Brookfield Asset Management Ltd - Ordinary Shares - Class A

Strong start + full-year expectation (record 2026): Fee-related earnings (FRE) up 11% YoY to $772m in 1Q26; distributable earnings (DE) $702m (up 7% YoY). Margins held strong at 57% for the quarter / 58% over last 12 months. Management reiterated 2026 is expected to be the largest fundraising year ever and that outperformance vs Investor Day goals is largely secured on the FRE side, driven by step-change revenue adders (flagship PE, flagship infrastructure, Just Group mandate, and Oaktree close).

Fundraising momentum (capital raising is a key “engine”): Raised $21bn in the quarter; fee-bearing capital +12% YoY to $614bn. Year-to-date fundraising $67bn, already more than half of $112bn raised in all of 2025. Mix highlights: Infrastructure $3.4bn, Private equity $1.4bn (incl. $1bn for private equity special situations; first close $2.4bn), Credit $13bn (incl. $4.7bn long-term private funds and $3.8bn via Brookfield Wealth Solutions). Management cites a broader trend: large clients consolidating to fewer managers that can do multi-asset, multi-region, multi-product.

Major M&A/integration catalysts (Just Group + Oaktree): - Just Group: Brookfield Wealth Solutions completed purchase in early April; Brookfield Asset Management Ltd. received additional $40bn asset management mandate (expands retirement/insurance exposure). - Oaktree: acquisition expected to close in 2Q26; integration framed as strategically most important because it enables broader client solutions across asset classes and the capital structure. Post-close, financial reporting will include 100% of Oaktree.