Brookfield Asset Management Ltd: In-Depth Corporate Profile

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Quick Facts / Company Snapshot

Metric / Attribute	Disclosed Value / Specification
Official Corporate Name	Brookfield Asset Management Ltd.
SEC Commission File Number	001-41563
Jurisdiction of Incorporation	British Columbia, Canada
Date of Incorporation	July 4, 2022
Principal Executive Offices	225 Liberty Street, 8th Floor, New York, NY 10281-1048
IRS Employer Identification No.	98-1702516
Stock Exchange Listings	New York Stock Exchange (NYSE), Toronto Stock Exchange (TSX)
Stock Ticker Symbol	BAM
Chief Executive Officer	Connor Teskey (Appointed February 4, 2026)
Chair of the Board	Bruce Flatt (Appointed January 16, 2025)
Total Assets Under Management (AUM)	Over $1 trillion
Fee-Bearing Capital (December 31, 2025)	$602,714 million ($602.71 billion)
Total Revenues (U.S. GAAP, FY 2025)	$4,817 million
Fee Revenues (Non-GAAP, FY 2025)	$5,487 million
Fee-Related Earnings (FRE, Non-GAAP, FY 2025)	$2,995 million
Distributable Earnings (DE, Non-GAAP, FY 2025)	$2,695 million
Net Income Attributable to Common Stockholders	$2,485 million
Diluted Earnings Per Share (FY 2025)	$1.52
Total Assets on Balance Sheet (December 31, 2025)	$17,047 million
Total Equity (December 31, 2025)	$8,912 million
Corporate Liquidity (December 31, 2025)	$2,961 million
Full-Time Asset Management Workforce	Over 5,800 employees and professionals
Operating Employees in Managed Portfolio Companies	Approximately 250,000 employees
Independent Registered Public Accounting Firm	Deloitte LLP (Toronto, Canada)

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Company Overview

Brookfield Asset Management Ltd. is a global alternative asset manager headquartered in New York, NY. The firm manages more than $1 trillion in Assets Under Management across five principal investment strategies: infrastructure, renewable power and transition, private equity, real estate, and credit. The company focuses on allocating capital for the long term into real assets and essential service businesses that form the backbone of the global economy.

The firm provides alternative investment products to a global client base comprising over 2,400 institutional clients, including public and private pension plans, endowments, foundations, sovereign wealth funds, financial institutions, and insurance companies. In addition, Brookfield continues to expand its presence across the private wealth channel, serving approximately 60,000 individual clients, who represent over 8% of the capital raised.

• Assets Under Management: Over $1 trillion deployed across global real assets and essential services.
• Fee-Bearing Capital: Expanded by $64 billion (or 12%) in 2025 to reach $603 billion.
• Capital Durability: 87% of total Fee-Bearing Capital is categorized as long-dated or perpetual in nature.
• Global Team: Over 5,800 asset management professionals across 32 global offices, backed by approximately 250,000 operating employees worldwide.

Brookfield structures its asset management model around owner-operator heritage, aligning interests by deploying Brookfield proprietary capital alongside third-party client capital. The platform offers over 55 active strategies spanning opportunistic, value-add, core, super-core, and credit mandates. These vehicles earn predictable, long-term recurring base management fees, incentive distributions, and performance-based carried interest.

The capital managed by Brookfield is anchored by perpetual capital vehicles and long-tenured closed-end private funds. Long-term private funds are typically committed for ten years with two one-year extension options, shielding the firm’s fee base from rapid redemption cycles during macroeconomic volatility.

Business Segments

Brookfield operates five core business segments categorized by investment strategy: Credit, Infrastructure, Real Estate, Renewable Power and Transition, and Private Equity. The table below presents Fee Revenues, the proportion of Total Fee Revenues, and the ending Fee-Bearing Capital across these five segments, sorted from highest to lowest revenue contribution for 2025.

Business Segment Revenue and Fee-Bearing Capital Breakdown

Investment Strategy / Segment	FY 2025 Fee Revenues (Millions)∣%ofTotalFeeRevenues(CalculatedbyFirmsWorld)∣FY2024FeeRevenues( Millions)	FY 2023 Fee Revenues (Millions)∣FY2025Fee−BearingCapital( Millions)
Credit	$1,726	31.46%
Infrastructure	$1,287	23.46%
Real Estate	$1,090	19.87%
Renewable Power and Transition	$828	15.09%
Private Equity	$556	10.13%
Total Segments	$5,487	100.00%

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

       Fee Revenues by Business Strategy (FY 2025)
       Total: $5,487 Million
       
       Credit                          [ 31.46% ]  $1,726M
       Infrastructure                  [ 23.46% ]  $1,287M
       Real Estate                     [ 19.87% ]  $1,090M
       Renewable Power & Transition    [ 15.09% ]    $828M
       Private Equity                  [ 10.13% ]    $556M

Credit Strategy

The Credit segment represents Brookfield’s largest strategy by both Fee Revenues and Fee-Bearing Capital. As of December 31, 2025, the strategy managed $363 billion of AUM and $279 billion of Fee-Bearing Capital, generating $1,726 million in Fee Revenues (31.46% of total Fee Revenues) (Calculated by FirmsWorld).

• Strategy AUM: $363 billion with Fee-Bearing Capital totaling $279,383 million.
• Capital Deployment: $36.3 billion invested across credit opportunities during 2025.
• Specialized Workforce: Supported by approximately 1,800 investment and asset management professionals globally.
• Insurance Mandates: Manages $108 billion of Fee-Bearing Capital for Brookfield Wealth Solutions (BWS), generating $234 million in fee revenue.

The operational scope of the Credit division spans four primary disciplines: Direct Lending and Private Credit, Opportunistic Credit, Structured Credit, and Liquid Credit. Sourcing occurs through direct underwriting teams alongside specialized partner managers:

• Oaktree Capital Management: Premier credit manager specializing in distressed debt and opportunistic corporate credit. Brookfield holds an approximate 74% economic interest and agreed to acquire the remaining 26% in a transaction announced on October 13, 2025.
• Castlelake: Specialist private credit manager focusing on asset-based lending, aviation leasing, and specialty finance, in which Brookfield owns a 51% economic interest in Fee-Related Earnings.
• Angel Oak Companies: Asset manager delivering mortgage and consumer credit solutions, in which Brookfield acquired a 51.3% economic interest on October 1, 2025, for approximately $149 million.
• LCM Partners: European consumer and small and medium-sized enterprise (SME) loan specialist (49.9% economic interest).
• Primary Wave: Independent music rights asset manager and publisher (44% economic interest).
• 17Capital: Strategic financing specialist in NAV loans and preferred equity for private equity sponsors.

Segment earnings for the Credit strategy rose to $701 million in 2025, compared to $521 million in 2024 and $382 million in 2023, driven by the expansion of insurance asset management and contributions from acquired credit platforms.

Infrastructure Strategy

The Infrastructure segment covers utilities, transport, midstream energy, and data infrastructure. As of December 31, 2025, the segment had $247 billion in AUM and $106 billion in Fee-Bearing Capital, generating $1,287 million in Fee Revenues, representing 23.46% of Total Fee Revenues (Calculated by FirmsWorld).

• Strategy AUM: $247 billion supported by $106,398 million in Fee-Bearing Capital.
• Operational Scale: Managed by 230 investment professionals and 64,000 operating employees in underlying portfolio companies.
• Permanent Capital Platform: Manages Brookfield Infrastructure Partners L.P. (BIP), which represents $35.1 billion in Fee-Bearing Capital (inclusive of $5.4 billion in net debt).
• Capital Deployment: $10.9 billion deployed across global infrastructure opportunities during 2025.

Operational activities are structured across regulated or contracted asset networks that feature protective barriers to entry:

• Utilities & Networks: Regulated transmission lines, electricity systems, and natural gas distribution connections earning regulated rates of return.
• Transport Networks: Rail freight operations, toll roads, and deep-water terminal and export facilities.
• Midstream Infrastructure: Gathering systems, processing plants, and critical gas storage facilities.
• Data Infrastructure: Hyperscale data centers, telecommunication towers, rooftop active sites, and fiber optic cable systems.

Fee Revenues grew from $1,202 million in 2024 to $1,287 million in 2025. This was supported by $414 million in base management fees from BIP, $320 million in incentive distributions from BIP, and $172 million from perpetual co-investment strategies. Segment earnings reached $620 million in 2025, compared to $601 million in 2024 and $654 million in 2023.

Real Estate Strategy

The Real Estate division manages premier commercial properties across retail, office, multifamily, logistics, hospitality, and alternative housing sectors. As of December 31, 2025, the segment held over $273 billion in AUM and $102 billion in Fee-Bearing Capital, producing $1,090 million in Fee Revenues (19.87% of Total Fee Revenues) (Calculated by FirmsWorld).

• Strategy AUM: Over $273 billion with $101,682 million in Fee-Bearing Capital.
• Operating Workforce: 2,150 investment and asset management professionals backed by 23,900 portfolio operating employees.
• Flagship Fund Series: Brookfield Strategic Real Estate Partners (BSREP), featuring the final institutional closing of BSREP V in 2025.
• Perpetual Assets: Manages $19.0 billion in Fee-Bearing Capital across Brookfield Property Group (BPG), invested on behalf of Brookfield Corporation.

The Real Estate portfolio includes physical commercial assets across key global markets:

• Retail Destinations: High-productivity retail shopping centers and urban entertainment complexes designed as community gathering hubs.
• Premier Office Properties: Class-A office buildings across major gateway cities, including New York, London, Toronto, Sydney, Berlin, and São Paulo.
• Multifamily & Logistics: Modern supply chain logistics hubs and multi-unit residential communities across high-barrier suburban and urban centers.
• Hospitality Assets: Destination resorts and full-service leisure hotels across North America, the United Kingdom, and Australia.

Fee Revenues climbed 13% to $1,090 million in 2025, from $968 million in 2024 and $920 million in 2023. This performance was supported by $505 million in flagship fund fees, $201 million in base management fees from BPG, and $74 million in catch-up management fees. Segment earnings expanded from $507 million in 2024 to $603 million in 2025.

Renewable Power and Transition Strategy

The Renewable Power and Transition segment operates power platforms across five continents. As of December 31, 2025, the group managed $143 billion in AUM and $67 billion in Fee-Bearing Capital, delivering $828 million in Fee Revenues, representing 15.09% of Total Fee Revenues (Calculated by FirmsWorld).

• Strategy AUM: $143 billion with $67,245 million in Fee-Bearing Capital.
• Operating Workforce: 175 investment professionals and 20,100 operational staff running generation facilities.
• Flagship Vehicles: Brookfield Global Transition Fund (BGTF II closed at $20 billion in fund commitments and $3.5 billion in co-investments, totaling $23.5 billion).
• Listed Vehicle: Manages Brookfield Renewable Partners L.P. (BEP), holding $25.8 billion in Fee-Bearing Capital (inclusive of $3.7 billion in net debt).

The segment’s operational assets span diverse low-carbon technologies:

• Hydroelectric Facilities: River systems and reservoirs delivering baseload capacity and grid-stabilizing ancillary services.
• Wind and Solar: Utility-scale onshore wind farms, offshore facilities, and commercial solar installations delivering long-term power purchase agreements (PPAs).
• Distributed Energy and Storage: Behind-the-meter corporate generation, battery energy storage systems (BESS), and pumped storage hydroelectric facilities.
• Sustainable Technologies: Advanced nuclear services through Westinghouse Electric Company, carbon capture and storage (CCS), renewable natural gas (RNG), and sustainable aviation fuel.

Fee Revenues grew 29% from $642 million in 2024 to $828 million in 2025, driven by $330 million in flagship fund management fees, $222 million from BEP base fees, $146 million in BEP incentive distributions, and $46 million in catch-up fees. Segment earnings expanded to $451 million in 2025, up from $346 million in 2024 and $336 million in 2023.

Private Equity Strategy

The Private Equity segment focuses on acquiring control positions in industrial, business services, and infrastructure services businesses. As of December 31, 2025, the strategy accounted for $155 billion in AUM and $48 billion in Fee-Bearing Capital, generating $556 million in Fee Revenues, which accounted for 10.13% of Total Fee Revenues (Calculated by FirmsWorld).

• Strategy AUM: $155 billion supported by $48,006 million in Fee-Bearing Capital.
• Workforce: 260 asset management professionals and 136,900 operating employees across portfolio companies.
• Flagship Platform: Brookfield Capital Partners (BCP), alongside specialized vehicles including Brookfield Special Investments (BSI), Pinegrove Ventures, and Brookfield Middle East Partners.
• Perpetual Affiliate: Manages Brookfield Business Partners L.P. (BBU), representing $9.1 billion in Fee-Bearing Capital (inclusive of $1.3 billion in net debt).

Portfolio operations center around essential commercial and industrial providers:

• Business Services: Residential mortgage insurance in Canada, healthcare distribution, software-as-a-service providers to automotive dealerships, and global lottery systems.
• Infrastructure Services: Modular building leasing, specialized marine transportation, offshore shuttle tankers, and critical work-access staging systems.
• Industrial Operations: Engineered manufacturing for advanced automotive batteries, aviation leasing platforms, and heavy equipment trailer components.

Fee Revenues rose from $470 million in 2024 to $556 million in 2025, supported by $95 million in performance fees earned from BBU as its unit price crossed its adjusted high-water mark of $33.81 per unit, alongside $357 million in private fund fees and $96 million in base fees from BBU. Segment earnings totaled $121 million in 2025, compared to $161 million in 2024.

History and Evolution

Brookfield’s origins trace back over a century as an owner and operator of real asset businesses. Over decades, the organization transitioned from operating localized utility and industrial infrastructure assets into a diversified global alternative asset management company.

• Owner-Operator Foundations: Developed deep operating experience over 100 years by running physical assets across energy, water, logistics, and timberlands.
• Platform Specialization: Created dedicated perpetual listed platforms: Brookfield Infrastructure Partners (BIP), Brookfield Renewable Partners (BEP), and Brookfield Business Partners (BBU).
• Strategic Credit Integration (2019): Formed a partnership with Oaktree Capital Management, acquiring an initial controlling interest to expand into credit and distressed debt.

On July 4, 2022, Brookfield Asset Management Ltd. was incorporated under the laws of British Columbia, Canada, to serve as the public corporate vehicle for Brookfield’s asset management franchise. On December 9, 2022, Brookfield completed a court-approved plan of arrangement (the “2022 Arrangement”):

• Corporate Spin-Off: Brookfield Corporation (formerly Brookfield Asset Management Inc.) distributed a 25% interest in the asset management business to its public shareholders via newly created Class A Shares of BAM.
• Parent Rebranding: The parent corporation changed its name to Brookfield Corporation (BN), maintaining direct balance sheet capital, real estate portfolios, and operating subsidiaries.
• Listing Execution: BAM shares were listed on the NYSE and the TSX under the symbol BAM.

The corporate structure underwent further consolidation in 2024 and 2025:

• Insurance Sourcing Expansion (May 2024): Subsidiary Brookfield Wealth Solutions (BWS) acquired American Equity Investment Life Holding Company (AEL), creating the AEL Mandate and directing insurance asset allocations into Brookfield credit platforms.
• Venture Secondaries Platform (September 2024): Acquired SVB Capital alongside Sequoia Heritage, integrating the franchise as Pinegrove Ventures.
• The 2025 Corporate Arrangement (February 4, 2025): BN transferred its remaining 73% interest in the underlying operating business (Brookfield Asset Management ULC) to BAM in exchange for newly issued Class A Shares on a one-for-one basis. This transaction consolidated 100% ownership of the asset management business directly under BAM, with BN owning approximately 73% of BAM’s outstanding Class A Shares.
• Oaktree Consolidation Agreement (October 13, 2025): Brookfield agreed to acquire the remaining 26% common equity interest in Oaktree for approximately $3 billion, scheduled to close in the first half of 2026.
• Executive Succession (February 4, 2026): Connor Teskey was appointed Chief Executive Officer of BAM, while Bruce Flatt maintained his role as Chair of the Board of BAM and CEO of Brookfield Corporation.

Products and Services

Brookfield structures its product offerings into three primary categories: Long-term Private Funds, Permanent Capital Vehicles and Perpetual Strategies, and Liquid Strategies. The table below presents the Fee Revenues and Fee-Bearing Capital across these product categories for 2025, sorted by Fee Revenues.

Product Portfolio Performance Summary

Product Category	FY 2025 Fee Revenues (Millions)∣%ofTotalFeeRevenues(CalculatedbyFirmsWorld)∣FY2025Fee−BearingCapital( Millions)	% of Total Fee-Bearing Capital (Calculated by FirmsWorld)
Long-term Private Funds	$2,819	51.38%
Permanent Capital and Perpetual Strategies	$1,696	30.91%
Liquid Strategies	$261	4.76%
Corporate Incentive & Performance Fees	$711	12.96%
Total Products & Services	$5,487	100.00%

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

(Note: Corporate Incentive & Performance Fees include $466 million in perpetual affiliate incentive distributions, $95 million in BBU performance fees, $120 million in fund catch-up fees, and $30 million in transaction and advisory fees across strategies).

Long-term Private Funds

Long-term private funds represent Brookfield’s largest product category, holding $285 billion of Fee-Bearing Capital (47.25% of the total) and generating $2,819 million in core management fees during 2025 (Calculated by FirmsWorld). These funds are structured as closed-end limited partnerships, typically featuring ten-year lifespans with two one-year extension options.

• Fee Foundation: Management fees are charged on committed capital during the investment period, transitioning to net invested capital thereafter.
• Performance Allocations: Entitled to carried interest allocations, typically 20% of net profits above preferred hurdle returns (generally 8% per annum).
• Carried Interest Ownership: On new funds, carried interest is allocated 66.7% to BAM common stockholders and 33.3% to BN. Mature funds transfer 100% of net carried interest to BN.

Primary flagship fund families include:

• Brookfield Infrastructure Fund (BIF): Flagship closed-end fund investing in large-scale core and value-add global infrastructure assets.
• Brookfield Global Transition Fund (BGTF): Dedicated decarbonization strategy, with BGTF II closing at $20 billion in fund commitments during 2025.
• Brookfield Strategic Real Estate Partners (BSREP): Opportunistic real estate fund focusing on complex acquisitions, turnarounds, and distressed real estate.
• Brookfield Capital Partners (BCP): Flagship control private equity strategy investing in essential business and industrial services.
• Oaktree Opportunities Funds: Distressed credit and special situations flagship fund, with Opportunities Fund XII closing at approximately $16 billion in commitments.

Permanent Capital Vehicles and Perpetual Strategies

Permanent capital vehicles and perpetual strategies managed $241 billion in Fee-Bearing Capital as of December 31, 2025, generating $1,696 million in base management and advisory fees (30.91% of Total Fee Revenues) (Calculated by FirmsWorld).

• Perpetual Durability: Vehicles have no contractual termination dates, eliminating capital redemption pressure and recycling proceeds continuously.
• Base Fee Mechanics: Fees are calculated based on public market capitalizations or independently appraised Net Asset Values (NAV).
• Incentive Distributions: BAM receives quarterly incentive distributions from BEP and BIP based on distribution growth above predefined hurdle rates.

Key perpetual platforms include:

• Brookfield Infrastructure Partners L.P. (BIP): NYSE/TSX listed platform representing $35.1 billion in Fee-Bearing Capital (inclusive of net debt).
• Brookfield Renewable Partners L.P. (BEP): NYSE/TSX listed renewable power platform representing $25.8 billion in Fee-Bearing Capital (inclusive of net debt).
• Brookfield Business Partners L.P. (BBU): Listed business services company representing $9.1 billion in Fee-Bearing Capital (inclusive of net debt).
• Brookfield Property Group (BPG): Core real estate portfolio managed on behalf of BN, comprising $19.0 billion in Fee-Bearing Capital.
• Perpetual Private Funds: Includes Brookfield Super-Core Infrastructure Partners and Brookfield Premier Real Estate Partners (BPREP).

Liquid Strategies

Liquid strategies managed $77 billion in Fee-Bearing Capital as of December 31, 2025, generating $261 million in Fee Revenues, primarily within the Credit division (4.76% of Total Fee Revenues) (Calculated by FirmsWorld).

• Strategy Scope: Public debt securities, traded high-yield bonds, syndicated loans, structured credit, and listed real estate and infrastructure securities.
• Client Channels: Registered investment funds, mutual funds, UCITS structures, and tailored separately managed accounts (SMAs) for institutional and wealth investors.
• Fee Structure: Management fees calculated based on weekly or monthly NAV, supplemented by performance fees tied to absolute or relative benchmark returns.

Geographical Presence

Brookfield conducts asset management and real estate/infrastructure operations in more than 50 countries on five continents. The tables below present Fee Revenues and corporate employee counts by geographic region, sorted from highest to lowest revenue contribution for 2025.

Geographical Revenue Breakdown

Geographic Region	FY 2025 Fee Revenues ($ Millions)	% of Total Fee Revenues (Calculated by FirmsWorld)	FY 2024 Fee Revenues (Millions)∣FY2023FeeRevenues( Millions)
United States	$2,551	46.49%	$2,151
United Kingdom	$943	17.19%	$644
Canada	$764	13.92%	$667
Other International	$668	12.17%	$820
Corporate Incentive Distributions	$561	10.22%	$424
Total Global Fee Revenues	$5,487	100.00%	$4,706

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

(Note: Incentive distributions of $561 million are recognized at the total corporate level and reflect $320 million from BIP, $146 million from BEP, and $95 million in performance fees from BBU).

       Fee Revenues by Geography (FY 2025)
       Total: $5,487 Million
       
       United States                   [ 46.49% ]  $2,551M
       United Kingdom                  [ 17.19% ]    $943M
       Canada                          [ 13.92% ]    $764M
       Other International             [ 12.17% ]    $668M
       Corporate Incentive Dists.      [ 10.22% ]    $561M

Global Workforce Footprint by Region

Geographic Region	% of Asset Management Workforce	% of Portfolio Operating Employees
United States	63%	32%
United Kingdom	7%	12%
Canada	9%	8%
India	9%	8%
Brazil	—	11%
Spain	—	3%
Germany	—	3%
Australia	—	3%
Other International (50+ Countries)	12%	20%
Total Disclosed Footprint	100%	100%

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

United States

The United States represents Brookfield’s largest operational market and revenue contributor, accounting for $2,551 million in Fee Revenues in 2025, or 46.49% of the total (Calculated by FirmsWorld). The firm’s corporate headquarters are situated in New York City, housing senior executive management, distribution teams, and investment committees.

• Asset Management Presence: 63% of the firm’s 5,800+ asset management personnel are based in the United States.
• Operating Workforce: Employs 32% of the 250,000 global portfolio operating staff across industrial facilities, energy assets, and commercial properties.
• Operational Scope: Extensive presence across credit origination (Oaktree, Angel Oak), institutional client services, commercial real estate management, and renewable generation portfolios.

United Kingdom

The United Kingdom serves as Brookfield’s operational hub for European asset management activities. In 2025, UK-based operations generated $943 million in Fee Revenues, representing 17.19% of Total Fee Revenues (Calculated by FirmsWorld).

• Asset Management Workforce: Accounts for 7% of direct asset management personnel.
• Operating Footprint: Employs 12% of global operating personnel across infrastructure networks, student housing, and commercial properties.
• European Coordination: Sourcing hub for European renewable projects, private credit investments, and real estate secondaries.

Canada

Canada generated $764 million in Fee Revenues in 2025, representing 13.92% of Total Fee Revenues (Calculated by FirmsWorld). The company maintains its corporate legal domicile in British Columbia and operational executive offices in Toronto.

• Workforce Representation: 9% of direct asset management staff and 8% of portfolio operating staff.
• Platform Roots: Supports Canadian institutional pension clients, hydroelectric generation networks, and domestic business services, including Canada’s largest private sector residential mortgage insurer.

International & Emerging Markets

International operations outside the primary North American and UK hubs generated $668 million in Fee Revenues in 2025, or 12.17% of total Fee Revenues (Calculated by FirmsWorld).

• India: Represents 9% of asset management professionals and 8% of portfolio operating personnel, supporting technology campuses, infrastructure, and business services.
• Brazil: Accounts for 11% of global portfolio operating employees, managing electricity transmission lines, rail concessions, and agricultural/renewable assets.
• Continental Europe & Asia-Pacific: Regional offices across Spain (3% operating staff), Germany (3% operating staff), and Australia (3% operating staff) managing data center infrastructure (Data4), offshore renewables, and credit platforms.
• Middle East: Operational offices in Dubai and regional initiatives including the Catalytic Transition Fund and AI infrastructure ventures in Qatar.

Profit and Loss

Brookfield prepares its financial statements in conformity with U.S. GAAP. In addition, the firm reports non-GAAP performance metrics, including Fee Revenues, Fee-Related Earnings (FRE), and Distributable Earnings (DE), to evaluate cash flows from asset management activities.

Consolidated Statements of Operations (U.S. GAAP)

Financial Metric ($ Millions)	FY 2025	FY 2024	FY 2023
Revenues
Base management and advisory fees	$3,384	$2,957	$2,766
Incentive fees	$560	$424	$376
Carried interest allocations — Realized	$0	$25	$51
Carried interest allocations — Unrealized	$209	$(9)	$348
Total investment income	$209	$16	$399
Interest and dividend revenue	$98	$143	$172
Interest and dividend revenue of consolidated funds	$31	$0	$0
Other revenues	$535	$440	$349
Total Revenues	$4,817	$3,980	$4,062
Expenses
Compensation and benefits	$(1,373)	$(1,154)	$(1,048)
Other operating expenses	$(354)	$(347)	$(342)
General, administrative and other	$(56)	$(64)	$(56)
Total compensation, operating, and G&A expenses	$(1,783)	$(1,565)	$(1,446)
Carried interest allocation compensation — Realized	$(155)	$(69)	$(26)
Carried interest allocation compensation — Unrealized	$9	$(24)	$(60)
Total carried interest allocation compensation	$(146)	$(93)	$(86)
Interest expense	$(87)	$(22)	$(14)
Interest expense of consolidated funds	$(28)	$0	$0
Total Expenses	$(2,044)	$(1,680)	$(1,546)
Other expenses, net	$(297)	$(93)	$(129)
Share of income from equity method investments	$402	$339	$167
Other income, net of consolidated funds	$47	$0	$0
Income Before Taxes	$2,925	$2,546	$2,554
Income tax expense	$(527)	$(438)	$(417)
Net Income	$2,398	$2,108	$2,137
Net loss (income) attributable to preferred shares redeemable NCI	$480	$211	$(262)
Net income attributable to non-controlling interest in consolidated entities	$(369)	$(151)	$(36)
Net income attributable to non-controlling interests in consolidated funds	$(24)	$0	$0
Net Income Attributable to Common Stockholders	$2,485	$2,168	$1,839
Earnings Per Share (EPS)
Basic EPS	$1.54	$1.35	$1.16
Diluted EPS	$1.52	$1.34	$1.16
Diluted Weighted-Average Shares Outstanding (Millions)	1,628.5	1,613.6	1,590.6

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Non-GAAP Earnings Reconciliations

Management evaluates operating profitability using Fee Revenues, Fee-Related Earnings (FRE), and Distributable Earnings (DE). The tables below reconcile U.S. GAAP Net Income and Base Fees to these non-GAAP metrics.

Reconciliation of Net Income to Fee-Related Earnings and Distributable Earnings

Financial Reconciliation Item ($ Millions)	FY 2025	FY 2024	FY 2023
Net Income (U.S. GAAP)	$2,398	$2,108	$2,137
Provision for taxes	$527	$438	$417
Depreciation and amortization	$68	$14	$14
Carried interest allocations	$(209)	$(16)	$(399)
Carried interest allocation compensation	$146	$93	$86
Other income and expenses	$250	$93	$129
Interest expense	$115	$22	$14
Interest and dividend revenue	$(129)	$(143)	$(172)
Other revenues	$(570)	$(372)	$(300)
Share of income from equity method investments	$(402)	$(339)	$(167)
Fee-related earnings of equity method investments at our share	$494	$330	$271
Compensation costs recovered from affiliates	$298	$218	$156
Non-recurring restructuring costs	$0	$0	$35
Other adjustments	$9	$10	$20
Fee-Related Earnings (FRE)	$2,995	$2,456	$2,241
Investment and other income (net of interest expense)	$33	$170	$160
Equity-based compensation expense add-back	$44	$38	$39
Cash taxes	$(377)	$(301)	$(196)
Distributable Earnings (DE)	$2,695	$2,363	$2,244

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Reconciliation of Base Management Fees to Fee Revenues

Revenue Measure ($ Millions)	FY 2025	FY 2024	FY 2023
Base management and advisory fees (U.S. GAAP)	$3,384	$2,957	$2,766
Incentive fees	$561	$424	$376
Fee revenues from equity method investments	$1,569	$1,335	$1,240
Other adjustments	$(27)	$(10)	$(1)
Fee Revenues (Non-GAAP)	$5,487	$4,706	$4,381

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Financial Operating Ratios & Profitability Metrics

• Operating Margin (U.S. GAAP): Total Revenues ($4,817M) less Total Expenses ($2,044M) yielded operating profit of $2,773 million, representing an operating margin of 57.57% in 2025 (Calculated by FirmsWorld).
• Pre-Tax Profit Margin (U.S. GAAP): Income before taxes ($2,925M) divided by Total Revenues ($4,817M) equals a pre-tax margin of 60.72% in 2025 (Calculated by FirmsWorld).
• Net Profit Margin (U.S. GAAP): Net Income ($2,398M) divided by Total Revenues ($4,817M) was 49.78% in 2025 (Calculated by FirmsWorld).
• Common Stockholders Net Margin: Net Income attributable to common stockholders ($2,485M) over Total Revenues ($4,817M) was 51.59% in 2025 (Calculated by FirmsWorld).
• Fee-Related Earnings Margin (Non-GAAP): FRE ($2,995M) divided by Fee Revenues ($5,487M) reached 54.58% in 2025, compared to 52.19% in 2024 (Calculated by FirmsWorld).
• Effective Tax Rate: Income tax expense ($527M) divided by Pre-tax income ($2,925M) yielded an effective accounting tax rate of 18.02% in 2025 (Calculated by FirmsWorld).

Total revenues rose 21% from $3,980 million in 2024 to $4,817 million in 2025, driven by a 14% increase in base management and advisory fees (reaching $3.4 billion). Key drivers included capital deployed in BSREP V ($123 million incremental), BGTF II ($114 million incremental), perpetual infrastructure strategies ($65 million incremental), and BWS insurance inflows ($55 million incremental).

Total expenses rose 22% from $1,680 million in 2024 to $2,044 million in 2025. This was led by a $219 million increase in compensation and benefits, which reached $1,373 million due to headcount growth and additional share-based awards recognized following the 2025 Arrangement. Interest expense rose from $22 million to $87 million following the issuance of senior corporate notes.

Balance Sheet

The balance sheet reflects the consolidation of the asset management operations following the 2025 Arrangement. Total assets expanded by $2.9 billion in 2025, reaching $17.0 billion, while corporate borrowings increased by $2.5 billion from senior bond offerings.

Consolidated Balance Sheets

Balance Sheet Item ($ Millions)	As at Dec 31, 2025	As at Dec 31, 2024
Assets
Cash and cash equivalents	$1,583	$404
Accounts receivable and other, net	$333	$483
Financial assets	$417	$231
Due from affiliates	$3,280	$2,500
Investments	$9,795	$9,113
Investments held for sale	$0	$242
Investments of consolidated funds	$505	$251
Property, plant and equipment, net	$92	$58
Intangible assets, net	$234	$38
Goodwill	$236	$251
Deferred income tax assets	$572	$586
Total Assets	$17,047	$14,157
Liabilities
Accounts payable and other, net	$2,459	$1,349
Financial liabilities	$449	$228
Due to affiliates	$720	$1,092
Corporate borrowings	$2,478	$0
Borrowings of consolidated funds	$462	$251
Deferred income tax liabilities	$169	$46
Total Liabilities	$6,737	$2,966
Commitments and Contingencies
Preferred shares redeemable non-controlling interest	$1,398	$2,103
Equity
Class A Common Stock	$9,153	$9,017
Class A Common Stock held in treasury	$(526)	$(91)
Additional paid-in capital	$154	$152
Retained deficit	$(851)	$(488)
Accumulated other comprehensive income	$188	$162
Total Common Equity	$8,118	$8,752
Non-controlling interest in consolidated entities	$773	$336
Non-controlling interest in consolidated funds	$21	$0
Total Equity	$8,912	$9,088
Total Liabilities, Redeemable NCI and Equity	$17,047	$14,157

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Balance Sheet & Solvency Ratios

• Cash and Corporate Liquidity: Total corporate liquidity reached $2,961 million, comprising $1,583 million in cash and cash equivalents, $28 million in short-term financial assets, and $1,350 million in undrawn credit facilities.
• Corporate Borrowings / Funded Debt: Corporate borrowings stood at $2,478 million on December 31, 2025, against $0 in 2024, reflecting four tranches of senior notes issued in 2025.
• Net Debt Position: Cash ($1,583M) subtracted from corporate borrowings ($2,478M) yields net corporate debt of $895 million (Calculated by FirmsWorld).
• Corporate Debt-to-Equity Ratio: Corporate debt ($2,478M) over Total Equity ($8,912M) was 27.81% as of December 31, 2025 (Calculated by FirmsWorld).
• Due from Affiliates: Stood at $3,280 million, up from $2,500 million in 2024, representing uncollected management fees and compensation reimbursements due from BN.
• Investments: Totals $9,795 million, primarily comprising the 74% interest in Oaktree ($4,700M), accrued carried interest ($1,833M total: $1,636M new funds + $197M mature funds), Castlelake ($720M), BSREP III LP interest ($700M), and Pretium ($330M).

Cash Flow

Cash and cash equivalents grew by $1,172 million during 2025, ending at $1,583 million. The expansion was driven by operating cash flow generation and net debt issuance, which offset shareholder dividend distributions and minority investments.

Consolidated Statements of Cash Flows

Cash Flow Statement Line Item ($ Millions)	FY 2025	FY 2024	FY 2023
Operating Activities
Net income	$2,398	$2,108	$2,137
Adjustments for non-cash and other items:
Other expenses, net	$229	$69	$54
Other income, net of consolidated funds	$(47)	$0	$0
Share of income from equity investments (net of dividends)	$(7)	$(122)	$21
Depreciation and amortization	$40	$14	$14
Deferred income taxes	$151	$274	$92
Stock-based equity awards	$123	$103	$33
Unrealized carried interest allocation, net	$(301)	$33	$(288)
Changes in investments of consolidated funds	$(467)	$(251)	$0
Changes in working capital items:
Accounts receivable and other, net	$32	$(51)	$(200)
Accounts payable and other, net	$(56)	$(426)	$(26)
Due from affiliates	$200	$(89)	$(559)
Due to affiliates	$(171)	$(76)	$372
Other non-cash operating items	$(23)	$26	$18
Net Cash Provided by Operating Activities	$2,101	$1,612	$1,439
Investing Activities
Investments in equity method affiliates and funds	$(962)	$(1,909)	$(286)
Acquisition of subsidiaries (net of cash acquired)	$6	$0	$0
Other assets acquired	$(9)	$(8)	$(17)
Dispositions and distributions from investments	$307	$385	$84
Dispositions of investments held for sale	$267	$0	$0
Repayments from (advances to) related parties	$52	$(249)	$(256)
Other investing activities	$0	$37	$0
Net Cash Used in Investing Activities	$(339)	$(1,744)	$(475)
Financing Activities
Distributions paid to common stockholders	$(2,818)	$(2,478)	$(2,101)
Borrowings of consolidated funds	$256	$251	$0
Distributions to non-controlling and redeemable NCI	$(216)	$(52)	$(42)
Redemption of preferred shares redeemable NCI	$(94)	$0	$0
Purchase of Class A treasury shares	$(412)	$0	$0
Corporate borrowings issuance, net	$2,500	$0	$0
Deferred financing fees paid	$(22)	$0	$0
Contributions from parent	$12	$56	$0
Capital raised from non-controlling interests	$179	$0	$0
Preferred equity issuances	$25	$0	$63
Issuance of related party loans	$0	$67	$197
Issuance of tracking option	$0	$37	$41
Net Cash Used in Financing Activities	$(590)	$(2,119)	$(1,842)
Effect of exchange rate changes on cash	$7	$(12)	$0
Net Change in Cash and Cash Equivalents	$1,172	$(2,251)	$(878)
Cash and Cash Equivalents, Beginning of Year	$404	$2,667	$3,545
Cash and Cash Equivalents, End of Year	$1,583	$404	$2,667

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Supplemental Cash Flow Disclosures

Cash Flow Metric ($ Millions)	FY 2025	FY 2024	FY 2023
Cash Income Taxes Paid by Jurisdiction
United States	$190	$220	$90
Canada	$128	$130	$55
United Kingdom	$98	$85	$24
Other Jurisdictions	$10	$14	$2
Total Cash Taxes Paid	$426	$449	$171
Interest Paid	$87	$22	$11

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Board of Directors and Leadership Team

Brookfield Asset Management Ltd. operates under governance structures designed to oversee capital deployment, resolve conflicts of interest with Brookfield Corporation, and maintain risk oversight.

Executive Leadership Profiles

Connor Teskey — Chief Executive Officer (Appointed February 4, 2026)

Connor Teskey was appointed Chief Executive Officer of BAM on February 4, 2026. Prior to assuming the role of CEO of BAM, Teskey served as President of BAM and CEO of Brookfield Renewable Partners (BEP). Under his operational leadership, Brookfield grew its renewable power and energy transition franchise into one of the largest platforms globally, executing flagship fund closes (BGTF I and II) and clean energy partnership programs.

Bruce Flatt — Chair of the Board (Appointed January 16, 2025)

Bruce Flatt serves as Chair of the Board of BAM, having been appointed on January 16, 2025, succeeding Mark Carney. Flatt also serves as the Chief Executive Officer of Brookfield Corporation (BN), a position he has held since 2002. Flatt has overseen Brookfield’s evolution into a global alternative asset manager over more than two decades, managing the 2022 spin-off of BAM and the subsequent 2025 Arrangement.

Mark Carney — Former Chair of the Board (Resigned January 16, 2025)

Mark Carney served as Chair of the Board of BAM until his resignation on January 16, 2025. Concurrent with his departure, Brookfield accepted his resignation as he launched his candidacy for the leadership of the Liberal Party of Canada.

Chief Information Security Officer (CISO)

Pursuant to the firm’s Enterprise Information Security Policy (EISP), executive management appointed a dedicated Chief Information Security Officer who reports to the Audit Committee and senior leadership. The CISO holds over 20 years of cybersecurity oversight experience, earned a Bachelor’s Degree in Computer Science and Economics from York University, and holds industry certifications, including Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), and Certified Information Systems Auditor (CISA).

Management Committees and Governance Structure

• Audit Committee: Monitors financial reporting accuracy, evaluates internal controls over financial reporting, and oversees cybersecurity and operational risks.
• Risk Management Steering Committee: Supports firmwide risk policies and coordinates risk identification and mitigation across strategies.
• Investment Committees: Specific to each business group; evaluates and authorizes all investment acquisitions, platform deployments, and real estate/infrastructure projects.
• Conflicts Committee: Reviews, monitors, and resolves potential conflict situations between BAM and Brookfield Corporation.
• Financial Risk Oversight Committee: Tracks interest rate risk, liquidity exposures, foreign exchange volatility, and counterparty risks.
• Sustainability Leadership & Net Zero Steering Committee: Guides ESG integration into investment underwriting, tracks portfolio decarbonization metrics, and manages greenhouse gas objectives.
• Safety Leadership Committee: Evaluates worker safety, health protocols, and environmental standards across underlying portfolio operating businesses.
• Cyber Leadership Committee: Coordinates intelligence sharing, incident response protocols, vulnerability management, and infrastructure defense across business groups.
• Disclosure Committee: Reviews public releases, SEC filings, and shareholder materials to ensure completeness under U.S. and Canadian securities laws.

Subsidiaries, Associates, and Joint Ventures

BAM conducts its operations through direct subsidiaries, operating platforms, and equity-accounted partner managers. The table below outlines major entities sorted by balance sheet carrying value as of December 31, 2025.

Major Subsidiaries and Equity-Accounted Investments

Entity / Associate Name	Relationship / Status	Economic / Ownership Interest	FY 2025 Balance Sheet Value ($ Millions)	Operational Focus / Business Activity
Brookfield Asset Management ULC	Operating Subsidiary	100%	Consolidated	Primary operating company holding the asset management franchise.
Oaktree Capital Management, L.P.	Equity Method Associate	~74%	$4,700	Premier credit manager; global opportunistic and distressed debt.
Castlelake Group TopCo L.P.	Equity Method Associate	51% FRE / 7.5% Carry	$720	Specialty finance, aviation leasing, and private credit lending.
Primary Wave (PWMP Ventures LLC)	Equity Method Associate	44%	$261	Music publishing rights, intellectual property, and royalty assets.
LCM Partners (LC Financial Holdings)	Equity Method Associate	49.9%	$221	European consumer credit, non-performing loans, and SME lending.
Angel Oak Companies, LLC	Equity Method Associate	51.3%	$133	U.S. mortgage credit origination and structured asset finance.
BAM Finance LLC (U.S. Finco)	Financing Subsidiary	100%	Consolidated	Financing vehicle incorporated in Delaware; zero debt issued.
BAM Finance (Canada) Inc.	Financing Subsidiary	100%	Consolidated	Financing vehicle incorporated in Ontario; zero debt issued.
Brookfield Special Investments II (BSI II)	Consolidated Fund	Controlling LP Interest	$505 (Fund Assets)	Structured non-control investments and customized capital solutions.

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Detailed Profiles of Key Entities

Brookfield Asset Management ULC (The Asset Management Company)

Brookfield Asset Management ULC is the primary operating company through which BAM conducts its alternative asset management operations. Under the 2025 Arrangement completed on February 4, 2025, BAM acquired the remaining 73% interest from BN in exchange for Class A Shares, unifying 100% ownership within BAM. The entity generated 99% of consolidated revenues and 96% of consolidated net income during 2025.

Oaktree Capital Management, L.P.

Oaktree is a global credit investor with $184 billion in Fee-Bearing Capital across distressed debt, liquid credit, real estate debt, and direct lending. BAM holds an approximate 74% economic interest, which contributed $402 million in share of income from equity method investments in 2025. On October 13, 2025, Brookfield announced a definitive agreement to acquire the remaining 26% common equity interest in Oaktree for approximately $3 billion, with closing targeted for the first half of 2026.

Castlelake Group TopCo L.P.

Castlelake is an alternative credit investment manager specializing in asset-based lending, private credit, and aviation leasing. Brookfield holds a 51% economic interest in Fee-Related Earnings, a 7.5% interest in carried interest, and a 20% return interest from GP commitments. Castlelake acquired Concora Super Holdco, L.P. during 2025, with BAM providing $197 million in direct equity co-investment capital.

Angel Oak Companies, LLC

On October 1, 2025, Brookfield acquired a 51.3% economic interest in Angel Oak for approximately $149 million in cash. Angel Oak specializes in U.S. residential mortgage debt origination, non-qualified mortgage securitization, and consumer credit finance, with $133 million recognized as its balance sheet carrying value as of December 31, 2025.

Other Investments (Including Minority / Portfolio Holdings)

Brookfield holds portfolio interests and minority stakes in entities that support its asset management franchise. The table below details these investments, sorted by investment balance as of December 31, 2025.

Disclosed Minority and Fund Portfolio Investments

Investment / Asset Name	Economic / Ownership %	Carrying Value ($ Millions)	Accounting Treatment	Primary Business Activity
BSREP III Limited Partnership Interest	Minority LP Interest	$700	Equity Method (Attributed to BN)	Flagship opportunistic commercial real estate investments.
Pretium Holdings, LP & Pretium CV Holdings	~11%	$330	Equity Method	U.S. residential single-family rental housing and mortgage debt.
Pinegrove Opportunity Partners I LP	Limited Partner Interest	$230	Fair Value	Secondaries and venture capital investment platform.
Concora Super Holdco, L.P.	43% Direct & Indirect	$197	Equity Method	Consumer lending platform acquired via Castlelake partnership.
Brookfield Private Equity Fund (BPE)	Seed LP Interest	$92	Fair Value	Evergreen semi-liquid private equity fund for wealth channels.
Brookfield Global Transition Fund II (BGTF II)	LP Commitment Interest	$36	Fair Value	Clean energy generation, grid modernization, and transition assets.
Westinghouse Electric Company	Consortium Holding	Strategic Interest	Operating Portfolio Asset	Commercial nuclear technology, fuel engineering, and plant services.
DATA4 Luxembourg S.à.r.l	Consortium Holding	Portfolio Asset	Infrastructure Platform	Hyperscale European data center operator headquartered in Paris.

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Descriptions of Strategic Portfolio Holdings

• BSREP III LP Interest: A limited partnership stake of $700 million held within the third opportunistic real estate fund. Net earnings and carried interest entitlements of this interest are fully attributable to Brookfield Corporation through preferred shares redeemable non-controlling interests.
• Pretium Holdings: An 11% economic interest acquired in June 2024 for residential real estate management and specialized mortgage credit solutions, carried at $330 million.
• Pinegrove Venture Platform: Venture investment partnership established alongside Sequoia Heritage, managing secondaries and growth investments in technology companies. BAM maintains a $230 million LP interest in the Pinegrove Opportunity Partners I LP fund.
• Westinghouse Electric Company: Nuclear technology developer owned in partnership with Cameco. In October 2025, Westinghouse entered into an agreement with the U.S. Government to support new reactor deployments, targeting at least $80 billion in project value prior to January 2029.

Physical Properties

Brookfield Asset Management Ltd. conducts its corporate management activities through leased facilities across key financial centers.

• Corporate Executive Headquarters: Leased offices located at Brookfield, 225 Liberty Street, 8th Floor, New York, NY 10281-1048.
• Registered Corporate Domicile: 1055 West Georgia Street, 1500 Royal Centre, P.O. Box 11117, Vancouver, British Columbia V6E 4N7, Canada.
• Global Office Footprint: Leases office space across 32 global cities in North America, South America, Europe, the Middle East, and Asia-Pacific.
• Facilities Assessment: Management considers all current leased real estate facilities suitable and adequate to support operational needs.

Contractual Lease Payment Commitments

Maturity Timeframe	Undiscounted Lease Obligations ($ Millions)
Less than 1 Year (2026)	$12
1 – 3 Years (2027 – 2028)	$24
4 – 5 Years (2029 – 2030)	$23
After 5 Years (2031+)	$9
Total Future Lease Commitments	$68

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Parent Company

Brookfield Corporation (NYSE/TSX: BN) is the parent company of BAM. Through its Class A Limited Voting Share ownership, BN maintains voting control and significant operational influence over BAM.

• Equity Ownership: Brookfield Corporation owns 73% of BAM’s Class A Limited Voting Shares (inclusive of approximately 4% held by subsidiaries of Brookfield Wealth Solutions).
• Corporate Separation (2022 Arrangement): BN separated its pure-play asset management activities into BAM, while retaining balance sheet capital, real estate portfolios, and ownership stakes in the perpetual affiliates.
• Share Consolidation (2025 Arrangement): On February 4, 2025, BN transferred its 73% interest in the operating company to BAM in exchange for 1,194,021,145 newly issued Class A Shares, unifying 100% of the operating business under BAM.

Intercompany Agreements

• Relationship Agreement: Regulates carried interest economics and co-investment rights. BN retains 100% of net carried interest from mature funds and is entitled to receive 33.3% of carried interest generated by new sponsored funds (with 66.7% attributable to BAM). BN holds the right, but not the obligation, to invest up to 25% in each new sponsored fund.
• Services Agreement (Dated December 9, 2025): BAM and BN provide day-to-day administrative and corporate support to each other. BAM provides investment personnel to support BN transaction sourcing on a cost-recovery basis.
• Revolving Credit Line: BN provides an undrawn $300 million revolving credit facility to BAM with pricing set at SOFR plus 165 basis points.

Investments and Capital Expenditure Plans

Brookfield manages capital allocation across seed investments, fund warehousing, acquisitions of partner managers, and strategic bond issuances to support asset management operations.

• Corporate Liquidity: Corporate deployable liquidity reached $2,961 million on December 31, 2025, consisting of $1,611 million in cash and short-term financial assets, alongside $1,350 million in undrawn committed credit facilities.
• Group Deployable Capital: Firmwide deployable capital across BAM, consolidated funds, and perpetual listed affiliates totaled $183,608 million ($183.6 billion).
• Total Private Fund Commitments: Private fund uncalled commitments stood at $110,854 million, of which $63 billion is not currently earning management fees. Once deployed, these commitments are projected to generate approximately $630 million in incremental annual Fee Revenues (Company guidance).

Uncalled Private Fund Commitments Expiration Schedule

Investment Strategy ($ Millions)	2026	2027	2028	2029	2030+	Total 2025	Total 2024
Credit	$2,815	$938	$144	$1,967	$33,930	$39,794	$30,595
Renewable Power and Transition	$0	$0	$801	$0	$21,884	$22,685	$21,015
Real Estate	$2,241	$0	$0	$2,447	$17,895	$22,583	$15,645
Private Equity	$271	$125	$472	$465	$11,890	$13,223	$11,360
Infrastructure	$190	$0	$208	$0	$12,171	$12,569	$12,848
Total Uncalled Commitments	$5,517	$1,063	$1,625	$4,879	$97,770	$110,854	$91,463

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Corporate Debt Profile and Senior Notes

During 2025, BAM completed its inaugural corporate bond issuances, raising $2.5 billion in fixed-rate senior notes to optimize corporate liquidity and fund strategic investments.

Senior Notes Tranche	Issuance Date	Maturity Date	Principal Amount ($ Millions)	Fixed Coupon Rate
10-Year Senior Notes	April 24, 2025	2035	$750	5.795%
30-Year Senior Notes	September 4, 2025	2055	$750	6.077%
5-Year Senior Notes	November 13, 2025	2030	$600	4.653%
11-Year Senior Notes	November 13, 2025	2036	$400	5.298%
Total Senior Notes	—	—	$2,500	—

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Shareholding Pattern

Brookfield Asset Management Ltd.’s share structure is split between publicly traded Class A Limited Voting Shares and non-traded Class B Limited Voting Shares.

• Class A Limited Voting Shares Outstanding: 1,638,147,590 shares issued and outstanding as of February 23, 2026 (with 1,608,492,642 shares outstanding as of December 31, 2025, net of 29,450,014 shares held in treasury).
• Class B Limited Voting Shares Outstanding: 21,280 shares, all of which are owned by the BAM Partnership (BAM Partners Trust).
• Holders of Record: 7,404 registered common shareholders of record as of February 23, 2026 (excluding beneficial holders in street name).

Share Ownership Distribution

Shareholder Category	Share Class Held	Ownership %	Voting Rights / Governance Scope
Brookfield Corporation (BN)	Class A Limited Voting	~73%	Substantial influence over board appointments, capital structure, and M&A.
Public Institutional & Retail Investors	Class A Limited Voting	~27%	Public float traded on NYSE and TSX.
BAM Partnership (BAM Partners Trust)	Class B Limited Voting	100% of Class B	Elects 50% of the BAM Board of Directors.

Source: Brookfield Asset Management Ltd. Form 10-K Annual Report for the Fiscal Year Ended December 31, 2025.

Capital Return and Share Repurchase Activity

• Dividend Distribution Policy: Management intends to pay out at least approximately 90% of Distributable Earnings to common shareholders quarterly, reinvesting the retained balance into the business (Management target).
• FY 2025 Dividends Paid: Paid $1.75 per share across four quarterly installments of $0.4375 per share (total common distributions of $2,818 million).
• FY 2026 Dividend Declaration: Declared a Q1 2026 dividend of $0.5025 per share, representing a 15% increase over the prior year.
• 2025 Share Repurchase Program: Repurchased 6,548,561 Class A Shares at an average price of $54.15 per share under an authorized 37.1 million share program that expired on January 12, 2026.
• 2026 Share Repurchase Program: Authorized an open market buyback of up to 36.9 million Class A Shares running through January 12, 2027. Between January 13 and February 23, 2026, BAM purchased 1,652,552 shares at an average price of $50.25.

Future Strategy

Management’s growth strategy centers on expanding private credit capabilities, launching AI and digital infrastructure platforms, executing global energy transition mandates, and widening its private wealth distribution channels.

• Global AI Infrastructure Expansion: Launching a $100 billion global AI infrastructure investment program in partnership with NVIDIA and the Kuwait Investment Authority (KIA). The program is anchored by the Brookfield AI Infrastructure Fund (BAIIF), which is targeting $10 billion in equity commitments, with $5 billion secured at launch.
• European AI & Data Centers: Deploying a €20 billion AI infrastructure program in France, including €15 billion in data center capacity through portfolio developer Data4, alongside a SEK 95 billion (~$10 billion) AI investment program in Sweden.
• Middle East AI Joint Venture: Partnering with Qai (subsidiary of Qatar Investment Authority) in a $20 billion venture to build integrated AI computing centers and renewable energy capacity.
• Consolidation of Oaktree Capital Management: Finalizing the acquisition of the remaining 26% of Oaktree for approximately $3 billion in the first half of 2026 to integrate credit operations.
• Emerging Markets Clean Energy: Deploying the Catalytic Transition Fund (CTF) into clean energy assets across South America, Central America, South and Southeast Asia, Eastern Europe, and the Middle East.
• Scale Deployment of Nuclear Technology: Executing the Westinghouse strategic partnership alongside Cameco and the U.S. Government to support new nuclear reactor construction, targeting an aggregate value of at least $80 billion prior to January 2029.
• Private Wealth Expansion: Expanding semi-liquid evergreen products, including the Brookfield Private Equity Fund (BPE), Brookfield Infrastructure Income Fund (BII), and non-traded REITs to serve the wealth management channel.

Key Strengths

• Large Scale: Manages $603 billion in Fee-Bearing Capital and more than $1 trillion in total AUM, providing the financial scale to underwrite complex, multi-billion-dollar global transactions.
• Long-Term Capital Profile: 87% of Fee-Bearing Capital is long-dated or perpetual, providing stable fee visibility across market cycles.
• Operating Heritage: Backed by approximately 250,000 portfolio operating employees across real asset businesses, supporting hands-on asset optimization, development pipelines, and underwriting diligence.
• Global Presence: Operating footprint spanning more than 50 countries with 32 corporate offices, enabling counter-cyclical capital allocation in regions experiencing capital scarcity.
• The Brookfield Ecosystem: Information access across more than $1 trillion in assets, partnerships, and market intelligence aids in identifying macro trends and proprietary transaction pipelines.
• Diversified Client Base: Over 2,400 institutional relationships, combined with a private wealth base of approximately 60,000 clients representing over 8% of capital raised.

Key Challenges and Risks

Brookfield’s operations are subject to risks disclosed in Item 1A of the Form 10-K:

Market and Macroeconomic Risks

• Interest Rate Vulnerabilities: Real assets and long-duration infrastructure investments are sensitive to prevailing interest rates. Elevated interest rates lower discounted cash flow valuations, increase the debt service burden across portfolio companies, and may tighten terms on asset-level debt refinancings.
• Exit and Monetization Timing: Closed-end private funds have finite lives requiring asset realizations. Depressed liquidity across exit markets can delay asset sales, reduce realized valuations, and delay or eliminate carried interest distributions.
• Public Listed Affiliate Volatility: Base management fees earned from listed affiliates (BIP, BEP, BBU) are tied to their public trading prices and market valuations. Declines in unit prices directly reduce base management fee revenues.

Governance and Organizational Conflict Risks

• Control by Brookfield Corporation: BN holds approximately 73% of BAM’s Class A Shares and exercises substantial influence over board composition, operational strategy, and capital allocation.
• Intercompany Conflicts: BAM and BN maintain overlapping commercial activities. BN is not bound by an exclusive relationship with BAM (except regarding perpetual listed affiliate capital), creating potential conflicts over investment opportunities and fee terms.
• Information Barrier Separation: Certain business units, including Oaktree, operate on opposite sides of information barriers. This prevents coordination on investment pipelines, potentially leading to competing bids for the same assets.

Regulatory, Legal, and Compliance Risks

• Cross-Border Supervision: Operates across multiple jurisdictions, including the U.S. (SEC, FINRA), Canada, the U.K. (FCA), Europe, Australia, Brazil, and India, creating compliance burdens.
• Foreign Direct Investment Screening: National security reviews, including the Committee on Foreign Investment in the United States (CFIUS) and European Union FDI mechanisms, can condition, delay, or block acquisitions and dispositions.
• Tax Status Vulnerability (PFIC): If BAM is classified as a Passive Foreign Investment Company (PFIC) under U.S. federal tax rules, U.S. shareholders could face adverse tax consequences and interest charges.

Operational and Technology Risks

• Information Security: Operates critical systems handling sensitive financial data. IT failures, vendor breaches, or cyber-attacks could result in operational disruptions, regulatory penalties, and reputational damage.
• AI Implementation Challenges: The rapid deployment of AI technologies presents data security risks, copyright uncertainties, and potential competitive disadvantages if competitors implement tools more efficiently.

Conclusion and Strategic Outlook

During 2025, Brookfield Asset Management Ltd. expanded its asset management base, growing Fee-Bearing Capital by 12% to $603 billion, supported by over $110 billion in total fundraising. The completion of the 2025 Arrangement unified 100% of the operating asset management business directly under BAM, simplifying the corporate structure.

With $2.7 billion in Distributable Earnings, $3.0 billion in Fee-Related Earnings, and $183.6 billion in group deployable capital, the firm remains positioned to capitalize on global megatrends in digital infrastructure, artificial intelligence, clean energy transition, and private credit lending. The leadership appointment of Connor Teskey as CEO, alongside Bruce Flatt’s continued stewardship as Chair, establishes continuity for the firm’s next operational phase.

Official Site: https://bam.brookfield.com