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 [5][14] - 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, with total net income of $1.7 billion [14][15] - The company financed $140 billion of debt across operations and closed $75 billion of asset sales at attractive values [5][25] 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 [14] - 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 [17] - The infrastructure and renewable power businesses remain at the forefront of secular trends, with significant initiatives announced for next-generation power and AI infrastructure [20] Market Data and Key Metrics Changes - Economic activity and corporate earnings remain healthy, with capital markets open and transaction activity picking up across most asset classes [5] - The real estate recovery is gaining momentum, with strong leasing activity and high occupancy rates in the Super Core and Core Plus portfolios [20][21] - The company has advanced $75 billion of monetizations across its franchise, including various asset classes [21][24] Company Strategy and Development Direction - The company is focusing on AI innovation, aging populations, and real estate recovery as key trends for future growth [9] - Strategic transactions include the acquisition of Just Group in the UK and a reinsurance agreement in Japan, expanding the company's footprint in retirement markets [10][19] - The company aims to leverage its scale and expertise in real assets to capture opportunities in energy transition and AI infrastructure [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment, noting potential policy easing from the Federal Reserve and the benefits of real assets in a low nominal rate environment [6][8] - The company anticipates continued strong growth in its results over the remainder of the year and into 2026, supported by a record $180 billion of deployable capital [9][25] - Management highlighted the importance of disciplined capital deployment and the potential for significant growth in AI and renewable energy sectors [29][79] Other Important Information - The company completed a three-for-two stock split on October 9, 2025, affecting all per-share amounts discussed [2] - A quarterly dividend of $0.06 per share was declared, consistent with the previous quarter's dividend [26] - The company maintains a conservatively capitalized balance sheet with high levels of liquidity [25] 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 capital deployment is focused on building infrastructure to support AI growth, with significant investment in renewable energy and data centers [29][31] Question: Can you talk about the reinsurance agreement in Japan and its contribution to global ambitions? - Management confirmed that the reinsurance agreement is a flow arrangement that will build over time, with a focus on growth in both the UK and Japan markets [33][34] Question: How long to reach the 200 basis point target net investment yield spread? - Management stated that achieving the target is a medium to long-term goal, with expectations for the spread to widen as attractive investment opportunities arise [37][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, with a portion of shares issued being repurchased [41] Question: Can you elaborate on the trajectory of the insurance business and spread dynamics? - Management acknowledged the current spread of 165 basis points, emphasizing a disciplined approach to capital deployment and a focus on long-term performance [44][46] Question: What are the downside protections sought in nuclear project investments? - Management indicated that investments in nuclear projects will be structured to provide strong downside protection, with a focus on scaling Westinghouse's services [53][55] Question: How is the outlook for Kerry Generation shaping up for 2026? - Management expects a step-up in carried interest in 2026, with a healthy transaction market supporting continued activity [61][62]

Business Updates - Oklo was selected for three DOE Reactor Pilot Program projects, potentially accelerating deployment timelines[17, 20, 21] - Groundbreaking for the Aurora-INL powerhouse was completed in September, with site earthworks beginning in October[18, 26, 27] - Atomic Alchemy targets first operations by July 2026, focusing on isotope production[18, 31] - The company announced a Fuel Recycling Facility as phase I of an advanced fuel center in Tennessee, with a potential investment of up to $168 billion[19, 41, 44] - Oklo signed a Joint Technology Development Agreement with Blykalla and a fuel fabrication and manufacturing partnership with newcleo to collaborate on advanced nuclear ecosystem[17, 48, 50] Financial Highlights - The company's 3Q 2025 loss from operations was $363 million, driven by payroll, general business expenses, and non-cash stock-based compensation[52, 54] - The 3Q 2025 loss before income taxes was $292 million, derived from the loss from operations adjusted for net interest and dividend income of approximately $71 million[52] - Year-to-date 2025 cash used in operating activities totaled $487 million, including a net loss of $642 million, adjusted primarily for non-cash charges[53] - As of September 30, 2025, Oklo had cash and marketable securities totaling $1184 billion, including $4100 million in cash and equivalents and $7735 million in marketable securities[19, 54, 55]

Core Insights - The company has announced a strategic partnership with the US government to reinvigorate the nuclear power industrial base, with an investment value of at least $80 billion aimed at constructing new Westinghouse nuclear reactors in the United States [1][14][18] - The partnership is expected to enhance Westinghouse's position as a leading provider in the nuclear sector, contributing to significant earnings growth and long-term recurring cash flows [20][22][23] - There is a growing demand for electricity driven by electrification, reindustrialization, and the needs of hyperscalers, which positions the company well to capitalize on opportunities in nuclear power [2][3][4] Investment and Financial Performance - The company generated $302 million in funds from operations (FFO) during the quarter, reflecting a 10% year-over-year increase, and is on track to meet its growth target of over 10% FFO per unit by 2025 [4][24] - The hydroelectric segment performed strongly, generating $119 million in FFO, up over 20% from the previous year, driven by solid generation and higher pricing [24] - The company has executed $7.7 billion in financing during the quarter, with a total of $38 billion over the past twelve months, indicating strong investor demand for its high-quality assets [27][28] Nuclear Power Expansion - The partnership with the US government aims to construct 10 large-scale reactors by 2030, which is expected to significantly enhance the value of Westinghouse and create a stable cash flow from fuel and maintenance services over the reactors' lifespans [14][19][20] - Westinghouse currently services over 50% of the global nuclear fleet, and its technology is used in more than two-thirds of operating nuclear reactors worldwide, positioning it as a key player in the nuclear industry [15][16] - The company is also exploring the development of two partially constructed BC summer nuclear reactors, which represents another growth opportunity for Westinghouse [5][6] Market Dynamics and Opportunities - The demand for reliable and sustainable energy sources is increasing, particularly from hyperscalers, which is driving the need for diverse energy solutions, including nuclear power [2][3][6] - The company is well-positioned to capture the growing demand for hydroelectric power, with approximately five terawatt hours of generation coming up for recontracting [7][8] - The cost of battery storage has decreased by over 50% in the past year, leading to increased interest in long-term capacity contracts, which the company is actively pursuing [10][11] Strategic Initiatives - The company is focused on maintaining high levels of liquidity and access to capital to capitalize on growth opportunities in the energy sector [31] - The strategic partnership with the US government is expected to catalyze further investment in the nuclear supply chain, enhancing the overall growth prospects for the nuclear sector [20][21][23] - The company continues to evaluate opportunities for acquiring hydro assets that align with its portfolio, indicating a proactive approach to expanding its renewable energy capabilities [8][9]

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]

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]

Core Insights - The U.S. government has announced a pact to construct nuclear reactors valued at a minimum of $80 billion to address the increasing power demands driven by artificial intelligence [1] Group 1 - The pact aims to meet the growing energy requirements resulting from advancements in artificial intelligence [1]

Group 1 - Westinghouse Electric Company, Cameco Corporation, and Brookfield Asset Management have partnered with the United States government [1] - The partnership aims to build new nuclear reactors valued at a minimum of $80 billion across the country [1]

BWX Technologies, Inc. (NYSE:BWXT) is one of the stocks Jim Cramer recently commented on. Cramer noted that it is one of the nuclear specs that make money. He said: “What sectors count as speculative here? Okay, they can be pretty easily grouped, thankfully. There are the nuclear stocks like Energy Fuels, that means Oklo, Nano Nuclear, and BWX Technologies. I’d include Bloom Energy, BE, I saw them on TV today… hydrogen fuel cells. BWX and Bloom make money, the rest don’t, but they’re all expensive.” Ph ...

Core Insights - Oklo's shares have gained significant attention following a multibillion-dollar nuclear energy deal between the U.S. and the U.K. aimed at expanding nuclear power [2][3] - The company's stock surged 64% last week and approximately 500% year-to-date, driven by increased energy demand for AI and a recent contract win with the U.S. Air Force [4] Technical Analysis - Oklo's stock broke out from an ascending triangle pattern, indicating a continuation of its long-term uptrend [6][10] - The recent rally saw the highest trading volume since late May, suggesting participation from larger investors [7] - The relative strength index indicates strong price momentum, although it has reached levels that typically precede consolidation [7][10] Price Projections - Bars pattern analysis suggests a potential upside price target of around $410, with the trend expected to continue until mid-January next year [9][10] - Key support levels to monitor during potential pullbacks are identified at $85, $70, and $58 [10]

Key Points Oracle's earnings just came up slightly short of expectations, but its management forecast dramatic sales growth in its AI business. AI demands a lot of electricity, and GE Vernova builds nuclear reactors that can supply it. 10 stocks we like better than Ge Vernova › GE Vernova (NYSE: GEV) stock jumped by 6% through 11:52 a.m. ET Tuesday, and it's not hard to guess why. After the closing bell on Monday, tech giant Oracle (NYSE: ORCL) reported an earnings miss for its fiscal 2026 first qu ...