Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor types [7] - Fee-bearing capital increased by 12% year-over-year to over $600 billion, with fee-related earnings reaching a record $3 billion, up 22% year-over-year [8] - Distributable earnings were $2.7 billion, an increase of 14% from the prior year, with a strong focus on fee-based income [8][26] Business Line Data and Key Metrics Changes - In renewable power, significant investments included acquiring Neoen and National Grid's US renewables platform [15] - The private equity sector saw investments in Chemelex, a global industrial technology business, and the infrastructure business acquired Hotwire Communications [15] - The real estate segment acquired Generator Hostels and National Storage REIT, reflecting a focus on essential assets with durable cash flows [15] Market Data and Key Metrics Changes - The company entered 2026 with a favorable market environment characterized by stabilized interest rates and resilient economic growth [9] - There is a growing demand for real assets that generate stable cash flows, particularly in the context of inflation protection [9] - The structural shift in capital allocation is evident as individual investors gain access to private assets through retirement and long-duration savings vehicles [10] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [10] - A focus on essential assets and businesses with strong operational capabilities is central to the company's investment strategy [15] - The company is well-positioned to capture opportunities in AI infrastructure, with a $100 billion global AI infrastructure program already underway [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook for 2026, expecting strong fundraising momentum and deployment across various platforms [25] - The company anticipates a record year for fundraising in 2026, driven by strong demand in both infrastructure and private equity [19] - Management highlighted the importance of maintaining a strong balance sheet and liquidity to support growth initiatives [33] Other Important Information - The board of directors approved a 15% increase in the quarterly dividend to $0.50025 per share, reflecting confidence in the company's financial health [34] - The company plans to enhance disclosure around partner managers to provide clearer insights into its evolving platform [26] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - Management acknowledged that secondaries are a growing segment and will be tracked closely, but any future actions will be selective and opportunistic [37][38] Question: What are the growth expectations for 2026? - Management expects growth rates in the mid- to high teens, with several initiatives already funded that will contribute to earnings growth [42] Question: How does the company view AI-related disruption? - Management sees AI as a net positive, with minimal exposure to software businesses, focusing instead on long-term contracted real assets [48][49] Question: What is the company's liquidity position? - The company has over $3 billion in liquidity, which is well-capitalized to support growth and strategic initiatives [53][56] Question: How is the company positioned in the credit market? - Demand for credit remains robust, with strong inflows into well-positioned products, despite some market volatility [77] Question: What is the outlook for wealth flows and product roadmap? - The company expects continued growth in the wealth channel, driven by new product launches and strong early reception [80]

Financial Data and Key Metrics Changes - In 2025, the company raised $112 billion of capital, reflecting strong demand from various investor segments [5] - Fee-bearing capital increased by 12% year-over-year to over $600 billion [6] - Fee-related earnings reached a record $3 billion, up 22% year-over-year, while distributable earnings were $2.7 billion, an increase of 14% from the prior year [6][24] - In Q4 2025, fee-related earnings were up 28% year-over-year to $867 million, with margins at 61% for the quarter [23][24] Business Line Data and Key Metrics Changes - The renewable power segment saw significant investments, including acquisitions in clean power assets and a US renewables platform [13] - The private equity business raised $1.6 billion, including $900 million for a special situation strategy [27] - Infrastructure raised $7 billion, including $5 billion for the AI infrastructure fund, marking a strong fundraising quarter [26][27] Market Data and Key Metrics Changes - The company noted a constructive market environment entering 2026, with stabilized interest rates and increased transaction activity [7] - There is a growing demand for real assets that generate stable cash flows, particularly in the context of inflation protection [8][9] Company Strategy and Development Direction - The company aims to double its business by 2030 and achieve a 15% annualized earnings growth [9] - A significant focus is on expanding access to private assets for individual investors through retirement and long-duration savings vehicles [8] - The company is well-positioned to capture opportunities in AI infrastructure, with a $100 billion global AI infrastructure program [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth outlook for 2026, expecting it to be at or above long-term targets due to strong fundraising momentum and a robust pipeline of opportunities [23][41] - The company is prepared for a meaningful expansion of its asset management mandate and anticipates strong earnings growth driven by recent acquisitions [17][31] Other Important Information - The board of directors increased the quarterly dividend by 15% to $0.50025 per share, payable on March 31, 2026 [32] - The company announced a leadership transition, with Conor Teskey appointed as CEO, reflecting a long-term succession plan [10] Q&A Session Summary Question: Is secondaries a strategically important area for the company? - The company tracks the secondaries market closely and sees it as a potential area for future growth, but will be selective in pursuing opportunities [34][35] Question: Can you elaborate on the growth expectations for 2026? - The company expects strong growth in 2026, with initiatives like the acquisition of Oaktree contributing to FRE growth, and a favorable market environment supporting increased deal activity [41] Question: What is the company's exposure to AI-driven disruption? - The company has minimal exposure to software businesses and focuses on long-term contracted real assets, positioning itself to benefit from increased AI penetration [44][46] Question: How is the company managing liquidity and uncalled commitments? - The company maintains over $3 billion in liquidity and views its uncalled capital of approximately $130 billion as a critical component for future growth [49][53] Question: What is the outlook for credit within the portfolio? - Demand for credit remains robust, with strong inflows into well-positioned products, despite some market concerns [72]

Brookfield Asset Management Overview BAM is a leading alternative asset manager with a more than 25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy | Fee-Bearing Capital | $603B | Our Businesses by Fee-Bearing Capital | | | | --- | --- | --- | --- | --- | | | | Infrastructure | | | | | | | $106B | | | Assets Under Management | $1.2T | Renewable Power & Transition | | | | | | $67B | | | | Operating Employees | ~250K ...

Financial Performance - Brookfield Asset Management reported record quarterly fee-related earnings of $867 million, up 28% year-over-year, and distributable earnings of $767 million, up 18% year-over-year[2][10]. - Net income for Q4 2025 was $615 million, with total net income for the year reaching $2.4 billion, marking a significant increase from the previous year[9][28]. - Brookfield's total revenues for 2025 reached $4.8 billion, up from $3.98 billion in 2024, driven by strong management and incentive fee revenues[28]. - Net income for Q4 2025 was $615 million, a decrease of 9.6% from $680 million in Q4 2024[29]. - Fee-related earnings (FRE) increased to $867 million in Q4 2025, up 28.1% from $677 million in Q4 2024[33]. - Distributable earnings (DE) rose to $767 million in Q4 2025, compared to $649 million in Q4 2024, reflecting an 18.2% increase[29]. - Base management and advisory fees reached $873 million in Q4 2025, a 9.9% increase from $794 million in Q4 2024[33]. - Incentive fees surged to $212 million in Q4 2025, doubling from $106 million in Q4 2024[33]. - Total fee revenues for the year ended December 31, 2025, were $5.487 billion, a 16.6% increase from $4.706 billion in 2024[33]. - The company reported a provision for taxes of $299 million in Q4 2025, significantly higher than $129 million in Q4 2024[29]. - Depreciation and amortization expenses increased to $24 million in Q4 2025 from $3 million in Q4 2024[29]. Dividends and Shareholder Returns - Brookfield announced a 15% increase in its quarterly dividend to $0.5025 per share, payable on March 31, 2026[5]. Fundraising and Investments - The company achieved a record fundraising of $35 billion in Q4 2025, totaling $112 billion for the year, with fee-bearing capital growing to over $600 billion, reflecting a 12% year-over-year increase[2][11]. - As of December 31, 2025, Brookfield had $134 billion in uncalled fund commitments, with $63 billion expected to generate approximately $630 million in annual fees once deployed[20]. - Corporate liquidity stood at $3.0 billion, including cash and undrawn capacity on revolving credit[21]. Strategic Initiatives - The company launched a $100 billion global AI infrastructure program, with $5 billion already secured in commitments for the Brookfield AI Infrastructure Fund[14][24]. - Brookfield completed the acquisition of a majority interest in Angel Oak, a leading asset manager with over $10 billion in fee-bearing capital[24]. - The company plans to acquire the remaining 26% of Oaktree for approximately $3.0 billion, expected to close in the first half of 2026[24]. Long-term Focus - The company emphasized its focus on long-term investments in real assets and essential service businesses, managing over $1 trillion in assets[41]. - Shareholders are encouraged to review the detailed financial results and strategy documents available on the company's website[36].

分组1 - Brookfield Asset Management reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.43 per share, and showing an increase from $0.4 per share a year ago, resulting in an earnings surprise of +8.80% [1] - The company generated revenues of $1.51 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 6.19%, and up from $1.24 billion in the same quarter last year [2] - Over the last four quarters, Brookfield has surpassed consensus EPS estimates two times and revenue estimates three times [2] 分组2 - The stock has underperformed the market, losing about 9.6% since the beginning of the year, while the S&P 500 has gained 1.1% [3] - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $1.42 billion, and for the current fiscal year, it is $1.83 on revenues of $6.01 billion [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 36% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Core Viewpoint - Brookfield Asset Management has appointed Connor Teskey as the new CEO, succeeding Bruce Flatt, who will continue to serve as chairman and CEO of the parent company Brookfield [1] Group 1 - Connor Teskey's appointment marks a significant leadership transition within Brookfield Asset Management [1] - Bruce Flatt, the long-serving CEO, will maintain his role as chairman, indicating a continuity in leadership at the parent company level [1]

Core Insights - Brookfield Asset Management Ltd. reported record financial results for Q4 2025, with $35 billion raised in the quarter and $112 billion for the year, marking the strongest results since its listing [1][5][9] - The company appointed Connor Teskey as CEO, succeeding Bruce Flatt, who will remain as Chair of the Board [2][3] - Fee-related earnings reached $867 million, up 28% year-over-year, while distributable earnings were $767 million, up 18% year-over-year [1][7][8] Financial Performance - Fee-related earnings for Q4 2025 were $867 million, or $0.53 per share, compared to $677 million, or $0.42 per share in Q4 2024 [6][7] - Distributable earnings for Q4 2025 were $767 million, or $0.47 per share, compared to $649 million, or $0.40 per share in Q4 2024 [8][27] - Net income for Q4 2025 was $615 million, down from $680 million in Q4 2024, while total revenues increased to $1.394 billion from $1.063 billion [6][26] Fundraising and Capital Deployment - The company achieved record fundraising of $35 billion in Q4 2025, contributing to a total of $112 billion for the year [1][9] - Fee-bearing capital grew to $603 billion, reflecting a 12% year-over-year increase [9] - Capital deployment reached $13 billion in Q4 2025, with total capital invested for the year at $66 billion, the strongest year ever for the company [9][10] Dividend Increase - The Board declared a quarterly dividend of $0.5025 per share, representing a 15% increase, payable on March 31, 2026 [4][29] Strategic Initiatives - Brookfield launched a $100 billion global AI infrastructure program, with a target of $10 billion in equity commitments, of which $5 billion has already been secured [13][14] - The company announced a strategic partnership with Qatar's national AI company to establish a $20 billion joint venture focused on AI infrastructure [21][14] - Brookfield completed the acquisition of a majority interest in Angel Oak, an asset manager focused on specialty mortgage and consumer credit solutions [21][14]

Core Viewpoint - Bread Financial Holdings (BFH) is currently viewed as a better value opportunity compared to Brookfield Asset Management (BAM) based on various financial metrics and Zacks Rank evaluations [1]. Valuation Metrics - BFH has a forward P/E ratio of 7.75, significantly lower than BAM's forward P/E of 28.22 [5]. - The PEG ratio for BFH is 0.47, indicating a more favorable valuation relative to its expected earnings growth, while BAM's PEG ratio stands at 2.08 [5]. - BFH's P/B ratio is 0.95, contrasting sharply with BAM's P/B of 9.21, suggesting that BFH is undervalued compared to its book value [6]. Zacks Rank and Earnings Outlook - BFH holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while BAM has a Zacks Rank of 4 (Sell) [3]. - The improving earnings outlook for BFH enhances its attractiveness as a value investment [7]. Value Grades - BFH is assigned a Value grade of A, reflecting its strong valuation metrics, whereas BAM has a Value grade of F, indicating poor valuation [6].

Core Insights - Equinox Payments has launched the Luxe 6700x payment solution, emphasizing its commitment to providing comprehensive and seamless payment solutions supported by exceptional service and support [1] Group 1: Product Launch - The Luxe 6700x is designed for modern connected retail environments, showcasing Equinox's holistic approach to addressing payment challenges [1] - The new payment solution adheres to the highest security standards, reinforcing the company's focus on security in payment processing [1]

Group 1 - Brookfield Asset Management Ltd. will host its fourth quarter and full year 2025 conference call and webcast on February 4, 2026, at 10:00 a.m. ET [1] - Results for the fourth quarter and full year 2025 will be released on the same day prior to 7:00 a.m. ET and will be accessible on the company's website [1] - Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management across various sectors including infrastructure, renewable power, private equity, real estate, and credit [1] Group 2 - The company focuses on long-term investments in real assets and essential service businesses that are critical to the global economy [1] - Brookfield offers a range of alternative investment products to a diverse clientele, including public and private pension plans, endowments, sovereign wealth funds, and private wealth investors [1] - The firm leverages its heritage as an owner and operator to generate strong returns for clients across different economic cycles [1]