Brookfield Finance Inc. 4.50% P

Fee-bearing capital of $603 billion is 87% long-dated or perpetual as of FY2025, providing multi-year forward visibility into base management fee revenue with minimal sensitivity to mark-to-market moves. Fee-related earnings set records in FY2023, FY2024, and FY2025, demonstrating durability through the rising-rate environment of FY2022-FY2023.

BAM manages across five distinct strategies — infrastructure, renewable power and transition, real estate, private equity, and credit — with no single strategy dominating the $603 billion fee-bearing capital base. Credit strategies led 2025 fundraising with $68.7 billion raised, reflecting continued diversification of the revenue mix.

Brookfield Asset Management invests across North America, Europe, Asia-Pacific, the Middle East, and Latin America, providing a genuinely global underlying asset footprint. Fee-paying LP capital, however, is concentrated in North American and European institutional investors, limiting geographic diversification at the revenue level.

Brookfield Asset Management operates an asset-light management company where incremental AUM growth incurs minimal additional fixed cost. Fee-related earnings grew from roughly $1.8 billion at the December 2022 BAM spin-off to $3.0 billion in FY2025, demonstrating structural operating leverage without proportional headcount or infrastructure expansion.

Virtually all base management fees are contractually tied to committed capital with multi-year to perpetual durations, making them mission-critical and structurally non-discretionary for committed LPs. The 87% long-dated or perpetual composition of fee-bearing capital in FY2025 sharply limits the share of revenue exposed to short-cycle LP redemption.