Brookfield Asset Management Ltd.

87% of $603 billion in fee-bearing capital (FY2025) is long-dated or perpetual, with an additional $134 billion in uncalled fund commitments providing near-term fee visibility. Fee-related earnings grew in every fiscal year from FY2019 through FY2025, including through the COVID-driven market disruption of FY2020.

BAM spans five strategies (Credit, Real Estate, Infrastructure, Renewable Power, and Private Equity), with Credit accounting for roughly 42% of fee-bearing capital as of FY2025. The four remaining segments are each below 20%, providing meaningful spread, though the Credit weighting toward Oaktree-managed vehicles introduces meaningful concentration within a single broad strategy.

BAM manages assets across more than 30 countries and raises capital from institutional investors across North America, Europe, Asia Pacific, and the Middle East. North America likely accounts for a majority of fee revenues given the depth of the U.S. and Canadian institutional LP market, though the global spread of underlying assets and LP relationships is broader than most North American-headquartered asset managers.

BAM's asset-light fee model delivers high operating leverage: the FRE margin held at approximately 61% in FY2025, and fee-related earnings grew from $966 million (FY2019) to $3.0 billion (FY2025) because incremental fee-bearing capital earns management fees at near-zero marginal cost relative to existing infrastructure and headcount.

95% of fee revenues come from long-dated or perpetual capital structures with fund lives of 10 to 20-plus years for closed-end vehicles and indefinite duration for open-end ones. Management fees are contractual for the duration of the fund life, tied to committed or invested capital on non-discretionary operational mandates across infrastructure and renewable power.