ADDED
As of February 23, 2026, the registrant had 1,638,147,590 Class A Limited Voting Shares and 21,280 Class B Limited Voting Shares outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.
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 Brookfield Asset Management Ltd.
( 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.
CERTAIN TERMS USED IN THIS REPORT In this report, BAM , we , our , us , or the Company refers to Brookfield Asset Management Ltd.
For accounting purposes and for periods prior to the closing date of the 2025 Arrangement (as defined below), references to the historical financial information of BAM are to the historical financial statements of Brookfield Asset Management ULC (the Asset Management Company ) as the Predecessor of BAM .
The term BN means Brookfield Corporation and its subsidiaries (including the perpetual affiliates (as defined below)), other than BAM and its subsidiaries, and does not, for greater certainty, include BAM, BWS (as defined below) or Oaktree (as defined below) and their respective affiliates.
We manage AEL insurance capital under an investment management agreement with certain of AEL s operating companies; AI means artificial intelligence; Angel Oak means the October 1, 2025 acquisition of a 51.3% economic interest in Angel Oak Companies, LLC, a leading asset manager specializing in innovative mortgage and consumer products; Assets Under Management or AUM has the meaning ascribed thereto under Part II - Item 7.
Concora means our 43% indirect and direct ownership interest in Concora Super Holdco, L.P.; Class A Shares means the class A limited voting shares in the capital of BAM; Class B Shares means the class B limited voting shares in the capital of BAM; consolidated funds means certain funds in which BAM is the primary beneficiary, as defined under U.S.
REMOVED
As of March 7, 2025, the registrant had 1,637,295,707 Class A Limited Voting Shares and 21,280 Class B Limited Voting Shares outstanding.
( BAM ) is a New York based asset manager, yet qualifies as an eligible Canadian issuer under the Multijurisdictional Disclosure System and as a foreign private issuer as such term is defined in Rule 405 under the U.S.
Securities Act of 1933, as amended, and Rule 3b-4 under the U.S.
Although, as a foreign private issuer, BAM is not required to do so, BAM intends to voluntarily file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the SEC instead of filing the reporting forms available to foreign private issuers.
BAM intends to prepare and file a management information circular and related materials under Canadian requirements that will not be filed pursuant to Regulation 14A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 54 Item 7A.
Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us.
We believe these factors include those described in the section entitled Risk Factors in this Annual Report on Form 10-K (our Annual Report or report ).
CERTAIN TERMS USED IN THIS REPORT In this report, references to BAM Ltd.
References to our asset management business , the Asset Management Company , BAM ULC , or the Company refer to Brookfield Asset Management ULC, and references to we , us , our means our asset management business and BAM, individually or collectively, where applicable.