Brookfield Asset Management (BAM) 4 Nov 242024 Q3 Earnings call transcript

Hello, and welcome to Brookfield Asset Management's Third Quarter 2024 Conference Call and Webcast. [Operator Instructions].

I would now like to hand the conference over to our first speaker, Mr. Jason Fooks, Managing Director, Investor Relations. Please go ahead.

us Brookfield joining call. Management's for you today Asset for Earnings Thank

Chief the our and our our Flatt, to Hadley Officer. Executive Marshall, On Bruce Teskey, Chief call Officer; Connor Peer Financial President;

call over Bruce we're financial finally, to the to Hadley assets, themes formal questions. followed market today will for on, and start you with comments, remarks business we'll we than call at time. more deploying take accommodate most focused turn operations. two will about ask who asking operator After Connor, our analyst one and the the In both will all our and results opening those by environment ask that to order discuss from important questions the who discuss refrain want monetizing the questions and

questions, happy be end If rejoin you to if at have time questions take additional and the the queue, we'll permits. please additional

historic known trends events statements applicable future like in They're and include and in we I'd within our of that financial law. relate make may to differ and results events. operating you and questions and to to Canadian do statements. begin, These of meaning reflect the new subject statements and discussing unknown statements. forward-looking to events we in may responding Before initiatives remind risks, including looking performance, comments, not today's future and and securities U.S. predictions and such from

available these website. our United in on the on the information Canada our see regulators information filings and further For securities please impacts our the States risks the and potential on with company, and

I'll turn the Bruce. that, And call over with to

call. to morning good and you, on everyone the Thank

or year results. quarter, from Capital stakes made in the had announce on to third active past X% million the $X.XX record significant Fee-related we third $XXX record We inflows a Fee-bearing share. XX% past monetizations or per $XXX to the billion progress increase. two $XXX the year. are billion, we billion grew were of partnership that earnings per distributable grew year generating over to $XXX a partner for FBC, franchise. a $X.XX earnings leading to and acquired the over over We by nearly managers, asset quarter XX% benefited and a We very $XXX pleased share across million record or up

tremendous higher Our the market despite both past [indiscernible] and years. fronts, showed resiliency fundraising uncertainty deployment over on few the

rates. the Since generated among This clear. market shift has travel lower now normalization and our market confidence Liquidity is central is and the begun rates inflation then, greater has returned direction business. banks participants, as value eased to have to of has on across unlocking this

capital up, need see to cash-generative the We assets, This which allowed that given pick attractive large a buyers of transactions But to our and robust for us for also we leading serves or makeup grow. investments. transaction has see a opportunities seller's investment both the well activity especially opportunities, bid market. to high-quality

constructive to of for add across fundraising support the we to are returns our environment. assets anticipate industry, monetizing significant recycling limited realizing capital In increasingly this will partners, return attractive very will how of general, an capital clients. a about further and speak Connor and mature we

The and beginning are are are rates our linked their their public renewable which from supporting infrastructure earn strongly share listed our fees including in interests. prices, to our performance, stocks, recovery our publicly management interest strong affiliates power lower addition, aligning yield-focused now underlying affiliates. we In reflect to listed

with underlying combined to gain public continue continued should tailwind. business our stocks strong performance, fundamental benefit from yield earnings increasingly favor, As this

continue earnings our businesses, turning years the past expect we into the to growth headwinds tailwinds future. the of for With market strong couple foreseeable for of

at Tens the dollars capital of global cycle themes. required reshaping to gain momentum. leaving digitalization that our these super constrained, transition. investment infrastructure, continues We is trillions power positioned private and a role. deglobalization leading Governments will especially epicenter the credit, fund trends. across The private of of businesses, all energy these play of are themes, renewable capital and in to to decarbonization, be to and which to AI well sit Turning drive will growth economy continue

of me Let briefly each address these areas.

-- large and the to lenders their who premium to sources. funds, insurance can traditional Borrowers They lower institutional As private more funding, are diversify flexibility. certainty the structures, execution and risk. investors, including credit speed pension of credit companies funding to creative returns from of to continue allocate benefit look and diversifying provide of seeking from portfolios

assets, leverage also continue in will play choice. these as in energy role asset borrows a build-out see integral Brookfield segments across investing credit AI of and real expertise credit an Private We the our real global infrastructure of the transition. enabling to products and partner

X, backbone estate fact, real that further to need in data our transition have exponential our choice unprecedented business the in In as across Net of by from playing the on fastest-growing our all the us private is power the demanded helping critical underpin energy the substantial for global clean, global need the same AI businesses of of the and other at enemy. the Each in and of supply It renewal meet infrastructure of and the buildout companies amounts infrastructure investing infrastructure a for early manufacturing in centers, in investments substantial capabilities roles reliable chain growth scale power, largest for in an the world. groups while are supporting AI. are requires in in positioned capital accelerating facilitating renewable time, equity, partner AI. semiconductor of

our fabrication others center optic all semiconductor among fiber and the in largest data building which and with is capabilities to the scale enough speak Arizona, and are that circle the in our Intel world, we few plant portfolio, have. cables to billion $XX globe, Our

and clean in uniquely provide this energy efficient scale. addition cost supplier technology sources, largest are depends to green at of being something on to the the we All is to reliable of AI sector. positioned power

agreement of billion renewable than data $XX Microsoft on with their more representing development investment revolution. Our XX.X power to this is of the facilitate center build-out gigawatt backs

include nuclear products, We without around energy ago a energy the been are a no has sentiment. services in an years shift is witnessing plans industry. and large the world's in for acquisition to meet conversation We increasing of to technology and increasing power significant X believe corporates, more years. There curve with shifting is Westinghouse, the energy by driven grids for to ahead the our the acceleration the nuclear. electricity in for to invested leading clean at coming nuclear the there for recently, More path credible demand being energy. both of amount the With nuclear world, significant appetite around need built we

selected renewable focused energy on offer and Westinghouse solutions needed. low-cost capabilities and fleet clean small trusted largest it's increasingly power our has and positions Today, to consumers Adding to requires and XX/X services deliver nuclear micro, other of to capable the us users. power partners solutions. of a to designed few of global and half plants companies broader engineering largest delivering capability nuclear where power power world utility are energy and scalable, scale when unmatched the modular approximately the The reactor energy

is component necessary significant nuclear decades. toward of only next several investment the just over beginning, the back shift the it While is one

our property of technology, We we and to entitlement our the are only to economy phase match plans are Western that next working AI land the business has nuclear skills. on access

franchise, data power power technology, data our exciting. our advanced This and Our center soon SMR which in the the nuclear world. capabilities will most very centers is

are themes backbone the to I'd As the of the I up, infrastructure global key shaping just not focus. AI credit, pillars private of the transition. of are underscore economy. the like They They driving growth energy importance of of that areas future business today: wrap our the represent and

franchise leader With power, with combined me it let in capabilities, to equity infrastructure estate, significantly to are positioned a private grow renewable As in the we ahead. years Connor. turn broad well our that, and over real credit and our

you, Thank and good everyone call. on Bruce, to morning the

the and years are tailwinds into mentioned, growth to the years now over drive our few earnings for broader past headwinds in Bruce As come. will business turning market positive for the

play as have and seeing Liquidity returned across continues our are improved. business market today We transaction activity to momentum. out this conditions has gain

and Capital returning On is cash the with flows. assets high-quality front, strong favoring monetization is

disciplined to strategy, and buyers' we investing a our investments two, value-oriented portfolio approach management large long-term Given of have one, needs. our

As XXXX. into such, continue we disproportionately benefit in to the current well environment expect and it

a past had very billion $XX monetization active have quarter months X activity We the with over in of or completed alone. signed

its market sale further in Looking the have be assets the to from sales to a ahead, realized year. activity seeing And formation we expect any mature capital while the capital fund returning the monetization expect vintages we does from XXXX, constructive the interest and near in next of number that trends existed benefit term, will for based we clients not to raising that prior accelerate ready directly the more environment. in on facilitates we are ongoing, more returns BAM processes carried

We asset now and more detail completed examples we've the in will of a sales conditions few signed. market or highlight recently

Financing are New creating improved throughout and most year assets. sectors. real supply strong, real for estate market conditions have across remains attractive low fundamentals the an high-quality estate

and of in including few three of shopping Conrad generated a past X.Xx. Hotel and estate the in return These real a centers manufactured the months, in sold annualized of monetizations a the Over U.S. portfolio Seoul, [indiscernible] portfolio home multiple capital Korea. ads, we the U.K., XX% a

multiple stabilized for growth businesses, generation independent enhancing we announced of generated These facility proceeds Portugal, nearly which experience In continue those The operator building, of XX% power the cash-generative ongoing largest seasoned we the farms power stake in an and renewable included XX% have onshore Shepherd's annualized With that developing and at that First the our a United X.Xx. of the after. power, power Hydro, highly the assets. one number flat, significant a months, capital States. in Saeta particularly a four largest storage in of a wind Yield, critical that have owner aggregate and are generated demand in of $X businesses, Spain of angle. sales electricity sought see renewable have an [indiscernible] few leading and from past assets renewable in billion we and in IRR assets stake of over decades of In developer, to renewable and equity

themes are the income as backdrop economic mature just is should for this of in demand and also be at the playing infrastructure space. equity, become in market-leading this beginning as These what favor. exits constructive successful for current investment yielding out investments for driving years in businesses where more investments see We

see to sales areas the expect We announced coming in months. these in

we where seller's But capital available operational significant However, as to have relationships use it attractive deploy it's to also Bruce and a can quality more but if is both to We sell it is deploy. mentioned, a capital create and value. opportunities into market, you investments not only buyer's scale to our only expertise, market. assets see

Over deployed quarter the past available the capital $XX year, billion alone committed $XXX over we we billion, have including and third deployed billion nearly new still opportunities. for in or $XX

our fund, Let global into we investment acquire through announced of $X.X entry of September, airlines. us are X.X developer transactions off our global a with Orsted U.K. significant stake sustainable a that highlight by with billion pay offshore a to wind strategic a is In of them marks this few of of backed the we opportunities takes portfolio in aviation up to in a October, excited space leading billion fuel leading take agreement $X.X illustrate we the partnership Infineon, and In U.S.-based the a This assets gigawatt transition types reached with about. or now funding projects.

market While enter an conditions to our continue opportunity shift as space with in major leader favor. presents a to with the been focus market Orsted partnering us, offshore hasn't wind global attractive historically a for

portfolio $X to enterprise UAE sites payment Together, a capital. our an group, capital Within business roughly will [indiscernible] the processing payment combined platform Corporation form acquisition Infrastructure we group, our acquired the completed the presence billion Within $X.X billion, intends value the an recently equity to a from REIT our of the private XX,XXX our approximately And for with acquisition, financial $X one of largest in of we processors traded equity Network American we equity. offer for for of million $XXX growing logistics merge acquisition International two billion. $XXX of Post that East. This have of equity the of business we India across in significantly publicly in million total of the will infrastructure a real business, expanding a completed Tower Middle enterprise telecom space. the in made European joint XXXX. value estate acquire at within

expanding been Well, growth. While to both monetizing, we've touch we've on also recent inorganic and capabilities two our deploying drive transactions. through been new partnerships let's

and alternative credit, a asset billion as interest We fee-related First, including its market-leading private stake specializes investments. acquired well manager carried in in asset-based earnings its finance. $XX stake a a and and aviation principal manager that the in Castlelake, AUM as small specialty

plans to of Castlelake their expand scale private sectors. to market over management The capital fastest-growing under them one is the asset-based Brookfield credit of most their Additionally, to allocate $X strategies, billion finance and business. funds attractive enabling and

see smaller to. Capital our in The are alongside Sequoia the we existing expect time, our industry to funds, formed its We venture heritage. credit we exposure capital that secondaries dynamic second, area, capabilities and a Partners, through and Capital's managers, Grove venture both have Pine SVB in venture this of creates solutions fund XX-year Prime investment we at acquisition business tailored to The grow path cohesive for large excellent organically areas expertise designed Venture that building Grove's venture and to through and to founders partner partners credit combination And liquidity historically a growth a of in But and limited with platform space. continue solutions SVP this co-investments business. deliver completed an capital our managers. and private in moment platform had is technology

fee-related assets will starting million manages have in quarter, now community. platform billion $XX in billion about annualized earnings $XX positioning in fourth in capital venture added $X the These two as a quarter. Grove fee-bearing powerful approximately for Pine innovation and the this contribute it investment acquisitions

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sometimes However, build buy we sometimes businesses, we but in-house. them

fee-bearing and building Group, been and Insurance deploy Another building important suite accomplishment of on their Brookfield have in a has needs. organically. capabilities capital been $XX quarter that strategies we the billion capital Solutions, nearly with Solutions capabilities specific managed to into behalf of past We of been we and strategy meet our have manage Wealth

we from can $X returns This insurer. estate of quarter, over credit capital years. all our U.S. separately account be sectors, platforms, raised investments. managing capital public insurance are is solutions insurance risk-adjusted next comparable also corporate, over $XX external infrastructure, X life premium with partner This strong and in a from targeting from real and beginning third-party this of billion business, through managed This asset-based a we large just a invested across the of strategy the targeting our billion capital

To the up the setting are seeing tailwinds conclude, we are today ahead. years us for significant in growth

most: and are areas ability We businesses matter transition, and large AI those credit the double mature enhance the strategically deploy positioned operate of capital, years. cycle infrastructure assets private virtuous to over that that pools cash at us and flows in attractive gives our business creates assets that our Energy to capital return a monetizing by and can we confidence next values X

Marshall. With that, now CFO, we to call will Peer the Hadley our turn Hadley? over

quarter balance more context and fundraising provide revolver $XXX morning, This financial efforts. closed sheet I'll our our around that earnings especially you changes our performance, highlight we've the a now million our on Thank and to successful you, and Connor. liquidity, strong third

update Lastly, at I'll share simplify and us on the for Day we broad business Investor initiatives an to position index our inclusion. introduced

increase past million capital based growth came $XXX from period, last put earnings quarter, over work deployed or were share year financial the up and to share we that XX X% performance, growth DE, benefited on significantly $XXX were the million quarter, $X.XX billion, in or billion has prior the from now our earnings capital the to last million XX% months across a fee-bearing from per capital, from down XX% and FPC, a record fundraising over the bringing fee-bearing to inflows past year prior earnings, $X.X breaking $X.X is when over Distributable the The billion. FRE, per our year billion First, in $XXX in in $XX XX record or during $X.XX or $XXX prior was business fee-related FRE up but our year over a months. or the the fee-bearing. in

from and market in quarter of continued to costs. our managing rebound year, benefited strong our affiliates fees of related full past discipline also the our a mandate over the listed in Earnings capitalization AL

highlighting but in from In classified leverage only XX%, operating margins growing, that to ago, percentage business. fee-bearing it today, fact, up should long-term is is XX% capital and inherent year improved long XX% Not a aperture becoming fee-bearing the grow. of our our only capital more our as our increasingly is term on

expand As But continue significant have our credit closing these capital entirely augment Connor enhanced we $XXX closing liquidity and to after by acquisitions is and a which we mentioned, growth. further capabilities few strategic undrawn. availability acquisitions, closed facility, revolving organic will that even a maintain our million

of on At short-term $X.X comprised billion the of quarter, the our of and had assets financial we cash end capacity liquidity undrawn revolver.

of completion a of BWS, $XX and, it long-term accounted LCM. we their on and attracted More no to or increased of the break As which to the includes was partner rates across rising strategies. Brookfield $X.X managers, opportunistic the $X our Oaktree's our opportunistic was Castlelake our We backs in with which mandate acquisition raised flagship of annuity AL. strategies, billion from in particular, credit half debt. of we reminder, Oaktree's continues XXth finance, of raised billion X.X and related finance fund. Credit capital X.X have other down, billion Wealth billion and asset-backed vintage the Solutions, are is real for billion. focused including than was asset a clients raised. It strong on, more more raising quarter in credit we credit third-party $XX strategies capital which fundraising also credit. we're When their

company. from billion SMA highlight that again $X capital low life raised of third-party our I insurance want to we

significant our renewable A As serve billion targeting $X.X for third-party raise was SMA raised power Connor will at years. our covered quarter, our to Of this for as the business. capital next remaining Day leverage insurance diverse a over inflow X $XX and strategy billion we're within is the and BWS Investor is capabilities the building mentioned, we strategy. that transition the

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business. skin X-year further through we our our levels business. double outlined our continue. we our by and forward, of In strategies complementary our and grown and look these we fundraising new deployment to growing Investor hosted flagships Day this and We expect expansion do As to intend fund Annual plan of September, our to

which should we'll into fund achieve classes, enable of to addition, together In our expand new offerings us to capital. $X trillion continue asset fee-bearing

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to is step The our structure. second corporate related

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Instructions]. [Operator

first Our Radbourne Cherilyn from comes question Cowen. with TD

could announced how And some you makes thoughts Thanks some would as that infrastructure do at product product? morning. think sense give has power on strategy very so, out question if a there. good sit not continues and for And us alongside one your first been to infrastructure point? BAM AI flagship which lot you discrete you're receive dedicated of is AI least and infrastructure My aware, related at requirements, the as on much, attention. a

you question. for Cherilyn, the thank

much very this within top power of leadership have. mind very, to right centers topic within existing that data it position that to is already our infrastructure and we and renewable us plays absolutely You're very today,

probably to platforms, LP to we current our puts very, list, the of scale. get addition is would candidly, near think I from for, of been for begin us. us theme at top for new development on. focus as our for a months. partners we would very greater quite seeing say, exposure And product bang a is say, are this something has our and products demand your This I to would focus XX much the that, In this initiatives I that

that in, come scale, to and a ensure market invest I appropriately we're and to refined it's closer. would opportunity. of We're new the strides, will great what we've with and want simply do We getting we thoughtful. say when we're product it And made market meeting

to In terms be be largest, right that of lending and through been strengths various would an mind. focused side not equity theme in it infrastructure It the position. we pools investor size opportunity it But where is be, on of the product. private and with of our important to one, doing aligned two, in already this And towards certainly the infrastructure largest or playing more And our the capital. date, side of theme set, absolutely more the dedicated one and if of around where it. experience to is of I AI investor something increasingly would It itself the to more a have leaning would to to we as greatest think opposed growth of the thing product you're more given, our we've focus get the are this world. to the exposure recognize the demand

we'll refine. So you to and clear gives continue something thinking that some I it's hope

That's great color.

second credit also Second question in scale. This of is of quarter is a know rate, that question margins. inflows attract on but fee a row very lower the would and all strong we it's

talk about business you the hoping margin looks could basis average. corporate on versus I what the a So credit was like

Hadley. is This

amount we Because credit, you see to that When see AL. be in think the a you points terms obviously on with the operating some in about built backs XX of on our credit. to general, obviously, AL. way have lower been for business, general, build-out manage is we with and continue with improve growth of very we've leverage margin those increase the to in viewed credit fees, basis have especially though, of business as BWS the the our mode we can the with the pleased to gets the margins, I we mandate In IMA AL, margins behind we're of us that's as capital mean, that initiatives, which

But than full into in we little about fees capital our that, that to addition goes earn of funds, there. where less X/X a

that, billion U.S. deploy the that X So to then as now our Day already the when third-party think business. closed, we life will our about the because additive margins. heard mandate fact insurance $XX And up that on continue that you with and we've at to scale be the SMA you about to capital. built we're years. very over Investor increase $X add attractive generating to We've infrastructure that will as we X-year billion a period, discussed, next we over

that also be will So additive.

So we doing side. build-out what credit impression on see the margin of of don't because the we're

Our next Blostein Alex Goldman comes Sachs. question from with

we like space I slower with particular. was of lots question deployment. renewables a pretty hoping a start the was business. pace in wondering been of why on I sounds has activity fundraising the in in with could rapid transition It to

over you it's last So little quarters, of if couple look been the muted. a

you of into just And do fund So flesh that on run pretty third-party to number could think you and the just expect when this contribute you expand that wanted guys ultimately to from to if where you're fee but you come out? here? I fundraising are terms close deploying, ultimately, in curious back what then expect the rate

points there. Alex, I'll different try the few a unpack thanks for and question.

First and back in foremost, BGTF of latter the on. turned was II QX. It part

but and fees of side in weeks, BGTF deployed got I, handful of had and for during in on I And backfill that, certainly transaction X/X doing the one the we've of now think, it problem. where But II comment BGTF in the of get the situation same be say, transition strong BGTF II didn't we the ever. of frame. high-class I would it. as I'd a benefit We the we to pace on large say as just frame will to I. we investment general, activity in addition went whole as for would back time QX. numbers has the in paused address the we as been unique I BGTF We bit the benefit the a a it little around fundraising obviously So of numbers only fully in deployment

we letter, significant type also shareholder range. business And XX% exceptionally with mentioned in is IRR monetizations monetization in well. an performing or as seeing X This we're X environment the our incredible

just your at point to credit, platform fastest-growing maybe the a the hit where from come being back will This just fundraising to still in And think Brookfield, number. is Aside directly we we're problem. early it's I days. on high-class then last and it the

as II target We would The who fund. think the why reason fund. in half expected that. have showing the since perhaps raised time the as launched, quickly about is have confidence hit only CTF, we're there's we've in is in anyone and Brookfield complete it up rate don't our to at we that isn't concerned BGTF going we've numbers I launched

strategies of $X raised And II, those we've alongside into co-invest billion BGTF as well.

We'll fees quarter of don't in catch-up the it our at in reminder, friendly a last our on if coming And as to I XXXX, funds, fundraising X, transition the point, due confident even all. then doesn't very our those economics out impact that any flagship we're So think there. side. we'll closed get in or slowdown timing early the slipped there's just the the rest in a quarters flagship target and hit

all -- very corporate which That's then Hadley, obviously just one change, structure the Yes. very welcome. on is the for you clear. And

of gate will once I indices out for changes place. take be handful a these eligible think you of of guys kind right the

maybe know knowing and Chris will murky little as I ultimately the could think for S&P the up that that XXX well. you few your for eligible What Brussel ultimately eligibility having. Do that times, will index you but makes are know guys others. a you on end XXX? the S&P you be the think a structure thoughts I at So

Alex. Thanks,

done create terms our and head of our structure we've moving in in course, to office, were these what liquidity. of So

that's we're able So is [indiscernible]. the increase been that U.S. for trying The perspective main that goal that our to from key to achieve shareholders. we've

going That's a you continue. example. mentioned So we're good U.S. show that $XX will of market And cap billion [indiscernible]. to Plus plus. a

as beneficial be that's so well. going to And

S&P what otherwise. we what changes we enter with the S&P regardless upside, something if In nothing but around XXX, a see nice look, into wouldn't of and the S&P we've have XXX, so about is we terms the done XXX, since all done outcome made that's these the of

with Fargo. from question next comes Brown Wells Our Mike

expansion we to there, as consider? looks other On any about seasonality XQ? being compared potential the to the margins single-digit on quarter growth, kind Is expenses, expenses maybe to year-over-year high benefited of it like think margin think there up about question And range, good of up to earlier terms or expense fourth if year the comp discipline well. like just XXXX the expense growth compared How on we in and ends were XXXX? the follow the how can from up in in here should the

take Mike, there's perhaps she comments three would the at can. I'll add would There's like I if Hadley make. and that crack to first anything on,

credit would throughout investments be made investing onboarding were We invested expense the to showing there. was in part the to prior the think was And particular QX quite ready quite into that attached line it's expect there this in our our well in heavily and that year. I and onboarded our order a And continue insurance new into known it. franchise. higher we We accelerate the at for capital up to we XXXX. In we people, that of have to margins revenue beginning to we point be and

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Okay. you excluding and expectations in And early campaigns could for the us finished the capital then XXXX, XXXX raising Great. XXXX. AL that update just

$XX around you're think billion. I

look land on range to could right maybe in year? you what's And the So year? then guess the contributors you early largest know based still next I you're But process. planning what XXXX, today, where probably what the be can out when the for that to consider it's understanding

you around X we'll last environment product point to flagships we're bringing is from decline seen in years. fundraising comment. better nice expect stronger general seeing in both we've the certainly. system, at and right today we XX not the are to with marry now just in interest the we're the Maybe months. of fundraising complementary any XX Yes, question. world. been LP The just and a certainly environment And when what with the for the on the liquidity last market products, suite Thank in increasing than the And rates, allocations with start the we fundraising you that seeing the is it's the partners what stability, that the certainly ground if than

I very of So see QX. high. material bit piggyback driven 'XX. in very, But fees, and those for tips with say again, we those largely maybe seeing us And particular, fundraising Maybe To This by the say good, we our catch-up comments, going that's is continue mix. it we're BGTF. not would is BSREP into to is fundraising products in Alex's very the feel flagships our high. to would and question and accelerate little I impact momentum fundraising in the be confidence our a doesn't because to

earlier terms year. in we've So in the expected where of fundraising to be

land that range, a strong. the have continues to environment confidence to or lot we're at near be and continue that to We of very going

would look strength we're to to see we say XXXX, that continue. going As I

obviously will to XXXX, on in acceleration months launch. fundraising dependent of and than XXXX I year. we to numbers of be some to last end would around of see terms positive products that sentiment, few expect the begin the this timing when say in going But market Our our in be larger in more we're

next Our Bank Craig of comes question with Siegenthaler from America.

a Alex's corporate follow-up question. to have structure I

the time see digesting for voting across it's looking any there's to if and But BAM and to this. and classes shareholders So all rights we're kind BN. implications to or share tax first partners wanted any of I changes

can I Greg. one. take that Thanks,

in to or clear making the should that's be very So no good that very be BAM shareholders And we're we've a have tried question. impact shareholders. our to changes

make we've this a shareholder still that, But as should to So that, impact. there there the is as because of of no shares. be clean path exchange other perspective. tried required beyond approval And for

FRE And versus And the public closing, mix it. portfolio you fee lift American migrate Equity thing targets? private But billion SMAs. I account Great. you private increased inside which to of just to the looking had lift for an public I general think on $X.X one reach what is follow-up inflows is a want I'm insurance update and about potential or know in the long-term then here. especially and insurance company post as your the

Certainly.

is blindly going private AEL targeting the So seeing between of the front mix. of portfolio the our some if just looking and of middle towards split least over and to funds. investment I year. most would we're end, that We'll some shaping at days on as not the dependent and say to take took we be probably opportunities risk-adjusted then XX in liquids in long-term the just own is we'll disciplined the part allocation. time. portfolio of This not its obviously we duration take early This in in the And asset is this market returns, attractive prescriptive months, something to we're longer, going absolutely some that source remain that

years as here. accelerate some And any showing the numbers you to we'll of material at that therefore, and capital continue for from least see up would in the yet couple private in say I fees result funds our way, in of to allocating uplift a that really increasingly of will a isn't

Mario from Our Saric with comes next question Scotiabank.

represents reasonable a focus specifically schedule And about little the for those on it's to billion the thinking assume capital. that the understand wanted what export risk most trying I of $XXX to not fees uncalled closer whether near-term billion. bit just is and commitments I'm that the earning fee commitments. of in today deploying to pedal is presently the billion, of terms $XX expirations not the the of $XXX

opposed a on our just would -- modest. step the good credit generate I maybe select there question, And of the bulk paying have, points until in uncalled and Almost up make a [indiscernible] makes here of to taking that is invested the our back, -- risk we that. XXXX. let $XX expire commitments And some billion that products just particular, XX% incredibly is capital, the as funds, to maybe X committed fees. a don't It's we after fees Mario. is that not Maybe yet me of if on add point

add that the is risk generating not next market. this products I incredibly very the few the in today credit actively years in deploying because that those expiration then modest. So very, in are capital bulk we is fees point would the second the is is And of

fee we'll We able ton expiration. deploy that be confidence of that [indiscernible] to have a

positive see I fact, would revenues In coming position than we're to it pretty our as here. rather quickly that of excited fee a risk through in fee-related expiration, a a

about positive prior like in, potentially quarter That's versus in know think helpful relation plans as accelerated billion, strong 'XX? the just And as in maybe give take, 'XX how $X expected in inflows coming question very outflows, it's the to associated monetization well. color. we we should Okay. in terms clearly an this I and XX, quarter. about outflows think But just been transaction-specific. they've then of or When

his comments. It's very in and It fantastic. a question. and market The great this fair environment buyer highlighted is seller's is market. it's a question, is the Bruce a And what

to on do quantities. job to our good often us capital excited Yes, in fantastic capital partners. at capital see back crystallize fees new But and some We earning if why a and to back means our we returns to That's do commitments greater this. fund monetizations we're return stop that and capital LP returns in back about strong are that thrilled we we these Therefore, coming capital. that spend delivering distributing we

only positive. to It's leads for a it activity fantastic net thing quarter-to-quarter maybe see this The bit to of pick franchise up. noise. a tiny So our monetization

it. Got

you to than be say positive it fair both net on it more from to your standpoint. fair say gross and be prior comment would basis. to that them fundraising So Would be 'XX on a expect a

that's I Yes, fair. think

comes Capital Movahedi Our Sohrab question BMO with Markets. next from

credit next years fee-related fee-related had going be fee-bearing trillion table same trillion. Day, X and different that Investor Maybe just you showing real of the you mean you revenues I quickly had for you private expect capital the growth provide showing from Would $X the a both between X earnings. Hadley. for infrastructure, to over able renewables, drivers nice and buildup $X.X to estate chart

time? So we of those rates what's sense fee [indiscernible] have a over on and earnings

Sure.

highlighted strategies doubling of our and you've the the see credit. the that businesses business, we drivers complementary So back be where flagships, of the will the on that our build-out and then of

behind we little outlined to further, of So can Connor as drivers that. get Investor from further provide offline will us our show even showed and we're to Day. doubling detail is more question a we upside really what at And But bit environment take that your the has going entering really business. what big that's into

and additional definitely that levers be can more. achieve that to pulled there's So

take buyer we a And a both it's market it if this I off-line. not makes mean, we'll a seller's usually, and market. buyer's both market? not say market. a and a maybe that it's And probably seller good good day seller's I good then, it's Okay. every market, good What that it's Connor, buyer's mean,

stretch. a that the for driving would of get year assets, highest In just example renewable X XX-month sectors at operating and typically I'll the sectors what's the it's terms highest in highest exposure different angle. again, different power for maybe just Those that, the and high-quality don't great still and year, the growth bid An growth say, seeing are to And use robust an same the renewable seeing on wanting incredibly in use to this we I these a for franchise. points. call. questions using previous to is those what it's year But things cash-generative we're back return perhaps of cycle have transition these I'll particularly going again, together. in have investors we're for one, example, fundraising question. of powering year Yes, to transition deployment, and monetization an pivoting one risk

type same capital environment, capital platforms that an participants, build of more of thing very and very, a a seeing there In are themes, assets the That's to construct that's into. chasing while pills this growth abundance exact and to new we're robust shortage just [indiscernible] the and the bid from seeing and these monetizing the in market of trend. requirements opportunities in out space. new capital opportunities And allocated is that are being capital comparison we to

the the the renewables, in we're seeing get say how a seeing would in great great market time. I be thing we're and general, as but to bifurcation well. the estate hunts and seller allowing a real That's that's So same infrastructure you buyer same us at what in

comes Our from Worthington question JPMorgan. next Ken with

throughout if strong generated calculations $XXX are your quarter. sales a first, And that things Maybe with September. up new infrastructure Did both quarter wealth platform, given our particularly suggests the a picked build-out of million the this you correct, it the of acceleration franchise? there. success fund terms And what here, get in in sort on next of sales of the the wealth

Sure.

$XXX delivering capital million is actually far by that the which service that investor more we scratching in just ensure it's driven I what in We say still how growth could And into The we've demand, our even we comes this we QX. by we'll just about is limited BII continue QX. before. deploying in of something prudent by product not the capital fund. and fantastic say build But about raising raised returns be want entirely we're dollars more demand. is our out capital. to that So the said to we exceeds that limited would to be product asset purely than did portfolio approach the disciplined as It and we're

would certain on in some And segment, at potentially equity wealth then in there subsegments. wealth months products focused piggybacks secondly, potentially both in -- Day, -- over I this terms for products credit the we're well on platform, Investor XX additional very of launching as private as things mentioned next the the say we products the new of in really wealth

platform. we And some products onto to our additive with wealth our managers some going of two initiatives those the be recent as transactions we've very of new done is bring partner to

a fees XX% the of a after What what of jump increase in quarters think consecutive XQ?. it's sequential this magnitude quarter just saw X BPG then I And the falling one. in Perfect. drove simple quarter reversal fees. the management this in

sure. Yes,

So I'll one. take that

In what it, couple there's drove terms things. of of a

you And money. them some bring raised capital funds get flagships, in the particular, in our of Some on, catch-up fees. if you

that I would part of anything most mind one So that's for there have that's you add expect that readily the of is to the Hadley, driven the jumps would bulk jump, But me. that? it. and to

strategy it. then and buying BWS No. were base I earning mean I really the and that that think you've we've there. to more fees around captured moving It is equity assets fact been in

are components main the probably those two there. So

We have question. for time one more

last with Fannon come from Dan will Our Jefferies. question

I question. on guess follow-up a just that

is Real the prospectively $XX run So within rate segment? a the good million from Estate BPG

to a we're Yes, absolutely. And over continue going anything, up think see bit to creep I if number that time.

million I you've cadence and talked think, as term backlog of and that how just goal, the about SMA for talking in about. a insurance, follow-up business near versus and the Okay. scaling the then $X -- that context longer-term think $XX momentum Great. on And that that we progress? conversations how billion that should the just as of guess, about to, I within the

Brookfield the of this. building insurance if And effort service Wealth is standard capabilities is We at this easy. easy clients thinking and one say tailored Certainly. largest and relatively expect. the Solutions. the and those to it to foremost is our to we first the insurance own doesn't will, how client share that maybe ability amount company, to not franchise is team our And clients insurance every Therefore, a out at into you needs. and and bring we our partners related the put developed we other party solution be sure that other that would point are about a created of we on to And client, and could and to meet service that those that the job that get capability

conversations we types those done built. this the bring I while of And call. maybe ongoing point I therefore, we back number this of clients. just to quarter, incredible And this to very would a on of what And is maybe that. say was platform one first to more and first have finish the to questions the there's got capacity think, on to, of on one But add

tremendous our recognize margin. credit the question is lower it's does our to joy of of margin our behalf this scale out having a and margins. no therefore, platform As not small raise is and very capital partners, in thing might built on of build that insurance that and number around scale, this fees operating to mean business insurance very important platform. is lower us at some it necessarily given where we us while And should high large products, leverage. as allows And we the rate the be platform good capital fee can't a the there's versus deploy There not scale fee other see be reason for attractive as a of

call remarks. for That question-and-answer closing back the like Fooks to I'd to concludes turn our session. Jason

participation for you interest. Thank everyone's and Great. Okay.

to on questions free please If contact me have you again. feel should release, directly. additional Thanks today's

for This concludes Thank today's you conference participating. call.

now You disconnect. may