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BAM · Brookfield Asset Management Ltd.

4 filings

10-K

BAM 10-K Annual Reports

Brookfield Asset Management Ltd. - 4 annual reports

Filing record · 2022–202610-K410-Q58-K133

2025
Brookfield Asset Management Ltd. Annual Report, Year Ended Dec 31, 2025
Brookfield Asset Management Ltd. (BAM) reported strong financial performance for the fiscal year ending December 31, 2025, with total revenues increasing by 21% to $4.8 billion and net income reaching $2.4 billion. This growth was primarily driven by a 14% increase in base management and advisory fees, supported by significant fundraising across various flagship and complementary funds, particularly in infrastructure, renewable power, and credit strategies. The company also saw a substantial rise in incentive fees and a notable increase in unrealized carried interest allocations, reflecting the positive performance of its investments. Strategically, BAM continued to expand its Fee-Bearing Capital to $603 billion, an increase of 12%, with 87% of this capital being long-dated or perpetual, providing revenue stability. Key initiatives in 2025 included strategic acquisitions like Angel Oak and significant investments in AI infrastructure, particularly in France and Sweden. Furthermore, the company announced a proposed transaction to acquire the remaining 26% interest in Oaktree, expected to close in the first half of 2026, which will further solidify its credit platform. BAM also declared a quarterly dividend of $0.5025 per share, a 15% increase year-over-year, underscoring its commitment to returning capital to shareholders.
Mar 2, 2026
2024
Brookfield Asset Management Ltd. Annual Report, Year Ended Dec 31, 2024
Brookfield Asset Management Ltd. (BAM) reported strong financial performance for the fiscal year ending December 31, 2024. The company's asset management business saw significant growth in Fee-Bearing Capital, reaching $539 billion, driven by robust fundraising efforts across various strategies and a notable $49 billion inflow from the AEL Mandate. Fee Revenues increased by 7% to $4.7 billion, and Fee-Related Earnings grew by 10% to $2.5 billion, contributing to a 5% increase in Distributable Earnings to $2.4 billion. The company declared a quarterly dividend of $0.4375 per share, reflecting a 15% year-over-year increase, underscoring its commitment to returning capital to shareholders. A significant corporate development was the completion of a restructuring on February 4, 2025, whereby BAM consolidated 100% ownership of its asset management business, simplifying its structure and positioning it for potential inclusion in major stock indices. Despite market volatility and interest rate fluctuations, BAM's diversified strategies and strong operational expertise continue to drive consistent performance.
Mar 17, 2025
2023
Brookfield Asset Management Ltd. Annual Report, Year Ended Dec 31, 2023
Brookfield Asset Management Ltd. (BAM) reported a steady 2023 as a pure-play alternative asset manager. Fee-Bearing Capital (FBC) grew 9% to $457 billion, driven by flagship fundraising (including the fifth infrastructure and sixth private equity flagship funds) and insurance-solutions capital, with 86% of FBC long-dated or perpetual in nature. Fee Revenues rose 8% to $4.4 billion, and Fee-Related Earnings increased 6% to $2.2 billion. Distributable Earnings, the company's primary performance metric, reached $2.2 billion (up 7%). The Manager's own net income was $451 million, or $1.15 basic EPS, but this reflects only its roughly 25% equity interest in the asset management business, so the Manager has no independent revenue source. Investors should note the structural characteristics: the Manager's sole material asset is its 25% stake in Brookfield Asset Management ULC, and Brookfield Corporation controls the remaining ~75% along with key governance rights and fee/carry economics. Related-party arrangements are extensive, including Operating Recoveries, a $500 million credit facility from the operating company ($256 million drawn), and carried interest sharing (Corporation gets 33.3% of carry on new funds and 100% on mature funds). The company also disclosed that management assessed internal control over financial reporting as effective with no material weaknesses, and Deloitte issued an unqualified opinion on ICFR and the financial statements, with a critical audit matter on the equity-method investment. Note that this 40-F incorporates the MD&A and financial statements by reference from exhibits. Looking ahead, management declared a quarterly dividend of $0.38 per share (up 19% year over year), announced a normal course issuer bid for up to ~10% of public float (no shares repurchased as of March 4, 2024), and disclosed a pending AEL acquisition by Brookfield Reinsurance that would lift the Manager's ownership of the operating company to ~27%. Post-period, the company agreed to acquire an additional ~4.5% of Oaktree for $523 million, raising its stake to ~72%. A CFO transition (Hadley Peer Marshall succeeding Bahir Manios effective May 31, 2024) was also announced.
Mar 19, 2024
2022
Brookfield Asset Management Ltd. Annual Report, Year Ended Dec 31, 2022
Brookfield Asset Management Ltd. (BAM) filed its 2022 10-K, detailing its operations as a pure-play global alternative asset manager. The company, which began operating independently in December 2022 following a strategic separation from Brookfield Corporation, manages approximately $800 billion in Assets Under Management (AUM) across diverse strategies including renewable power, infrastructure, private equity, real estate, and credit. A significant portion of its Fee-Bearing Capital (83% as of December 31, 2022) is long-dated or perpetual, providing a stable earnings base. The company generated substantial revenues and demonstrated growth in base management and advisory fees, driven by successful fundraising and capital deployment across its strategies. Distributable Earnings, a key non-GAAP metric, saw an 11% increase year-over-year, reflecting operational growth. The company's financial results are heavily influenced by its 25% ownership in Brookfield Asset Management ULC (the primary operating entity) and the broader economic environment affecting asset valuations and investment performance. Brookfield highlights several risk factors, including dependence on the Corporation for certain operational aspects, volatility in its Class A share price, regulatory compliance, foreign currency fluctuations, and macroeconomic challenges such as rising interest rates and unfavorable economic conditions. The company's strategy focuses on increasing Fee-Bearing Capital, leveraging its competitive advantages in scale, operating expertise, and global reach to deliver value to clients and shareholders.
Apr 3, 2023