Brookfield Raises $25 Billion in Third Quarter, Lifting Fee-Related Earnings 15%
Key Facts
Brookfield Asset Management reported on November 6 results for the quarter ended September 30, 2026, having raised $25 billion during the quarter and $123 billion year to date. Fee-related earnings rose to $864 million, up 15% year over year, while distributable earnings reached $763 million, also up 15%. The figures reflect an expansion in the capital base on which the company earns fees, alongside growth in earnings it said were available for distribution. Fee-bearing capital stood at $682 billion at the end of September, up 13% from a year earlier. The company attributed most of that increase to raising $157 billion in the 12 months ended on that date.
Infrastructure strategies accounted for a significant share of fundraising activity, with the company saying it raised or received commitments of about $50 billion across those strategies in the 12 months before the announcement. That included $26 billion in commitments to its flagship infrastructure strategy as of November 6. Chief Executive Connor Teskey said the company had expanded its infrastructure strategies to meet investor demand, adding that "fundraising shows no signs of slowing" and reflected record levels of activity across its business. In the third quarter, its private wealth and premium infrastructure strategies recorded combined record inflows of about $11 billion. Its AI infrastructure strategy and infrastructure debt strategy also received $10 billion in commitments in the 12 months before the announcement.
Compared with the second quarter, distributable earnings continued to grow, while the annual growth rate in fee-related earnings slowed. Fee-related earnings were $808 million in the second quarter, up 20% year over year, compared with $864 million and 15% growth in the third quarter. Distributable earnings rose from $707 million, up 15% year over year in the second quarter, to $763 million, with the growth rate remaining at 15% in the third quarter. Fee-bearing capital was $672 billion on June 30, up 19% year over year, before reaching $682 billion at the end of September, up 13% year over year. Teskey said in the second-quarter statement that the company expected "its best year ever," citing continued momentum in its business, while in the third-quarter statement he described fundraising activity as showing no signs of slowing.
Beyond fundraising, the company invested $18 billion in the third quarter and monetized $12 billion in assets. It said it generated $48 million in carried interest during the period, net of costs, from monetizations of technology and private equity investments. Net income was $3.0 billion, including a $2.0 billion non-cash gain from the acquisition and consolidation of Oaktree. The company completed its acquisition of the remaining stake in Oaktree in July, with the aim of integrating it into Brookfield’s broader credit platform. These items show the different sources reflected in the results: fee-related and distributable earnings were reported alongside net income affected by a non-cash gain from the acquisition.
The company reported $148 billion in uncalled fund commitments as of September 30. Deploying $68 billion of that amount could generate about $680 million in annual fees once the capital is invested. In credit, the company raised $12 billion in the third quarter and deployed $10 billion across its strategies. It also announced an agreement to develop, deliver and operate an AI factory in the United Kingdom, and an agreement to invest up to $9 billion in AI computing infrastructure in Korea in partnership with NAVER and NVIDIA. The commitments and announced investments put infrastructure and credit among the leading expansion areas highlighted in the company’s quarterly results.
On shareholder returns, the board approved a quarterly distribution of $0.5025 per share, payable on December 31, 2026, to shareholders of record at the close of November 30. BAM shares closed at $52.46 on November 5, the eve of the results announcement. Among upcoming dates, the company said its third-quarter shareholder letter will be published on November 12, 2026. It also expected the first close of its flagship infrastructure strategy to take place in the weeks following the November 6 announcement. The distribution and the dates for the letter and first close are the main upcoming milestones cited by the company after reporting quarterly results.