Brookfield to acquire remaining 26% of Oaktree for ~$3B; close expected Q1 2026

Brookfield Asset Management Ltd.

Total consideration ~$3B: BAM funds ~$1.6B, BN funds ~$1.4B; Oaktree holders elect cash, BAM or BN shares with 2- and 5-year lock-ups.
Howard Marks and Bruce Karsh to remain in senior roles; Karsh to join BAM Board; O'Leary and Panossian become Co-CEOs of Brookfield's credit business.
BAM to gain incremental 26% interest in Oaktree's fee-related earnings, carried interest (net of BN's 33% royalty), and partner manager stakes in 17Capital and DoubleLine.
Transaction expected to be accretive to BAM and BN, with no material changes to operations or strategic plans.
BAM generated ~$2.8B fee-related earnings over trailing twelve months inclusive of 100% Oaktree.

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