Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) reported financial results for the quarter ended March 31, 2026, highlighting growth in fee-related earnings, continued fundraising momentum, and increased capital deployment across its alternative asset platforms.
Outlook and key drivers
CEO Connor Teskey said the company expects 2026 to be “a very strong year,” with growth exceeding its long-term targets. He noted that Brookfield’s infrastructure and private equity flagship strategies currently in the market are expected to be their largest vintages ever. Teskey also cited benefits from the acquisition of Oaktree and a recently awarded Just Group investment mandate that began in the second quarter.
Brookfield raised $21 billion in the quarter and $67 billion year-to-date, including the Just Group mandate and the private equity flagship’s initial first close, which together represent more than half of capital raised in 2025.
Dividend declaration
The board declared a quarterly dividend of $0.5025 per share, payable on June 30, 2026, to shareholders of record as of May 29, 2026 (close of business).
Financial results for the quarter
In the first quarter, Brookfield reported net income of $586 million. Over the last twelve months, net income was $2.5 billion.
Fee-related earnings (FRE) increased 11% to $772 million, or $0.48 per share, for the quarter. Over the last twelve months, FRE rose 18% to $3.1 billion, or $1.89 per share.
Distributable earnings (DE) were $702 million, or $0.43 per share, in the quarter. Over the last twelve months, DE increased to $2.7 billion, or $1.69 per share.
Capital flows, deployment and monetizations
Fee-bearing capital grew to $614 billion, up 12% year-over-year, driven by $108 billion of fundraising over the past twelve months. Quarterly fundraising totaled $21 billion, supported by complementary strategies and continued growth in insurance inflows.
Brookfield deployed or committed to deploy $34 billion during the quarter and monetized $8 billion, while advancing additional monetization transactions.
Operating highlights by business segment
Infrastructure
- Fundraising: Raised $3.4 billion, including $800 million for its infrastructure private wealth strategy (now over $8.0 billion of capital) and $800 million for its supercore infrastructure strategy (now over $20 billion of capital). The company also launched the sixth vintage of its infrastructure flagship strategy, with a first close later in 2026.
- Deployment: Invested $4.0 billion, including acquiring 20% of a regulated electric utility in Florida and acquiring a North American rail operating lease portfolio. Brookfield also signed an exclusivity agreement to launch a leasing platform for large, mission-critical and long-life industrial equipment.
- Monetizations: Sold $2.3 billion, including additional proceeds from the secondary public offering of a North American independent natural gas storage operator.
Energy
- Deployment: Invested $300 million. Signed an agreement to acquire a leading renewable energy platform in a take-private transaction with an enterprise value of $7.2 billion. Also created a privately held renewable energy company to acquire and own a diversified portfolio of contracted, operating renewable assets in the U.S. and Canada.
- Monetizations: Sold $800 million, including the IPO of an India-based renewables company and the sale of a portfolio of U.S. renewable assets.
Private Equity
- Fundraising: Raised $1.4 billion, including $1.0 billion for its private equity special situations strategy, which held its first close in February of $2.4 billion. Held a final close for its Pinegrove opportunistic strategy, raising $2.2 billion and exceeding its initial target. Subsequent to quarter-end, held an initial close of $6.0 billion for the seventh vintage of its private equity flagship strategy, with the first close finalizing in coming months.
- Deployment: Invested $400 million and agreed to acquire a leading administration and licensing service provider through its flagship private equity fund and partner manager, Primary Wave.
- Monetizations: Sold $700 million, including monetizing assets in its venture and growth strategies.
Real Estate
- Deployments: Deployed $3.0 billion across multiple businesses, including senior living residences in the U.S., a prime office asset in Tokyo, and a mixed-use portfolio in Paris.
- Monetizations: Sold $1.1 billion, including additional proceeds from the sale of a portfolio of manufactured housing communities in the U.S.
Credit
- Fundraising: Raised $13 billion of capital, including $4.7 billion from long-term private funds and $3.8 billion from Brookfield Wealth Solutions. 17Capital completed the final close of Credit Fund II, adding $2.5 billion in the quarter and bringing the strategy to $7.5 billion, the largest NAV lending strategy raised. Subsequent to quarter-end, Primary Wave held a final close for the fourth vintage of its music IP fund, raising $2.2 billion and exceeding its hard cap.
- Deployments: Deployed $12 billion, including $2.1 billion from its flagship opportunistic credit strategy and $400 million from its infrastructure mezzanine fund. Brookfield also deployed $3.4 billion of capital under its mandate for Brookfield Wealth Solutions across credit strategies outside of the private funds it manages for them.
- Monetizations: Monetized $3.0 billion, including $2.0 billion across opportunistic credit strategies and $1.0 billion across strategic credit vehicles.
Strategic initiatives and liquidity
- Just Group mandate: Subsequent to quarter end, Brookfield Wealth Solutions awarded Brookfield a mandate to manage assets of the recently acquired Just Group, a U.K. retirement services provider. Brookfield said it will manage $40 billion of additional insurance fee-bearing capital, initially generating approximately $100 million of annual base fee revenue for BAM.
- Share repurchases: Brookfield accelerated stock repurchases during the quarter, buying $375 million of BAM shares. Including activity after quarter-end, year-to-date repurchases totaled $575 million.
As of March 31, 2026, Brookfield reported $137 billion of uncalled fund commitments, including $67 billion expected to generate approximately $670 million of annual fees once deployed. Corporate liquidity was $2.5 billion, comprised of cash, short-term financial assets, and undrawn capacity on its revolving credit facility.
During the quarter, Brookfield established a $1.0 billion commercial paper program on a private placement basis. Subsequent to quarter-end, it issued $1.0 billion of senior notes: $550 million of five-year senior unsecured notes with a coupon of 4.832% and $450 million of 10-year senior unsecured notes with a coupon of 5.298%.
