Brookfield Oaktree Holdings, LLC

Previous wording

Brookfield Oaktree Holdings, LLC holds Credit, Real Estate and Equity investments managed by leading alternative asset management firms Oaktree Capital Management, L.P. and Brookfield Asset Management Ltd. The Company both directly invests in funds and has indirect exposure through its approximately 72% economic interest in Oaktree Capital I, L.P. (“Oaktree Capital I”), which holds a majorityof Oaktree’s investments in its funds.

Current wording

Brookfield Oaktree Holdings, LLC holds Credit, Real Estate and Equity investments managed by leading alternative asset management firms Oaktree Capital Management, L.P. and Brookfield Asset Management Ltd. The Company both directly invests in funds and has indirect exposure through its approximately 74% economic interest in Oaktree Capital I, L.P. (“Oaktree Capital I”), which holds a majorityof Oaktree’s investments in its funds.

Previous wording

Brookfield Oaktree Holdings, LLC is a Delaware limited liability company that was formed on April 13, 2007 under the name Oaktree Capital Group, LLC. The Company’s ownership and operational structure through December 31, 2024 are the result of certain mergers and restructurings. The Company’s holdings and operations currently primarily represent (i) limited partner investments in certain of Oaktree’s flagship opportunistic credit funds, (ii) an approximately 72% economic interest in Oaktree Capital I, which holds a majority of Oaktree’s investments in its funds, and (iii) an indirect ownership interest in Brookfield Real Estate Income Trust Inc. (“Brookfield REIT”). The Company is the issuer of the Series A and Series B preferred units listed on the NYSE.

Current wording

Brookfield Oaktree Holdings, LLC is a Delaware limited liability company that was formed on April 13, 2007 under the name Oaktree Capital Group, LLC. The Company’s ownership and operational structure through December 31, 2025 are the result of certain mergers and restructurings. The Company’s holdings and operations currently primarily represent (i) limited partner investments in certain of Oaktree’s flagship opportunistic credit funds, (ii) an approximately 74% economic interest in Oaktree Capital I, which holds a majority of Oaktree’s investments in its funds, and (iii) an indirect ownership interest in Brookfield Real Estate Income Trust Inc. (“Brookfield REIT”). The Company is the issuer of the Series A and Series B preferred units listed on the NYSE.

Previous wording

The ongoing Russia-Ukraine conflict, including global sanctions imposed on Russia, and conflict in the Middle East, create continued uncertainty and volatility in the global financial markets and economy and, as a result, may adversely impact Oaktree’s businesses and its funds’ and their respective portfolio companies’ business. As of the date of this filing, we are not aware of any material risk to the stability of our consolidated financial statements caused by the Russia-Ukraine conflict or the conflict in the Middle East or the materiality of any effect such uncertainties may have on our business and operations.

Current wording

The ongoing Russia-Ukraine conflict, including global sanctions imposed on Russia, conflict in the Middle East, controversies regarding Greenland, and changes in trade policies of the United States and other countries, including the imposition of tariffs and retaliatory tariffs, create continued uncertainty and volatility in the global financial markets and economy and, as a result, may adversely impact Oaktree’s businesses and its funds’ and their respective portfolio companies’ business. As of the date of this filing, we are not aware of any material risk to the stability of our consolidated financial statements caused by the Russia-Ukraine conflict, the conflict in the Middle East or changes in U.S. and global trade policies, or the materiality of any effect such uncertainties may have on our business and operations.

Previous wording

There has been significant recent progress and developments in the area of generative artificial intelligence, such as ChatGPT, but the impact to our business of such evolving technology cannot be fully determined at this time.

Current wording

There has been significant recent progress and developments in the area of generative artificial intelligence but the impact to our business of such evolving technology cannot be fully determined at this time.

Previous wording

Historically, we had the potential to earn incentive income from many of the closed-end funds and certain evergreen funds managed by Oaktree in Oaktree Capital I’s capacity as the general partner of those funds. These closed-end funds generally provided that we received incentive income only after we had returned to Oaktree’s investors all of their contributed capital plus an annual preferred return, typically 8%. Once this occurred, we generally received as incentive income 80% of all distributions otherwise attributable to Oaktree’s investors, and those investors received the remaining 20% until we had received, as incentive income, 20% of all such distributions in excess of the contributed capital from the inception of the fund. Thereafter, all such future distributions attributable to Oaktree’s investors were distributed 80% to those investors and 20% to us as incentive income. As a result of the 2022 Restructuring, we were generally only entitled to earn one-third of the incentive income attributable to Oaktree Capital I in respect of Oaktree’s closed-end funds established in 2022 or later and in respect of incentive income from Oaktree’s evergreen funds earned subsequent to January 1, 2023. We were generally earning 100% of the incentive income attributable to Oaktree Capital I in respect of Oaktree’s closed-end funds established prior to 2022. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income as a result of the deconsolidation of Oaktree Capital I. Rather the economics resulting from Oaktree Capital I’s right to earn incentive income are reflected in the Company’s results through investment income earned from the Company’s approximately 72% equity method investment in Oaktree Capital I.

Current wording

Historically, we had the potential to earn incentive income from many of the closed-end funds and certain evergreen funds managed by Oaktree in Oaktree Capital I’s capacity as the general partner of those funds. These closed-end funds generally provided that we received incentive income only after we had returned to Oaktree’s investors all of their contributed capital plus an annual preferred return, typically 8%. Once this occurred, we generally received as incentive income 80% of all distributions otherwise attributable to Oaktree’s investors, and those investors received the remaining 20% until we had received, as incentive income, 20% of all such distributions in excess of the contributed capital from the inception of the fund. Thereafter, all such future distributions attributable to Oaktree’s investors were distributed 80% to those investors and 20% to us as incentive income. As a result of the 2022 Restructuring, we were generally only entitled to earn one-third of the incentive income attributable to Oaktree Capital I in respect of Oaktree’s closed-end funds established in 2022 or later and in respect of incentive income from Oaktree’s evergreen funds earned subsequent to January 1, 2023. We were generally earning 100% of the incentive income attributable to Oaktree Capital I in respect of Oaktree’s closed-end funds established prior to 2022. Subsequent to the 2024 Restructuring, the Company no longer earns incentive income as a result of the deconsolidation of Oaktree Capital I. Rather the economics resulting from Oaktree Capital I’s right to earn incentive income are reflected in the Company’s results through investment income earned from the Company’s approximately 74% equity method investment in Oaktree Capital I.

Previous wording

We earn revenue from investment income, which represents our pro-rata share of income or loss from our investments. Historically, investment income was generally from Oaktree Capital I’s capacity as general partner in Oaktree funds and as an investor in Oaktree’s CLOs and third-party managed funds and companies. Subsequent to the 2024 Restructuring, we no longer earn investment income from the direct fund-related holdings of Oaktree Capital I. Rather the economics resulting from Oaktree Capital I’s investments are reflected in the Company’s investment income earned from the Company’s approximately 72% equity method investment in Oaktree Capital I.

Current wording

We earn revenue from investment income, which represents our pro-rata share of income or loss from our investments. Historically, investment income was generally from Oaktree Capital I’s capacity as general partner in Oaktree funds and as an investor in Oaktree’s CLOs and third-party managed funds and companies. Subsequent to the 2024 Restructuring, we no longer earn investment income from the direct fund-related holdings of Oaktree Capital I. Rather the economics resulting from Oaktree Capital I’s investments are reflected in the Company’s investment income earned from the Company’s approximately 74% equity method investment in Oaktree Capital I.

Previous wording

Interest and dividend income increased $141.6 million, or 40.6%, to $490.4 million for the year ended December 31, 2024, from $348.8 million for the year ended December 31, 2023. The increase was primarily attributable to increases in income from our investments in Opps XI and Opps XII, partially offset by the decrease in income due to deconsolidation of Oaktree Capital I as a result of the 2024 Restructuring.

Current wording

Interest and dividend income decreased $7.4 million, or 1.5%, to $483.0 million for the year ended December 31, 2025, from $490.4 million for the year ended December 31, 2024. The decrease was primarily attributable to the deconsolidation of Oaktree Capital I as a result of the 2024 Restructuring, partially offset by higher income from our investments in Opps XI and Opps XII.

Previous wording

Incentive income decreased $149.8 million, or 56.0%, to $117.5 million for the year ended December 31, 2024, from $267.3 million for the year ended December 31, 2023. The decrease was primarily due to the 2024 Restructuring, whereby we no longer earn incentive income due to the deconsolidation of Oaktree Capital I.

Current wording

Subsequent to the 2024 Restructuring, we no longer earn incentive income due to the deconsolidation of Oaktree Capital I.

Previous wording

Incentive income compensation expense decreased $112.6 million, or 83.5%, to $22.2 million for the year ended December 31, 2024, from $134.8 million for the year ended December 31, 2023. The decrease was primarily due tothe 2024 Restructuring, whereby we no longer incur incentive income compensation expense due to the deconsolidation of Oaktree Capital I.

Current wording

Subsequent to the 2024 Restructuring, we no longer incur incentive income compensation expense due to the deconsolidation of Oaktree Capital I.

Previous wording

Consolidated fund expenses increased $15.3 million, or 23.3%, to $81.1 million for the year ended December 31, 2024, from $65.8 million for the year ended December 31, 2023. The increase is primarily due to the general costs incurred by Opps XII, which was consolidated beginning the fourth quarter of 2023, partially offset by the decrease due to deconsolidation of Oaktree Capital I consolidated funds as a result of the 2024 Restructuring.

Current wording

Consolidated fund expenses increased $3.2 million, or 3.9%, to $84.3 million for the year ended December 31, 2025, from $81.1 million for the year ended December 31, 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

Net realized gain on consolidated funds’ investments decreased $13.8 million, to a net gain of $65.6 million for the year ended December 31, 2024, from $79.4 million for the year ended December 31, 2023. The net realized gain during theyear ended December 31, 2024 reflects our consolidated funds’ performance on investments sold and the decline is primarily due to Opps XI and Opps XII.

Current wording

Net realized gain on consolidated funds’ investments decreased $13.3 million, to $52.3 million for the year ended December 31, 2025, from $65.6 million for the year ended December 31, 2024. The net realized gain during theyear ended December 31, 2025 reflects our consolidated funds’ performance on investments sold and the decline is primarily due to Opps XII.

Previous wording

The net change in unrealized appreciation (depreciation) on consolidated funds’ investments increased $121.6 million, to net appreciation of $150.7 million for the year ended December 31, 2024, from $29.1 million for the year ended December 31, 2023. 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 increased $107.8 million to a net gain of $216.3 million for the year ended December 31, 2024, from $108.5 million for the year ended December 31, 2023, primarily resulting from our investments in Opps XI and Opps XII.

Current wording

The net change in unrealized appreciation (depreciation) on consolidated funds’ investments decreased $182.2 million, to a depreciation of $31.5 million for the year ended December 31, 2025, from an appreciation of $150.7 million for the year ended December 31, 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 $195.5 million to a net gain of $20.8 million for the year ended December 31, 2025, from a net gain of $216.3 million for the year ended December 31, 2024, primarily resulting from our investments in Opps XI.

Previous wording

Net (income) loss attributable to non-controlling interests in consolidated funds increased $172.0 million, or 69.9% to net income of $417.9 million for the year ended December 31, 2024, from net income of $245.9 million for the year ended December 31, 2023. The increase 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) loss attributable to non-controlling interests in consolidated funds decreased $145.5 million, or 34.8% to net income of $272.4 million for the year ended December 31, 2025, from net income of $417.9 million for the year ended December 31, 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 increased $86.3 million, or 44.5%, to $280.2 million for the year ended December 31, 2024, from $193.9 million for the year ended December 31, 2023, primarily reflecting higher interest and dividend income and better realized and unrealized performance of our consolidated funds’ investments. These effects are described in more detail under “—Net Change in Unrealized Appreciation (Depreciation) on Consolidated Funds’ Investments ” and “—Interest and Dividend Income”.

Current wording

Net income (loss) attributable to Brookfield Oaktree Holdings, LLC Class A unitholders decreased $58.3 million, or 20.8%, to $221.9 million for the year ended December 31, 2025, from $280.2 million for the year ended December 31, 2024, primarily reflecting lower other income related to our consolidated funds. These effects are described in more detail under “— Other Income (Loss)” 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 December 31, 2024, the Company on an unconsolidated basis had $22.3 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 December 31, 2025, the Company on an unconsolidated basis had $6.8 million of cash and cash equivalents.

Previous wording

We have subscribed for a limited partner interest in, and made a capital commitment of, $750.0 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 December 31, 2024, $637.5 million of the $750.0 million capital commitment was funded. $379.0 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, $750.0 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 December 31, 2025, $637.5 million of the $750.0 million capital commitment was funded. $346.8 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

We have subscribed for a limited partner interest in, and made a capital commitment of, $750.0 million to Oaktree Opportunities Fund XII, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XII Investment” and such fund entities collectively, “Opps XII”). In order to fund the Opps XII Investment, our sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XII Investment Cash”) as and to the extent required to satisfy our obligations to Opps XII. We will use the Opps XII Investment Cash solely to fund the Opps XII Investment and satisfy our obligations in respect of Opps XII. Distributions from the Opps XII 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 XII Investment for payment of distributions on or redemption of the preferred units. As of December 31, 2024, the Company has funded in the aggregate $53.3 million of the $750.0 million capital commitment.

Current wording

We have subscribed for a limited partner interest in, and made a capital commitment of, $796.2 million to Oaktree Opportunities Fund XII, L.P., a parallel investment vehicle thereof or a feeder fund in respect of one of the foregoing (such limited partner interest, the “Opps XII Investment” and such fund entities collectively, “Opps XII”). In order to fund the Opps XII Investment, our sole Class A unitholder, or one of its affiliates, will contribute cash as a capital contribution (the “Opps XII Investment Cash”) as and to the extent required to satisfy our obligations to Opps XII. We will use the Opps XII Investment Cash solely to fund the Opps XII Investment and satisfy our obligations in respect of Opps XII. Distributions from the Opps XII 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 XII Investment for payment of distributions on or redemption of the preferred units. As of December 31, 2025, the Company has funded in the aggregate $218.9 million of the $796.2 million capital commitment. $102.0 million of the investment interest was pledged as collateral for one non-recourse credit facility of an affiliate. The potential exposure is limited to the pledged interests.

Previous 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”).

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”)

Previous wording

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

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 December 31, 2024, the carrying value of the REIT Entities included in corporate investments was $307.8 million.

Current wording

As of December 31, 2025, the carrying value of the REIT Entities included in corporate investments was $311.0 million.

Previous wording

Operating activities used $0.5 billion, $0.7 billion and $1.9 billion of cash in 2024, 2023 and 2022, respectively. These amounts principally reflected net income, 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 $0.5 billion of cash in 2025 and used $0.5 billion and $0.7 billion of cash in 2024 and 2023, respectively. These amounts principally reflected net income, 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.

Previous wording

Investing activities used $1.1 million and $366.6 million of cash in 2024 and 2023, respectively and used $228.7 million of cash in 2022. Corporate investments in funds and companies of $34.9 million, $488.3 million and $308.4 million in 2024, 2023 and 2022, respectively, consisted of the following:

Current wording

Investing activities provided $66.1 million of cash in 2025 and used $1.1 million and $366.6 million of cash in 2024 and 2023, respectively. No cash was invested in corporate investments in funds and companies in 2025. Corporate investments in funds and companies were $34.9 million and $488.3 million in 2024 and 2023, respectively. Distributions and proceeds from corporate investments in funds and companies of $66.1 million, $203.8 million and $121.6 million in 2025, 2024 and 2023, respectively.

Previous wording

Financing activities provided $0.8 billion, $1.3 billion and $2.0 billion of cash in 2024, 2023 and 2022, respectively. Financing activities included: (a) net distributions from non-controlling interests in consolidated funds of $184.3 million in 2024, and net contributions of $907.1 million and $520.0 million in 2023 and 2022, respectively; (b) net borrowing from credit facilities of the consolidated funds of $1.3 billion in 2024, and repayment of $48.9 million and $81.1 million in 2023 and 2022, respectively; (c) distributions to unitholders of $423.1 million, $177.7 million and $329.2 million in 2024, 2023 and 2022, respectively; (d) net capital contributions of $99.3 million, $581.5 million and $146.9 million in 2024, 2023 and 2022, respectively; (e) payments of debt issuance costs of $3.4 million, $0.1 million and $8.9 million in 2024, 2023 and 2022, respectively.

Current wording

Financing activities used $0.8 billion of cash in 2025 and provided $0.8 billion and $1.3 billion of cash in 2024 and 2023, respectively. Financing activities included: (a) net distributions from non-controlling interests in consolidated funds of $0.3 billion and $0.2 billion in 2025 and 2024, respectively, and net contributions of $0.9 billion in 2023; (b) net repayments of credit facilities of the consolidated funds of $0.2 billion and $48.9 million in 2025 and 2023, respectively, and borrowings of $1.3 billion in 2024; (c) distributions to unitholders of $0.5 billion, $0.4 billion and $0.2 billion in 2025, 2024 and 2023, respectively; and (d) net capital contributions of $0.1 billion, $0.1 billion and $0.6 billion in 2025, 2024 and 2023, respectively.

Previous wording

(1) These obligations represent commitments by us to provide limited and general partner capital funding to our funds and limited partner capital funding to funds managed by unaffiliated third parties. These amounts are generally due on demand and are therefore presented in the 2025 column. Capital commitments are generally expected to be called over a period of several years.

Current wording

(1) These obligations represent commitments by us to provide limited partner capital funding to our funds. These amounts are generally due on demand and are therefore presented in the 2026 column. Capital commitments are generally expected to be called over a period of several years.