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Brookfield Asset Management

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Analysis

BAM 10-K Analysis: The $110.9B Fee Yield Gap Hiding in Brookfield's Record Year

Brookfield Asset Management reported a record 2025 — $112 billion fundraised, fee-related earnings up 28%, and a 15% dividend increase. But the 10-K filing reveals that BAM's FY2025 was produced by a fundamentally different entity than existed twelve months earlier, earning just 56 basis points on $603 billion in fee-bearing capital while peers like Blackstone earn 90bps. The February 2025 Arrangement restructured BAM so thoroughly that every data vendor generated fictional year-over-year metrics. Once corrected, the real story emerges: $110.9 billion in undeployed capital earning zero fees today, a 134% FCF payout ratio funded by BAM's first-ever $2.5 billion debt issuance, and the fastest-growing segment — Renewable Power & Transition, up 32.9% with a 66.1% margin — now led by the CEO who built it.

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15 min

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