Brookfield Asset Management Ltd - Ordinary Shares - Class A

Record quarter and strong 2026 outlook (growth + fundraising): - Fee-related earnings (FRE): $808M (+20% YoY); Distributable earnings (DE): $707M (+15% YoY). - Fee-bearing capital: $672B (+19% vs. last 12 months); FRE/DE margins ~57% in the quarter (58% over last 12 months). - Fundraising: $77B in Q2 (best ever); YTD fundraising: $98B, last 12 months: $163B—management expects 2026 to be a record year “across the board.” - Outlook for 2H 2026 fundraising: management expects to raise very significant capital through the remainder of the year, and says this is well-balanced across ~4 channels (flagships, complementary equity, debt, and insurance inflows), reducing sensitivity to market swings.

Key drivers of fundraising: Just Group insurance mandate + breadth beyond “crowded” sectors: - The $40B Just Group mandate is highlighted as central: it increases insurance capital managed by >1/3 and extends reach into retirement. - Brookfield’s “not just one deal” argument: even excluding Just Group, Q2 still set an organic record, driven by momentum across two flagship strategies plus complementary strategies. - “Demand where it matters” positioning: - Real assets: framed as outperforming in uncertain/volatile periods via capital preservation, inflation protection, cash generation, and value appreciation. - Credit: strong appetite persists for tangible assets + contractual cash flows; the firm expects to play a significant role.

Oaktree integration completed; credit outlook viewed as robust (but with timing/opportunity framing): - Oaktree consolidation fully completed (closed acquisition of remaining stake noted). - Management view: credit markets are “incredibly robust” overall, with uncertainty concentrated in specific pockets, not broad collapse. - Upside thesis for Oaktree: integration benefits are expected mainly on the revenue/distribution side (wider access to Brookfield product development + partner distribution), rather than immediate cost-story alpha. - Flagship fundraise timing (important for investor pacing expectations): - Oaktree credit flagship: expected in 2027 - Real estate flagship: expected in 2027 - Energy: expected in 2028 - Management says these timelines are being pulled forward by deployment/demand.