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Sankey diagram of Brookfield Asset Management Ltd.. A complete text table follows the diagram.
Infrastructure, energy, private equity, real estate and credit funds pay recurring management and incentive fees. The capital is vast; Brookfield's own operating model is comparatively light.
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The visualization uses Brookfield's company-defined non-GAAP fee revenue, fee-related earnings and distributable earnings because they describe the recurring asset-management economics. These measures are explicitly reconciled in the filing and should not be read as GAAP revenue or net income; reported GAAP net income was $586M and common-stockholder income was $617M.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Infrastructure | 1 | $357M | $109.2B fee-bearing capital |
| Energy & transition | 1 | $217M | $72.2B fee-bearing capital |
| Private equity | 1 | $125M | $48.0B fee-bearing capital |
| Real estate | 1 | $262M | $102.8B fee-bearing capital |
| Credit | 1 | $465M | $281.6B fee-bearing capital |
| Fee revenue | 2 | $1.4B | 10% year-over-year growth |
| Fee revenue after direct costs | 3 | $794M | 56% conversion before outside interests |
| People & platform costs | 3 | $632M | Direct asset-management costs |
| Fee-related earnings | 4 | $772M | Attributable to Brookfield |
| Outside interests' FRE | 4 | $22M | Not attributable to BAM |
| Earnings before cash tax | 5 | $797M | FRE plus specified add-backs |
| Equity compensation add-back | 4 | $14M | Company-defined DE adjustment |
| Investment & other income | 4 | $11M | Net of interest expense |
| Distributable earnings | 6 | $702M | 7% year-over-year growth |
| Cash taxes | 6 | $95M | Cash tax expense |
| From | To | Value |
|---|---|---|
| Infrastructure | Fee revenue | $357M |
| Energy & transition | Fee revenue | $217M |
| Private equity | Fee revenue | $125M |
| Real estate | Fee revenue | $262M |
| Credit | Fee revenue | $465M |
| Fee revenue | Fee revenue after direct costs | $794M |
| Fee revenue | People & platform costs | $632M |
| Fee revenue after direct costs | Fee-related earnings | $772M |
| Fee revenue after direct costs | Outside interests' FRE | $22M |
| Fee-related earnings | Earnings before cash tax | $772M |
| Equity compensation add-back | Earnings before cash tax | $14M |
| Investment & other income | Earnings before cash tax | $11M |
| Earnings before cash tax | Distributable earnings | $702M |
| Earnings before cash tax | Cash taxes | $95M |