Brookfield Asset Management Ltd - Ordinary Shares - Class A

Record growth + fee/earnings momentum (good) - Raised $123B in the first 3 quarters of 2026, including $25B in Q3. - Fee-bearing capital: $682B, +13% YoY. - Q3 FRE: $864M / $0.54/share, +15% YoY; Q3 Distributable Earnings (DE): $763M / $0.47/share, +15% YoY. - Business model emphasized: durable, recurring, long-term/“perpetual or committed” fee base, with earlier-than-expected carry realizations helping upside.

Infrastructure fundraising “breakout” (surprising/opportunity) - Infrastructure saw record fundraising with ~$50B raised/committed over the past year (not including separately housed energy funds). - Core Plus flagship (6th vintage): $26B commitments to date, including $13B after quarter-end, targeting to exceed $30B early 2027. - If momentum continues, could become the largest closed-end infrastructure fund ever raised (and possibly largest closed-end private fund in any sector). - Reported performance consistency: across first 5 vintages (~$88B equity deployed, ~2 decades) net IRR spread of only ~130 bps, with each vintage meeting/exceeding targets.

AI infrastructure pipeline is real + handled like traditional de-risked infrastructure (opportunity/risk-managed) - Company says projects are already underway, and it’s using a partnership + de-risked development approach: - Partner with largest/best corporate credit counterparties (long-term off-takes/backstops). - Secure offtake, equipment supply, and permits before major capital deployment; only build where there’s long-term community support and returns of both capital and return during the initial contract term. - They acknowledged headline volatility (elections/week-to-week news) but argued demand remains significant and the business model does not change. - Emphasized differentiation: the bottleneck is who can execute at scale, and Brookfield claims strong capability as operator/developer.