Brookfield Oaktree Holdings, LLC reported a total revenue of $679.5 million for the fiscal year ending December 31, 2025, a decrease of 12.6% from $778.0 million in 2024. The decline was primarily attributed to the absence of incentive income following the deconsolidation of Oaktree Capital I, which occurred as part of a restructuring process. Interest and dividend income also saw a slight decrease of 1.5%, totaling $483.0 million, while investment income increased by 15.6% to $196.5 million, reflecting improved performance from investments in Oaktree Opportunities Fund XI and Fund XII.
The company underwent significant structural changes in 2024, resulting in the deconsolidation of Oaktree Capital I, which previously contributed to its revenue through incentive income. This restructuring has led to a shift in how the company accounts for its investments, now primarily reflecting its approximately 74% equity interest in Oaktree Capital I under the equity method of accounting. As a result, the company no longer consolidates the operations of Oaktree Capital I, which has impacted its revenue streams and overall financial performance.
Operationally, Brookfield Oaktree Holdings, LLC reported a net income of $523.2 million for 2025, down from $787.1 million in the previous year. The decrease in net income was influenced by lower realized gains from consolidated funds' investments, which fell to $52.3 million from $65.6 million in 2024. Additionally, the net change in unrealized appreciation on consolidated funds' investments shifted to a depreciation of $31.5 million, compared to an appreciation of $150.7 million in the prior year. The company’s total assets as of December 31, 2025, were reported at $6.8 billion, a decrease from $7.1 billion in 2024.
In terms of strategic developments, Brookfield Oaktree Holdings announced a significant transaction on October 13, 2025, where Brookfield plans to acquire the remaining 26% interest in Oaktree that it does not already own. This acquisition is expected to close in the first half of 2026, subject to regulatory approvals. The company also continues to manage its investments in Oaktree's flagship opportunistic funds and has made substantial capital commitments to Oaktree Opportunities Fund XI and Fund XII, totaling $750 million and $796.2 million, respectively.
Looking ahead, Brookfield Oaktree Holdings, LLC anticipates that its ongoing investments and the expected completion of the acquisition by Brookfield will enhance its operational capabilities and financial performance. However, the company remains cautious about market conditions, including inflation and geopolitical uncertainties, which could impact its investment strategies and overall profitability. The company’s management emphasizes a focus on maintaining liquidity and capital resources to navigate potential challenges in the financial markets.
About Brookfield Oaktree Holdings, LLC
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