{"updated":"18 October 2026","sources":{"bam26":["BAM Q2 2026 supplement","https://bam.brookfield.com/sites/brookfield-bam-v2/files/BAM-IR-Master/Supplemental-Information/2026/2026-Q2-Supplemental-BAM.pdf"],"bam25":["BAM Q4 2025 supplement","https://bam.brookfield.com/sites/brookfield-bam-v2/files/BAM-IR-Master/Supplemental-Information/2025/Q4-25-BAM-Supplemental.pdf"],"bam23":["BAM Q4 2023 supplement","https://bam.brookfield.com/sites/brookfield-bam-v2/files/brookfield-bam-v2/report-fillings/investor-downloads/2023-q4-supplemental-bam.pdf"],"psh":["PSH 2025 annual report","https://assets.pershingsquareholdings.com/wp-content/uploads/2026/02/18175039/Pershing-Square-Holdings-Ltd.-2025-Annual-Report.pdf"],"oak":["Oaktree 2025 filing","https://www.sec.gov/Archives/edgar/data/1403528/000140352826000006/oak-20251231.htm"],"bip":["Infrastructure: 2021 financing protection","https://bip.brookfield.com/bip/reports-filings/letters-unitholders/bip-q4-2021-letter-unitholders"]},"bam":[{"name":"Fee-bearing capital","value":"US$672bn · 30 Jun 2026","meaning":"The capital base on which contracts generate fees; different from US$1.3tn total AUM.","flywheel":"More fee-bearing capital can produce more recurring revenue.","risk":"Large gross inflows can conceal capital runoff or lower-fee mandates.","watch":"Reconcile opening capital + reported inflows + valuation changes + other changes − outflows − distributions. Reported inflows include activation of previously uncalled commitments; do not add deployment again. Separate affiliate mandates.","source":"bam26"},{"name":"FRE per share","value":"US$1.97 · LTM Jun 2026","meaning":"Company-defined fee-related operating earnings per diluted share; before the adjustments that produce distributable earnings.","flywheel":"Tests whether expansion benefits each share after costs and dilution.","risk":"Aggregate growth can hide share issuance or rising operating expenses.","watch":"Compare per-share growth with fee revenue and the diluted share count.","source":"bam26"},{"name":"Distributable earnings per share","value":"US$1.75 · LTM Jun 2026","meaning":"Company-defined earnings available for distribution or reinvestment; distinct from GAAP EPS and FRE.","flywheel":"Cash earning power supports distributions and future investment.","risk":"Interest costs, taxes and adjustments can separate DE from FRE.","watch":"Read the reconciliation, cash flow and dividend coverage together.","source":"bam26"},{"name":"FRE margin at economic share","value":"58% · LTM Jun 2026","meaning":"Share of attributable fee revenue retained as FRE under management’s definition.","flywheel":"Rising revenue faster than costs demonstrates operating leverage.","risk":"A changing strategy mix can change margin without a change in efficiency.","watch":"2022 58%; 2023 56%; 2024 57%; 2025 58%. Margin is not the fund investor’s return.","source":"bam26"},{"name":"Fundraising quality","value":"US$77bn · Q2 2026","meaning":"Capital raised during the quarter; not all fundraising immediately earns fees.","flywheel":"Client trust and distribution bring capital into new funds.","risk":"US$40bn of the quarter related to the Just Group mandate; do not extrapolate the whole quarter as repeatable organic inflows.","watch":"Separate independent clients, insurance mandates, acquisitions, commitments and actual deployment.","source":"bam26"},{"name":"Deployment and fee runway","value":"US$68bn not yet fee-earning · 30 Jun 2026","meaning":"Uncalled commitments not yet fee-earning were US$68bn, within US$149bn of total uncalled commitments at 30 June 2026.","flywheel":"Deploying committed capital activates fee revenue.","risk":"Deployment can be delayed, and rushing it can weaken underwriting.","watch":"Track activation, remaining commitments and fee yield; this is potential revenue, not current earnings.","source":"bam26"},{"name":"Fund performance after fees","value":"By strategy and vintage","meaning":"Use net IRR, cash distributions, remaining NAV and appropriate benchmarks together.","flywheel":"Good realised outcomes encourage repeat commitments.","risk":"Unrealised marks, leverage and fee differences can flatter comparisons.","watch":"Track DPI (cash returned / paid-in capital), TVPI and same-vintage benchmarks. Missing DPI is a data gap, not zero.","source":"bam26"},{"name":"Credit quality and rate exposure","value":"Monitoring framework · no platform total","meaning":"Defaults, non-accruals, cash versus PIK interest, borrower coverage, duration and fund leverage.","flywheel":"Sound lending preserves capital and client confidence.","risk":"Higher coupons can conceal weaker borrowers; fixed-rate bonds can lose value as yields rise.","watch":"Inspect each fund separately. Infrastructure financing statistics do not describe all Oaktree bond funds.","source":"oak"}],"psh":[{"name":"NAV total return per share","value":"Existing verified history below","meaning":"Change in NAV per share including reinvested distributions, after applicable fund costs.","flywheel":"Portfolio values and income change NAV within a closed-ended capital structure.","risk":"Concentration, leverage and fees can reduce or reverse compounding.","watch":"Compare with S&P 500 total return over identical dates; do not substitute the combined PSLP/PSH history for PSH’s lifetime.","source":"psh"},{"name":"Discount to NAV","value":"Existing matched-date snapshot above","meaning":"1 − share price / NAV per share, with the same date and currency.","flywheel":"A narrower discount can add to shareholder returns.","risk":"The discount can persist or widen even while NAV grows.","watch":"Separate NAV performance from changes in discount; a discount does not prove underlying holdings are cheap.","source":"psh"},{"name":"Buybacks and share count","value":"Track each reporting period","meaning":"Cash spent, shares repurchased and discount paid determine accretion to remaining shares.","flywheel":"Fund repurchases below NAV can raise NAV per remaining share before transaction costs.","risk":"Buybacks consume liquidity; debt-funded repurchases can increase leverage.","watch":"Check NAV accretion after costs, funding source and public shares outstanding.","source":"psh"},{"name":"Portfolio concentration and overlap","value":"Existing holdings and 13F analysis below","meaning":"Largest positions and shared economic exposures; 13F weights are manager-wide, not PSH NAV weights.","flywheel":"A few successful businesses can meaningfully drive NAV.","risk":"One error or common factor can damage several holdings together.","watch":"Fund-specific exposures distinguish actual holdings from manager-wide disclosures; BAM and Brookfield Corporation (BN) are different companies.","source":"psh"},{"name":"Debt, interest and maturities","value":"Existing dated capital snapshot above","meaning":"Borrowing increases investment exposure relative to shareholder equity.","flywheel":"Long-dated financing can support patient investing.","risk":"Losses are magnified; refinancing costs and collateral needs can strain liquidity.","watch":"Track debt / capital, interest cost, maturity ladder and liquid resources together.","source":"psh"},{"name":"Fees and high-water mark","value":"1.5% management / 16% performance","meaning":"Stated rates on relevant fee-paying NAV and eligible gains, subject to high-water marks and contractual reductions.","flywheel":"Investment gains retained after fees continue compounding.","risk":"Fees are a cost to PSH investors, even when they are revenue to the manager.","watch":"Track actual fee expense, effective offsets and net versus gross returns; NAV already includes accrued expenses.","source":"psh"},{"name":"Underlying business cash generation","value":"Existing company scorecards below","meaning":"Cash flow, margins, growth, leverage and valuation of the businesses owned.","flywheel":"Durable per-share cash growth supports long-term investment value.","risk":"A good company bought too expensively can still deliver poor returns.","watch":"Read FCF and debt alongside company-specific operating drivers and valuation.","source":"psh"}]}