| Share-Based Payment Arrangement, Option, Activity |
The change in the number of options during the year ended December 31, 2025 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Brookfield Asset Management Ltd. Options1 | | Number of Brookfield Corporation Options2, 3 | | Number of Options (000's) | | Weighted-Average Exercise Price | | Number of Options (000's) | | Weighted-Average Exercise Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding as at January 1, 2025 | 12,565 | | | $ | 34.54 | | | 19,955 | | | $ | 20.06 | | | 2025 Arrangement | 6,085 | | | 31.67 | | | 16,133 | | | 17.38 | | | Transferred | 90 | | | 31.03 | | | 1,214 | | | 22.49 | | | Granted | 4,708 | | | 59.62 | | | 375 | | | 40.19 | | | Exercised | (1,365) | | | 23.85 | | | (9,334) | | | 14.41 | | | Cancelled | (417) | | | 44.27 | | | (117) | | | 29.26 | | | Outstanding as at December 31, 2025 | 21,666 | | | $ | 39.65 | | | 28,226 | | | $ | 20.91 | | 1. Represents the continuity of BAM options relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 2. Represents the continuity of BN's options relating to only those employees of the Company based on BN's weighted average exercise price which differs from that of BAM. 3. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The change in the number of options during the year ended December 31, 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Brookfield Asset Management Ltd. Options1 | | Number of Brookfield Corporation Options2, 3 | | Number of Options (000's) | | Weighted-Average Exercise Price | | Number of Options (000's) | | Weighted-Average Exercise Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding as at January 1, 2024 | 9,969 | | | $ | 30.81 | | | 27,700 | | | $ | 18.77 | | | Transferred | (363) | | | 32.80 | | | (1,805) | | | 18.49 | | | Granted | 4,319 | | | 40.07 | | | — | | | — | | | Exercised | (1,004) | | | 20.64 | | | (5,749) | | | 14.06 | | | Cancelled | (356) | | | 36.96 | | | (191) | | | 27.82 | | | Outstanding as at December 31, 2024 | 12,565 | | | $ | 34.54 | | | 19,955 | | | $ | 20.06 | | 1. Represents the continuity of BAM options relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 2. Represents the continuity of BN's options relating to only those employees of the Company based on BN's weighted average exercise price which differs from that of BAM. 3. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The change in the number of options during the year ended December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Brookfield Asset Management Ltd. Options1 | | Number of Brookfield Corporation Options2, 3 | | Number of Options (000's) | | Weighted-Average Exercise Price | | Number of Options (000's) | | Weighted-Average Exercise Price | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding as at January 1, 2023 | 5,631 | | | $ | 22.87 | | | 32,742 | | | $ | 17.07 | | | Transferred | (455) | | | 19.18 | | | (2,656) | | | 14.40 | | | Granted | 5,721 | | | 35.13 | | | — | | | — | | | Exercised | (652) | | | 16.99 | | | (2,027) | | | 11.45 | | | Cancelled | (276) | | | 35.27 | | | (359) | | | 26.58 | | | Outstanding as at December 31, 2023 | 9,969 | | | $ | 30.81 | | | 27,700 | | | $ | 18.77 | | 1. Represents the continuity of BAM options relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 2. Represents the continuity of BN's options relating to only those employees of the Company based on BN's weighted average exercise price which differs from that of BAM. 3. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The changes in the number of ES shares during the year ended December 31, 2025 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Brookfield Asset Management Ltd. ES Shares1 | | Number of Brookfield Asset Management ULC ES Shares2 | | Number of Brookfield Corporation ES Shares3, 4 | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Outstanding as at January 1, 2025 | 3,242 | | | $ | 32.24 | | | 1,494 | | | $ | 40.07 | | | 10,878 | | | $ | 23.49 | | | 2025 Arrangement | 9,038 | | | 31.62 | | | 3,409 | | | 40.32 | | | 26,502 | | | 23.23 | | | Transferred | (505) | | | 32.36 | | | (250) | | | 40.07 | | | 393 | | | 40.13 | | | Granted | 3,544 | | | 59.62 | | | — | | | — | | | 750 | | | 40.19 | | | Exercised | (61) | | | 29.64 | | | — | | | — | | | (1,344) | | | 25.76 | | | Cancelled | — | | | — | | | — | | | — | | | — | | | — | | | Outstanding as at December 31, 2025 | 15,258 | | | $ | 38.24 | | | 4,653 | | | $ | 40.26 | | | 37,179 | | | $ | 23.74 | | 1. Represents the continuity of BAM ES relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 2. Represents the continuity of the Asset Management Company ES relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 3. Represents the continuity of BN ES relating to only those employees of the Company based on BN's weighted average exercise price which differs from that of BAM. 4. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The changes in the number of ES shares during the year ended December 31, 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Brookfield Asset Management Ltd. ES Shares1 | | Number of Brookfield Asset Management ULC ES Shares2 | | Number of Brookfield Corporation ES Shares3, 4 | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Outstanding as at January 1, 2024 | 3,321 | | | $ | 32.18 | | | — | | | $ | — | | | 11,740 | | | $ | 23.58 | | | Transferred | — | | | — | | | — | | | — | | | (18) | | | 27.74 | | | Granted | — | | | — | | | 1,494 | | | 40.07 | | | — | | | — | | | Exercised | (79) | | | 29.64 | | | — | | | — | | | (835) | | | 24.50 | | | Cancelled | — | | | — | | | — | | | — | | | (9) | | | 30.34 | | | Outstanding as at December 31, 2024 | 3,242 | | | $ | 32.24 | | | 1,494 | | | $ | 40.07 | | | 10,878 | | | $ | 23.49 | | 1. Represents the continuity of BAM ES relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 2. Represents the continuity of the Asset Management Company ES relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 3. Represents the continuity of BN ES relating to only those employees of the Company based on BN's weighted average exercise price which differs from that of BAM. 4. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The changes in the number of ES shares during the year ended December 31, 2023 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Brookfield Asset Management Ltd. ES Shares1 | | Number of Brookfield Corporation ES Shares2, 3 | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Number of ES Shares (000's) | | Weighted-Average Exercise Price | | Outstanding as at January 1, 2023 | 2,361 | | | $ | 29.64 | | | 15,211 | | | $ | 23.48 | | | Transferred | (575) | | | 29.64 | | | (3,449) | | | 23.14 | | | Granted | 1,535 | | | 35.13 | | | — | | | — | | | | | | | | | | | Cancelled | — | | | — | | | (22) | | | 29.00 | | | Outstanding as at December 31, 2023 | 3,321 | | | $ | 32.18 | | | 11,740 | | | $ | 23.58 | | 1. Represents the continuity of BAM ES relating to only those employees of the Company based on BAM's weighted average exercise price which differs from that of BN. 2. Represents the continuity of BN ES relating to only those employees of the Company based on BN's weighted average exercise price which differs from that of BAM. 3. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
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| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions |
The weighted-average grant date fair value of BAM MSOP granted for the year ended December 31, 2025 was $11.18 (2024 – $6.12; 2023 – $5.26), and was determined using the Black-Scholes valuation model, with inputs to the model as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | FOR THE YEAR ENDED DECEMBER 31 (MILLIONS) | Unit | | | | 2025 | | 2024 | | 2023 | | Weighted-average share price | US$ | | | | $ | 59.62 | | | $ | 40.07 | | | $ | 35.13 | | | Average term to exercise | Years | | | | 7.5 | | 7.5 | | 7.5 | Share price volatility1 | % | | | | 29.9 | | | 29.2 | | | 28.5 | | | Liquidity discount | % | | | | 25.0 | | | 25.0 | | | 25.0 | | | Weighted-average annual dividend yield | % | | | | 3.7 | | | 4.8 | | | 4.6 | | | Risk-free rate | % | | | | 4.4 | | | 4.2 | | | 3.9 | | 1. Share price volatility was determined based on implied volatilities consistent with Brookfield Corporation's historical share prices over a similar period to the average term to exercise. |
The weighted-average grant date fair value of BAM escrowed shares granted for the year ended December 31, 2025 was $11.18 (2024 – $6.12; 2023 – $5.26), and was determined using the Black-Scholes model of valuation with inputs to the model as follows: | | | | | | | | | | | | | | | | | | | | | | | | FOR THE YEARS ENDED DECEMBER 31,
(MILLIONS) | Unit | | 2025 | | 2024 | | 2023 | | Weighted-average share price | US$ | | $ | 59.62 | | | $ | 40.07 | | | $ | 35.13 | | | Average term to exercise | Years | | 7.5 | | 7.5 | | 7.5 | Share price volatility1 | % | | 29.9 | | | 29.2 | | | 28.5 | | | Liquidity discount | % | | 25.0 | | | 25.0 | | | 25.0 | | | Weighted-average annual dividend yield | % | | 3.7 | | | 4.8 | | | 4.6 | | | Risk-free rate | % | | 4.4 | | | 4.2 | | | 3.9 | | 1. Share price volatility was determined based on implied volatilities consistent with BN's historical share prices over a similar period to the average term to exercise. |
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| Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
The change in the number of DSUs and RSUs outstanding for the year ended December 31, 2025 was as follows: | | | | | | | | | | | | | | | | | | | DSUs | | RSUs | | Number of Units Tracking to BAM Ltd. share price (000's) | Number of Units Tracking to BN1 share price (000's) | | Number of Units Tracking to BN1 share price (000's) | Weighted-Average Exercise Price (CAD) | | Outstanding as at January 1, 2025 | 387 | | 2,297 | | | — | | $ | — | | | 2025 Arrangement | 1,694 | | 10,515 | | | — | | — | | | Transferred | 13 | | 233 | | | — | | — | | | Granted and reinvested | 138 | | 104 | | | — | | — | | | Exercised and cancelled | (178) | | (898) | | | — | | — | | | Outstanding as at December 31, 2025 | 2,054 | | 12,251 | | | — | | $ | — | | 1. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The change in the number of DSUs and RSUs outstanding for the year ended December 31, 2024 was as follows: | | | | | | | | | | | | | | | | | | | DSUs | | RSUs | | Number of Units Tracking to BAM Ltd. share price (000's) | Number of Units Tracking to BN1 share price (000's) | | Number of Units Tracking to BN1 share price (000's) | Weighted-Average Exercise Price (CAD) | | Outstanding as at January 1, 2024 | 788 | | 4,804 | | | 854 | | $ | 2.62 | | | Transferred | (7) | | (97) | | | — | | — | | | Granted and reinvested | 30 | | 26 | | | — | | — | | | Exercised and cancelled | (424) | | (2,436) | | | (854) | | 2.62 | | | Outstanding as at December 31, 2024 | 387 | | 2,297 | | | — | | $ | — | | | 1. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
The change in the number of DSUs and RSUs outstanding for the year ended December 31, 2023 was as follows: | | | | | | | | | | | | | | | | | | | DSUs | | RSUs | | Number of Units Tracking to BAM Ltd. share price (000's) | Number of Units Tracking to BN1 share price (000's) | | Number of Units Tracking to BN1 share price (000's) | Weighted-Average Exercise Price (CAD) | | Outstanding as at January 1, 2023 | 915 | | 5,785 | | | 1,234 | | $ | 2.62 | | | Transferred | (123) | | (822) | | | (380) | | 2.62 | | | Granted and reinvested | 30 | | 40 | | | — | | — | | | Exercised and cancelled | (34) | | (199) | | | — | | — | | | Outstanding as at December 31, 2023 | 788 | | 4,804 | | | 854 | | $ | 2.62 | | | 1. Adjusted to reflect the three-for-two stock split completed on October 9, 2025. |
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