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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549 FORM 10-K (Mark one)ANNUAL REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2024.TRANSITION REPORT UNDER SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934Commission
2、file number:001-41563 BROOKFIELD ASSET MANAGEMENT LTD.(Exact name of registrant as specified in its charter)British Columbia,Canada98-1702516(State or other jurisdiction ofincorporation or organization)(I.R.S.EmployerIdentification No.)Brookfield Place250 Vesey Street,15th FloorNew York,NY 10281-022
3、1(Address of principal executive offices)(212)417-7000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTradingSymbol(s)Name of each exchangeon which registeredClass A Limited Voting SharesBAMNew York Stock ExchangeSecuriti
4、es registered pursuant to Section 12(g)of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes NoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of the Ac
5、t.Yes NoIndicate 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 s
6、uch filing requirements for the past 90 days.Yes NoIndicate 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(229.405 of this chapter)during the preceding 12 months(or for such shorter period
7、that the registrant was required to submit and post such files).Yes NoIndicate 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 definitions of“large accelerated filer,”“acceler
8、ated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.(Check one):Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging growth company,indicate by check mark if the registrant has el
9、ected 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 has filed a report on and attestation to its managements assessment of the effectiv
10、eness of its internal control over financial reporting under Section 404(b)of the Sarbanes-Oxley(15 U.S.C.7262(b)by the registered public accounting firm that prepared or issued its audit report.If securities are registered pursuant to Section 12(b)of the Act,indicate by check mark whether the finan
11、cial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of th
12、e other registrants executive officers during the relevant recovery period pursuant to 240.10D-1(b).Indicate by check mark whether registrant is a shell company(as defined in Rule 12b-2 of the Act).Yes NoAs of June 30,2024,the aggregate market value of the Class A Limited Voting Shares held by non-a
13、ffiliates of the registrant was$16.0 billion.As of March 7,2025,the registrant had 1,637,295,707 Class A Limited Voting Shares and 21,280 Class B Limited Voting Shares outstanding.EXPLANATORY NOTEBrookfield Asset Management Ltd.(“BAM”)is a New York based asset manager,yet qualifies as an eligible Ca
14、nadian issuer under the Multijurisdictional Disclosure System and as a“foreign private issuer”as such term is defined in Rule 405 under the U.S.Securities Act of 1933,as amended,and Rule 3b-4 under the U.S.Securities Exchange Act of 1934,as amended.Although,as a foreign private issuer,BAM is not req
15、uired to do so,BAM intends to voluntarily file annual reports on Form 10-K,quarterly reports on Form 10-Q,and current reports on Form 8-K with the SEC instead of filing the reporting forms available to foreign private issuers.BAM intends to prepare and file a management information circular and rela
16、ted materials under Canadian requirements that will not be filed pursuant to Regulation 14A.BROOKFIELD ASSET MANAGEMENT LTD.FORM 10-KFor the Year Ended December 31,2024TABLE OF CONTENTSPART IItem 1.Business10Item 1A.Risk Factors27Item 1B.Unresolved Staff Comments49Item 1C.Cybersecurity49Item 2.Prope
17、rties49Item 3.Legal Proceedings50Item 4.Mine Safety Disclosures50PART IIItem 5.Market for Registrants Common Equity,Related Stockholder Matters and Issuer Purchases of Equity Securities51Item 6.Reserved53Item 7.Managements Discussion and Analysis of Financial Condition and Results of Operations54Ite
18、m 7A.Quantitative and Qualitative Disclosures About Market Risk94Item 8.Financial Statements and Supplementary Data96Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure196Item 9A.Controls and Procedures196Item 9B.Other Information196Item 9C.Disclosure Regardin
19、g Foreign Jurisdictions that Prevent Inspections197PART IIIItem 10.Directors,Executive Officers and Corporate Governance198Item 11.Executive Compensation209Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters232Item 13.Certain Relationships and Relat
20、ed Transactions,and Director Independence234Item 14.Principal Accountant Fees and Services239PART IVItem 15.Exhibits and Financial Statement Schedules240Item 16.Form 10-K Summary241SIGNATURES2424CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSThis report contains forward-looking statements
21、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
22、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”,“p
23、redict”,“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,
24、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
25、 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 this Annual Report on Form 10-K(our“Annual Report”or“report”).These factors shou
26、ld 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
27、information,future developments or otherwise,except as required by law.CERTAIN TERMS USED IN THIS REPORTIn this report,references to“BAM Ltd.”or“BAM”refer to Brookfield Asset Management Ltd.References to our“asset management business”,the“Asset Management Company”,“BAM ULC”,or the“Company”refer to B
28、rookfield Asset Management ULC,and references to“we”,“us”,“our”means our asset management business and BAM,individually or collectively,where applicable.The term“BN”means Brookfield Corporation and its subsidiaries(including the perpetual affiliates(as defined below)other than the Asset Management C
29、ompany 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,BN and the Asset Management Company,collectively.Additional information about BAM is available on our website at https:/ and
30、on the EDGAR section of the SEC website at 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”)webs
31、ite at 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 asse
32、t 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 on page 16;“2025 Plan of Arrangement”has the meaning ascribed thereto on page 16;
33、“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;“AMSA”means the Asset Manage
34、ment Services Agreement dated December 9,2022 between BAM and BAM ULC;“Asset Management Services Agreement”means the agreement dated November 8,2022 between BAM and the Asset Management Company to govern the provision of services by BAMs employees to the Asset Management Company on a cost recovery b
35、asis under a perpetual agreement,as further described in Note 1“Organization”of the Consolidated Financial Statements of BAM;“Assets Under Management”or“AUM”has the meaning ascribed thereto under“Item 7-Key Financial and Operating Measures”;“BAM Credit Facility”means the credit agreement dated Novem
36、ber 8,2022 between BAM and the Asset Management Company,pursuant to which the Asset Management Company has provided a five-year revolving$500 million credit facility to BAM,as further described under“Part IIItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsLi
37、quidity and Capital Resources”;“BAM Partnership”means BAM Partners Trust;5“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.,
38、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;“BN”
39、means Brookfield Corporation;“Board”means the board of directors of BAM;“BPG”means Brookfield Property Group,including Brookfield Property Partners L.P.and BNs wholly-owned real estate directly held entities;“BPREP”means Brookfield Premier Real Estate Partners;“BPY”means Brookfield Property Partners
40、,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 e
41、ntity 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
42、 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;“Code”means the U.S.Internal Revenue Code of 1986,as amended;“Code of Conduct”means the c
43、ode of business conduct and ethics 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
44、on August 29,2024,through bilateral agreements with a group of third party lenders;“CORRA”means the Canadian Overnight Repo Rate Average;“CRA”means the Canada Revenue Agency;“CTF”means Catalytic Transition Fund;“Distributable Earnings”,a non-GAAP measure,has the meaning ascribed thereto under“Part I
45、IItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsKey Financial and Operating Measures”;“Fee-Bearing Capital”,a non-GAAP measure,has the meaning ascribed thereto under“Part IIItem 7.Managements Discussion and Analysis of Financial Condition and Results of Op
46、erationsKey Financial and Operating Measures”;“Fee-Related Earnings”,a non-GAAP measure,has the meaning ascribed thereto under“Part IIItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsKey Financial and Operating Measures”;“Fee Revenues”,a non-GAAP measure,has
47、 the meaning ascribed thereto under“Part IIItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsKey Financial and Operating Measures”;“Investment Company Act”means the United States Investment Company Act of 1940,as amended;“IRS”means the United States Internal
48、Revenue Service;6“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 the Asset Management Company,BSI,BWS,and certain co-investors;“Group deployable cap
49、ital”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;“managed assets”means the businesses,operations and other assets
50、managed by BN prior to completion of the 2022 Arrangement and to be managed by BAM and our asset management business following completion of the 2022 Arrangement;“mature fund”means a Brookfield fund which has already significantly deployed upon completion of the 2022 Arrangement;“new sponsored fund”
51、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
52、 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;“PFIC”means a passive foreign investment company for U.S.federal income tax purposes;“Pinegrove Ve
53、ntures”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;“Pretium”m
54、eans our 11%economic interest in Pretium acquired on June 29;“PVI”means Partners Value Investments L.P.,a publicly-listed investment partnership whose principal business activity is owning equity interests in Brookfield for the long-term.“Relationship Agreement”means the agreement dated November 8,2
55、022 among BN,BAM and the Asset Management Company to govern aspects of their relationship following the 2022 Arrangement,as further described under Note 1“Organization”of the Consolidated Financial Statements of BAM;“SOFR”means the Secured Overnight Financing Rate published by the Federal Reserve Ba
56、nk of New York(or a successor administrator);“Tax Act”means the Income Tax Act(Canada);“Transitional Services Agreement”means the agreement dated November 8,2022 among BN,BAM and the Asset Management Company described under Note 1“Organization”of the Consolidated Financial Statements of BAM;“Trust A
57、greement”means the agreement dated December 9,2022 among BAM,the BAM Partnership and Computershare Trust Company of Canada relating to the Class B Shares“Uncalled Fund Commitments”,a non-GAAP measure,has the meaning ascribed thereto under“Part IIItem 7.Managements Discussion and Analysis of Financia
58、l Condition and Results of OperationsKey Financial and Operating Measures”;“U.S.Holder”is a beneficial owner of Class A Shares that for U.S.federal income tax purposes is:(1)an individual who is a citizen or resident of the United States,(2)a corporation(or other entity classified as a corporation f
59、or U.S.federal income tax purposes)created or organized in the United States,any state thereof,or the District of Columbia,(3)an estate the income of which is subject to U.S.federal income taxation regardless of its source,or(4)a trust if(i)a court within the United States is able to exercise primar
60、y supervision over the administration of the trust and one or more U.S.persons have the authority to control all substantial decisions of the trust,or(ii)the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S.person for U.S.federal income tax purposes;a
61、nd“Voting Agreement”means the agreement dated December 9,2022 between BN and BAM providing for the election of directors of the Asset Management Company.The Voting Agreement was terminated on February 4,2025 upon completion of the 2025 Arrangement.BAM and the Asset Management Company prepare their f
62、inancial statements in conformity with the accounting principles generally accepted in the United States of America(“U.S.GAAP”).This report discloses a number of non-GAAP financial and supplemental 7financial measures which are utilized in monitoring our asset management business,including for perfo
63、rmance measurement,capital allocation and valuation purposes.BAM believes that providing these performance measures is helpful to investors in assessing the overall performance of our asset management business.These non-GAAP financial measures should not be considered as the sole measure of BAMs or
64、our asset management business performance and should not be considered in isolation from,or as a substitute for,similar financial measures calculated in conformity with U.S.GAAP financial measures.These non-GAAP financial measures are not standardized financial measures and may not be comparable to
65、similar financial measures used by other issuers.Non-GAAP measures include,but are not limited to:(i)distributable earnings(“Distributable Earnings”),(ii)fee revenues(“Fee Revenues”)and(iii)fee-related earnings(“Fee-Related Earnings”or“FRE”).Supplemental financial measures include assets under manag
66、ement(“AUM”),fee-bearing capital(“Fee-Bearing Capital”)and uncalled fund commitments(“Uncalled Fund Commitments”).The asset management business includes the asset management activities of Oaktree,an equity accounted affiliate,in its key financial and operating measures for the asset management busin
67、ess.For more information on non-GAAP measures and other financial metrics,see“Part IIItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsKey Financial and Operating Measures”.Reconciliations of these non-GAAP financial measures to the most directly comparable f
68、inancial measures calculated and presented in accordance with U.S.GAAP,where applicable,are included in“Part IIItem 7.Managements Discussion and Analysis of Financial Condition and Results of OperationsReconciliation of U.S.GAAP to Non-GAAP Measures”in this report.The financial information contained
69、 in this report is presented in U.S.dollars and,unless otherwise indicated,all references to“$”are to U.S.dollars.All references to C$are to Canadian dollars.All information in this report is presented as at December 31,2024,unless otherwise noted.SUMMARY RISK FACTORSThe following is a summary of th
70、e risk factors associated with investing in our securities.You should read this summary together with a more detailed description of these risks in the“Risk Factors”section of this report and in other filings that we make from time to time with the SEC.We are subject to risks related to our business
71、,including risks involving:volatility in the trading price of the Class A Shares;deficiencies in public company financial reporting and disclosures;the difficulty for investors to effect service of process and enforce judgments in various jurisdictions;being subjected to numerous laws,rules and regu
72、latory requirements;the potential ineffectiveness of our policies to prevent violations of applicable law;foreign currency risk and exchange rate fluctuations;further increases in interest rates;political instability or changes in government;unfavorable economic conditions or changes in the industri
73、es in which we operate;inflationary pressures;catastrophic events,such as earthquakes,hurricanes,or pandemics/epidemics;ineffective management of sustainability considerations,and inadequate or ineffective health and safety programs;failure of our information technology systems;us and our managed as
74、sets becoming involved in legal disputes;losses not covered by insurance;inability to collect on amounts owing to us;operating and financial restrictions through covenants in our loan,debt and security agreements;the material assets of BAM consist solely of its interest in the common shares of the A
75、sset Management Company;andour liability for our asset management business.8We are subject to risks related to our investment strategies,including risks involving:our ability to maintain our global reputation;risks related to our renewable power and transition,infrastructure,private equity,real esta
76、te,and credit strategies;the impact on growth in Fee-Bearing Capital of poor product development or marketing efforts;meeting our financial obligations due to our cash flow from our asset management business;our acquisitions;requirement of temporary investments and backstop commitments to support ou
77、r asset management business;revenues impacted by a decline in the size or pace of investments made by our managed assets;our earnings growth can vary,which may affect our dividend and the trading price of the Class A Shares;exposed risk due to increased amount and type of investment products in our
78、managed assets;andinformation barriers that may give rise to conflicts and risks.We are subject to risks related to our organizational structure and ownership,including risks involving:BN exercising substantial influence over BAM;BN transferring the ownership of BAM to a third party;potential confli
79、cts of interest with BN;anddifficulty in maintaining our culture or managing our human capital.We are subject to risks related to taxation,including risks involving:United States and Canadian taxation laws and changes thereto.We caution that the foregoing list of important factors that may affect fu
80、ture results is not exhaustive and other factors could also adversely affect future results.Readers are urged to consider these risks,as well as other uncertainties,factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such fo
81、rward-looking statements,which are based only on information available to us as of the date of this report and such other date specified herein.Certain of the information contained herein is based on or derived from information provided by independent third-party sources.While BAM believes that such
82、 information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable,BAM makes no representation or warranty,express or implied,with respect to the accuracy,reasonableness or completeness of any of the information or the assumptions
83、on which such information is based,contained herein,including but not limited to,information obtained from third parties.9PART IITEM 1.BUSINESSBusiness OverviewWe are a leading global alternative asset manager,headquartered in New York,NY,with over$1 trillion of Assets Under Management across renewa
84、ble power and transition,infrastructure,private equity,real estate,and credit.Our objective is to generate attractive,long-term risk-adjusted returns for the benefit of our clients and shareholders.We manage a range of public and private investment products and services for institutional and retail
85、clients.We earn asset management income for doing so and ensure strong alignment of interests with our clients by investing Brookfield capital alongside them.Our access to large-scale capital enables us to make investments in sizeable,premier assets and businesses across geographies and asset classe
86、s that we believe few others can.To do this,we leverage our team of over 2,500 investment and asset management professionals,our global reach,deep operating expertise,and access to large-scale capital to identify attractive investment opportunities and invest on a proprietary basis.Our investment ap
87、proach and strong track record have been the foundation and driver of our growth.We provide a highly diversified suite of alternative investment strategies to our clients and are constantly seeking to innovate new strategies to meet their needs.We have over 50 unique active strategies that span a wi
88、de range of risk-adjusted returns,including opportunistic,value-add,core,super-core,and credit.We evaluate the performance of these product offerings and our investment strategies using a number of non-GAAP measures.BAM utilizes Fee-Bearing Capital,Fee Revenues,Fee-Related Earnings and Distributable
89、 Earnings to assess the performance of our asset management business.We are in a fortunate position to be trusted with our clients capital and our objective is to meet their financial goals and provide for a better financial future while providing market leading experience.Our team of over 300 clien
90、t service professionals across 19 global offices are dedicated to ensuring that the business exceeds our clients service expectations.We have over 2,300 clients,with some of our clients being among the worlds largest institutional investors,including sovereign wealth funds,pension plans,endowments,f
91、oundations,financial institutions,and insurance companies.Our guiding principle is to operate our business and conduct our relationships with the highest level of integrity.Our emphasis on a culture of collaboration allows us to attract and retain top talent.BAMs Class A Limited Voting Shares(the“Cl
92、ass A Shares”)are co-listed on the New York Stock Exchange(“NYSE”)and the Toronto Stock Exchange(“TSX”)under the symbol“BAM”.Value CreationWe create shareholder value by increasing the earnings profile of our asset management business.Alternative asset management businesses such as ours are typicall
93、y valued based on a multiple of their Fee-Related Earnings and performance income.Accordingly,we create value by increasing the amount and quality of Fee-Related Earnings and performance income,net of associated costs.We achieve this by raising more Fee-Bearing Capital and delivering strong investme
94、nt performance,which enables us to generate performance income,such as carried interest,while maintaining efficient operating margins.As at December 31,2024,we had Fee-Bearing Capital of$539 billion,of which 87%is long-dated or perpetual in nature,providing significant stability to our earnings prof
95、ile.We consider Fee-Bearing Capital that is long-dated or perpetual in nature to be Fee-Bearing Capital relating to our long-term private funds,which are typically committed for at least 10 years with two one-year extension options,and Fee-Bearing Capital relating to our perpetual strategies,which i
96、nclude our permanent capital vehicles as well as capital we manage in our perpetual private fund and private wealth strategies.We seek to increase our Fee-Bearing Capital by growing the size of our existing product offerings and developing new strategies that cater to our clients investment needs.We
97、 also aim to deepen our existing institutional relationships,develop new institutional relationships,and access new distribution channels,such as high net worth individuals and retail.As of December 31,2024,we had a diversified client base of over 2,300 clients,which continues to grow.Our private we
98、alth channel also continues to grow and represents over 8%of capital raised.We have a dedicated team of over 150 people that are focused on distributing and developing catered products to the private wealth channel.As we grow our Fee-Bearing Capital,we earn incremental base management fees.In order
99、to support this growth,we have grown our team of investment and asset management professionals.Our costs are predominantly in the form of compensation for the over 2,500 professionals we employ globally.When deploying our clients capital,we seek to leverage our competitive advantages to acquire high
100、-quality real assets and essential service businesses that form the backbone of the global economy.We use our global reach and access to scale capital to source 10attractive investment opportunities and leverage our deep operating expertise to underwrite investments and create value through active a
101、sset management.Our goal is to deliver superior investment returns to our clients and successfully doing so should result in the growth of realized carried interest over time.We generate robust Distributable Earnings,which is a key measure of our financial performance.Distributable Earnings of BAM r
102、epresent the Distributable Earnings from the Asset Management Company.BAM intends to pay out approximately 90%of its Distributable Earnings to shareholders quarterly and reinvest the balance back into the business,as discussed further in“Part IIItem 7.Managements Discussion and Analysis of Financial
103、 Condition and Results of OperationsKey Financial and Operating Measures.”We are actively progressing new organic growth strategies,including transition and secondaries.We are also pursuing strategic M&A opportunities that would expand our capabilities.These new initiatives,in addition to our existi
104、ng strategies,are expected to have a very meaningful impact on our growth trajectory in the long term as BAM continues to be the partner of choice for investors.An example of such growth is the partnership we formed with Oaktree in 2019,which deepened the capabilities we offer our clients and better
105、 positions us across market cycles.Such acquisitions may occur from time to time should they be additive to our franchise,attractive to our clients,and accretive to our shareholders.Competitive AdvantagesWe seek to harness the following four distinct competitive advantages that enable us to consiste
106、ntly identify and invest in high-quality assets and create significant value in the assets that we invest in and operate on behalf of our clients.Operating ExpertiseWe are supported globally by approximately 250,000 operating employees of our managed businesses,who are instrumental in maximizing the
107、 value and cash flows of our managed assets.We believe that strong operating experience is essential in maximizing efficiency and productivity and ultimately,returns.We do this by maintaining a culture of long-term focus,alignment of interest and collaboration through the people we hire,our compensa
108、tion philosophy,and our operating philosophy.This operating expertise developed through our heritage as an owner-operator is invaluable in underwriting investments,conducting thorough due diligence,and executing value-creating development and capital projects.Global ReachWe invest on behalf of our c
109、lients in more than 30 countries on five continents around the world.We believe that our global reach allows us to diversify and identify a broad range of opportunities.We can invest where capital is scarce,and we believe that our scale enables us to move quickly and pursue multiple opportunities ac
110、ross different markets.Our global reach also allows us to operate our assets more effectively:we believe that a strong on-the-ground presence is critical to operating successfully in many of our markets,and many of our businesses are truly local.Furthermore,the combination of our strong local presen
111、ce and global reach enables us to bring relationships and operating practices to bear across markets to enhance returns.Large ScaleWe had over$1 trillion in Assets Under Management and$539 billion in Fee-Bearing Capital as of December 31,2024.We offer our investors a large selection of private funds
112、 that have global mandates and diversified strategies.Our access to large-scale,flexible capital allows us to pursue transactions on a scale beyond the reach of many,delivering superior risk-adjusted returns.Brookfield EcosystemThe unique intelligence we generate from the ongoing interconnectivity b
113、etween our over$1 trillion of Assets Under Management,our global partnerships and our visibility into global capital flows helps us identify themes and trends in investing,spot pockets of value and source attractive investment opportunities as BAM continues to be the partner of choice for investors.
114、This competitive advantage has allowed us to build leading positions in assets classes that are most in favor among investors and deliver strong investment returns to our clients across multiple business cycles.Investment ProcessOur Investment Process Leads to Value CreationEarning robust returns on
115、 the investments we make on behalf of our clients enhances our ability to increase our Fee-Bearing Capital and generates carried interest,both of which grow our cash flows and create value for our shareholders.11 1.Raise CapitalAs an asset manager,the starting point of the investment cycle is establ
116、ishing new funds and other investment products for our clients.This in turn provides the capital to invest,from which we earn base management fees,incentive distributions and performance-based returns such as carried interest.Accordingly,we create value by increasing our amount of Fee-Bearing Capita
117、l and by achieving strong investment performance,which leads to growth in Fee-Bearing Capital and increased cash flows.2.Identify and Invest in High-Quality AssetsWe follow a value-based approach to investing and allocating capital.We believe that our disciplined approach,global reach and operating
118、expertise afford us access to a wide range of potential opportunities and enable us to invest at attractive valuations and generate superior risk-adjusted returns for our clients.We also leverage our considerable expertise in executing recapitalizations,operational turnarounds and large development
119、and capital projects,providing additional opportunities to deploy capital.3.Secure Long-Term FinancingFor our equity investments we finance the investments on behalf of our clients predominantly on a long-term investment-grade basis and asset-by-asset,which are primarily non-recourse.This financing
120、approach provides us with considerable stability,improves our ability to withstand financial downturns and enables our asset management teams to focus on operations and other growth initiatives.4.Enhance Value and Cash Flows Through Operating ExpertiseWe use our operating capabilities to increase th
121、e value of the assets within our product offerings and the cash flows they produce,and they help to protect our clients capital in adverse conditions.The combination of operating expertise,development capabilities and effective financing can help ensure that an investments full value creation potent
122、ial is realized,which we believe is one of our most important competitive advantages.5.Realize Capital from Asset Sales or RefinancingWe actively monitor opportunities to sell or refinance assets to generate proceeds for our investors.Capital generated in our limited life funds is returned to invest
123、ors,and in the case of our perpetual funds,we then redeploy the capital to enhance returns.In many cases,returning capital from private funds completes the investment process,locks in investor returns and gives rise to performance income.Products and Principal StrategiesOur products broadly fall int
124、o one of three categories:(i)long-term private funds,(ii)permanent capital vehicles and perpetual strategies,and(iii)liquid strategies.These are invested across five principal strategies:(i)renewable power and transition,(ii)infrastructure,(iii)real estate,(iv)private equity,and(v)credit.Renewable P
125、ower and TransitionOverviewWe are one of the largest investors in renewable power and transition investments,with$126 billion of AUM and$58 billion of Fee-Bearing Capital as of December 31,2024.We believe that the growing global demand for low-cost,low-carbon energy,especially amongst corporate off-
126、takers,will lead to continued growth opportunities for us in the future.The investment environment for renewable power and transition remains favorable and we expect to continue to advance our substantial pipeline of renewable power and transition opportunities on behalf of our clients and managed a
127、ssets.We have approximately 145 investment and asset management professionals globally that are focused on our renewable power and transition strategy,supported by approximately 17,800 operating employees in the renewable power and transition operating businesses that we manage.Our extensive experie
128、nce and knowledge in this industry enable us to be a leader in all major technologies with deep operating and development capabilities.12Our ProductsLong-term Private FundsBrookfield Global Transition Fund(“BGTF”)is our flagship transition fund series which is focused on investments aimed at acceler
129、ating the global transition to a net-zero carbon economy.The mandate of this product is to assist utility,energy and industrial businesses to reduce carbon dioxide emissions,expand low-carbon and renewable energy production and advance sustainable solutions.Our recently launched Catalytic Transition
130、 Fund(“CTF”)focuses on directing capital into clean energy and transition assets in emerging markets in South and Central America,South and Southeast Asia,the Middle East,and Eastern Europe.CTF will help drive clean energy investment in emerging markets.Permanent Capital Vehicles and Perpetual Strat
131、egiesWe also manage Brookfield Renewable Partners L.P.(“BEP”),one of the worlds largest publicly traded renewable power platforms,which is listed on the NYSE and TSX and had a market capitalization of over$16.0 billion as of December 31,2024.Across our renewable power and transition products,we have
132、 invested on behalf of our clients in:Hydroelectric operations,through river systems and facilities that provide electricity and have grid stabilizing capabilities;Utility solar operations that harness energy from the sun to generate electricity;Distributed energy and storage which provides small-sc
133、ale generation that can be locally installed,and pump storage facilities;Wind operations that use turbines to create electricity;andSustainable solutions including renewable natural gas,carbon capture and storage,recycling,cogeneration biomass,nuclear services,and power transformation.Infrastructure
134、OverviewWe are one of the worlds largest investment managers in infrastructure,with$202 billion of AUM and$97 billion of Fee-Bearing Capital as of December 31,2024.We focus on acquiring high-quality real assets and operating businesses on behalf of our clients that deliver essential goods and servic
135、es,diversified across the utilities,transport,midstream and data infrastructure sectors.We partner closely with management teams to enable long-term success through operational and other improvements.We have approximately 220 investment and asset management professionals globally that are focused on
136、 our infrastructure strategy,supported by approximately 61,000 operating employees in the infrastructure operating businesses that we manage.Our ProductsLong-term Private FundsBrookfield Infrastructure Fund(“BIF”)is our flagship infrastructure fund series.In this product offering,we invest on behalf
137、 of our clients in high-quality infrastructure assets on a value basis and seek to add value through the investment life cycle by utilizing our operations-oriented approach.Brookfield Infrastructure Structured Solutions Fund(“BISS”)seeks to invest structured equity and non-control common equity in t
138、he infrastructure mid-market.The fund is focused on deploying our deep capabilities to partner with sponsors,developers,and corporates to access attractive development opportunities.Permanent Capital Vehicles and Perpetual StrategiesWe manage Brookfield Infrastructure Partners L.P.(“BIP”),one of the
139、 largest,pure-play,publicly traded global infrastructure platforms,which is listed on the NYSE and TSX and had a market capitalization of$26.3 billion as of December 31,2024.We manage Brookfield Super-Core Infrastructure Partners(“BSIP”),which is our perpetual infrastructure private fund strategy.In
140、 this product offering,we invest on behalf of our clients in core infrastructure assets in developed markets,with a focus on yield,diversification,and inflation-protection.13We also manage Brookfield Infrastructure Income Fund,a semi-liquid infrastructure strategy,offering private wealth investors a
141、ccess to our best-in-class infrastructure platform.The infrastructure investments that we manage provide a diversified exposure for our clients to scarce,high-quality businesses that benefit from significant barriers to entry and deliver essential goods and services to generate resilient and inflati
142、on-protected cash flow streams.Through the various products outlined,we have invested in:Regulated or contracted businesses that earn a return on an asset base,including electricity and gas connections,natural gas pipelines and electricity transmission lines;Systems involved in the movement of freig
143、ht,commodities and passengers,including rail operations,toll roads,terminal and export facilities;Assets that handle the movement and storage of commodities from a source of supply to a demand center,including transmission pipelines,natural gas process plants and natural gas storage;andBusinesses th
144、at provide essential services and critical infrastructure to transmit and store data globally,including telecom towers and active rooftop sites,fiber optic cable and data centers.Real EstateOverviewWe are one of the worlds largest investment managers in real estate,with over$271 billion of AUM and$9
145、4 billion of Fee-Bearing Capital as of December 31,2024.We have invested,on behalf of clients,in iconic properties in the worlds most dynamic markets with the goal of generating stable and growing distributions for our investors while protecting them against downside risk.We have approximately 650 i
146、nvestment and asset management professionals that are focused on generating superior returns across our real estate strategies,supported by approximately 24,500 operating employees in the real estate operating businesses that we manage.Our ProductsLong-term Private FundsOur opportunistic real estate
147、 flagship fund series is Brookfield Strategic Real Estate Partners(“BSREP”).Through this product,we invest globally across various sectors and geographies on behalf of our clients in high-quality real estate with a focus on large,complex,distressed assets,turnarounds,and recapitalizations.We also ma
148、nage a real estate secondaries strategy,Brookfield Real Estate Secondaries,with a focus on providing liquidity solutions for other real estate general partners.Permanent Capital Vehicles and Perpetual StrategiesWe manage$17 billion of Fee-Bearing Capital in Brookfield Property Group(“BPG”)as of Dece
149、mber 31,2024,which we invest,on behalf of BN,directly in real estate assets.BPG owns,operates,and develops iconic properties in the worlds most dynamic markets with a global portfolio of office,retail,multifamily,logistics,hospitality,land and housing,triple net lease,manufactured housing,and studen
150、t housing assets on five continents.We also manage capital in our perpetual private fund real estate strategy,Brookfield Premier Real Estate Partners(“BPREP”).This is a core plus strategy that invests in high-quality,stabilized real assets located primarily in the U.S.with a focus on office,retail,m
151、ultifamily and logistics real estate assets.We also have two regional BPREP strategies that are dedicated specifically to investments in Australia and Europe.We also manage a non-traded REIT,Brookfield Real Estate Income Trust(“Brookfield REIT”),which is a semi-liquid strategy catering specifically
152、to the private wealth channel.This product invests in high quality income-producing opportunities globally through equity or real estate-related debt.Through the various products outlined,we have invested in multiple asset classes including:Office properties in key gateway cities in the U.S.,Canada,
153、the U.K.,Germany,Australia,Brazil and India;High-quality retail destinations that are central gathering places for the communities they serve,combining shopping,dining,entertainment and other activities;14Full-service hotels and leisure-style hospitality assets in high-barrier markets across North A
154、merica,the U.K.and Australia;andHigh-quality assets with operational upside across multifamily,alternative living,life sciences and logistics sectors globally.Private EquityOverviewWe have one of the best long-term track records for investing in private equity with$145 billion of AUM and$45 billion
155、of Fee-Bearing Capital as of December 31,2024.We focus on high-quality businesses that provide essential products and services,diversified across business services and industrials sectors.We partner closely with management teams to enable long-term success through operational and other improvements.
156、We have approximately 270 investment and asset management professionals globally that are focused on our private equity strategy,supported by approximately 142,900 operating employees in the businesses that we manage.Our ProductsLong-term Private FundsOur global opportunistic flagship fund series,Br
157、ookfield Capital Partners(“BCP”),is our leading private equity offering.The series of funds focuses on cash-flowing industrial and essential service businesses.We seek investments that benefit from high barriers to entry and enhance their cash flow capabilities by improving strategy and execution.Ou
158、r special investments strategy,Brookfield Special Investments(“BSI”),is focused on structured,large-scale,non-control investments.This product capitalizes on transactions that do not fit our traditional control-oriented flagship private equity fund series.Situations may include recapitalization or s
159、trategic growth capital where we expect to generate equity-like returns while ensuring downside protection through contracted returns.Our thematic private equity strategy,Brookfield Financial Infrastructure Partners,focuses on investments in asset-light financial infrastructure companies that underp
160、in the global financial system.Our regional private equity strategy,Brookfield Middle East Partners,is focused on opportunistically investing across sectors and countries in the Middle East by drawing on Brookfields global footprint and value-add as a strategic partner.Our venture capital strategy,P
161、inegrove Ventures,manages investments in the innovation economy and is uniquely positioned to access highly sought-after opportunities in high quality venture-backed companies and funds.Permanent Capital Vehicles and Perpetual StrategiesWe manage Brookfield Business Partners L.P.(“BBU”),which is a p
162、ublicly traded global business services and industrials company focused on owning and operating high-quality providers of essential products and services.BBU is listed on the NYSE and TSX and had a market capitalization of$5.2 billion as at December 31,2024.Our private equity vehicles acquire high-q
163、uality operations globally.The broad investment mandate provides us with the flexibility to invest on behalf of our clients across multiple industries through many forms.Through the various products outlined above,we have invested on behalf of our clients in:Leading service providers to large-scale
164、infrastructure assets,including a leading provider of work access services,modular building leasing services,and a leading global provider of lottery services and technology solutions;Operationally intense industrial businesses that benefit from a strong competitive position,including a leading glob
165、al provider of advanced automotive battery technology,a leading global aviation services and leasing business,and a leading manufacturer of engineered components for industrial trailers and other towable equipment providers,among others;andEssential services providers,including the largest private s
166、ector residential mortgage insurer in Canada,a leading value-add distributor of telecom equipment,a leading provider of software and technology services to automotive dealers,and one of the largest private school operators globally.CreditOverviewWe are one of the worlds largest and most experienced
167、credit managers globally,with$317 billion of AUM and$245 billion of Fee-Bearing Capital as of December 31,2024.15We seek to provide flexible,specialized capital solutions to borrowers and deliver attractive risk-adjusted returns to our clients across a range of debt strategies,focusing on private cr
168、edit and direct lending in areas in which we possess differentiated investment and operational capabilities.We have approximately 230 investment and asset management professionals globally that are focused on our credit strategies,investing across a broad spectrum of investments,leveraging the capab
169、ilities we have organically built in collaboration with the capabilities of leading credit managers with whom we partner.Our ProductsOur flagship opportunistic credit strategy,Global Opportunities,seeks to generate current income and long-term capital appreciation by investing in private loans to la
170、rge private-equity-owned companies with a focus on protecting against losses by buying claims on assets at discounted prices.We aim to achieve substantial gains by actively participating in restructurings to restore companies to financial viability and creating value at every stage of the investment
171、 process.Brookfield Infrastructure Debt is our infrastructure debt fund series,which invests on behalf of our clients in mezzanine debt investments in high-quality,infrastructure assets.Brookfield Real Estate Finance Fund is our commercial real estate debt fund series,which targets investments in tr
172、ansactions that are senior to traditional equity and subordinate to first mortgages or investment-grade corporate debt.In addition to several other credit strategies,we also provide tailored separately managed accounts for our clients,with private credit investment programs designed for each of our
173、clients specific risk,return,and prudential requirements.Each clients private credit investment portfolio can be customized across multiple dimensions,including asset class,credit quality,duration,sector,and geography,with proprietary access to our broad-based private credit origination capabilities
174、.The credit investments that we manage enable our clients to have exposure to a broad range of credit strategies,including:Private Credit strategies focusing on underwriting and managing directly sourced credit investments on behalf of our clients,across various sectors,including infrastructure,rene
175、wable energy,real estate,corporate credit,royalties,aviation,equipment finance,as well as consumer and SME credit;Opportunistic Credit strategies that are designed to capitalize on market dislocations and inefficiencies to generate high returns.These strategies typically involve investing in distres
176、sed or special situations where credit is undervalued or overlooked by traditional investors;Structured Credit strategies investing across structured and asset-backed finance opportunities in real estate,fund finance,aviation,consumer and corporate credit and more;andLiquid Credit strategies investi
177、ng across a broad spectrum of public debt securities,from investment-grade to high-yield.Development of the BusinessOur asset management business is owned and operated through the Asset Management Company,which,as of February 4,2025,is wholly-owned by BAM.BAM is headquartered in New York,NY and was
178、incorporated on July 4,2022.BAM and the Asset Management Company were formed by BN to facilitate the 2022 Arrangement.The 2022 Arrangement,which closed on December 9,2022,involved the division of Brookfield Asset Management Inc.into two publicly traded companies:BAM,a pure-play,leading global altern
179、ative asset management business;and BN,a leading global investment firm focused on building long-term wealth for institutions and individuals around the world.As at December 31,2024,BAM owned approximately 27%of the Asset Management Company.On February 4,2025,BAM completed a corporate restructuring
180、with BN by way of a court-approved plan of arrangement(the“2025 Plan of Arrangement”),which was originally announced on October 31,2024,whereby BN transferred its approximate 73%interest in the Asset Management Company to BAM in exchange for newly issued Class A Shares of BAM,on a one-for-one basis(
181、the“2025 Arrangement”).After giving effect to the 2025 Arrangement,BAM owns 100%of the Asset Management Company,and BN owns approximately 73%of the Class A Shares.The 2025 Arrangement is expected to continue to broaden BAMs shareholder base and simplify the structure of the Asset Management Company
182、further by having its ownership consolidated under BAM,rather than being split between BN and BAM.The 2025 Arrangement also resulted in BAMs market capitalization reflecting 100%of the value of the asset management business,which management believes will align BAMs size and structure with its U.S.-b
183、ased global alternative asset management business peers and position BAM for potential inclusion in some of the most widely followed global large cap stock indices,including in the U.S.,in the future.As part of these efforts,a number of changes were made to BAMs board of directors.Please see“Part II
184、IItem 10.Directors,Executive Officers and Corporate GovernanceDirectors and Executive Officers”on page 198 of this report.16The following is a summary of other recent developments affecting BAM and our asset management business since January 1,2024.Asset Management Business2025 ActivityOn February 1
185、0,2025,BAM announced a 20 billion infrastructure investment program to support the deployment of artificial intelligence infrastructure in France.Brookfields investment will be targeted across data centers and associated infrastructure sectors which are vital for the deployment of artificial intelli
186、gence.Up to 15 billion of data center investment will be led by a Brookfield portfolio company,Data4,one of Europes largest data center developers,headquartered in Paris.The investment of a further 5 billion is planned by Brookfield in France across associated artificial intelligence infrastructure
187、such as data transfer,chip storage and energy generation.The total 20 billion investment is projected to be delivered by 2030.On February 11,2025,Oaktree announced the final close of Oaktree Opportunities Fund XII(“Opps XII”),with approximately$16 billion of commitments,including co-investment and a
188、ffiliated vehicles.As of February 11,the Fund has more than$7 billion invested or committed for investment in businesses that are diversified across geographies,sectors,and asset classes.On March 11,2025,BAM announced the closing of its inaugural Brookfield Infrastructure Structured Solutions Fund(“
189、BISS”),a middle-market infrastructure fund,achieving its fundraising target with over$1 billion of capital commitments.BISS is focused on deploying Brookfields capabilities as an owner and operator of global infrastructure assets to partner with sponsors,developers,and corporates in the mid-market.T
190、he strategy seeks to invest both structured and common equity.2024 ActivityIn 2024,our asset management business benefited from strong fundraising across our flagship and complementary fund offerings,with total fundraising of over$135 billion.The successful fundraising across our flagship series inc
191、luded the second vintage of our global transition fund of$4.6 billion,our fifth real estate flagship fund of$2.9 billion,and the twelfth vintage of our opportunistic credit fund of$5.2 billion.We expect to hold a final close for our second global transition flagship fund and fifth real estate flagsh
192、ip fund series in the first half of 2025.We also raised approximately$103 billion of capital this year across more than a dozen credit strategies and under our mandate with BWS.This includes raising nearly$29 billion across our Oaktree franchise,including our aforementioned twelfth opportunities cre
193、dit fund,$1.7 billion in the fourth vintage of our infrastructure debt fund,and$2.5 billion across our other partner managers.In addition,we raised a total of$67 billion from BWS including a$49 billion mandate following the May 2,2024 acquisition of AEL and$17 billion from retail annuity sales,pensi
194、on risk transfer inflows,and other reinsurance products.Our Fee-Bearing Capital represents the total capital managed by our asset management business for which we earn fee revenue.Fee-Bearing Capital of our asset management business increased by$82 billion,or 18%to$539 billion in 2024;of this,87%is
195、long-dated or perpetual in nature,providing resiliency and predictability to our revenues.Increases to Fee-Bearing Capital of$129 billion were largely attributable to fundraising during the year and the aforementioned AEL Mandate.These increases were partially offset by redemptions within our liquid
196、 and perpetual strategies and annuity-related outflows.The increase in Fee-Bearing Capital contributed to Fee Revenues of$4.7 billion and Fee-Related Earnings of$2.5 billion for 2024,which increased by 7%and 10%,respectively,compared to 2023.The increase in Fee-Related Earnings was partially offset
197、by higher cash taxes resulting in DE of$2.4 billion for 2024,or an increase of 5%compared to 2023.During the year,our asset management business deployed$47.6 billion across the business groups,including$5.6 billion from renewable power and transition,$3.8 billion from infrastructure,$5.9 billion fro
198、m private equity,$6.1 billion from real estate and$26.2 billion from credit.As at December 31,2024,the asset management business had total uncalled private fund commitments of$115 billion of which approximately$53 billion is committed across the business groups and is currently not earning fees,but
199、will become fee-bearing once the capital is invested.Once invested,we expect these commitments will earn approximately$530 million of additional Fee Revenues.Digitalization is being further propelled by significant increases in AI investment,increasing corporate clean energy demand,and the transform
200、ative role of private credit in the capital markets.In 2024,our investment strategies continued to focus on growing fundraising channels,direct credit lending,infrastructure,and transition and renewables.Some notable examples include:In February 2024,BAM announced that it raised$10 billion(inclusive
201、 of fund commitments and strategic capital from the investor base of our asset management business)in the first closing of the second vintage of Brookfield Global Transition Fund,our private fund dedicated to facilitating the global transition to a net-zero carbon economy.Total fundraising for the s
202、trategy this year was$5.2 billion.On May 2,2024,BWS completed the acquisition of the remaining outstanding common stock of AEL that it did not already own.The acquisition by BWS from BN of the BAM Class A Shares required to satisfy the stock consideration pursuant to the 17AEL acquisition resulted i
203、n an increase to BAMs ownership in the Asset Management Company(after giving effect to the 2025 Arrangement,the non-controlling interest in BAM)from approximately 25%to approximately 27%.The AEL acquisition also resulted in the raising of$49 billion of fee-bearing capital to be managed by the asset
204、management business.On September 17,2024,we acquired a 51%stake in Castlelakes fee-related earnings,a 7.5%stake in Castlelakes carried interest,20%of returns from GP commitments,and 51%of GP commitments for in-market and future Castlelake funds for total cash consideration of approximately$489 milli
205、on.In addition,BWS committed to invest approximately$1 billion in Castlelakes investment strategies and funds.We launched our Catalytic Transition Fund with an initial close on September 23,2024,of which$2.4 billion was raised in the year.This new capital is inclusive of the$1 billion anchor investm
206、ent from ALTRRA,the worlds largest private climate investment fund.On September 26,2024,we completed our acquisition of Pinegrove Ventures(previously“SVB Capital”),the investment platform business of SVB Financial Group through Pinegrove Venture Partners(“Pinegrove”).Pinegrove is our venture investm
207、ent platform formed and owned in partnership with Sequoia Heritage,focused on providing secondary solutions within the growth and technology sector.Pinegrove manages approximately$10 billion in assets.Corporate2025 Activity to dateOn January 9,2025,BAM announced stock exchange approval of a share re
208、purchase program to purchase up to 37.1 million Class A Shares,representing at the time approximately 10%of the public float of Class A Shares,through open market purchases on the NYSE and TSX.Under the share repurchase program,which commenced on January 13,2025 and is set to expire on January 12,20
209、26,BAM has,as of March 7,2025,purchased 1,110,543 Class A Shares at an average price of$53.27.On January 16,2025,BAM announced the appointment of Bruce Flatt as Chair of the Board of BAM.He replaced Mark Carney,who on the same day announced his candidacy for the leadership of the Liberal Party of Ca
210、nada.Concurrent with the launch of Mr.Carneys campaign,Brookfield accepted his resignation from BAM.On February 12,2025,BAM declared a quarterly dividend of$0.4375 per share,representing a 15%increase relative to the prior year,payable on March 31,2025,to shareholders of record as of the close of bu
211、siness on February 28,2025.2024 ActivityOn January 9,2024,BAM announced stock exchange approval of a share repurchase program to purchase up to 34.6 million Class A Shares,representing at the time approximately 10%of the public float of Class A Shares,through open market purchases on the NYSE and TS
212、X.Under the share purchase program,which commenced on January 11,2024 and expired on January 10,2025,BAM did not purchase any Class A Shares.On February 7,2024,BAM declared a quarterly dividend of$0.38 per share,representing a 19%increase relative to the prior year,payable on March 28,2024,to shareh
213、olders of record as of the close of business on February 29,2024.On March 19,2024,BAM announced the appointment of Hadley Peer Marshall as Chief Financial Officer of BAM,effective May 31,2024.On October 31,2024,BAM announced that it changed its head office to New York,NY.18Organizational StructureTh
214、e following simplified diagram illustrates our organizational structure as at March 7,2025.Employees We have a team of over 2,500 investment and asset management professionals that are integral to the business,including individuals focused on our core investment strategies and those undertaking vari
215、ous corporate activities.Approximately 270 of these are employed by BAM and the remainder are employed by the Asset Management Company and their subsidiaries.In 2024,BAM provided the services of our employees to the Asset Management Company on a cost recovery basis under the Asset Management Service
216、s Agreement.Our long-term approach to our business influences everything we do,including how we make investment decisions,how we support and oversee our businesses,and how we develop our people and compensate them.Our employee compensation programs link a significant portion of employee rewards to s
217、uccessful investment outcomes.Our emphasis on fostering collaboration enables us to benefit from a diverse set of skills and experiences.Our talent management processes and our approach to long-term compensation encourage collaboration.This shows itself in a number of ways,including in the sharing o
218、f expertise and best practices through both formal and informal channels and building relationships and capabilities through employee secondments and transfers.We have a group of dedicated operations professionals in all our key regions that have extensive experience leading businesses.We take an ac
219、tive role in enhancing the performance of the assets and businesses we acquire.As a result,our operations team is fully integrated meaning our operations professionals sit alongside our experienced investment team working hand in hand from diligence to the execution of our business plan and through
220、the monetization phase of an investment.The team works closely with the senior management teams of the companies in which we invest to develop and implement business improvements that enable us to increase cash flow and our return on capital.While enhancement opportunities may differ across assets a
221、nd businesses,they generally involve a combination of strategic repositioning,focus on operational excellence and enhanced commercial execution.We recognize that people drive our success,and therefore hiring,developing and retaining our people is one of our top priorities.We do this by ensuring our
222、people are constantly engaged and provide a wide range of development opportunities across all levels.We aim to create an environment that is built on strong relationships and conducive to developing our workforce,and where individuals from diverse backgrounds can thrive.Globally,we are supported by
223、 approximately 250,000 full-time operating employees(up 2%from approximately 240,000 in 2023).We also periodically hire contractors as needed to support the growth of our business.The chart below sets out our full-time operating employees by region as at December 31,2024.19Full time asset management
224、 employees by regionUnited States39%Canada21%United Kingdom11%Brazil5%Australia7%Other17%Full time operating employees by regionUnited States30%Canada6%United Kingdom10%Brazil11%Australia8%India7%Philippines 4%Spain 3%Other21%Other full time operating employees represents over 70 countries and no co
225、untry makes up greater than 3%of the total balance.CompetitionBAM competes with many other firms in every aspect of our business,including raising funds,investments opportunities and hiring and retaining professionals.In our view,competition for fund investors is based primarily on investment perfor
226、mance,willingness to invest,investor perception of the investment manager,the investment managers reputation,duration of relationships,quality of services,pricing,fund terms including fees,and the relative attractiveness of our present or future investments.We believe that competition for investment
227、 opportunities is based primarily on the pricing,terms and structure(including financing conditions)of a proposed investment and certainty of execution.Strong investment performance enhances our ability to compete for investors.Our investors and potential investors continually assess investment perf
228、ormance and our ability to raise capital for existing and future funds depends on our funds relative and absolute performance.If our investment returns or changes in investment mandates prevent us from raising further capital from our existing partners,we may need to identify and attract new investo
229、rs in order to maintain or increase the size of our private funds.Further,as competition and disintermediation in the asset management industry increase,there may be pressure to reduce or modify our asset management fees,including base management fees and/or carried interest,or modify other terms go
230、verning our current asset management fee structure,in order to attract and retain investors.There are other funds focused on renewable power and transition,infrastructure,private equity,real estate,and credit strategies that compete for investor capital.Fund managers have also increasingly adopted i
231、nvestment strategies outside of their traditional focus.Furthermore,as institutional fund investors increasingly consolidate their relationships for multiple investment products with a few investment firms,competition for capital from such institutional fund investors may become more acute.Such cons
232、olidation may lead institutional fund investors to prefer more established investment firms,which could help us to compete against newer entrants or investment firms that are smaller in size or offer more limited types of investment strategies.Competition is also intense for the attraction and reten
233、tion of qualified personnel.Our ability to continue to compete effectively in our businesses will depend upon our ability to attract new asset management and investment professionals and other employees and retain and motivate our existing personnel.For additional information regarding the competiti
234、ve risks that we face,please see“Part IItem 1A.Risk Factors”.20Risk Management Our ApproachFocus on Risk CultureMaintain an effective risk culture that aligns our business strategy and activities with our risk toleranceShared ExecutionBusiness and functional groups are primarily responsible for iden
235、tifying and managing risks within their businessOversight and CoordinationConsistent approach and practices across business and functional groups,with coordinated management of common risksManaging risk is an integral and critical part of our business.We have a well-established,proactive and discipl
236、ined risk management approach that is based on clear operating methods and a strong risk management culture.We ensure that we have the necessary capacity and resilience to respond to changing environments by evaluating both current and emerging risks.We adhere to a robust risk management framework a
237、nd methodology that is designed to enable comprehensive and consistent management of risk across the organization.We use a thorough and integrated risk assessment process to identify and evaluate risk areas across the business,including human capital,climate change,cybersecurity,liquidity,disruption
238、,regulatory compliance and other strategic,financial,and operational risks.Management and mitigation approaches are tailored to the specific risk areas and executed by business and functional groups for their businesses and areas of responsibility,with appropriate coordination and oversight through
239、monitoring and reporting processes.Focus on Risk CultureA strong risk culture is the cornerstone of our risk management program:one that promotes measured and appropriate risk-taking,addresses current and emerging risks,and ensures employees conduct business with a long-term perspective and in a sus
240、tainable and ethical manner.This culture is reinforced by the strong commitment and leadership of our senior executives and supported by the policies and practices we have implemented,including our compensation approach.Shared ExecutionGiven the diversified and decentralized nature of our operations
241、,we seek to ensure that risk is managed as close to its source as possible and by management teams that have the most knowledge and expertise in the specific business or risk area.As such,business specific riskssuch as health and safety,environmental and other operational risksare generally managed
242、at the operating business level,as the risks vary based on the nature of each business.At the same time,we monitor key risks organization-wide to ensure adequacy of risk management,adherence to applicable Brookfield policies,and sharing of best practices.For risks that are more pervasive and correla
243、ted in their impact across the organizationsuch as liquidity,foreign exchange and interest rates or where we can bring specialized knowledgewe utilize a coordinated approach that is centralized amongst our corporate and business groups.Management of strategic,reputational and regulatory and complian
244、ce risks are similarly coordinated to ensure consistent focus and implementation across the organization.Oversight and CoordinationWe have implemented strong governance practices to monitor and oversee our risk management program.Management committees bring together required expertise to manage key
245、risk areas,ensuring appropriate application and coordination of risk management practices across our business and functional groups,and include the following:Risk Management Steering Committee:supports the overall corporate risk management program,and coordinates risk assessment and mitigation on an
246、 enterprise-wide basis.Investment Committees:oversee the investment process and review and approve investment transactions.Conflicts Committee:resolves potential conflict situations in the investment process and other corporate transactions.Financial Risk Oversight Committee:reviews and monitors fin
247、ancial exposures.Sustainability Leadership:oversees,coordinates and implements activities related to sustainability,including current and future initiatives,and sector and market trends.Safety Leadership Committee:promotes a strong safety culture,monitors safety trends,and sponsors strategic initiat
248、ives related to health,safety,security and environmental matters.Net Zero Steering Committee:develops decarbonization targets,operationalizes decarbonization approaches and shares best practices across the organization.21Disclosure Committee:oversees the public disclosure of material information.Reg
249、ulatory MattersOur business,including our investment advisory and broker-dealer business,is subject to substantial and increasing regulatory compliance obligations and oversight,and this higher level of scrutiny gives rise to certain risks.See“Part IItem 1A.Risk FactorsRisks Relating to our Business
250、We are subject to numerous laws,rules and regulatory requirements which may impact our business,including resulting in financial penalties,loss of business and/or damage to our reputation in instances of non-compliance”.SustainabilitySustainability at BrookfieldWe believe that value creation and sus
251、tainable business practices are complementary goals.We draw on our 100+year heritage as an owner and operator to invest for value and seek to generate strong returns for our clients across economic cycles.Our investment strategy has remained unchanged throughout our firms history we focus on utilizi
252、ng our operational expertise to enhance long-term value through strategic and operational improvements within our operating businesses and portfolio companies.Our primary objective is to deliver strong risk-adjusted returns without compromise to our fiduciary duty.Our Sustainability Policy outlines
253、our approach and is based on the following guiding principles:Mitigate the impact of our operations on the environmentStrive to minimize the environmental impact of operations and improve efficient use of resources over time.Support the ambition of reaching net-zero greenhouse gas(“GHG”)emissions by
254、 2050 or sooner.Strive to ensure the well-being and safety of employeesFoster a positive work environment based on respect for human rights,valuing diversity and having zero tolerance for workplace discrimination,violence or harassment.Operate with leading health and safety practices to support the
255、goal of achieving zero serious safety incidents.Uphold strong governance practicesOperate to the highest ethical standards by conducting business activities in accordance with our Code of Business Conduct and Ethics.Maintain strong stakeholder relationships through transparency and active engagement
256、.Be good corporate citizensStrive to ensure the interests,safety and well-being of the communities in which we operate are integrated into our business decisions.Support philanthropy and volunteerism by our employees.Our global sustainability policy codifies our longstanding strategy of integrating
257、sustainability considerations into our decision-making.This policy is reviewed at least annually and,where applicable,updated periodically by our senior executives,as well as each of our business groups.Sustainability Affiliations and PartnershipsThrough our engagement with sustainability frameworks
258、 and organizations,we continue to evolve our sustainability reporting and protocols to align with leading practices.The following are some of the frameworks and organizations with which we are affiliated:Principles for Responsible Investment(“PRI”)We have been signatories to the PRI since 2020 and c
259、omplete the PRI assessment annually,which reinforces our longstanding commitment to responsible investment and sustainability best practices.International Financial Reporting Standards(“IFRS”)Sustainability Alliance We are members of the IFRS Sustainability Alliance,a global program established to d
260、evelop globally accepted accounting and sustainability disclosures.We review all of our memberships with external organizations periodically or in the event of material changes in their strategy or 22operations to determine if they continue to be aligned with our objectives.Sustainability Organizati
261、on and GovernanceUpholding robust sustainability programs throughout our firm,business groups,and encouraging our portfolio companies to do the same,remains an important priority.We understand that good governance is essential to sustainable business operations.The oversight of sustainability is int
262、egrated into our overall governance framework and is aligned with our governance approach.We are committed to upholding strong practices to monitor and oversee our business,including our overall approach to sustainability.Our Board is focused on maintaining strong corporate governance and prioritizi
263、ng the interests of our shareholders.The Board oversees our business,including reviewing major strategic initiatives and receiving progress reports on the firms sustainability initiatives throughout the year.Our approach to sustainability has sponsorship and oversight from each business groups CEO a
264、nd sustainability leads,supported by senior executives,including the Chief Operating Officer(COO)of Brookfield(Governance,Operations and Risk Management)and BAMs CEO of Renewable Power and Transition(Decarbonization and Investment),working in collaboration with BAMs Chief Financial Officer(CFO)(GHG
265、Reporting and Measurement).Since sustainability covers a significant range of priorities that are varied in scope,we believe that sustainability initiatives should be overseen by individuals closest to the particular business activity.Functional leads are responsible for developing,implementing and
266、monitoring relevant sustainability factors within their functional area,such as Technology Services and Human Resources.Management teams and committees,including the Decarbonization Steering Committee and Safety Leadership Committee,bring together expertise to address key sustainability areas.This f
267、ocuses on proper application and coordination of approaches across our business and functional groups.We organize working groups dedicated to specialized areas,such as the Sustainability Working Group and Decarbonization Operational Committee,to develop and coordinate initiatives to advance our over
268、all sustainability efforts.Integrating Sustainability into Our Investment ProcessAs part of our due diligence over investments where we have control or significant influence,we seek to assess sustainability-related opportunities and risks and factor them into the overall investment decision.This inc
269、ludes leveraging industry guidance to identify sustainability factors most likely to materially impact the financial condition or operating performance of companies in a sector.As part of our Sustainability Due Diligence Protocol,we provide specific guidance to investment teams on assessing bribery
270、and corruption,cybersecurity,health and safety,human rights,modern slavery and climate-related risks.Where warranted,we perform deeper due diligence,working with internal and third-party experts as appropriate.Investments,other than de-minimis or follow on investments,must be approved by the applica
271、ble Investment Committee.Investment teams present the Investment Committee with the merits of the transaction,its material risks,mitigants and significant opportunities for improvement,including sustainability aspects and their implications for investment returns.As part of each acquisition,investme
272、nt teams develop a customized integration plan that encompasses,among other items,significant sustainability-related matters for evaluation or implementation.We believe there is a strong correlation between managing these considerations appropriately and enhancing investment returns.Consistent with
273、our management approach,it is the responsibility of management teams within each portfolio company to manage sustainability opportunities and risks through the investments life cycle,supported by our applicable investment teams.The combination of local accountability and expertise along with our inv
274、estment and operating experience and insight is important when managing a wide range of asset types across jurisdictions.We leverage these capabilities in collaborating on sustainability initiatives,where appropriate,to drive returns.Where appropriate,we encourage our portfolio companies to organize
275、 training on a variety of sustainability matters for relevant staff.Management teams regularly report to their respective boards of directors from both financial and operating perspectives,including key performance indicators that incorporate material sustainability factors,such as health and safety
276、,compliance with regulatory requirements,environmental management,and,increasingly,GHG emissions.For investments where we do not have a controlling interest,for example,where we are a debt investor or in other circumstances where we do not have the ability to exercise influence through our contractu
277、al rights,we actively monitor the performance of our investments and,where appropriate,utilize our stewardship and engagement practices to encourage sustainability outcomes that are aligned with our sustainability approach.When preparing an asset for divestiture,we seek to outline potential value cr
278、eation deriving from several different factors,including relevant sustainability considerations.Where applicable,we also prepare both qualitative and quantitative data that summarize the sustainability performance of the investment and provide a holistic understanding of how we managed the investmen
279、t during the holding period.23Stewardship and EngagementIn managing our assets,we leverage our significant influence and operating capabilities to collaborate with our portfolio companies.We encourage sound sustainability practices that are essential for building resilient and profitable businesses,
280、aiming to create long-term value for our investors and stakeholders.Due to the operational nature of our value creation methods,we focus on investing in private markets where we can often acquire controlling interests,or positions of significant influence,in order to deploy our operations-oriented i
281、nvestment strategies.As a result,proxy voting does not represent a significant portion of our investment activities.The majority of our proxy voting occurs within Brookfields Public Securities Group,which represents a very small portion of our overall business(approximately 1%of our AUM as of Decemb
282、er 31,2024).The following is a summary of some of the sustainability initiatives that we undertook in 2024.EnvironmentalEmissions Reduction InitiativesAs the world is transitioning to a lower-carbon economy,we view emissions reduction as a material value-creation opportunity.In 2021,we set an ambiti
283、on to reach net zero by 2050 or sooner across operationally managed investments.Our net-zero ambition targets assets and investments where we can directly influence outcomestermed“Operationally Managed Investments”or those already pursuing a transition strategy for economic benefit.In selecting whic
284、h of these assets are capable of making meaningful progress toward decarbonization targets,we prioritize Operationally Managed Investments where:We consider such decarbonization steps will add value over the life of the investment;We can operationally manage the outcomes;andWe are able to identify a
285、nd implement actionable initiatives in the near term.Driving efficiency and,consequently,value is a cornerstone of our operations-oriented approach to investing.Therefore,we would expect the quantity and timing of GHG emissions reductions of our portfolio companies over time to be slightly ahead of
286、industry and regional averages.While we view decarbonization as a meaningful operational efficiency lever,we acknowledge that transitioning to a net zero future is an ambition that is subject to many unknowns and uncertainties,including the future availability of required technologies,such as the ne
287、ed for greater battery storage capacity to support the introduction of greater intermittent renewable energy within electricity grids.Despite these challenges,we work with our portfolio companies to identify operational value-enhancement and decarbonization opportunities,including areas such as ener
288、gy efficiency and electrification measures,amongst others,where our operations teams can work closely with senior management of our portfolio companies to support the implementation of these value-enhancing improvements.In doing so,we are supporting our portfolio companies in maximizing their value,
289、while also achieving their decarbonization potential.This contributes to a future lower emissions economy,while delivering strong risk-adjusted returns for our investors.We eschew firm-wide policies purporting to exclude industries or sectors for investment across the energy landscape,including in r
290、espect of fossil-fuel-based generation,transportation,and distribution.Nor do we believe in divestment of high-emitting industries.We believe that there is significant value in supporting decarbonization initiatives of the highest-emitting industries where we can deliver the greatest level of impact
291、.Leveraging our leading capabilities in development and operation of renewable power over the last 30 years,we launched our inaugural Brookfield Global Transition Fund(“BGTF I”),raising$15 billion of capital in 2022.This transition strategy focuses on building renewable power,providing capital to ot
292、her decarbonization solutions,and targeting high-emission sectors to help businesses transition to sustainable business models and drive long-term value.Following BGTF Is success,we launched BGTF II in 2023,which is expected to surpass the scale of its predecessor.Our investments in BGTF I and II ai
293、m to deliver strong risk-adjusted financial returns and meaningful decarbonization impacts.These funds seek to invest in clean energy expansion,sustainable solutions(i.e.,carbon capture and storage,waste recycling,)and transforming companies in carbon-intensive sectors to more sustainable and value
294、accretive business models.Beyond our global transition fund strategy,we do not limit our investments to those that meet specific sustainability criteria or standards.Through the expertise developed within our global transition strategy,we can offer resources and tools to help companies better identi
295、fy operational value-enhancement and decarbonization opportunities.Across all investments,we invest capital on behalf of our clients with the primary objective of delivering strong risk-adjusted returns.24Water,Waste and BiodiversityReducing the impact of our overall water consumption and waste gene
296、ration helps build efficient systems,resiliency in our businesses and contributes to a sustainable future.We seek to utilize leading practices to efficiently monitor water usage and for certain portfolio companies,manage performance,with the objective to seek opportunities for water consumption redu
297、ction.In addition,we seek to adhere to all applicable local and regional waste regulations and track waste and recycling metrics.Encouraging the conservation of nature and its associated living organisms and ecosystem services is an important component in achieving our decarbonization goals and mana
298、ging physical risks related to climate change.SocialCulture Matters:Human Capital DevelopmentOur people are our most important asset.The core values of collaboration,entrepreneurship and discipline underpin our firmwide culture.We invest in our people and prepare them for future leadership.Our firmw
299、ide culture,from our dealings with clients to the interactions among employees and executives,is defined by mutual respect,teamwork and passion,and revolves around our core values:Collaboration:Leadership works side by side with colleagues throughout the organization and is committed to achieving sh
300、ared success.One of the key attributes that we screen carefully for in new hires is their aptitude to collaborate with others.The firm wants people to share information across groups and take an interest in all the businesses,not just the one they happen to work for at any particular point in time.W
301、e do not hire people just for a specific job;we hire for the potential of all the future positions they might hold and that will contribute to the broader success of the firm.We actively look for people who want to learn,grow,and developand demonstrate a willingness to be stretched outside their com
302、fort zone.Entrepreneurship:Our flat organization is results-orientedresponsibility is earned based on initiative and hard work,rather than job titleand decisions are made close to the action.This principle is not uncommon,but we have encouraged our entrepreneurial spirit throughout our growth during
303、 the past 20 years.We look for employees who have a passion not only for what they do but also for what the firm does.The shared values of ownership extend beyond helping the company succeed or generate more revenue.It means caring about the little things as well,such as not wasting money and treati
304、ng everyone with respect.Discipline:Our team shares an awareness of,and commitment to,our goal of generating superior long-term returns for investors.Discipline also requires that each person is expected to have a realistic understanding of his or her own abilities.We expect employees to understand
305、their strengths,recognize their weaknesses,be willing to stretch outside their comfort zones,and be willing to ask for help when necessary.The three attributescollaboration,entrepreneurship,and disciplineform the foundation of Brookfield and have been critical to the success of the partnership in bu
306、ilding relationships that are long-lasting and mutually rewarding.By hiring talented people and giving them opportunities to move into different businesses,we have been able to build our expertise into a broad ecosystem that facilitates collaboration across different areas and geographies as needed.
307、The teams draw on sound data and expertise to identify emergent themesinforming their investment process and enabling us to draw upon actionable intelligence for the benefit of its investors.Employee CompositionThe composition and makeup of our employee base is indicative of our focus that,as we gro
308、w,our people reflect the communities in which we operate.We recognize that a workforce encompassing a variety of backgrounds is critical to our success.A diverse workforce not only reinforces our core principles of long-term focus,alignment of interests,and collaboration,but also provides for a more
309、 dynamic and interesting work environment.We are committed to a hiring process that is objective,nondiscriminatory and in compliance with all applicable legislation and good governance.It is grounded in our commitment to provide equal employment opportunities with the objective of attracting the hig
310、hest-qualified talent to our business.We proactively recruit people who align with the attributes of a Brookfield leader and have the potential to develop within our organization.Our succession process focuses on the development of early career candidates through stretch roles and exposure.Occupatio
311、nal Health and SafetyManaging health and safety risk is an integral part of the management of our business.Our goal is to have zero serious safety incidents.We have implemented a health and safety governance initiative to propagate a strong health and safety culture,encourage the sharing of best pra
312、ctices and support the continuous improvement of safety performance to help eliminate serious safety incidents.The initiative is overseen by the Safety Leadership Committee,which comprises senior operations executives from across our business groups and regions.Portfolio company management is respon
313、sible for ensuring that their companys health and safety policies and systems are developed,operationalized,and reviewed regularly to address their specific risk areas.Portfolio company CEOs are 25accountable for the safety performance of their companies,and they report to their respective board of
314、directors on this safety performance,safety incidents,and the status of improvement initiatives.Reports on overall health and safety trends and key initiatives are provided to the Board as part of the quarterly operational risk update.Human Rights and Modern SlaveryRegarding human rights,we are comm
315、itted to conducting our business in an ethical and responsible manner,including by carrying out our activities in a manner that respects fundamental human rights and supports the prevention of human rights violations within our business.We strive to embed this into our core business activities,inclu
316、ding training,communications,contracts and due diligence processes set out in our Human Rights and Anti-Modern Slavery Policy(“Human Rights Policy”),Sustainability Due Diligence Protocol and Vendor Management Program.Integrity,fairness and respect are hallmarks of our culture,including carrying out
317、our activities by respecting fundamental human rights and our efforts to identify and prevent human rights violations within our business and supply chain.We are committed to policies aimed at maintaining a workplace free of discrimination,violence and harassment,and we expect our staff to act in a
318、way which promotes a positive working environment.Our Human Rights Policy aims to codify our approach to minimizing the risk of modern slavery within our business and supply chain.We also have specific processes aimed at identifying human rights and modern slavery as part of due diligence for new in
319、vestments,which include risk assessments,remedies,training and governance.Where appropriate,these processes give consideration to the Organization for Economic Co-operation and Development(“OECD”)Guidelines for Multinational Enterprises and the United Nations Guiding Principles on Business and Human
320、 Rights as part of our due diligence process and ongoing management.In addition,our Human Rights Policy consolidates the relevant commitments set out in our Code of Conduct,Sustainability Policy,financial crimes policies,and Whistleblowing Policy.We have several additional policies and procedures th
321、at provide guidance on the identification of human rights and modern slavery risks and the steps to be taken to mitigate these risks.GovernanceStrong governance is essential to sustainable business operations,and we aim to conduct our business according to high ethical and legal standards.Sustainabi
322、lity Regulation and FrameworksOur governance practices are the foundation upon which we operate our business.We continuously adapt and enhance our policies to meet evolving standards and regulations across jurisdictions in which we operate.Data Privacy and CybersecurityData privacy and cybersecurity
323、 remain key sustainability focus areas for us.We undertake initiatives to further enhance our data protection and threat-intelligence capabilities,and to improve our third-party risk management processes.We review and update our cybersecurity program at least annually and conduct regular external-pa
324、rty assessments of our program maturity based on the National Institute of Standards and Technology Cybersecurity Framework.Additionally,we have continued mandatory cybersecurity education for all employees and enhanced our phishing simulations to include more advanced simulations and social enginee
325、ring.For additional disclosure on our approach to data privacy and cybersecurity,see“Part IItem 1C.Cybersecurity”,below.Website and Available InformationOur website address is https:/.Information on our website is not incorporated by reference herein and is not a part of this report.We make availabl
326、e free of charge on our website or provide a link on our website to our Annual Report on Form 10-K,Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,and any amendments to those reports filed or furnished pursuant to Section 13(a)or 15(d)of the Exchange Act,as soon as reasonably practica
327、ble after those reports are electronically filed with,or furnished to,the SEC.To access these filings,go to our website,and then visit the“Regulatory Filings”section under the“Reports&Filings”tab.These reports and the other documents we file with the SEC are available at a website maintained by the
328、SEC at www.sec.gov.You can also access them on the CSA website at www.sedarplus.ca.From time to time,we may use our website as a channel of distribution of material information.Financial and other material information regarding our company is routinely posted on and accessible at https:/.In addition
329、,you may automatically receive e-mail alerts and other information about our company by enrolling your e-mail address by visiting the“Email Alerts”section of our website under the“Contacts&Alerts”tab.26ITEM 1A.RISK FACTORSYou should carefully consider the following factors in addition to other infor
330、mation set forth in this Annual Report.If any of the following risks were actually to occur,our business,financial condition and results of operations and the prospects and value of the Class A Shares would likely suffer.Risks Relating to Our BusinessThe trading price of the Class A Shares is subjec
331、t to volatility due to market conditions and other factors and cannot be predicted.The market price of our Class A Shares may be volatile and could fluctuate significantly in response to factors both related and unrelated to our operating performance and/or future prospects,including,but not limited
332、 to:(i)variations in our operating results and financial condition;(ii)actual or prospective changes in government laws,rules or regulations affecting our business and our managed assets;(iii)material announcements by us,our affiliates or our competitors;(iv)the general state of the securities marke
333、ts;(v)market conditions and events specific to the industries in which we and our managed assets operate;(vi)changes and developments in general economic,political,or social conditions,including as a result of pandemics/epidemics and related economic disruptions;(vii)changes in the values of our investments and distributions or changes in the amount of interest paid in respect of investments;(viii
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