Risk Sleuth
BAM · 10-K filed 2 Mar 2026 · year to 31 Dec 2025

Brookfield Asset Management

35 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Brookfield Corporation (BN)

concentrated in · approximately 73% of the Class A Sharesnamed as a risk
Moreover, a significant portion of our Fee-Bearing Capital is represented by the capital of the perpetual affiliates, which are controlled by BN.Risk factors (Item 1A)

Also named by OCSL

Brookfield Renewable Partners L.P. (BEP)

exposed to its price · market capitalization of over $20.5 billionnamed as a risk
Specifically, with respect to the market risk related to base management fees earned based on the market capitalization of BEP, BIP and BBU.Market risk (Item 7A)

Brookfield Infrastructure Partners L.P. (BIP)

exposed to its price · market capitalization of $29.2 billionnamed as a risk
The primary market risk exposure of BAM relates to its role as an asset manager of the publicly listed permanent capital vehicles and the sensitivity of base management fees earned from these affiliates due to movements in their underlying trading price.Market risk (Item 7A)

Brookfield Business Partners L.P. (BBU)

exposed to its price · market capitalization of $7.1 billionnamed as a risk
BBU is listed on the NYSE and TSX and had a market capitalization of $7.1 billion as at December 31, 2025.Business (Item 1)

Brookfield Wealth Solutions (BWS)

earns from · $25.2 billion
In addition, we raised a total of $25.2 billion from BWS.Business (Item 1)

Lottery services contracts

earns fromnamed as a risk
Our lottery services operation is heavily dependent on long-term contracts and failure to win, maintain and renew these contracts could substantially impact revenue.Risk factors (Item 1A)

Partners and platforms

NVIDIA

$100 billion
On November 19, 2025, Brookfield announced the launch of a $100 billion global AI Infrastructure program in partnership with NVIDIA and the Kuwait Investment Authority (“KIA”).Business (Item 1)

Also named by AMD, ANET, CDNS, COHR, DOCN, HPE, INTC, NOW and 3 more

Oaktree Capital Management

depends on · approximately $3 billion
On October 13, 2025, Brookfield and Oaktree announced that they have agreed on a proposed transaction whereby Brookfield will acquire the approximately 26% interest in Oaktree that it does not already own.Business (Item 1)

Kuwait Investment Authority

$5 billion
BAIIF has already received $5 billion of capital commitments from a select group of institutional and industry partners, including Brookfield, NVIDIA and KIA.Business (Item 1)

Qatar Investment Authority (Qai)

$20 billion
On December 9, 2025, Brookfield and Qai, Qatar’s AI company and a subsidiary of Qatar Investment Authority, announced a strategic partnership to establish a $20 billion joint venture focused on AI infrastructure in Qatar and select international markets.Business (Item 1)

Brookfield name trademark license

depends on
Other than under this limited license, BAM does not have a legal right to the “Brookfield” name or the “Brookfield” logo.Business (Item 1)

Other companies

Westinghouse Electric Company

at least $80 billion
In October 2025, we and Cameco, our partner in Westinghouse Electric Company (“Westinghouse”), entered into an agreement with the U.S. Government to establish a strategic partnership which is expected to accelerate the scale deployment of Westinghouse’s nuclear reactor technologies in the U.S. and globally.Business (Item 1)

Angel Oak

approximately $149 million
On October 2, 2025, we acquired a 51.3% economic interest in Angel Oak, a leading asset manager delivering innovative mortgage and consumer products, for total cash consideration of approximately $149 million.Business (Item 1)

Places

France

operates in · €20 billion
On February 10, 2025, Brookfield announced the launch of a €20 billion infrastructure investment program to support the deployment of AI infrastructure in France.Business (Item 1)

Also named by ATR, DDOG, HROW, IDCC, MS, UBER, UGI, WAB and 1 more

Sweden

operates in · SEK 95 billion ($10 billion)
On June 4, 2025, Brookfield announced up to SEK 95 billion ($10 billion) of investment to support the development of AI infrastructure in Sweden.Business (Item 1)

United States

concentrated innamed as a risk
In particular, given the importance of the U.S. to our operations, an economic downturn in this market could have a significant adverse effect on our operating margins and asset values.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Hazards

Hydrology, wind and solar irradiance

named as a risk
The revenues generated by the power facilities we manage are correlated to the amount of electricity generated, which in turn is dependent upon available water flows, wind, irradiance and other elements beyond our control.Risk factors (Item 1A)

Large metropolitan office markets (terrorism)

concentrated innamed as a risk
Our managed assets forming part of our commercial office strategy are concentrated in large metropolitan areas, some of which have been or may be perceived to be threatened by terrorist attacks or acts of war.Risk factors (Item 1A)

Commodities and inputs

Wholesale electricity prices

exposed to its pricenamed as a risk
A portion of the renewable power and transition revenue is tied, either directly or indirectly, to the wholesale market price for electricity, which is impacted by a number of external factors beyond our control.Risk factors (Item 1A)

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk
The advisors of certain of our managed assets are registered as investment advisers with the SEC.Risk factors (Item 1A)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BCSF, BEN and 44 more

Financial Industry Regulatory Authority (FINRA)

subject tonamed as a risk
The broker-dealer side of our managed assets is regulated by the SEC, the various Canadian provincial and territorial securities commissions and administrators, as well as self-regulatory organizations, including the Financial Industry Regulatory Authority in the U.S.Risk factors (Item 1A)

Also named by AB, ADP, AGNC, AMG, AMP, BEN, BR, BWIN and 23 more

Committee on Foreign Investment in the United States (CFIUS)

subject tonamed as a risk
For example, under the United States Foreign Investment Risk Review Modernization Act of 2018, the Committee on Foreign Investment in the United States has the authority to review, block or impose conditions on investments by non-U.S. persons in U.S. companies or real assets deemed critical or sensitive to the U.S.Risk factors (Item 1A)

Also named by ARES, BX, CG, KKR, MP, QBTS, TMUS

Canada Revenue Agency

subject tonamed as a risk
There can be no assurance that Canadian federal income tax laws, the judicial interpretation thereof, or the administrative policies and assessing practices of the Canada Revenue Agency (“CRA”) will not be changed in a manner that adversely affects BAM and/or holders of Class A Shares.Risk factors (Item 1A)

Also named by HRB, LULU, PAA, QSR, RBA

Laws and programs

OECD Pillar Two (BEPS)

subject tonamed as a risk
A number of countries across the globe have also agreed to implement a “two pillar” plan for global tax reform, developed by the OECD/G20 Inclusive Framework on BEPS, to address perceived base erosion and profit shifting (“BEPS”) by some multinational groups.Risk factors (Item 1A)

Also named by APO, BAX, BF/B, CHRW, COHR, CPNG, CRM, CW and 45 more

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk
The FCPA prohibits bribery of non-U.S. officials, candidates for office and political parties, and requires U.S. companies to keep books and records that accurately and fairly reflect those companies’ transactions.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

General Data Protection Regulation (GDPR)

subject tonamed as a risk
The GDPR imposes stringent rules and penalties for non-compliance.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

Investment Company Act of 1940

subject tonamed as a risk
If we were required to register as an investment company, we would face severe limitations on the operation of our business.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BCSF, BEN, BX and 28 more

Russia sanctions

subject tonamed as a risk
We and our managed assets are required to comply with these and potentially additional sanctions imposed by the U.S. and by other countries, for which the full costs, burdens and limitations on our business and prospects are currently unknown and may become significant.Risk factors (Item 1A)

Also named by ACN, AIR, BF/B, CW, DASH, DIS, GIS, KLAC and 5 more

Investment Advisers Act of 1940

subject tonamed as a risk
Registered investment advisers are subject to the requirements and regulations of the Investment Advisers Act of 1940, which grants U.S. supervisory agencies broad administrative powers, including the power to limit or restrict the carrying on of business for failure to comply with laws or regulations.Risk factors (Item 1A)

Also named by ABR, AMG, BEN, BX, CG, HTGC, KKR, MAIN and 3 more

Dodd-Frank Wall Street Reform and Consumer Protection Act

subject tonamed as a risk
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and similar laws in other jurisdictions impose rules and regulations governing oversight of the over-the-counter derivatives market and its participants.Risk factors (Item 1A)

Also named by CAT, CME, ELS, FISV, FNF, LEN, SPGI, TROW and 1 more

Regulation D Rule 506

subject tonamed as a risk
Most of our funds rely on Rule 506 of Regulation D under the Securities Act to raise capital from investors.Risk factors (Item 1A)

Also named by KKR

E.U. Sustainable Finance Disclosure Regulation

subject tonamed as a risk
Sustainability requirements imposed by jurisdictions in which we do business, such as the E.U. Sustainable Finance Disclosure Regulation (2019/2088), could (a) result in additional compliance costs, disclosure obligations or other implications or restrictions; and/or (b) impact our established business practices, cost base and, by extension, our profitability.Risk factors (Item 1A)

Nuclear energy regulation

subject tonamed as a risk
The nuclear fuel and power industries are heavily regulated and could be significantly impacted by changes in government policies and priorities such as increased regulation and/or more onerous operating requirements that negatively impact our nuclear technology services.Risk factors (Item 1A)

Canadian residential mortgage insurance regulation

subject tonamed as a risk
For example, our Canadian residential mortgage insurer is subject to significant regulation and may be adversely affected by changes in government policy.Risk factors (Item 1A)

Infrastructure rate regulation

subject tonamed as a risk
If any of the respective regulators in the jurisdictions in which we operate decides to change the tolls or rates we are allowed to charge or the amounts of the provisions we are allowed to collect, we may not be able to earn the rate of return on our investments that we had planned, or we may not be able to recover our initial cost.Risk factors (Item 1A)