Please welcome from Brookfield Asset Management, Jason Fooks, Managing Director and Head of Public Investor Relations. Good afternoon, and welcome to Brookfield Asset Management's 2026 Investor Day. We hope you enjoyed that video. It's part of Own What's Next, our first- ever brand campaign. The message is consistent with things you've heard us talk about for a long time. Brookfield owns and operates the real assets and essential service businesses that make up the backbone of the global economy. As the backbone of the economy continues to evolve, we've evolved with it. Our industry is changing, too. Private markets are opening up, and individual investors now have the opportunity and choice to participate. This campaign is how we introduce our approach to investing to more investors. We'll share a few more videos between today's presentations that highlight how the backbone is being reshaped, how an ownership mentality is core to our DNA, and how we're always looking ahead for what's next. On behalf of our entire management team, we appreciate your interest, and we appreciate you being here with us today. We have a terrific agenda lined up for you today, so let's dive in. First, Connor Teskey, our CEO, will discuss the advantages we've built across Brookfield and how they are driving durable, resilient results across the franchise. Hadley Peer Marshall, our CFO, will continue by highlighting how our resilient earnings model also has significant durable growth drivers that will propel the business for the next five years and beyond. Then Bob O'Leary, our Co-CEO of Credit, will take you through our integration of Oaktree and how it's allowed us to build one fully scaled, full-spectrum credit platform. Finally, Bruce Flatt, our Chairman, will moderate a conversation with the CEOs of our other business groups for a rare dialogue on how each of those businesses are growing and the opportunities they see today. Before I begin, I just want to touch on a few housekeeping notes. We'll save questions for the end of the presentation, but we'll be happy to take questions from both our live audience and those attending virtually. Just wait for the mic to reach you before you ask those questions, and we'll do that at the end of the presentations. As always, I'd like to remind you that during the Q&A and throughout today's discussions, we may make forward-looking statements. These statements are predictions about future events and trends and are subject to known and unknown risks. Actual results may differ materially from those we discuss today. For further details, please see our filings with the Securities Commission in the U.S. and in Canada, and the cautionary statements contained in our presentation, which is also available on our website. With that, please silence your phones, sit back, and enjoy the presentation. Let's get started by welcoming Connor Teskey to the stage. Good afternoon. Thank you for being here, both those in the room and those online, and thank you for your interest and support of Brookfield Asset Management. We don't think there's ever been a more exciting time in the history of Brookfield, and as a result, we're all very excited to provide an update on our business. In previous years, we've talked about our objective of doubling the size of BAM every five years or less, and today we're on track or ahead of schedule in that regard. In a moment, Hadley will discuss our ongoing growth profile. But equally important is how we are continuously enhancing the resiliency and stability of our underlying earnings. When we spun out Brookfield Asset Management in 2022, we wanted to create the highest- performing alternative asset manager, one that would raise significant amounts of capital and deploy it into the largest and most attractive investment themes, but equally one that was incredibly diversified, able to drive fundraising, investment performance, and earnings quarter after quarter, year after year, cycle after cycle. That is exactly what we have been doing. We have been building a business model that can produce across market cycles and in all economic environments. Today, Brookfield continues on its 100+ year history as the leading owner, operator, and investor in the critical assets and essential services that make up the backbone of the global economy. We operate across five verticals and use our competitive advantages of size, global reach, and operating capabilities to identify the largest investment trends and drive underlying operating performance. In the diversity of that business, the leadership in the largest and fastest-growing segments of the alternatives market, and our disciplined approach to execution is showing up in our results. We are both investing and monetizing more capital than at any point in our history, while at the same time delivering growth rates at or above our long-term targets. What this demonstrates is even as our platform grows, we can continue to maintain the growth rates of the past. Even as we deliver these record results for shareholders, at the same time, we are delivering some of the best investment performance in our history to our LP partners. There is nothing that highlights the momentum in our business more than our current level of fundraising. This is a result of that leadership position in the largest and fastest-growing segments of the alternatives market. It's the result of an underappreciated structure that allows us to raise capital from a diversified spectrum of the largest pools of money around the world. It's the result of the initial dividends of some recent initiatives that will continue to scale going forward. Not only will we deliver record fundraising this year, but we are raising the bar of how much capital we expect to raise year in and year out. Perhaps what's most important is it's not coming from a single strategy or a single platform. Every business at Brookfield is printing records right now. Our infrastructure, energy, and AI infrastructure platform continues to be dominant in what is one of the biggest capital needs and greatest build environments in history. Our private equity and real estate platforms continue to grow and scale, particularly at a time where others are seeing headwinds and perhaps retreating. Lastly, now with the full integration of Oaktree, we have built one of the largest global credit platforms built for performance and market leadership in the most important subsegments of credit. We are able to continue to enhance the resiliency of our earnings while delivering growth due to ongoing processes within our business. We increasingly diversify those leading market positions in the most important segments of the alternatives market. We continue to deliver on Brookfield's brand of exceptionally attractive risk-adjusted returns, but at a scale and a consistency that few, if any, can match. Lastly, we continue to stay focused on the future, building new businesses the right way such that they can scale into market leaders over time and continuously positioning our platform at the forefront of investment trends both today and in the future. Let's go through each of those individually. Brookfield's diversity is a quiet, underappreciated, and hugely value attribute of our business. Our diversity across geographies, investment capabilities, products, and investors ensures that we can deliver results across all economic conditions. Said another way, we can continue to grow regardless of which products are in the market in a given year. While this is an undisputed strength of our business today, we have an ongoing process to ensure we go from strength to more strength in this regard. That's because increasing our diversity and growth is part of a very virtuous cycle. Brookfield uses its competitive advantages of size, global reach, operating capabilities to deliver exceptional, strong, and consistent results. That track record, it allows us to not only raise larger funds in our existing strategies, but also launch new funds. That growth and increased diversity of our business gives us visibility to more capital flows, a greater spectrum of transactions, and gives us more information with which to make the next investment decision. We put that back into our business, enhancing our capabilities and continuing the virtuous cycle. Where does this show up in our results? Let's just take a subsegment shot at some of our infrastructure products. In our most mature strategies, we are seeing almost 80% of fundraising from re-ups, existing investors in that strategy who are attracted to the strong and consistent returns it delivers. But once an investor joins Brookfield, they increasingly look to invest across other strategies as well, the way that 60% of the investors in our market-leading Brookfield Infrastructure Debt Fund are also investors in the flagship. Different investors have different needs, different objectives, yield, risk tolerance, duration, liquidity, and by offering a greater spectrum of different products and solutions, we can service the entire spectrum of investors, but in different proportions for each type of product. Over the last 10 years, we have increased our institutional investor base by 8x, 800%. Obviously, that significantly increases our diversity, minimizing any reliance on a single geography, investor, or investor type. Perhaps what is more important is investors who partner with Brookfield are increasingly investing across a greater number of strategies. This allows us to build deeper, larger, more enduring relationships, and it also allows us to continue to grow our business without the burden of customer acquisition costs every time. Looking at the stats, today, the average investor has a little bit more than two and a half different product investments with Brookfield. That is more than less than 2x a decade ago. That might not seem that exciting, but it is remarkable. Please understand the denominator effect in that calculation. We have brought in more than 2,000 new investors who, by definition, started with just a single product at Brookfield. We have been saying for a number of years now that the largest investors around the world are increasingly concentrating their capital with a smaller number of managers who can deliver performance, but also deliver a greater suite of products and services. This is why we launch new products. This is why we integrated with Oaktree. This is why we continue to expand our partner manager program, increasing the number of new entry points for new investors to Brookfield, as well as increasing the number of products and solutions we can offer to existing partners. That investor base is highly diversified by geography, minimizing our exposure to any regional market, economic, or geopolitical trend. These things do change over time. They have changed in the past. They will continue to change in the future. We have built a business model that can evolve and adapt to those changes. Using 2020 as a base year, fast-forwarding to 2023, we increased our annual fundraising over 20% in that timeframe, but we also increased our exposure to Asia and the Middle East. Jumping forward another three years, we increased our annual fundraising an additional 40%+. This time seeing greater fundraising in North America and increased exposure to Europe, where we made a concentrated effort. It goes beyond diversity of geography, or investors, or products. It is also diversity of investment capabilities. Today, we have five platforms where we have market-leading positions, and not a single one of those platforms is responsible for more than a 1/3 of our revenues. Within each of those platforms, we have industry expertise on subsegments that ensures that we are well-positioned to invest in whatever the best opportunity is, wherever or whenever it arises. What all of this does is it creates an incredibly balanced and diversified portfolio that can grow across a cycle. The bulk of Brookfield's business are long-duration real assets across real estate, infrastructure, and energy. They perform across market cycles. Now our more pro-cyclical strategies are offset and balanced out by more counter-cyclical strategies, meaning regardless of market conditions, some component of Brookfield is growing rapidly, ensuring we can deliver consolidated growth year in and year out. Let us turn to investment performance. Brookfield uses a repeatable and consistent formula of leveraging our competitive advantages of size, global reach, and operating capabilities. We use our market-leading platforms to identify the largest investment trends. Then we use our scale and operating capabilities to buy for value and drive underlying investment performance. This goes beyond just being an owner/operator. Increasingly, we are using those leading platforms to manufacture or originate new bilateral investments that others cannot, creating very attractive economic exposures that others cannot get access to. This is not driven solely by our investment teams. It is very difficult to replicate because it leverages our $1.3 trillion global asset base, our presence in 50 countries around the world, our 250,000 operating professionals who are dealing with the largest corporate and government counterparties around the world, identifying the biggest capital needs and the unique solutions we can provide. Every business we own, every investment we make, every deal we review that we do not execute on gives us more information to make more informed investment decisions going forward. We have talked in the past about the benefits of the Brookfield ecosystem, how we can use the knowledge and perspective in each of our five verticals to enhance our competitive advantages and unlock new opportunities. Today, around the world, leading corporates rely on an increasingly integrated system of real assets to support their growth. Our knowledge and ability to navigate that system, identify the capital needs, and identify and mitigate the risks not only drive new investment opportunities, it drives superior returns. We are seeing this day to day in our business. Increasingly, our private equity and credit teams are leveraging our real estate and infrastructure teams to help with underwriting. As digitalization accelerates, the leading corporates around the world are seeing physical and digital worlds collide, converge, and as a result, they are restrained by their physical capacities. This increases the value of the platforms we own, the knowledge we have, and the capabilities we possess. Take, for example, energy, which is now the bottleneck for growth for not only the largest corporates but the largest economies around the world. Our energy team has perfect visibility to identify growth opportunities across all of our platforms and help them underwrite their investments. If you want to get excited about one of the reasons of bringing Brookfield and Oaktree together is we now have two sourcing teams, not just to drive greater deal flow in their specific verticals, but across all of Brookfield's verticals. This is exactly what we are seeing. More so than ever, we are seeing deals originated in one platform that are eventually executed in another platform where they are more appropriate, a clear benefit of the Brookfield ecosystem. The biggest benefit of all of this is the most important metric to us, the bedrock of our business, our long-term, high-performing investment track record. Over the last 12 months, we have actually enhanced this track record in what we can all agree has been a relatively uncertain market environment. That ability to originate and the credibility of that track record allows us to launch new products successfully, but equally important, it allows us to build businesses the right way such that they can scale and become market leaders in the future. Building new products and new platforms is something that is not new to Brookfield. We have been doing it for over a decade, but it has accelerated in the last five years, and it is happening across every single one of our verticals. In fact, across all five of our platforms, non-flagship revenue is now the majority of our business. Whenever we build a new product or a new strategy at Brookfield, we use the same repeatable and consistent approach to drive success. There are three rules. It needs to be a large and attractive opportunity set, it needs to be somewhere where Brookfield is positioned to be the market leader, and it cannot conflict with anything we are already doing. As a result, we focus on adjacencies to our existing business where we can leverage our in-place leading platforms. We also very consciously, at the onset of new products, focus on execution and performance, sometimes growing slower initially, but providing a platform for accelerated growth and market leadership in the future. We will give an example. Eight years ago, we launched BSIP, our Brookfield Super-Core Infrastructure Partners fund. At the time, we only had our flagship value- add and our leading Brookfield Infrastructure Debt Fund. Initially, we consciously grew methodically, thoughtfully, and in a modest way, balancing deployment with investor inflows. Fast-forward to today, that is a $26 billion platform that is raising almost $4 billion a year on a run- rate basis. At the same time, four years ago, we launched Brookfield Infrastructure Income Fund into the private wealth channel. Again, consciously being very methodical about how many platforms we initially listed on, and growing slowly, matching deployment with fundraising. Today, we are raising over $1 billion a quarter, and in the last eight years across these two products, we have never had a single quarter of net redemptions. I do not think there are many managers who can say that, let alone people that added two products that can deliver almost $10 billion of annual net inflows to what was already the largest infrastructure platform in the world. This was done against a backdrop where our other infrastructure platforms, our Flagship Infrastructure Fund, our Brookfield Infrastructure Debt Fund, our energy business also saw significant scale growth at the same time. It is not just about what we are executing today, it is about what we will do in the future. We look to enhance and maintain the stability and growth of our returns by, one, partnering with the most strategic counterparties that will deliver growth over the next decade. By, two, continuously enhancing our capabilities. And three, constantly assessing what the largest opportunities are for the future and positioning our business to capture them. We have discussed in the past how Brookfield is the partner of choice for the largest corporates and governments around the world. Our ability to pair large-scale flexible capital solutions with unparalleled industry operating expertise positions us to help these counterparties with their most strategic growth initiatives. What is most important to us is not that we are doing more partnerships, but it is that each of these partnerships continues to broaden. Our counterparties are no longer just an LP or an offtake, or a JV partner, but in some cases all of the above. There is no better example of this than NVIDIA, the largest corporation in the world. They are the $2 billion anchor LP investor to our Brookfield Artificial Intelligence Infrastructure Fund. They are the critical supplier to one of our portfolio companies. We are JV partners with them and Naver on a gigafactory in South Korea, and Brookfield is one of the financing partners of their new $500 billion compute program. There are very few around the world that have the capability to have such multifaceted and deep relationships with the most important institutions that will drive growth over the next decade. We are also enhancing our internal capabilities. Undoubtedly, the best example of this is our Investment Solutions Group. This was started less than two years ago, and what ISG does is it works with an investor counterparty to understand their specific needs. What is their risk tolerance? What is their return target? What is the duration? How much cash yield? How much liquidity do they need? After understanding that, they go create a multi-product, multi-asset solution by leveraging the over 65 different products at Brookfield. Very few have either the capability or the product suite to offer this service. In less than two years since we launched this, we have secured over $10 billion of unique mandates, including some very unique structures, including one where we secured a billion-dollar mandate with a 25-year lockup. Do the math on that. Fast-forward two decades, that is more than $20 billion of fee-bearing capital to Brookfield from a single mandate today. We are also positioning ourselves for the biggest growth markets in the future. We have talked about our interest in growing in the individual market. We have a very rapidly growing private wealth business. We continue to scale our ability to service life insurance and annuity policyholders. We are also positioning ourselves at the forefront of the 401(k) and retirement market here in the United States. In particular, positioning Brookfield to be the real asset investment provider to the recommended or default programs of the largest plan administrators in the United States, we announced our first collaboration with AllianceBernstein this year, and we expect to announce many more given that our expertise in long-duration real assets are the perfect complement to the objectives of retirement investors. Perhaps you thought 2026 was the year that we would get off the three Ds, but in the year that we have had, that would have been impossible. Since highlighting three global investment themes of the digitalization of everything, the world needing more energy than ever before, the rewiring of global supply chains to focus on resiliency and production of critical goods and services closer to home, these major global investment themes continue to accelerate year after year. The capital needs are forecasted to be bigger going forward than they have been at the past. Our leadership position across all three of these themes ensures that we will be at the forefront of not only the largest, but the most attractive investment opportunities going forward. With that, before I hand over to Hadley, while we are very excited about the growth of our business, we are equally focused on continuously increasing the resiliency and stability of our underlying earnings. We do this by increasingly diversifying our business, by continuing to deliver on our value proposition, very attractive risk-adjusted returns, but at a scale and a consistency that few, if any, can match. Lastly, we continuously position ourselves for the future, building new businesses that can become market leaders, and ensuring that we stay on the forefront of not only investment trends today, but investment trends tomorrow as well. Thank you. The map of global trade is shifting faster than the map of global consumption. People are largely living in the same areas and buying the same goods, but where those goods are coming from and how they are getting to the consumer is changing very rapidly. What we are seeing is not the end of globalization, but a shift in globalization to strong regional hubs that provide adaptability and optionality for companies to adjust in the face of volatility. The old adage with warehouses is location, location. What we see now is connectivity, and the way I like to think about it is a highway system. So you have large interstates, then you have regional highways, you have local roads, and finally, the street that makes it to your house. It is the same with a distribution center and a distribution system. Redundancy used to be considered inefficient. Now we call it resilience. If a company depends on one port or one facility to move goods, and there is a disruption due to weather or a labor strike, or a geopolitical event, and they cannot continue their business, that is no longer efficient. Rents and square footage don't dictate the value of a building. It's the ability to move goods efficiently through that building. Please welcome from Brookfield Asset Management, Hadley Peer Marshall, Chief Financial Officer. Thank you, and welcome. Connor talked about how our business and our earnings are resilient, diversified, and consistent, and that is not by accident. We built it that way in order to maximize value. Now, when we spun out Brookfield Asset Management from Brookfield Corporation four years ago, we did so in order to give transparency to our public investors, as well as an opportunity to invest directly in a pure-play alternative asset manager. It has been a great success. We have grown significantly. Our earnings are up 40%, and we are very happy with what has happened. If you talk to our shareholders, they will say that they are excited about the growth, the disciplined investment approach we have, the leadership that we have built, and the consistency and stability in our performance. We have also grown our fee-bearing capital in a material way, and part of this is because our model allows us to reach the deepest pools of capital in the world, public markets, insurance, institutional, and individual. When you look at that $670 billion of fee-bearing capital, about $250 billion comes in a permanent format, which compounds via our public markets and the listed affiliates, as well as our insurance channel. The remaining $425 billion is long-term diversified into our private funds from our institutional and individual clients. Now, across the board, this is a big advantage for us, and there are two focuses we have. One is client servicing, and two is performance. If we do those things well, we will continue scaling and building on our fee-bearing capital across all of these channels. Because of our model and the growth of our business, we have been able to create a product for every type of investor. As you heard from Connor, we have over 60 and growing. Let us take an example for a second. Let us assume that you want to invest in a closed-end, global core plus fund with a leading infrastructure manager. You would invest in BIF. Let us say instead you actually want daily liquidity, but still have access to the best-in-class infrastructure funds we have, BIP. Let us just say that you want to invest in maybe the world-leading infrastructure credit strategy, BID. The broader point is that we have the solutions for our investors across liquidity, the risk-return spectrum, up and down the capital structure. We do this for all of our businesses. We have some investors that want to have exposure to sector or geographic themes outside of our flagships, which are global and well diversified. Here is another example. Let us assume that you are interested in investing in real estate, but specifically housing. You can invest in BREVA-H, our recently launched strategy. Let us say you actually want access to the best-in-class deals we do in private equity, but only in the Middle East, BMEP. Finally, if you want to invest alongside the leading AI infrastructure manager, BAIIF. Overall, we have 60 strategies, and as mentioned, they are growing. Now, what they all have in common is that we are focused on delivering that performance, which is critical to us continuing to scale. I talked about earlier how our model was built on purpose in order to maximize value and how it's allowed us to achieve providing a product for every single investor. That gives us a deep relationship with our clients and a breadth, which makes our fundraising and ultimately our earnings consistent. You can see that in our fundraising. We have significantly grown our fundraising year-over-year consistently throughout all the various economic cycles, tariffs, inflation, denominator effect, geopolitical conflicts, volatility in energy markets. The point here is that we have been able to successfully raise capital regardless of the market backdrop, and it only strengthens for us. We have not provided guidance for our 2026 fundraising number, but I think some of our analysts have a rule of trying to back into what that number is. What I will say is that is going to be a record year. 2026 will be a record year for us, even when you look at it from an organic perspective. As evidence of that, we've raised $163 billion over the last 12 months. That fundraising will lead directly into our FPC and our FRE. If you go back to 2020 and you look at the growth that we've experienced, 16% for both of them on a compounded annual growth rate. What's interesting about that is not only is that above our 15% long-term target, but that's been done steadily every year, not with one year or one product making a determining factor. It's also evident in our deployment. Deployment has doubled to $160 billion over the past 12 months. These investments sit in the sectors that fit into the global economy, including utility- scale energy storage, industrial gas infrastructure, and transportation. What they all have in common is they're quality investments with a disciplined investing approach in the sectors we know well. Monetizations are very important for our business. They do three main things for us. Obviously, they cement the proven track record, they return capital back to our investors, and that hopefully is recycled back to us. Then they realize carry. They generate the carry for us. You can see we've tripled our monetizations over the past five years. That leads to $90 billion for the last 12 months, and 2026 will be a record year for us. When you take the stability of our cash flows, the predictability and that consistency, and you marry it with the growth engine, that gives us line of sight to doubling our business. The three main pillars that have been critical in our growth historically will still be the major part of our growth when we look forward: flagship funds, complementary strategies, and insurance capital. Flagships are a large part of our success and our growth. We've raised $129 billion over the past five years, and that's growing to $175 billion, 35% growth, over the next five years. Our flagships do more than just scale and grow. They are the innovation engine for creating new strategies. When they build their investor base, their capabilities into new markets, that allows us to expand into complementary strategies, and we've done that successfully. We have raised $195 billion over the past five years, and that will almost double when we look out to 2031. We have two categories for our complementary strategies: new strategies, which are one to two vintages, but the remaining 65% is made up of strategies, mature strategies that have had three or four vintages. They built the track record, they have got the investor base, and similar to our flagships, all they need to do is keep delivering, and then they will scale. Low execution risk. The final one is Brookfield Wealth Solutions. Powerful partnership for us. We manage $150 billion under the investment management agreement where we earn 25 basis points, and that is going to grow to $360 billion by 2031. You will notice that about 6% is allocated to private funds, and that is growing to 18%, so call it $60 billion, where we earn additional fees. What else is driving our growth? We have other emerging themes that are actually growing faster than our broad business, and these include the increase in fundraising for private wealth, the scaling of our capital markets, the contribution from carried interest, and the value generated from our balance sheet investments. I will start with private wealth. It is gaining even more momentum. We have about 200 people dedicated to engaging, educating, and building relationships with financial advisors. We have six evergreen strategies, and they are building a track record, and as they build that track record, they scale. This gives us a 5x increase in our FPC. Capital markets is interesting because we issue about $150 billion or so of debt on an annual basis for our portfolio companies. Plus, we do large deals that our investors want to participate in. This gives us the ability to scale the business even further, reaching probably $50 million- $100 million of revenue next year and growing to about $250 million by 2031. Carry is an interesting one because in the past, we have talked about it as the second leg of growth, but it is actually happening now, and I will come back to that in just a second. As a reminder, when we spun out of Brookfield Corporation, they kept all of the legacy carry. We are really starting from scratch, but you can see the build, the fast build, and we should show, on a cumulative basis, $9 billion of carry over the next five years. A third of that will go to Brookfield Corporation as a royalty, a third to employees as compensation, and then a third will go to Brookfield shareholders. If you look out the following five years, even bigger, $35 billion, and then beyond. Coming back to carry today, what is interesting and what we are seeing in our numbers is that it is accelerating for us, and we should see carry this year and building over the next few years. I will talk about this when we get to the numbers. Finally is balance sheets. I put this one in here because we are an asset-light manager. We are judicious about our balance sheet, seeding, using it to seed new strategies or invest in our partner managers, our existing partner managers. But a standalone basis, these are very attractive. They have a J curve, but we generally target 20%+ returns for these investments. Not only do they support the overall business from a growth perspective, but they also are accretive to Brookfield Asset Management. Now I'm going to put it all together and show you what the future looks like with all of these drivers of growth. We are going to double $1.3 trillion of fee-bearing capital by 2031. It will be broad-based across all of the segments. Between flagships, mature complementary strategies, and insurance, where all we need to do is deliver, we will be able to scale. So, low execution risk. That's about 75% of the capital. Now, going back to monetizations and the importance there, we will return $220 billion back to our clients. This fee-bearing capital is very stable for us, and it gives us that consistency and stability. If you go back to when we spun out, about 83% of our capital was long-term or permanent in nature. Today, that's 88%. Then look at 2031. That's after we've doubled the business. It will continue to be a value- add to our cash flows. The diversification will be met across all of our businesses. Infrastructure and energy will continue to capture the tailwinds from the three Ds. We'll see private equity benefit from their focus around industrial and essential services, real estate seeing a big flow of opportunity after the lows of 2023, and credit, which Bob O'Leary will talk about shortly, is seeing a large opportunity in asset-backed finance, real assets, and opportunistic credit. That FBC will drive our FRE growth. We'll hit almost $11 billion of revenues. Our costs are growing slower, which means that we'll have expansion of our margins, showcasing the operating leverage that's built into the system, and generating 16% returns for us on an annual basis. That translates to $4.08 per share relative to $1.97 today. Now coming back to carry. Remember, not much at 2022, but it's building, and by 2031 we should see a 32% compounded annual growth rate. That carry will be more meaningful. You can see it here because our DE is growing even faster. FRE will still be the foundation, but we have about $1.4 billion coming in from realized carry that will support that 18% growth rate, and translates to $3.99 per share relative today of $1.75. Now this is the fun part. This will support our 15% plan for our annual long-term dividend growth rate. That was the base case plan. Now we have additional levers that we know will be impactful for our growth over the next five years. That includes the defined contribution market- Connor Teskey talked about that- the new complementary strategies, which inevitably will be built, our existing partner managers, and M&A. These will give us multiple paths to 20%+ annualized earnings growth. I pulled out partner managers because this one we do have numbers that we can put against. We have five partner managers, best in class. We know them well, and we have embedded options to continue to increase our stakes, and that could generate up to $350 million of FRE by 2031. Not only are these partners growing, but our stakes in them are growing as well. Pulling it all together, hopefully you now have a better understanding of how our design, our model, is a competitive advantage for us, allowing us to grow consistently and doubling the size of the business. What is interesting and worth noting is that these levels that we've presented are some of the highest levels we've ever presented, making Brookfield Asset Management a value investment, especially today. Thank you. In today's market, everybody is focused on AI and the opportunity that it presents for investments. We are not thematic investors. We are looking for industrial businesses that we think we can improve margins through better operations. Those businesses are plentiful in today's market because they tend not to fit within the core of that AI strategy. We bought a business which we rebranded as Chemelex. Chemelex does heat- tracing wires which go along pipes within factories and data centers. They keep the pipes from freezing. This is a real high-quality business, but it sat within a public company where it did not fit with that AI strategy. The reason we are able to see that opportunity is we have subject matter experts across a whole range of different industries, so they have insights to different segments of the global economy that most people would not have. A great example is Westinghouse, which services nuclear facilities. Power Group understood that you actually needed nuclear capacity in order to meet the demands of the global energy market, trying to see opportunity where other people may not see opportunity. Please welcome from Brookfield Asset Management, Robert O'Leary, Co-Chief Executive Officer, Credit. Good afternoon. I'm Bob O'Leary, Co-CEO of Brookfield Credit, and also the Portfolio Manager of the Global Opportunities fund at Oaktree. I'd like to share some perspectives on Brookfield's credit platform, of which Oaktree is now the largest constituent part. On July 31, Brookfield completed the acquisition of the 26% of Oaktree that it did not already own. That closing marked the beginning of a journey as a fully merged credit platform. Today, I'll cover three things. Number one, how we built the platform and how our capabilities differentiate us. Number two, how is that integration going and making us stronger? Number three, and most excitingly, where the biggest opportunities are today. The story of this relationship and the resulting credit platform goes back fully 125 years to the founding of Brookfield. Brookfield's origins as an owner-operator of essential assets affords our credit platform critical insights that few credit managers can match. Oaktree's founding in 1995 was premised on the steadfast focus of the primacy of risk control. The philosophy of downside protection has served us well over multiple credit cycles and dislocations in debt markets. In 2019, Brookfield and Oaktree came together in the first stage of their partnership. Shortly thereafter, we executed a foundational IMA with Brookfield Wealth Solutions. Over the six years of our relationship together, we have selectively added partner managers who we feel contribute distinctive investment capabilities to our platform. Today, as we stand as a fully integrated platform with a scale and scope that no other manager can match. Let's put some numbers around the scale. As a consolidated platform, today we manage fully $416 billion in assets. Those assets are across four key verticals. Number one, opportunistic. Number two, real assets. Number three, asset-based finance. And number four, performing corporate credit. This is one of the largest global credit platforms of any alternatives manager, operating in areas of tremendous relevance to our limited partners. We also offer industry-leading scope with products that run the full extent of the risk-reward spectrum. Through Brookfield, we have core capabilities in hard-to-replicate areas like real assets lending. This lending is informed by our 125-year history as an owner of essential assets. Through Oaktree, we add critical credit expertise, especially in opportunistic credit. And finally, we have added, again, selective capabilities with our credit partner managers to offer additional investments to our clients. Our products span the entirety of several different dimensions of the credit universe, from investment grade to opportunistic and special situations, from senior to subordinate lending, from liquid to illiquid credit, and finally, from corporate credit to real asset lending. Now that we've established some of the core capabilities of the platform, let's talk a little bit about the status of the integration of our respective credit capabilities. It should be noted that even prior to the initiation of our partnership, there was a high degree of commonality in our approach, our investment philosophy, our approach to putting clients first, our affinity for complexity, and our long-term orientation. We've also had the benefit of working together for over seven years, leading up to the final closing of the transaction in July. Even with the collaboration to date, the closing of the transaction will allow us to unlock even more value over time. There are three specific areas that we think hold the most promise. The first area: client relationships. You heard Connor talk a lot about this earlier. The second area, enhancing the collaboration across our platform. That breaks into two areas: sourcing and knowledge. Finally, the delivery of new products. In terms of our client relationships, it's no secret at this point that LPs are looking to consolidate their relationships into a few scaled, skilled general partners. This represents an extraordinary opportunity for us to build on our existing strong market position with our most trusted clients. As of today, the overlap between Brookfield and Oaktree is about 21% of the top clients we have. As Connor referenced in his remarks, we have a clear opportunity to introduce the unrepresented partner to our most trusted relationships. Even in situations where we do overlap, there are opportunities to deepen our relationships as LPs winnow down the number of GPs that they use. Sourcing is an area of clear collaboration. It's an area that's got our investment professionals very excited. I started in Oaktree's Opportunities Funds 25 years ago. At that time, the critical capability was analytical. If you could analyze the instrument better than your competitor, you won. Today, that is a necessary but not sufficient condition to outperforming. The new skill, the skill that has become critical, is sourcing. The combination of our two platforms will establish an industry-leading sourcing capability that is both geographically diverse and has deep industry expertise. Our sourcing capability will be a game changer for our credit strategies. Brookfield Wealth Solutions is also a key source of differentiation for our credit platform. BWS is a large, growing, and long-duration source of capital for our strategies that we can put to work in ways to generate attractive outcomes for both borrowers and policyholders. All of this- our client base, our sourcing capability, and our insurance capital will enable us to continuously innovate for our clients. Already, since the initiation of our partnership in 2019, the number of products that we offer as a combined entity has nearly tripled. While our product portfolio feels complete, we are always on the lookout for naturally adjacent products and remain responsive to client needs. Let's take stock of what we have discussed. Our combined platform has been built over decades and across multiple credit cycles to produce strong risk-adjusted returns in any environment. The combination has strengthened our platform. We are particularly proud of our record in times of market dislocation and periods of volatility. This is precisely the type of environment we think we're headed into right now. In December of 2022, Howard Marks wrote a memo entitled "Sea Change." In that memo, he made several observations. First, starting in 1980, the world saw the onset of three massively deflationary forces. Number one, favorable demographics, primarily an accelerating birth rate. Number two, unprecedented global economic integration. Number three, benign geopolitical conditions. Those conditions gave rise to one of the greatest bull markets in modern financial history. The subsequent decline in interest rates drove unprecedented increases in valuations of financial assets. Today, all of the forces that drove that bull market are in sharp retreat. Demographics are a headwind. Global economic integration has broken down in spectacular fashion, and the peace dividend has vanished. With the reversal of these forces, the memo argued that it was likely that interest rates would be higher and more volatile for an extended period of time. That, in fact, has come to pass. Partly as a result of the higher and more volatile interest rate environment, private credit has experienced its share of turbulence. Negative headlines in select parts of the private credit market have been written as a result of this turbulence. These headlines are narrowly focused on sponsor-driven direct lending and ignore the vast diversity of private credit. More importantly, it's environments such as this that demonstrate where specialized analytical capability and superior credit analysis drive differentiated outcomes. Our private credit platform is showing precisely those differentiated outcomes right now. Interest rate volatility is driving opportunities across all of our credit businesses. Let's talk about some of the deployment areas in our key verticals. Taking real assets first, the business operates in two verticals: infrastructure and real estate. Our Brookfield Infrastructure Debt Fund is the largest in the world. Our real estate debt fund has been a leader across multiple forms of real estate lending for several decades. Together, they manage over $50 billion in assets and have completed nearly 600 transactions. The strong deployment outlook in infrastructure is driven by a massive funding gap. Funding gaps are a function of either the supply of capital retrenching or the demand for capital outpacing the available supply. In infrastructure, it's the latter phenomenon, propelled by the three Ds that you heard about from Connor Teskey earlier: digitalization, decarbonization, and deglobalization. Those trends show no sign of abating and have driven a truly massive funding gap. In real estate, the industry is still recovering from one of the sharpest and swiftest rate moves in financial history. While funding is starting to flow back into the sector, valuations have yet to fully reflect the strong fundamental performance of certain sub-asset classes. This represents an attractive opportunity to lend at very economic levels. Asset-based finance has been an area of singular focus for both Brookfield and Oaktree for the past several years. Together, we have assembled a best-in-class capability that manages close to $60 billion in assets and is invested in over 1,800 transactions. The asset-based finance market is huge and growing as borrowers seek to lower their debt cost of capital. Banks and other traditional lenders are retreating from the sector to focus on other lines of business. This has opened up the field to private capital providers, which currently represent a relatively small portion of the business. Finally, a topic and a subject near and dear to my heart, opportunistic credit. We have the longest-running strategy in opportunistic credit, having deployed over $60 billion in 38 years of the operation of the strategy. We've been involved in more debt restructurings than any firm in the world and have executed close to 1,400 investments. The addressable market for opportunistic credit has expanded dramatically in the last several years. The amount of sub-investment grade and BBB debt has more than quadrupled since 2007. That's a growth rate of 8%, which is roughly double the growth rate of the underlying economy. We're levering up as a world economy. With rates and credit issues starting to rise, we are seeing opportunistic credit increase meaningfully across all of the regions that we operate in. Relatively simple definition of opportunistic credit is debt under the price of $0.90 on the dollar and over 15% yield to maturity. Using that definition, the opportunity set has accelerated over the last several years. As you might expect, the largest increase in that debt is software-related debt. But nearly every industry sector has some representation. We are very encouraged by what we're seeing in our pipeline right now. Credit markets are still relatively orderly. We aren't seeing the signs of the macro dislocation that we saw during the GFC, and yet the forces of digitization, de-globalization, and decarbonization are creating structural imbalances in lending markets. We have the platform to create strong risk-adjusted returns by lending into these imbalances. As markets turn, as they inevitably will, we have a purpose-built, best-in-class opportunistic capability to capitalize on this dislocation. In short, we believe we can generate strong returns no matter where we are in the credit cycle. Hadley walked us through the tremendous growth of the overall Brookfield portfolio, and here we're seeing the strength of the credit platform and how that translates into credit's contribution to that overall growth. This growth will be balanced across our drawdown style funds, our perpetual capital vehicles, and liquid credit. The majority of the growth will obviously come from our perpetual capital vehicles. Over the next five years, we see our fee-bearing capital doubling at Brookfield Credit, which is a reflection of both the increasingly attractive rate environment and our distinctive capabilities. Thank you for taking the time to listen today. I look forward to updating you in the future on our progress against these goals. There's a very significant surge in power demand, electrification of industry like transport, on-shoring of manufacturing, and data centers. Time to market for power generation is extremely important, and renewables can be built extremely quickly. It takes one to two years to build wind and solar. Both wind and solar are intermittent forms of generation, so storage helps balance that power. The cost of storage has fallen by 90% since 2010, so it's getting much more cost-effective. Data centers require, in many cases, more than a gigawatt of generation. Nuclear provides that large-scale generation that's required for the grid. Customers are contracting power generation for the long term. We're increasingly seeing 15, 20-year power purchase agreements. We've partnered with both Microsoft, where we signed a 10.5-GW purchase agreement, where they're going to build wind and solar with us, and we've also done a 3-GW deal with Google for hydro. We believe solar alongside wind, storage, hydro, gas, and nuclear is all required for a strong, reliable grid. Please welcome our CEO panel, moderated by Bruce Flatt, along with our panelists, Anuj Ranjan, Sam Pollock, Lowell Baron, and Connor Teskey. Okay. Hi, everyone. Before we get into this, I was just looking at that slide, Connor, and this is totally off the grid. What's actually an incredible statement, and I'm going to use this just to say what's changed in the world. Battery costs- you may not have caught it, battery costs have decreased by 90% over the last five years. Why are batteries available today, and why do they matter, and why didn't they matter before? The price has gone down by 90%. Fastest-growing part of our business today, bar none. Energy storage. That's shocking, anyway. Sorry for distracting the crowd. I guess the real story that was told, I think, by those three presentations, incidentally, great job was just the growth in what's going on. Every year we do this, and we say we're going to do that, and generally, we meet it, but it's a lot of growth. Anuj, on the PE front, how do we get there and how do we achieve it? Yeah. Look, we are quite fortunate today to be in an environment where we have really three things going for us, I'd say, on the private equity side. First is I'd love to take all the credit personally, but I cannot. It is actually the broader Brookfield platform. Managers want to do more with. Clients, our partners, our LPs, want to do more with less managers, and we are a beneficiary of that in the private equity group because they are doing more with all of us across Brookfield. The second trend we are seeing is they want groups that have deep operating capability in whatever they do best. Our focus being industrials, heavy asset services happens to be something today. I think that many of our partners think is quite attractive in this world. People used to pay up for things that could scale fast, and now they want to pay up for things that cannot be tipped over. Our private equity business is no exception to that. We are really benefiting. The third is just consistency of performance. I think having an exceptional track record, one that has only gotten better as we have gotten bigger, being disciplined about that has paid us dividends as we have gone out to fundraise. Things are going quite well, and I think we are going to have our. We are going to have our best year ever of fundraising. It seems like the businesses you are buying are almost lost or forgotten in the markets. People are chasing the toy, the AI toy, and they are forgetting about industrial businesses. The multiples therefore are reasonable. Therefore, you can buy in the public markets. That is why a lot of the deals seem have been in the public market. We have been doing more of the public- to- private for sure, but corporate carve-outs are still a big part. I'd just say boring businesses. Although corporate carve-outs is almost the same phenomenon, right? Yeah. Our stock's low; we need cash, therefore we don't sell the whole company, but we sell something. Absolutely. There are a lot of these dislocated companies, especially in our world of industrials, manufacturing, infrastructure services, that you can buy very cheap. The thing is, are actually businesses that are very resilient and actually can be aided by AI. Even though they're not as shiny as some of the other toys that are out there, they're fantastic companies and better held in privately. Connor, in energy, how do you grow as fast as you've grown in the past five years, I think is what it said. With the demand environment for energy, I don't think it's tough to see the market opportunity for exceptional growth. You can almost pick your tagline. To meet the supply-demand imbalance for energy around the world, you're going to need any and all or all of the above type solutions, and that's what Jay just said in the previous video. We will participate in all of that, but the thing that gets us most excited is we see the fastest growth in four technologies that all have a right to win. It's fuel cells because they're the fastest to deploy. It's wind and solar because they're the cheapest cost electricity. It's batteries because they increasingly balance an intermittent and volatile grid. It's nuclear because it provides scale baseload energy security. The incredible thing we have is we have leadership in all four. That's driving investment growth and performance across not just our energy private funds, our infrastructure private funds, our AI funds, all of our listed affiliates. So they're all going to grow, but we feel very fortunate we're at the forefront of the biggest, fastest-growing trends in that rising tide. Can you keep the wheels on? That's a lot of building, a lot of construction, a lot of people, a lot of businesses. In an almost counterintuitive way, the more you do, the easier it gets. What we are seeing around the world is the largest corporate end users and procurers of power are increasingly partnering with a smaller number of providers. We are one of the largest in the world. We are the most diversified by geography. We are the most diversified by asset class. We can do more for these counterparties. In a way, we are growing our business and working with the biggest offtakers, but actually having to work with less offtakers, and it is making our life more simple. Lowell, turning to real estate, what about the real estate? Is it your big funds, or is it different funds, or how do you lay that out? Yeah, it is interesting. I would say there we saw two things happening. One, as we were working on the flagship fund and we are looking for opportunistic 20% returns, we came across lots of great opportunities that maybe weren't quite at that level but could achieve low teens, mid-teens, very attractive opportunities, and we didn't have the capital set up for that. At the same time, we talked a lot about consolidation of managers. A lot of our investors were coming to us and saying, "We want not just the big fund to invest, but we want to be able to customize with you. We need more exposure to housing or to logistics or to Europe." So it gave us this ability to then create these complementary strategies that do both of those things for us, that let us put that capital to work in the deals we were seeing anyway, and provide a solution for our investors who wanted to be able to customize and do more things with us. So that is where the growth is coming from. Sam, infrastructure. On the infrastructure side, we are fortunate we are in an asset class that continues to be one of the most sought- after because of the great risk-adjusted returns we have seen over probably the last two decades. In the case of our business, in the last five years, we grew fee-bearing capital by about $60 billion, and I think the targets laid out are about $90± billion. We can see the growth pretty easily. We have larger funds replacing smaller funds that are running off. In most cases, they are two times the size: $30 billion versus $7 billion and $14 billion. We have larger evergreen and permanent capital vehicles. If I stop there just to make sure that everybody understands that even if you raised, the funds are increasing, but even if you raised the same size of fund, that fund is replacing a fund which is half the size or less than half the size from before in the P&L, Connor Teskey's P&L. Even if our fund sizes plateaued, and they are not plateauing, they are growing, we would have 10 years of growth with plateaued fund sizes. That's an important fact. Okay. Got it. Keep going. Larger funds, NAV accretion on our permanent capital evergreen funds, and they've grown over the last five years, so the NAV accretion is a lot higher going forward. We've got new strategies. We've got both the AI fund and our mid-market special situations fund that are just in their early stages and scaling up. We will get tremendous growth from those, and our hope is that the AI fund becomes another flagship fund, same scale as the energy transition or even BIF. Lastly, we have private wealth, which we talked about earlier. We've set up some vehicles that are attracting private wealth into infrastructure, and we are seeing that grow dramatically year- on- year. What's amazing, I have to say, is everything Sam just described that the infra group did and was on that slide earlier; in a sense, all we've done in private equity is try to emulate what we've learnt there. Not too long ago, we just had one fund in private equity. Now we got three funds, plus the public vehicle, plus one for the evergreen, and that's also compounding how much money that we can raise. I think all of our groups are doing that. Yeah. Sam, on the deals, when we raise $30 billion for the big fund, and you need to have co-investment with 20 of our large partners that want scale, co-underwrite, co-investment, how does that change what we're doing on deals? Does it make it harder, easier? Yeah. Better, more complicated? Yeah, no. Look, I think one of the misnomers is that people think that because we're raising larger funds, that all we're doing are larger deals. In fact, our thesis has always been that we will do the best deals regardless of size. If you go back in history, Bruce, and you'll remember this, some of our best deals were roll-ups of the district energy business, for example, where we took a number of small assets, built them up into a billion-dollar business, and sold it for $7 billion or $8 billion. We do that still. We haven't stopped doing that. But having the larger fund allows us to go after these marquee businesses where we can leverage having that big check, particularly at moments in time when others either they can't move quickly or they just don't have the boldness to strike. We can buy great businesses like Colonial. You think of Colonial; just over a year ago, we bought that. This is a $9 billion investment into the largest refined products pipeline in the U.S., over 5,000 mi of pipelines. Because we were able to move quickly, we had that huge fund; we were able to strike when others didn't have the capital. That's been an amazing investment for us, and the benefit of our scale. If I recall, we had an investment committee. It was the day Liberation Day happened. It was. Liberation Day happened, we had an investment call. "Are we buying a $9 billion pipeline?" You can take- you all know this, but just to state it- you can take risks, calculated risks. You can take them if you can afford to take them. If you have a small fund and you have a bunch of co-investors, it is tough to take that risk, but we stomached it and paid $9 billion that day. Yeah. It is probably the only reason nobody else showed up to purchase that. Look, other people had to pull together consortiums. You know what happens in situations like that, you always have the lowest common denominator effect, where the person who is the least confident can dictate what happens. In our case, we could speak for the whole check, we could write it, and we did syndicate it a little bit afterwards. Having that scale differentiates us. Lowell, when you sit with a client, do they think about those things, or what do they think when they are taking money from you? What is it that they come to us for? Why us? Yeah. I think about it in almost two categories. There's the table stakes. The table stakes are: what does your platform look like, your people, your experience, your track record. Track record, incredibly important. And in those things, we're very fortunate to be at the top level. That helps us get there. But then there's the second category, which makes us unique and different than everybody else. Those two things would be Brookfield having Brookfield Capital in those strategies in a large way, being generally the largest investor in those strategies. People really appreciate the alignment. I think that's incredibly important. And probably the most important is the operating expertise, and this is where I can say, in real estate, there's no one else like us. Besides having the investment teams and the asset management and portfolio management teams, there's the operating platforms that have expertise in every property type and sit in every market that we're investing in. And we're managing our own assets with our 25,000 people. No one else has the ability to put that together. Investors recognize all the information we get from doing it, the ability to originate that way, to underwrite better, and then, of course, to manage better and create growth. I think, to your question, what are investors looking for? There's been a very large change in the market over the last, let's say, five years, which is providing access to alternatives used to be a competitive advantage. But now there's several ways for investors to get access to alternatives. Now they're being more discerning in terms of which manager they invest with. Far more discerning than they have been in the past. And what are they looking for? They're looking for track record and capabilities. They're looking to be serviced across a wider spectrum of products and solutions. And then the third one's kind of the other bucket that maybe doesn't show up. Can we give them co-invest? Can we do knowledge sharing? Can we help them in parts of their portfolio where they're struggling in that asset class? It is undoubtable that the investor universe is getting more discerning. That makes our jobs harder, but it is also very good for Brookfield because we are incredibly well-placed to differentiate ourselves as investors become more differentiated. But in- I'm sorry, Bruce. Yeah. I think you forgot one. What we are also hearing from investors is that they are impressed by the way we have been able to scale our businesses. So grow from a $2 billion fund to a $30 billion fund, for example, and our returns haven't deteriorated. So they are all trying to scale up their businesses. We have been able to prove that we can scale up our business and still deliver the same or better returns. That's huge. Without mandate. Without mandate creep, exactly. Yeah. Exactly. In fact, the returns have gotten better almost in every business, and it's really because of what you said. When you have larger sums of money, you buy better things with better people, and better counterparties deal with you. Yes. Life's easier when those three things exist. Yes. It just is better. When you, Connor, when you. We've gotten smarter over time. Yeah. Try to make less mistakes. Yeah, we still make a lot of mistakes. I hate that. Little ones, but a lot. When you think of all these, I call it super sophisticated institutional clients. Are we changing the mandates we are doing for them? Are they just investing in funds, or is there a whole different way of dealing with them today as we evolve? Far different. The world is undoubtedly moving less from a product provision model to providing more multi-product, multi-asset class solutions. The ability to combine those unique, call it ingredients, if you will, in a way that is tailor-made for that specific investor, and that is for small investors the same way it is for large investors. We are fortunate that we have both the ingredients and the capabilities to mix them to capture that opportunity. Who are the largest investors around the world? They are the large plans, the large sovereigns. The other way that we are very differentiated is we do more than just be stewards of these partners' capital. We help them in their own businesses. We can invest in their countries. We can partner with those nations on key initiatives, bringing our knowledge and capabilities from elsewhere in the world to those countries. That is something that very few, if any, others can do. Our power, nuclear partnership with the Department of Energy here in the United States, our sovereign AI partnerships with Sweden and France, our energy partnerships in the GCC. Those are examples of putting it all together that I do not know anyone else- Even I think back to, just as an example, infrastructure. With Temasek, they had a complicated partnership in one company they owned a part of. Yep. They came to us and said, "Look, we need help." We ended up privatizing the business, and we own it 100% today, I think, right? With partners, yeah. With partners, we own the business. It solved their issue. Temasek is the government of Singapore, but it is an enormous industrial business, and we have an amazing relationship. You can imagine that leads to other things when you work with people like that. We probably wouldn't have been aware of that opportunity if we weren't having such great dialogue with them across a variety of different themes. Well- Or we wouldn't know they wanted to sell. Yeah. This may be specific to real estate because everyone thinks they're a real estate expert, and they can do it on their own. We also see when times are a little bit tough in a sector, so in the case of real estate, let's say five years ago, we'd go talk to investors, and they'd say, "Yeah, maybe we'll invest with you, but we can do a lot of things directly ourselves." Now when we talk to them, they say, "Those things we did directly, can you help us figure them out? We should just invest with you." So when you go through a bit of a tough time, they start to recognize the power of what we bring to them. Yeah. Let's switch to AI. I think probably the most important thing we can leave you with today is that, of course, we're investing in all the strategies and things in the backbone of AI, but AI is pervasive across many things, and it affects a lot of things that we actually do in other ways. If we think about that, Sam, just how would you put that category of artificial intelligence, like all of the different things, all the categories? Yeah. Well, there's probably three things I'll touch on, and then Anuj and others might talk about operationally how it's impacting us. But first and foremost, there's just been a huge domino effect from all the CapEx associated with AI and AI infrastructure, going into utilities, midstream, and all parts of the economy. Even just transportation, moving all these supplies around. So it's affected the organic growth backlog in all our businesses dramatically. But it- Meaning overall GDP is up 2% because of AI. Yeah, particularly in the U.S., yeah. The sectors. Yeah. Specifically, around it are even more. For sure. There are two things where we are directly impacted, I would say. First, obviously, we set up a fund. We have a new flagship fund that hopefully will grow, as I mentioned earlier, to be many billions of dollars in scale. The program itself, I think we have talked about $100 billion in capital spend. That is new, and that is going to be very meaningful to us. What is interesting and Connor often talks about how he invests in businesses that did not exist a couple of years ago, whether it is batteries and nuclear. In the case of AI, we have new asset classes that did not exist. A lot of the behind-the-meter power solutions were not things that people were thinking of a couple of years ago. Now, we have a $25 billion program with Bloom Energy to deliver that to the data center community. That is just $25 billion. It started at $5 billion just less than a year ago, already grown to $25 billion. I am sure it will grow even bigger. Maybe even more meaningful is the creation of compute as an asset class. Bruce, you were on stage with Jensen and a couple of others not that long ago, talking about a $500 billion program to finance chips. Essentially, what has happened is chips has gone from being, and it is called compute. It has gone from being a consumable to basically a hard asset class that is going to be financed in scale for a 5-10 year period, depending on your view of how long you think the chips will last. That is something that is incredible. When you think about it, you ask, why did they come to us? Well, yeah, of course, we have money. Of course, we have some skills, but really what it is we are one of the specialists of taking assets and figuring out what the right capital structure is and placing it into the right capital market, whether it is private or public. Yeah. What NVIDIA wanted to do is to take that industry that they have created and make it into an investment asset class. What we are doing is figuring out securitization structures to place those assets for the right duration, right time, right credit in the structures. Maybe flipping to energy. Maybe before getting to energy, just to reiterate something that Bruce and Sam mentioned. We're not going to get through any of these questions. AI infrastructure and AI is undoubtedly the biggest theme at Brookfield today. The biggest mistake that could be made is assuming the only way we're playing it is through the Brookfield Artificial Intelligence Infrastructure Fund. It is absolutely the prominent driver of the Brookfield Artificial Intelligence Infrastructure Fund, but it is the biggest driver of our traditional infrastructure business, the biggest driver of our energy business today. Anuj, I'll hand to you shortly because what you're doing with it in operations is exceptional. Obviously, the increased demand for energy as a result of AI has been incredible for our energy business. Our ability to provide solutions on a global basis at scale to the largest and greatest corporate credit counterparties around the globe is something where we're highly differentiated. But it's also unlocking a bunch of smaller, super accretive value adds within our business. We have 25 renewable power development companies around the world. They started power projects three, four, five, six, seven years ago. Some of those projects that are just coming up to FID now, instead of putting a solar farm on them, which was your plan when you started three or four years ago, they are perfectly tailored for a data center at a time where scarce grid connect for data centers is incredibly valuable. We're seeing opportunities within our existing portfolio to pivot from solar and batteries to data centers. When we do that, it's worth 3x, 4x, 5x what we underwrote. So it's very accretive. But we talk so much about infrastructure and energy. Anuj, you turn around businesses for a living. AI just gave you the biggest turnaround tool ever. But before we go to Anuj, just wait. I know you're excited. Lowell, he just said he's taking solar sites, turning them into data centers, but you're doing the same, right? Yeah, look, let him talk about that. That's helpful, but we do sit on a lot of real estate in our real estate group. And what's- Isn't that big logistics site you had in France? In France, yeah. Yeah. We have logistics sites really around the world that are, if they have access to power and they are in the right location, they are great data center sites. Whether that is we turn them into powered land and sell it to somebody else to build it, or we develop it ourselves, we have those options, and they are very attractive to the end users. There is a lot of big opportunity, and some of the things we never even thought about just turned out to be that way. Some of it, a lot of it, are things that we are focused on now. It is also changing our, in general, logistics business. What is happening in logistics and the automation that is happening in those assets requires power, and if you have the right assets with power, the value is much higher. Okay, Anuj. Yeah, look, the applications of this stuff across real businesses in the industry is incredible, and everyone always wonders: there is all this investment in AI, who is ultimately paying for it? Is there real productivity gains in the market? Early on, we are already seeing some pretty incredible stuff happening. We got about 1,200 use cases underway across our portfolio. Today, early days, we are seeing a $300 million EBITDA uplift across that cross-section, and that is about a 10% in some companies of a bump, over $3 billion of value. That is real money. These are not things, I am not talking humanoid robotics in our manufacturing facilities. I am not talking things that are five years out. I am talking about predictive maintenance in a manufacturing facility. Just knowing to go fix a machine or tighten a bolt earlier than you might have before, or finding problems before they cause a bigger issue. That increases throughput. It reduces maintenance CapEx. It is very real, and we are really, really excited about it. We buy businesses with 20% margins. We used to turn them into 30% margins. Now we can turn them into 40% margins. So it is quite transformational for what we do. Lowell, just turning to, all of this sounds great and it is amazing, but we need to keep discipline. A, keep credit counterparty risk at the highest levels, because this is a time when we should not be taking overall risks in a big way. We often talk about what we do, and we report on the things we do, but we do not often talk about the things we did not do or do not do. Are there a lot of those things today in real estate, or would anybody else want to answer that? Yeah, I would say often probably the most important things we do are the ones we avoid: avoiding mistakes. You are right, we never really talk about them, but they are incredibly powerful. In real estate, I would say at a very simple level, there are three things we focus on in every deal. It is the high-quality nature of the assets we are buying, finding a way to buy them at a very attractive value, and then creating growth in the underlying profitability of the asset. In today's market, I would say that third one may be the most important. So what we are avoiding today in a market with sticky inflation, high interest rates is even if we can find a great asset and buy it incredibly cheap, if it is fully locked in and there is no ability to grow your cash flows, that is something we are not going to spend time on. Some people would call that core real estate and low risk. We would actually say that has got more risk attached to it because if you end up in a place with higher interest rates and higher exit cap rates, you have no ability to grow your way through that. Because real estate generally has huge pricing power today, which it did not have five years ago, but rents are going up in everything because of the inflation effect, et cetera. I think what we're going to see across real estate, and it's still not that clear to everyone, but over the course of the next year or so, the return of significant growth across almost every asset class. You're right. It's really easy to market the things you did that went well. It's very tough to market the things you don't do. I'd say on the energy side, which has grown so rapidly over the last five, six, seven years, in a lot of ways we're more proud about some of the things we haven't done. The biggest example that sticks out to us was offshore wind, where, relative to the size of our platform, we have one of the largest platforms in the world; we're very, very underweight. We questioned it. There was tremendous growth, there was tremendous opportunity, but we couldn't wrap our heads around the risk-adjusted returns, and therefore, were incredibly selective when we invested, and in a lot of cases, only invested when things had toppled over and were beginning to rebound. But I think it's important to recognize that that's not this bet on us being perpetually smart. There's a structural benefit to it, which is across all of our businesses, we have access to as much deal flow as anyone in the world, and therefore, we never feel we have to stretch to do a deal in order to deploy capital. There are so many opportunities to choose from. So in Lowell's example, if he isn't getting one of his three things, he doesn't have to take that risk. He can be disciplined, and he can wait. I think what we're seeing in today's environment, where there are so many capital needs and we have such leadership in the asset classes we invest in, we can really put a tight filter on things. Only the best assets and the best markets with the best contracts and the best corporate credit counterparties, and only when those four things come at the right price. Which, for both all the things Sam's doing and all the things we're doing in energy and any data centers you're doing in real estate, Lowell, I think the most important thing out of that is that because of our scale and because of our corporate relationships and because of how many things we see, we can be really, really choosy, and it's really important to be choosy today. Would you agree with that, Sam? Just the dealing with a random 100%. WeWork of AI would be a bad idea. Well, look. I do not know which ones those are, but. I know, but- Because we don't deal with them, but we need to be very, very careful. The things where we need to stay disciplined is in our infrastructure business, we don't take technology risks. People would say, "Okay, well, I talked about compute. Are you taking technology risks there?" No. Whoever we're contracting with is assuming all the risk related to the chips. We're providing financing to investment-grade counterparties, and only the best ones. Yes, and we're vetting the credit quality of that party so that they will be there to pay even if they make a mistake. 100%. In all our businesses, particularly infrastructure, we avoid merchant revenues. We try to ensure that we have as much contracted cash flow as possible and look for opportunities to add value by increasing capacity and bringing on new customers to the system. Those are all things we have to continue to. Which, because of what's going on and because of the scale of what's going on, we don't have to compromise. We can't even do what people want us to do today, and we don't have to compromise. Well, and this feeds back into your point and the point Sam made, our returns have stayed the same, if not got better, as we scaled for this reason. Fundraising, Anuj. The common thing you hear in the street of financial markets is fundraising is tough for PE. Yeah. Is that true? Or are you just good and good- looking? Or what would you attribute? Well, it's not the looks. You know what? Private equity fundraising is tough. No doubt. If I had to put a blanket statement across the whole universe, it is tough. It's interesting: 60% of private equity allocations over the last 15 years have basically gone to tech, whether it's software, technology, and then if you take consumer and growth, and healthcare, it's probably 80%, 90%. I don't even think those are necessarily bad sectors. It's just probably most of our partners today, mostly what we hear is that they feel over-allocated to those sectors. And what they realize is they're probably under-allocated to heavy asset services, industrials, what's being called now the HALO trade. We are really a beneficiary of that when they think of us as probably the best industrial and heavy asset services investor because of this broader ecosystem in the world. Those increased flows are coming our way. That, in addition to the fact that they want to work with fewer managers in a bigger way, I'd say we're definitely going to have the biggest flagship we've ever had, and we're definitely going to have the largest PE fundraising across all of our verticals that we've ever seen before. It took us 25 years to be in the right spot. You have to sometimes be a little patient to get a little lucky. I hope it lasts a little while longer. Lowell, in real estate, you talked about some of the newer strategies, or core plus value- add strategies that you're deploying. Are those in specific sectors, or areas or countries, or how do they fit? Yeah, the good thing on it's a pretty wide-open opportunity set for us, fully white space for us. So we're going where we have the highest conviction in the opportunity set and what's happening. So right now we're doing things like housing and logistics. We've raised our first regional fund in Europe and a regional fund in Asia Pacific, but there's a lot of opportunity to grow that beyond, and we're looking at things like luxury hospitality, which has good tailwinds, triple net lease, which we think is interesting. So it's evolving, and it's early, but we'll be able to pick our spots, and because it's so wide open to us, there's a lot of opportunity. You just did a housing fund in the U.S.? Yes. Housing in the U.S. is probably one of our highest conviction views, and it is rental housing specifically, and it relates to the fact that home ownership is so far out of reach for people. What we are excited about is the ability to invest in rental housing across all the sub-sectors of it, which is pretty unique. We are renting to people from the time they are students through when they are in apartments, to single-family rental, manufactured housing, senior living, so finding the demand drivers that are really diverse. You think this can get legs and grow a lot? Yeah. I think there is a lot of scale for it. What is interesting is the competitors of ours that focus on that sector or on specific sectors are generally way smaller than us, so they are not able to provide to the big investors the opportunity to invest in scale, which we can do. Anuj, on Bob O'Leary's presentation, which I thought was excellent on risk and discipline of credit. One of the things that I guess helps us versus others now we have both a private equity franchise and a deep credit franchise together to work. How does that work together and help us facilitate greater scale of transactions, et cetera? Look, it's been transformational for us. I think the integration of the group, even though we've been partners with Oaktree for a very long time, I probably underestimated just how powerful this combination could be practically on a day-to-day basis in our business. We see it a lot on the origination side. Both of us have footprints of experts around the world participating in different parts of the capital stack of the same kind of end market companies, being able to surface opportunities through their credit platform or us surfacing opportunities through our equity platform that then can cross over to the others. We are able to see far more opportunities and probably put more capital to work in a better, more disciplined way. We have different sets of expertise that help us on more operations side to understand the running of a business a bit better than on sometimes the structuring and the credit side to understand some of the other dynamics at play on a business we might be looking at. It definitely makes us better investors. Anuj, I think it would probably be helpful; Oaktree often gets characterized as a credit shop. Yeah. They are dominant and market- leading in credit, but they also have a lot of strategies that probably do fit in the private equity category. Absolutely. You and Bob became best friends overnight. You talk three times a day now. I don't think any of us expected that, and it's not just the credit side, but also some of their more opportunistic equity strategies that are creating that overlap. They own a football team. Yes. Absolutely. They're a lot cooler than we are. Look, I've obviously known Bob for 10 years. I liked him for 10 years, but we talk now every week, and it's because of the intersection of our businesses. There's so much more that we're doing together. I said once to you in passing that, jeez, I never realized just how much they touch private equity. So it's been really, really powerful. Which is, I would say, our private equity groups, even though we're more disciplined than most, or hopefully all, are generally pro- optimistic. Yes. Our credit people are generally pro pessimistic. The combination of those two things is highly powerful because it brings better discipline decisions, probably in everything. Yeah. You can help them be more optimistic, and they can help you have less mistakes when you make investments. Absolutely. Not that you've made too many. Not too many, but we should still make less. Lowell, if we had $10 billion today to put to work, where does it go to work? Yeah, look, we obviously like to be diversified, so I do not like to pick one place, but if I had to pick one, it would be the rental housing that we talked about a little bit. This is a crazy statistic, but in the U.S., the median age of a first-time home buyer seven years ago was 33. Today, it is 40. Wow. The U.S. is becoming much more of a renter nation. Well, I think at the peak, we were 2.3 million in sales, COVID. Normally, it is like 1.7 million home sales. Today, we are 750,000 this year. That is shocking. It is a drastic change, so being able to provide quality rental housing is a place you want to be in. Interestingly, the couple of the biggest transactions we have done recently were in senior living, where we love the demographics of the tailwinds of growth for the 80+ cohort, and there is very little supply in that space. We are getting our spaces ready. Sam and I. Sam and I are getting our 20s right. Exactly. Manufactured housing, which is a fantastic affordable substitute for home ownership. So being able to pick your spots that pick up those tailwinds is pretty exciting. Yeah, the manufactured housing business is amazing because, really, we own the land, and we lease land to homeowners that put their house there. We own the appreciating part of real estate, which is fantastic. Connor? The two fastest- growing parts of our business today, batteries and nuclear, and it's not even close. That's against a backdrop where renewables continue to grow at their fastest pace in history. Sam, what do you like the best? I got to- We got to cut him off that quick? We got to keep moving. What do you like the best? Well, look, the fastest-growing is AI infrastructure. The one thing we should mention is even though we've talked about that, we still invest $20 billion in the last year or two in other stuff that's outside of AI infrastructure. We've got tons of things that we're investing in, whether it's transmission in Australia, New Zealand investments, midstream. We've also built in all our businesses. I think we've got a pipeline outside of data centers and our Intel investment. We're investing tens of billions. We have $10 billion of projects underway in all other verticals, whether it's utilities, midstream, transportation. Lots going on. Because everyone's chasing the shiny toy over here, the valuations and returns we can get are better, easier to earn your proper return. Look, there's competition for everything, and we pick our spots. I think some people are distracted by the shiny toy, so I think you're right, but I wouldn't want to say that it's easy pickings anywhere else. Sam's tough on us. What about private equity, Anuj? Look, I think our core of industrials has been really exciting. You buy great businesses for single-digit multiples, and there's a lot you can do with them to improve them. Connor, we're getting short on time, but flipping to monetizations, Hadley had a slide up there on what we've been doing. Is that still going? Has it slowed a little? Does it depend on industry? Well, maybe others can speak to their industry. We will have our best year ever in terms of selling assets in the energy group in the exact same year that we will have our biggest year for new investments as well. The biggest thing that explains that is we are seeing very significant demand for stabilized, cash- generative, long-term operating contracted assets. We have 25 developers around the world that build 10 GW of new power every year. We are selling those stabilized assets to lower- cost- of- capital buyers and reinvesting that capital back into accretive development, and that has been an incredibly lucrative cycle, and it looks like it will continue going forward. Lowell. Yeah. What about real estate? Yeah, look, in real estate, I would say it is bifurcated. There are two places where we have a lot of success exiting. It is either a smaller portfolio, single assets. There is a lot of private capital chasing. Or it is best- in- class businesses that we have grown, where they are very unique, they are very special real estate businesses that we sell as a business. There, you can sell in pretty large size. I would say what has been challenging is that middle, which is large portfolios of just assets. There is not a lot of capital yet chasing that, although that has been the great opportunity for us on the buy side, so we are finding ways to weave within there. It was coming back. Well, I think Brian, Kevin, Ben are going to talk about this later, but it was coming back, but this interest rate worries going up has tempered it a little bit. Yeah, look, I think tenure at 5% puts everyone on watch a little bit to pause on some of that. The good thing is the fundamentals are really good. We just continue to get growth. I think people will get accustomed to where the rates are and be back. Well, or what's amazing is you roll over leases at 50% up from where they were. 25 basis points does not mean a lot. Yeah. That's probably the biggest difference today than before. It goes back to what I said earlier. If we have high-quality assets and they can compound growth, we can be patient if we need to be. Do you have anything else, Connor, to say? You get the last word, you are the CEO. No. It is fun waking up in businesses where it is not can you grow, it is how much you can grow, and can you do the right growth? I think that is what we are all spending our time on in different ways. It is certainly a growth environment for all of us. Hadley's slide: you started with that seems pretty readily achievable. Thank you all for listening. I think we are going to turn it over to you to take any questions from the crowd, if anybody has any, and then we are going to take a break and then go to the BN session afterwards. Perfect. Thank you. Thank you all for listening. So maybe just very quickly, before we get to Q&A, thank you all for your interest and support in Brookfield Asset Management. Four things to leave you with. We have a purpose-built structure that is unique and highly effective in being able to raise capital from the largest pools of money around the world, and turn around and invest it into the largest and most attractive investment themes. Secondly, while we spend a lot of time focused on growth, we are equally focused on increasing the resiliency and stability of our underlying earnings, in particular by continually diversifying our business. As Hadley mentioned, we have several growth engines to support our long-term growth targets going forward that are on track or ahead of where they have been in the past. And then lastly, we could not be more excited to be partnered with Oaktree. We were excited when we announced the transaction, we are more excited today. Just the opportunities across sourcing, across product development, across working together, it simply feels like we are only scratching the surface. With that, we do have a few minutes to answer questions. If there are questions here in the room, there are mic runners. If not, we do have an iPad, and we will take questions from online. Are there any questions? Hi, Connor, Cherilyn Radbourne from TD Cowen. I hope I articulate this properly. It seems to me that some of the biggest pension and sovereign wealth funds, for a long time, thought that they could invest on their own in some of the unique asset classes that you have expertise in. But the need to combine those with AI has sort of changed that equation a little bit. So there is a slide in here about $10 billion of investor solutions. So I am kind of wondering where that goes over time in your mind. And how does that look like on a fee basis? Sorry, a lot of parts there. No, absolutely. And maybe three things to focus on there. Different investors around the world over time do oscillate, from doing more fund investments to swinging to more direct investments, and then sometimes swinging back. And we have seen that over the last number of years. It happens in different places at different rates around the world. And we are well equipped to navigate that and grow throughout it. The second thing is the largest investors around the world, the ones that we take so much pride in partnering with, they do have incredible direct capabilities, but they still look to partner with us and invest in our funds because we can offer them things that even as fantastic direct investors, they sometimes can't get. It is access to our sourcing, it is co-investing, it is co-underwrite, it is investing alongside of us so they get the benefit of our operating capabilities in their direct investment. And I think we've said this before, we generally feel that co-investment is misunderstood. On the one hand, people sometimes say, you don't get to charge the same fee as you maybe would in your fund. On the other hand, our ability to offer co-invest at levels that few in the industry can drives some of our greatest fund commitments and allows our best platforms to continue to scale. Maybe to your last point on ISG, to clarify it, ISG in and of itself is not an independent revenue item. But what Howard, who chairs that group, Howard Marks from Oaktree, and Alper, who runs it for us, do, is they work with those investment partners to build that bespoke, tailor-made investment solution, using multiple assets and multiple products from Brookfield. The funds and the mandates they secure show up through deployment in the existing strategies we already have. And that's largely our funds, but it can also be co-invest and SMAs. But the revenues from ISG show up in our existing platforms and strategies. We'll go there, but maybe just wait for the mic, and then Alex will go next. Great. Thank you. Michael Cyprys of Morgan Stanley. Thanks for the time and presentation today. Just a question on M&A. You've done a number of deals over the number of years here. Just curious, as you look out from here, how do you see the pace of that partner manager and M&A activity evolving? Does it slow? Does it accelerate? Is it a higher bar today? Just given the acquisitions that you've done, can you remind us of the criteria that you have, and what gaps are there when you look across the platform relative to where you see the opportunity and the clients are looking for? Thanks. Sure. So, maybe to come at that in parts, what is the criteria? For us, it is always a build versus buy decision, first and foremost. In general, it is cheaper, and you have more control if you can build it itself. I always say this quite casually: Sam has the best infrastructure platform in the world. We're probably not going to go buy another infrastructure manager. If he wants to expand, as he's demonstrated he can do in the past, he'll do it organically. We look to buy when we feel that, one, we either would be unable to build it organically, or two, we couldn't build it fast enough to capture the market opportunity set. Then the criteria. It has to be value accretive, not accretive day one on our share price, but accretive against a very attractive organic growth profile that we have that we believe we will meet or exceed. Two, it has to have a commercial rationale. It has to bring something that we do not already have in our business: a capability, an LP base, an asset class expertise. Three, I know this is going to sound a little soft and gushy. We like transactions where that business will be more valuable as part of the Brookfield ecosystem. Not because that makes everyone feel warm and fuzzy, but you tend to have a very sophisticated counterpart on the other side, and it is tough to close that bid-ask spread unless there is some joy that can be shared to close that gap. Then four, there has to be alignment on principles and culture. That is what we were so fortunate to find with Oaktree. Every business has its own culture, but on core principles, we were dead aligned. In terms of going forward, we very much like what the partner-manager program does to us. It really drives home that point that investors around the world are concentrating their capital with managers that can offer more. Having more partner managers creates more first-time entry points to Brookfield, as well as more that we can offer to existing investors. What will we do going forward? I would say two things. The market opportunity to do these transactions is growing very rapidly. Two years ago, there was lots of opportunity to do these transactions. It got quiet for a couple of years. We certainly see it coming back. But going forward, I think we are going to have an extremely high bar. We want only the best, in terms of what we do, because it has to fit into what we already have across five platforms where we think we are already market leading. Any areas of gaps? Oh, in terms of areas, there's largely three or four that tend to be the most likely. We continue to see opportunities around businesses that would enhance our capabilities around distribution and placement. That's one. Credit, specifically some of the niche expertise within credit, maybe certain components of asset- backed. The third one would be select components of private equity. The fourth one, continuing within the insurance vertical. A lot of that we would expect would be done at BAM. Thanks. Hey, good afternoon. Alex Blostein, Goldman Sachs. Thanks for the day as well. Apologies ahead for probably a bit of a long-winded question, but back to AI. The way I would like to frame it is there's clearly a tremendous amount of capital that will be required for the build-out. Obviously, private markets are a big part of that, and there's very few managers like yourself that have kind of all the pieces as you outline, whether it's infrastructure, real estate, energy, et cetera. So as you look out in the projections you provided over the next five years, how much of the capital raised do you think will be related to AI thematically sort of broadly? Which parts of that ecosystem, whether it's compute or real estate or power, you think you will be most active in deploying capital? It's a little bit tough to splice because, as mentioned in the panel, I think the biggest mistake would be assuming the only way we're playing AI and AI infrastructure would be within our Brookfield Artificial Intelligence Infrastructure Fund. Sam Pollock is, we expect, going to raise one of the largest infrastructure funds ever. That is absolutely supported by the demand and the opportunity created by AI, but he was probably going to do that regardless. Given that it is one of the largest themes across Brookfield, it's creating deployment and growth across our verticals, across both equity and credit, across both our private funds and our listed entities. If you asked us to cuff it, somewhere between 25% and 40%, I would say, of what we're doing around the world has some direct or indirect link to digital infrastructure growth around the world. I think it's important to recognize that digitalization was a long-term multi-decade trend, even before AI went parabolic in the last three years. So it was a growing theme for us in 2021, and nobody was really talking about AI back then. Great. Thanks. Thanks. Bart Dziarski, RBC Capital Markets. Thanks again for this day and a great presentation. Connor, I wanted to ask around private wealth. You had talked about AllianceBernstein partnership, and we should expect more to come. Can you maybe help us understand what you are looking for in terms of future partnerships, what they bring to BAM, and then maybe tie that in more broadly into your target to scale private wealth fee-bearing capital by 5x over the next five years? Thanks. I will split that into two parts. Maybe just important to be specific about the 401(k) and the retirement market. We took a view a number of years ago that this was an incredibly large and attractive opportunity. We staffed up a dedicated team to pursue it with the most important market participants in that space. But we very consciously took a specific strategy. We didn't simply want to throw our products on shelves of plan providers because we haven't seen much take-up in that across the industry. What we wanted to do was work with the most important plan administrators to be the real asset investment provider of their recommended or default funds. That is where we see the greatest opportunity to deploy our investment capabilities into the 401(k) and retirement market, and that is exactly what we did with AllianceBernstein. We will deploy that largely through our existing strategies that already exist. It's going to drive growth across our Super-Core, and our Infrastructure Debt, and our Real Estate funds that already are part of our product suite. The second thing is our growth in private wealth in the high net worth channel. This continues to be one of the fastest-growing segments at Brookfield, well north of 30%, 35% CAGRs. And here we would reinforce this point that we have chosen to build these businesses in what we think is the right way. Often being a little bit more methodical, thoughtful about how many platforms we go on initially, and then once that platform has delivered performance and is positioned for scale, then we ramp it up to be a market leader. Exactly what we did on BII. I think there is something incredibly powerful when we can say things like BII has never had a quarter of net redemptions. The same thing is true across our BDC. We have honored all redemption requests over the last 12 months. There is not many that can say they have done that. It really goes to building the businesses the right way. Maybe it is slower growth up front, but rapid growth into market leadership in the future. Do we have time for one more question, and then? One more question. Sorry, I think we just cut into everyone's break. Sorry about that, everyone. Ritwik Roy, Jefferies here. Thank you again for holding this event. Maybe this is the year you accept me on LinkedIn. I am holding and waiting for that one. Alluding back to some comments on the monetization deployment environment, understanding that your private equity business is a little bit more less so corporate PE-oriented, and you see. Yeah. What is happening in BBU, et cetera. But in terms of that and across other classes, even in real estate, are you seeing that the success you are having in monetization and also finding new transactions to be occurring with other sponsors, or have you seen an increasing degree of that versus strategic transactions occurring across asset classes, but maybe PE in particular, versus maybe a year ago? Yeah. I would say it is pretty balanced, but thinking about it more specifically, a lot of our organic growth is partnering with the largest corporates around the world. So when Sam talks about his organic growth pipeline and infrastructure, we talk about it in energy. A lot of that organic growth is more working with strategics. I think certainly what we are seeing on the private equity side is our approach of investing in high-quality industrial businesses that are cash generative across a cycle where the majority of the value creation comes from operational improvement. It makes a much more liquid market for us to sell into because we do not need an astronomically high multiple to generate our returns. We are generating our returns through the operational improvement over the life of the investment. I think that's why Anuj has seen lots of opportunity to monetize in this environment while there's certainly a narrative and backdrop where others are struggling to send back capital. Jason, thank you. Thank you, Connor. Thanks, everyone, for joining us for the BAM session. We appreciate everyone's engagement. Stick around for the break. Stick around after BN's session. We'll be happy to continue the conversation. Talk to you soon.