Brookfield Oaktree Holdings, LLC

Previous wording

Second Quarter Ended June 30, 2025 Compared to the Second Quarter Ended June 30, 2024

Current wording

Third Quarter Ended September 30, 2025 Compared to the Third Quarter Ended September 30, 2024

Previous wording

Interest and dividend income decreased $24.1 million, or 17.7%, to $112.3 million for the second quarter of 2025, from $136.4 million for the second quarter of 2024. The decrease was primarily attributable to the deconsolidation of Oaktree Capital I as a result of the 2024 Restructuring, partially offset by increased income from our investments in Opps XII.

Current wording

Interest and dividend income increased $6.0 million, or 5.2%, to $121.0 million for the third quarter of 2025, from $115.0 million for the third quarter of 2024. The increase was primarily attributable to higher income from our investments in Opps XII.

Previous wording

Consolidated fund expenses decreased $1.6 million, or 6.6%, to $22.5 million for the second quarter of 2025, from $24.1 million for the second quarter of 2024. The decrease is primarily due to the deconsolidation of Oaktree Capital I’s consolidated funds following the 2024 Restructuring, partially offset by higher general costs incurred by Opps XII.

Current wording

Consolidated fund expenses decreased $3.4 million, or 17.3%, to $16.2 million for the third quarter of 2025, from $19.6 million for the third quarter of 2024. The decrease is primarily due to lower general costs incurred by Opps XI.

Previous wording

Net realized gain on consolidated funds’ investments decreased $54.3 million, from a net gain of $54.9 million for the second quarter of 2024 to $0.6 million for the second quarter of 2025. The net realized gain during the second quarter of 2025 reflects our consolidated funds’ performance on investments sold and the decrease is primarily due to Opps XI.

Current wording

Net realized gain on consolidated funds’ investments decreased $1.2 million, or 3.7%, to $31.3 million for the third quarter of 2025 from $32.5 million for the third quarter of 2024 . The net realized gain during the third quarter of 2025 reflects our consolidated funds’ performance on investments sold and the decrease is primarily due to Opps XI.

Previous wording

Net change in unrealized appreciation (depreciation) on consolidated funds’ investments increased $9.8 million, to a loss of $12.5 million for the second quarter of 2025, from a loss of $22.3 million for the second quarter of 2024. Excluding the impact of the reversal of net realized gain (loss) on consolidated funds’ investments, the net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased $44.5 million, to a net loss of $11.9 million for the second quarter of 2025, from a net gain of $32.6 million for the second quarter of 2024, primarily resulting from our investment in Opps XI.

Current wording

Net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased $29.1 million, or 55.4%, to a gain of $23.4 million for the third quarter of 2025, from a gain of $52.5 million for the third quarter of 2024. Excluding the impact of the reversal of net realized gain (loss) on consolidated funds’ investments, the net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased $30.3 million, to a net gain of $54.7 million for the third quarter of 2025, from a net gain of $85.0 million for the third quarter of 2024, primarily resulting from our investment in Opps XI.

Previous wording

Net income attributable to non-controlling interests in consolidated funds decreased $40.8 million, to $45.1 million for the second quarter of 2025, from $85.9 million for the second quarter of 2024. The decrease reflected our consolidated funds’ performance attributable to third-party investors in each period. These effects are described in more detail under “—Other Income (Loss)” above.

Current wording

Net income attributable to non-controlling interests in consolidated funds decreased $24.8 million, or 17.8%, to $114.6 million for the third quarter of 2025, from $139.4 million for the third quarter of 2024. The decrease reflected our consolidated funds’ performance attributable to third-party investors in each period. These effects are described in more detail under “—Other Income (Loss)” above.

Previous wording

Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Current wording

Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Previous wording

Interest and dividend income increased $2.9 million, or 1.1%, to $260.7 million for the first six months of 2025, from $257.8 million for the first six months of 2024. The increase was primarily attributable to higher income from our investments in Opps XII, partially offset by the deconsolidation of Oaktree Capital I as a result of the 2024 Restructuring.

Current wording

Interest and dividend income increased $8.9 million, or 2.4%, to $381.7 million for the first nine months of 2025, from $372.8 million for the first nine months of 2024. The increase was primarily attributable to higher income from our investments in Opps XII, partially offset by the deconsolidation of Oaktree Capital I as a result of the 2024 Restructuring.

Previous wording

Investment income decreased $31.0 million, or 89.1%, to $3.8 million for the first six months of 2025, from $34.8 million for the first six months of 2024, primarily due to decreases in the values of certain publicly-traded equity investments held by Oaktree Capital I.

Current wording

Investment income decreased $16.9 million, or 28.2%, to $43.1 million for the first nine months of 2025, from $60.0 million for the first nine months of 2024, primarily due to decreases in the values of certain publicly-traded equity investments held by Oaktree Capital I.

Previous wording

Consolidated fund expenses increased $4.6 million, or 10.3%, to $49.3 million for the first six months of 2025, from $44.7 million for the first six months of 2024. The increase is primarily due to higher general costs incurred by Opps XII, partially offset by the deconsolidation of Oaktree Capital I’s consolidated funds following the 2024 Restructuring.

Current wording

Consolidated fund expenses increased $1.2 million, or 1.9%, to $65.5 million for the first nine months of 2025, from $64.3 million for the first nine months of 2024. The increase is primarily due to higher general costs incurred by Opps XII, partially offset by the deconsolidation of Oaktree Capital I’s consolidated funds following the 2024 Restructuring.

Previous wording

Interest expense increased $1.1 million, or 2.1%, to $52.3 million for the first six months of 2025, from $51.2 million for the first six months of 2024. The increase is primarily driven by an increase in interest incurred by Opps XII due to higher debt balance, partially offset by the deconsolidation of Oaktree Capital I and its consolidated funds as a result of the 2024 Restructuring.

Current wording

Interest expense decreased $3.6 million, or 4.9%, to $69.2 million for the first nine months of 2025, from $72.8 million for the first nine months of 2024. The decrease is primarily driven by the deconsolidation of Oaktree Capital I and its consolidated funds as a result of the 2024 Restructuring, partially offset by higher interest incurred by Opps XI and Opps XII due to higher debt balances earlier in the year.

Previous wording

Net realized gain on consolidated funds’ investments increased $72.0 million, from a net gain of $3.1 million for the first six months of 2024 to $75.1 million for the first six months of 2025. The net realized gain during the first six months of 2025 reflects our consolidated funds’ performance on investments sold and the increase is primarily due to Opps XI and Opps XII.

Current wording

Net realized gain on consolidated funds’ investments increased $70.8 million, or 198.9%, to $106.4 million for the first nine months of 2025 from a net gain of $35.6 million for the first nine months of 2024. The net realized gain during the first nine months of 2025 reflects our consolidated funds’ performance on investments sold and the increase is primarily due to Opps XI and Opps XII.

Previous wording

Net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased $235.5 million, to a depreciation of $140.3 million for the first six months of 2025, from an appreciation of $95.2 million for the first six months of 2024. Excluding the impact of the reversal of net realized gain (loss) on consolidated funds’ investments, the net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased

Current wording

Net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased $264.6 million, or 179.3%, to a depreciation of $117.0 million for the first nine months of 2025, from an appreciation of $147.6 million for the first nine months of 2024. Excluding the impact of the reversal of net realized gain (loss) on consolidated funds’ investments, the net change in unrealized appreciation (depreciation) on consolidated funds’

Previous wording

$163.5 million, to a net loss of $65.2 million for the first six months of 2025, from a net gain of $98.3 million for the first six months of 2024, primarily resulting from our investment in Opps XI.

Current wording

investments decreased $193.8 million, to a net loss of $10.5 million for the first nine months of 2025, from a net gain of $183.3 million for the first nine months of 2024, primarily resulting from our investment in Opps XI.

Previous wording

Net income attributable to non-controlling interests in consolidated funds decreased $120.9 million, to $76.6 million for the first six months of 2025, from $197.5 million for the first six months of 2024. The decrease reflected our consolidated funds’ performance attributable to third-party investors in each period. These effects are described in more detail under “—Other Income (Loss)” above.

Current wording

Net income attributable to non-controlling interests in consolidated funds decreased $145.5 million, to $191.3 million for the first nine months of 2025, from $336.8 million for the first nine months of 2024. The decrease reflected our consolidated funds’ performance attributable to third-party investors in each period. These effects are described in more detail under “—Other Income (Loss)” above.

Previous wording

Net income (loss) attributable to Brookfield Oaktree Holdings, LLC Class A unitholders decreased $111.9 million, or 97.5%, to $2.9 million for the first six months of 2025, from $114.8 million for the first six months of 2024, primarily reflecting unrealized investment losses. These effects are described in more detail under “— Net Change in Unrealized Appreciation (Depreciation) on Consolidated Funds’ Investment” above.

Current wording

Net income (loss) attributable to Brookfield Oaktree Holdings, LLC Class A unitholders decreased $88.9 million, or 58.7%, to $62.6 million for the first nine months of 2025, from $151.5 million for the first nine months of 2024, primarily reflecting unrealized investment losses. These effects are described in more detail under “— Net Change in Unrealized Appreciation (Depreciation) on Consolidated Funds’ Investment” above.

Previous wording

We manage our liquidity and capital requirements by focusing on our cash flows before the consolidation of Oaktree funds and the effect of normal changes in short-term assets and liabilities. Prior to the 2024 Restructuring, our primary cash flow activities on an unconsolidated basis involved (a) generating cash flow from operations, (b) generating realized income and return of principal from investment activities, including strategic investments in certain third parties, (c) funding capital commitments that we have made to Oaktree funds, (d) funding our growth initiatives, (e) distributing cash flow to our Class A unitholders and to OCGH and OEP, (f) borrowings, interest payments and repayments under credit agreements, our senior notes and other borrowing arrangements, and (g) issuances of, and distributions made on, our preferred units. Subsequent to the 2024 Restructuring, our primary cash flow activities on an unconsolidated basis involve (a) generating realized income and return of principal from investment activities, (b) funding capital commitments that we have made to Oaktree funds, (c) distributing cash flow to our Class A unitholders, (d) issuances of, and distributions made on, our preferred units, and (e) equity contribution from the investors of the Company to fulfill certain contractual capital commitments to its subsidiaries. As of June 30, 2025, the Company on an unconsolidated basis had $15.2 million of cash and cash equivalents.

Current wording

We manage our liquidity and capital requirements by focusing on our cash flows before the consolidation of Oaktree funds and the effect of normal changes in short-term assets and liabilities. Prior to the 2024 Restructuring, our primary cash flow activities on an unconsolidated basis involved (a) generating cash flow from operations, (b) generating realized income and return of principal from investment activities, including strategic investments in certain third parties, (c) funding capital commitments that we have made to Oaktree funds, (d) funding our growth initiatives, (e) distributing cash flow to our Class A unitholders and to OCGH and OEP, (f) borrowings, interest payments and repayments under credit agreements, our senior notes and other borrowing arrangements, and (g) issuances of, and distributions made on, our preferred units. Subsequent to the 2024 Restructuring, our primary cash flow activities on an unconsolidated basis involve (a) generating realized income and return of principal from investment activities, (b) funding capital commitments that we have made to Oaktree funds, (c) distributing cash flow to our Class A unitholders, (d) issuances of, and distributions made on, our preferred units, and (e) equity contribution from the investors of the Company to fulfill certain contractual capital commitments to its subsidiaries. As of September 30, 2025, the Company on an unconsolidated basis had $8.6 million of cash and cash equivalents.

Previous wording

We have subscribed for a limited partner interest in, and made a capital commitment of, $750 million to Oaktree Opportunities Fund XI, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XI Investment” and such fund entities collectively, “Opps XI”). In order to fund the Opps XI Investment, our sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XI Investment Cash”) as and to the extent required to satisfy our obligations to Opps XI. We will use the Opps XI Investment Cash solely to fund the Opps XI Investment and satisfy our obligations in respect of Opps XI. Distributions from the Opps XI Investment are intended for the benefit of the Class A unitholder, subject to applicable law. Our preferred unitholders should not rely on distributions received by us in respect of the Company’s Opps XI Investment for payment of distributions on or redemption of the preferred units. As of June 30, 2025, $637.5 million of the $750.0 million capital commitment was funded. $372.2 million of the investment interest was pledged as collateral for two non-recourse credit facilities of an affiliate. The potential exposure is limited to the pledged interests.

Current wording

We have subscribed for a limited partner interest in, and made a capital commitment of, $750 million to Oaktree Opportunities Fund XI, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XI Investment” and such fund entities collectively, “Opps XI”). In order to fund the Opps XI Investment, our sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XI Investment Cash”) as and to the extent required to satisfy our obligations to Opps XI. We will use the Opps XI Investment Cash solely to fund the Opps XI Investment and satisfy our obligations in respect of Opps XI. Distributions from the Opps XI Investment are intended for the benefit of the Class A unitholder, subject to applicable law. Our preferred unitholders should not rely on distributions received by us in respect of the Company’s Opps XI Investment for payment of distributions on or redemption of the preferred units. As of September 30, 2025, $637.5 million of the $750.0 million capital commitment was funded. $360.2 million of the investment interest was pledged as collateral for two non-recourse credit facilities of an affiliate. The potential exposure is limited to the pledged interests.

Previous wording

Brookfield REIT OP Special Limited Partner L.P. (collectively, and together with any additional entities that may become direct or indirect subsidiaries of NTR (as defined below) and that beneficially own shares of Brookfield REIT (as defined below), the “REIT Entities”), including their indirect ownership in Brookfield Real Estate Income Trust Inc., a Maryland corporation (“Brookfield REIT”), as of June 30, 2023, and the Company agreed to contribute the Contributed Amount to OCG NTR Holdings, LLC, a wholly owned subsidiary of the Company (“NTR”), in connection with the Company’s indirect acquisition (the “Acquisition”) of 100% of the interests in the REIT Entities. An amount of $307.0 million in respect of the Contributed Amount was contributed to the Company on June 27, 2023 (the “Purchase Price”) and a true-up contribution of $13.9 million was made on July 31, 2023 (the “True-Up Payment”). Also on June 27, 2023, the Company entered into a contribution agreement (the “NTR Contribution Agreement”) with NTR whereby the Company contributed the Purchase Price to NTR and agreed to make a contribution in an amount equal to the True-Up Payment to NTR, and NTR agreed to use the Contributed Amount in connection with the Acquisition. On June 29, 2023, NTR entered into an agreement of purchase and sale (the “Agreement of Purchase and Sale”) to effect the Acquisition, whereby NTR acquired 100% of the interests in the REIT Entities from BUSI II NTR Sub LLC in exchange for cash. The Acquisition was completed on June 30, 2023.

Current wording

On June 27, 2023, the Company entered into a contribution agreement (the “Treasury Contribution Agreement”) with Brookfield Corporate Treasury Ltd. (“Treasury”). Treasury holds all of the outstanding Class A units of the Company. Pursuant to the Treasury Contribution Agreement, Treasury agreed to contribute to the Company an amount (the “Contributed Amount”) equal to the value of BUSI II GP-C LLC, BUSI II-C L.P., BUSI II SLP-GP LLC and Brookfield REIT OP Special Limited Partner L.P. (collectively, and together with any additional entities that may become direct or indirect subsidiaries of NTR (as defined below) and that beneficially own shares of Brookfield REIT (as defined below), the “REIT Entities”), including their indirect ownership in Brookfield Real Estate Income Trust Inc., a Maryland corporation (“Brookfield REIT”), as of June 30, 2023, and the Company agreed to contribute the Contributed Amount to OCG NTR Holdings, LLC, a wholly owned subsidiary of the Company (“NTR”), in connection with the Company’s indirect acquisition (the “Acquisition”) of 100% of the interests in the REIT Entities. An amount of $307.0 million in respect of the Contributed Amount was contributed to the Company on June 27, 2023 (the “Purchase Price”) and a true-up contribution of $13.9 million was made on July 31, 2023 (the “True-Up Payment”). Also on June 27, 2023, the Company entered into a contribution agreement (the “NTR Contribution Agreement”) with NTR whereby the Company contributed the Purchase Price to NTR and agreed to make a contribution in an amount equal to the True-Up Payment to NTR, and NTR agreed to use the Contributed Amount in connection with the Acquisition. On June 29, 2023, NTR entered into an agreement of purchase and sale (the “Agreement of Purchase and Sale”) to effect the Acquisition, whereby NTR acquired 100% of the interests in the REIT Entities from BUSI II NTR Sub LLC in exchange for cash. The Acquisition was completed on June 30, 2023.

Previous wording

As of June 30, 2025, the carrying value of the REIT Entities included in corporate investments was $304.1 million.

Current wording

As of September 30, 2025, the carrying value of the REIT Entities included in corporate investments was $306.7 million.

Previous wording

Significant amounts from our condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 are discussed below.

Current wording

Significant amounts from our condensed consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 are discussed below.

Previous wording

Operating activities provided $540.0 million and used $771.2 million of cash for the first six months of 2025 and 2024, respectively. These amounts principally reflected net income (loss), purchases of securities, net of non- cash adjustments, and net realized and unrealized (gain) loss from consolidated fund investments in each of the respective periods as well as net purchases of securities of the consolidated funds.

Current wording

Operating activities provided $543.7 million and used $508.6 million of cash for the first nine months of 2025 and 2024, respectively. These amounts principally reflected net income, net of non-cash adjustments, net realized and unrealized (gain) loss from consolidated fund investments in each of the respective periods as well as net purchases of, or proceeds from, securities of the consolidated funds.

Previous wording

Investing activities provided $49.4 million and used $80.5 million of cash for the first six months of 2025 and 2024, respectively. Net activity from purchases, maturities and sales of U.S. Treasury and other securities included net purchases of $0.0 million and $250.0 million for the first six months of 2025 and 2024. Corporate investments in funds and companies were of $0.0 million and $34.9 million for the first six months of 2025 and 2024, respectively. Distributions and proceeds from corporate investments in funds and companies were of $49.4 million and $124.5 million for the first six months of 2025 and 2024, respectively.

Current wording

Investing activities provided $65.1 million and used $44.3 million of cash for the first nine months of 2025 and 2024, respectively. Net activity from purchases, maturities and sales of U.S. Treasury and other securities included net purchases of $0.0 million and $170.0 million for the first nine months of 2025 and 2024. No cash was invested in corporate investments in funds and companies in the first nine months of 2025. Corporate investments in funds and companies was $36.8 million for the first nine months of 2024. Distributions and proceeds from corporate investments in funds and companies were of $65.1 million and $162.5 million for the first nine months of 2025 and 2024, respectively.

Previous wording

Financing activities used $751.4 million and provided $1.0 billion of cash for the first six months of 2025 and 2024, respectively, and included: (a) net distributions to non-controlling interests of $41.2 million and net contributions from non-controlling interests of $10.9 million; (b) distributions to unitholders of $355.0 million and $248.6 million; (c) net capital contributions of $119.4 million and net capital distributions of $0.3 million; and (d) payments of debt issuance costs of $0.0 million and $3.4 million. Additionally, the first six months of 2025 and 2024 included borrowings of $545.6 million and $2.2 billion, respectively, and $1.0 billion and $907.7 million of repayments, respectively, related to consolidated funds.

Current wording

Financing activities used $768.2 million and provided $871.5 million of cash for the first nine months of 2025 and 2024, respectively, and included: (a) net distributions to non-controlling interests of $156.6 million and $127.8 million, respectively; (b) distributions to unitholders of $428.8 million and $314.3 million, respectively; (c) net capital contributions of $119.4 million and $37.2 million, respectively; and (d) payments of debt issuance costs of $0.0 million and $3.4 million, respectively. Additionally, the first nine months of 2025 and 2024 included borrowings of $963.1 million and $2.2 billion, respectively, and $1.3 billion and $907.7 million of repayments, respectively, related to consolidated funds.