BAM Q3 2026 earnings review

FRE rose 15.0% to $864.0M as fee-bearing capital reached $682.0B.

Brookfield Asset Management Ltd. · Q3 2026 · Published Nov 6, 2026 · By DeepCell AI · Sources

BAM Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

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1 · Brookfield Asset Management (BAM) Q3 2026 earnings review

FRE rose 15.0% to $864.0M as fee-bearing capital reached $682.0B

  1. 1.FRE rose 15.0% to $864.0M, or $0.54 per share; LTM FRE rose 18.0%
  2. 2.DE rose 15.0% to $763.0M, or $0.47 per share, and beat the TradingView consensus
  3. 3.Fee-bearing capital rose 13.0% to $682.0B; Q3 fundraising was $25.0B
  4. 4.Realized carried interest, net, was $48.0M, the first meaningful amount since spinout
  5. 5.Shares traded at $53.00 in Nov 6 pre-market (not a close), +1.0% vs. the Nov 5 close of $52.46

Note: FRE is fee-related earnings; DE is distributable earnings. FRE and DE are company non-GAAP measures. Pre-market is not a close. FRE and DE YoY use the company-stated 15%.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; TradingView; Yahoo Finance, Nov 4 close, Nov 5 close and Nov 6 pre-market 8:18 AM ET; analysis of company data

2

2 · Executive summary

DE per share of $0.47 beat the TradingView consensus by $0.01

Q3 2026 results vs. consensus

MetricActualConsensusVarianceResult
DE per share vs. TradingView$0.47$0.46+$0.01 / +2.2%Beat
DE per share vs. Zacks$0.47$0.47+$0.00 / +0.0%In line
Fee revenues vs. TradingView ($B)$1.6B$1.6B+$0.02B / +1.5%Beat

Share price, Nov 4 to Nov 6, 2026 (Yahoo Finance)

MeasureNov 4 closeNov 5 closeNov 6 pre-marketPre-market vs. Nov 5
Brookfield Asset Management (NYSE: BAM)$54.11$52.46$53.00+$0.54 / +1.0%

Note: DE is distributable earnings. Results came out Nov 6 before the open (~7:00 AM ET). Pre-market is not a close (Yahoo Finance 8:18 AM ET). Consensus EPS tracks DE per share in prior periods.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; TradingView; Zacks via Yahoo Finance, Oct 30, 2026; Yahoo Finance, Nov 4 close, Nov 5 close and Nov 6 pre-market 8:18 AM ET; analysis of company data

3

3 · Q3 results vs. consensus

FRE rose 15.0% and DE rose 15.0%, while fee revenues rose 11.3%

  1. Fee earnings grewFRE rose 15.0% to $864.0M.
  2. Net income jumpedNet income was $2,999.0M, including a ~$2.0B Oaktree gain.
  3. Dividend was coveredDE per share of $0.47 vs. a $0.5025 dividend.

Key figures in $M and YoY % for Q3 2026 vs. Q3 2025

$M unless notedQ3 2025Q3 2026YoY
Fee revenues$1,459.0M$1,624.0M11.3%
Fee-related earnings$754.0M$864.0M15.0%
Distributable earnings$661.0M$763.0M15.0%
DE per share$0.41$0.4714.6%
Net income$692.0M$2,999.0M333.4%

Note: FRE and DE are company non-GAAP measures. Net income includes a non-cash Oaktree gain.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

4

4 · Q3 key financials

Fee revenues rose 11.3% to $1,624.0M, led by base fees up 27.1%

Fee revenues build

$M unless noted, Q3 2025 vs. Q3 2026

LineQ3 2025Q3 2026YoY
Base management and advisory fees$859.0M$1,092.0M27.1%
Incentive fees (in fee revenues)$116.0M$174.0Mn.m.
Fee revenues from equity method$483.0M$365.0Mn.m.
Fee revenues$1,459.0M$1,624.0M11.3%
Fee-related earnings$754.0M$864.0M15.0%
Base fees rose 27.1% to $1,092.0MYear-to-date fundraising reached $123 billion, and fee-bearing capital grew 13% over the past year to $682 billion. Connor Teskey, CEO

Note: Fee revenues include partner-manager fees on the new presentation basis.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

5

5 · Fee revenues

6 · Fee revenue bridge

Credit raised $12.0B, or 48% of the $25.0B Q3 total

Fundraising by business group

$B, Q3 2026

$B · Infrastructure: $7.0B$B · Energy: $2.3B$B · Private Equity: $2.1B$B · Real Estate: $0.9B$B · Credit: $12.0BInfrastructureEnergyPrivate EquityReal EstateCredit$0B$3B$5B$8B$10B$13B$14B$7.0B$2.3B$2.1B$0.9B$12.0B
Infrastructure raised $7.0B in the quarter

Note: Group figures are from the release; the headline Q3 fundraising total is $25B.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

7

7 · Business group fundraising

DE was $763.0M, or 88% of FRE, after carry, investment income and cash taxes

FRE to distributable earnings

$M, Q3 2026

$M · FRE: $864.0M$M · Realized carry: $48.0M$M · Investment income: -$66.0M$M · SBC: $14.0M$M · Cash taxes: -$97.0M$M · DE: $763.0MFRERealized carryInvestmentincomeSBCCash taxesDE$0M$250M$500M$750M$1,000M$864.0M$48.0M-$66.0M$14.0M-$97.0M$763.0M
Realized carried interest, net, was $48.0M

Note: FRE is fee-related earnings. SBC is equity-based compensation. Cash taxes are shown as a negative bar.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

8

8 · FRE to DE

9 · Margin analysis

FRE rose $110.0M as fee revenues outgrew other FRE items

FRE bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $754.0M$M · Fee revenues: $165.0M$M · Other FRE items: -$55.0M$M · Q3 2026: $864.0MQ3 2025Fee revenuesOther FRE itemsQ3 2026$0M$250M$500M$750M$1,000M$754.0M$165.0M-$55.0M$864.0M
Fee revenues added $165.0M

Note: FRE is fee-related earnings. Other FRE items are the net of expense and presentation adjustments between fee revenues and FRE.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

10

10 · FRE bridge

Fee-bearing capital rose 13.0% to $682.0B

Fee-bearing capital and fundraising

$B unless noted

MeasurePriorCurrentChange
Fee-bearing capital$603.5B$682.0B13.0%
Fundraising, Q3—$25.0B—
Fundraising, YTD—$123.0B—
Fundraising, LTM—$157.0B—
Capital deployed, Q3—$18.0B—
Infrastructure commitments over the past year were about $50.0B

Note: Prior fee-bearing capital is implied by the stated 13% YoY growth to $682B.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

11

11 · Fee-bearing capital

12 · Balance sheet and debt

Uncalled commitments were $148.0B; the quarterly dividend is $0.5025

Liquidity, dry powder and dividend

$B unless noted, Sep 30, 2026

MeasureAmount
Uncalled fund commitments$148.0B
Of which will generate fees$68.0B
Annual fees once deployed ($M)$680M
Corporate liquidity$2.1B
Quarterly dividend per share ($)$0.5025
Flagship infrastructure capital committed to date is $26.0B ahead of first close

Note: Dividend is payable Dec 31, 2026 to holders of record Nov 30, 2026. The release gave no numerical earnings guidance.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

13

13 · Capital and dividend

Net income of $2,999.0M includes a large non-cash Oaktree gain that will not repeat

Indicator
What to watch
Implication
Q3 reading
Carry realization
Pace of monetizations
Carry still early
Realized carry net $48.0M
Fee-bearing capital
Fundraising and deployment
Growth durability
FBC $682.0B
Oaktree integration
Credit platform earnings
Consolidation noise
~$2.0B non-cash gain
Payout
DE vs. dividend
Coverage
DE $0.47 vs. $0.5025

Note: DE is distributable earnings. These are analytical watch points, not company targets.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

14

14 · Key risks to outlook

Appendix: Infrastructure detail

ClaimEvidenceCalculation
FundraisingInfrastructure raised $7.0B in Q3Operating Results
Flagship capital$26.0B committed to date ahead of first closeOperating Results
Past-year commitmentsAbout $50.0B across infrastructure strategiesOperating Results
Deployment$1.2B deployed in Q3, including semiconductor and NZ energyOperating Results

Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

15

15 · Appendix: Infrastructure

Appendix: Credit and Oaktree

ClaimEvidenceCalculation
Credit fundraisingCredit raised $12.0B in Q3Operating Results
Credit deploymentAbout $10B deployed across credit strategiesOperating Results
Oaktree closeRemaining Oaktree interest acquired in JulyStrategic Transactions
Non-cash gain~$2.0B gain on acquisition and consolidationFinancial Results

Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

16

16 · Appendix: Credit and Oaktree

Appendix: Energy, PE and real estate

ClaimEvidenceCalculation
Energy fundraisingEnergy raised $2.3B; deployed $2.0BOperating Results
Private equityPE raised $2.1B; $14B raised since Sep 30, 2025Operating Results
Real estateReal estate raised $0.9B; deployed $2.9BOperating Results
Monetizations$12.0B monetized in Q3 vs. $18.0B investedOperating Results

Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

17

17 · Appendix: Other groups

18 · Appendix: LTM and dividend

Appendix: GAAP and FRE detail

GAAP results, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Base management and advisory fees$859.0M$1,092.0M27.1%
GAAP total revenues$1,252.0M$2,149.0M71.6%
Income before taxes$770.0M$3,330.0M332.5%
Diluted EPS ($)$0.44$1.64272.7%

FRE and DE detail, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Fee revenues$1,459.0M$1,624.0M11.3%
Fee-related earnings$754.0M$864.0M15.0%
FRE per share ($)$0.46$0.5417.4%
DE per share ($)$0.41$0.4714.6%

Note: DE is distributable earnings. FRE and DE exclude unrealized carry and several non-cash items; see the release for the reconciliation.Source: BAM Form 8-K Ex. 99.1, Nov 6, 2026; analysis of company data

19

19 · Appendix: GAAP and FRE detail

Appendix: sources

  • Filing: Brookfield Asset Management Ltd. Form 8-K Ex. 99.1, Nov 6, 2026 — https://www.sec.gov/Archives/edgar/data/1937926/000117184326007210/exh_991.htm
  • Company IR: bam.brookfield.com — https://bam.brookfield.com
  • DE per share / revenue consensus: TradingView, BAM Q3 2026 estimate — https://www.tradingview.com/news/tradingview:7dd69a897fb60:0-bam-q3-26-earnings-eps-estimate-is-0-46-usd/
  • DE per share / revenue consensus: Zacks via Yahoo Finance, Oct 30, 2026 — https://finance.yahoo.com/markets/stocks/articles/brookfield-asset-management-bam-earnings-130003325.html
  • Share price: Yahoo Finance BAM, Nov 4 and Nov 5 closes and Nov 6 pre-market 8:18 AM ET (not a close) — https://finance.yahoo.com/quote/BAM/history/
  • Seeking Alpha market note on Q3 results (cross-check) — https://seekingalpha.com/news/4668006-brookfield-asset-management-q3-earnings-bolstered-by-fundraising-fee-bearing-capital-growth

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Brookfield Asset Management Ltd.'s Form 8-K Exhibit 99.1 of November 6, 2026. Consensus estimates and share prices are third-party data, credited on the sources page. We have not independently verified third-party data and make no warranty that any information here is accurate, complete or timely.

Forward-looking statements. Company plans, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Past performance. Past results, including those for Q3 2026, are not a reliable indicator of future results.

Non-GAAP measures. Fee-related earnings, distributable earnings, fee revenues and FRE margin follow Brookfield Asset Management's own definitions. They supplement, and do not replace, GAAP results, and they may not be comparable with other companies' measures. The earnings release reconciles them to GAAP.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Brookfield Asset Management Ltd. or Brookfield Corporation and does not represent their views. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings and consult a qualified professional adviser before making any investment decision.

Date of analysis. The analysis reflects information available as of November 6, 2026, with share prices through the Nov 6 pre-market (Yahoo Finance, 8:18 AM ET; not a close). It will not be updated for later events, and views may change without notice.

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21

21 · Disclosures

Sources

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