Brookfield’s Fee-Bearing Capital Rises 13% to $682 Billion
Key Facts
Brookfield Asset Management increased its fee-bearing capital to $682 billion in the third quarter ended September 30, 2026, up 13% over the previous 12 months, and CEO Connor Teskey said fundraising year to date had reached $123 billion. Fee-related earnings rose 15% to $864 million, reflecting growth in the capital base on which fees are calculated. The company’s report showed that 88% of this capital is allocated to long-term, perpetual or evergreen strategies. Teskey said growth in fee-bearing capital had "driven fee-related earnings up 15%." The company announced the results on November 6, while the quarterly figures are for the period ended September 30.
Fee-related earnings were $0.54 per share, compared with $0.46 in the third quarter of 2025, when they totaled $754 million. Distributable earnings were $763 million, or $0.47 per share, versus $661 million and $0.41 per share a year earlier. In a separate revenue reading, an Associated Press report said reported revenue was $2.15 billion and adjusted revenue was $1.62 billion. Adjusted revenue exceeded the average estimate of four analysts, at $1.61 billion. The company also reported net income of $3.0 billion, including a non-cash gain of $2 billion from the acquisition of Oaktree and the consolidation of its results, compared with net income of $692 million in the same quarter of 2025.
Fee-bearing capital rose from $604 billion in the third quarter of 2025 to $682 billion in the same period of 2026. In the 12 months ended in the third quarter, the company recorded inflows of $127 billion, offset by outflows of $26 billion and distributions of $29 billion. The capital mix comprises 46% in long-term private funds, 13% in perpetual capital vehicles, 29% in evergreen strategies and 12% in liquid strategies. The company said long-term, perpetual and evergreen strategies together account for 88% of fee-bearing capital. In the results appendix, it noted that the presentation of capital for reported periods follows a new partnership-manager methodology, including some funds not previously classified under this measure, with the aim of better aligning it with fee revenue.
The credit group raised $12.2 billion during the third quarter, including $2.4 billion for long-term private credit funds. The components included $3.8 billion from Brookfield Wealth Solutions and $2 billion from partnership managers. In infrastructure, the company said its strategies received about $50 billion in commitments during the year before the results announcement. Of those commitments, $10 billion went to the AI Infrastructure Fund and the Infrastructure Debt strategy. These figures describe funding commitments to the strategies, while the company separately reported that fundraising year to date totaled $123 billion.
Brookfield reported in the second quarter that fee-bearing capital stood at $672 billion, up 19% year over year, while fee-related earnings had risen 20% to $808 million. In the third quarter, capital reached $682 billion, but its reported annual growth rate was 13%. Comparing the two figures tracks the movement in capital between the quarters, while the reported growth rate varies with the comparison period. The company’s results show that its fee base expanded over the year, alongside an increase in related earnings. Quarterly net income included the non-cash Oaktree gain, which is why the company also presents fee-related earnings and distributable earnings measures.
Brookfield Asset Management shares, listed under the ticker BAM, closed at $52.95 on November 6, according to EL7 daily data. The company declared a quarterly cash distribution of $0.5025 per share. The distribution is payable on December 31, 2026, to shareholders of record at the close of business on November 30. The closing price of its affiliate Brookfield Corporation shares that day was not verified in the available data, so the results do not include a price for them. A single closing price for BAM is not enough to determine the direction of the market reaction without a documented comparison over time.
Brookfield said its third-quarter shareholder letter will be published on November 12, 2026. It said the letter will discuss key themes in its strategy and long-term outlook. The publication date follows the announcement of results for the quarter ended September 30. The current results include indicators for fundraising, earnings and the distribution of capital across the company’s strategies. The board also set the record and payment dates for the announced fourth-quarter cash distribution.