Brookfield Asset Management Ltd.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 2, 2026
BAM$53.49-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets as at December 31, 202 and
CONSOLIDATED BALANCE SHEETS
| AS AT DECEMBER 31,(MILLIONS, EXCEPT SHARE AMOUNTS) | 2025 | 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 | — | 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 | — |
| 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 | ||
| Common stock: | ||
| Class A, no par value, unlimited authorized, 1,637,942,656 (December 31, 2024 - 1,637,156,992) issued and 1,608,492,642 (December 31, 2024 - 1,614,238,281) outstanding as at December 31, 2025 | 9,153 | 9,017 |
| Class A held in treasury, no par value, 29,450,014 (December 31, 2024 - 22,918,711) shares as at December 31, 2025 | (526) | (91) |
| Class B, no par value, unlimited authorized, 21,280 (December 31, 2024 - 21,280) issued, and outstanding as at December 31, 2025 | — | — |
| Additional paid-in capital | 154 | 152 |
| Retained deficit | (851) | (488) |
| Accumulated other comprehensive income | 188 | 162 |
| Non-controlling interest in consolidated entities | 773 | 336 |
| Non-controlling interest in consolidated funds | 21 | — |
| Total equity | 8,912 | 9,088 |
| Total liabilities, redeemable non-controlling interest and equity | $17,047 | $14,157 |
CONSOLIDATED STATEMENTS OF OPERATIONS
| FOR THE YEARS ENDED DECEMBER 31 (MILLIONS) | |||
|---|---|---|---|
| 2025 · 2024 · 2023 | |||
| Revenues | |||
| Base management and advisory fees | $3,384 | $2,957 | $2,766 |
| Incentive fees | 560 | 424 | 376 |
| Investment income | |||
| Carried interest allocations | |||
| Realized | — | 25 | 51 |
| 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 | — | — |
| Other revenues | 535 | 440 | 349 |
| Total revenues | 4,817 | 3,980 | 4,062 |
| Expenses | |||
| Compensation, operating, and general and administrative 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 general and administrative expenses | (1,783) | (1,565) | (1,446) |
| Carried interest allocation compensation | |||
| Realized | (155) | (69) | (26) |
| Unrealized | 9 | (24) | (60) |
| Total carried interest allocation compensation | (146) | (93) | (86) |
| Interest expense | (87) | (22) | (14) |
| Interest expense of consolidated funds | (28) | — | — |
| 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 | — | — |
| 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 non-controlling interest | $480 | $211 | $(262) |
| Non-controlling interest in consolidated entities | (369) | (151) | (36) |
| Non-controlling interests in consolidated funds | (24) | — | — |
| Net income attributable to the common stockholders | $2,485 | $2,168 | $1,839 |
| Earnings per share | |||
| Basic | $1.54 | $1.35 | $1.16 |
| Diluted | $1.52 | $1.34 | $1.16 |
| Weighted-average shares | |||
| Basic | 1,612.2 | 1,603.4 | 1,585.8 |
| Diluted | 1,628.5 | 1,613.6 | 1,590.6 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Net income | $2,398 | $2,108 | $2,137 |
| Equity method investments | 14 | (3) | 9 |
| Currency translation | 12 | (3) | 6 |
| Comprehensive income | $2,424 | $2,102 | $2,152 |
| Comprehensive loss (income) attributable to: | |||
| Preferred shares redeemable non-controlling interest | $480 | $211 | $(262) |
| Non-controlling interest in consolidated entities | (369) | (151) | (36) |
| Non-controlling interests in consolidated funds | (24) | — | — |
| Comprehensive income attributable to the common stockholders | $2,511 | $2,162 | $1,854 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.