The firm reported US$615 million in net income for the last three months of the year. It raised a record US$35 billion in the quarter and US$112 billion total for the year. Its fee-related earnings—the money it makes from managing others’ capital—climbed 22 per cent to US$3 billion in 2025 and distributable earnings to shareholders rose 14 per cent for the year to US$2.7 billion. (The Logic)

Talking point: The results cap the firm’s strongest year since its listing, it said in its earnings report. Its dividend increase signals confidence that this steady income will continue, even as investors remain cautious about the global economy. The firm highlighted investor demand for infrastructure, power and digital assets, particularly deals surrounding AI. Earlier this week, it announced a US$1.2-billion acquisition of U.S. warehouse owner Peakstone Realty Trust. In November, it launched a US$100 billion AI infrastructure program that includes a new $10-billion fund and its own cloud computing service.