2025 ARRANGEMENT (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Reverse Asset Acquistion

The following table outlines the above:


(In $ millions, unless otherwise noted)
Share consideration effectively transferred:
Post-Arrangement number of shares held by previous shareholders of BAM (millions)	439.8
Price of Class A Shares ($ per share)(a)	$	57.13
	25,127
Transaction costs	5
Less: BAM’s investment and other relationships in the Asset Management Company(b) (c)	(25,099)
Total purchase consideration	$	33

Fair value of net assets acquired:
Cash	$	6
Due from affiliates	793
Intangible assets(d)	215
Accounts payable and other	(883)
Due to affiliates	(10)
Deferred income tax liabilities(d)	(57)
Non-controlling interest	(31)
	$	33

a) Consideration effectively transferred

As part of the 2025 Arrangement, BN and certain of its subsidiaries transferred approximately 1,194 million common shares with a fair value of approximately $68 billion to BAM in exchange for approximately 1,194 million Class A Shares with a fair value of approximately $68 billion on a one-for-one basis. Consideration effectively transferred by the Asset Management Company has been computed as the market price of the Class A Shares on the closing date multiplied by the number of Class A Shares owned by BAM’s shareholders prior to the 2025 Arrangement.

b) BAM’s interest in the Asset Management Company

Prior to the 2025 Arrangement, BAM held an approximate 27% interest in the Asset Management Company. The fair value of this investment has been determined based on the fair value of the Class A Shares outstanding as of February 4, 2025. As part of the 2025 Arrangement, the Asset Management Company acquired BAM’s net assets from an accounting perspective and as a result its re-acquisition of its own shares are eliminated upon effecting the 2025 Arrangement.

c) Other relationships between the Asset Management Company and BAM

Prior to the 2025 Arrangement, BAM and the Asset Management Company had entered into various transactions which led to balances between the parties. As part of the 2025 Arrangement these balances were effectively settled and have been excluded from both purchase consideration and net assets acquired.

d) Intangible assets

In assessing the fair value of the assets and liabilities acquired in the 2025 Arrangement, an intangible asset associated with the assembled workforce of BAM has been identified. The fair value has been assessed as $215 million, inclusive of $57 million of deferred tax amounts associated with its recognition.