Brookfield Asset Management (BAM) FY2025 results: revenue $4.8 billion, up 21.0% on the year

Brookfield Asset Management invests other people's money in real assets. The filing describes it as a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. That money belongs to clients, not to the company. Five principal strategies carry it: infrastructure, renewable power and transition, private equity, real estate and credit. The Class A shares are listed on both the New York Stock Exchange and the Toronto Stock Exchange.

What it manages

At 31 December 2025 credit was the biggest of the five, with $363 billion of assets under management and $279 billion of fee-bearing capital. Real estate held over $273 billion and $102 billion, infrastructure $247 billion and $106 billion, private equity $155 billion and $48 billion, and renewable power and transition $143 billion and $67 billion. Fee-bearing capital across the firm was $603 billion, of which 87% is long-dated or perpetual: money committed for at least ten years with two one-year extension options, or held in permanent capital vehicles and perpetual funds. What the money buys is described as essential goods and services: regulated or contracted businesses earning a return on an asset base, rail, toll roads and export terminals, pipelines and gas storage, and telecom towers, fiber and data centers.

The products

Three shapes. Long-term private funds are the closed-end series, among them the Brookfield Infrastructure Fund, the Brookfield AI Infrastructure Fund built for demand from hyperscalers, enterprises and governments, the Brookfield Infrastructure Structured Solutions Fund for the infrastructure mid-market, the Global Opportunities credit strategy, Brookfield Infrastructure Debt and the Brookfield Real Estate Finance Fund. Permanent capital vehicles and perpetual strategies include the listed Brookfield Infrastructure Partners, Brookfield Super-Core Infrastructure Partners and the semi-liquid Brookfield Infrastructure Income Fund. Liquid strategies are the third. Across all of them the company counts over 55 active strategies, from opportunistic through value-add, core and super-core to credit, alongside separately managed accounts built to one client's own requirements for asset class, credit quality, duration, sector and geography.

Who the money comes from

Over 2,400 institutional clients, which the filing lists as public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. The private wealth channel is roughly 60,000 clients and over 8% of capital raised, served by a team of approximately 150 people who distribute and develop products for it. Brookfield capital is invested alongside client capital, which the filing frames as keeping the two sets of interests aligned.

How it earns

Asset management income is the fee charged on client capital. The filing's own account of how value is created is arithmetic on that: raise more fee-bearing capital, deliver investment performance that generates performance income such as carried interest, and hold operating margins. Performance is judged on measures the company names as non-GAAP: Fee-Bearing Capital, Fee Revenues, Fee-Related Earnings and Distributable Earnings. The filing states that the company intends to pay out at least approximately 90% of Distributable Earnings to shareholders each quarter and reinvest the balance.

People, and the parent

Over 5,800 investment and asset management professionals and employees, more than half of them in the U.S., work from 32 offices, over 300 of them in client service. Behind them sit approximately 250,000 operating employees of the businesses under management, whose work the filing calls instrumental in raising the value and cash flows of the managed assets. The company was incorporated on 4 July 2022, formed by its parent, which the filing calls BN, to carry out that year's arrangement; BN owned or controlled 73% of the Class A shares at the end of 2025. The partnership with Oaktree dates from 2019, and Oaktree employees are to become employees of the company once the Oaktree Acquisition completes.

From Brookfield Asset Management's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 2 March 2026: read the full 10-K.