01—Abstract
Summary
Summary of the 8-K filed January 9, 2026. Cited figures are marked; the original filing is the authoritative source.
Brookfield Asset Management Ltd. (NYSE/TSX: BAM) announced on January 9, 2026 that it received regulatory approval to renew its normal course issuer bid (NCIB).
The renewed program authorizes purchases of up to 36,946,177 Class A Limited Voting Shares, about 10%a of the public float of 369,461,770 shares as of December 31, 2025. The bid runs from January 13, 2026 to January 12, 2027, or until purchases are completed earlier. The company describes the program as an option to retain flexibility to buy back shares when this aligns with its investment and capital allocation strategies, so it does not commit BAM to any specific level of repurchases.
The renewal follows a prior bid that expired January 12, 2026. Under that program, BAM had approved purchases of 37,123,295 shares and had bought 6,548,561 shares (about 17.6% of the authorization) as of December 31, 2025, at a weighted average price of US$54.14b per share. Using that average price, the shares bought so far represent roughly US$355 million of repurchases; this figure is our calculation and is not stated in the filing.
The company also entered an automatic purchase plan, which allows purchases during periods when BAM would otherwise be restricted, such as its internal trading blackout windows, subject to set trading parameters. For investors, the key points are the scale of potential buybacks, which could reduce the share count by up to about 2.3%c of the 1.64 billion shares outstanding, and the capital allocation signal that management sees value in its own shares.
Repurchased shares will either be cancelled or be purchased by a non-independent trustee to satisfy long-term incentive plan obligations, which affects dilution and share count management. Investors should note that actual repurchases are discretionary and may fall well short of the authorized maximum.
02—Key points
Key Highlights
- NCIB renewed for up to 36,946,177 Class A Shares, about 10% of the 369,461,770-share public float, for the period January 13, 2026 to January 12, 2027.
- The authorization equals roughly 2.3% of the 1,637,941,906 Class A Shares outstanding as of December 31, 2025, which is the potential maximum reduction in share count.
- Under the prior NCIB, BAM approved 37,123,295 shares and bought 6,548,561 (about 17.6%) through December 31, 2025, at a weighted average price of US$54.14.
- Maximum daily TSX purchase is 365,499 shares, set at 25% of the six-month average daily TSX volume of 1,461,999 shares.
- BAM adopted an automatic purchase plan, allowing repurchases during internal blackout periods and other restricted times, subject to trading parameters.
- Repurchased shares will be cancelled or bought by a non-independent trustee to fund long-term incentive plan obligations.
- Purchases are discretionary and will be made at market price on the NYSE, TSX, and/or alternative trading systems.
03—Questions
Frequently Asked Questions
How many shares can Brookfield Asset Management buy back under the renewed program?
BAM may purchase up to 36,946,177 Class A Shares, about 10% of its public float of 369,461,770 shares as of December 31, 2025. This is a maximum authorization, not a commitment to buy that many shares.
How does the renewal compare with the previous buyback program?
The prior bid authorized up to 37,123,295 shares, which ran from January 13, 2025 to January 12, 2026. BAM had bought 6,548,561 shares, or about 17.6% of that authorization, by December 31, 2025, at a weighted average price of US$54.14. The renewed authorization is slightly smaller in share count.
What is the automatic purchase plan and why does it matter?
The automatic purchase plan lets BAM buy shares during periods when it would normally be restricted, such as internal trading blackouts or other insider trading restrictions, subject to predefined trading parameters. This allows the buyback to continue even when management would otherwise be unable to trade.
What happens to the shares BAM repurchases?
Shares acquired under the bid will be cancelled and/or purchased by a non-independent trustee to satisfy obligations under BAM's long-term incentive plans. Cancellation reduces the outstanding share count, while trustee purchases support employee compensation.
Is this buyback a guaranteed reduction in share count?
No. The NCIB is a discretionary option that management may use when it aligns with its investment and capital allocation strategy. Repurchases will be made in accordance with management's judgment and applicable law, and actual activity may be well below the authorized maximum.
04—Continue