Here are 1-3 brief analogies to describe Brookfield Asset Management (BAM):

• Blackstone, but with a strong focus on real assets like real estate, infrastructure, and renewable power.
• A KKR-style investment manager that specializes in owning and operating major real estate, infrastructure, and clean energy businesses.

• Alternative Asset Management: Brookfield Asset Management provides comprehensive investment management services across real estate, renewable power, infrastructure, and private equity for a diverse client base.
• Investment Product Development: The company designs and manages a range of public and private investment products, including funds and listed partnerships, to facilitate client investments in alternative assets.
• Strategic Co-investment: BAM deploys its own significant balance sheet capital to invest alongside its clients in large-scale, premier real assets, aligning interests and enhancing investment opportunities.
• Operational Asset Enhancement: Through its owner-operator model, Brookfield actively manages and develops its portfolio assets, employing operational expertise to increase their value and cash flow generation.

Brookfield Asset Management (BAM) serves a diverse client base, primarily categorized as:

• Institutional Clients: These include large organizations such as pension funds, sovereign wealth funds, endowments, foundations, and insurance companies that invest significant capital in Brookfield's various investment products and strategies across real estate, renewable power, infrastructure, and private equity.
• Retail Clients: These are individual investors who access Brookfield's investment offerings, often through various public and private investment products and services.

Connor Teskey – Chief Executive Officer

Connor Teskey was appointed CEO of Brookfield Asset Management effective February 3, 2026. He joined Brookfield in 2012 and has held various investment and management roles, including President of Brookfield Asset Management since 2022. Mr. Teskey also heads Brookfield's Renewable Power & Transition business and serves as CEO of Brookfield Renewable Partners. Prior to joining Brookfield, he worked in corporate debt origination at a Canadian bank, Canadian Imperial Bank of Commerce. He played a central role in building Brookfield's investment strategy, scaling its global renewable business, and developing leaders within the company. Mr. Teskey holds a Bachelor of Business Administration degree from the University of Western Ontario.

Hadley Peer Marshall – Chief Financial Officer

Hadley Peer Marshall serves as the Chief Financial Officer of Brookfield Asset Management and is also a Managing Partner in the Infrastructure group.

Bruce Flatt – Chair of the Board

Bruce Flatt is the Chair of the Board of Brookfield Asset Management and also serves as the Chief Executive Officer of Brookfield Corporation, which is the majority shareholder of Brookfield Asset Management. He joined Brookfield in 1990 and was CEO of Brookfield Corporation since 2002. Mr. Flatt was the CEO of Brookfield Asset Management from its formation in December 2022 until February 2026. He has served on numerous public company boards over four decades.

Cyrus Madon – Executive Vice Chair, Brookfield Asset Management

Cyrus Madon is the Executive Vice Chair of Brookfield Asset Management and also holds the position of Executive Chair of Brookfield's Private Equity Group. In this role, he is responsible for developing strategy and providing investment oversight for the private equity business. Mr. Madon joined Brookfield in 1998 and has held various senior positions, including CEO of Brookfield's Private Equity business. He is a member of Brookfield's Executive Committee and holds a Bachelor of Commerce degree from Queen's University.

Barry Blattman – Vice Chair, Brookfield Asset Management

Barry Blattman is a Vice Chair of Brookfield Asset Management, where he focuses on strategic client and business relationships and contributes to global business development and transaction strategy. He joined Brookfield in 2002. Prior to Brookfield, Mr. Blattman was a Managing Director at Merrill Lynch, having started his career at Salomon Brothers in 1986. He is also a director of Brookfield Wealth Solutions Ltd. Mr. Blattman holds an MBA from New York University and a Bachelor of Arts degree from the University of Michigan.

The key risks to Brookfield Asset Management (BAM) primarily stem from its business model as a global alternative asset manager focused on real assets and its reliance on capital inflows and market conditions.

1. Slowdown in Fee-Bearing Capital Growth: Brookfield Asset Management's revenue is largely derived from fees generated on its fee-bearing capital. A significant risk is a potential slowdown in the growth of this capital, which could result from lower inflows of funds from clients. This directly impacts the company's fee-related earnings and could lead to a contraction in valuation multiples if optimistic growth assumptions are not met.

2. Market and Industry Risks, including Elevated Interest Rates and Economic Downturns: Brookfield Asset Management’s investments are concentrated in real estate, renewable power, infrastructure, and private equity. These sectors are inherently exposed to broad market fluctuations, economic cycles, and industry-specific risks. A key concern is the impact of a "higher-for-longer" interest rate environment, which can increase the cost of financing new acquisitions and refinancing existing debt, particularly for its real estate and infrastructure portfolios. Economic downturns could also lead to markdowns in the valuation and profitability of its substantial real asset holdings.

3. Intense Competition: The alternative asset management industry is highly competitive, with numerous firms vying for capital and investment opportunities. Brookfield faces significant competition from large players like BlackRock and Apollo Global Management, which can drive up asset prices and make it more challenging to acquire premier assets at attractive valuations, thereby potentially compressing investment returns.

Brookfield Asset Management (BAM) operates in global markets across several key alternative asset classes. The addressable markets for its main products and services are substantial:

• Real Estate: The professionally managed global real estate investment market was valued at approximately USD 12.5 trillion in 2024. More broadly, the global real estate market size was estimated at USD 4.33 trillion in 2025 and is projected to reach USD 7.35 trillion by 2033, growing at a CAGR of 7.1% from 2026 to 2033. Another estimate placed the global real estate market size at USD 7.52 trillion in 2025, with a projection to reach USD 8.76 trillion by 2034. A different report indicated the global real estate market size was valued at USD 4.06 trillion in 2024 and is estimated to reach USD 7.84 trillion by 2033.

• Renewable Power: The global renewable energy market size was valued at approximately USD 1.50 trillion in 2024. This market is anticipated to grow significantly, with projections reaching USD 4.86 trillion by 2033, USD 4.96 trillion by 2033, and USD 5.79 trillion by 2035.

• Infrastructure: The Global Infrastructure Sector Market was valued at approximately USD 2.56 trillion in 2023 and is predicted to grow to around USD 4.69 trillion by 2033, at a compound annual growth rate (CAGR) of 6.24% between 2023 and 2033. Another report indicated that the global infrastructure market is valued at USD 2.7 trillion. The total market value of global infrastructure assets reached USD 1.22 trillion at the end of 2024.

• Private Equity: The global private equity market size was valued at USD 855.4 billion in 2025, with an estimation to reach USD 1.75 trillion by 2034, growing at a CAGR of 8.29% from 2026 to 2034. Other estimates for the global private equity market include a value of USD 593.28 billion in 2025, projected to reach approximately USD 1.46 trillion by 2035, and a valuation of USD 445.4 billion in 2022, expected to reach USD 1.1 trillion by 2032.

• Growth in Fee-Bearing Capital (FBC) and Assets Under Management (AUM) through robust fundraising efforts: Brookfield Asset Management consistently emphasizes its strong fundraising capabilities, which directly translate into an increase in fee-bearing capital and assets under management. The company has a stated objective to double its business by 2030, targeting $1.2 trillion in fee-bearing capital, and anticipates fundraising in 2026 to exceed 2025 levels. This continuous growth in its capital base is a primary driver of fee-related earnings.
• Strategic expansion into new markets and investment capabilities, particularly in private credit and AI infrastructure: The firm is strategically positioning itself to capitalize on megatrends such as artificial intelligence and the energy transition. Brookfield is actively expanding its investment capabilities in these growing sectors, including significant multi-billion dollar programs in AI infrastructure. Furthermore, the planned acquisition of the remaining 26% stake in Oaktree is expected to bolster its private credit business, a sector where it sees a large opportunity set.
• Deployment of uncalled commitments and active capital recycling through asset monetization: Brookfield Asset Management has a substantial pool of uncalled private fund commitments, totaling approximately $134 billion at the end of 2025, which will become fee-earning upon deployment. The company actively monetizes stabilized assets to realize value, which allows for the recycling of capital into new, attractive investment opportunities across various sectors, geographies, and positions in the capital structure.

Share Repurchases

• Brookfield Asset Management authorized the repurchase of up to 36,946,177 Class A Limited Voting Shares (approximately 10% of its public float) between January 13, 2026, and January 12, 2027.
• Under a prior program from January 13, 2025, to January 12, 2026, the company purchased 6,548,561 Class A shares at a weighted average price of US$54.14, totaling approximately $354.5 million as of December 31, 2025.
• The share repurchase program that commenced on January 11, 2024, and expired on January 10, 2025, did not result in any Class A Shares being purchased by BAM.

Share Issuance

• On December 9, 2022, Brookfield completed a distribution and listing of 25% of its asset management business (Brookfield Asset Management Ltd.), where shareholders of Brookfield Corporation received 1 Manager Class A Share for every 4 Class A Shares held.
• On May 2, 2024, BAM issued approximately 28.8 million Class A Shares, valued at $1.1 billion, to Brookfield Corporation (BN) as part of the acquisition of the remaining outstanding common stock of American Equity Investment Life Holding Company (AEL), which increased BAM's ownership in the Asset Management Company.
• As of December 31, 2025, Brookfield Asset Management had 1.64 billion Class A Shares outstanding.

Inbound Investments

• No significant third-party inbound investments directly into Brookfield Asset Management (BAM) were identified. The relationship with Brookfield Corporation involves a corporate restructuring where BAM acquired 100% of the common shares of the Asset Management Company, and Brookfield Corporation owns approximately 73% of BAM's outstanding Class A Shares.

Outbound Investments

• Brookfield Asset Management manages over $1 trillion in assets, with an investment focus across renewable power and transition, infrastructure, private equity, real estate, and credit.
• In 2025, the company made approximately $1.0 billion in investments, including participating in Castlelake's acquisition of Concora and increasing its ownership stakes in Oaktree and Primary Wave. In the same year, the firm raised over $110 billion in new capital.
• During 2024, Brookfield deployed $48 billion of capital, with notable investments including $3.2 billion into Neoen as part of $4.5 billion deployed in renewable power and transition. The company also raised over $135 billion in capital inflows in 2024.

Capital Expenditures

• Reported capital expenditures for Brookfield Asset Management (as reported in cash flow statements) showed net outflows of $35 million in 2021, $13 million in 2022, $17 million in 2023, and $8 million in 2024.
• The primary focus of capital expenditures for an asset manager like BAM is typically within its managed funds and portfolio companies across sectors such as renewable power, infrastructure, private equity, and real estate, rather than significant direct capital expenditures on its own corporate balance sheet.
• Projected capital expenditures for the upcoming years include $60 million for 2026, $69 million for 2027, and $79 million for 2028.