BAM · Brookfield Asset Management Ltd.

Brookfield Asset Management delivered strong Q1 2026 results, with fee-related earnings (FRE) increasing 11% year-over-year to $772 million, or $0.48 per share, driven by growth in fee-bearing capital to $614 billion, up 12% YoY from $108 billion in fundraising over the past twelve months. Quarterly fundraising of $21 billion, including significant inflows from credit ($13 billion), infrastructure ($3.4 billion), and private equity ($1.4 billion), along with $67 billion year-to-date, highlights robust capital inflows, particularly from complementary strategies and insurance solutions like Brookfield Wealth Solutions. CEO Connor Teskey noted expectations for 2026 growth exceeding long-term targets, supported by flagship infrastructure and private equity funds poised for record vintages, the Oaktree integration, and the new Just Group mandate adding $40 billion in fee-bearing capital and ~$100 million annual base fees starting Q2. Deployment was robust at $34 billion committed, spanning infrastructure ($4.0 billion, e.g., Florida utility stake, rail leases), credit ($12 billion), real estate ($3.0 billion), and private equity ($400 million), while monetizations of $8 billion across segments realized strong valuations. Distributable earnings rose 7% to $702 million, affirming cash generation for distributions. The board declared a $0.5025 quarterly dividend, payable June 30 to May 29 record holders, while share repurchases accelerated to $375 million in the quarter amid volatility, totaling $575 million YTD. Balance sheet remains solid with $1.0 billion cash, $2.5 billion liquidity, $137 billion uncalled commitments, and post-quarter $1.0 billion senior notes issuance. Management's disciplined approach positions BAM to capitalize on alternatives growth and credit dislocations.