Brookfield Asset Management Ltd.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. ORGANIZATION

Brookfield Asset Management Ltd. (“BAM”, “we”, “our”, “us”, or the “Company”) is an alternative asset manager headquartered in New York, NY, and listed on the New York Stock Exchange (“NYSE”) and Toronto Stock Exchange (“TSX”) under the symbol BAM. BAM focuses on infrastructure, energy, private equity, real estate and credit, operating in various markets globally.

BAM was incorporated on July 4, 2022 and its head office is located at Brookfield Place, 225 Liberty Street, 8th Floor, New York, NY, 10281-1048 and its registered office is located at 1055 West Georgia Street, 1500 Royal Centre, P.O. Box 11117, Vancouver, British Columbia V6E 4N7.

On July 4, 2022, the date of its incorporation, the Company entered into certain agreements and arrangements, including the Relationship Agreement under which carried interest generated by BAM is allocated to BN at 100% with respect to mature funds and at 33.3% with respect to current funds, new funds and open-end funds, through the Company’s non-controlling interest and preferred shares redeemable non-controlling interest held by BN. Further, certain employee share-based and performance-based compensation costs are recovered from BN. See discussion of the accounting for this agreement in the Other Revenues accounting policy in Note 2.

On February 4, 2025, BAM and BN completed a transaction by way of a plan of arrangement whereby BN and certain of its subsidiaries exchanged all of their common shares in Brookfield Asset Management ULC (the “Asset Management Company”) for newly-issued Class A Shares on a one-for-one basis (the “2025 Arrangement”). As a result of the 2025 Arrangement, BAM issued approximately 1,194 million Class A Shares to BN for approximately 1,194 million outstanding common shares of the Asset Management Company. Immediately following the completion of the 2025 Arrangement, (i) BAM held, directly and indirectly,100% of the outstanding common shares of the Asset Management Company, (ii) BN held approximately 73% of the Class A Shares of BAM, and (iii) the shareholders of BAM prior to effecting the 2025 Arrangement held the remaining approximately 27% of the Class A Shares of BAM.

The financial statements of BAM for the periods prior to February 4, 2025, the closing date of the 2025 Arrangement, reflect historical financial information of Brookfield Asset Management ULC (other than legal share capital), the accounting acquirer, as the “Predecessor” entity. For the periods thereafter, the financial statements reflect the financial position and results of the combined entity.

On July 31, 2026, BAM and BN completed the Oaktree Acquisition, which was originally announced on October 13, 2025. BAM's portion of the transaction was funded through a combination of cash and non-cash consideration. In connection with the transaction, certain existing Oaktree investments were sold to BWS. Oaktree's results are included in BAM's condensed consolidated financial statements beginning July 31, 2026. Refer to Note 3 for additional information on the transaction.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of BAM have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and are presented in U.S. dollars. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. The condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented in accordance with U.S. GAAP. The results reported in these condensed consolidated financial statements should not necessarily be regarded as indicative of results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements of BAM for the year ended December 31, 2025, as filed in our Form 10-K dated March 2, 2026.

Certain of the comparative figures have been reclassified to conform with the current year's presentation. This includes changes in the presentation of right-of-use assets and operating lease liabilities which have been presented as separate financial statement captions in the condensed consolidated balance sheets. Further, the Company revised the presentation of its partner managers' results within segment reporting to present its share of revenues and expenses on a gross basis, rather than presenting its share of net earnings within Segment Revenues. Comparative segment information has been recast to conform with the revised presentation, with no impact on total Segment Earnings.

Use of Estimates

The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management believes that estimates utilized in the preparation of the condensed consolidated financial statements are reasonable. Such estimates include those used in determining the fair value of investments and financial instruments, the measurement of deferred tax balances (including valuation allowances), accrued carried interest, incentive distributions and the accounting for share-based and performance-based compensation. Actual results may differ from those estimates and such differences may be material.

Consolidation

The Company consolidates all entities which it controls through a majority voting interest and all variable interest entities (“VIE”) for which it is the primary beneficiary. An enterprise is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a variable interest entity and reconsiders that conclusion upon certain events. In determining whether the Company is the primary beneficiary, the Company evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Assets of a consolidated VIE can only be used to settle obligations of the consolidated VIE and creditors and other beneficial interest holders do not have recourse to the Company with respect to liabilities of its consolidated VIEs. For more information, the Company’s other disclosures regarding VIEs are discussed in Note 5.

The Company also consolidates the balance sheet and results of operations of certain funds in which it is the primary beneficiary.

All intercompany balances and transactions have been eliminated on consolidation.

Business Combinations

The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”), under which the consideration transferred, including the acquisition-date fair value of contingent consideration, is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. Any excess of the consideration transferred over the fair value of the net identifiable assets acquired is recognized as goodwill.

Determining the fair value of assets acquired and liabilities assumed requires management to make estimates and assumptions, particularly in valuing identifiable intangible assets. Significant estimates may include projected future cash flows, expected retention rates, expected useful lives and discount rates.

For business combinations achieved in stages, the Company remeasures its previously held equity interest in the acquiree to its acquisition-date fair value and recognizes any resulting gain or loss in other income (expenses), net in the condensed consolidated statements of operations. The Company may adjust provisional amounts recognized for a business combination during the measurement period, which cannot exceed one year from the acquisition date, as additional information becomes available about facts and circumstances that existed at the acquisition date. Acquisition-related costs are expensed as incurred.

The Company has various outstanding special tracking preferred shares of certain subsidiaries of the Company (“Tracking Shares”) which provide BN with a redemption right, upon a liquidation or redemption event, to receive a preferred amount equal to the fair value of carried interest entitlement from certain tracked assets, net of any compensation related costs. The carried interest entitlement is determined based on the hypothetical liquidation at book value method of valuation (“HLBV”) being applied to each such mature fund at each reporting date, which calculates the accrued carried interest that would be due to the Company pursuant to fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. These returns are realized through the payment of cumulative dividends, as and when declared by the board of directors of the relevant BAM subsidiaries. The Tracking Shares are entitled to vote, together with the common shares owned indirectly by the Company, in respect of those subsidiaries and are presented as preferred shares redeemable non-controlling interest within the condensed consolidated balance sheets, outside of permanent equity.

The first series of Tracking Shares issued by Brookfield US Holdings Inc. (“BUSHI”), a subsidiary of the Company, provides BN with an economic interest equal to effectively 100% of the carried interest earned in mature funds. The first series of Tracking Shares also includes all economic interest associated with the Company's investment in BSREP III. Any economics relating to the limited partnership interest in BSREP III are attributed to the preferred shares within the preferred shares redeemable non-controlling interest financial statement line item on the condensed consolidated statement of operations. Carried interest entitlement on BSREP III is also determined using the HLBV method.

The second series of Tracking Shares issued by Brookfield Manager Holdings Ltd. (“BMHL”), a subsidiary of the Company, provides BN with an economic interest equal to effectively a 33.3% share of similar distributions on open-end funds.

The third series of Tracking Shares issued by BUSHI provides BN with an economic interest equal to 1.5% of certain investments held by Oaktree, an equity method investment of BAM, excluding any fee earnings, carried interest, incentive fees and performance fees of that equity method investee. In connection with the Oaktree Acquisition, the third series of Tracking Shares was redeemed for cash consideration.

Each series of Tracking Shares has a redemption clause whereby BUSHI for the first and third series and BMHL for the second series, each of whose board is controlled by BN, may elect to redeem the Tracking Shares upon the tenth anniversary of issuance. While each series of Tracking Shares is not currently redeemable, the Company believes that each series of Tracking Shares will become redeemable as the redemption requirement is only through the passage of time. As such the relevant redeemable non-controlling interest recognized outside of permanent equity requires remeasurement at each reporting period. Once the first and second series of Tracking Shares are redeemed, the holder retains no further economic entitlement to the carried interest of the funds, and for the first series, the limited partner investment interest included within those respective Tracking Shares. Once the third series of Tracking Shares are redeemed, the holder retains no further economic entitlement to the certain investments held by Oaktree included within those respective Tracking Shares.

BUSHI's issued share capital includes class B senior preferred shares, all of which are held by BN. The class B senior preferred shares entitle the holder to cumulative preferential cash dividends at $1.36375 per share per annum and are ranked senior to the BUSHI Tracking Shares, class B preferred shares and common shares. The class B senior preferred shares were issued in December 2022 in conjunction with the 2022 Arrangement and are held by BN. The class B senior preferred shares are redeemable by the issuer, whose board is controlled by BN, upon the tenth anniversary of issuance at a redemption amount of $25 per share plus accrued and unpaid dividends. While the class B senior preferred shares are not currently redeemable, the Company considers that it is probable such shares will become redeemable as the redemption requirement is only through the passage of time.

BUSHI's issued share capital includes class B preferred shares, all of which are held by BN. The class B preferred shares of BUSHI are redeemable at the option of both the holder and the issuer at a redemption amount of $25 per share plus declared and unpaid dividends, and entitle the holder to non-cumulative preferential cash dividends at 6.7% per annum on the redemption amount. These class B preferred shares are non-voting and rank junior to the class B senior preferred shares and the BUSHI Tracking Shares and senior to common shares of the entity. In connection with the Oaktree Acquisition, the Class B preferred shares were redeemed for cash consideration.

Due to the currently exercisable holder redemption option, the class B senior preferred shares and class B preferred shares are presented as a part of preferred shares redeemable non-controlling interest within the Company’s condensed consolidated balance sheets, outside of permanent equity and are measured at their redemption amount plus any dividends declared and unpaid at each reporting period.

Additionally, BUSHI, as part of BAM's various share-based compensation arrangements, has issued class A preferred shares to BN. The shares rank junior to the Class B senior preferred and Tracking Shares and are redeemable at the option of the holder and the issuer at a redemption amount of $25 per share plus accrued and unpaid dividends and are non-voting. Due to the currently exercisable holder redemption option, these shares are presented as part of preferred shares redeemable non-controlling interest within the Company’s condensed consolidated balance sheets, outside of permanent equity and are measured at their redemption amount plus any dividends declared and unpaid at each reporting period.

In connection with the Oaktree Acquisition, Exchange LP, a subsidiary of the Company, issued exchangeable preferred units. The BN Exchangeable Units entitle the holders to receive distributions that are economically equivalent to the distributions paid on BN Class A Shares and are exchangeable into BN Class A Shares subject to transfer and exchange restrictions, including a lock-up period following issuance, after which the holders may exchange the BN Exchangeable Units for BN Class A Shares. While the BN Exchangeable Units are not currently exchangeable, the Company believes the units will become exchangeable as the restriction lapses solely through the passage of time. As such, the BN Exchangeable Units are presented as preferred shares redeemable non-controlling interest within the condensed consolidated balance sheets, outside of permanent equity and are remeasured at each reporting period.

The Company recognizes any change in the carrying amount of its preferred shares redeemable non-controlling interest in net (income) loss attributable to preferred shares redeemable non-controlling interest in its condensed consolidated statements of operations. Distributions on the preferred shares redeemable non-controlling interest are made periodically as carried interest is realized. Distributions are not deferred until a redemption event occurs. These distributions are presented within distributions in Note 15, “Redeemable non-controlling interest”.

The Company has various outstanding classes of non-controlling interests issued by its consolidated funds, including interests held by BN, other related parties and third-party limited partners. These interests are redeemable upon events that are not solely within the

Company's control, including at the discretion of the relevant fund's general partner, which is controlled by BN. Due to the currently exercisable redemption option, these interests are presented as redeemable non-controlling interest in consolidated funds on the condensed consolidated balance sheets, outside of permanent equity. Net (income) loss attributable to redeemable non-controlling interest in consolidated funds is allocated based on the economic entitlement attributable to the redeemable non-controlling interest in consolidated funds. At each balance sheet date, the carrying value of the redeemable non-controlling interest in consolidated funds is presented at the redemption amount, to the extent that the redemption amount exceeds the carrying value. The Company recognizes changes in the redemption amount with corresponding adjustments against additional paid-in-capital within common stock on the condensed consolidated balance sheets. When redeemable amounts become legally payable to related parties or third-party investors, they are classified as a liability and included in due to affiliates of consolidated funds or accounts payable and other of consolidated funds, respectively, in the condensed consolidated balance sheets.

Non-Controlling Interest in Consolidated Entities

The Company has various outstanding classes of equity interests, issued by the Company’s subsidiaries and held by BN, which have rights to priority distributions. Net (income) loss and other comprehensive (income) loss, if applicable, generated by the respective subsidiaries is allocated to non-controlling interest in consolidated entities based on the substantive contractual terms of the subsidiaries’ governing agreements that specify the allocation of income or loss. Non-controlling interest includes BN's entitlement, pursuant to the Relationship Agreement, to 33.3% of all carried interest generated on new funds prior to any carried interest compensation costs.

Non-Controlling Interest in Consolidated Funds

Non-controlling interests in consolidated funds represent the equity in consolidated funds held by third-party investors and related parties. Net (income) loss and other comprehensive (income) loss, if applicable, generated by the respective funds is allocated to non-controlling interest in consolidated funds based on the substantive contractual terms of the funds' governing agreements that specify the allocation of income or loss, such as fees allocable to BAM.

Revenue Recognition

Revenue is measured based on the amount the Company expects to be entitled to under the contract with the customer and excludes amounts collected on behalf of third parties. A performance obligation is a promise in a contract to transfer a distinct good or service (or a bundle of goods and services) to the customer and is the unit of account in ASC 606 Revenue from Contracts with Customers(“ASC 606”). In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue, as, or when, the performance obligation is satisfied. The Company recognizes revenue when it transfers control of a product or service to a customer.

Revenues primarily consist of base management and advisory fees and incentive fees (including incentive distributions and performance fees).

Base management and advisory fees — Base management and advisory fees are comprised of base management fees and transaction, advisory and other fees and are accounted for as contracts with customers.

The Company earns base management fees from its customers at a fixed percentage of a calculation base that varies by fund or vehicle and may include committed capital, contributed capital, invested capital, drawn capital, cost basis, net asset value, gross assets, or the aggregate par value of collateral assets and principal cash, depending on the applicable governing documents. The Company identifies its customers on a fund-by-fund basis in accordance with the terms and circumstances of the individual fund. Generally, the customer is identified as the investor in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require the Company to provide investment management services over a period of time, which represents a performance obligation that the Company satisfies over time. Management fees are a form of variable consideration because the fees that the Company is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the reporting period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid. The Company is reimbursed by certain funds for expenses incurred or paid on behalf of the funds in connection with its investment advisory and administrative services. The Company evaluates the nature of these arrangements and, where applicable, whether it acts as principal or agent in determining the appropriate presentation of such amounts in its condensed consolidated statement of operations. In cases where the investor in its managed funds and investment vehicles is determined to be the customer, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract.

Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. These fees are based on a fixed percentage of enterprise value or equity value of pooled capital raised and are earned generally when the capital is called. These fees are not tied to performance or ongoing investment management services, are not subject to clawback and are recorded in the reporting period in which the related transaction closes.

Accrued but unpaid base management and advisory fees, net of management fee reductions and management fee offsets, as of the reporting date are included in accounts receivable and other, net or due from affiliates in the condensed consolidated balance sheets.

Deferred revenue represents consideration received or due in advance of the Company's satisfaction of its performance obligations under contracts with customers, including certain management, advisory and other fees. Deferred revenue is recognized as revenue over the period in which the related services are provided and is included in accounts payable and other, net in the condensed consolidated balance sheets.

Incentive fees — Incentive fees include incentive distributions and performance fees and are accounted for as revenue from contracts with customers.

Incentive fees are incentive payments to reward the Company for meeting or exceeding certain performance thresholds of managed entities, as determined by the terms of the underlying arrangements. These include BBUC performance fees earned above a high watermark, income-based incentive fees earned from certain managed funds and investment vehicles, including business development companies, and other performance-based fees that may be subject to contractual hurdles or performance thresholds.

Incentive distributions paid to us by our permanent capital vehicles BIP and BEP are determined by contractual arrangements and represent a portion of distributions paid above a predetermined hurdle. These amounts are accrued as revenue on the respective affiliates’ distribution record dates only if the predetermined hurdle has been achieved.

Certain incentive fee arrangements may be subject to clawback provisions, while incentive distributions are not subject to clawback.

Incentive fees, incentive distributions and performance fees will not be recognized until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved.

Accrued but unpaid incentive distributions and performance fees are recorded within due from affiliates in the condensed consolidated balance sheets as of the reporting date.

Investment income (loss)— Investment income (loss) represents the unrealized and realized gains and losses on carried interest and movements in the fair value of the Company's principal investments and is accounted for outside of ASC 606.

Carried interest is a performance fee arrangement in which the Company receives a percentage of investment returns, generated within a private fund on carry eligible capital, based on a contractual formula. We are eligible to earn carried interest from a fund once returns exceed the fund’s contractually defined performance hurdles, at which point we earn an accelerated percentage of the additional fund profit until we have earned the percentage of total fund profit, net of fees and expenses, to which we are entitled. At the end of each reporting period, the Company calculates the balance of accrued carried interest that would be due to the Company for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as accrued carried interest to reflect either (a) positive performance resulting in an increase in the accrued carried interest to the general partner or (b) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the accrued carried interest to the general partner. These adjustments are recorded in the condensed consolidated statements of operations as unrealized carried interest allocations in investment income. In each scenario, it is necessary to calculate the accrued carried interest on cumulative results compared to the accrued carried interest recorded to date and make the required positive or negative adjustments. The Company ceases to record negative carried interest once previously accrued carried interest for such funds has been fully reversed. The Company is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative carried interest over the life of a fund. Accrued carried interest as of the reporting date is reflected in investments on the condensed consolidated balance sheets.

Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Carried interest is subject to clawback to the extent that the carried interest received to date exceeds the amount due to the Company based on cumulative results. The accrual for potential repayment of previously received carried interest would represent amounts previously paid to the Company that would need to be repaid if these funds accruing carry were to be liquidated based on the fair value of their underlying investments. This amount is estimated to be $nil for all periods presented and as a result no clawback provision has been recognized in the condensed consolidated financial statements.

Fair value gains (losses) on principal investments include the unrealized and realized gains and losses on the Company’s principal investments, including its investments in the funds that are not consolidated and receive pro-rata allocations and other principal investments. Gain (loss) on principal investments is realized when the Company redeems all or a portion of its investment or when the

Company receives cash income, such as dividends or distributions. Unrealized gain (loss) on principal investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

Interest and dividend revenue — Interest and dividend revenue consists primarily of interest and dividend income earned on principal investments not accounted for under the equity method held by the Company.

Other revenues

Other revenues arise from the Relationship Agreement between BAM and BN. Under the Relationship Agreement, certain employee share-based and performance-based compensation costs are recovered from BN. Income generated under the Relationship Agreement relating to these instruments is recognized as other revenues in the condensed consolidated statements of operations on a gross basis as the instruments vest or are incurred.

Certain liability classified share-based awards covered by the Relationship Agreement are required to be revalued at each balance sheet date. As a result, where the revaluation results in an increase in the share-based award liability, BN will reimburse BAM while conversely, where the revaluation results in a decrease in the share-based award liability, BAM will be responsible for reimbursing the difference to BN.

Fair Value of Financial Instruments

U.S. GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

•Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities and mutual funds with quoted prices. The Company does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

•Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments in Level II include equity securities and derivative instruments where the fair value is based on observable inputs.

•Level III — Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in Level III include certain contingent consideration arrangements and put and call arrangements associated with partner manager investments, and privately held equity, preferred and debt investments held directly and through consolidated funds. For certain investments where the fair value is not readily determinable, NAV is applied as a practical expedient.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Level II Valuation Techniques

Financial instruments classified within Level II of the fair value hierarchy are comprised of certain equity securities and derivative instruments.

The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:

•Equity securities and derivative instruments are valued on the basis of prices from an orderly transaction between market participants provided by reputable dealers or pricing services. In determining the value of a particular investment, the Company may use certain information with respect to quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction that is embodied in the security.

Level III Valuation Techniques

In the absence of observable market prices, the Company values its investments using valuation methodologies applied on a consistent basis. For some investments where little market activity may exist, management’s determination of fair value is then based on the best information available in the circumstances and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks.

Certain contingent consideration arrangements and put and call arrangements associated with partner manager investments are valued using Monte Carlo simulation models that incorporate significant unobservable inputs, including projected earnings, volatility assumptions and discount rates, which reflect assumptions that market participants would use in pricing the instruments.

The Company uses the discounted cash flow method or the direct capitalization method to value the investments held in consolidated funds. Valuations may be derived by referencing observable valuation measures for comparable assets and recent market transactions, adjusted for asset specific factors. Where a discounted cash flow method is used, projected cash flows are estimated using assumptions that market participants would use in pricing the investment, including assumptions regarding future operating performance, capital expenditures, working capital requirements, discount rate, and terminal values, which are derived by reference to a stabilized exit earnings before interest, taxes, depreciation and amortization (“EBITDA”) and a capitalization rate. The Company may also utilize multiple valuation approaches and considers the results obtained from each approach in determining fair value.

Net Asset Value

Investment funds are typically measured using NAV as a practical expedient in determining fair value and are not classified in the fair value hierarchy. The carrying value reflects a pro rata ownership percentage as indicated by NAV in the investment fund financial statements, which may be adjusted if it is determined NAV is not calculated consistent with investment company fair value principles. The underlying investments of the investment funds may have significant unobservable inputs, which may include but are not limited to, comparable multiples and weighted average cost of capital (“WACC”) rates applied in valuation models or a discounted cash flow model.

Leases

The Company determines whether an arrangement contains a lease at inception. A lease is a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines whether the lease should be classified as an operating or finance lease in accordance with ASC 842, Leases(“ASC 842”).

Operating leases are included in right-of-use assets and operating lease liabilities in the condensed consolidated balance sheets. Right-of-use assets and operating lease liabilities are recognized at the commencement date and measured based on the present value of lease payments over the lease term. Right-of-use assets also include any deferred rent liabilities and lease incentives. As the Company's lease arrangements generally do not provide an implicit rate, the Company uses its incremental borrowing rate at the commencement date to determine the present value of lease payments.

The lease term includes renewal or termination options when it is reasonably certain that the Company will exercise such options. Operating lease expense is recognized on a straight-line basis over the lease term in general, administrative and other in the condensed consolidated statements of operations. Lease and non-lease components are generally accounted for separately.

Financial Assets and Financial Liabilities

In the normal course of business, the Company and certain consolidated funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against interest rate and foreign exchange risk. These generally include foreign currency forward contracts, total return swaps and interest rate swaps. The derivative instruments are not designated as hedging instruments under ASC 815, Derivatives and Hedging(“ASC 815”).

Derivative instruments under ASC 815 held by the Company are recognized on a gross basis as either financial assets or financial liabilities in the condensed consolidated balance sheets at fair value with changes in fair value recognized in net income.

Derivative instruments are marked-to-market at the end of each reporting period based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss). Upon settlement of the instrument, the Company records any realized gain (loss). Unrealized gains (losses) and realized gains (losses) are reflected within other income (expenses), net within the condensed consolidated statements of operations.

For certain derivative instruments, the Company enters into agreements subject to enforceable master netting arrangements that allow the Company to offset derivative assets and liabilities in the same currency by specific derivative type or, in the event of default by the counterparty, to offset derivative assets and derivative liabilities with the same counterparty. While these derivatives are eligible to be offset in accordance with applicable accounting guidance, the Company has elected to present derivative assets and liabilities based on gross fair value in its condensed consolidated balance sheets.

Derivative instruments under ASC 815 held by certain consolidated funds are recognized on a gross basis as either investments of consolidated funds or accounts payable and other of consolidated funds in the condensed consolidated balance sheets at fair value with unrealized and realized gains or losses being recognized in other income, net of consolidated funds within the condensed consolidated statements of operations.

Purchased or written options on equity interests of several of the Company's equity method investments that do not meet the definition of a derivative are recognized on the condensed consolidated balance sheets on a gross basis as financial assets or financial liabilities, respectively. These financial instruments are measured at fair value with changes in fair value recognized in other income (expenses), net within the condensed consolidated statements of operations.

Investments

Investments include (i) investments held by funds which the Company controls and consolidates and (ii) the Company’s ownership interests (typically general partner interests) in nonconsolidated funds and other asset management businesses which are accounted for as equity method investments.

(i) Investments at fair value under Consolidated Funds

Investments held in consolidated funds, which are investment companies under ASC 946, Financial Services - Investment Companies, are measured at fair value as disclosed in Note 4.

(ii) The Company’s ownership interests in funds and other asset management businesses accounted for as equity method investments

Investments in which the Company is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting. The Company has significant influence over certain Brookfield funds in which it invests but does not consolidate. Therefore, its investments in such Brookfield funds, which include both a proportionate and disproportionate allocation of the profits and losses, are accounted for under the equity method. The Company also has investments in equity interests of other asset management businesses that provide it with significant influence and therefore accounts for such investments using the equity method for its proportionate share of the investees' net income or losses.

When the Company acquires an additional interest in an existing equity method investment, resulting in a step-up in basis, the difference between the purchase price and the Company's proportionate share of the book value of the investee’s net assets is identified and allocated to the fair value of the identifiable assets and liabilities of the investee at the acquisition date. The excess of the purchase price over the book value of the net assets acquired is allocated to intangible assets and goodwill. The basis difference is generally amortized over the remaining useful lives of the intangible assets, while any amount allocated to goodwill is not amortized but is tested for impairment annually. The amortization of the basis difference affects the Company’s share of the investee’s net income or loss and is included in the “Share of Income from Equity Method Investments” line item in the condensed consolidated statements of operations. The amortization periods for the intangible assets to which the basis difference is allocated are consistent with the estimated useful lives of those assets. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

In cases where the Company’s equity method investments provide for a disproportionate allocation of the profits and losses, the Company’s share of income (losses) from equity method investments is determined using a balance sheet approach referred to as the HLBV method. Under the HLBV method, at the end of each reporting period the Company calculates the accrued carried interest that would be due to the Company pursuant to fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of the underlying investments varies between reporting periods, it is necessary to make adjustments to the amounts recorded as carried interest to reflect either a positive performance resulting in an increase in the carried interest allocated to the general partner or a negative performance that would cause the amount due to the Company to be less than the amount previously recognized, resulting in a negative adjustment to carried interest allocated to the general partner. In each case, such accrued carried interest will be recognized in the condensed consolidated statements of operations.

The Company has elected to account for certain equity method investments such as equity securities through the election of the fair value option under ASC 825, Financial Instruments. These are investments in limited partnerships that represent more than a minor interest in the investees where the Company does not have the practical ability to exert significant influence.

Refer to Note 4 for further details in relation to equity method investments.

Cash and Cash Equivalents

Cash and cash equivalents represents cash on hand, cash held in banks, demand deposits, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in interest and dividend revenue in the condensed consolidated statements of operations. The Company is subject to credit risk in the event a financial institution is unable to fulfil its obligations, including with respect to balances held in excess of applicable insured limits.

Restricted cash consists of balances that are not readily available for the Company's general operating needs, typically due to collateral, escrow, or legal requirements. The Company presents restricted cash in accounts receivable and other, net in the condensed consolidated balance sheets.

Cash of Consolidated Funds

Cash held at the consolidated funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company as the use of such amounts is generally limited to the activities of the consolidated funds.

Intangibles and Goodwill

Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from eight to fifteen years, reflecting the contractual or economic lives of such assets. Finite-lived intangible assets primarily include acquired closed-end fund customer relationships and trade names. Amortization expense is included within general, administrative and other in the condensed consolidated statements of operations. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Indefinite life intangible assets are not amortized and are tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Indefinite life intangible assets primarily include certain acquired open-end and evergreen fund management contracts.

Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of the Company’s operating segments is less than their respective carrying values. In most circumstances, the operating segments are considered the reporting units for purposes of goodwill impairment testing; however, in certain cases, reporting units may be identified at a lower level when an underlying strategy is determined to not have similar economic characteristics. If it is determined that it is more likely than not that a reporting unit's fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Impairment losses on goodwill and intangible assets are recognized within other income (expenses), net in the condensed consolidated statements of operations.

Property, Plant and Equipment, net

Property, plant and equipment, net consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software, corporate aircraft and other operating assets and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives. Leasehold improvements are depreciated over the lesser of the lease term or the useful life of the asset, generally ten to fifteen years. Furniture, fixtures, equipment, computer hardware and software are generally depreciated over three to seven years. Corporate aircraft are depreciated over their estimated useful lives, generally twenty years. Depreciation and amortization expense is recorded within general, administrative and other in the condensed consolidated statements of operations. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Compensation, benefits and carried interest compensation

Compensation — Compensation consists of (a) salary and bonus, deferred compensation and benefits paid and payable to employees, and (b) share-based compensation associated with the grants of share-based awards to employees. Compensation costs relating to the issuance of share-based awards to senior management and employees are accounted for in accordance with ASC 718, Compensation — Stock Compensation. These awards are measured at fair value at the grant date and expensed over the vesting period, except in the case of share-based awards that do not require future service, which are expensed immediately. Cash settled share-based awards and awards settled in a variable number of shares for a fixed monetary amount are classified as liabilities and are remeasured at the end of each reporting period. The Company accounts for forfeitures as they occur.

Refer to Note 14 for further details of the Company's share-based compensation.

Carried Interest Compensation— Unrealized and realized carried interest compensation is performance-based compensation based on performance of investments on a fund-by-fund basis. Such compensation expense is subject to both positive and negative adjustments. For certain carried interest compensation costs recognized in accordance with ASC 710 Compensation - General, BAM is not entitled to the associated carried interest income. Substantially all of these costs are recoverable from BN, with the recoveries being presented in other revenues in the condensed consolidated statement of operations. As the expense is recorded as carried interest compensation costs and the recovery is recorded as other revenues, we note the movement in carried interest allocation compensation and carried interest allocations on a gross basis may not have a direct correlation.

Other income (expenses), net

Other income (expenses), net — Other income (expenses), net includes net unrealized gains (losses) resulting from changes in the fair value of the Company’s investments in common shares, financial instruments associated with options to acquire additional interests in various investments, and investments in its sponsored funds. Other income (expenses), net also includes gains (losses) arising from the remeasurement of previously held equity interests in connection with business combinations achieved in stages, goodwill impairment losses, and non-asset management related expenses.

Other income, net of consolidated funds — Other income, net of consolidated funds include net unrealized gains (losses) resulting from changes in the fair value of the Company's underlying investments and other financial instruments in its consolidated funds. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

Income taxes

The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. Income taxes as presented attribute deferred income taxes of the Company's standalone condensed consolidated financial statements in a manner that is systematic, rational, and consistent with the asset and liability method.

The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the Company's assets and liabilities and are adjusted for changes in tax rates and tax laws when such changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized.

The Company analyzes its tax filing positions in all jurisdictions where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. Tax benefits associated with actual or expected income tax positions are recognized when the “more likely than not” recognition threshold is met. The tax benefits are measured at the largest amount of benefit that is greater than 50% likely to be realized upon settlement with the related tax authority.

The Company recognizes accrued interest and penalties related to uncertain tax positions within the provision for income taxes in the condensed consolidated statements of operations.

Related parties

In the normal course of operations, the Company enters into various transactions, including certain deposit arrangements, on market terms with related parties with amounts being recorded in due from/to affiliates. In accordance with ASC 850 Related Party Disclosures, BAM considers the nature of the relationship in assessing whether the related party meets the definition of an affiliate. Any entity that shares a common parent with BAM is considered an affiliate. This primarily includes BN, certain new and mature funds and perpetual affiliates. All other entities where either BAM or BN can exercise significant influence are considered related parties. This primarily includes BAM's or BN's equity method investees such as Castlelake and BWS. Amounts owed to and by equity method investments and joint ventures are not eliminated on consolidation.

The Company has certain loans receivable and payable within due from/to affiliates which are long-term in nature. These receivables and payables are initially recognized at fair value and subsequently measured at their amortized cost bases with interest recognized using the effective interest method.

In addition to the Relationship Agreement, BN, BAM and the Asset Management Company have entered into a services agreement (the “Services Agreement”), which replaced the Transition Services Agreement upon its expiration. Pursuant to the Services Agreement; (i) the parties agree to provide certain services to support day-to-day corporate activities (including services relating to finance, treasury, accounting, legal and regulatory, marketing, communications, human resources, internal audit and information technology); and (ii) upon the request of BN, making the services of BAM investment personnel available for purposes of assisting on acquisitions, investments and other transactions (collectively, the “Services”). The Services are provided, at cost, and shall continue until terminated by written agreement by each of BN, BAM and the Asset Management Company.

See Note 21 for further detail on related party transactions.

Common control transactions

Transfers of assets, liabilities, businesses, or subsidiaries between entities under common control are accounted for at the transferring entity's carrying values at the transfer date. Accordingly, no gains or losses are recognized when assets and liabilities are transferred between entities under common control. ASC 805 Business Combinations would also not apply to transfers of businesses or subsidiaries between entities under common control. As such, no step-up in fair value or new goodwill would be recognized upon such transfers. Any difference between the consideration exchanged and the carrying value of the net assets transferred is recorded as an adjustment to additional paid‑in capital.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales when (i) the transferred asset has been legally isolated from the transferor; (ii) the transferee has the right to pledge or exchange the transferred asset; and (iii) the Company does not maintain effective control over the transferred asset. If the criteria for sale accounting are met, the transferred asset is derecognized and a gain or loss is recognized upon sale, taking into account any retained interests. Transfers of financial assets that do not meet the criteria for sales are accounted for as financing transactions, with the proceeds received classified as secured borrowings.

Recent accounting pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company's condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, which requires public business entities to disclose specific information about existing costs and expenses in the notes to its financial statements. This ASU is intended to provide users with useful information about expenses critical to understanding an entity's performance. This standard requires that a public business entity disclose key expenses including, but not limited to, employee compensation, depreciation and amortization, and associated qualitative disclosures about the nature of expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently assessing the impact of this update, but it is not expected to have a material impact.

In September 2026, the FASB issued ASU 2026-03, which amends the fair value measurement guidance under ASC 820 for investment companies within the scope of ASC 946. The ASU requires investment companies to consider the effect of contractual sale restrictions when measuring the fair value of equity securities and to disclose the amount of any discount attributable to such restrictions. The amendments are effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact of this update on its condensed consolidated financial statements.

3. OAKTREE TRANSACTION

On July 31, 2026, Brookfield acquired the remaining approximate 26% common equity interest in Oaktree and its affiliates, for aggregate consideration of approximately $2.9 billion, inclusive of cash and non-cash consideration, of which approximately $2.2 billion is attributable to BAM. As part of the transaction, BAM acquired the remaining interest in Oaktree's asset management business, which entitles it to Fee-Related Earnings and legacy and new fund carried interest, increasing its ownership to 100% and resulting in BAM obtaining a controlling financial interest in Oaktree. Accordingly, the acquisition was accounted for as a business combination achieved in stages under ASC 805 and BAM's previously held equity method investment was remeasured to its acquisition-date fair value.

The acquired business operations of Oaktree contributed revenues of $308 million and net income of $34 million to BAM for the period from August 1, 2026 to September 30, 2026. Had the acquisition occurred on January 1, 2025, BAM's consolidated unaudited pro forma revenue and net income would be: (i) $2.7 billion and $1.2 billion, respectively, for the three months ended September 30, 2026; (ii) $6.7 billion and $3.0 billion, respectively, for the nine months ended September 30, 2026; (iii) $1.6 billion and $691 million, respectively, for the three months ended September 30, 2025; and (iv) $4.7 billion and $2.0 billion, respectively, for the nine months ended September 30, 2025. The pro forma amounts include adjustments for depreciation, amortization, financing, transaction costs and related tax effects. The information is presented for comparative purposes only and is not necessarily indicative of actual results.

Consideration Transferred:

The following summarizes the consideration transferred, fair value of assets acquired and liabilities assumed as of the acquisition date:

Preliminary Purchase Price Allocation

The accounting for the Oaktree Acquisition remains preliminary as the Company continues to finalize certain acquisition-date valuations and related accounting assessments, including, but not limited to, those associated with identifiable intangible assets and deferred income taxes. The purchase price allocation reflects management's current best estimates of the amounts recognized as of the acquisition date and remains subject to adjustment as additional information becomes available. The Company expects to finalize the purchase price allocation within the measurement period, which will not exceed one year from the acquisition date. As a result, the amount of goodwill recognized may be adjusted in future periods.

Due From Affiliates

The purchase price allocation reflects a receivable from affiliates in connection with a post-closing true-up between Brookfield entities, as contemplated under the transaction agreement. The amount is expected to be settled in a subsequent period.

Replacement Awards Attributable to Pre-combination Service

In connection with the acquisition, the Company replaced certain outstanding equity-based awards of Oaktree with awards issued under the Company's Restricted Share Unit (“RSU”) Plan. The replacement awards were measured at fair value as of the acquisition date.

Contingent Consideration

The acquisition includes contingent consideration arrangements pursuant to which certain sellers may be entitled to future cash payments based on the achievement of specified incentive-based performance metrics over future measurement periods through 2031. The acquisition-date fair value of the contingent consideration attributable to BAM's acquisition was $248 million and was estimated using a Monte Carlo simulation that incorporated projected future performance, expected timing of earnout elections, volatility assumptions and discount rates. This amount has been recorded in financial liabilities on the condensed consolidated balance sheets.

BN Exchangeable Units

As part of the consideration transferred, a subsidiary of the Company issued BN Exchangeable Units to certain sellers, with the exchange obligations to be settled by BN. The BN Exchangeable Units were measured at fair value on the acquisition date based on the fair value of the underlying BN Class A Shares and were included as a component of consideration transferred.

Pre-existing Interest in Oaktree

Pursuant to the guidance under ASC 805 in connection with a business combination achieved in stages, the Company remeasured its previously held 74% interest in Oaktree from $3.9 billion to its acquisition-date fair value of $5.9 billion, recognizing a gain of $2.0 billion in other income (expenses), net on the condensed consolidated statement of operations for the three and nine months ended September 30, 2026.

Pre-existing Relationship Effectively Settled

Prior to the Oaktree Acquisition, the Company and Oaktree were parties to a deposit agreement pursuant to which the Company had recorded a liability at fair value. Upon closing of the acquisition, the pre-existing relationship was effectively settled and the related liability was eliminated. In accordance with ASC 805, the effective settlement of the deposit agreement reduced consideration transferred by $558 million, which was also excluded from the measurement of net assets acquired. No gain or loss was recognized as a result of the effective settlement.

Acquisition-Related Costs

Acquisition-related costs of $4 million and $12 million for the three and nine months ended September 30, 2026 were recognized as general, administrative and other in the condensed consolidated statements of operations.

Intangible Assets

The fair value and weighted average useful lives of the acquired identifiable intangible assets as of the acquisition date consist of the following:

Management contracts related to open-end and evergreen funds were determined to have indefinite useful lives because the contracts are expected to contribute to cash flows indefinitely and are not subject to foreseeable legal, contractual, regulatory or economic limitations.

Goodwill

The goodwill of $1.8 billion arising from the acquisition consists primarily of expected synergies, assembled workforce, and anticipated growth opportunities that can be achieved from combining the operations of BAM and Oaktree. All of the goodwill was assigned to BAM’s Credit segment.

$295 million of the goodwill recognized is expected to be deductible for income tax purposes.

Deferred Tax Liabilities

Deferred tax liabilities recognized in connection with the acquisition primarily reflect differences between the carrying amounts and tax bases of certain acquired assets and liabilities.

Disposition of Certain Oaktree Investments

On July 31, 2026, immediately prior to the Oaktree Acquisition, BAM completed the disposition to BWS of a portion of its existing equity method investment in Oaktree, representing its 74% economic interest in certain Oaktree corporate investments, for aggregate consideration of approximately $890 million, and reflects post-closing purchase price adjustments. Outstanding consideration receivable of $48 million in connection with these transactions is recorded within due from affiliates in the condensed consolidated balance sheets. A gain on disposition of $88 million was recognized in share of income from equity method investments in the condensed consolidated statements of operations associated with the disposal.

4. INVESTMENTS

Where appropriate, the accounting for the Company’s investments incorporates the changes in fair value of those investments.

a. As of September 30, 2026, common and preferred shares were $134 million (2025 – $337 million). Preferred shares primarily represents an investment of $40 million made in The Boring Company during the three months ended September 30, 2026. Common shares primarily represents investments of $64 million (2025 – $64 million) in Brookfield Renewable Energy L.P. and $28 million (2025 – $27 million) in Brookfield Infrastructure Income Fund Inc. Common and preferred share investments are carried at either fair value or cost less impairment. Changes in fair value of investments are recorded in other income (expenses), net in the condensed consolidated statements of operations, and investments measured at cost are assessed for impairment with losses recognized in other income (expenses), net. During the three months ended September 30, 2026, BAM redeemed its common share investment in Oaktree Strategic Credit Fund of $79 million. During the nine months ended September 30, 2026, BAM sold its preferred share investments in GEMS Education (2025 – $188 million) and Cherry Parent, LLC (2025 – $58 million) to BMEP and BPE, respectively. As a result of these transactions, BAM determined that it is the primary beneficiary of a sleeve of BMEP and BPE and will therefore consolidate both. Accordingly, the investments in GEMS Education and Cherry Parent, LLC are included within investments in consolidated funds in the condensed consolidated balance sheets.

b. As of September 30, 2026, investments in affiliates is primarily comprised of an interest in BSREP III, a fund which BAM manages, of $578 million (2025 – $700 million) which is accounted for as an equity investment measured at its NAV in accordance with ASC 321, Investments – Equity Securities. The change in fair value of the Company’s interest in BSREP III was $4 million (2025 – $74 million) and $31 million (2025 – $152 million) for the three and nine months ended September 30, 2026, respectively and is recorded within other income (expenses), net in the condensed consolidated statements of operations.

c. Accrued carried interest represents the disproportionate allocation of capital from our private funds to the extent that such interest is provided for in the relevant fund agreements. Accrued carried interest is accounted for using the equity method of accounting based on the Company’s entitlement to the funds’ net assets as if all investments were liquidated at fair value and all liabilities were satisfied, net of the cumulative amounts that have already been realized. As stipulated in the Relationship Agreement, accrued carried interest in mature funds, as defined therein, is all attributed to BN and accrued carried interest in new funds, including current funds and open-end funds, as defined therein, is attributed to BN at 33.3%. Such attribution is achieved via Tracking Shares and non-controlling interests in certain subsidiaries that are entitled to such carried interest.

The change in BAM’s accrued carried interest for mature funds during the three and nine months ended September 30, 2026 and 2025 is as follows:

All mature carried interest is due to BN, therefore BAM's net amount of mature carried interest retained is $nil for the three and nine months ended September 30, 2026 and 2025.

The change in BAM’s accrued carried interest for new funds during the three and nine months ended September 30, 2026 and 2025 is as follows:

New fund carried interest is partially due to BN, who is entitled to 33.3%. After allocating this interest to BN, BAM's net interest in new fund accrued carried interest as of September 30, 2026 is $2.2 billion (December 31, 2025 – $1.1 billion).

d. The Company has significant influence, but not control, over the operating and financial policies of its equity method investees by virtue of having the ability to appoint members of these investees' governing bodies. The Company recognized its share of earnings from all of its equity method investments of $261 million (2025 – $110 million) and $530 million (2025 – $349 million) for the three and nine months ended September 30, 2026, respectively, within the share of income from equity method investments in its condensed consolidated statements of operations. The Company’s equity method investments include our:

i. economic interest in Castlelake of $735 million (2025 – $720 million);

ii.20.0% economic interest in DoubleLine of $604 million (2025 – $nil);

iii. economic interest in Primary Wave of $427 million (2025 – $261 million);

iv.49.9% economic interest in LCM of $231 million (2025 – $221 million);

v.51.3% economic interest in Angel Oak of $133 million (2025 – $133 million);

vi.48.4% economic interest in 17Capital of $112 million (2025 – $nil);

vii. approximate 8% (2025 –11%) economic interest in Pretium of $260 million (2025 – $330 million) for which BAM has elected the fair value option under ASC 825 Financial Instruments upon initial recognition with changes in fair value recognized in net income. During the nine months ended September 30, 2026, BAM sold a partial interest in Pretium for cash consideration of $70 million, resulting in a realized gain of $4 million. In the same period, a $4 million decrease in the fair value of the remaining investment has been recognized, primarily reflecting lower market valuation multiples;

viii. limited partner interests in funds of $474 million (2025 – $368 million) include Pinegrove Fund (2026 – $330 million; 2025 – $230 million), and BGTF II (2026 – $65 million; 2025 – $36 million). During the nine months ended September 30, 2026, the Company determined that it is the primary beneficiary of BPE and therefore consolidates the fund. As a result, the Company derecognized its limited partner interests in BPE of $88 million (2025 - $92 million); and

ix. general partner interests in a number of our private funds.

Oaktree Equity Method Investments Acquired

During the three months ended September 30, 2026, in connection with the Oaktree Acquisition discussed in Note 3 “Oaktree Transaction,” the Company acquired a 20.0% economic interest in DoubleLine and a 48.4% economic interest in 17Capital. The Company accounts for these interests as equity method investments.

The acquisition resulted in a step-up in the basis of these investments, reflecting their acquisition-date fair values. The excess of the acquisition-date fair values over the Company's proportionate share of the underlying net assets was allocated to identifiable assets and liabilities and goodwill. The basis differences attributable to identifiable assets and liabilities are amortized over their respective useful lives.

As of September 30, 2026, the carrying values of the Company's investments in DoubleLine and 17Capital were $604 million and $112 million, respectively.

Primary Wave

During the three months ended September 30, 2026, the Company purchased an additional 9% interest in Primary Wave for approximately $125 million. The step-up transaction did not change the existing governance structure of Primary Wave, and BAM does not have a controlling financial interest. BAM continues to account for the interest in Primary Wave as an equity method investment.

Investments of Consolidated Funds

The summary of the Company's investments held in consolidated funds as of September 30, 2026 and December 31, 2025, is as follows:

As of September 30, 2026 and December 31, 2025, no single issuer or investment, including derivative instruments and underlying portfolio investments of the consolidated funds, had a fair value that exceeded 5% of BAM’s total assets.

As of September 30, 2026, BAM consolidates BSI II, BPE, a sleeve of BMEP, BREVA-H and OLAF. The investments in consolidated funds are accounted for at their fair value under ASC 946 Financial Services – Investment Companies.

Other income, net of consolidated funds in the condensed consolidated statements of operations, consists primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. For the three and nine months ended September 30, 2026, there were $94 million (2025 – $10 million) and $175 million (2025 – $37 million) of income recognized, respectively, within other income, net of consolidated funds on the condensed consolidated statements of operations.

BSI II

BAM continues to be the primary beneficiary of and consolidates BSI II. During the nine months ended September 30, 2026, BSI II sold a portion of its debt and equity interests in Spring Education to BWS, a limited partner in the fund, in exchange for cash consideration of $129 million.

BPE

During the nine months ended September 30, 2026, BAM increased its economic interest in BPE and determined it was the primary beneficiary of the fund. As a result, BAM was required to consolidate the fund and derecognize its equity method investment in BPE of $88 million beginning on March 1, 2026. Upon consolidation, the Company recognized approximately $104 million of cash of consolidated funds, $1.7 billion of investments of consolidated funds, and $143 million of due to affiliates of consolidated funds. The interests of related party and third-party investors were recorded as redeemable non-controlling interest in consolidated funds, and management fees and other transactions with BPE were eliminated upon consolidation.

During the nine months ended September 30, 2026, Spring Education was transferred to BPE from BSI II, both of which are consolidated funds of BAM. The Spring Education investment is therefore still consolidated by BAM. In accordance with ASC 810, BAM will consolidate the Spring Education co-investment holding entities as part of the consolidated fund total. This resulted in the recognition of an additional $483 million of consolidated fund investments and non-controlling interest beyond the original Spring Education investment on BAM's condensed consolidated balance sheets, with no impact to net income.

BMEP

During the nine months ended September 30, 2026, BAM increased its economic interest in a sleeve of BMEP and determined it was the primary beneficiary of the fund. As a result, BAM was required to consolidate the fund beginning on January 30, 2026. Upon consolidation, the Company recognized approximately $245 million of investments of consolidated funds and $211 million of borrowings of consolidated funds. The interests of third-party investors were recorded as non-controlling interests in consolidated funds, and management fees and other transactions with BAM's sleeve in BMEP were eliminated upon consolidation.

BREVA-H

During the nine months ended September 30, 2026, BAM provided approximately $217 million of temporary warehouse funding in connection with the acquisition of U.S. Manufactured Housing, pending funding by committed investors. During the period, the warehouse positions were syndicated to the underlying investors, including approximately $125 million transferred to BREVA-H, while the remaining warehouse positions were settled with third-party investors.

During the nine months ended September 30, 2026, BAM committed $200 million to BREVA-H and determined it was the primary beneficiary of the fund. As a result, BAM was required to consolidate the fund beginning on June 25, 2026. Following consolidation, BREVA-H drew approximately $125 million under its subscription credit facility to fund its investment in U.S. Manufactured Housing, which had previously been warehoused by BAM.

During the three months ended September 30, 2026, BREVA-H invested $108 million into a real estate investment, funded through a drawdown on the fund's subscription credit facility. The investment is measured at fair value in accordance with ASC 946, and is included in investments of consolidated funds on the condensed consolidated balance sheets.

OLAF

During the three months ended September 30, 2026, BAM acquired control of Oaktree and, as a result, consolidated OLAF beginning on July 31, 2026. As part of the acquisition, the Company recognized $1.0 billion of assets and $1.0 billion of liabilities related to OLAF. Oaktree continues to be the primary beneficiary of the fund and owns 100% of the fund interests. Management fees and other transactions with OLAF were eliminated upon consolidation.

5. VARIABLE INTEREST ENTITIES

The Company consolidates VIEs for which it is the primary beneficiary, either directly or indirectly through another consolidated entity. The Company’s consolidated VIEs most notably include Oaktree, which the Company began consolidating during the three months ended September 30, 2026, as well as certain consolidated funds. These VIEs primarily consist of operating entities through which the Company conducts its asset management activities, entities established to allocate performance-based fees between the Company and BN, and certain investment funds managed by the Company. The primary risks associated with these VIEs include the loss of invested capital and fluctuations in management fees and performance-based earnings. The Company does not provide performance guarantees and has no other financial obligation to provide funding to consolidated VIEs. The assets of consolidated VIEs may only be used to settle obligations of these entities. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities. As of September 30, 2026, the Company had unfunded commitments of $1.3 billion to the consolidated funds.

The Company holds variable interests in certain VIEs which are not consolidated as it has been determined that the Company is not the primary beneficiary. VIEs that are not consolidated predominantly include investment funds sponsored by or managed by the Company. The Company's investment strategies differ by investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management and performance income. The Company's maximum exposure to loss as a result of its investments in the unconsolidated investment funds is the carrying value of such investments, including the Company's capital interest and any unrealized carried interest. For the three and nine months ended September 30, 2026 and 2025, the Company did not provide any financial or other support to unconsolidated VIEs other than its obligated commitments.

The assets and liabilities recognized in the Company's condensed consolidated balance sheets related to its maximum exposure to loss of those VIEs of which the Company is determined not to be the primary beneficiary, the non-consolidated VIEs, are as follows:

6. FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS

Fair value approximates carrying value for the following financial instruments that are not measured at fair value in the condensed consolidated financial statements: cash, cash of consolidated funds, accounts receivable and other, net, accounts payable and other, net, due to affiliates, due to affiliates of consolidated funds, and due from affiliates.

Financial Instruments

The following tables summarize the fair value hierarchy of financial assets and liabilities of the Company that are measured at fair value as of September 30, 2026 and December 31, 2025:

Level III Measurements

The fair value measurement of items categorized in Level III of the fair value hierarchy is subject to valuation uncertainty arising from the use of significant unobservable inputs. The significant unobservable inputs used in the fair value measurement of financial assets and liabilities measured at fair value on a recurring basis are discount rates, volatility assumptions, and inputs to prescribed settlement formulas on certain of our options. Significant changes in these inputs in isolation would have resulted in a significantly higher or lower fair value measurement.

The following tables summarize the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of September 30, 2026 and December 31, 2025:

(a)Unobservable inputs were weighted based on the fair value of the investments included in the range.

(b)Financial assets relate to call options held by the Company to acquire additional shares of Primary Wave, LCM, Angel Oak and Castlelake from other investors of the investee using a prescribed valuation methodology in exchange for cash, Class A Shares or BN Class A Shares or other forms of consideration at the discretion of the Company. Financial assets also includes a financial guarantee that ensures a pre-determined return is earned on the economic interest in Pretium. The fair value of these instruments is determined quarterly using a Monte Carlo simulation and various inputs prepared by management.

(c)Preferred shares represent $40 million of preferred shares in The Boring Company (2025 – $nil), $nil of preferred shares in GEMS Education (2025 – $188 million) and $nil preferred shares of Cherry Parent, LLC (2025 – $58 million). Preferred share investments are carried at fair value with changes in fair value recorded in the condensed consolidated statements of operations.

(d)Equity method investments under fair value option represents an approximate 8% (2025 –11%) economic interest in Pretium of $260 million (2025 – $330 million) for which BAM has elected the fair value option under ASC 825 Financial Instruments upon initial recognition with changes in fair value recognized in the condensed consolidated statements of operations.

(e)Financial liabilities relate to put options held by other investors of Castlelake, LCM and Primary Wave under which the Company may be required to purchase additional shares of these investees using a prescribed valuation methodology in exchange for cash, Class A Shares or BN Class A Shares or other forms of consideration at the discretion of the Company. The balance also includes contingent consideration agreed to as part of the Oaktree Acquisition, certain investments and other financial derivatives. The fair value of these instruments is determined quarterly using a Monte Carlo simulation and various inputs prepared by management.

Level III Changes in Fair Value

During the three and nine months ended September 30, 2026 and 2025, there have been no changes in valuation techniques within Level III that have had a material impact on the valuation of financial instruments.

The following tables summarize the changes in financial assets and liabilities measured at fair value for which the Company has used Level III inputs to determine fair value. Total realized and unrealized gains and losses recorded for Level III investments are reported in other income (expenses), net in the condensed consolidated statements of operations.

Financial Instruments of Consolidated Funds

The following tables summarize the fair value hierarchy of financial assets and liabilities measured at fair value for the Company's consolidated funds as of September 30, 2026 and December 31, 2025:

Level III Measurements of Consolidated Funds

Level III Changes in Fair Value of Investments of Consolidated Funds

Level III Changes in Fair Value of Secured Borrowings of Consolidated Funds

7. CORPORATE BORROWINGS

BAM established a $750 million five-year revolving credit facility on August 29, 2024 through bilateral agreements with a group of lenders. On September 5, 2025, BAM upsized its revolving credit facility by $300 million to $1.1 billion. The facility is available in U.S. and Canadian dollars, where U.S. dollar draws are subject to the U.S. Base Rate or SOFR plus a margin of 80 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 80 basis points. The margins are subject to change based on the Company's credit rating.

On April 17, 2026, BAM issued $550 million offive-year senior unsecured notes due April 15, 2031 at a fixed interest rate of 4.832%, and completed a $450 million re-opening of its existing 5.298% senior unsecured notes due January 15, 2036.

BAM established a commercial paper program on March 3, 2026 under which it may issue senior unsecured short-term commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The Company did not have any commercial paper borrowings during the nine months ended September 30, 2026 and there were no borrowings outstanding as of September 30, 2026.

The following debt obligations are outstanding:

(a) All or a portion of the senior unsecured notes may be redeemed at BAM's option in whole or in part, at any time and from time to time, prior to the stated maturity, at the redemption price set forth in the agreement. If a change of control triggering event occurs, subject to certain conditions, BAM will be required to make an offer to repurchase all outstanding senior unsecured notes in cash equal to 101% of the principal amount plus accrued and unpaid interest up to the date of, but not including, the date of repurchase.

Fair value is determined by broker quote and BAM notes are classified as level II within the fair value hierarchy.

Scheduled principal payments for corporate borrowings as of September 30, 2026 were as follows:

BAM's borrowings include customary representations, covenants and events of default. Financial covenants consist of a ratio of consolidated obligations to distributable earnings and a requirement to keep a minimum amount of fee-bearing capital, each tested quarterly. BAM was in compliance with all financial covenants associated with its borrowings as of September 30, 2026 and December 31, 2025.

8. BORROWINGS OF SUBSIDIARIES

On July 31, 2026, in connection with the Oaktree Acquisition discussed in Note 3, “Oaktree Transaction,” the Company began consolidating Oaktree’s existing borrowings and recognized $945 million of borrowings of subsidiaries, which are non-recourse to BAM.

The following debt obligations are outstanding:

(a) Oaktree’s outstanding senior unsecured notes were remeasured to their acquisition-date fair value in connection with the Oaktree Acquisition.

During the three months ended September 30, 2026, $100 million of assumed Oaktree Series B senior unsecured notes were repaid upon their maturity on September 3, 2026. The notes bore interest at 4.01%.

During the three months ended September 30, 2026, the closing of the Oaktree Acquisition triggered a change of control provision requiring mandatory prepayment of the September 2029, July 2031, and December 2032 notes. Subsequent to quarter-end, Oaktree repaid $321.5 million of senior unsecured notes in connection with the change of control. The remaining $128.5 million of the December 2032 notes were refinanced at 6.230%, with no change in contractual maturity.

Fair value is determined by using estimated rates, and Oaktree notes are classified as level III within the fair value hierarchy.

Scheduled principal payments for borrowings of subsidiaries as of September 30, 2026 were as follows:

As of September 30, 2026, Oaktree is in compliance with all financial maintenance covenants associated with its senior unsecured notes.

9. BORROWINGS OF CONSOLIDATED FUNDS

Certain consolidated funds also maintain revolving credit facilities that are secured by the limited partner commitments of the respective fund. The consolidated funds of BAM have the following borrowings:

(a) The secured borrowings capacity is calculated on a pro rata basis using fund commitments as of September 30, 2026.

As of September 30, 2026, OLAF, the consolidated fund consolidated as part of the Oaktree Acquisition has secured borrowings of $890 million. OLAF accounts for transfers of investments to affiliated funds as secured borrowings, which are presented within borrowings of consolidated funds on the condensed consolidated balance sheets. The related carrying amount of the transferred assets and secured borrowings was $890 million as of September 30, 2026. These transfers did not meet the criteria for sale accounting under ASC 860, Transfers and Servicing, and therefore did not qualify for derecognition of the transferred assets.

Scheduled principal payments for borrowings as of September 30, 2026 were as follows:

10. DERIVATIVES

Freestanding derivatives are instruments that the Company and certain consolidated funds have entered into in the normal course of business to achieve certain risk management objectives as part of their overall risk management and investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include interest rate swaps, total return swaps, and foreign currency forward contracts. As a result of the use of derivative contracts, the Company and certain consolidated funds are exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, the Company and certain consolidated funds enter into contracts with certain major financial institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value of all outstanding derivative contracts.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments held in consolidated funds. The notional amount represents the absolute value of all outstanding derivative contracts.

Nominal realized and unrealized gains and losses arising from freestanding derivatives were recorded in the condensed consolidated statements of operations for the three and nine months ended September 30, 2026 and 2025, respectively.

There were no derivatives outstanding that were designated as hedging instruments for accounting purposes as of September 30, 2026 and December 31, 2025.

11. REVENUE

The Company offers investment products on a number of strategies, specifically energy, infrastructure, private equity, real estate and credit, operating in more than 50 countries. The majority of base management and advisory fees are earned from customers located in the U.S.

The following table sets out revenue disaggregated by investment strategy and geography.

(a) Reflects the reclassification of certain performance fees from base management and advisory fees to incentive fees.

(a) Reflects the reclassification of certain performance fees from base management and advisory fees to incentive fees.

12. INCOME TAXES

The Company’s statutory federal income tax rate is 15%.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. and other local tax authorities. As of September 30, 2026, certain of the Company’s U.S. and non-U.S. income tax returns for 2018 through 2025 are open to or are under examination.

As of September 30, 2026, a valuation allowance of $218 million (2025 – $197 million) has been recorded against deferred tax assets related to net operating loss carryforwards in the U. S. that are not more likely than not to be utilized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased.

13. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. BAM applies the two-class method in calculating earnings per share for each of its two classes of shares and participating securities, based on their pro-rata share of earnings. Class A Shares held under the ES Plans in one or more private wholly owned subsidiaries of BAM are classified as treasury shares and have been excluded from the calculation of earnings per share. BAM has certain dilutive securities relating to outstanding escrowed stock and management share options held by employees and non-employees that have been reflected accordingly in diluted earnings per share figures. Basic and diluted net income per share of common stock for the three and nine months ended September 30, 2026, and 2025 was calculated as follows:

The following weighted average potentially dilutive securities were evaluated under the treasury stock method for potentially dilutive effects and have been excluded in the above computation of diluted net income per share attributable to common shareholders for the period presented due to their anti-dilutive effect:

14. SHARE-BASED COMPENSATION

BAM and BN have granted share-based compensation awards to certain employees and directors of BAM, under a number of compensation plans (the “Equity Plans”). The Equity Plans provide for the granting of share options, restricted stock, escrowed shares, deferred share units, and restricted share units which contain certain service or performance requirements of BAM or BN.

The expense recognized for share-based compensation is summarized in the following table:

The share-based payment plans are described below.

Management Share Option Plan

BAM recognizes any awards associated with the existing Equity Plans for its employees irrespective of whether the awards were granted by BN or BAM. Options issued under the Management Share Option Plan (“MSOP”) of both BN and BAM vest over a period of up tofive years, expireten years after the grant date and are settled through issuance of Class A Shares or BN Class A Shares. The exercise price is equal to the market price at the grant date.

During the nine months ended September 30, 2026, BAM granted 7.7 million (2025 –4.8 million) share options at a weighted average exercise price of $52.04 (2025 – $59.62). The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5 year term (2025 –7.5),30.4% volatility (2025 –29.9%), a weighted average expected dividend yield of 4.8% (2025 –3.7%) annually, a risk-free rate of 3.9% (2025 –4.4%) and a liquidity discount of 25%, with a fair value of $8.09 per unit (2025 – $11.18). The total fair value of the share options granted was $62 million (2025 – $53 million).

For the three and nine months ended September 30, 2026, the total expense incurred with respect to MSOP totaled $12 million and $36 million, respectively (2025 – $11 million and $33 million).

Escrowed Stock Plan

The Escrowed Stock (“ES”) shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more thanten years from the grant date, all outstanding ES shares will be exchanged for Class A Shares or BN Class A Shares based on the respective market value at the time of the exchange. The number of Class A Shares or BN Class A Shares issued on exchange will be less than the number of shares purchased under the ES Plan resulting in a net reduction in the number of Class A Shares or BN Class A Shares.

During the nine months ended September 30, 2026, BAM granted 3.2 million (2025 –3.5 million) ES shares at a weighted average exercise price of $51.45 (2025 – $59.62). The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5 year term (2025 –7.5 years),31.3% volatility (2025 –29.9%), a weighted average expected dividend yield of 4.9% (2025 –3.7%) annually, a risk-free rate of 3.9% (2025 –4.4%) and a liquidity discount of 25%, with a fair value of $8.05 per unit (2025 – $11.18). The total fair value of the ES shares granted was $26 million (2025 – $40 million).

During the nine months ended September 30, 2026, BN granted 8.9 million (2025 –0.8 million) ES shares at a weighted average exercise price of $47.11 (2025 – $40.19) to BAM employees. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5 year term (2025 –7.5 years),30.7% volatility (2025 –31.3%), a weighted average expected dividend yield of 0.8% (2025 –0.8%) annually, a risk-free rate of 3.9% (2025 –4.4%) and a liquidity discount of 25%, with a fair value of $13.40 per unit (2025 – $11.89). The total fair value of the ES shares granted was $119 million (2025 – $9 million).

For the three and nine months ended September 30, 2026, the total expense incurred with respect to the ES Plan totaled $29 million and $84 million, respectively (2025 – $16 million and $45 million).

Restricted Stock Plan

The Restricted Stock Plan awards certain employees with Class A Shares and BN Class A Shares purchased on the open market (“Restricted Shares”). Under the Restricted Stock Plan, Restricted Shares awarded vest over a period of up tofive years, except for Restricted Shares awarded in lieu of a cash bonus, which may vest immediately. Vested and unvested Restricted Shares are subject to a hold period of up tofive years. Holders of Restricted Shares are entitled to vote and to receive associated dividends. Employee compensation expense for the Restricted Stock Plan is charged against income over the vesting period.

For the three and nine months ended September 30, 2026, the total expense incurred with respect to Restricted Shares totaled $19 million and $59 million, respectively (2025 – $14 million and $43 million).

Deferred Share Unit Plan

The Deferred Share Unit (“DSU”) Plan provides for the issuance of DSUs. Under the DSU Plan, qualifying employees and directors receive varying percentages of their annual incentive bonus or directors’ fees in the form of DSUs. The DSUs vest over periods of up tofive years, and accumulate additional DSUs at the same rate as dividends on Class A Shares and BN Class A Shares based on the market value of the shares at the time of the dividend. Participants are not allowed to convert vested DSUs into cash until retirement or cessation of employment.

The value of the DSUs, when converted to cash, will be equivalent to the market value of the Class A Shares or BN Class A Shares at the time the conversion takes place. During the nine months ended September 30, 2026, the DSU Plan of BN was partially settled, and participating employees of BAM exchanged their DSUs for new DSUs that track a fixed value preferred share in a subsidiary of BN, with a redemption value equal to the value of their DSUs on the settlement date, for a total amount of $458 million. These tracking DSUs vest over afive- year period but fall outside the scope of ASC 718, Compensation — Stock Compensation as they are not based on Class A Shares or BN Class A Shares and therefore are accounted for in accordance with ASC 710 - Compensation General. As the DSU Plan was a plan of BN, BAM was entitled to recover the costs from BN. As a result of the settlement, a due from affiliates amount of $458 million has been derecognized.

The fair value of the vested DSUs as of September 30, 2026 was $165 million (December 31, 2025 – $701 million).

Employee compensation expense for these plans is charged against net income over the vesting period of the DSUs. For those awards issued as part of the 2022 Arrangement, the mark-to-market movement is recoverable from BN. The amount payable in respect of vested DSUs changes as a result of dividends and share price movements. All of the amounts attributable to changes in the amounts payable by the Company are recorded as employee compensation expense in the period of the change. For the three and nine months ended September 30, 2026, employee compensation recovery totaled $14 million and $6 million, respectively (2025 – expense of $68 million and $89 million).

Restricted Share Unit Plan

The RSU Plan provides for the issuance of RSUs to certain employees, including in replacement of outstanding equity-based incentive awards. RSUs generally vest over a period of up tofive years, unless otherwise specified in the applicable award agreement, and are settled in cash, Class A Shares, or a combination thereof. Employee compensation expense for the RSU Plan is recognized over the vesting period of the awards. RSUs accumulate additional RSUs at the same rate as dividends on Class A shares. The fair value of the vested RSUs as of September 30, 2026 was $29 million (December 31, 2025 – $nil). For the three and nine months ended September 30, 2026, the total expense incurred with respect to the RSU Plan was nominal.

15. REDEEMABLE NON-CONTROLLING INTEREST

As of September 30, 2026, subsidiaries of the Company have issued and outstanding certain classes of preferred shares which are outlined below:

The movement in the carrying value of the preferred shares redeemable non-controlling interest is as follows:

BUSHI and BMHL Tracking Shares

During the three and nine months ended September 30, 2026, BUSHI paid BN a $17 million and $80 million cash dividend, respectively, on the BUSHI Tracking Shares, BMHL paid BN a $3 million and $11 million cash dividend on the BMHL Tracking Shares, respectively, and $2 million and $7 million on the Class A Preferred Shares, respectively.

During the three months ended September 30, 2026, in connection with the Oaktree Acquisition, the third series of BUSHI Tracking Shares was redeemed for cash consideration of $26 million.

BUSHI Class B senior preferred and preferred shares

In addition to the Tracking Shares, BUSHI has also issued class B senior preferred shares and had issued class B preferred shares. The class B senior preferred shares entitle the holder to cumulative preferential cash dividends at $1.36375 per share per annum and are ranked senior to the Tracking Shares, class B preferred shares and common shares. The class B senior preferred shares are redeemable by the issuer, whose board is controlled by BN, upon the tenth anniversary of issuance at a redemption amount of $25 per share plus accrued and unpaid dividends. The class B preferred shares were redeemable at the option of both the holder and the issuer at $25 per share (the redemption amount) plus unpaid dividends. These preferred shares were non-voting and ranked junior to the BUSHI Tracking Shares and senior to common shares of the entity, and were entitled to non-cumulative cash dividends at 6.7% per annum on their redemption amount. During the three months ended September 30, 2026, in connection with the Oaktree Acquisition, all 2,520,571 outstanding BUSHI class B preferred shares were redeemed for cash consideration of $63 million. As of September 30, 2026, there wereno class B preferred shares outstanding (December 31, 2025 – $63 million).

Class A preferred shares

The class A preferred shares were issued by a subsidiary of BAM to BN, are redeemable at the option of the holder and the issuer at a redemption amount of $25 per share plus accrued and unpaid dividends and these preferred shares are non-voting. As of September 30, 2026, $148 million of class A preferred shares remained outstanding (2025 – $148 million).

The Company accounts for the changes in the value of the redeemable non-controlling interest in accordance with ASC 480, Distinguishing Liabilities from Equity. The Company elects for the BUSHI Tracking Shares and class B senior preferred shares to recognize changes in the redemption value immediately as they occur and adjust the carrying amount to equal the redemption value at the end of each reporting period. Similarly, BAM recognizes changes in the redemption value of the BMHL Tracking Shares by adjusting the carrying amount to equal the redemption value at the end of each reporting period.

BN exchangeable units

In connection with the Oaktree Acquisition discussed in Note 3, “Oaktree Transaction,” a subsidiary of the Company issued BN Exchangeable Units to certain Oaktree sellers as consideration, of which $147 million was attributable to the Company’s acquisition of Oaktree, with the remaining $83 million attributable to interests held by affiliates through a subsidiary of the Company. The BN Exchangeable Units entitle holders to distributions that are economically equivalent to dividends on BN Class A Shares and are exchangeable into BN Class A Shares following the expiration of certain transfer and exchange restrictions.

The BN Exchangeable Units were initially recognized at a total fair value of $230 million and are subsequently remeasured to their redemption value at each reporting date. During the three months ended September 30, 2026, the Company recognized a $33 million adjustment to the redemption value of the BN Exchangeable Units, reflecting changes in the underlying BN Class A Share price. As of September 30, 2026, the carrying value of the BN Exchangeable Units was $197 million.

The redeemable non-controlling interest in consolidated funds amount of $1.5 billion is made up of Class D units, Class I units, Class S units, Class CA-1, Class CA-2 and Class CA-3 (“Investor Units”), Class B-1 and Class E-1, Class B-2 and Class E-2 units in BPE, a fund consolidated by BAM. These units are held by either related parties or third parties and due to the nature and terms of the units are classified and presented as redeemable non-controlling interest in consolidated funds within the condensed consolidated balance sheets, outside of permanent equity.

Class B-1 and E-1 Units

Class B-1 and Class E-1 units of BPE were issued to related parties in connection with seed investments and are subject to a monthly redemption arrangement at the discretion of the general partner of BPE. Redemptions, if any, are determined as of the last calendar day of each month. During an initial period, the redemption price is based on the lesser of net asset value and a discounted value of the underlying seed investments, with any excess retained by the fund.

Class B-1 and Class E-1 units that have been redeemed but not yet settled are reflected as due to affiliates of consolidated funds on the condensed consolidated balance sheets. From the date of consolidation March 1, 2026 to September 30, 2026,4,473,910 Class B-1 and Class E-1 units were redeemed for an aggregate of $108 million.

Investor Units, Class B-2 Units and Class E-2 Units

BPE has established a redemption program pursuant to which holders of Investor Units and Class B-2 Units may request redemptions on a quarterly basis. The general partner of BPE retains sole discretion to accept or reject redemption requests, in whole or in part, and may impose limitations on the amount of units redeemed in any given period, including the deferral of redemptions in excess of such limitations.

No holders of Investor Units, Class B-2 Units or Class E-2 Units have requested redemption as of September 30, 2026.

16. NON-CONTROLLING INTEREST

Non-Controlling Interests in Consolidated Entities

Net income (loss) generated by the respective subsidiaries is allocated to non-controlling interest in consolidated entities based on the substantive contractual terms of the subsidiaries’ governing agreements that specify the allocation of income or loss. The majority of income attributable to non-controlling interest is comprised of BN's 33.3% share of carried interest revenue generated on new funds.

The movement in the carrying value of non-controlling interest is as follows:

Non-Controlling Interests in Consolidated Funds

The following table sets forth a summary of changes in the non-controlling interests in consolidated funds.

Contributions of $562 million for the nine months ended September 30, 2026, include non-controlling interests of the Spring Education co-investment holding entities that were consolidated during the nine months ended September 30, 2026 as disclosed in Note 4, “Investments”.

17. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant, and equipment primarily consist of leasehold improvements, furniture, fixtures and equipment, computer hardware and software, and other operating assets.

18. LEASES

The Company has entered into operating leases primarily related to office space and equipment, with terms expiring withinone year through 2043. Lease agreements may include options to extend the leases for up tofive years, as well as options to terminate the leases within one year. These options are considered in determining the lease term when it is reasonably certain that BAM will exercise them. The right-of-use assets balance was $232 million as of September 30, 2026 (2025 - $49 million). The operating lease liabilities balance was $252 million as of September 30, 2026 (2025 - $67 million). The increase in right-of-use assets and operating lease liabilities during the nine months ended September 30, 2026 was primarily attributable to the Oaktree Acquisition discussed in Note 3, “Oaktree Transaction”. The right-of-use assets and the operating lease liabilities are presented separately within the condensed consolidated balance sheets. As of September 30, 2026, operating lease liabilities associated with related parties totalled $26 million (2025 - $29 million).

The components of lease expenses were as follows:

(a) Measured on a straight-line basis.

Supplemental cash flow information related to leases was as follows:

As of September 30, 2026, maturities of operating lease liabilities were as follows:

(a) The negative amount for the remaining undiscounted payments of 2026 reflects tenant improvement allowance reimbursements in excess of contractual lease payments during the period.

As of September 30, 2026, there were no finance leases outstanding.

19. GOODWILL AND INTANGIBLE ASSETS, NET

BAM's intangible assets consist primarily of acquired contractual rights to earn future fee income, including management and advisory fees, and customer relationships, which have a weighted-average amortization period of 13 years as well as indefinite life intangible assets. The Company tests indefinite life intangible assets for impairment at the asset level.

Amortization of finite-lived intangible assets held was $54 million (2025 – $7 million) and $68 million (2025 – $14 million) for the three and nine months ended September 30, 2026, respectively and is recorded within general, administrative and other in the condensed consolidated statements of operations.

Intangible assets, net consists of the following:

Changes in intangible assets, net consists of the following:

The carrying value of goodwill was $1.9 billion as of September 30, 2026 (2025 – $236 million). Goodwill represents the excess of the consideration transferred over the fair value of the identifiable net assets acquired in a business combination. In accordance with ASC 350 Intangibles — Goodwill and Other, management reviews its goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable, and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the ability to raise new funds.

During the three months ended September 30, 2026, the Company recognized a goodwill impairment charge of $140 million related to the Public Securities Group (“PSG”) reporting unit within the Credit segment. The impairment resulted from changes in the organizational structure and expected future operations of the reporting unit, which reduced the future cash flows attributable to PSG and the estimated fair value of the reporting unit. The fair value assessment reflected the expected cash flows attributable to the reporting unit following the organizational changes, together with estimated realizable values of its remaining business activities.

Goodwill, net of accumulated impairment consists of the following:

The following table summarizes the carrying value of the Company's goodwill:

20. CASH AND CASH EQUIVALENTS

The balances in cash and cash equivalents are reflected below:

The carrying value of cash and cash equivalents approximates their fair value and include amounts held on deposit with BN of $nil (2025 – $1.1 billion).

21. RELATED PARTY TRANSACTIONS

In the normal course of business, BAM enters into transactions and derives substantially all of its revenue from the provision of asset management services to affiliates and related parties. During the three and nine months ended September 30, 2026, the Company recorded revenues of $2.1 billion (2025 – $1.2 billion) and $5.2 billion (2025 – $3.4 billion) respectively, with affiliates and related parties on its condensed consolidated statements of operations.

BAM also has investment management agreements with the funds that it manages. In accordance with these agreements, these funds may bear certain operating costs and expenses which are initially paid by BAM and subsequently reimbursed by the funds.

As outlined in the Relationship Agreement, BN is responsible for costs associated with certain share-based awards for certain employees, some of which are subject to revaluation at each balance sheet date, and will also bear the cost of the employee entitlement to carried interest on mature funds either directly or indirectly through reimbursement to the Company. Income generated from BN under the Relationship Agreement relating to these instruments is recognized as other revenues in the condensed consolidated statements of operations on a gross basis as the instruments vest or are incurred. During the three and nine months ended September 30, 2026, BAM recognized recoveries of $17 million (2025 – $69 million recharge) and recharges of $252 million (2025 – $233 million), respectively, in the condensed consolidated statements of operations in other revenues under this arrangement.

Due from affiliates and due to affiliates consisted of the following:

Due from affiliates

Due from affiliates of $3.9 billion (2025 – $3.3 billion) consists of $2.8 billion (2025 – $1.7 billion) of receivables from affiliates and related parties which are primarily comprised of base management fees and fund expense reimbursements which are earned in accordance with underlying agreements of the respective funds that BAM is the general partner of or manages.

Due from affiliates also includes deposits, working capital facilities, and other outstanding credit facilities provided in the normal course of business. Loans to affiliates are unsecured with floating rates of SOFR plus 235 basis points or a fixed interest rate of 0.9% to 4.2%. Maturities on loans to related parties range from 2026 to 2057. The loans were generally issued to finance acquisitions and fund commitments. In the normal course of business, BAM may periodically assign or transfer balances to related parties.

During the nine months ended September 30, 2026, BAM placed a $250 million cash deposit with BN as part of the Oaktree Acquisition, with the corresponding receivable from BN recorded in due from affiliates. As of September 30, 2026, the due from affiliates balance attributable to the deposit with BN is $315 million (2025 – $nil).

The remaining $1.1 billion (2025 – $1.6 billion) represents receivables from affiliates related to share and cash-based compensation.

Due to affiliates

Due to affiliates of $739 million (2025 – $720 million) consists of operating and loan payables to affiliates and related parties and payables to affiliates related to share and cash-based compensation. Operating payables are for services received in the normal course of business. The payables to affiliates related to share and cash-based compensation relate to certain adjustments to share and cash-based compensation amounts under the Relationship Agreement as described above.

For the three and nine months ended September 30, 2026 the Company recognized tax attributes purchased from a related party of $38 million (2025 – $37 million) and $85 million (2025 – $106 million), respectively.

During the nine months ended September 30, 2026 BAM established an $850 million senior secured revolving warehouse facility with a related party that matures on June 29, 2029 and bears interest at SOFR plus 125 basis points. The facility can be drawn on to fund short term warehousing needs of the Company. During the three and nine months ended September 30, 2026, a subsidiary of BAM drew $338 million and $438 million, respectively, under the facility to fund temporary warehousing obligations. As of September 30, 2026, $372 million remained outstanding under the facility.

Due to affiliates of consolidated funds

Due to affiliates of consolidated funds of $39 million (2025 - $nil) represents amounts owed to other affiliated funds in connection with BPE's participation in their investments, where such investments have been funded through draws on the respective funds' subscription credit facilities.

Other related party transactions

Accounts payable include amounts payable under a tax receivable agreement with Oaktree for $116 million as of September 30, 2026 (December 31, 2025 – $116 million).

BAM incurs certain facilities and technology expenses in the normal course of business that are charged by BN. These costs are included within the other operating expenses in BAM's condensed consolidated statement of operations.

During the nine months ended September 30, 2026, BAM acquired certain notes from an affiliate and subsequently transferred these notes to another affiliate for cash consideration.

In addition, BAM does business with and on behalf of certain of its affiliates and investees; all such arrangements are conducted on a negotiated basis.

22. COMMITMENTS AND CONTINGENCIES

Commitments

On January 31, 2019, a subsidiary of the Company committed $2.8 billion to BSREP III, of which $2.0 billion has been funded as of September 30, 2026 (December 31, 2025 – $2.2 billion). The remainder of the commitment will be funded by BN.

In the normal course of business, the Company enters into contractual obligations which include commitments to provide bridge financing and other equity commitments. These other equity commitments primarily include signed investment commitments for bridging portfolio company acquisitions and limited partner commitments with third parties and funds and/or entities managed by BAM. The Company earns fees in connection with bridge financing and bears the risk associated with syndicating the commitment. As of September 30, 2026, the Company had $8.8 billion of such commitments outstanding (December 31, 2025 – $6.6 billion).

The Company established a $750 million five-year revolving credit facility on August 29, 2024 through bilateral agreements with a group of lenders. On September 5, 2025, BAM increased its revolving credit facility by $300 million to $1.1 billion. The facility is available in U.S. and Canadian dollars, where U.S. dollar draws are subject to the U.S. Base Rate or SOFR plus a margin of 80 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 80 basis points. As of September 30, 2026, the Company has drawn $nil on the $1.1 billion facility.

On November 8, 2022, a $300 million revolving credit facility was established, with BN as lender. U.S. dollar draws are subject to the U.S. Base Rate or SOFR plus a margin of 165 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 165 basis points. As of September 30, 2026, the facility is undrawn.

In connection with the Oaktree Acquisition, the Company began consolidating a subordinated revolving credit facility between Oaktree and a subsidiary of BN with a commitment of $250 million. The facility was established on May 19, 2020, with borrowings bearing interest at SOFR plus 160 basis points or an alternative base rate plus 50 basis points, and matures on October 6, 2028. As of September 30, 2026, the facility is undrawn.

On October 4, 2024, Oaktree Capital Management (“OCM”), Oaktree Capital I, Oaktree Capital II and Oaktree AIF amended their revolving credit facility to extend its maturity date to October 4, 2029, with options to extend for up totwo additional years. Based on OCM's current credit ratings, borrowings under the facility bear interest at term SOFR plus 1.10% per annum, with a commitment fee of 0.10% per annum on unused amounts. The facility is subject to customary financial covenants, including leverage and minimum fee-generating assets under management requirements. As of September 30, 2026, there were no outstanding borrowings under the facility.

BAM established a commercial paper program on March 3, 2026, the CP Program, under which it may issue senior unsecured short-term commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The Company did not have any commercial paper borrowings outstanding as of September 30, 2026.

Guarantees

BAM may enter into guarantees in respect of certain co-investments in which there is carried interest. The amount guaranteed is up to the carried interest amount paid to the general partners of the respective funds, net of taxes. In the event that the general partners default on their carried interest clawback obligations, BAM will make payments under the guarantees. As of September 30, 2026 and December 31, 2025, BAM has not recognized any liabilities with respect to such guarantees as no carried interest has been paid in the relevant funds.

The Company may also enter into guarantees and indemnification arrangements on behalf of or in support of funds and related fund structures, where BAM serves as the general partner, and where the fund is able to benefit from the creditworthiness of BAM due to it being a publicly listed entity. These arrangements may be provided to assist the general partners of specific funds in securing financing or to provide capital support or other investment-related commitments, and may involve both related and third-party counterparties. These arrangements may include obligations to fund or acquire interests in investment vehicles or to indemnify counterparties for certain losses arising from the performance of underlying investments. It is expected that these guarantees are there to support the respective general partners or funds and it is not expected that they would be called upon to provide funding. In the event that the general partners, funds, or other counterparties default on their obligations, or specified conditions are met, the Company may be liable for payments under these guarantees or indemnities. As of September 30, 2026, the Company had $502 million of such guarantees outstanding (December 31, 2025 – $179 million).

Contingencies

Carried interest clawback

Carried interest is realized when an underlying investment is profitably disposed of after the fund’s cumulative returns have met a certain threshold for return of capital. When applicable, the Company records a liability for potential clawback obligations due to changes in the unrealized value of a fund’s remaining investments and where the Company has previously received carried interest distributions.

The actual clawback liability, however, generally does not become payable until the end of a fund’s life. No liability for potential clawback obligations has been recorded associated with any of our funds as of September 30, 2026 and December 31, 2025.

Litigation

The Company may from time to time be involved in litigation and claims incidental to the conduct of its business. The Company’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against the Company. As of September 30, 2026 and December 31, 2025 there was no material outstanding litigation.

The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, balance sheet or cash flows.

23. SEGMENT REPORTING

The Company operates through five distinct operating segments that earn management fees from each respective investment strategy. The performance of these segments is reviewed by the Chief Executive Officer, who acts as the CODM. The CODM uses internal management reports to assess performance and allocate resources, and the information provided herein is consistent with the Company's internal reporting structure and information reviewed by the CODM on a regular basis. The Company's operating segments are comprised of:

•Infrastructure: Primarily includes managing our flagship infrastructure fund series focused on investing in high-quality infrastructure assets on a value basis. In addition, we manage permanent capital vehicles and perpetual strategies which include BIP, listed on the NYSE and TSX.

•Energy: Primarily includes managing our flagship renewable power and transition fund series focused on investments aimed at accelerating the global transition to a net-zero carbon economy and driving clean energy investments in emerging markets. In addition, we manage BEP, which is listed on the NYSE and TSX.

•Private Equity: Includes managing our global opportunistic flagship funds, special investments strategy, secondaries strategy, thematic private equity strategies and regional private equity strategies. In addition, we manage BBUC which is a publicly traded global business services and industrials company focused on owning and operating high-quality providers of essential products and services listed on the NYSE and TSX.

•Real Estate: Includes the management of our opportunistic real estate flagship fund series and secondaries strategy. In addition, we manage BPG and certain other perpetual funds focused on core plus assets and a non-traded REIT, Brookfield Real Estate Income Trust Inc.

•Credit: Includes managing our private credit strategies, opportunistic credit strategies, structured credit strategies, and liquid credit strategies. These products seek to provide flexible, specialized capital solutions to borrowers and deliver attractive risk-adjusted returns to our clients across a range of debt strategies.

Asset information by segment is not disclosed because this information is not used by the CODM to make resource deployment decisions or evaluate the performance of the Company's segments.

Segment Revenues

Segment Revenues is a key metric analyzed by the CODM to determine the growth in recurring cash flows from our asset management business. Segment Revenues include base management fees, advisory fees, performance fees and transaction fees, but exclude incentive distributions, certain incentive fees, carried interest and revenues of consolidated funds. Effective in the third quarter of 2026, to align with the financial information reviewed by the CODM, we revised the presentation of our partner managers' results to include our share of their revenues in Segment Revenues with the corresponding expenses in Segment Expenses. Prior periods have been recast to conform to the revised presentation. See below for our reconciliation of total revenues as presented on the condensed consolidated statements of operations to Segment Revenues.

(a) This adjustment removes the impact of both unrealized and realized carried interest allocations.

(b) This adjustment removes other revenues earned that are non-cash in nature, which include certain cost recoveries and reimbursements from affiliates.

(c) This adjustment removes the impact of compensation costs that will be borne by affiliates.

Segment Expenses

Segment Expenses reflect direct costs associated with earning Segment Revenues, which include compensation and benefits, facilities, technology, professional fees and travel and other operating expenses. Expenses such as depreciation and amortization, taxes, interest expense, mark-to-market gains (losses), transaction related costs, non-recurring gains (losses), deferred compensation, and expenses of consolidated funds are not reflective of segment performance and are therefore excluded from Segment Expenses. In addition, effective in the third quarter of 2026, we revised the presentation of our partner managers' results to include our share of segment related expenditures of our partner managers. See below for our reconciliation of total expenses as presented on the condensed consolidated statements of operations to Segment Expenses.

(a) This adjustment adds expenses associated with Segment Revenues of equity method investments.

(b) This adjustment removes the impact of compensation costs that will be borne by affiliates.

(c) These adjustments remove the impact of both unrealized and realized carried interest compensation expense.

(d) This adjustment removes the impact of depreciation and amortization and certain capital depreciation costs recharged from BAM's affiliates as well as the impact of non-asset management costs related to non-recurring costs not core to the asset management business.

Total Segment Expenses are comprised of the following major categories:

Segment Earnings are computed as Segment Revenues less Segment Expenses and are used to provide additional insight into the operating profitability of our asset management activities. These earnings are recurring in nature and not based on future realization events.

The following tables present the financial data for the Company’sfive segments for the three and nine months ended September 30, 2026 and 2025:

(a) Travel and other operating expenses include travel, sales commissions, insurance, marketing and conferences, and general and administrative costs; none of which individually is 10% or more of total Segment Expenses.

See below for our reconciliation of income before taxes as presented on the condensed consolidated statements of operations to Segment Earnings:

(a) This adjustment removes the depreciation and amortization on property, plant and equipment and intangible assets as well as certain capital depreciation costs recharged from BAM's affiliates.

(b) This adjustment removes the impact of both unrealized and realized carried interest allocations and the associated compensation expense.

(c) This adjustment removes other expenses associated with fair value changes as well as the impact of other costs and non-asset management related items such as non-recurring costs that are not considered part of the ongoing asset management business.

(d) This adjustment removes other revenues earned that are non-cash in nature, excluding certain cost recoveries and reimbursements from affiliates.

(e) These adjustments remove our share of income from equity method investments, included in items (a) to (d) above and include our share of Segment Earnings from equity method investments.

24. SUBSEQUENT EVENTS

Quarterly Dividend

On November 5, 2026, the board of directors of BAM declared a quarterly dividend of $0.5025 per share, payable on December 31, 2026 to shareholders of record as of the close of business on November 30, 2026.

Commercial Paper Issuances

Subsequent to quarter-end, BAM issued $275 million of senior unsecured commercial paper under its $1.0 billion commercial paper program in the normal course of business. The notes bear interest at a weighted-average rate of 4.33% and mature in November 2026.

Acquisition of LXP Industrial Trust

On October 29, 2026, Brookfield, through Brookfield Real Estate Value Add Logistics Venture (“BREVA-L”), a newly established fund that will be consolidated by the Company, together with Brookfield-sponsored investment vehicles and Canada Pension Plan Investment Board (“CPP Investments”), completed the acquisition of LXP Industrial Trust (“LXP”), a U.S. industrial real estate investment trust, for approximately $5.2 billion, including debt and preferred equity. The acquisition was completed through a joint venture owned 50.5% by BREVA-L and Brookfield-sponsored investment vehicles and 49.5% by CPP Investments.