Financial Data and Key Metrics Changes - Distributed earnings before realizations were $1.3 billion for the quarter, or $0.56 per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the same period last year [4][13] - Total distributed earnings, including realizations, were $1.5 billion, or $0.63 per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months [13] - Total net income was $1.7 billion over the same period [13] Business Line Data and Key Metrics Changes - The asset management business generated distributed earnings of $687 million, or $0.29 per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months [13] - Wealth Solutions business delivered distributed earnings of $420 million, or $0.18 per share in the quarter, and $1.7 billion, or $0.70 per share over the last 12 months, representing organic growth of over 15% year-over-year [15][17] - The operating businesses generated distributed earnings of $336 million, or $0.15 per share in the quarter, and $1.7 billion, or $0.72 per share over the last 12 months [17] Market Data and Key Metrics Changes - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values, including over $35 billion in just the past few months [5][4] - The real estate business showed strong performance with 96% occupancy in the Super Core portfolio and 95% occupancy in the Core Plus portfolio [19] - Leasing activity in Canary Wharf remains strong, with over 450,000 sq ft leased year to date, indicating a strong demand for high-quality space [20] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [8] - Strategic transactions include the acquisition of Just Group in the U.K. and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [9][17] - The company is advancing initiatives in energy transition and AI infrastructure, including partnerships to deliver $80 billion of nuclear reactors and developing power generation from fuel cells [10][11] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about economic activity and corporate earnings remaining healthy, with capital markets open and transaction activity picking up [4] - The management highlighted the potential for faster economic growth to outpace debt, supported by AI and innovation [6] - The company expects continued growth in financial results over the remainder of the year and into 2026 [23] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - The board declared a quarterly dividend of $0.06 per share, consistent with the previous quarter's dividend [24] - The company maintains a conservatively capitalized balance sheet with record deployable capital of $178 billion at the end of the quarter [23] Q&A Session Summary Question: How do you see humanoids and AI potentially creating another leg of the stool for Brookfield over time? - Management indicated that most capital deployment is focused on building infrastructure to support AI growth, which presents significant growth potential for the franchise [28][30] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - The management confirmed that the reinsurance agreement is a flow agreement that will build over time, with a focus on continued growth in both the U.K. and Japan [32][33] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that reaching the 200 basis point target is a medium to long-term goal, and they expect the spread to start broadening as they deploy capital into real assets [38] Question: What is the impact of the Oaktree acquisition on share repurchases? - Management confirmed that the acquisition will not impact the broader buyback strategy, and they will buy back the shares issued as part of the transaction [40] Question: Can you discuss the trajectory of the insurance business and the spread dynamics? - Management acknowledged that the spread is currently at 165 basis points due to disciplined deployment, but they expect it to widen as attractive investment opportunities arise [44] Question: What are the downside protections sought in nuclear project investments? - Management emphasized that any involvement in nuclear projects will be structured to provide strong downside protection [52][54] Question: How is the outlook for Carry Generation shaping up for 2026? - Management indicated that they expect a step-up in carried interest in 2026, supported by a healthy transaction market [59][60]