1 unchanged sentence
The Class A Shares are listed on each of the NYSE and TSX under the symbol “BAM”.
−Removed: As at March 7, 2025, the following shares of BAM were issued and outstanding:
+Added: As at February 23, 2026, the following shares of BAM were issued and outstanding:
1,638,147,590 Class A Shares;
1 unchanged sentence
and no Class A Preferred Shares.
−Removed: The number of holders of record of our Class A Shares as at March 7, 2025 was 7,528.
+Added: The number of holders of record of our Class A Shares as at February 23, 2026 was 7,404.
This does not include the number of shareholders that hold shares in “street name” through banks or broker-dealers.
4 unchanged sentences
Dividends on the Class A Shares and Class B Shares are paid quarterly, at the end of March, June, September and December of each year.
−Removed: We intend to pay out approximately 90% of our Distributable Earnings to shareholders quarterly and reinvest the balance back into the business.
−Removed: Our asset management business intends to pay dividends to BAM on a quarterly basis sufficient to ensure that BAM can pay its intended dividend.
+Added: We intend to pay out at least approximately 90% of our Distributable Earnings to shareholders quarterly and reinvest the balance back into the business.
Dividends will be variable and will change in line with the growth of Distributable Earnings.
Registered holders of our Class A Shares who are resident in Canada have the opportunity to acquire additional Class A Shares by reinvesting all or a portion of their cash dividend without paying commissions through our Dividend Reinvestment Plan (the “DRIP”).
−Removed: The DRIP is currently not available for registered shareholders of our Class A Shares who are resident in the United States.
+Added: The DRIP is currently not available for registered shareholders of our Class A Shares who are resident in the U.S.
Pursuant to our DRIP, registered holders of our Class A Shares who are resident in Canada may also elect to receive their dividends in the form of newly issued Class A Shares at a price equal to the NYSE volume-weighted average price (as determined in accordance with the DRIP) multiplied by an exchange factor which is calculated as the average daily exchange rate as reported by the Bank of Canada during each of the five trading days immediately preceding the relevant investment date.
12 unchanged sentences
Certain Canadian Federal Income Tax Considerations for U.S.
−Removed: The following is a summary of the principal Canadian federal income tax considerations generally applicable under the Income Tax Act (Canada) (together with the regulations thereto, the “Tax Act”) to a beneficial holder of Class A Shares who, for the purposes of the Tax Act and the Canada-United States Income Tax Convention (1980) (the “Treaty”), and at all relevant times, (i) is not and is not deemed to be a resident in Canada, (ii) is a resident of the United States for the purposes of the Treaty and is entitled to the full benefits thereunder, (iii) holds all Class A Shares as capital property, (iv) deals at arm’s length with and is not affiliated with BAM, and (v) does not use or hold and is not deemed to use or hold Class A Shares in connection with a business carried on in Canada (each such holder, a “U.S.
+Added: The following is a summary of the principal Canadian federal income tax considerations generally applicable under the Income Tax Act (Canada) (together with the regulations thereto, the “Tax Act”) to a beneficial holder of Class A Shares who, for the purposes of the Tax Act and the Canada-United States Income Tax Convention (1980) (the “Treaty”), and at all relevant times, (i) is not and is not deemed to be a resident in Canada, (ii) is a resident of the U.S.
+Added: for the purposes of the Treaty and is entitled to the full benefits thereunder, (iii) holds all Class A Shares as capital property, (iv) deals at arm’s length with and is not affiliated with BAM, (v) does not use or hold and is not deemed to use or hold Class A Shares in connection with a business carried on in Canada, (vi) is not an insurer carrying on an insurance business in Canada and elsewhere, and (vii) is not an “authorized foreign bank” (as defined in the Tax Act) (each such holder, a “U.S.
Resident Holder”).
Generally, the Class A Shares will be considered to be capital property to a U.S.
−Removed: Holder provided the U.S.
−Removed: Resident Holder does not hold such shares in the course of carrying on a business of trading or dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.
−Removed: This summary is not generally applicable to a U.S.
−Removed: Resident Holder:
−Removed: (i) that is an insurer carrying on an insurance business in Canada and elsewhere, (ii) that is an “authorized foreign bank” (as defined in the Tax Act), (iii) that is a “financial institution” (as defined in the Tax Act) for purposes of the “mark-to-market property” rules;
−Removed: (iv) an interest in which is or would constitute a “tax shelter investment” (as defined in the Tax Act);
−Removed: (v) that is a “specified financial institution” (as defined in the Tax Act);
−Removed: or (vi) that has or will enter into a “synthetic disposition arrangement” or a “derivative forward agreement” (as those terms are defined in the Tax Act) in respect of Class A Shares.
−Removed: Resident Holders should consult their own tax advisors.
−Removed: This summary is based on the provisions of the Tax Act and the Treaty in force on the date hereof, and the current administrative policies and assessing practices of the CRA published in writing prior to the date hereof.
+Added: Resident Holder provided the U.S.
+Added: Resident Holder does not hold such shares in the course of carrying on a business of trading or
+Added: dealing in securities and has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.
+Added: This summary is based on the provisions of the Tax Act and the Treaty in force on the date hereof, all proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the “Tax Proposals”), and the current administrative policies and assessing practices of the CRA published in writing prior to the date hereof.
+Added: This summary assumes that all Tax Proposals will be enacted in the form proposed, but no assurance can be given that the Tax Proposals will be enacted in the form proposed or at all.
This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, administrative, or judicial action or decision, nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.
13 unchanged sentences
Under the Treaty, the rate of Canadian withholding tax applicable to a dividend paid on a Class A Share to a U.S.
−Removed: Resident Holder who is a resident of the United States for purposes of the Treaty, beneficially owns the dividend and is fully entitled to the benefits of the Treaty, will generally be reduced to 15% (or 5% in certain cases where such U.S.
+Added: Resident Holder who is a resident of the U.S.
+Added: for purposes of the Treaty, beneficially owns the dividend and is fully entitled to the benefits of the Treaty, will generally be reduced to 15% (or 5% in certain cases where such U.S.
Resident Holder is a corporation that beneficially owns at least 10% of BAM’s voting shares).
Additionally, such dividends will be generally exempt from Canadian withholding tax for a U.S.
−Removed: Resident Holder who is fully entitled to the benefits of the Treaty, is generally exempt from income taxation in the United States, and is operated exclusively to administer or provide pension, retirement or employee benefits.
+Added: Resident Holder who is fully entitled to the benefits of the Treaty, is generally exempt from income taxation in the U.S., and is operated exclusively to administer or provide pension, retirement or employee benefits.
Resident Holders should consult their own tax advisors in this regard.
18 unchanged sentences
Unregistered Sales of Equity Securities
−Removed: On October 31, 2024, BAM and BN entered into an arrangement agreement with respect to the 2025 Arrangement, whereby on February 4, 2025, BAM acquired approximately 73% of the outstanding common shares of the Asset Management Company, from BN and certain of its subsidiaries.
−Removed: Prior to the 2025 Arrangement, BAM owned an approximate 27% interest in the Asset Management Company and BN owned an approximate 73% interest in the Asset Management Company.
−Removed: As part of the 2025 Arrangement, BAM
−Removed: issued Class A Shares to BN in exchange for all of the common shares of the Asset Management Company currently owned by BN and its subsidiaries on a one-for-one basis.
Pursuant to the 2025 Arrangement, a total of 1,194,021,145 Class A Shares were issued to BN and certain of its subsidiaries pursuant to an exemption from registration provided by Regulation S promulgated under the Securities Act of 1933, as amended.
−Removed: Upon completion of the 2025 Arrangement, BAM owns, directly and indirectly, 100% of the common shares of the Asset Management Company and BN owns approximately 73% of the outstanding Class A Shares.
Share Repurchases in the Fourth Quarter of 2025
As at December 31, 2025, there were 30,574,734 Class A Shares remaining for further repurchases under BAM's former share repurchase program, which expired on January 12, 2026.
−Removed: Under BAM's current share repurchase program, 37,123,295 Class A Shares can be repurchased and as at March 7, 2025, there were 36,012,752 Class A Shares remaining for further repurchases.
+Added: Under BAM's current share repurchase program, 36,946,177 Class A Shares can be repurchased and as at February 23, 2026, there were 35,293,625 Class A Shares remaining for further repurchases.
Under our current repurchase program, BAM is authorized to repurchase Class A Shares from time to time in open market transactions.
13 unchanged sentences
November 1, 2025 to November 30, 2025 2
+Added: 2,327,118 $ 51.62 2,427,118 31,038,034
December 1, 2025 to December 31, 2025 463,300 $ 52.62 463,300 30,574,734
Total through December 31, 2025 4,168,618 $ 53.13 4,268,618 30,574,734
+Added: Includes repurchases of Class A Shares on the NYSE, unless otherwise indicated.
+Added: An additional 100,000 Class A Shares were repurchased on the TSX at an average price of C$73.82 per share.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.