Brookfield Asset Management Pic Us, LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
7012460
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Gaspar Machado, Cristiano
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any

event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMISSÃO DE VALORES MOBILIÁRIOS ("CVM")
2.
Principal Sanction:
Other
Other Sanctions: 
ADMINISTRATIVE FINE
3.
Date Initiated (MM/DD/YYYY): 
12/13/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
10372.100196/2017-13
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
TEGRA INCORPORADORA S.A. ("TEGRA")
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
DURING 2005-2012, A CURRENT EMPLOYEE OF THE REGISTRANT SERVED AS AN OFFICER OF TEGRA, A COMPANY THAT FOCUSES ON INVESTMENTS IN
RESIDENTIAL REAL ESTATE IN BRAZIL. TEGRA IS NOT AN ADVISORY AFFILIATE OF THE REGISTRANT. THE CVM FINED THE EMPLOYEE (AND TWO OTHER
OFFICERS OF TEGRA) FOR ALLEGED INCOMPLETE PUBLIC CORPORATE FILINGS MADE ON BEHALF OF TEGRA FOR THE YEARS 2010-2012. MORE
SPECIFICALLY, THE CVM ALLEGED THAT THE FILINGS DID NOT DISCLOSE CERTAIN SUGGESTIONS FOR IMPROVEMENT MADE IN THE INDEPENDENT
AUDITORS' REPORTS FOR THOSE YEARS REGARDING TEGRA'S INTERNAL CONTROL ENVIRONMENT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
03/21/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 13,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension

B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
MONETARY FINE OF R$50,000 (USD$13,000)
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE CVM'S DECISION WAS TIMELY APPEALED ON A NUMBER OF GROUNDS, INCLUDING THAT THE INDEPENDENT AUDITORS' REPORTS FOR THOSE YEARS
WERE ISSUED WITH NO QUALIFICATION AND THAT, IN TEGRA'S BELIEF, THE SUGGESTIONS MADE IN NO WAY COMPROMISED (OR COULD MATERIALLY
COMPROMISE) THE RELIABILITY OF TEGRA'S FINANCIAL STATEMENTS. TEGRA'S MANAGEMENT HAS ALSO ASSURED THE CVM THAT IT IS TAKING INTO
ACCOUNT THE SUGGESTIONS. AS A RESULT OF THE APPEAL, THE CVM DECREASED THE AMOUNT OF THE FINE FROM R$100,000 (USD $26,000) TO
R$50,000 (USD$13,000).

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
7358778
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
RANJAN, ANUJ
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
PENBROOK CAPITAL ADVISORS
PRIVATE LIMITED
(For individuals, Last, First,
Middle)
CRD
Number:
7719006
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
rengan, sridhar

(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
03/19/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
SO/MC/HP/2021-22/6448-49 AND SO/MC/HP/2021-22/6451-57
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
N/A
6.
Principal Product Type:
Direct Investment(s) - DPP & LP Interest(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI") ALLEGED THAT: (1) PENBROOK CAPITAL ADVISORS PRIVATE LIMITED ("PENBROOK"), THE
INVESTMENT MANAGER OF PENINSULA BROOKFIELD INDIA REAL ESTATE FUND (THE "FUND") AND A JOINT VENTURE BETWEEN (I) BROOKFIELD CAPITAL
PARTNERS LTD (BERMUDA), A WHOLLY OWNED SUBSIDIARY OF BROOKFIELD ASSET MANAGEMENT INC., AND (II) PENINSULA LAND LTD, A THIRD-PARTY
REAL ESTATE DEVELOPER); (2) THE CURRENT AND FORMER DIRECTORS OF PENBROOK, INCLUDING ANUJ RANJAN (FORMER DIRECTOR) AND SRIDHAR
RENGAN (CURRENT DIRECTOR); AND (3) PENINSULA BROOKFIELD TRUSTEE PRIVATE LIMITED, (THE TRUSTEE OF THE FUND, HAVING THE SAME
SHAREHOLDERS AS PENBROOK) ((1), (2) AND (3) COLLECTIVELY, THE "NOTICEES"), ACCEPTED IMPERMISSIBLY SMALL INVESTMENTS FROM CERTAIN
INVESTORS IN THE FUND, FAILED TO MAINTAIN SUFFICIENTLY LARGE INVESTMENTS THEMSELVES IN THE FUND, AND EXTENDED THE TENURE OF THE
FUND BEYOND THE PERMISSIBLE PERIOD, IN VIOLATION OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT OF 1922 AND REGULATIONS
FRAMED THEREUNDER (THE "SEBI ACT"). SEBI FURTHER ALLEGED THAT THE ANNUAL COMPLIANCE TEST REPORT FOR THE FUND DID NOT REFLECT THE
NON-COMPLIANCE MATTERS ASSOCIATED WITH THE ALLEGED VIOLATIONS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
N/A
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):
01/28/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 114,865.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
N/A
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE NOTICEES AGREED TO A TOTAL SETTLEMENT AMOUNT OF INR 8,500,000, OR APPROXIMATELY USD $114,865, WHICH WAS TIMELY PAID
WITHOUT AN ADMISSION OR DENIAL OF GUILT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON MARCH 19, 2021, THE NOTICEES RECEIVED A NOTICE FROM SEBI ALLEGING THAT THE NOTICEES ACCEPTED IMPERMISSIBLY SMALL INVESTMENTS
FROM CERTAIN INVESTORS IN THE FUND, FAILED TO MAINTAIN SUFFICIENTLY LARGE INVESTMENTS THEMSELVES IN THE FUND, AND EXTENDED THE
TENURE OF THE FUND BEYOND THE PERMISSIBLE PERIOD, IN VIOLATION OF THE SEBI ACT. THE NOTICE FURTHER ALLEGED THAT THE ANNUAL
COMPLIANCE TEST REPORT FOR THE FUND DID NOT REFLECT THE NON-COMPLIANCES ASSOCIATED WITH THE ALLEGED VIOLATIONS. IN ORDER TO
FULLY SETTLE THE PROCEEDING, THE NOTICEES AGREED TO PAY INR 8,500,000, OR APPROXIMATELY USD $114,865, WHICH WAS TIMELY PAID
WITHOUT AN ADMISSION OR DENIAL OF GUILT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is

registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI")
2.
Principal Sanction:
Other
Other Sanctions: 
CIVIL SETTLEMENT
3.
Date Initiated (MM/DD/YYYY): 
06/11/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
APPLICATION NO. 7975/2024; SETTLEMENT ORDER NO. SO/AK/JR/2025-26/7975
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
N/A
6.
Principal Product Type:
Unit Investment Trust(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
SEBI ISSUED A SHOW-CAUSE NOTICE ALLEGING THAT BROOKFIELD INDIA REAL ESTATE TRUST (THE "INDIA REIT"), A PUBLICLY TRADED REIT IN INDIA
THAT IS MANAGED BY BROOKPROP MANAGEMENT SERVICES PRIVATE LIMITED ("BROOKPROP"), A RELYING ADVISER OF BAM PIC US, HAD USED
BORROWED FUNDS FOR DISTRIBUTIONS TO ITS UNITHOLDERS IN VIOLATION OF THE INDIAN REIT REGULATIONS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
N/A
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
09/01/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 23,000.00

 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
N/A
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE SETTLEMENT WITH SEBI RESULTED IN A SETTLEMENT AMOUNT OF INR 20,47,500 WHICH IS APPROXIMATELY USD 23,000. THE SETTLEMENT
AMOUNT WAS PAID IN FULL ON AUGUST 29, 2025.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
BROOKPROP RECEIVED A NOTICE FROM SEBI IN JUNE 2024 ALLEGING THAT THE INDIA REIT HAD USED BORROWED FUNDS FOR DISTRIBUTIONS TO ITS
UNITHOLDERS BETWEEN APRIL 2022 AND SEPTEMBER 2023. THE INDIA REIT HAD NOT USED BORROWED FUNDS FOR DISTRIBUTIONS DURING THIS
PERIOD; THE BORROWED FUNDS WERE USED FOR REPAYMENT OF DEBTS AND WORKING CAPITAL REQUIREMENTS AS PERMITTED UNDER APPLICABLE
REGULATIONS. EFFECTIVE APRIL 2024, SEBI REVISED ITS REIT REGULATIONS TO INCLUDE A MANDATORY DISTRIBUTION METHODOLOGY WHICH
RESTRICTED USE OF BORROWED FUNDS FOR DISTRIBUTIONS. THE INDIA REIT BEGAN FOLLOWING THE REVISED FRAMEWORK AS PRESCRIBED POST
APRIL 2024, HOWEVER, NO SUCH MANDATORY METHODOLOGY WAS PRESCRIBED EARLIER (AND ONLY A GUIDANCE WAS ISSUED BY SEBI). DESPITE THE
MERITS OF THE CASE, BROOKPROP OPTED TO SETTLE WITHOUT ADMISSION OF LIABILITY IN THE INTEREST OF A SPEEDY RESOLUTION OF THE MATTER.
BROOKPROP MADE AN INR 20,47,500 (~USD 23K) SETTLEMENT PAYMENT IN AUGUST 2025 UPON WHICH THE MATTER WAS CLOSED.