Q3 2025 BROOKFIELD ASSET MANAGEMENT LTD Earnings Call Transcript
Key Points
- Brookfield Asset Management Ltd (BAM) reported record fundraising, earnings, deployment, and monetization for the third quarter of 2025.
- Fee-related earnings grew by 17% year-over-year to $754 million, and distributable earnings increased by 7% to $661 million.
- The company raised $30 billion in the third quarter, bringing total inflows over the past 12 months to more than $100 billion, marking the highest pace of organic fundraising ever.
- Brookfield Asset Management Ltd (BAM) announced an agreement to acquire the remaining 26% in Oaktree Capital Management, enhancing their global credit platform.
- The company is launching an AI infrastructure fund, capitalizing on the estimated $7 trillion AI-related infrastructure investment opportunity over the next decade.
- Oaktree's margins are temporarily lower due to returning significant capital without yet calling capital for deployment, impacting overall margins.
- The private credit market has become more commoditized, with large amounts of capital raised for a small pool of attractive deals, leading to compressed spreads and covenant degradation.
- Increased interest expenses from bonds issued over the past year partially offset the growth in distributable earnings.
- The acquisition of partner managers, while accretive, has lower margins, slightly diluting overall margin levels.
- There is a risk of negative surprises from partner managers, although Brookfield Asset Management Ltd (BAM) believes their focus on real assets and strong structures mitigates this risk.
Good day, and thank you for standing by. Welcome to the Brookfield Asset Management third quarter 2025 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jason Fooks, Managing Director, Investor Relations. Please go ahead.
Thank you for joining us today for Brookfield Asset Management's earnings call for the third quarter of 2025. On the call today, we have Bruce Flatt, our Chief Executive Officer; Connor Teskey, our President; and Hadley Peer Marshall, our Chief Financial Officer.
Before we begin, I'd like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable US and Canadian securities laws. These statements reflect
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