Brookfield Asset Management Ltd.

Good day, and thank you for standing by. Welcome to the Brookfield Asset Management Third Quarter 2025 Conference Call and Webcast. At this time, all participants are on the listen-only mode. After this week's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star-1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star-1-1 again. Please be advised that today's conference has been recorded. I would now like to hand the conference over to your speaker today, Jason Fuchs. Managing Director, Investor Relations. Please go ahead.

Thank you for joining us today for Brookfield Asset Management's earnings call for the third quarter of 2025. On the call today, we have Bruce Flatt, our Chief Executive Officer, Connor Teske, our President, and Hadley Pierre-Marshall, our Chief Financial Officer. Before we begin, I'd like to remind you that today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable U.S. and Canadian securities law. These statements reflect predictions of future events and trends and do not relate to historic events. They're subject to known and unknown risks, and future events and results may differ materially from these statements. For further information on these risks and their potential impact on our company, please see our filings with the securities regulators in the U.S. and Canada and the information available on our website. Let me quickly run through the agenda for today's call. Bruce will begin with an overview of the quarter and the market environment. Connor will walk through key growth initiatives across each of our businesses. And finally, Hadley will discuss our financial results, operating results, and balance sheet. After our formal remarks, we'll open the line for questions. To ensure we can hear from as many participants as possible, we're asking everyone to please limit themselves to one question. If you have additional questions, please rejoin the queue and we'll be happy to take more questions if time permits. One last item to mention is that the shareholder letter, which this quarter will be a single letter covering the biggest themes across Brookfield, will be published Thursday morning alongside Brookfield Corporation's earnings. And with that, I'll turn the call over to Bruce.

Thank you, Jason, and welcome, everyone. We're pleased to report another strong quarter for our business marked by record fundraising earnings, deployment, and monetizations. Quarterly fee-related earnings grew 17% over the past year to $754 million. Distributable earnings grew 7% to $661 million, and fee-bearing capital reached $581 billion, an 8% increase year-over-year, all driven by our strongest fundraising period ever. These results reflect the strength of our franchise and the benefits of our global scale diversification and long-term client partnerships. Our business continues to benefit from the major themes shaping the global economy. The acceleration of AI and digital infrastructure, the accelerating demand for electricity, and the improving strength in the real estate markets. Each of these themes plays directly to our strength as an owner, operator, and investor in real assets, and together they are fueling multi-year growth across the business. In the third quarter, we raised $30 billion, bringing total infos over the past 12 months to more than $100 billion. This was our highest pace of organic fundraising ever. Our fundraising in the quarter came from strong closes for two of our flagship funds, and increasing capital from our consult entry funds and partner manager strategies. Our flagship global transition fund, our venture-focused PineGrow strategy, and our music royalties-focused primary wave business all had closes recently, and each exceeded its target. Turning to the broader market environment, transaction conditions have improved steadily throughout the year. The global economy remains resilient despite trade and tariff uncertainty. Corporate earnings are healthy, capital markets are liquid, and the Federal Reserve has begun lowering rates. This is giving the market more confidence and leading to transaction activity significantly increasing. Global M&A volumes are up nearly 25% year over year. The third quarter alone saw a trillion dollars of announced deals, the highest level since 2021. This resurgence in large-cap M&A and a record backlog of sponsor-owned assets are therefore fueling activity. This is creating a good environment for both deployment and also asset sales. We've remained active in this environment, deploying large-scale capital at attractive entry points where operating expertise provides us a competitive edge. while also crystallizing value from our mature investments at attractive returns. Our ability to recycle capital efficiently, returning proceeds to clients, while raising new funds for the next generation of opportunities is fundamental to how we compound value over time and continue to consistently grow our business. Another important milestone was our recently announced agreement to acquire the remaining 26% in Oak Tree Capital Management, As you know, one of the most respected names in global credit investing. When we partnered with Oak Tree six years ago, the goal was to combine our global scale and real asset expertise with Oak Tree's deep credit experience and value-oriented culture. That partnership exceeded expectations, enabling the rapid expansion of our credit platform, supporting the launch of Brookfield Wealth Solutions, and driving a 75% increase in Oak Tree's asset base. Bringing Oak Tree fully into Brookfield is the next natural step. It combines the scale and reach of our nearly $350 billion credit platform, enables deeper collaboration across our businesses from origination and underwriting to distribution and analytics. Most importantly, it enhances our ability to deliver the full breadth of Brookfield's credit capabilities to clients. Turning briefly to overall credit markets, liquidity remains ample and spreads in both public and private markets are near historically tight levels. Certain pockets of private credit, such as middle market direct lending and sponsor-backed leverage, have become more commoditized as large amounts of capital have been raised for a small pool of attractive deals. We've been disciplined in avoiding these segments of the market and instead of focused on attractive risk-adjusted return opportunities where we have strong competitive advantage, such as infrastructure, renewable power, asset-based finance strategies, and opportunistic credit. Across our business, our ability to raise large-scale capital deploys strategically across the megatrends and deliver risk-adjusted returns to trusted clients continues to drive record results. Our balance sheet is extremely solid, our margins are expanding, and double-digit growth trajectory is sustainable. With record fundraising momentum, deep deployment pipelines, and healthy monetization activity across our platforms, the foundations we've built over the past years have set the stage for an even stronger 2026. With that, I'll turn the call over to Connor, and thank you for the results.