-K) between 2022 and 2026.

  1. Deal closed8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed February 4, 2026. Cited figures are marked; the original filing is the authoritative source.

Brookfield Asset Management (BAM) reported record fourth-quarter and full-year 2025 results, with fee-related earnings (FRE) of $867 milliona ($0.53 per share) in the quarter, up 28% year-over-year, and $2.995 billion ($1.84 per share) for the year, up 22%.

Quarterly distributable earnings (DE) were $767 millionb ($0.47 per share), up 18%, and full-year DE was $2.7 billion ($1.65 per share), up 14%. Fee-bearing capital reached $603 billion, up 12% year-over-year, supported by record quarterly fundraising of $35 billion and $112 billion for the full year. Management also highlighted $66 billion of capital deployed in 2025 and nearly $80 billion of monetizations, realizing $50 billion of equity value.

The company declared a 15% quarterly dividend increase to $0.5025c per share, payable March 31, 2026. Leadership changed as well: Connor Teskey was appointed Chief Executive Officer effective February 3, 2026, succeeding Bruce Flatt, who remains Chair of the Board and CEO of Brookfield Corporation. Bruce Karsh joined the Board, replacing William Powell.

The filing describes the change as the next step in a succession process begun four years ago. Balance sheet items show corporate borrowings of $2.5 billiond at year-end 2025, versus none a year earlier, reflecting the $1.0 billion of senior notes issued in November and other financing. Corporate liquidity was $3.0 billion, and uncalled fund commitments totaled $134 billion.

Investors should note that the reported figures are unaudited, and the results include strategic moves such as the pending acquisition of the remaining 26% of Oaktree for approximately $3.0 billion, expected to close in the first half of 2026, and the $100 billion AI infrastructure program. Growth is strong, but the company's results depend on continued fundraising, deployment, and monetization activity, and the filing's forward-looking statements carry the usual risks.

02—Key points

Key Highlights

  1. Record Q4 2025 FRE of $867 million ($0.53/share), up 28% YoY; full-year FRE of $2.995 billion ($1.84/share), up 22%, with margins of 61% in the quarter and 58% for the year.
  2. Q4 DE of $767 million ($0.47/share), up 18% YoY; full-year DE of $2.7 billion ($1.65/share), up 14%.
  3. Record quarterly fundraising of $35 billion and $112 billion for 2025; fee-bearing capital grew 12% to $603 billion.
  4. Quarterly dividend raised 15% to $0.5025 per share, payable March 31, 2026, to holders of record as of February 27, 2026.
  5. Connor Teskey became CEO effective February 3, 2026, succeeding Bruce Flatt, who remains Chair; Bruce Karsh joined the Board, replacing William Powell.
  6. Pending acquisition of the final 26% of Oaktree for about $3.0 billion (BAM funding about $1.6 billion), expected to close in H1 2026.
  7. Liquidity of $3.0 billion and $134 billion of uncalled fund commitments; corporate borrowings rose to $2.5 billion after $1.0 billion of senior notes were issued in November.

03—Questions

Frequently Asked Questions

  1. Why did BAM's CEO change, and what role does Bruce Flatt keep?

    The Board appointed Connor Teskey as CEO effective February 3, 2026, and Bruce Flatt resigned as CEO that day. Flatt continues as Chair of the Board and as CEO of Brookfield Corporation. The company describes the change as the next step in a succession process started four years ago.

  2. How strong were BAM's 2025 earnings growth figures?

    Q4 FRE rose 28% to $867 million and full-year FRE rose 22% to $2.995 billion. Q4 DE rose 18% to $767 million, and full-year DE rose 14% to $2.7 billion. Per-share FRE for the year was $1.84 and DE was $1.65.

  3. Is the dividend increase sustainable?

    The quarterly dividend rose 15% to $0.5025 per share. Full-year 2025 DE per share of $1.65 covers the new quarterly rate of $0.5025 (about $2.01 annualized) only partly, so the increase relies on continued growth in fee and distributable earnings. Investors should review the company's payout policy and future DE trends.

  4. What is the impact of the pending Oaktree acquisition?

    BAM will acquire the final 26% of Oaktree that it does not already own, for approximately $3.0 billion total consideration, with BAM funding about $1.6 billion and Brookfield Corporation funding $1.4 billion. BAM will obtain Oaktree's fee-related earnings, certain carried interest, and partner manager interests. Closing is expected in H1 2026, subject to customary conditions and regulatory approvals.

  5. Are the reported 2025 results audited?

    No. The filing states that the financial figures in the press release were extracted from unaudited U.S. GAAP financial statements for the quarter ended December 31, 2025, and have not been audited by BAM's external auditor. FRE and DE are non-GAAP measures and may not be comparable with those of other companies.

04—Continue

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