Brookfield Asset Management Ltd.

Second-quarter fee-related earnings were $808 million, up 20% year over year, or $0.50 per share. Distributable earnings were $707 million, up 15% year over year, or $0.44 per share. Fee-bearing capital reached $672 billion, up 19% over the last 12 months, and margins were 57% for the quarter and 58% over the last 12 months. Brookfield raised a record $77 billion in the quarter, bringing year-to-date fundraising to $98 billion and trailing 12-month fundraising to $163 billion. It deployed $21 billion and monetized $11 billion, repurchased $200 million of stock in the quarter, ended with $3.1 billion of corporate liquidity, and declared a quarterly dividend of $0.5025 per share. For next periods, management said it expects to far exceed prior fundraising highs in 2026, sees a sizable first close for infrastructure in the coming months, expects its credit flagship and real estate flagship to be in market in 2027, and energy in 2028. Management also said reported margins will lower next quarter due to the Oaktree acquisition and that the firm expects some carry generation this year, with larger carry realization pulled forward into the next few years.

Connor Teskey framed the quarter as exceptional and said 2026 should be a record year by a wide margin. He emphasized Brookfield’s breadth across real assets, credit, and AI infrastructure, and argued that the firm is well positioned for where capital is flowing rather than where markets are under pressure. His tone was confident and strategic, with repeated emphasis on scale, disciplined underwriting, and the ability to monetize partnerships across the platform.

Hadley Marshall highlighted that FRE rose 20% to $808 million and DE rose 15% to $707 million, with margins at 57% for the quarter and 58% over the last 12 months. She noted that reported margins will decline next quarter because of the Oaktree acquisition and that Brookfield will transition to a new partner manager presentation for more transparency in credit. She also pointed to $200 million of quarterly buybacks, nearly $575 million of year-to-date repurchases, $1 billion of senior secured notes issued at 4.832% and 5.298%, and $3.1 billion of corporate liquidity at quarter end.

Analysts focused on the sustainability of record fundraising, the depth of credit capital for AI infrastructure, the impact of Oaktree on fee rates and S&P 500 eligibility, and how AI could translate into fee growth. Management said fundraising should remain very strong and balanced across four channels, and that credit markets have ample capacity for AI and infrastructure financing. On AI, they said Brookfield’s advantage is its integrated energy, data center, power, and compute platform, while on Oaktree they said fee rates should not change dramatically and the bigger upside is revenue growth and operating leverage. On S&P 500 inclusion, management said the Oaktree acquisition strengthens the U.S. profile and they will submit updated materials.