Brookfield Asset Management Ltd. (BAM): Results of Operations and Financial Condition
Brookfield Asset Management Ltd. (BAM) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 Brookfield Asset Management Announces Record Second Quarter Results Fundraised a Record $77 Billion in the Second Quarter; $98 Billion Year-to-Date Quarterly Fee-Related Earnings of $808 Million, Up 20% Year-Over-Year Quarterly Distributable Earnings of $707 Million,
How this was made
The 30-second read
Why it matters
Traders can update models using reported fee-related earnings, distributable earnings, fee-bearing capital, and the declared dividend, and reassess forward expectations for fundraising and deployment.
Market read
Record fundraising and strong fee-related earnings growth are the core decision inputs, with the dividend declaration adding an immediate shareholder-return catalyst.
What to watch
The release highlights multiple strategic initiatives and acquisitions (including Oaktree integration) where execution timing and integration costs could affect future earnings quality.
Brookfield Asset Management Announces Record Second Quarter Results Fundraised a Record $77 Billion in the Second Quarter; $98 Billion Year-to-Date Quarterly Fee-Related Earnings of $808 Million, Up 20% Year-Over-Year Quarterly Distributable Earnings of $707 Million, Up 15% Year-Over-Year
Record $77 billion of quarterly fundraising, 20% growth in fee-related earnings to $808 million, 15% growth in distributable earnings to $707 million, and 19% year-over-year growth in fee-bearing capital to $672 billion were the central reported results.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $ 1,753 | – | – |
| Base management and advisory feesGAAP | $ 919 | – | – |
| Incentive feesGAAP | $ 128 | – | – |
| Carried interest incomeGAAP | $ 553 | – | – |
| Other revenuesGAAP | $ 153 | – | – |
| Compensation and operating expensesGAAP | $ (548 ) | – | – |
| Interest expenseGAAP | $ (60 ) | – | – |
| Carried interest allocation compensationGAAP | $ (51 ) | – | – |
| Total expensesGAAP | $ (659 ) | – | – |
| Other income (expenses)GAAP | $ 41 | – | – |
| Share of income from equity method investmentsGAAP | $ 199 | – | – |
| Income before taxesGAAP | $ 1,334 | – | – |
| Income tax expenseGAAP | $ (162 ) | – | – |
| Net incomeGAAP | $ 1,172 | – | – |
| Net income attributable to BAMGAAP | $ 904 | – | – |
| Net income attributable to BAM per share, basicGAAP | $ 0.56 | – | – |
| Net income attributable to BAM per share, dilutedGAAP | $ 0.56 | – | – |
| Fee-related earningsnon-GAAP | $ 808 | – | 20% |
| Fee-related earnings per sharenon-GAAP | $ 0.50 | – | – |
| Distributable earningsnon-GAAP | $ 707 | – | 15% |
| Distributable earnings per sharenon-GAAP | $ 0.44 | – | – |
| Fee-bearing capitalother | $672 billion | – | 19% |
| Second quarter fundraisingother | $77 billion | – | – |
| Fundraising in the past twelve monthsother | $163 billion | – | – |
| Capital deploymentother | $21 billion | – | – |
| Monetizationsother | $11 billion | – | – |
| Uncalled fund commitmentsother | $149 billion | – | – |
| Uncalled fund commitments expected to generate annual fees once deployedother | $68 billion | – | – |
| Annual fees expected once $68 billion of uncalled fund commitments is deployedother | approximately $680 million | – | – |
| Cash and cash equivalentsGAAP | $ 1,503 | – | – |
| Corporate borrowingsGAAP | $ 3,466 | – | – |
| Borrowings of consolidated fundsGAAP | $ 589 | – | – |
| Corporate liquidityother | $3.1 billion | – | – |
Capital returns
- Repurchased $200 million of BAM shares during the quarter.
- The board of directors of BAM declared a quarterly dividend of $0.5025 per share, payable on September 29, 2026, to shareholders of record as of the close of business on August 31, 2026.
What drove it
- Second-quarter fundraising of $77 billion was driven by flagship strategies and a large investment management mandate.
- Credit raised $51 billion of capital, including $45 billion from Brookfield Wealth Solutions, inclusive of the $40 billion Just Group mandate.
- Infrastructure raised $10 billion, including $7.9 billion for the infrastructure flagship strategy.
- Private Equity raised $8.6 billion, primarily driven by $6.7 billion for the private equity flagship strategy.
- The sixth vintage of the infrastructure flagship strategy raised $9.3 billion.
- BAM deployed $21 billion across its business during the quarter and monetized $11 billion from the sale of high quality assets at attractive valuations.
- In July, BAM completed its acquisition of Oaktree.
- BAM expanded its strategic partnership with Bloom Energy from $5 billion to $25 billion to finance rapidly deployable power solutions for AI infrastructure.
Concerns
- Carried interest income was $ 553 in the quarter, compared with $ (63 ) in the prior-year quarter, making this item a significant contributor to the change in total revenues and net income.
- Interest expense was $ (60 ) in the quarter, compared with $ (37 ) in the prior-year quarter.
- Corporate borrowings were $ 3,466 as of June 30, 2026, compared with $ 2,478 as of December 31, 2025.
- The approximately $3.0 billion commitment to acquire an energy storage business and the agreement to acquire an air freight services provider were expected to close later this year.
What to watch
- Deployment of $149 billion of uncalled fund commitments, including $68 billion expected to generate approximately $680 million of annual fees once deployed.
- Additional closes for the infrastructure flagship strategy, which is targeting its first close this year.
- Execution of the Oaktree integration following the July acquisition.
- Progress on AI infrastructure initiatives, including the $25 billion Bloom Energy partnership and the $100 billion plan to develop an AI data center campus at the U.S. DOE’s Paducah, Kentucky site.
- Fundraising and deployment across credit following the $40 billion Just Group mandate.
Balance sheet and cash flow
- Cash and cash equivalents were $ 1,503 as of June 30, 2026, compared with $ 1,583 as of December 31, 2025.
- Corporate liquidity was $3.1 billion as of June 30, 2026, comprised of cash reserved for the purchase of Oaktree, short term financial assets, and undrawn capacity on the revolving credit facility.
- Corporate borrowings were $ 3,466 as of June 30, 2026, compared with $ 2,478 as of December 31, 2025.
- During the quarter, BAM issued $1.0 billion of senior notes, comprised of $550 million of five-year senior unsecured notes with a coupon of 4.832% and $450 million of ten-year senior unsecured notes with a coupon of 5.298%.
- Borrowings of consolidated funds were $ 589 as of June 30, 2026, compared with $ 462 as of December 31, 2025.
Analysis
Brookfield reported a strong second quarter marked by record $77 billion fundraising, $21 billion of deployment and $11 billion of monetizations. Fee-bearing capital reached $672 billion, up 19% year-over-year, after $163 billion of fundraising in the past twelve months. The largest quarterly fundraising contribution was Credit, which raised $51 billion, including $45 billion from Brookfield Wealth Solutions and the $40 billion Just Group mandate.
Reported GAAP total revenues were $ 1,753, compared with $ 1,090 in the prior-year quarter. Base management and advisory fees were $ 919 versus $ 815, while carried interest income was $ 553 versus $ (63 ). Net income was $ 1,172 versus $ 584, and net income attributable to BAM was $ 904 versus $ 620. The movement in carried interest income was a major reported component of the change in revenues and earnings.
On the company’s non-GAAP measures, fee-related earnings increased 20% to $808 million, or $0.50 per share, and distributable earnings increased 15% to $707 million, or $0.44 per share. Compensation and operating expenses were $ (548 ) compared with $ (504 ), while interest expense was $ (60 ) compared with $ (37 ). BAM also reported $149 billion of uncalled fund commitments, of which $68 billion will generate approximately $680 million of annual fees once deployed.
Capital allocation included $200 million of BAM share repurchases and a quarterly dividend declaration of $0.5025 per share. Corporate liquidity was $3.1 billion as of June 30, 2026. During the quarter BAM issued $1.0 billion of senior notes, and corporate borrowings were $ 3,466 at period end, compared with $ 2,478 at December 31, 2025.
The release provided no formal quantitative financial guidance. Management stated that it expects its best year ever and detailed strategic activity in AI infrastructure, energy, retirement services and credit, including completion of the Oaktree acquisition in July. The next reported markers are deployment of committed capital, additional flagship fundraising closes, integration of Oaktree, and execution of the announced AI infrastructure and energy initiatives.
Management, verbatim
We delivered a strong second quarter, with record fundraising of $77 billion, led by private equity, infrastructure, and credit. Fee-related earnings grew 20% to $808 million, and fee-bearing capital reached $672 billion, up 19% year-over-year, delivering performance above our long-term targets. Together with the continued momentum across the broader business, we expect our best year ever.
Connor Teskey, CEO of Brookfield Asset Management
Our ability to fundraise across the largest and most diverse pools of global capital and deploy into the largest and most attractive investment themes continues to accelerate. The current environment is increasing demand for high-quality real assets and essential service businesses. Further, our recent acquisition of the remainder of Oaktree strengthens our credit platform, enables us to deliver the full breadth of Brookfield’s capabilities to clients, and positions us well to capitalize on opportunities that may emerge through credit cycles.”
Connor Teskey, CEO of Brookfield Asset Management
Not in the filing
stated, not guessed- Formal forward revenue guidance
- Formal forward gross margin guidance
- Formal forward operating-expense guidance
- Formal forward tax-rate guidance
- Prior outlook section for comparison with actual results
- Gross margin
- Operating income
- Operating margin
- Tax rate
- Operating cash flow
- Free cash flow
- Quarterly segment revenue by Infrastructure, Energy, Private Equity, Real Estate and Credit
- Prior-quarter comparisons for reported metrics
- Share count
- Full reconciliation tables for fee-related earnings and distributable earnings, which are truncated in the supplied filing text
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Brookfield Asset Management’s SEC Form 8-K (Item 2.02) attaching a press release with Q2 2026 financial results and corporate actions.
Ticker impact
Brookfield reports Q2 results with record $77B fundraising, fee-related earnings of $808M (+20% YoY), and declares a $0.5025 quarterly dividend.
Likely positive bias for the next session and into dividend-related positioning, assuming the market rewards fundraising and fee-related earnings growth.
The filing is a primary disclosure (SEC 8-K) with specific, time-stamped financial results, per-share metrics, and a declared dividend payable in September 2026.
Market effects
Strength in alternative asset fundraising and fee-related earnings supports sentiment for asset managers and real-asset investment platforms.
Primarily US-listed sentiment, with potential spillover to Canadian-listed BAM (TSX: BAM) given the same release.
Global fundraising and deployment themes (AI infrastructure, energy, credit) may influence cross-border capital allocation narratives for alternatives.
Counterpoint
Record fundraising does not guarantee near-term distributable earnings durability if deployment pace or monetization margins slow in later quarters.
Key entities
- issuerBrookfield Asset Management Ltd.
Alternative asset manager reporting Q2 2026 results, record fundraising, and declaring a quarterly dividend.
- executiveConnor Teskey
CEO quoted on performance, fundraising momentum, and the Oaktree acquisition’s credit-platform impact.
- acquired platformOaktree
Brookfield completed acquisition in July and frames it as strengthening the credit platform.
