Brookfield Asset Management Overview BAM is a leading alternative asset manager with a +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 | $581B | Our Businesses by Fee-Bearing Capital | | | | --- | --- | --- | --- | --- | | | | Infrastructure | | | | | | | $101B | | | Assets Under Management | $1T+ | Renewable Power & Transition | | | | | | $69B | | | | Operating Employees | 250K+ | Private ...

Capital Raising and Investments - Brookfield Asset Management raised a record $30 billion in capital during the third quarter, contributing to over $100 billion in the past twelve months[2][8] - Brookfield Asset Management deployed a record $23 billion into investments during the quarter, marking the largest deployment quarter ever[2][9] - The company monetized $15 billion in equity value from asset sales during the quarter, with total asset sales valued at $25 billion[10] - Brookfield raised $20 billion for its global transition flagship strategy, making it the world's largest private fund dedicated to clean energy transition[14] Financial Performance - Fee-related earnings reached a record $754 million, or $0.46 per share, representing a 17% increase year-over-year, with margins expanding to 58%[5][6] - Distributable earnings were $661 million, or $0.41 per share, up 7% from the previous year, with total distributable earnings over the last twelve months at $2.6 billion[6] - Net income attributable to Brookfield Asset Management totaled $724 million for the quarter, a 33% increase, and $2.6 billion for the year, up 41%[5] - Total revenues for Q3 2025 reached $1,252 million, a 12.1% increase from $1,117 million in Q3 2024[28] - Net income for Q3 2025 was $692 million, up 29% from $537 million in Q3 2024[30] - Fee-related earnings for Q3 2025 were $754 million, compared to $644 million in Q3 2024, reflecting a 17.1% increase[31] - Distributable earnings for Q3 2025 amounted to $661 million, a 6.8% increase from $619 million in Q3 2024[32] - Base management and advisory fees for Q3 2025 were $859 million, up from $768 million in Q3 2024, representing an increase of 11.8%[32] - Incentive fees for Q3 2025 totaled $116 million, compared to $106 million in Q3 2024, marking a 9.4% increase[32] - Carried interest income for Q3 2025 was $241 million, significantly higher than $104 million in Q3 2024, indicating a 131.7% increase[28] - The company reported a net income attributable to BAM of $724 million for Q3 2025, compared to $544 million in Q3 2024, reflecting a 33% increase[28] - Basic net income per share for Q3 2025 was $0.45, up from $0.34 in Q3 2024, a 32.4% increase[28] - Total expenses for Q3 2025 were $515 million, an increase from $438 million in Q3 2024, representing an 17.6% rise[28] Corporate Actions and Future Outlook - The company announced an agreement to acquire the remaining 26% interest in Oaktree for approximately $3.0 billion, expected to close in the first half of 2026[21] - Corporate liquidity stood at $2.6 billion as of September 30, 2025, with $125 billion of uncalled fund commitments[24][23] - A quarterly dividend of $0.4375 per share was declared, payable on December 31, 2025[25] Risks and Uncertainties - The company acknowledges that actual results may differ materially from forward-looking statements due to various factors, including market volatility and regulatory challenges[49] - Risks include foreign currency fluctuations, interest rate increases, and unfavorable economic conditions that could impact financial performance[50] - The company emphasizes that past performance is not indicative of future results, and there is no assurance that targeted returns or growth objectives will be achieved[52] - Target returns and growth objectives are based on assumptions that may prove incorrect, highlighting the uncertainty in achieving these goals[53] - The company relies on third-party sources for certain information, but does not guarantee the accuracy or completeness of this data[54]

Group 1 - Actis, owned by General Atlantic, is interested in reacquiring Sprng Energy from Shell Plc, with a potential buyback deal valued at approximately $1.55 billion enterprise value [1][16] - Sprng Energy currently possesses 2.3 GW of operational renewable energy projects and has an additional 5 GW in the pipeline [1][16] - Other prospective bidders for Sprng Energy include Blackstone and Brookfield Asset Management Inc., indicating strong interest in the renewable energy sector [2][16] Group 2 - The scale of India's green energy market is attracting significant interest from both Indian and global investors, with plans to increase renewable energy capacity to 500 GW by 2030 [4][16] - Inorganic growth is a key strategy in the energy sector, with mergers and acquisitions being a priority for organizations seeking to enhance energy security and scale renewables [7][8] - Recent transactions in the renewable energy space include various acquisitions and IPOs, highlighting the active investment landscape [14][15]

Core Insights - The U.S. government plans to invest $80 billion in Westinghouse nuclear plants, potentially transforming it into an independent, publicly traded company with government as a major shareholder [2][3] - The deal allows the U.S. government to require an IPO by January 2029 if Westinghouse's value exceeds $30 billion, potentially granting the government an 8% stake [3] - Cameco is considering spinning out Westinghouse as an independent entity in 2029, depending on market conditions [4][5] Investment and Market Dynamics - The partnership agreement does not obligate Cameco to divest from Westinghouse in 2029, leaving options open for retaining or selling shares based on the company's valuation [5] - There is significant interest in investing specifically in Westinghouse, with Cameco and Brookfield serving as indirect proxies for such investments [4]

Investment Rating - The report suggests a positive outlook for the nuclear power sector, particularly in the context of AI energy consumption, recommending attention to companies involved in nuclear energy and related infrastructure [6]. Core Insights - The U.S. government has reached a cooperation agreement with Westinghouse Electric and shareholders Cameco and Brookfield to develop a nuclear power project valued at $80 billion [4]. - The report highlights a significant increase in electricity infrastructure investment in the U.S., projected to reach $1.4 trillion from 2025 to 2030, which is double the investment of the previous decade [2]. - The demand for data centers is surging, with major companies like OpenAI and Oracle planning to develop large-scale data center facilities, indicating a robust growth trajectory in the sector [9][10]. Summary by Sections Global Infrastructure and Construction Equipment - North America's data center vacancy rate has reached a historic low of 1.6%, driven by high demand and limited power supply [9]. - The average price for data center cabinets has increased significantly, with a 19% rise for deployments over 10 MW [9]. - The U.S. energy market is experiencing a "super cycle" in investment, with rising retail electricity prices and a strong demand for infrastructure upgrades [2]. Global Electrical and Intelligent Equipment - The gas turbine price index in the U.S. increased by 3.43% year-on-year, indicating a stable demand for industrial equipment [3]. - The report notes a significant increase in transformer exports from China, with a 23% year-on-year growth in September 2025 [37]. - Companies like GE Vernova and Siemens Energy are expanding their production capacities to meet the growing demand for electrical equipment [42]. Global Energy Industry - The U.S. government is actively promoting the development of small modular reactors (SMRs) as a key energy solution for AI data centers, with significant investments and regulatory support expected [46][47]. - The report anticipates that by 2028, the total nuclear power capacity in the U.S. will reach 81 GW, with plans for further expansion [48]. - The collaboration between major tech companies and the nuclear sector is expected to enhance the viability and deployment of SMR technology [48]. Global New Materials - The report tracks the price movements of uranium and rare earth materials, noting a 10% increase in uranium prices in September 2025 [5]. - The demand for advanced materials is expected to rise in conjunction with the growth of the energy and technology sectors [5].

Transaction Details - Northern Superior's shareholders will receive 0.0991 of an Iamgold share and 19 cents in cash for each common share, valuing Northern Superior shares at $2.05 based on Iamgold's closing price on October 17 [1] - Iamgold will also distribute all shares in ONGold Resources Ltd. currently held by Northern Superior to its shareholders [1] - Iamgold will acquire Mines D'Or Orbec Inc. in a stock-and-cash deal valued at $17.2 million, with Orbec shareholders receiving 6.25 cents and 0.003466 of an Iamgold share for each share held, equating to a value of 12.5 cents per share [2] Parkland Corp. Financial Performance - Parkland Corp. reported a third-quarter profit of $129 million, an increase from $91 million a year ago, with profit per diluted share rising to 73 cents from 52 cents [4][9] - On an adjusted basis, Parkland earned $1.02 per diluted share compared to 60 cents in the same quarter last year [5] - Sales and operating revenue totaled $7.35 billion, up from $7.13 billion a year earlier [5] Wealthsimple Capital Raise - Wealthsimple is raising up to $750 million in capital to accelerate growth, which will bring its valuation to $10 billion upon completion [8] - The equity round includes a $550 million primary offering and a secondary offering of up to $200 million, co-led by Dragoneer Investment Group and GIC [8][9] - Wealthsimple's assets under administration reached $100 billion, roughly doubling from a year ago [10] Cameco and Brookfield Partnership - Cameco shares rose over 20% following a partnership agreement with Brookfield Asset Management to help build nuclear reactors in the U.S. [11] - The U.S. government will arrange financing and facilitate approvals for at least $80 billion worth of new Westinghouse nuclear reactors [12] - Cameco's CEO highlighted the expected growth in demand for nuclear power and the role of Westinghouse's reactor technologies in expanding nuclear capacity [13]

Core Insights - The market is experiencing a shift from easy money and growth-at-any-price investing, prompting a search for more reasonable valuations [1] - Inflation remains above comfortable levels, influencing investment strategies [1] Company Overview - Seeking Alpha employs a quantitative stock rating system and analytical tools to provide insights for investors, aiming to save time in investment research [1] - The company offers a systematic stock recommendation tool called Alpha Picks, which helps long-term investors build a high-quality portfolio [1] Leadership and Expertise - Steven Cress, with over 30 years of experience in equity research and quantitative strategies, leads the quantitative strategies at Seeking Alpha [1] - Cress has a background in proprietary trading at Morgan Stanley and has founded multiple investment-related firms, enhancing his credibility in the field [1]

Core Insights - The U.S. government has announced an $80 billion investment in new nuclear plants, with Brookfield involved in the project, aiming to revitalize the nuclear industry in the U.S. [1][4] - The investment is seen as a way to build a sustainable supply chain for nuclear energy, which has been declining in recent years [2][3] - The project is structured as a public-private partnership, with the U.S. government financing the plants while Brookfield and Westinghouse will handle construction [4][5] Investment and Industry Outlook - The nuclear industry is expected to play a crucial role in meeting the increasing energy demands, with projections to double energy use in the next 15 years [8][9] - The first nuclear reactor is anticipated to be operational by 2030, with subsequent plants taking six to eight years to complete [6][5] - The focus on nuclear energy is part of a broader strategy to diversify energy sources, including solar, gas, and hydro, to meet future power needs [9][10] Market Dynamics - The demand for power is rapidly increasing, particularly for data centers, which now require significantly more energy than a decade ago [11][12] - The capital required for large-scale energy projects is substantial, with estimates of $50 billion needed for infrastructure related to AI factories [12] - The investment in nuclear energy is viewed as a long-term vision to ensure energy security and sustainability in the U.S. [10][8]

Investment in Nuclear Energy - Brookfield is involved in an $80 billion investment in new nuclear plants in the United States, which aims to revitalize the nuclear industry and build a supply chain across America [1][2][4] - The U.S. government is financing the construction of these plants, which will be built by Westinghouse, with Brookfield owning half of the venture [4][5] Public-Private Partnerships - The current U.S. administration is focused on less regulation and more business-friendly policies, which supports public-private partnerships in infrastructure projects [5][20] - The government aims to ensure that American citizens benefit from successful investments in re-industrialization [5] Construction Timeline and Efficiency - The first nuclear plant in South Carolina is expected to be operational by 2030, while subsequent plants will take six to eight years to complete [6] - There is an expectation that as experience and supply chains develop, construction times will decrease over time [6] Energy Demand and Infrastructure - The energy demand is projected to double in the next 15 years, necessitating a diverse energy mix including nuclear, solar, gas, and hydro [9][18] - The need for AI infrastructure and data centers is critical, as countries must adapt to support technological advancements [17][19] Growth in Data Centers - The demand for data centers is increasing significantly, with major technology companies requiring substantial power for operations [12][26] - The capital required for building AI infrastructure is substantial, with estimates of $50 billion for a single AI factory [12][13] Private Credit Market - The private credit market has grown from zero to $2 trillion and is expected to continue expanding significantly in the coming years [31] - This growth is driven by financial institutions shifting their focus to longer-term loan holdings, creating opportunities for private credit firms [31]

Core Insights - The government is set to arrange financing and facilitate approvals for a significant investment in nuclear energy, amounting to at least $80 billion in new nuclear reactors [1] Group 1 - The initiative aims to bolster the nuclear energy sector, indicating a strong governmental commitment to expanding nuclear infrastructure [1] - The financing and approval process is expected to streamline the development of new reactors, potentially accelerating project timelines [1] - This investment reflects a broader trend towards renewable and low-carbon energy sources, positioning nuclear energy as a key component in the transition to sustainable energy [1]