# EDGAR Filing Document

**Accession Number:** 0001937926
**File Stem:** 0001104659-26-010078
**Filing Date:** 2026-2
**Character Count:** 37827
**Document Hash:** 0792bb599b9b4d3dac3337613b0ae3ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-010078.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001104659-26-010078

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260203

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brookfield Asset Management Ltd.
- **CENTRAL INDEX KEY:** 0001937926
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41563
- **FILM NUMBER:** 26596199

**BUSINESS ADDRESS:**
- **STREET 1:** BROOKFIELD PLACE
- **STREET 2:** 250 VESEY STREET, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281-0221
- **BUSINESS PHONE:** 416-363-9491

**MAIL ADDRESS:**
- **STREET 1:** BROOKFIELD PLACE
- **STREET 2:** 250 VESEY STREET, 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281-0221

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 3, 2026**

**Brookfield Asset Management Ltd.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **001-41563** | **98-1702516** |
| **(State or Other Jurisdiction <br> of Incorporation)** | **(Commission <br> File No.)** | **(IRS Employee <br> Identification No.)** |

---

**Brookfield Place**

**250 Vesey Street, 15<sup>th</sup> Floor**

**New York** **, NY 10281-0221**

 **(Address of Principal Executive Offices)**

**(212) 417-7000**

**(Registrant's telephone number, including area code)**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading <br> Symbol(s)** | **Name of Each Exchange <br> on Which Registered** |
| Class A Limited Voting Shares | BAM | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On February 4, 2026, Brookfield Asset Management Ltd. (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1. The Company does not intend for this Item 2.02 or Exhibit 99.1 to be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or to be incorporated by reference into filings under the Securities Act of 1933, as amended.

**Item 5.02** **Election of Directors; Appointment of Certain Officers; Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers.**

<u>Chief Executive Officer</u>

On February 3, 2026, Connor Teskey was appointed by the Board of Directors (the "Board") of the Company to serve as the Company's Chief Executive Officer, effective February 3, 2026.

Mr. Flatt will continue in his role as Chair of the Board of the Company, in addition to his role as Chief Executive Officer of Brookfield Corporation.

Mr. Teskey, age 38, has been the President of the Company since 2022 and is also the head of Brookfield's Renewable Power and Transition business and Chief Executive Officer of Brookfield Renewable Partners, positions he has held since 2020. In these roles, he is responsible for investments, operations and the expansion of the Renewable Power and Transition business. Mr. Teskey joined Brookfield in 2012 and has held a variety of investment and management roles. Prior to Brookfield, he worked in corporate debt origination at a Canadian bank. Mr. Teskey holds a Bachelor of Business Administration degree from the University of Western Ontario.

As part of this transition, on February 3, 2026, (i) Bruce Flatt resigned as the Chief Executive Officer of the Company and (ii) Connor Teskey's title was changed to Chief Executive Officer from President of the Company, each effective February 3, 2026.

<u>Board of Directors</u>

In connection with the Company's announcement on February 4, 2026, the Board of the Company appointed Bruce Karsh as a director of the Company, effective February 3, 2026. Mr. Karsh succeeds William Powell, who resigned as a director of the Company as of the same date.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d) Exhibits.

<u>Exhibit Number </u> <u>Description</u> <br> [99.1](tm264986d1_ex99-1.htm) [Press release dated February 4, 2026](tm264986d1_ex99-1.htm) <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 4, 2026

---

| | |
|:---|:---|
| **Brookfield Asset Management Ltd.** | **Brookfield Asset Management Ltd.** |
| By: | /s/ Kathy Sarpash |
| Name: | Kathy Sarpash |
| Title: | Managing Director, Legal & Regulatory and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm264986d1_ex99-1img001.jpg)

**Brookfield Asset Management Announces**

**Record 2025 Results and 15% Dividend Increase**

*Fundraised a Record $35 Billion in the Fourth Quarter; $112 Billion for 2025*

*Quarterly Fee-Related Earnings of $867 Million, Up 28% Year-Over-Year*

*Quarterly Distributable Earnings of $767 Million, Up 18% Year-Over-Year*

*Connor Teskey Appointed CEO of Brookfield Asset Management*

**NEW YORK, February 4, 2026** – Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) ("BAM"), a leading global alternative asset manager headquartered in New York with over $1 trillion of assets under management, today announced record financial results for the quarter ended December 31, 2025; the strongest results since listing.

The Board of Directors approved the appointment of Connor Teskey as Chief Executive Officer of BAM. Bruce Flatt will continue in his role as Chair of the Board, in addition to his role as Chief Executive Officer of Brookfield Corporation.

Bruce Flatt said, "Today's announcement is the next step in the succession process we started four years ago. This will set up our next generation of leaders who will guide the company in the coming decades. Connor is an exceptional leader who embodies Brookfield's culture of collaboration, innovation, and discipline. The entire senior management team is thrilled to work with him as he assumes this role and takes BAM to new levels of success."

In discussing results, Connor Teskey said, "2025 was another record year for our business—across each of fundraising, deployment, and monetizations. Our fee-bearing capital grew to over $600 billion, with 22% year-over-year growth in fee-related earnings and 14% growth in distributable earnings. Looking ahead, we will have key flagship strategies in the market and a growing suite of complementary offerings, positioning us to drive sustained growth across multiple channels. This confidence supports our decision to increase our dividend by 15%."

**Common Dividend Increase**

The board of directors of BAM declared a quarterly dividend of $0.5025 per share, representing a 15% increase, payable on March 31, 2026, to shareholders of record as of the close of business on February 27, 2026.

**Brookfield Asset Management** 1

**Financial Results**

In the fourth quarter, we delivered record results, driven by strong capital inflows and deployment of capital.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| *Unaudited<br> For the periods ended* | **Dec. 31,**  | Dec. 31, | **Dec. 31,**  | Dec. 31, |
| *(US$ millions, except per share amounts)* | **2025** | 2024 | **2025** | 2024 |
| **Fee-related earnings<sup>1</sup>** | $**867** | $677 | $**2995** | $2456 |
| &nbsp;&nbsp;&nbsp;Fee-related earnings per share | $**0.53** | $0.42 | $**1.84** | $1.51 |
| **Distributable earnings<sup>1</sup>** | $**767** | $649 | $**2695** | $2363 |
| &nbsp;&nbsp;&nbsp;Distributable earnings per share | $**0.47** | $0.40 | $**1.65** | $1.45 |
| **Net income** | $**615** | $680 | $**2398** | $2108 |

---

See endnotes

Net income was $615 million in the quarter and $2.4 billion over the last twelve months.

Fee-related earnings ("FRE") increased 28% to a record $867 million or $0.53 per share for the quarter and 22% to $3.0 billion, or $1.84 per share for the year. Margins expanded to 61% in the quarter, and 58% over the last twelve months.

Distributable earnings ("DE") were $767 million, or $0.47 per share in the quarter and $2.7 billion, or $1.65 per share over the last twelve months, up 18% and 14%, respectively.

**Operating Results**

Fee-bearing capital grew to $603 billion, up 12% year-over-year, driven by record quarterly fundraising of $35 billion and $112 billion in the past twelve months. Fundraising growth was supported by a growing suite of complementary strategies and continued growth in insurance inflows. Some recent fundraising highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;• In
 November, we launched a $100 billion global AI infrastructure program, anchored by the Brookfield
 AI Infrastructure Fund ("BAIIF"). The fund is targeting $10 billion of equity
 commitments, of which it has already secured $5 billion of commitments. This first-of-its-kind
 strategy will focus on investing in the physical infrastructure that powers AI, including
 AI factories, power generation, compute infrastructure and other strategic adjacencies. We
 expect a first close in the first half of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;• We
 launched two private equity funds: the seventh vintage of our private equity flagship fund
 and a new private equity vehicle for wealth investors. Both strategies are entering the market
 at a favorable point for our operator-led approach focused on industrial and
 essential services businesses. We expect to hold a first close for the flagship during the
 first half of 2026, and expect it to be our largest private equity strategy ever.

&nbsp;&nbsp;&nbsp;&nbsp;• In
 January, we held a final close for our Pinegrove opportunistic strategy, raising $2.2
billion, exceeding its initial target and ranking among the industry's largest first-time venture secondaries funds
ever raised.

The market environment for investment remains strong. In the quarter, we deployed $13 billion across our business, bringing our total capital invested to $66 billion, our strongest year ever.

At the same time, market conditions have supported increased transaction activity and our ability to monetize investments at strong valuations. During the quarter, we sold $20 billion of assets, realizing $13 billion of equity value. In total, this increased monetizations in 2025 to nearly $80 billion, realizing $50 billion of equity.

**Brookfield Asset Management** 2

Fourth quarter highlights of our activities across each of our business groups include:

***Infrastructure***

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Fundraising:*** We raised $7.0 billion, including $5.0 billion raised for our inaugural AI infrastructure fund. We raised $900 million for our infrastructure private wealth strategy, which now
 stands at nearly $8.0 billion, and an additional $900 million for our supercore infrastructure
 strategy.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Deployment:*** We invested $800 million, including the acquisition of SK Aircore, an industrial
 gas business in South Korea.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Monetizations:*** We monetized $1.6 billion, including the partial sale of our investment in PD Ports,
 one of the U.K.'s major port groups and the initial public offering of Rockpoint Gas
 Storage, a North American independent natural gas storage operator.

***Renewable Power & Transition***

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Fundraising:*** We raised $1.1 billion, including $650 million issued by our public affiliate, BEP.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Monetizations:*** We monetized $2.4 billion, including the sale of a ~1.5 GW portfolio of operating
 solar distributed generation assets in North America.

***Private Equity***

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Fundraising:*** We raised $1.6 billion, including $900 million for our private equity special situations
 strategy, and $300 million for our inaugural Pinegrove opportunistic strategy of $2.2 billion,
 which held its final close in January.

***Real Estate***

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Deployments:*** We deployed $1.8 billion, across a diversified pool of investments, primarily in
 logistics and hospitality.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Monetizations*:** We monetized $2.6 billion, including the sale of ±90 manufactured housing communities
 in the U.S., Ecoworld, a business park in India, and a prime logistics center in South Korea.

***Credit***

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Fundraising:*** We raised $23 billion of capital, including nearly $9.0 billion from Brookfield Wealth
 Solutions. We also raised $5.6 billion from long-term private funds, including $1.4 billion
 for our fourth vintage infrastructure mezzanine fund, $4.0 billion for perpetual credit
 funds, and $3.2 billion for liquid credit strategies.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Deployments:*** We deployed $8.5 billion, including $1.6 billion from our flagship opportunistic
 credit strategy and $300 million from our infrastructure mezzanine fund.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Monetizations*:** We monetized $5.1 billion, including $3.1 billion across our opportunistic credit strategies,
 and $1.2 billion across strategic credit vehicles.

**Brookfield Asset Management** 3

**Strategic Initiatives and Partnerships**

&nbsp;&nbsp;&nbsp;&nbsp;•  ***AI Joint Venture:*** In December, we announced a strategic partnership with Qai, Qatar's
 national AI company,
 to establish a $20 billion joint venture focused on artificial intelligence infrastructure. The joint venture will be executed through our recently launched AI Infrastructure
 fund and will serve as a cornerstone of our broader global AI infrastructure program, which
 aims to deploy over $100 billion of total investment.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Oaktree:*** In October, we announced the acquisition of the final 26% of Oaktree that we do not
 already own for total consideration of approximately $3.0 billion, with BAM funding approximately
 $1.6 billion and Brookfield Corporation funding $1.4 billion. BAM will
 acquire Oaktree's fee-related earnings, carried interest in certain funds and their partner
 manager interests. The transaction is expected to close in the
 first half of 2026, subject to customary closing conditions and regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Angel Oak:*** In October, we completed the acquisition of a majority interest in Angel Oak,
 a leading asset manager focused on specialty mortgage and consumer credit solutions with
 over $10 billion of fee-bearing capital.

**Uncalled Fund Commitments and Liquidity**

As of December 31, 2025, we had $134 billion of uncalled fund commitments, $63 billion of which will commence earning fees of approximately $630 million annually once deployed.

We had corporate liquidity of $3.0 billion as of December 31, 2025, comprised of cash, short term financial assets, and the undrawn capacity on our revolving credit. In November, we issued $1.0 billion of senior notes, including $600 million of five-year senior unsecured notes with a coupon of 4.653% and $400 million of 10-year senior unsecured notes with a coupon of 5.298%.

End Notes

&nbsp;&nbsp;&nbsp;&nbsp;1. See
 Reconciliation of Net Income to FRE and DE on page <u>7</u> and Non-GAAP and Performance
 Measures section on page <u>9</u>.

2. Other
 income includes BAM's portion of equity method investments' realized carried interest,
 investment income, interest expense and other items.

**Brookfield Asset Management** 4

**Brookfield Asset Management**

**Balance Sheets**

---

| | | |
|:---|:---|:---|
| *Unaudited* <br> As at<br> *(US$ millions)* | **Dec. 31, <br> 2025** | Dec. 31, <br>2024 |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**1583** | $404 |
| &nbsp;&nbsp;&nbsp;Accounts receivable and other | **731** | 714 |
| &nbsp;&nbsp;&nbsp;Investments | **9818** | 9355 |
| &nbsp;&nbsp;&nbsp;Investments of consolidated funds | **505** | 251 |
| &nbsp;&nbsp;&nbsp;Due from affiliates | **3280** | 2500 |
| &nbsp;&nbsp;&nbsp;Deferred income tax assets and other assets | **1134** | 933 |
| **Total assets** | $**17051** | $14157 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and other | $**2912** | $1577 |
| &nbsp;&nbsp;&nbsp;Corporate borrowings | **2478** |  |
| &nbsp;&nbsp;&nbsp;Borrowings of consolidated funds | **462** | 251 |
| &nbsp;&nbsp;&nbsp;Due to affiliates | **720** | 1092 |
| &nbsp;&nbsp;&nbsp;Deferred income tax liabilities | **169** | 46 |
| **Total liabilities** | **6741** | 2966 |
| **Preferred shares redeemable non-controlling interest** | **1398** | 2103 |
| **Equity** | **8912** | 9088 |
| **Total liabilities and equity** | $**17051** | $14157 |

---

**Brookfield Asset Management** 5

**Brookfield Asset Management**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| *Unaudited <br> For the periods ended* | **Dec. 31,** | Dec. 31, | **Dec. 31,** | Dec. 31, |
| (US$ millions, except per share amounts) | **2025** | 2024 | **2025** | 2024 |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management and incentive fee revenues | $**1085** | $901 | $**3944** | $3381 |
| &nbsp;&nbsp;&nbsp;Carried interest income | **158** | 29 | **209** | 16 |
| &nbsp;&nbsp;&nbsp;Other revenues | **151** | 133 | **664** | 583 |
| **Total revenues** | **1394** | 1063 | **4817** | 3980 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and operating | **(447)** | (407) | **(1783)** | (1565) |
| &nbsp;&nbsp;&nbsp;Interest | **(39)** | (5) | **(115)** | (22) |
| &nbsp;&nbsp;&nbsp;Carried interest allocation compensation | **(4)** | (11) | **(146)** | (93) |
| **Total expenses** | **(490)** | (423) | **(2044)** | (1680) |
| &nbsp;&nbsp;&nbsp;Other (expenses) income | **(43)** | 24 | **(250)** | (93) |
| &nbsp;&nbsp;&nbsp;Share of income from equity method investments | **53** | 145 | **402** | 339 |
| **Income before taxes** | **914** | 809 | **2925** | 2546 |
| &nbsp;&nbsp;&nbsp;Income tax expense | **(299)** | (129) | **(527)** | (438) |
| **Net income** | **615** | 680 | **2398** | 2108 |
| Net (income) loss attributable to non-controlling interests | **(55)** | 8 | **87** | 60 |
| **Net income attributable to BAM** | $**560** | $688 | $**2485** | $2168 |
| **Net income attributable to BAM per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**0.35** | $0.43 | $**1.54** | $1.35 |
| &nbsp;&nbsp;&nbsp;Diluted | $**0.34** | $0.42 | $**1.52** | $1.34 |

---

**Brookfield Asset Management** 6

**SELECT FINANCIAL INFORMATION**

**RECONCILIATION OF NET INCOME TO FEE-RELATED EARNINGS AND DISTRIBUTABLE EARNINGS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| *Unaudited*<br> *For the periods ended* | **Dec. 31,** | Dec. 31, | **Dec. 31,** | Dec. 31, |
| (US$ millions) | **2025** | 2024 | **2025** | 2024 |
| Net income | $**615** | $680 | $**2398** | $2108 |
| Add or subtract the following: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for taxes<sup>1</sup> | **299** | 129 | **527** | 438 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>2</sup> | **24** | 3 | **68** | 14 |
| &nbsp;&nbsp;&nbsp;Carried interest allocations<sup>3</sup> | **(158)** | (29) | **(209)** | (16) |
| &nbsp;&nbsp;&nbsp;Carried interest allocation compensation<sup>3</sup> | **4** | 11 | **146** | 93 |
| &nbsp;&nbsp;&nbsp;Other income and expenses<sup>4</sup> | **43** | (24) | **250** | 93 |
| &nbsp;&nbsp;&nbsp;Interest expense<sup>5</sup> | **39** | 5 | **115** | 22 |
| &nbsp;&nbsp;&nbsp;Interest and dividend revenue<sup>5</sup> | **(36)** | (26) | **(129)** | (143) |
| &nbsp;&nbsp;&nbsp;Other revenues<sup>6</sup> | **(115)** | (59) | **(570)** | (372) |
| &nbsp;&nbsp;&nbsp;Share of income from equity method investments<sup>7</sup> | **(53)** | (145) | **(402)** | (339) |
| &nbsp;&nbsp;&nbsp;Fee-related earnings of equity method investments at our share<sup>7</sup> | **153** | 95 | **494** | 330 |
| &nbsp;&nbsp;&nbsp;Compensation costs recovered from affiliates<sup>8</sup> | **48** | 34 | **298** | 218 |
| &nbsp;&nbsp;&nbsp;Other adjustments<sup>9</sup> | **4** | 3 | **9** | 10 |
| **Fee-related earnings** | **867** | 677 | **2995** | 2456 |
| &nbsp;&nbsp;&nbsp;Add: Investment & other income (net of interest expense)<sup>10</sup> | **(8)** | 52 | **33** | 170 |
| &nbsp;&nbsp;&nbsp;Add: Equity-based compensation costs | **8** | 8 | **44** | 38 |
| &nbsp;&nbsp;&nbsp;Less: Cash taxes<sup>11</sup> | **(100)** | (88) | **(377)** | (301) |
| **Distributable earnings** | $**767** | $649 | $**2695** | $2363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. This
 adjustment removes the impact of income tax provisions on the basis that we do not believe
 this item reflects the present value of the actual tax obligations that we expect to incur
 over the long-term due to the substantial deferred tax assets of BAM.

&nbsp;&nbsp;&nbsp;&nbsp;2. This
 adjustment removes the depreciation and amortization on property, plant and equipment and
 intangible assets, which are non-cash in nature and therefore excluded from FRE as well as
 certain capital depreciation costs recharged from BAM's affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;3. These
 adjustments remove the impact of both unrealized and realized carried interest allocations
 and the associated compensation expense. Unrealized carried interest allocations and associated
 compensation expense are non-cash in nature. Carried interest allocations and associated
 compensation costs are included in DE once realized.

&nbsp;&nbsp;&nbsp;&nbsp;4. This
 adjustment removes other income and expenses associated with fair value changes for consolidated
 entities and funds.

&nbsp;&nbsp;&nbsp;&nbsp;5. This
 adjustment removes interest and charges paid or received by consolidated entities and funds.

&nbsp;&nbsp;&nbsp;&nbsp;6. This
 adjustment adds back other revenues earned that are non-cash in nature.

&nbsp;&nbsp;&nbsp;&nbsp;7. These
 adjustments remove our share of equity method investments' earnings, including items 1) to
 6) above and include its share of equity method investments' fee-related earnings.

&nbsp;&nbsp;&nbsp;&nbsp;8. This
 item adds back compensation costs that will be borne by affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;9. This
 adjustment adds base management fees earned from funds that are eliminated upon consolidation
 and other items.

&nbsp;&nbsp;&nbsp;&nbsp;10. This
 adjustment adds back other income associated with our portion of partly owned subsidiaries'
 investment income, realized carried interest, interest income and interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;11. Represents
 the impact of cash taxes paid by the business.

**RECONCILIATION OF BASE MANAGEMENT AND ADVISORY FEES TO FEE REVENUES**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Year Ended | Year Ended |
| *Unaudited*<br> *For the periods ended* | **Dec. 31,** | Dec. 31, | **Dec. 31,** | Dec. 31, |
| (US$ millions) | **2025** | 2024 | **2025** | 2024 |
| Base management and advisory fees | $**873** | $794 | $**3384** | $2957 |
| &nbsp;&nbsp;&nbsp;Incentive fees<sup>1</sup> | **212** | 106 | **561** | 424 |
| &nbsp;&nbsp;&nbsp;Fee revenues from equity method investments<sup>2</sup> | **438** | 338 | **1569** | 1335 |
| &nbsp;&nbsp;&nbsp;Other adjustments<sup>3</sup> | **(11)** | (3) | **(27)** | (10) |
| **Fee revenues** | $**1512** | $1235 | $**5487** | $4706 |

---

1. This adjustment adds incentive distributions that are included in fee revenues.

&nbsp;&nbsp;&nbsp;&nbsp;2. This
 adjustment adds Oaktree management fees at 100% ownership and our proportionate share of
 partner manager earnings.

&nbsp;&nbsp;&nbsp;&nbsp;3. This
 adjustment involves base management fees earned from funds that are eliminated upon consolidation
 and other items.

**Brookfield Asset Management** 7

**Additional Information**

The Letter to Shareholders and the Supplemental Information for the three months and twelve months ended December 31, 2025 contain further information on the company's strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on BAM's website.

The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended December 31, 2025, which have been prepared using U.S. GAAP. The amounts have not been audited by BAM's external auditor.

BAM's Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements, prior to its release.

Information on our dividends can be found on our website under the "Share Information" section at <u>bam.brookfield.com</u>.

**Quarterly Earnings Call Details**

Investors, analysts and other interested parties can access BAM's Fourth Quarter 2025 Results, as well as the Letter to Shareholders and Supplemental Information, on its website under the "Reports & SEC Filings" section at <u>bam.brookfield.com</u>.

To participate in the Conference Call today at 10:00 a.m. ET, please preregister at <u>https:// register-conf.media-server.com/register/BIdfe871f45bb949b3a37e1f67119f0aa1</u>.

Upon registering, you will be emailed a dial-in number, and unique PIN.

The Conference Call will also be webcast live at <u>https://edge.media-server.com/mmc/p/ ssaib4es</u>. For those unable to participate in the Conference Call, the telephone replay will be archived and available for 90 days, or on our website at <u>bam.brookfield.com</u>.

**About Brookfield Asset Management**

Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.

Please note that Brookfield Asset Management Ltd.'s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at <u>bam.brookfield.com</u>. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please visit our website at <u>bam.brookfield.com</u> or contact:

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| | |
|:---|:---|
| **Media:** | **Investor Relations:** |
| Simon Maine | Jason Fooks |
| Email: simon.maine@brookfield.com | Tel: (866) 989-0311 |
|  | Email: jason.fooks@brookfield.com |

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**Brookfield Asset Management** 8

**Non-GAAP and Performance Measures of our Asset Management Business**

This news release and accompanying financial information are based on generally accepted accounting principles in the United States of America ("U.S. GAAP").

We make reference to Distributable Earnings ("DE"), which is referring to the sum of its fee-related earnings, realized carried interest, realized principal investments, interest expense, and general and administrative expenses; excluding equity-based compensation costs and depreciation and amortization. The most directly comparable measure disclosed in the primary financial statements of Brookfield Asset Management for DE is net income. This provides insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

We use Fee-Related Earnings ("FRE") and DE to assess our operating results and the value of Brookfield's business and believe that many shareholders and analysts also find these measures of value to them.

We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with U.S. GAAP. These financial measures, which include FRE and DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with U.S. GAAP. We caution readers that these non-GAAP financial measures or other financial metrics are not standardized under U.S. GAAP and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

We provide additional information on key terms and non-GAAP measures in our filings available at <u>bam.brookfield.com</u>.

**Brookfield Asset Management** 9

***Notice to Readers***

*BAM is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.*

*This news release contains "forward-looking statements" within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, "forward-looking statements"). **Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management's current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of BAM and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances.** The estimates, beliefs and assumptions of BAM are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as "target", "project", "forecast", "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to future results, performance, achievements, prospects or opportunities of BAM and the US, Canadian or international markets.*

*Although BAM believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) volatility in the trading price of our class A limited voting shares; (ii) deficiencies in public company financial reporting and disclosures; (iii) the difficulty for investors to effect service of process and enforce judgments in various jurisdictions; (iv) being subjected to numerous laws, rules and regulatory requirements; (v) the potential ineffectiveness of our policies to prevent violations of applicable law; (vi) foreign currency risk and exchange rate fluctuations; (vii) further increases in interest rates; (viii) political instability or changes in government; (ix) unfavorable economic conditions or changes in the industries in which we operate; (x) inflationary pressures; (xi) catastrophic events, such as earthquakes, hurricanes, or pandemics/epidemics; (xii) ineffective management of sustainability considerations, and inadequate or ineffective health and safety programs; (xiii) failure of our information technology systems; (xiv) failure to adopt AI in support of our business objectives (xv) us and our managed assets becoming involved in legal disputes; (xvi) losses not covered by insurance; (xvi) inability to collect on amounts owing to us; (xviii) operating and financial restrictions through covenants in our loan, debt and security agreements; (xix) our ability to maintain our global reputation; (xx) risks related to our renewable power and transition, infrastructure, private equity, real estate, and credit strategies; (xxi) the impact on growth in fee-bearing capital of poor product development or marketing efforts; (xxii) meeting our financial obligations due to our cash flow from our asset management business; (xxiii) our acquisitions; (xxiv) requirement of temporary investments and backstop commitments to support our asset management business; (xxv) revenues impacted by a decline in the size or pace of investments made by our managed assets; (xxvi) our earnings growth can vary, which may affect our dividend and the trading price of our class A limited voting shares; (xxvii) exposed risk due to increased amount and type of investment products in our managed assets; (xxviii) information barriers that may give rise to conflicts and risks; (xxix) Brookfield Corporation ("BN") exercising substantial influence over BAM; (xxx) BN transferring the ownership of BAM to a third party; (xxxi) potential conflicts of interest with BN; (xxxii) difficulty in maintaining our culture or managing our human capital; (xxxiii) United States and Canadian taxation laws and changes thereto and (xxxiv) other factors described from time to time in our documents filed with the securities regulators in the United States and Canada.*

*We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, BAM undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.*

*Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).*

**Brookfield Asset Management** 10