20/05/2025 - Brookfield Corporation: 2025 Annual Report 2025 Annual Report (Français)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025 or

• TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  For the transition period from to

  Commission file number: 001-41563

  
  
  

  BROOKFIELD ASSET MANAGEMENT LTD.

  (Exact name of registrant as specified in its charter)

  British Columbia, Canada 98-1702516

  (State or other jurisdiction of incorporation or organization)

  (I.R.S. Employer Identification No.)

  Brookfield Place

  250 Vesey Street, 15th Floor

  New York, NY 10281-0221 10281-0221

  (Address of principal executive offices) (Zip Code)

  (212) 417-7000

  (Registrant's telephone number, including area code)

  Not applicable

  (Former name, former address and former fiscal year, if changed since last report)

  Title of each class

  Securities registered pursuant to Section 12(b) of the Act: Trading

  Symbol(s)

  Name of each exchange on which registered

  Class A Limited Voting Shares BAM New York Stock Exchange

  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

  Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

  Large accelerated filer

  ☒ Accelerated filer ☐

  Non-accelerated filer

  Emerging growth company

  • Smaller reporting ☐

    company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 6, 2025, the registrant had 1,612,543,247 Class A Limited Voting Shares and 21,280 Class B Limited Voting Shares outstanding.

TABLE OF CONTENTS

	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements Unaudited Condensed Consolidated Financial Statements: Condensed Consolidated Balance Sheets as at March 31, 2025 and December 31, 2024	7 7
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024	8
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024	9
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024	10
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	11
	Notes to Condensed Consolidated Financial Statements	13
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	72
Item 4.	Controls and Procedures PART II - OTHER INFORMATION	72
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
Item 3.	Defaults Upon Senior Securities	73
Item 4.	Mine Safety Disclosures	73
Item 5.	Other Information	73
Item 6.	Exhibits	74
SIGNATURES		75

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and forward-looking information within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook", "believe", "think", "expect", "potential", "continue", "may", "should", "seek", "approximately", "predict", "intend", "will", "plan", "estimate", "anticipate", the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. These statements identify prospective information. Important factors could cause actual results to differ, possibly materially, from those indicated in these statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Such forward-looking statements are subject to risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity.

We believe these factors include those described in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (our "Annual Report" or "report"). These factors should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"). We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

CERTAIN TERMS USED IN THIS REPORT

In this report, "BAM" refers to Brookfield Asset Management Ltd. For periods prior to the closing date of the 2025 Arrangement, references to historical financial information of BAM refers to the historical financial statements of Brookfield Asset Management ULC as the "Predecessor" of BAM. The term "BN" means Brookfield Corporation and its subsidiaries (including the perpetual affiliates (as defined below)) other than the BAM and its subsidiaries and does not, for greater certainty, include BAM, BWS (as defined below) or Oaktree (as defined below) and their affiliates. The term "Brookfield" means BAM and BN, collectively.

Additional information about BAM is available on our website at https://bam.brookfield.com and on the EDGAR section of the SEC website at https://www.sec.gov. The information on our website is not, and shall not be deemed to be, a part of this report or incorporated by reference into any other filings we make with the SEC. Information is also available on the Canadian Securities Administrators' ("CSA") website at https://www.sedarplus.ca.

Unless the context suggests otherwise, references to:

• "2022 Arrangement" means the court approved plan of arrangement involving BN as a result of which (i) the shareholders of BN, while retaining their shares of BN, became shareholders of BAM, which acquired a 25% interest in our asset management business through common shares of the Asset Management Company, and (ii) BN changed its name from "Brookfield Asset Management Inc." to "Brookfield Corporation";

• "2025 Arrangement" has the meaning ascribed thereto in "Part I-Item 1. Financial Statements";

• "AEL" means American Equity Investment Life Holding Company;

• "AEL Mandate" means the May 2, 2024 acquisition of AEL by BWS through its subsidiary American National Group LLC. We manage AEL insurance capital under an investment management agreement with AEL operating companies;

• "Assets Under Management" or "AUM" has the meaning ascribed thereto under "Part I - Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations;

• "BAM Partnership" means BAM Partners Trust;

• "BBU" means Brookfield Business Partners L.P., together with its subsidiaries including its paired corporation, Brookfield Business Corporation;

• "BCP" means Brookfield Capital Partners;

• "BEP" means Brookfield Renewable Partners L.P., together with its subsidiaries including its paired corporation, Brookfield Renewable Corporation;

• "BGTF" means Brookfield Global Transition Fund;

• "BIP" means Brookfield Infrastructure Partners L.P., together with its subsidiaries including its paired corporation, Brookfield Infrastructure Corporation;

• "Board" means the board of directors of BAM;

• "BPG" means Brookfield Property Group, including Brookfield Property Partners L.P. and BN's wholly-owned real estate directly held entities;

• "BPREP" means Brookfield Premier Real Estate Partners;

• "BPY" means Brookfield Property Partners, together with its subsidiaries;

• "Brookfield REIT" means Brookfield Real Estate Income Trust;

• "BSI" means Brookfield Special Investments;

• "BSIP" means Brookfield Super-Core Infrastructure Partners;

• "BSREP" means Brookfield Strategic Real Estate Partners;

• "BWS" means Brookfield Wealth Solutions Ltd., a paired entity to BN offering a range of retirement services, wealth protection products and tailored capital solutions;

• "Castlelake" means our 51% economic interest in Fee-Related Earnings, 7.5% interest in carried interest, 20% of returns from GP commitments of Castlelake, and 51% of GP commitments for in-market and future Castlelake funds acquired on September 16, 2024;

• "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;

• "corporate liquidity" consists of cash, short-term financial assets, as well as the undrawn portions of the $300 million revolving credit facility established on November 8, 2022, with BN as lender, and a $750 million five-year revolving credit facility established on August 29, 2024, through bilateral agreements with a group of third party lenders;

• "CORRA" means the Canadian Overnight Repo Rate Average;

• "CTF" means Catalytic Transition Fund;

• "Distributable Earnings", a non-GAAP measure, has the meaning ascribed thereto under "Part I-Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Financial and Operating Measures";

• "Fee-Bearing Capital", a supplemental financial measure, has the meaning ascribed thereto under "Part I-Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Financial and Operating Measures";

• "Fee-Related Earnings", a non-GAAP measure, has the meaning ascribed thereto under "Part I-Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Financial and Operating Measures";

• "Fee Revenues", a non-GAAP measure, has the meaning ascribed thereto under "Part I-Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Financial and Operating Measures";

• "GEMS Education" means our warehoused investment in a Dubai-based international education provider, GEMS Education, acquired on July 12, 2024, as part of a Brookfield-led consortium of investors including BAM, BSI, BWS, and certain co-investors;

• "Group deployable capital" consists of: (1) corporate liquidity of the Company and the perpetual affiliates, and (2) uncalled private fund commitments, which are third-party commitments available for drawdown in the private funds of our asset management business;

• "mature fund" means a Brookfield fund which has already significantly deployed upon completion of the 2022 Arrangement;

• "new sponsored fund" or "new fund" means a Brookfield fund launched on or after the date of the 2022 Arrangement;

• "Oaktree" means Oaktree Capital Management, L.P., together with its affiliates, Oaktree Capital II, L.P. General ("OCM II General"), Oaktree Capital II, L.P. Manager ("OCM II Manager"), Oaktree Capital II, L.P New Fund ("OCM II New Fund"), Oaktree AIF Investments, L.P., Oaktree Capital Management (Cayman) L.P. and Oaktree Investment Holdings, L.P. and their consolidated subsidiaries;

• "perpetual affiliates" means BEP, BIP, BBU and BPG;

• "Pinegrove Ventures" means our acquisition of the investment platform business of SVB Financial Group, SVB Capital (rebranded to Pinegrove Ventures after acquisition), acquired on September 26, 2024 through Pinegrove Venture Partners ("Pinegrove"), our venture investment platform formed with Sequoia Heritage;

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Brookfield Asset Management Ltd. published this content on May 20, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 20, 2025 at 21:59 UTC.