Brookfield Asset Management : Supplemental Information (Q1 26 BAM Supplemental)

Published: 2026-05-08 06:49:10 ET BAM

Published on 05/08/2026 at 06:49 am EDT

2026

Brookfield

Asset Management

Q1 S U PP LE ME N TA L IN FO R M AT ION

Brookfield T HR E E MO NT HS END E D MA R C H 31, 2 02 6

Brookfield Asset Management Overview

BAM is a leading alternative asset manager with a more than 25-year track record of delivering strong, risk-adjusted returns by investing in high-quality assets, forming the backbone of the global economy

Fee-Bearing Capital $614B

Our Businesses by Fee-Bearing Capital

Assets Under Management

Operating Employees

Countries

Investment Professionals

$1.2T

~250K

50+

1,400+

Infrastructure

$109B

$72B

$48B

$103B

$282B

The financial information contained in this supplement is presented in U.S. dollars and, unless otherwise indicated, all references to "$" are to U.S. dollars. Totals and sub-totals may not tie due to rounding.

First Quarter 2026 Highlights

Robust Earnings

$772M

Q1-26

Fee-Related Earnings (FRE)

$3.1B

Q1-26 LTM FRE

11% / 18%

Q1-26 / LTM

FRE YoY Growth

Strong Capital Activity

$21B

Q1-26

Capital Raised

$67B

Year-to-Date Fundraising

$20B

Q1-26

Capital Deployment

Poised for Record 2026

Oaktree

Expected Close in Q2-26

+$40B

Awarded Just Group Mandate in April 2026

BCP VII / BIF VI

Flagships in Market Targeting Largest Sizes Ever

Financial Performance Over the Quarter and Last Twelve Months

Q1 FRE of $772 million ($0.48 / share), up 11% from the prior year quarter

FRE of $3.1 billion ($1.89 / share) over the last twelve months, up 18% from the prior year period

Growth driven by continued strong quarterly fundraising and deployment of capital from our complementary strategies, in addition to higher capitalizations of our affiliates and growth of insurance inflows

Q1 DE of $702 million ($0.43 / share), up 7% from the prior year quarter

DE of $2.7 billion ($1.69 / share) over the last twelve months, up 11% from the prior year period

Growth driven by higher FRE, partially offset by lower investment income and higher interest expense compared to the prior year

FRE margin at our share of 57% in the quarter and 58% over the last twelve months, flat and up 1%, respectively, compared to prior year periods

FOR THE PERIODS ENDED MAR. 31 (MILLIONS, EXCEPT PER SHARE AMOUNTS)

Last Three Months

Last Twelve Months

Q1-26

Q1-25

Variance

Q1-26

Q1-25

Variance

Fee Revenues

$ 1,426

$ 1,300

10%

$ 5,613

$ 4,893

15%

Direct Costs

(632)

(583)

(2,459)

(2,186)

12%

Total Fee-Related Earnings

794

717

11%

3,154

2,707

17%

Amounts not attributable to BAM1

(22)

(19)

16%

(85)

(105)

(19)%

Fee-Related Earnings (FRE)

$ 772

$ 698

11%

$ 3,069

$ 2,602

18%

FRE Margin at Our Share2

57%

58%

57%

Distributable Earnings (DE)

$ 702

$ 654

$ 2,743

$ 2,470

11%

Per share

Fee-Related Earnings

$ 0.48

$ 0.43

$ 0.05

$ 1.89

$ 1.60

$ 0.29

Distributable Earnings

0.43

0.40

0.03

1.69

1.51

0.18

Total diluted weighted average shares during the period

1,619.3

1,629.8

(10.5)

1,626.3

1,630.4

(4.1)

See glossary and endnotes. For a full calculation of FRE, DE, and Margin, see pages 25 and 26

FRE Growth from Our Stable Revenue Base

$1.4B

Q1 Fee Revenues

increased 10% compared to the prior year quarter

$772M

Q1 Fee-Related Earnings increased 11% compared to the prior year quarter

Fee Revenues

(MILLIONS)

57% 56% 58% 61% 57%

475

455

465

255

172

197

256

110

234

227

225

262

125

217

307 315 335

330

357

$1,300

$1,285

397

399

318

261

106

113

$1,390 $1,512 $1,426

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Credit

Real Estate

Private Equity

Energy

Infrastructure

$702M

Q1 Distributable Earnings increased 7% compared to the prior year quarter

Fee-Related Earnings (FRE) and Distributable Earnings (DE)

$867

$754

$767 $772

$698 $654

$676

$613

$661

$702

(MILLIONS)

FRE

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Our Fee-Bearing Capital Continues to Scale

Fee-Bearing Capital

Fee-Bearing Capital has grown 12% over the last twelve months, driven by:

Inflows: $63 billion of fundraising during the period that became fee-bearing capital, as well as

$24 billion associated with deployment of prior uncalled commitments not previously included

Outflows: Capital returned to investors from our liquid credit strategies and insurance strategies

Distributions: Includes dividends from permanent capital vehicles and capital returned to clients on long-term private funds and perpetual strategies

Market Valuation: Primarily due to increases in the market capitalizations of our permanent capital vehicles and higher market value of perpetual strategies and liquid credit products

Other: Represents changes in debt at affiliates, rolling off of investment and commitment periods for funds, and foreign exchange impacts

Fee-Bearing Capital Composition

of Fee-Bearing Capital (FBC) is Long-Term, Permanent or Perpetual

12%

Growth

109

100

103

252

282

$549B

$87

$(25)

$(26)

$28

$- $614B

13%

$614B 47%

25% FBC

15%

Long-Term Private Funds

Permanent Capital Vehicles5

Q1-25 Inflows Outflows Distributions Market

Valuation3

Other4

Q1-26

Perpetual Strategies

Liquid Strategies

Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

See glossary and endnotes

Strong Fundraising Initiatives Fuel Growth

Raised $21 billion in the first quarter, primarily from complementary strategies and insurance inflows. Inclusive of $6 billion from our private equity flagship strategy and $40 billion Just Group mandate in April, we have raised $67 billion year-to-date

$3.4 billion in our infrastructure business, including $800 million raised for our infrastructure private wealth strategy, which now has over

$8.0 billion of capital, and an additional $800 million for our supercore infrastructure strategy, which now has over $20 billion of capital

$1.4 billion in our private equity business, including $1.0 billion for our private equity special situations strategy, which held its first close in February of $2.4 billion

$13 billion in our credit group, including $4.7 billion from long-term private funds and $3.8 billion from Brookfield Wealth Solutions. 17Capital completed the final close of Credit Fund II, adding $2.5 billion in the quarter, bringing the strategy to $7.5 billion, the largest NAV lending strategy raised

Q1-26

LTM

Infrastructure6

$ 3.4

$ 15.6

Flagship Funds

Other Long-Term Private Funds

5.0

Permanent Capital and Perpetual Funds

1.4

6.3

Co-investments

2.0

4.3

Energy6

$ 1.6

$ 10.5

Flagship Funds

5.1

Other Long-Term Private Funds

1.0

Permanent Capital and Perpetual Funds

0.6

2.4

Co-investments / Co-underwrites

2.0

Private Equity

1.4

6.4

Flagship Funds

Other Long-Term Private Funds

1.2

5.1

Permanent Capital and Perpetual Funds

0.1

0.3

Co-investments

0.1

1.0

Real Estate

$ 1.3

$ 7.5

Flagship Funds

0.1

0.5

Other Long-Term Private Funds

0.3

0.6

Permanent Capital and Perpetual Funds

0.9

4.8

Co-investments

1.6

Credit

$ 13.4

$ 67.9

Partner Managers

8.7

40.3

Insurance & SMAs

3.8

22.3

Long-Term Private Funds and Co-investments7

0.9

5.3

Total Fundraising

$ 21.1

$ 107.9

Total Capital Raised

(BILLIONS)

$35

$30

$25

$22

$21

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

Robust Quarter of Capital Deployment

Deployed $20 billion in the first quarter, including:

$4.0 billion across our infrastructure business, including the acquisition of 20% of a regulated, electric utility in Florida, and the acquisition of a North American rail operating lease portfolio

$3.0 billion across our real estate business across a number of businesses, including a portfolio of senior living residences in the U.S., a prime office asset in Tokyo, and a mixed-use portfolio in Paris

$12 billion across our credit platform, including $2.1 billion from our flagship opportunistic credit strategy and $400 million within our infrastructure mezzanine fund. We also deployed $3.4 billion of capital under our mandate for Brookfield Wealth Solutions across credit strategies, outside of the private funds we manage for them

Q1-26

LTM

Infrastructure6

4.0

14.4

Long-Term Private Funds

1.0

5.2

Permanent Capital and Perpetual Funds

2.2

6.4

Co-investments

0.8

2.8

Energy6

0.3

3.7

Long-Term Private Funds

0.2

1.8

Permanent Capital and Perpetual Funds

0.1

1.7

Co-investments

0.2

Private Equity

0.4

3.3

Total Capital Deployed

(BILLIONS)

$20

$16

$14

$13

$23

Long-Term Private Funds 0.3 1.9

Permanent Capital and Perpetual Funds 0.1 0.5

Real Estate

3.0

8.7

Long-Term Private Funds

1.9

4.6

Permanent Capital and Perpetual Funds

1.1

4.1

Credit

12.1

39.2

Long-Term Private Funds7

5.4

18.5

Permanent Capital and Perpetual Funds

6.6

19.7

Other

0.3

Co-investments

0.1

0.7

Total Capital Deployed

19.8

69.3

Co-investments - 0.9

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

Monetizations Across the Business in the First Quarter

Monetized $8 billion in the first quarter, including:

$2.3 billion across our infrastructure business, including additional proceeds from the secondary public offering of a North American independent natural gas storage operator

$1.1 billion within our real estate business, including additional proceeds from the sale of a portfolio of manufactured housing communities in the U.S.

$3.0 billion across our credit platform, including $2.0 billion across our opportunistic credit strategies, and $1.0 billion across strategic credit vehicles

Infrastructure6

2.3

8.7

Long-Term Private Funds

2.1

6.3

Permanent Capital and Perpetual Funds

1.1

Co-investments

0.2

1.3

Energy6

0.8

6.0

Long-Term Private Funds

Permanent Capital and Perpetual Funds Co-investments

0.8

5.1

0.9

Private Equity

0.7

4.9

Long-Term Private Funds

0.7

4.8

Permanent Capital and Perpetual Funds Co-investments

0.1

Real Estate

1.1

9.9

Long-Term Private Funds

1.0

8.5

Permanent Capital and Perpetual Funds Co-investments

0.1

1.4

Credit

3.0

18.7

Long-Term Private Funds7

2.3

12.4

Permanent Capital and Perpetual Funds Co-investments

0.7

6.3

Total Equity Monetizations

7.8

48.1

Q1-26 LTM

Total Equity Monetizations

(BILLIONS)

$15

$12

$13

$10

Q1-25 Q2-25 Q3-25 Q4-25 Q1-26

Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

Uncalled Fund Commitments

We have significant uncalled fund commitments, ready to deploy into attractive, risk-adjusted investment opportunities

$19B

$45B

$137B

Uncalled Commitments

$27B

$28B

$18B

Uncalled fund commitments not currently earning fees

Approximate additional revenue generated once the $67 billion of uncalled fund commitments is deployed

Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

Liquidity & Asset Light Balance Sheet

We continue to maintain an asset light balance sheet, with a strong liquidity profile

Corporate Liquidity

As of March 31, 2026

Corporate Credit Profile

Inclusive of $1.0 Billion of Unsecured Notes Issues Post-Quarter End

Cash & Cash

Equivalents

$2.5B

Undrawn Revolving

Credit Facility

A / A-

Financial

Assets

Corporate Ratings from Fitch / S&P

$3.5B

Total Debt Outstanding

12.18 Years

Weighted Average Tenor

5.388%

Weighted Average Coupon

Investment Assets

Debt Maturity Profile

(MILLIONS)

$400

$550

$450

$600

$750

GP / Fund

Investments

$1.6B

Net Accrued

Carried Interest

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041+

Note: Bars in green designate additional notes issued subsequent to quarter-end

BROOKFIELD.COM 11

Business Lines

Infrastructure - Overview

Brookfield is one of the world's largest infrastructure investors, owners and operators

Assets Under Management

Fee-Bearing Capital

Investment Professionals

Overview

Our Infrastructure business is positioned at the epicenter of the global secular trends of deglobalization, decarbonization and digitalization

Infrastructure should benefit as these large-scale changes will require trillions of dollars of

Asset Types

investment and Brookfield's deep experience in this area provides a significant competitive advantage in attracting future growth capital

Our investment focus is to provide clients with diversified exposure to high-quality businesses that benefit from significant barriers to entry and deliver essential goods and services. Infrastructure investments generate stable, inflation-protected cash flows, high margins and strong growth prospects

Transport

Midstream

Utilities

Artificial Intelligence

Data Centers

Products

Long-Term Private Funds Permanent Capital Vehicles

Infrastructure Core Plus ("BIF")

Infrastructure Structured Solutions

Closed-end flagship funds series focused on global infrastructure opportunities

Closed-end fund focused on partnering with sponsors, developers, and corporates in the mid-market in the

Brookfield Infrastructure Partners ("BIP"/"BIPC")

The largest, pure-play, publicly traded global infrastructure platforms, providing investors access to a liquid and diversified portfolio of best-in-class infrastructure businesses

form of both structured and common minority equity investments

Private Perpetual Strategies

Artificial Intelligence Infrastructure

Closed-end fund focused on the development of AI infrastructure, designed to meet the growing demand from hyperscalers, enterprises, and governments for scalable, integrated solutions

Perpetual Supercore

Infrastructure

Infrastructure Income Fund

Private fund investing in core infrastructure in developed

markets

Evergreen private wealth fund investing primarily in a portfolio of high-quality private infrastructure equity and debt investments

Infrastructure - Q1 2026 Results

Fee-Bearing Capital

AS OF THE PERIODS ENDED MAR. 31 (BILLIONS)

BIF Series (Flagship Fund)

Q1-26

Q1-25

Variance

$ 35

$ 34

$ 1

Other Long-Term Funds and Co-investments8

Long-Term Private Funds

BIP

Other Perpetual Funds and Co-investments

Permanent Capital and Perpetual Strategies

Total Infrastructure

$ 109

$ 96

$ 13

Fee Revenues

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Base management fees

Q1-26

Last Three Months

Variance

Last Twelve Months

Q1-25

Q1-26

Q1-25

Variance

Flagship Funds

$ 92

$ 91

$ 1

$ 365

$ 367

$ (2)

Other Long-Term Funds and Co-investments8

Long-Term Private Funds

368

370

(2)

BIP

106

426

393

Other Perpetual Funds and Co-investments

184

144

Permanent Capital and Perpetual Strategies

160

136

610

537

Total Base Management Fees

254

227

978

907

Catch-up Fees and Other Items

(1)

Incentive Distributions

327

302

Transaction and Advisory Fees

Total Fee Revenues

$ 357

$ 307

$ 50

$ 1,337

$ 1,213

$ 124

See glossary and endnotes

Energy - Overview

Brookfield is one of the largest energy investors, owners and operators globally

Assets Under Management

Fee-Bearing Capital

Investment Professionals

Overview Asset Types

Our Energy business complements global goals of energy security, low-cost energy, and net-zero emissions

Our Energy business should benefit as growing global demand for energy security and low-carbon energy will require substantial continued investment. Our large footprint, extensive experience and substantial pipeline give us unique industry knowledge and differentiate us as a strategic capital partner

Our investment focus is to provide clients with exposure to critical sources of clean energy and

Hydro Solar

Wind

energy transition with attractive risk-adjusted returns

Distributed

Generation

Batteries Sustainable

Solutions

Products

Long-Term Private Funds Permanent Capital Vehicles

Global Transition ("BGTF") Closed-end flagship fund series focused on global

renewable energy and transition

Catalytic Transition Fund Brookfield's primary vehicle for accelerating

investment into decarbonization solutions in chronically underinvested emerging markets

Brookfield Renewable Partners ("BEP"/"BEPC")

One of the largest, publicly traded renewable power and sustainable solutions platforms, providing clients a liquid and diversified portfolio of decarbonization investments

Energy - Q1 2026 Results

Fee-Bearing Capital

AS OF THE PERIODS ENDED MAR. 31

Q1-26

Q1-25

Variance

(BILLIONS)

BGTF Series (Flagship Fund)

$ 25

$ 20

$ 5

BIF Series Energy Allocation (Flagship Fund)

(4)

Other Long-Term Funds and Co-investments

Long-Term Private Funds

BEP

Other Perpetual Funds and Co-investments

Permanent Capital and Perpetual Strategies

Total Energy

$ 72

$ 58

$ 14

Fee Revenues

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Base Management Fees

Last Three Months Last Twelve Months

Q1-26 Q1-25 Variance Q1-26 Q1-25 Variance

Flagship Funds

$ 76

$ 75

$ 1

$ 331

$ 270

$ 61

Other Long-Term Funds and Co-investments

Long-Term Private Funds

380

272

108

BEP

247

206

Other Perpetual Funds and Co-investments

Permanent Capital and Perpetual Strategies

290

231

Total Base Management Fees

172

132

670

503

167

Catch-up Fees and Other Items

(2)

Incentive Distributions

152

133

Transaction and Advisory Fees

(12)

Total Fee Revenues

$ 217

$ 172

$ 45

$ 873

$ 666

$ 207

Private Equity - Overview

Brookfield is one of the most experienced private equity investors globally

Assets Under Management

Fee-Bearing Capital

Investment Professionals

Overview

Our Private Equity platform seeks to invest in high-quality businesses that provide essential products and services and are resilient through market cycles

Asset Types

Our investment focus is to acquire industrials and essential business services on a value basis where we can leverage our operational expertise, knowledge and relationships to enhance business performance, transform their operations, and drive free cash flow generation

Private Equity benefits from our large global footprint and the broader Brookfield ecosystem to surface investment opportunities

Industrials

Business Services

Financial Infrastructure

Technology Services

Infrastructure Services

Products

Long-Term Private Funds Permanent Capital Strategies

Opportunistic Private Equity ("BCP")

Closed-end flagship fund series focused on opportunistic private equity

Brookfield Business Corporation ("BBUC")

Publicly traded global business services and industrials company focused on owning and

Special Investments Focused on providing flexible capital to businesses

through highly structured capital solutions

Venture Secondaries Invests in portfolios of high-conviction private technology

companies through customized secondary solutions

Regional Private Equity Focused on providing control and non-control investments

within the Gulf Cooperation Council

Thematic Private Equity Focused on investing in asset-light financial infrastructure

companies that underpin the global financial system

operating high quality providers of essential products and services

Private Perpetual Strategies

Brookfield Private Equity Evergreen semi-liquid fund offering individual

investors streamlined, diversified access to Brookfield's global private equity platform through a single vehicle

Private Equity - Q1 2026 Results

Fee-Bearing Capital

AS OF THE PERIODS ENDED MAR. 31

Q1-26

Q1-25

Variance

(BILLIONS)

BCP Series (Flagship Fund)

$ 12

$ -

Other Long-Term Funds9

Co-investments

Long-Term Private Funds

BBUC

Permanent Capital and Perpetual Strategies

Total Private Equity

$ 48

$ 43

$ 5

Fee Revenues

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Q1-26

$ 38

Last Three Months

Variance

Last Twelve Months

Q1-25

Q1-26

Q1-25

Variance

Base management fees

Flagship Funds

$ 39

$ (1)

$ 155

$ 161

$ (6)

Other Long-Term Funds9

203

172

Co-investments

Long-Term Private Funds

368

343

BBUC

104

Permanent Capital and Perpetual Strategies

104

Total Base Management Fees

123

105

472

433

Catch-up Fees and Other Items

(4)

Performance Fees10

Transaction and Advisory Fees

(1)

(18)

Total Fee Revenues

$ 125

$ 106

$ 19

$ 576

$ 462

$ 114

See glossary and endnotes

Real Estate - Overview

Brookfield is one of the largest real estate investors with a diversified portfolio in the world's most well-established markets

Assets Under Management

Fee-Bearing Capital

Investment Professionals

Overview

Our Real Estate business seeks to build a diversified portfolio across property sectors

Asset Types

We have built permanent operating platforms in our target markets, allowing us to execute on opportunities across the globe

Our real estate strategies offer investors multiple access points along the risk-return spectrum

Housing

Office

Logistics, Storage & NNN

Retail

Hospitality

Science & Innovation

Products

Long-Term Private Funds Permanent Capital Vehicles

Real Estate Opportunistic ("BSREP")

Closed-end flagship fund series focused on global opportunistic real estate

Brookfield Property Group ("BPG")

Privately held, highly diversified global portfolio comprised of the highest quality office and retail complexes, managed on

Real Estate Secondaries Focused on providing liquidity solutions for real estate

GPs and LPs by accessing high-quality properties at a discount to long-term intrinsic value

behalf of Brookfield Corporation

Private Perpetual Strategies

Perpetual Core Plus Real Estate

Focused on well-located properties in major U.S. markets within logistics, multifamily, office, alternative and other sectors, with complementary regionally focused strategies in Australia and Europe

Brookfield REIT A public, non-listed perpetual life vehicle that invests

in income-producing real estate property and real estate-related debt and securities

Real Estate - Q1 2026 Results

Fee-Bearing Capital

AS OF THE PERIODS ENDED MAR. 31 (BILLIONS)

Q1-26

Q1-25

Variance

BSREP Series (Flagship Fund)

Other Long-Term Funds11 Co-investments

Long-Term Private Funds

BPG

Other Perpetual Funds and Co-investments12

Permanent Capital and Perpetual Strategies Total Real Estate

103

100

(3)

- 1

(2)

Fee Revenues

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Base Management Fees

Q1-26

Last Three Months

Q1-25

Variance

Last Twelve Months

Q1-26

Q1-25

Variance

Flagship Funds

$ 120

$ 124

$ (4)

$ 501

$ 470

$ 31

Co-investments and Other Long-term Funds11

(1)

220

218

Long-Term Private Funds

174

179

(5)

721

688

BPG

(2)

199

204

(5)

Other Perpetual Funds and Co-investments12

Permanent Capital and Perpetual Strategies

296

275

Total Base Management Fees

251

250

1,017

963

Catch-up Fees and Other Items

(66)

(82)

Transaction and Advisory Fees

Total Fee Revenues

$ 262

$ 318

$ (56)

$ 1,034

$ 1,053

$ (19)

Credit - Overview

Brookfield credit strategies include our longstanding private credit funds and our partnerships with leading credit managers

Overview

Assets Under Management

Fee-Bearing Capital

Investment Professionals13

Credit Portfolio

Fee-Bearing 43%

52% Capital

Our Credit business offers clients access to one of the most comprehensive global alternative credit platforms

Credit includes infrastructure debt, real estate debt, senior mezzanine real estate debt, insurance capital allocated into credit products, and other Brookfield credit-related products

Credit also includes partnerships with leading credit managers where we have a significant non-controlling ownership stake, including Oaktree, Castlelake, LCM, Primary Wave, 17Capital and Angel Oak

Products

Long-Term Private Funds

Opportunistic Credit ("Opps") Closed-end flagship fund series focused on opportunistic credit

Global Private Debt Spans the private credit universe, lending on a senior or junior basis to a wide

variety of independent or private equity owned companies

Infrastructure Debt Debt fund series focused on mezzanine debt investments

Real Estate Debt Focused on originating, investing in and actively managing a portfolio of mezzanine loans and junior participations in first mortgage loans

Permanent Capital Vehicles and Private Perpetual Strategies

Private and

Opportunistic Credit

Liquid Credit

17%

LTM Fee

Revenues

78%

Other Credit

Oaktree Specialty Lending Corporation

A publicly traded business development company that provides investors access to Oaktree's lending credit platform

Insurance Capital Manages insurance capital for policyholders through reinsurance agreements

and directly through policies

Credit - Q1 2026 Results

Fee-Bearing Capital

AS OF THE PERIODS ENDED MAR. 31

(BILLIONS)

Q1-26

Q1-25

Variance

Opps Series (Flagship Fund)14

$ 24

$ -

Private Credit15

Structured Credit and Other

Long-Term Private Funds

Opportunistic Credit16

Private Credit17

(2)

Perpetual Liquid Credit18

Permanent Capital and Perpetual Strategies

116

107

Liquid Credit

Liquid Strategies

Total Credit

$ 282

$ 252

$ 30

Fee Revenues

Last Three Months

Last Twelve Months

FOR THE PERIODS ENDED MAR. 31

Q1-26

Q1-25

Variance

(MILLIONS)

Q1-26

Q1-25

Variance

Base Management Fees

Long-Term Private Funds

$ 277

$ 228

$ 49

$ 1,051

$ 821

$ 230

Permanent Capital and Perpetual Strategies

122

105

480

428

Liquid Strategies

263

249

Total Base Management Fees

465

397

1,794

1,498

296

Transaction and Advisory Fees

(1)

Total Fee Revenues

$ 465

$ 397

$ 68

$ 1,794

$ 1,499

$ 295

Brookfield Wealth Solutions

We manage capital on behalf of our strategic partner, Brookfield Wealth Solutions (BWS). BWS offers a range of retirement services, wealth protection products and tailored capital solutions. BAM manages $110 billion of BWS capital and invests it in (i) liquid credit, (ii) non-fund private investment, and (iii) private funds across our five business groups

Insurance assets managed on behalf of BWS earn fees subject to investment management agreements (IMAs) at a rate of 25bps. We earn additional fees on capital allocated to our long-term private funds, consistent with our standard fee structure for such strategies

As we reposition the portfolio to drive higher risk-adjusted returns for BWS, we anticipate a portion of our liquid credit capital will be re-allocated to private credit and long-term private funds, the latter of which would generate incremental fees consistent with standard market rates for such strategies

BWS Fee-Bearing Capital Composition

(Billions)

Fee Revenues

(Millions)

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Fees from IMAs

$ 66

$ 55

20 %

Fees from Investments

130 %

Total Fee Revenues

$ 89

$ 65

38 %

Liquid Credit

Base Management Fees

Last Three Months

Q1-26 Q1-25 Variance

Private Funds*

Private Funds

Equities

$110B

Public

Credit

Private

Credit

Cash & Cash

Equivalents

Non-Fun Private

Investmen 31%

61%

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Base Management Fees

Last Twelve Months

Q1-26 Q1-25 Variance

Fees from IMAs

$ 245

$ 200

23 %

Fees from Investments

62 %

Total Fee Revenues

$ 308

$ 239

29 %

*In addition to the 8% of BWS capital that is invested in private funds, there is $8.2 billion currently invested in liquid credit that has been committed to private funds, but not yet deployed. When deployed, 80% of this capital will begin generating incremental management fees

Note: Figures presented on this slide are details of the capital we manage on behalf of BWS and are already incorporated in the prior business group slides, predominantly credit.

Supplemental Financial Information

Fee-Related Earnings and Distributable Earnings Detail

FOR THE PERIODS ENDED MAR. 31

Last Three Months

Last Twelve Months

(MILLIONS)

Q1-26

Q1-25

Variance

Q1-26

Q1-25

Variance

Base Management Fees

Infrastructure

254

227

978

908

Energy

173

135

714

514

200

Private Equity

123

105

471

437

Real Estate

253

318

(65)

1,025

1,053

(28)

Credit

465

397

1,794

1,498

296

Incentive Distributions and Performance Fees

132

117

576

435

141

Transaction and Advisory Fees

Total Fee Revenues

1,426

1,300

126

5,613

4,893

720

Direct Costs

Compensation and Benefits

(453)

(425)

(28)

(1,765)

(1,614)

(151)

Other Expenses

(179)

(158)

(21)

(694)

(572)

(122)

Total Direct Costs

(632)

(583)

(49)

(2,459)

(2,186)

(273)

Total Fee-Related Earnings

794

717

3,154

2,707

447

Amounts not attributable to BAM1

105

(20)

Fee-Related Earnings (FRE)

772

698

3,069

2,602

467

Add: Investment & Other Income (Net of Interest Expense)19

(22)

165

(154)

Add: Equity-Based Compensation Costs

Less: Cash Taxes

(95)

(91)

(4)

(381)

(339)

(42)

Distributable Earnings (DE)

702

654

2,743

2,470

273

FRE as % of Pre-tax DE

97%

94%

98%

93%

Fee-Related Earnings Margin Detail

FOR THE PERIODS ENDED MAR. 31

Last Three Months

Last Twelve Months

Notes

(MILLIONS)

Q1-26

Q1-25

Variance

Q1-26

Q1-25

Variance

Consolidated Margin

Total Fee Revenues

1,426

1,300

126

5,613

4,893

720

Total Direct Costs

(632)

(583)

(49)

(2,459)

(2,186)

(273)

Total Fee-Related Earnings

794

717

3,154

2,707

447

C = A - B

Consolidated Margin

56%

55%

56%

55%

= C / A

Margins at Our Share

Total Fee Revenues

1,426

1,300

126

5,613

4,893

720

Less: Fee Revenues Not Attributable to BAM1

332

350

(18)

Total Fee Revenues at Our Share

1,343

1,221

122

5,281

4,543

738

E = A - D

Total Direct Costs

(632)

(583)

(49)

(2,459)

(2,186)

(273)

Less: Direct Costs Not Attributable to BAM1

(61)

(60)

(1)

(247)

(245)

(2)

Total Direct Costs at Our Share

(571)

(523)

(48)

(2,212)

(1,941)

(271)

G = B - F

Total Fee-Related Earnings at Our Share

772

698

3,069

2,602

467

H = E + G

Margin at Our Share

57%

58%

57%

= H / E

Capital Metrics Additional Detail

Fee-Bearing Capital increased by $65 billion over the last twelve months

Fee-Bearing Capital Rollforward

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Last Three Months Last Twelve Months

Infrastructure

Energy

Private Equity

Real Estate

Credit

Total

Infrastructure

Energy

Private Equity

Real Estate

Credit

Total

Opening

$ 106,398

$ 67,245

$ 48,006

$ 101,682

$ 279,383

$ 602,714

$ 96,239

$ 58,405

$ 42,955

$ 99,844

$ 251,624

$ 549,067

Inflows

3,755

2,075

531

1,420

11,362

19,143

9,067

11,307

5,684

8,461

52,764

87,283

Outflows

(6,421)

(49)

(24,781)

(24,830)

Distributions

(1,077)

(718)

(334)

(979)

(3,381)

(6,489)

(4,630)

(3,466)

(1,107)

(5,766)

(11,289)

(26,258)

Market Valuation

143

2,927

(177)

(110)

1,441

4,224

7,065

8,353

1,988

(411)

11,187

28,182

Other

(32)

631

833

(819)

616

1,446

(2,439)

(1,491)

767

2,060

343

Change

2,789

4,915

1,164

2,182

11,073

12,948

13,755

5,074

3,002

29,941

64,720

End of period

$ 109,187

$ 72,160

$ 48,029

$ 102,846

$ 281,565

$ 613,787

$ 109,187

$ 72,160

$ 48,029

$ 102,846

$ 281,565

$ 613,787

Of our total Fee-Bearing Capital, $535 billion or 87% is long-term, permanent or perpetual in nature

Fee-Bearing Capital Breakout

(MILLIONS)

Infrastructure

Energy

Private Equity

Real Estate

Credit

Total

Fee-Bearing Capital

Long-Term Private Funds

49,243

39,454

38,637

72,217

87,190

286,741

Permanent Capital Vehicles5

34,435

29,464

9,120

19,896

92,915

Perpetual Strategies

25,509

3,242

272

10,733

115,429

155,185

Long-Term or Permanent Capital

109,187

72,160

48,029

102,846

202,619

534,841

Liquid Strategies

78,946

Total

109,187

72,160

48,029

102,846

281,565

613,787

FOR THE PERIODS ENDED MAR. 31

Capital Deployed or Committed

We deployed or committed $89 billion of capital over the last twelve months

Capital Deployed or Committed (Funding Source)

FOR THE LTM ENDED MARCH 31, 2026 (MILLIONS)

Infrastructure

Energy

Private Equity

Real Estate

Credit

Total

Capital Deployed

Permanent capital and perpetual strategies20

6,385

1,729

553

4,159

19,662

32,488

Long-term private funds21

5,173

1,838

1,860

4,559

18,512

31,942

Co-investments21

2,791

152

879

650

4,477

Direct22

342

Total deployed

14,349

3,720

3,291

8,722

39,165

69,249

Capital Committed23

New commitments entered

7,853

5,048

942

7,072

17,376

38,291

Commitments that were invested in the current period

(1,634)

(1,536)

(717)

(4,234)

(10,869)

(18,990)

Total committed

6,219

3,512

225

2,838

6,507

19,301

Total deployed or committed $

20,568

7,232

3,516

11,560

45,672

88,550

Capital Deployed (Geography)

FOR THE LTM ENDED MARCH 31, 2026 (MILLIONS)

Infrastructure

Energy

Private Equity

Real Estate

Credit

Total

North America

$ 12,104

$ 2,911

$ 2,859

$ 5,663

$ 31,143

$ 54,680

South America

146

242

198

270

890

Europe

1,024

231

160

1,352

7,089

9,856

Asia, Middle East and other

1,187

432

1,510

664

3,823

Total deployed

$ 14,349

$ 3,720

3,291

$ 8,722

39,165

$ 69,249

Carry Eligible Capital Provides for Future Earnings Upside

BAM earns two-thirds of carried interest on certain existing funds and all future vintages of our long-term funds, with BN retaining the remaining one-third. BAM has accrued $1.5 billion of unrealized carried interest on these funds, which is net of BN's portion

BAM Carry Eligible Capital

+3x

As of March 31, 2026 (BILLIONS)

$56

$182

Select BAM Carry Eligible Funds

Opportunistic

Brookfield Strategic Real Estate Partners IV, V Brookfield Capital Partners VI, VII

Brookfield Catalytic Transition Fund Brookfield Financial Infrastructure Fund Brookfield Middle East Partners

Value Add, Credit, Core Plus and Other

Brookfield Infrastructure Fund V Brookfield Global Transition Fund I, II

Brookfield Artificial Intelligence Infrastructure Fund Brookfield Infrastructure Structured Solutions Brookfield Real Estate Secondaries

Non-Traded REIT

Brookfield Infrastructure Debt Fund III, IV Brookfield Real Estate Finance Fund VII Partner Manager Private Funds

Oaktree

Opportunities Fund XII

Oaktree Power Opportunities Fund VII

Day One at Spin-Off Q1-26

Opportunistic ■ Value Add, Credit, Core Plus and Other ■ Oaktree

Future Funds

All perpetual funds

All vintages of long-term private funds

Target Carried Interest

Target carried interest reflects our estimate of the carried interest earned on a straight-line basis over the life of a fund, assuming target returns are achieved

AS OF MARCH 31, 2026 (MILLIONS)

Carry Eligible

Capital24

Gross Target Return25, 26

Average Carried

Interest

Annualized Target Carried Interest27

Opportunistic

$ 28,239

50,155

24,422

102,815

53,074

26,084

$ 181,973

20% - 25%

10% - 20%

~20%

~15%

$ 1,047

Value add, Credit, Core plus and other Oaktree

Uncalled fund commitments28, 29 Brookfield managed funds Oaktree

Total carry eligible capital/target carried interest30

Target carried interest not attributable to BAM31

Total target carried interest, net to BAM

Direct costs32

Total target carried interest, net to BAM shareholders

943

536

2,526

1,200

453

$ 4,179

(1,435)

$ 2,744

(1,463)

$ 1,281

See glossary and endnotes

Fund Information

Brookfield Private Funds Investment Records

AS OF MARCH 31, 2026

(MILLIONS, EXCEPT AS NOTED)

Investment Value Performance

Vintage Year Fund Capital Realized33 Unrealized34 Total35

Gross IRR36 / Gross TWR36

Unlevered Net IRR37 / Net TWR38

Net IRR37 / Net TWR38

Infrastructure

Core Plus

Brookfield Infrastructure Fund I

2009

$ 2,655

$ 6,711

$ 95

$ 6,806

14 %

12 %

Brookfield Infrastructure Fund II

2013

7,000

13,249

3,987

17,236

14 %

11 %

Brookfield Infrastructure Fund III

2016

14,000

15,364

14,905

30,269

16 %

12 %

Brookfield Infrastructure Fund IV

2019

20,000

10,706

25,356

36,062

17 %

13 %

Brookfield Infrastructure Fund V

2022

27,520

3,377

17,562

20,939

20 %

13 %

Total Brookfield Infrastructure Fund

71,175

49,407

61,905

111,312

15 %

12 %

Brookfield Super-Core Infrastructure Partners

2018

15,005

2,236

14,147

16,382

10 %

9 %

8 %

Brookfield Infrastructure Structured Solutions

2024

1,041

458

470

nm39

Brookfield Artificial Intelligence Infrastructure Fund

2025

3,750

272

nm39

Fully realized infrastructure funds & other40

2005-2021

3,238

10,308

Total Infrastructure40

94,209

61,963

76,782

138,744

Energy

Core Plus

Brookfield Global Transition Fund I

2021

12,964

1,065

11,882

12,947

19 %

13 %

Brookfield Global Transition Fund II

2023

17,937

277

4,612

4,889

nm39

Catalytic Transition Fund

2025

2,711

158

nm39

Brookfield Infrastructure Fund IV Renewable Sidecar

2019

748

359

626

985

14 %

10 %

Total Energy

34,360

1,701

17,278

18,979

Private Equity

Opportunistic

Brookfield Capital Partners Fund I40

2001

416

1,011

31 %

25 %

Brookfield Capital Partners Fund II40

2006

1,000

2,878

21 %

15 %

Brookfield Capital Partners Fund III

2011

1,000

1,644

1,717

10 %

7 %

Brookfield Capital Partners Fund IV

2015

4,000

11,181

1,627

12,808

45 %

35 %

42 %

Brookfield Capital Partners Fund V

2018

8,500

4,055

13,213

17,268

18 %

13 %

14 %

Brookfield Capital Partners Fund VI

2022

9,892

526

8,718

9,244

19 %

13 %

15 %

Total Brookfield Capital Partners Fund40

24,413

20,209

23,631

43,840

25 %

18 %

19 %

Fully realized private equity funds & Other40

2009-2025

13,658

15,174

12,444

27,617

Total Private Equity40

38,071

35,383

36,075

71,457

See glossary and endnotes

Brookfield Private Funds Investment Records cont'd

AS OF MARCH 31, 2026

(MILLIONS, EXCEPT AS NOTED)

Investment Value Performance

Vintage Year Fund Capital Realized33 Unrealized34 Total35

Gross IRR36 / Gross TWR36

Unlevered Net IRR37 / Net TWR38

Net IRR37 / Net TWR38

Real Estate

Opportunistic

Brookfield Real Estate Opportunity Fund I

2006

$ 242

$ 571

$ -

$ 571

11 %

9 %

Brookfield Real Estate Opportunity Fund II

2007

262

607

20 %

16 %

Brookfield Real Estate Turnaround Fund

2009

5,565

8,575

39 %

35 %

Brookfield Strategic Real Estate Partners I

2012

4,350

11,322

11,323

21 %

17 %

Brookfield Strategic Real Estate Partners II

2015

9,000

13,035

3,637

16,672

12 %

9 %

10 %

Brookfield Strategic Real Estate Partners III

2018

15,000

8,770

14,366

23,136

11 %

8 %

Brookfield Strategic Real Estate Partners IV

2021

15,328

1,794

12,812

14,606

7 %

5 %

4 %

Brookfield Strategic Real Estate Partners V

2023

13,030

563

4,058

4,621

nm39

Brookfield Strategic Real Estate Partners Europe40

2024

€ 627

€ 27

€ 217

€ 245

nm39

Brookfield Strategic Real Estate Partners Asia Pacific

2025

710

273

276

nm39

Total Brookfield Strategic Real Estate Partners40

64,201

45,270

35,396

80,666

19 %

14 %

Core Plus

Brookfield Premier Real Estate Partners - US / Australia40

2016-2018

5,038

3,409

4,653

8,061

7 %

5 %

Fully realized real estate funds & Other40

2006-2024

10,697

8,244

4,523

12,767

Total Real Estate40

79,936

56,923

44,572

101,494

Core Credit

Debt

Brookfield Infrastructure Debt Fund I

2016

884

1,032

291

1,323

11 %

9 %

Brookfield Infrastructure Debt Fund II

2020

2,701

1,693

2,106

3,800

10 %

8 %

Brookfield Infrastructure Debt Fund III

2022

5,618

1,179

4,968

6,147

10 %

8 %

Brookfield Infrastructure Debt Fund IV

2024

4,049

739

811

nm39

Brookfield Real Estate Finance Fund IV

2014

1,375

1,443

1,468

10 %

7 %

8 %

Brookfield Real Estate Finance Fund V

2016

2,949

2,664

327

2,991

6 %

4 %

Brookfield Real Estate Finance Fund VI

2021

4,017

2,353

1,191

3,544

10 %

7 %

Brookfield Real Estate Finance Fund VII

2025

900

nm39

Fully realized core credit funds & Other40

2004-2021

3,418

4,771

522

5,293

Total Core Credit 40

25,911

15,212

10,235

25,448

Oaktree

Credit

Oaktree Opportunities Fund IX

2014

5,066

7,583

2,229

9,812

10 %

8 %

Oaktree Opportunities Fund X

2016

3,603

4,124

1,739

5,863

13 %

8 %

Oaktree Opportunities Fund Xb

2020

8,872

5,204

9,404

14,608

17 %

10 %

12 %

Oaktree Opportunities Fund XI

2021

15,876

8,526

10,779

19,305

14 %

8 %

9 %

Oaktree Opportunities Fund XII

2023

12,918

8,540

8,586

28 %

11 %

17 %

Fully realized (or legacy) opportunistic credit funds & other

1988-2011

35,517

61,186

Total Credit

81,852

86,669

32,691

119,360

See glossary and endnotes

Reconciliations and Disclosures

Listed Affiliate Fee Revenue Structure and Incentive Distributions

Listed Affiliate Fee Revenue Structure

AS OF MARCH 31, 2026 (MILLIONS, EXCEPT PER UNIT)

BIP / BIPC41 BEP / BEPC41 BBUC41, 42

Units Outstanding - Publicly Traded Partnerships

651

498

139

Volume Weighted Average Price43

35.47

31.93

34.16

Market Capitalization for Publicly Traded Partnerships

23,097

15,894

4,742

Units Outstanding - Canadian Corporations

141

182

Volume Weighted Average Price43

38.40

39.47

33.83

Market Capitalization for Canadian Corporations

5,396

7,198

2,254

Combined Market Capitalization

28,492

23,092

6,996

Add: Net Debt44

5,352

4,918

1,421

Add: Preferred Shares

590

1,453

725

Adjusted Market Value

34,434

29,463

9,142

Less: Initial Reference Value45

8,093

Adjusted Market Value Base for Management Fee

34,434

21,370

9,142

Quarterly Base Management Fee Rate46

0.31 %

0.30 %

BBUC Adjusted Market Value Base for Management Fee47

8,744

BBUC Quarterly Base Management Fee Rate47

- %

0.02 %

Gross Base Management Fee47

106

Add: Fixed Management Fee48

Total Base Management Fee

106

Incentive Distributions and Performance Fees

AS OF MARCH 31, 2026 (MILLIONS, EXCEPT PER UNIT)

Annualized Distributions

Distribution

Hurdles

Incentive Distributions

Units Outstanding

Annualized Incentive Distributions

Brookfield Infrastructure (BIP)49

$ 1.82

$ 0.49 / $ 0.53

15% / 25%

792

$ 348

Brookfield Renewable (BEP)50

1.57

0.80 / 0.90

15% / 25%

684

164

Total Incentive Distributions

$ 512

Three Month VWAP (USD)

Incentive Distribution

Threshold

Growth / 20% of Growth

Units Outstanding

Quarterly Incentive

Distribution

Brookfield Private Equity (BBUC)51

$ 33.80

33.81

$ (0.01) / $ -

207

$ -

Total Performance Fees

$ -

See glossary and endnotes. Totals and sub-totals may not tie due to rounding

Reconciliation of U.S. GAAP to Non-GAAP Measures

Overview

We disclose certain non-GAAP financial measures in these supplemental schedules. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are presented below. Management assesses the performance of its business based on these non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, net income or other financial measures presented in accordance with U.S. GAAP

UNAUDITED

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Three Months Ended

2026

2025

Net income

$ 586

$ 507

Add or subtract the following:

Less: Cash taxes61

(95)

(91)

Distributable earnings

702 $

654

Provision for taxes52

Depreciation and amortization53 Carried interest allocations54

Carried interest allocation compensation54 Other income and expenses55

Interest expense56

Interest and dividend revenue56 Other revenues57

Share of income from equity method investments58

Fee-related earnings of equity investment methods at our share58 Compensation costs recovered from affiliates59

Other adjustments60

Fee-related earnings

Add: Investment & Other Income (Net of Interest Expense)62 Add: Equity-Based Compensation Costs62

110

(112)

211

(21)

(29)

(207)

(70)

144

772

(2)

146

(20)

(115)

(58)

106

(8)

(4)

698

Reconciliation of Revenues to Fee Revenues

Overview

UNAUDITED

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Three Months Ended

2026

2025

Base management and advisory fees

$ 860

$ 837

Incentive Fees63

130

117

Fee Revenues from equity method investments64

422

359

Other adjustments65

(13)

Fee Revenues

$ 1,426

$ 1,300

Glossary of Terms

This Supplement Information contains key performance measures that we employ in analyzing and discussing our results. These measures include non-GAAP measures.

Brookfield Asset Management Refers to our asset management business, which includes Brookfield Asset Management Ltd. and its subsidiaries.

Assets Under Management (AUM) The total fair value of assets managed, calculated as: investment that Brookfield, which includes Brookfield Corporation, Brookfield Asset Management, or their affiliates, either: i) consolidates for accounting purposes (generally, investments in respect of which Brookfield has a significant economic interest and unilaterally directs day-to-day operating, investing and financing activities), or ii) does not consolidate for accounting purposes but over which Brookfield has significant influence by virtue of one or more attributes (e.g., being the largest investor in the investment, having the largest representation on the investment's governance body, being the primary manager and/or operator of the investment, and/or having other significant influence attributes), iii) are calculated at 100% of the total fair value of the investment taking into account its full capital structure - equity and debt - on a gross asset value basis, even if Brookfield does not own 100% of the investment, with the exception of investments held through our perpetual funds, which are calculated at its proportionate economic share of the investment's net asset value. All other investments are calculated at Brookfield's proportionate economic share of the total fair value of the investment taking into account its full capital structure - equity and debt - on a gross asset value basis, with the exception of investments held through our perpetual funds, which are calculated at Brookfield's proportionate economic share of the investment's net asset value. Our methodology for determining AUM differs from the methodology that is employed by other alternative asset managers as well as the methodology for calculating regulatory AUM that is prescribed for certain regulatory filings (e.g., Form ADV and Form PF).

Fee-Bearing Capital (FBC) Represents the capital committed, pledged or invested in the perpetual affiliates, private funds and liquid strategies that we manage which entitles us to earn fee revenues. Fee-bearing capital includes both called ("invested") and uncalled ("pledged" or "committed") amounts. When reconciling period amounts, we utilize the following definitions: i) Inflows include capital commitments and contributions to our private and liquid strategies funds, and capital issuances in our perpetual affiliates; ii) Outflows represent distributions and redemptions of capital from within liquid strategies; iii) Distributions represent quarterly distributions from perpetual affiliates as well as returns of committed capital (excluding market valuation adjustments) and redemptions; iv) Market activity includes gains (losses) on portfolio investments, perpetual affiliates and liquid strategies based on market prices; and v) Other includes foreign exchange for funds not denominated in USD, end of period adjustments for our flagship funds, and changes in non-recourse leverage in our listed affiliates.

Carry Eligible Capital (CEC) The capital committed, pledged or invested in the private funds that we manage and which entitle us to earn carried interest. Carry eligible capital includes both invested and uninvested (i.e. uncalled) private fund amounts as well as those amounts invested directly by investors (co-investments) if those entitle us to earn carried interest. We believe this measure is useful to investors as it provides additional insight into the capital base upon which we have potential to earn carried interest once minimum investment returns are sufficiently assured.

Distributable Earnings (DE) Non-GAAP measure that provides insight into earnings that are available for distribution to common shareholders or to be reinvested into the business. It is calculated as the sum of fee-related earnings and realized carried interest; returns from our corporate cash and financial assets; interest expense; cash taxes; excluding equity-based compensation costs.

Fee-Related Earnings (FRE) Comprised of fee revenues less direct costs associated with earning those fees, which include employee expenses and professional fees as well as business related technology costs, and other shared services. We use this measure to provide additional insight into the operating profitability of our asset management activities.

Carried Interest Contractual arrangement whereby we receive a fixed percentage of investment gains generated within a private fund provided that the investors receive a predetermined minimum return. Carried interest is typically paid towards the end of the life of a fund after the capital has been returned to investors and may be subject to "clawback" until all investments have been monetized and minimum investment returns are sufficiently assured. This is referred to as realized carried interest.

Glossary of Termscont'd

Annualized Target Carried Interest Represents the annualized carried interest we would earn on third-party private fund capital subject to carried interest based on the assumption that we achieve the targeted returns on the private funds. It is determined by multiplying the target gross return of a fund by the percentage carried interest and by the amount of third-party capital.

Fee Revenues Include base management fees, incentive distributions, performance fees and transaction fees excluding carried interest.

Incentive Distributions Determined by contractual arrangements and are paid to us by BEP and BIP and represent a portion of distributions paid by perpetual affiliates above a predetermined hurdle.

Internal Rate of Return (IRR) The annualized compounded rate of return of the fund, calculated since initial investment date.

Base Management Fees Determined by contractual arrangements, are typically equal to a percentage of fee-bearing capital and are accrued quarterly.

Private Fund Base Fees Private fund base fees are typically earned on fee-bearing capital from third-party investors only and are earned on invested and/or uninvested fund capital, depending on the stage of the fund life

Perpetual Affiliate Base Fees Perpetual affiliate base fees are earned on the total capitalization or net asset value of our perpetual affiliates, which includes our investment. Base fees for BEP include a quarterly fixed fee amount of $5 million, with additional fees of 1.25% on the increase in capitalization above their initial capitalization of $8 billion. Base fees for BIP and BBUC are 1.25% of total capitalization. Base fees for BPG are 1.05% of net asset value, excluding its interests in private funds and investments which were held directly by BAM prior to the BPY privatization. Perpetual affiliate adjusted market values as of March 31, 2026, was as follows: BEP/BEPC - $29 billion; BIP/BIPC - $34 billion; BBUC - $9 billion; and BPG - $20 billion.

Endnotes

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Non-controlling interest represents the approximately 26% of Oaktree not held by Brookfield for the three months ended March 31, 2026; includes the approximately 26% of Oaktree not held by Brookfield for the twelve months ended March 31, 2026.

FRE Margin at our share is calculated consolidating our share of Oaktree's non-controlling interest revenues and costs.

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Market valuation includes gains (losses) on portfolio investments, permanent capital vehicles, perpetual affiliates and liquid strategies based on market prices.

Other adjustments include foreign exchange for funds not denominated in USD, end of period adjustments for our flagship funds, and changes in non-recourse leverage in our listed affiliates and permanent capital vehicles.

Permanent capital vehicles include BIP, BEP, BBUC, and BPG.

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Energy flagship, long-term and perpetual funds and co-investments include their respective commitments to Infrastructure funds, including Brookfield Infrastructure Flagship fund, Brookfield Infrastructure Income fund and Brookfield Infrastructure Structured Solutions fund.

Includes capital from our infrastructure debt platform and real estate debt platform. Credit co-investments are included in fundraising, and presented separately for capital deployed and monetized.

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Infrastructure co-investments and other long-term funds includes Oaktree infrastructure investments in closed-end funds.

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Private Equity other long-term funds includes Oaktree private equity investments in closed-end funds.

Performance Fees reflect those earned from BBUC and Brookfield Private Equity, our private equity retail vehicle.

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Real Estate other long-term funds includes Oaktree real estate investments in closed-end funds.

Real Estate other perpetual funds and co-investments includes Oaktree real estate investments in evergreen funds.

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Investment professionals include Brookfield Credit Group, Brookfield Wealth Solutions, and partner manager professionals.

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Long-Term Opportunistic Credit includes our global opportunistic credit fund series.

Long-Term Private Credit includes infrastructure debt, real estate debt, and partner manager closed-end private credit funds.

Perpetual Opportunistic Credit includes our value opportunistic fund series.

Perpetual Private Credit includes senior mezzanine real estate debt, insurance capital allocated into private credit (SMAs), and Oaktree evergreen private credit funds.

Perpetual Liquid Credit includes insurance capital allocated to liquid credit products.

Disclaimer

Brookfield Asset Management Ltd. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 10:48 UTC.