Key Takeaways
- • Brookfield Asset Management reported Q3 results on November 6 with fee-related earnings of $864 million (up from $754 million) and distributable earnings of $763 million (up from $661 million), each rising 15% year over year.
- • The company raised $25 billion in the quarter, bringing nine-month 2026 fundraising to $123 billion, and fee-bearing capital rose 13% to $682 billion.
- • Infrastructure drew $26 billion in commitments for its flagship strategy, including $13 billion received after quarter-end, with the first close expected in the coming weeks.
- • Management stated in its November 12 shareholder letter that the business is on track for a record fundraising year and can grow earnings more than 15% annually, with a goal to double fee-bearing capital and fee-related earnings over five years.
Summary
Brookfield Asset Management reported third-quarter results on November 6 for the period ended September 30, 2026, with fee-related earnings and distributable earnings each rising 15% from a year earlier. According to the company's release, fee-related earnings reached $864 million compared with $754 million a year earlier, and distributable earnings rose to $763 million from $661 million. Net income was $3.0 billion, including a $2.0 billion non-cash gain tied to the acquisition and consolidation of Oaktree.
Fundraising remained the central driver. Brookfield raised $25 billion during the quarter, lifting nine-month 2026 fundraising to $123 billion. Fee-bearing capital increased 13% year over year to $682 billion, supported by $157 billion raised over the preceding 12 months. Infrastructure was the largest growth area, with $26 billion of commitments for the flagship infrastructure strategy, including $13 billion received after the quarter ended. The company expects to finalize the fund's first close in the coming weeks and reported roughly $50 billion raised or committed across infrastructure strategies over the past year. Other strategies contributed $12 billion in credit, $2.1 billion in private equity, $2.3 billion in energy and $900 million across real estate.
Deployment and realizations were also reported. Brookfield invested $18 billion and monetized $12 billion during the quarter, and realized $48 million of carried interest net of all costs.
In its November 12 shareholder letter, management said the asset management business remains on track for a record fundraising year and is positioned to grow earnings at more than 15% annually, with additional upside from carried interest as transaction activity increases. The company aims to double fee-bearing capital and fee-related earnings over the next five years. The letter highlighted private wealth and retirement savings as future capital sources, noting wealth solutions earnings growth of 22% and insurance assets approaching $200 billion, and cited demand for long-duration, essential-service and inflation-protected assets.
The shares traded at 46.60 euros on Lang & Schwarz at 13:13 CET on November 13, 2026. Brookfield is listed on the New York and Toronto stock exchanges under the ticker BAM. The source notes that fundraising, deployment and realizations remain sensitive to market conditions, and that carried interest can add volatility to reported results.
Fundraising remained the central driver. Brookfield raised $25 billion during the quarter, lifting nine-month 2026 fundraising to $123 billion. Fee-bearing capital increased 13% year over year to $682 billion, supported by $157 billion raised over the preceding 12 months. Infrastructure was the largest growth area, with $26 billion of commitments for the flagship infrastructure strategy, including $13 billion received after the quarter ended. The company expects to finalize the fund's first close in the coming weeks and reported roughly $50 billion raised or committed across infrastructure strategies over the past year. Other strategies contributed $12 billion in credit, $2.1 billion in private equity, $2.3 billion in energy and $900 million across real estate.
Deployment and realizations were also reported. Brookfield invested $18 billion and monetized $12 billion during the quarter, and realized $48 million of carried interest net of all costs.
In its November 12 shareholder letter, management said the asset management business remains on track for a record fundraising year and is positioned to grow earnings at more than 15% annually, with additional upside from carried interest as transaction activity increases. The company aims to double fee-bearing capital and fee-related earnings over the next five years. The letter highlighted private wealth and retirement savings as future capital sources, noting wealth solutions earnings growth of 22% and insurance assets approaching $200 billion, and cited demand for long-duration, essential-service and inflation-protected assets.
The shares traded at 46.60 euros on Lang & Schwarz at 13:13 CET on November 13, 2026. Brookfield is listed on the New York and Toronto stock exchanges under the ticker BAM. The source notes that fundraising, deployment and realizations remain sensitive to market conditions, and that carried interest can add volatility to reported results.
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