Brookfield : Supplemental Information (2026 Q1 BN Supplemental vF 2)

Published: 2026-05-14 06:54:11 ET BN

Published on 05/14/2026 at 06:54 am EDT

2026

Brookfleld CorporatlOn

Q1 SU PPLEMENTAL INFOR MAT I ON

Brookfield THR EE M ON THS E ND ED M ARC H 31, 202 6

‌2026 First Quarter Highlights

$6B

Last Twelve Months Distributable Earnings ("DE")

$188B

Deployable Capital

$1B+

YTD

Share Repurchases by BN and BAM

DE before realizations was $1.4 billion ($0.59/share) for the quarter and $5.5 billion ($2.32/share) for the LTM, representing growth of 7% and 6% per share over the prior year periods, respectively.

Distributable earnings were $765 million ($0.32/share) in the quarter and $2.8 billion ($1.20/share) for the LTM.

Year-to-date fundraising totaled $67 billion, including $21 billion raised in the first quarter, reflecting strong demand from our institutional clients. This included $5 billion from retail and wealth clients, a $40 billion investment mandate from Just Group, and $6 billion raised in April for our seventh vintage flagship private equity strategy.

We expect to finalize the first close of our seventh vintage flagship private equity strategy in the coming months. Our operator-led focus on cash-flowing industrial and essential services businesses is resonating with our partners at this point in this cycle where everyone is seeking "hard assets".

Fee-bearing capital increased by 12% to $614 billion, driving an 11% increase in fee-related earnings compared to the prior year quarter.

Distributions from direct investments were $266 million in the quarter and $918 million for the LTM.

Distributable earnings were $430 million ($0.18/share) in the quarter and $1.7 billion ($0.71/share) for the LTM.

Retail and institutional annuity sales totaled $4 billion for the quarter, increasing to approximately $5 billion including Just Group.

We continued to improve the performance of our P&C business by focusing on a more targeted set of specialty lines, achieving a combined ratio of 99% during the quarter.

During the quarter, we deployed $4 billion into Brookfield client-managed strategies across our investment portfolio at an average target yield of 10%.

At quarter end, we held $13.2 billion of book equity, generating $2.0 billion1 in annualized cash flows, underpinning a 15% return on equity and a valuation by us of $30 billion.

Subsequent to the quarter end, we announced the completion of the acquisition of Just Group. The acquisition increases our insurance assets by $40 billion to $180 billion, and significantly expands our operations in the U.K. as we continue to execute on our global expansion strategy.

Distributable earnings were $360 million ($0.15/share) in the quarter and $1.5 billion ($0.65/share) for the LTM.

Cash distributions were supported by the strong operating earnings of our infrastructure, energy and private equity businesses.

Operating fundamentals across our real estate portfolio remain strong, with super core assets ending the quarter at 96% occupancy and our core plus portfolio at 95%. During the quarter, we completed 5.5 million square feet of office and retail leases, with office leasing achieving net rents 15% above expiring levels.

Capital markets remain constructive, with strong liquidity for high-quality, cash-flowing assets, including real estate, where financing activity continues to recover robustly. As an example, we refinanced Two Manhattan West, one of our super core office towers in Manhattan, placing a non-recourse $1.9 billion mortgage with a 10-year term and a coupon of 5.53%, or a 107 bps spread. This allowed us to repay the prior $1.5 billion mortgage and generate $400 million of net cash, and we continue to own the building.

Annualized cash flow includes annualized earnings from the acquisition of Just Group that closed on April 1, 2026.

2026 First Quarter Highlights cont'd

During the quarter, we executed $17 billion of asset sales across the business, as transaction activity remained resilient across most asset classes.

Monetization activity included $6 billion in infrastructure, $5 billion in energy, $2 billion in real estate, and $4 billion of other diversified assets across our operating businesses. Substantially all sales were completed at or above our carrying values, returning significant value to our clients.

Total accumulated unrealized carried interest was $11.8 billion at quarter end, net of $157 million realized into income in the quarter and $528 million for the LTM. With continued progress returning capital to investors and with an active pipeline of monetizations, we are well positioned to realize significant carried interest into income over the next three years.

During the quarter, we returned $598 million of capital to our shareholders via regular dividends and share repurchases. Year-to-date, we repurchased $470 million of BN Class A shares in the open market at an average price of $41, which represents an approximate 40% discount to our view of intrinsic value at quarter end of $66. BAM has also been active, repurchasing

$575 million of its shares in the open market.

The balance of our distributable earnings over the LTM were invested back into the business-the strategies managed by BAM, our wealth solutions business and our operating businesses.

We have deployable capital of $188 billion, which includes $74 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business, as well as $114 billion of uncalled private fund commitments.

Our balance sheet remains conservatively capitalized, with a corporate debt to market capitalization ratio of 13%. In addition, our corporate debt, at the Corporation, has a weighted-average interest rate of 4.8%, and a remaining weighted-average term of 15 years.

Amid a supportive capital markets environment, we advanced $45 billion of financings across the franchise, including

$15 billion in our real estate business.

Over the last 18 months, we have streamlined our corporate structure. The next step is the combination of BN and its paired security, BNT. The end result will be a fully integrated insurance and investment organization.

It is now clear that to keep growing and to maximize our returns and lower risk, a full combination is optimal. Providing our insurance operations with greater access to the Corporation's balance sheet will enhance capital efficiency and flexibility in optimizing our capital structure to support Brookfield's continued expansion over the long term.

This builds on the steps closed to date, including the successful conversion of Brookfield Business Partners and Brookfield Business Corporation into a single listed corporate entity. The dominance of index investing, strong shareholder support, and a positive market response have reinforced our view that simpler structures with larger market capitalizations are now the most effective way to position these businesses. We are also evaluating a similar simplification plan for our two infrastructure and our two energy entities.

CONTENTS

Highlights and Overview

Common Share Information

Detailed Analysis

Reconciliation of IFRS to non-IFRS Measures

Asset Management

Endnotes

Wealth Solutions

Glossary of Terms

Operating Businesses

Brookfield Corporation

We are a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have one of the largest pools of discretionary capital globally, which is deployed across our three core businesses-Asset Management, Wealth Solutions, and our Operating Businesses. Through our core businesses, we invest in real assets that form the backbone of the global economy to deliver strong risk-adjusted returns to our stakeholders. Over the long term, we are focused on delivering 15%+ annualized returns to shareholders.

DE represents the deconsolidated earnings of the Corporation that are available for distribution to shareholders and it is our primary performance metric. DE is comprised of distributions we receive from our Asset Management, Wealth Solutions and Operating Businesses. It also includes disposition gains on our principal investments and our share of realized carried interest that is earned by our Asset Management business. We target growing our DE by 15% or more each year.

We create value for our shareholders in two ways. First, we participate in increases in the earnings and value of our Asset Management, Wealth Solutions and Operating Businesses, which enables us to increase our cash dividends paid to shareholders. Second, we are able to deploy the substantial free cash flows we retain towards supporting the growth of our three businesses, new strategic opportunities and share repurchases.

Asset Management

Brookfield Asset Management ("BAM") is a leading global alternative asset manager, with over $1 trillion of assets under management

Increase fee-bearing capital

Maintain cost discipline as we scale

Distributable earnings

Fee-bearing capital

Fee-related earnings

Market price of BAM

Achieve strong investment returns and, in turn, earn carried interest

Generate unrealized carried interest, net

Realized carried interest, net

Multiple of annualized target carried interest, net

Accumulated unrealized carried interest, net

In addition, we invest discretionary capital into and alongside private funds managed by BAM and other investments

Increase cash income through organic levers

Recycle underlying assets

Returns on capital from distributions from direct investments

Applicable valuation methods, such as discounted cash flow analysis, on our direct investments

Wealth Solutions

Brookfield Wealth Solutions ("BWS") is an investment-led insurance organization focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions

Acquire long duration and predictable insurance liabilities

Proactively manage risk of underwritten liabilities

Earn attractive risk-adjusted returns on our balanced investment portfolio in excess of the cost of the insurance liabilities we manage

Cost of insurance liabilities

Net investment income on investment portfolio

Distributable earnings

Multiple of annualized distributable earnings

Operating Businesses

We are invested in four global operating businesses in Infrastructure ("BIP"), Energy ("BEP"), Private Equity ("BBUC") and Real Estate ("BPG")

Increase cash income through • Operating FFO / Net operating • Market price of public organic levers income / Adjusted EBITDA affiliates (BIP, BEP, BBUC)

Recycle underlying assets • Distributions from Operating • Fair value under IFRS

Businesses (BPG)

Capital Allocation

We allocate the free cash flows we receive to enhance value for our shareholders

Increase in cash dividends

Share repurchases

Support the growth of our three core businesses

New strategic investments

Disposition gains on principal investments

Contribution to growth in DE & DE per share

Achieving 15%+ returns on equity over the long term

Applicable valuation methods based on how capital is deployed

Special distributions

‌Performance Highlights

FOR THE LTM ENDED MAR. 31 (MILLIONS)

FOR THE LTM ENDED MAR. 31

$3,183

$3,946

$4,279

$5,171

$5,478

$4,957 $5,204

$1.32

$1.64

$1.80

$2.18

$2.32

$2.06 $2.16 $2.05

2022 2023 2024 2025 2026

Distributable earnings before realizations, adjusted for special distribution3

Realized carried interest and disposition gains from principal investments

Adjustment for special distribution3

2022 2023 2024 2025 2026

Distributable earnings before realizations, adjusted for special distribution3

Realized carried interest and disposition gains from principal investments

Adjustment for special distribution3

FOR THE LTM ENDED MAR. 31 (MILLIONS)

FOR THE LTM ENDED MAR. 31

$769

$824

$854

$454

$878

$1,068

$768

$538

$13,099

$450

$574

$509

$0.25

$0.33

$0.35

$0.19

$0.32

$0.24

$5.33

$0.36

$0.45

$0.22

$0.37

$0.19

2022 2023 2024 2025 2026

Common share dividends

Share repurchases

Special distributions4

2022 2023 2024 2025 2026

Common share dividends

Share repurchases

Special distributions4

‌Distributable Earnings ("DE")

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

BAM1,2,3

Direct investments

$ 499

$ 460

$ 1,930

$ 1,788

$ 1,953

page 12

266

224

918

920

789

page 15

Asset Management

765

684

2,848

2,708

2,742

Wealth Solutions

430

1,671

1,507

2,028

page 17

BIP

361

341

377

page 19

BEP

121

113

462

434

485

page 20

BBUC

page 21

BPG

120

215

642

904

630

page 22

Other

page 20

Operating Businesses

360

426

1,536

1,715

1,546

Corporate and other5,6

(162)

(239)

(577)

(759)

(912)

page 26

Distributable earnings before realizations7

1,393

1,301

5,478

5,171

$ 5,404

Realized carried interest, net

157

189

528

409

page 13

Disposition gains from principal investments

1,027

page 27

Distributable earnings7

$ 1,550 $ 1,549 $ 6,009 $ 6,607

Per share8

Distributable earnings before realizations

$ 0.59 $ 0.55 $ 2.32 $ 2.18

Distributable earnings

0.66 0.65 2.54 2.78

BAM annualized DE includes $75 million of borrowing costs related to a $1 billion non-recourse loan issued to a large institutional partner in December 2024.

DE reflects our combined 74% ownership of BAM, which is held 70% directly and 4% through BWS.

ASSET MANAGEMENT

Generated DE of $765 million for the quarter and $2.8 billion for the LTM, mainly driven by an 11% increase in fee-related earnings ("FRE") compared to the prior year quarter due to strong fundraising momentum, with inflows of $108 billion in the LTM, and capital deployment across our diversified fund offerings. DE included distributions from direct investments of

$266 million for the quarter and $918 million for the LTM.

WEALTH SOLUTIONS

DE was $430 million for the quarter and $1.7 billion for the LTM, supported by strong investment performance and continued expansion of the insurance asset base.

OPERATING BUSINESSES

Generated DE of $360 million for the quarter and $1.5 billion for the LTM, with cash distributions supported by resilient earnings across our underlying businesses and assets over the LTM.

Over the LTM, we recognized $528 million of net carried interest from realizations in private funds managed by BAM. 2025 LTM disposition gains are primarily related to the sale of a portion of our interest in BAM, which was used to support the acquisition of AEL in our wealth solutions business.

‌Capital

We create value for our shareholders by increasing the cash flows generated by our investments and driving appreciation of capital over time as we execute operational improvements and disciplined recycling of underlying assets.

Our capital was approximately $175 billion on a blended basis as of March 31, 2026, on which we earn $6.3 billion of diversified, long-term, stable cash flows via dividends. Most of our earnings are retained for reinvestment. Over the LTM, we generated unrealized carried interest, net of costs, of $436 million, which is not included in the annualized cash flow presented in the table below and instead is presented on page 13.

The following table provides a breakdown of our capital as at March 31, 2026 and December 31, 2025. We provide three methods for you to review: quoted prices, our IFRS values, and blended values. We recommend that you focus on the blended values as these include quoted market values and, since we have control over most of these assets, we believe we could realize for at least these values. Nonetheless, we provide this information so you can choose how to assess value.

AS AT MAR. 31, 2026 AND DEC. 31, 2025

No. of

Quoted1 IFRS Blended2

Annualized

(MILLIONS, EXCEPT PER SHARE AMOUNTS)

Units

2026

2025

2026

2025

2026

2025

Cash Flow3

BAM4,5

1,193

$ 52,030

$ 61,502

$ 4,517

$ 4,635

$ 52,030

$ 61,502

$ 1,953

Carried interest, net6

N/A

33,770

33,409

Direct investments

N/A

10,816

10,876

10,816

10,876

789

Asset Management

15,333

15,511

96,616

105,787

2,742

Wealth Solutions7,8

12,315

12,742

30,420

27,795

2,028

BIP

207

7,521

7,317

2,215

2,311

7,521

7,317

377

BEP

309

10,208

8,516

3,750

3,964

10,208

8,516

485

BBUC9

2,810

3,164

1,912

1,890

2,810

3,164

BPG

N/A

25,542

25,141

26,865

26,464

630

Other

N/A

901

896

901

896

Operating Businesses

34,320

34,202

48,305

46,357

1,546

Total investments

61,968

62,455

175,341

179,939

6,316

Corporate and other10

(680)

(38)

(430)

212

N/A

Capital

61,288

62,417

174,911

180,151

$ 6,316

Debt and preferred capital11,12

(18,591)

(18,621)

(17,815)

(17,890)

Capital, net $ 42,697 $ 43,796 $ 157,096 $ 162,261

Per Share13 $ 66.37 $ 68.08

AS AT MAR. 31 (BILLIONS)

$168.6 $174.9

‌Capital Allocation

FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

Sources

Distributable earnings, before realizations1,2

$ 1,393

$ 1,301

$ 5,478

$ 5,171

Realized carried interest, net

157

189

528

409

Disposition gains from principal investments

1,027

1,550

1,549

6,009

6,607

Return of capital

Common share dividends

(160)

(138)

(574)

(509)

Share repurchases3

(438)

(569)

(878)

(1,068)

(84)

(412)

(409)

(843)

(430)

(1,671)

(2,461)

(291)

(1,368)

(1,763)

(1,955)

(1,403)

(2,917)

(5,295)

(6,836)

380

(388)

1,259

(619)

248

(209)

(2,235)

$ (472)

$ (740)

$ 117

$ (1,205)

Capital allocated to Asset Management business, net4,5 Capital allocated to Wealth Solutions business

Capital allocated to Operating Businesses, net

We target paying a modest dividend so that we are able to deploy the majority of the substantial free cash flow we receive towards supporting the growth of our businesses, new strategic investments and share repurchases.

$574 million of dividends paid to common shareholders;

$878 million to repurchase 23.0 million BN common shares at a weighted average price per share of $38.757, well below our view of intrinsic value;

$409 million ($84 million during the quarter) into our asset management business primarily to fund commitments to opportunistic real estate and credit strategies managed by BAM;

$1.7 billion ($430 million during the quarter) into our wealth solutions business to support continued growth; and

$1.8 billion ($291 million during the quarter) was reinvested back into our operating businesses, primarily to opportunistically repay corporate and asset-level debt and to fund investments within our real estate business.

Net financing activities of $388 million over the LTM include the issuance of a $650 million 10-year senior unsecured note in August 2025, issuance of a C$1 billion dual-tranche senior note (~U.S. $730 million), net commercial paper repayments of approximately $1.1 billion and repayments of a C$850 million maturing senior note (~U.S. $620 million) due January 2026.

‌Liquidity Profile and Capital Structure

We manage our liquidity and capital resources on a group-wide basis and organize it into three principal tiers:

The Corporation1;

Our three core businesses, including BAM, BWS, and our Operating Businesses (BIP, BEP, BBUC and BPG); and

Managed funds or investments, either held directly or within our core businesses.

The Corporation has very few non-discretionary capital requirements. We maintain significant liquidity ($5.5 billion in the form of corporate cash and financial assets and undrawn credit facilities) at the corporate level to further enable growth across business cycles. This does not include our ability to issue debt or monetize investments to further enhance our liquidity.

On a group basis, as at March 31, 2026, we had record deployable capital of $188 billion, which included corporate liquidity, core businesses' liquidity, and uncalled private fund commitments. Uncalled private fund commitments represent third-party commitments available for drawdown in private funds managed by BAM.

AS AT MAR. 31, 2026 AND DEC. 31, 2025

(MILLIONS)

2026

2025

2026

2025

Cash and financial assets, net2

$ 2,240

$ 2,712

$ 62,980

$ 64,747

Undrawn committed credit facilities

3,241

3,231

11,114

11,946

Core liquidity

$ 5,481

$ 5,943

Third-party uncalled private fund commitments

114,175

110,855

Total Deployable Capital

$ 188,269

$ 187,548

Virtually all of the debt within our business is issued by entities or assets within the funds, or other investing entities, that we manage and generally has no recourse to the Corporation. Only 5% of our consolidated debt is issued by, or has recourse to, the Corporation.

Our corporate capitalization was $67 billion as at March 31, 2026, with a debt to capitalization level of approximately 21% at the corporate level based on IFRS book values, which exclude a significant portion of the value of our wealth solutions business and virtually all of the value of our asset management business (see page 28 for details). Our corporate debt to capitalization level was 13% based on market price as of March 31, 2026.

Corporate borrowings excluding commercial paper totaled $14.3 billion, with a weighted-average term of 15 years, and a weighted-average interest rate of 4.8%.

Our corporate borrowings are supplemented by $3.5 billion of perpetual preferred shares with a weighted-average cost of 5.0%.

AS AT MAR. 31, 2026

(MILLIONS)

Term

Rate

Total

2026

2027

2028

2029

2030

2031+

Corporate borrowing

Term debt

4.8 %

$ 14,271

$ 500

$ 359

$ 1,050

$ 1,000

$ 750

$ 10,612

Perpetual preferred shares3

perp.

5.0 %

3,544

n/a

$ 17,815 $ 500 $ 359 $ 1,050 $ 1,000 $ 750 $ 10,612

‌Distributable Earnings and Net Income

FOR THE PERIODS ENDED MAR. 31

(MILLIONS, EXCEPT PER SHARE AMOUNTS)

2026

20253

2026

20253

Operating activities

Asset Management

$ 765

$ 684

$ 2,848

$ 2,708

Wealth Solutions

430

1,671

1,507

Operating Businesses

360

426

1,536

1,715

Corporate activities and other

(162)

(239)

(577)

(759)

Distributable earnings before realizations

1,393

1,301

5,478

5,171

Realized carried interest, net

157

189

528

409

Disposition gains from principal investments1,2

1,027

Distributable earnings

1,550

1,549

6,009

6,607

Add: disposition gains in net income

240

329

Less: realized disposition gains

(59)

(3)

(1,027)

Fair value changes and other2

(824)

(1,078)

(2,720)

(3,289)

Depreciation and amortization2

(639)

(585)

(2,548)

(2,414)

Deferred income taxes2

(10)

283

321

Working capital, net

(74)

331

Net income attributable to shareholders4

$ 102

$ 73

$ 1,336

$ 612

Per share5,6

Distributable earnings before realizations

$ 0.59

$ 0.55

$ 2.32

$ 2.18

Distributable earnings

0.66

0.65

2.54

2.78

Net income7

0.03

0.01

0.50

0.19

Detailed Analysis

‌Asset Management

Our asset management business creates value by:

Increasing fee-bearing capital, which increases our fee revenues and fee-related earnings

Achieving attractive investment returns, which enables us to earn carried interest and other performance fees

Maintaining cost discipline as we scale our operations

Our asset management business targets growing its fee-related earnings and distributable earnings by 15%+ per year.

We value our asset management business as the sum of: i) the market value of BAM; ii) applying a multiple to annualized target carried interest, net; and iii) our accumulated unrealized carried interest, net.

AS AT AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

2026

2025

Annualized

Fee revenues

$613,787 $549,067

$1,426

$1,300

$5,613

$4,893

$ 5,880

Direct costs2,3

(632)

(583)

(2,459)

(2,186)

(2,600)

794

717

3,154

2,707

3,280

Amounts attributable to other shareholders

(22)

(19)

(85)

(105)

(88)

Fee-related earnings

772

698

3,069

2,602

3,192

Cash taxes

(95)

(91)

(381)

(339)

(389)

Add back of equity-based compensation costs and investment and other income

206

(51)

Distributable earnings

702

654

2,743

2,469

2,752

Amounts not attributable to the Corporation4

(185)

(177)

(742)

(663)

(724)

Non-recourse borrowings expense

(18)

(17)

(71)

(18)

(75)

Distributable earnings at our share

$ 499

$ 460

$1,930

$1,788

$ 1,953

Includes amounts not attributable to our combined 74% ownership of BAM, which is held 70% directly and 4% through BWS.

Fee-bearing capital increased to $614 billion as at March 31, 2026 due to strong fundraising momentum and capital deployment.

Our asset management business generated fee-related earnings of $3.1 billion over the LTM, representing growth of 18% over the prior period. This was supported by $108 billion of fundraising, driven by complementary strategies and strong flagship fundraising, including the final close of our energy transition strategy.

Complementary strategies represented more than 90% of total fundraising over the LTM, driven by insurance mandates, perpetual strategies and long-term private funds, as well as partner managers' credit funds.

The margin on fee-related earnings was 57% at our share5 during the quarter.

As at March 31, 2026, the market value of BAM was $44.45 per share, equating to $52.0 billion of capital for the 1,193 million shares we own, net of a $1 billion non-recourse loan issued to a large institutional partner in December 2024.

AS AT AND FOR THE PERIODS ENDED MAR. 31, 2026 (MILLIONS)

Accumulated unrealized, beginning of period In period change

Generated in period

Foreign currency revaluation

Unrealized

Carried Interest

Direct

Costs Net

Unrealized

Carried Interest

Direct

Costs Net

$ 11,596

$ (3,884)

$ 7,712

$ 11,555

$ (3,635)

$ 7,920

606

(221)

385

1,142

(706)

436

(1)

244

(70)

174

613

(222)

391

1,386

(776)

610

(429)

209

(220)

(1,161)

514

(647)

184

(13)

171

225

(262)

(37)

11,780

(3,897)

7,883

11,780

(3,897)

7,883

(2,394)

931

(1,463)

(2,394)

931

(1,463)

$ 9,386

$ (2,966)

$ 6,420

$ 9,386

$ (2,966)

$ 6,420

Less: realized

Carried interest not attributable to the Corporation3

Unrealized carried interest increased by $606 million, before foreign exchange and direct costs, primarily driven by higher valuations within our credit, infrastructure, private equity, and energy funds.

We realized $429 million of carried interest in the quarter, primarily due to realizations from our credit and private equity funds. Realized carried interest, net of direct costs, was $220 million, of which $157 million is attributable to the Corporation.

We generated $1.1 billion of unrealized carried interest before foreign exchange and associated costs over the LTM, driven by higher valuations in our infrastructure, credit, energy, and private equity funds.

We realized $1.2 billion of carried interest over the LTM from monetizations across various flagship and other funds. Realized carried interest, net of direct costs, was $647 million, of which $528 million is attributable to the Corporation.

We continue to make progress returning capital to investors and expect to realize $6 billion of carried interest, net of costs, over the next three years as transaction activity accelerates.

Refer to pages 32 to 33 of Brookfield Asset Management Ltd.'s Q1 2026 Supplemental Information which details fund performance.

AS AT MAR. 31, 2026 (MILLIONS)

Carry Eligible

Capital1

Gross Target Return2,3

Average Carried Interest

Annualized Target Carried

Interest4

Opportunistic

$ 54,282

18% - 25%

~20%

$ 1,932

Value add, credit, core plus and other

85,488

10% - 15%

~15%

1,620

Oaktree

44,686

10% - 20%

~20%

1,091

184,456

4,643

Uncalled fund commitments5,6,7

88,278

1,838

Total

$ 272,734

6,481

Target carried interest not attributable to the Corporation8,9

(2,944)

$ 3,537

Target carried interest on capital currently invested is $4.6 billion per annum, and a further $1.8 billion on capital not yet invested. Total target carried interest at our share is currently $3.5 billion, or $2.7 billion net of costs (December 31, 2025 -

$2.7 billion). We determine the value of our target carried interest using a 10x multiple. As at March 31, 2026, the value of our target carried interest was $27.4 billion.

1. As at March 31, 2026, $184.5 billion of carry eligible capital has been invested and an additional $88.3 billion of committed capital will become carry eligible once invested.

For planning purposes, we use current carry eligible capital multiplied by target fund returns and our average carried interest rate to determine annualized carried interest, and then subtract associated direct costs to arrive at a ~65% margin on legacy funds (pre-2023) and 100% margin on our royalty (post-2023), which collectively represent our "net target carried interest."

AS AT MAR. 31 (BILLIONS)

$6.1 $6.5

2022 2023 2024 2025 2026

AS AT MAR. 31, 2026

Infrastructure

13%

Energy

13%

Private equity

20%

Real estate

34%

Credit

20%

■

We have $10.8 billion of capital in direct investments, which includes $5.3 billion in flagship real estate private funds that are managed by BAM with long-term track records of earning strong returns. Also included in direct investments is $5.5 billion of capital invested in other real estate, private equity, opportunistic and other credit funds managed by BAM, and other investments. We look to deliver blended total annualized returns of 15%+ or more from our direct investments and we determine their value using fair value under IFRS.

AS AT MAR. 31, 2026 AND DEC. 31, 2025 AND FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

FFO1

IFRS/Blended Three Months LTM

2026 2025 2026 2025 2026 2025

Capital / FFO $ 10,816 $ 10,876 $ 243 $ 130 $ 1,029 $ 655

Cash distributions received $ 266 $ 224 $ 918 $ 920 $ 789

Our capital in this business is in line with the prior year quarter primarily as the impact of capital invested into private funds and other investments was offset by monetizations over the LTM.

Refer to page 22 for a summary of the combined results and total distributions of our real estate business, including the investments we have made in our real estate private funds presented below.

AS AT MAR. 31, 2026

Flagship real estate funds 49 %

Opportunistic and other credit funds 19 %

Private equity and other investments 22 %

Other real estate funds 10 %

$10.8B

equity

The flagship real estate private funds that we invest in own a globally diversified portfolio of high-quality assets and portfolios with operational upside across logistics, multifamily, hospitality, office, retail, triple net lease, self-storage, student housing and the manufactured housing sectors. As business plans for individual investments are successfully implemented, typically after five to ten years, fund assets are then monetized with our capital recycled into newer vintages, net of gains.

Refer to the below table for the vintage and percentage of realization of flagship real estate private funds. With the exception of the IFRS value of remaining equity figures, amounts presented below are in accordance with Investment Company Accounting under US GAAP, which aligns with the reporting of each private fund.

Vintage IFRS value of

Year Amount invested2 remaining equity Amount realized

2012 $ 1,610 $ 15 $ 3,058

2015 2,942 958 3,460

2018 4,003 2,603 2,474

2021 1,341 1,473 353

2023 87 201 7

Gross IRR

21 %

12 %

11 %

7 %

N/M

$ 9,983 $ 5,250 $ 9,352

AS AT MAR. 31, 2026 (MILLIONS)

BSREP I3 BSREP II BSREP III BSREP IV BSREP V4

Flagship real estate funds

Our other direct investments include the following investments in funds managed by BAM: $2.0 billion in opportunistic and other credit funds, $2.4 billion in private equity funds, other investments, and working capital, and $1.1 billion in other real estate funds. For the LTM ended March 31, 2026, these investments contributed $238 million of FFO (2025 - $201 million).

"N/M" refers to performance measures that are not meaningful, typically where the performance measurement date is within twelve months of the initial capital call date.

The Corporation has developed a portfolio of direct and indirect investments in technology-oriented businesses, leveraging multiple pools of capital across the organization. These investments have been made through a combination of:

commitments to closed-end private funds managed by BAM;

direct investments from the Corporation's balance sheet; and

capital deployed on behalf of clients through fee-bearing vehicles where we are entitled to carried interest

We invest at the intersection of infrastructure and technology and have developed an investment strategy that has scaled in capital and strategic relevance. Our investments are focused on technology and innovation-driven businesses, as well as strategic investments with partners.

Through our global scale and network, we have also made select investments in businesses which are positioned to benefit from the rapid adoption of artificial intelligence. This includes $2 billion of SpaceX shares at the current pre-IPO mark, of which approximately $1 billion is owned by Brookfield Corporation; approximately $500 million committed to Figure, a leading developer of humanoid robotics; Hark Labs1, a next-generation AI platform focused on personalized intelligence systems; and The Deployment Company, an AI deployment joint venture with OpenAI2, to drive large-scale AI transformations for enterprise customers.

We, through BAM, also own half of Pinegrove Capital, a platform focused on secondary and structured capital solutions in the technology and venture capital space. We have committed more than $450 million to Pinegrove's strategies, increasing our exposure to private technology investments across venture secondaries, venture funds, and venture credit opportunities.

Collectively, these investments represent targeted allocations of capital to high-quality, innovation-driven businesses that are well positioned to benefit from major secular trends shaping the global economy.

As of March 31, 2026, the total amount of capital in these strategies was $6.3 billion, with the value of our balance sheet capital being approximately $2.3 billion.

AS AT MAR. 31, 2026

$2.3B

equity

Direct Investments 62 %

Closed-end Funds 38 %

‌Wealth Solutions

Through operating subsidiaries, the business offers a broad range of insurance products and services, including annuities, personal and commercial property and casualty insurance and life insurance.

Our wealth solutions business creates value by:

Using our globally diversified operating platform to originate low-risk liabilities that deliver a highly competitive risk-adjusted cost of capital to support operations:

The annuities segment includes retail annuity products, pension risk transfer solutions and funding agreements

The property and casualty segment includes targeted lines of insurance that align with our core competencies where we have robust underwriting processes, and that offer predictable liability profiles

Applying a proactive risk management approach to minimize the risk of underwritten liabilities through robust underwriting processes, reinsurance, duration and liquidity matching

Leveraging Brookfield's broader investment capabilities to source high-quality investment opportunities across real assets (debt and equity) that are well suited to the underlying insurance liabilities

The combined business benefits from diversification of liability profiles, lowers the overall cost of funds through underwriting profits in property and casualty, and is structured to deliver enhanced risk-adjusted returns through a real-assets focused investment strategy.

Our wealth solutions business targets a 15%+ annual return on equity and we value this business based on a 15x multiple of annualized distributable earnings, which represents our view of the fair value.

Distributable Earnings

Three Months LTM

Annualized

AS AT AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025 Cash

Flow

Net investment income

$ 1,686

$ 1,546

$ 6,558

$ 5,540

Cost of funds

(1,028)

(904)

(4,013)

(3,287)

Investment earnings

658

642

2,545

2,253

Interest expense

(92)

(80)

(356)

(360)

Operating expenses and other

(128)

(125)

(489)

(361)

Distributable earnings

438

437

1,700

1,532

Less: Amounts not attributable to the Corporation

(8)

(7)

(29)

(25)

Distributable earnings attributable to the Corporation

$ 430

$ 1,671

$ 1,507 $

2,0281

1. Annualized cash flow includes annualized earnings from the acquisition of Just Group that closed on April 1, 2026.

When assessing our return on equity in our wealth solutions business, we focus on our invested capital of $13.2 billion. This figure represents the capital we have contributed to the business, in addition to the DE we have retained since inception.

The level of operating leverage in the business is determined by the statutory capital within our insurance operating companies. We ended the quarter with a strong liquidity and capital position, with total group capital of approximately $19.8 billion2. In addition to our invested capital of $13.2 billion, statutory capital includes the benefits of acquiring certain insurance subsidiaries for value, excludes the impact of mark-to-market changes on available for sale securities and considers equity interests attributable to BWS Class A shareholders.

See endnotes.

‌Wealth Solutions cont'd

Three Months LTM1

AS AT AND FOR THE PERIODS ENDED MAR. 31, 2026

Property &

Life

Corporate &

(MILLIONS)

Annuities

Casualty

Insurance

Other

Total

Net investment income

$ 1,349

$ 99

$ 35

$ 9

$ 1,492

$ 5,737

Realized and unrealized gains on real asset strategies

138

194

821

Cost of funds

(1,031)

(18)

(1,028)

(4,013)

Net investment earnings

456

124

658

2,545

Interest expense

(92)

(356)

Operating expenses and other

(128)

(489)

Distributable earnings

456

124

(162)

438

1,700

Less: DE not attributable to the Corporation

(8)

(29)

Total invested insurance assets2

$ 103,846 $ 7,995 $ 3,899 $ 4,002

$ 119,742

Deferred policy acquisition costs3

11,846

Reinsurance recoverables and deposit assets4

11,937

Total insurance assets

$ 143,525

DE attributable to the Corporation

$ 456

$ 124

$ 20

$ (170)

$ 430

$ 1,671

Average invested insurance assets

$ 103,465

$ 8,091

$ 3,905

$ 4,207

$ 119,668

$ 113,661

Invested insurance assets are $120 billion supported by the origination of retail and institutional annuity sales, and premiums collected from our property and casualty business. Gross inflows for the quarter reached $4 billion and totaled $20 billion over the LTM. Over the LTM, net inflows totaled $8.2 billion.

Subsequent to the quarter end, we announced the completion of the acquisition of Just Group increasing our insurance assets to $180 billion.

The summary below provides a breakdown of the gross spread earned by the business:

FOR THE PERIOD ENDED MAR. 31, 2026

LTM

Net investment income

5.05 %

Realized and unrealized gains on real asset strategies1

Cost of funds - life and annuity1

(3.89)%

0.72 %

Cost of funds - P&C1

(0.48)%

Effective cost of funds

(3.53)%

Gross spread

2.24 %

Invested insurance assets include a portfolio of public equities, the appreciation on which is excluded from DE and the gross spread metrics above. DE excludes $462 million of unrealized gains earned over the LTM on our public equities, which will be recognized in DE when realized.

AS AT MAR. 31, 2026

Cash6 9%

Public credit7 52%

3.53%

LTM cost

9 year average duration

Private credit7 26%

AS AT MAR. 31, 2026

Annuities 94%

Property and casualty 4%

Life insurance 2%

Equities 6%

Private funds 7%

‌Operating Businesses

Each of these businesses share key characteristics of being highly diversified by sector and geography, generating stable and often inflation linked revenue streams, high cash margins, market leading positions, high barriers to entry and opportunities to invest additional capital to enhance returns, all of which enable us to generate very attractive risk adjusted returns on our capital.

The capital we have invested in our infrastructure, energy and private equity operating businesses is predominantly held via our 26% interest in BIP, our 45% interest in BEP and our 69% interest in BBUC3. Each of these are publicly listed perpetual capital vehicles that also act as our primary vehicles for making commitments to our flagship private funds, providing them each with a very strong pipeline for growth. We value these businesses using their respective trading prices.

Our remaining capital is invested in our wholly owned private real estate business. The portfolio is comprised of 34 of the world's highest quality office and retail assets which we plan to hold a stake in over the long-term, a portfolio of 139 office and retail assets that we plan to monetize at attractive returns over time, and a leading land development and homebuilding platform. We value our real estate business on a quarterly basis using fair value techniques as defined under IFRS.

Our capital in this business is held via our 26% ownership interest in BIP, one of the largest owners and operators of critical global infrastructure networks.

Our infrastructure business seeks to deliver 12% to 15% or more total returns and 5% to 9% distribution growth annually, and creates value by:

Increasing inflation-protected and contracted cash flow through de-risking businesses and operational improvements

Expanding our capacity with our record capital backlog

Disciplined recycling of assets and businesses into higher growth opportunities

AS AT MAR. 31, 2026 AND DEC. 31, 2025

AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

2026

2025

2026

2025

BIP

$ 8,092

$ 8,432

$29,074

$28,966

$ 709

$ 646

$ 2,690

$ 2,499

Incentive distributions

(87)

(80)

(327)

(302)

Non-controlling interests

(5,877)

(6,121)

(21,553)

(21,649)

(455)

(414)

(1,729)

(1,608)

Segment reallocation and other

(4)

(16)

Capital / Operating FFO

$ 2,215 $ 2,311 $ 7,521 $ 7,317

$ 163

$ 148 $ 618 $ 573

Cash distributions received

$ 94

$ 89 $ 361 $ 341 $ 377

Operating FFO increased by 8% over the LTM, primarily due to contributions from acquisitions and organic growth across our businesses as a result of inflation indexation, commissioning of capital projects, and rate base increases, partially offset by increased interest expense due to additional borrowings to finance ongoing capital projects.

Our capital in this business is via:

Our 45% ownership interest in BEP, one of the world's largest publicly traded pure-play renewable power platforms

Energy contracts, which are our contractual arrangement with BEP to purchase power generated by certain North American hydro assets at a fixed price that is then resold on a contracted or uncontracted basis

Our energy business seeks to deliver 12% to 15% total returns and 5% to 9% distribution growth annually, and creates value by:

Acquiring operating assets and businesses on a value basis

Increasing the cash income generated by its assets through operational improvements

Disciplined recycling of assets and businesses into higher growth opportunities

AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

2026

2025

2026

2025

BEP

$ 8,330

$ 8,876

$23,641

$20,491

$ 375

$ 315

$ 1,394

$ 1,236

Incentive distributions

(41)

(37)

(149)

(132)

Non-controlling interests

(4,580)

(4,912)

(13,433)

(11,975)

(183)

(151)

(679)

(603)

Segment reallocation and other

(3)

Brookfield's interest

3,750

3,964

10,208

8,516

151

127

566

498

Energy contracts

901

896

901

896

AS AT MAR. 31, 2026 AND DEC. 31, 2025

Capital / Operating FFO $ 4,651 $ 4,860 $11,109 $ 9,412 $ 170 $ 130$ 613 $ 502

Operating FFO, excluding our energy contracts, increased by 14% over the LTM, primarily due to growth from the commissioning of development assets, partially offset by net disposition activity and increased interest expense due to additional borrowings to finance ongoing capital projects.

BBUC is a global business services and industrials company. On a combined basis with our wealth solutions business, we hold approximately 69% ownership interest in BBUC3, 43% being directly held by the Corporation.

BBUC seeks to deliver 15% or more total annualized returns, and creates value by:

Acquiring high-quality businesses, which provide essential products and services, on a value basis

Enhancing and improving cash flows through operational improvement

Disciplined recycling of assets and businesses into higher growth opportunities

Cash distributions received of $24 million for the LTM reflect BBUC's policy of paying a modest distribution and reinvesting the majority of its FFO back into its businesses to further enhance value.

AS AT MAR. 31, 2026 AND DEC. 31, 2025

(MILLIONS)

2026

2025

2026

2025

BBUC

$ 5,480

$ 5,451

$ 6,529

$ 7,409

Non-controlling interests

(3,568)

(3,561)

(3,719)

(4,245)

Capital

$ 1,912

$ 1,890

$ 2,810

$ 3,164

AS AT AND FOR THE PERIODS ENDED MAR. 31

Three Months

Three

Months

M Annualized

(MILLIONS)

2026

2025

2026

2025

2026

2025

2026

2025 Cash Flow

BBUC

$ 582

$ 591

$2,400

$2,612

$ 279

$ 345

$1,113

$1,546

Performance fees

(95)

Non-controlling interests

(332)

(347)

(1,380)

(1,149)

(160)

(203)

(586)

(670)

Segment reallocation and other

(7)

(47)

(29)

(205)

Adjusted EBITDA / Operating FFO

$ 250

$ 244

$1,020

$1,463

$ 112

$ 95 $ 403 $ 671

Cash distributions received

$ 6

$ 6 $ 24 $ 32 $ 24

Operating FFO decreased by $268 million over the LTM, primarily as same-store growth from commercial execution and business optimization initiatives were more than offset by net disposition activity, performance fees incurred in the fourth quarter of 2025, and our reduced direct ownership in BBUC.

Our capital is invested across a differentiated portfolio that includes an irreplaceable collection of premier properties in global gateway cities that we expect to own over the long term ("super core"); high-quality assets in central locations with growing NOI ("core plus"); and select portfolios undergoing repositioning to enhance value, which we expect to monetize over the shorter term ("value add"). In addition, we operate a leading land development and homebuilding platform in North America ("North American Residential"). Together, these portfolios comprise Brookfield Property Group ("BPG").

BPG seeks to deliver total returns of ±12% and creates value by:

Acquiring best-in-class assets for value, and leveraging our core capabilities - including leasing, financing, development, design and construction, and property management - to grow cash flows; and

Actively recycling capital by upgrading our super core assets while repositioning and monetizing core plus and value add investments to enhance shareholder returns

Capital3

AS AT MAR. 31, 2026 AND DEC. 31, 2025

(MILLIONS)

2026

2025

Super Core1

$ 19,598

$ 19,362

Core Plus

8,675

8,534

Value Add2

4,578

4,613

North American Residential

2,615

2,633

Corporate and Other2

(5,242)

(5,319)

BPG Capital

$ 30,224

$ 29,823

Attributable to:

Perpetual preferred shares

3,359

Common equity

26,865

26,464

$ 30,224

$ 29,823

LTM results decreased as same-store NOI growth in super core was more than offset by the impact of dispositions. Prior year LTM results within our North American residential business also benefitted from the monetization of a large land parcel and certain master planned communities during the fourth quarter of 2024 and the first quarter of 2025, respectively.

NOI Operating FFO5

Three Months LTM Three Months LTM

AS AT AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

2026

2025

2026

2025

Super Core1

$ 350

$ 368

$ 1,389

$ 1,477

$ 97

$ 106

$ 354

$ 433

Core Plus

174

162

678

671

289

269

Value Add2

112

419

449

226

227

North American Residential

348

441

163

405

Corporate and Other4

239

324

(262)

(244)

(972)

(1,051)

NOI / Operating FFO - BPG

$ 721

$ 792

$ 3,073

$ 3,362

(44)

283

FFO - Real Estate LP Investments

176

103

940

481

FFO - Real Estate

$ 132

$ 170

$ 1,000

$ 764

Cash distributions received

AS AT AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

Cash Flow

BPG

$ 120

$ 215

$ 642

$ 904

$ 630

Real Estate LP Investments

200

800

Real Estate

$ 320

$ 415

$ 1,442

$ 1,704

$ 1,430

Three Months LTM Annualized

Our super core real estate portfolio consists of irreplaceable premier properties in global gateway cities that we expect to hold a stake in over the long-term, and includes our top 34 premier office complexes and retail properties. They generate long-dated, stable, inflation-protected cash flows. We create value by holding these investments long term and we continue to make them better with incremental investments over time.

We own 16 premier office and ancillary mixed-use complexes that are located in the world's leading commercial markets of New York City, London, Toronto, Berlin, and Dubai, covering 35 million square feet of leasable space.

We also own 18 irreplaceable retail centers totaling 24 million square feet of retail space, and one of the most valuable retail corners in the world at the corner of 57th and Fifth Avenue in New York City. We develop properties on a selective basis; active development projects consist of three office sites, several multifamily buildings and one hotel site, totaling approximately 4 million square feet.

This is our directly held premier property portfolio and excludes amounts owned in private funds managed by BAM alongside institutional clients.

We expect to hold a stake in these assets over the long-term, but may transfer partial interests in these assets to our wealth solutions business to support the growth of this business over time. Over the LTM, we have transferred a partial interest in six super core assets to our wealth solutions business.

Number of Complexes

% of Total

Property Level

Discount

AS AT MAR. 31, 2026

/Malls

Equity Value

Portfolio1

Loan-to-Value

Occupancy

Lease Life

Rate

Downtown New York

$ 2,411

7 %

46.5 %

95.3 %

6.1 %

Midtown New York

3,144

9 %

49.2 %

97.7 %

6.3 %

London

3,498

9 %

58.1 %

94.5 %

7.9 %

Other

1,262

4 %

47.9 %

93.2 %

6.3 %

Office

10,315

29 %

51.9 %

95.3 %

6.8 %

Market dominant retail

8,164

23 %

37.0 %

97.0 %

6.2 %

Urban retail

1,119

3 %

40.0 %

92.8 %

5.8 %

Retail

9,283

26 %

37.4 %

96.9 %

6.2 %

Total Super Core

$ 19,598

55 %

46.0 %

96.0 %

6.5 %

Calculated as the proportionate share of the total equity value of our real estate business.

Our 16 trophy office complexes include:

Downtown New York properties such as Brookfield Place and Midtown New York properties including One/Two/Five Manhattan West, The Eugene, Pendry, Grace Building, and 300 Madison Avenue

London properties such as 100 Bishopsgate and Canary Wharf estate which includes our One Canada Square, 1/20/40 Bank Street, One Churchill Place, Cabot Place, Canada Place, and Jubilee Place properties

Other office such as Brookfield Place and Bay Adelaide Centres North, East and West towers in Toronto, Potsdamer Platz in Berlin, and ICD Brookfield Place in Dubai

Our 18 irreplaceable malls include:

Market dominant retail such as Ala Moana Center in Hawaii, Fashion Show and Grand Canal Shoppes in Las Vegas, Park Meadows in Colorado, Oakbrook Center in Illinois, Glendale Galleria in California, and North Star Mall, The Shops at La Cantera, Stonebriar Centre, and The Woodlands Mall in Texas

Urban retail centers such as 730 Fifth Ave in New York and the Miami Design District

Our core plus real estate portfolio is a collection of 57 premier assets in central locations with growing NOI that we expect to hold for a defined period and monetize at attractive returns over time.

We own an interest in and operate 30 premier office and ancillary mixed-use complexes that are centrally located in commercial markets including New York City, London, Toronto, Tokyo, and Perth, covering 21 million square feet of leasable space.

We also own 27 high-quality retail centers with 27 million square feet of retail space in the U.S., which are 97% leased and generate substantial and consistent cash flows.

Number of

Equity

% of Total

Property Level

Lease

Discount

AS AT MAR. 31, 2026

Properties

Value

Portfolio1 Lo

an-to-Value Occupancy

Life

Rate

North America

$ 1,548

4 %

43.0 %

89.1 %

6.9 %

Australia

692

2 %

60.6 %

94.4 %

6.6 %

London

545

2 %

59.8 %

98.8 %

6.2 %

Other

367

1 %

66.9 %

96.9 %

6.6 %

Core Plus Office

3,152

9 %

54.6 %

91.7 %

6.6 %

Core Plus Retail

5,523

15 %

34.4 %

96.9 %

6.9 %

Total Core Plus

8,675

24 %

43.5 %

95.1 %

6.8 %

Calculated as the proportionate share of the total equity value of our real estate business.

Our 30 premier office complexes include:

One Liberty Plaza in New York

Bankers Hall West, Suncor Energy Centre, Fifth Avenue Place, and Brookfield Place in Calgary, as well as First Canadian Place and the Exchange Tower in Toronto, Canada

Brookfield Place in Perth and Sydney in Australia

One Leadenhall and Principal Place Commercial in London, U.K.

Our 27 high quality malls include Alderwood Mall, Fashion Place, The Shops at the Bravern, and The Streets at Southpoint, all located in the U.S.

Our value add portfolio consists of 48 assets primarily located in secondary markets that we expect to reposition to enhance NOI and monetize for value over time.

We own interests and operate office assets in 5 major cities in North America, consisting of 8 properties totaling 5 million square feet of leasable space.

We also own 40 quality retail properties with 37 million square feet of space in the U.S., which are strong retail centers and generate substantial and consistent cash flows but are not considered dominant irreplaceable centers.

These assets have an equity value of $3.9 billion and represent approximately 11% of our total real estate portfolio. Also included in our value add portfolio are $0.7 billion of investments in Catalyst Brands, Fairfield, Union Square Hospitality Group, and Authentic Luxury Group.

Our North American residential business is a leading land developer and homebuilder, with operations in 25 principal markets in Canada and the U.S. and approximately 58,000 lots. As at March 31, 2026, we had 99 active housing communities (December 31, 2025 - 92) and 14 active land communities (December 31, 2025 - 14). Of the $1.3 billion capital invested in this business,

$671 million relates to land held for development with the remainder associated with developed or in progress residential developments.

We create value in this business by monetizing consumer and commercial deliverables through home building, lot sales and development of commercial zones.

We measure value for this business based on a combination of IFRS values and comparable market data for our land and housing operations.

AS AT MAR. 31, 2026 AND DEC. 31, 2025 AND FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

North American Residential $ 1,292 $ 1,310 $ 2,615 $ 2,633 $ - $ 77$ 163 $ 405 $ 150

LTM results decreased due to the impact of softer conditions as land and housing sales have moderated. While demand may be tempered in the near term, we expect ongoing supply constraints in housing will continue to drive long-term demand in markets in which we operate.

Corporate and other includes $3.0 billion of non-recourse borrowings (December 31, 2025 - $2.9 billion), $2.7 billion of medium-term corporate debt and net working capital (December 31, 2025 - $2.9 billion), as well as $465 million of investments with limited capital at risk that we expect to discontinue (December 31, 2025 - $463 million).

‌Corporate Activities

AS AT MAR. 31, 2026 AND DEC. 31, 2025

(MILLIONS)

2026

2025

2026

2025

Working capital, net of corporate cash and other1,2

$ (680)

$ (38)

$ (430)

$ 212

Corporate borrowings / Interest expense

(14,271)

(14,301)

(14,271)

(14,301)

Perpetual preferred shares3,4

(4,320)

(3,544)

(3,589)

Capital, net

$ (19,271)

$ (18,659)

$ (18,245)

$ (17,678)

Working capital, net of corporate cash and other includes accounts receivable, accounts payable, other assets and other liabilities, inclusive of deferred tax assets and liabilities, as well as corporate cash and financial assets; FFO also includes corporate costs and cash taxes. The decrease in working capital, net of corporate cash and other, was primarily due to a lower cash balance from share repurchases during the quarter.

Our corporate borrowings reflect the amount of recourse debt held at the Corporation.

Perpetual preferred shares represent permanent, non-participating equity that provide leverage to our common equity. As at March 31, 2026, blended value was $3.5 billion and reflects the impact of foreign exchange on our Canadian dollar denominated preferred shares.

AS AT AND FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

Working capital, net of corporate cash and other1

$ 37

$ (43)

$ 235

$ 41

Corporate borrowings / Interest expense

(183)

(179)

(746)

(733)

Operating FFO

$ (146)

$ (222)

$ (511)

$ (692)

Preferred share dividends

(47)

(43)

(181)

(174)

Add back: Equity-based compensation costs

115

107

DE before realizations

$ (162)

$ (239)

$ (577)

$ (759)

Corporate operating FFO deficit decreased by $181 million to $511 million over the LTM primarily due to investment income on corporate cash and financial assets. Corporate costs and normal course cash taxes remained consistent over the LTM.

‌Disposition Gains on Principal Investments

FOR THE PERIODS ENDED MAR. 31 (MILLIONS)

Real estate direct investments $ - $ - $ - $ 11

Private equity direct investments - 7 3 8

Core plus - - - 2

Other corporate - 52 - 1,006

LTM 2025 corporate disposition gains primarily relate to the sale of a portion of our interest in BAM, which was used to support the acquisition of AEL in our wealth solutions business.

‌Capitalization

AS AT MARCH 31, 2026 AND DECEMBER 31, 2025 (MILLIONS)

2026

2025

2026

2025

Corporate borrowings

$ 14,271

$ 14,301

$ 14,271

$ 14,301

Non-recourse borrowings

Subsidiary borrowings

19,221

16,897

Property-specific borrowings

230,240

228,414

14,271

14,301

263,732

259,612

Accounts payable and other

5,736

5,389

55,268

56,457

Deferred income tax liabilities

284

340

26,826

27,009

Subsidiary equity obligations

3,735

3,808

Liabilities associated with assets held for sale

4,410

5,891

Equity

Non-controlling interests

230

118,855

118,308

Preferred equity

4,090

Common equity

42,697

43,796

42,697

43,796

47,017

48,116

165,642

166,194

Total capitalization

$ 67,308

$ 68,146

$ 519,613

$ 518,971

Debt to capitalization1

21%

50%

‌Common Share Information

Three Months

LTM

FOR THE PERIODS ENDED MAR. 31

(MILLIONS)

2026

2025

2026

2025

Outstanding at beginning of period

2,244.7

2,259.8

2,250.1

2,269.4

Issued (repurchased)

Issuances

1.5

1.2

5.1

Repurchases1

(12.0)

(12.8)

(24.6)

(33.0)

Long-term share ownership plans

1.6

1.5

7.5

8.5

Dividend reinvestment plan

0.1

Outstanding at end of period2

2,234.3

2,250.1

2,234.3

2,250.1

Unexercised options, other share-based plans and

exchangeable shares of affiliate

132.5

136.9

132.5

136.9

Total diluted shares at end of period

2,366.8

2,387.0

2,366.8

2,387.0

Cash value of unexercised options as at March 31, 2026 was $794 million (March 31, 2025 - $900 million).

The company completed the previously announced three-for-two stock split on October 9, 2025. All share amounts are presented on a post-split basis.

FOR THE THREE MONTHS ENDED MAR. 31

(MILLIONS, EXCEPT PER SHARE AMOUNTS)

2026

2025

2026

2025

DE / Net income

$ 1,550

$ 1,549

$ 102

$ 73

Preferred share dividends3

(44)

(40)

DE / Net income available to shareholders

1,550

1,549

Dilutive impact of exchangeable shares of affiliate

DE / Net income available to shareholders including dilutive

impact of exchangeable shares

$ 1,550

$ 1,549

$ 58

$ 33

Weighted average shares

2,241.5

2,256.0

2,241.5

2,256.0

Dilutive effect of conversion of options and other share-

based plans using the treasury stock method and

exchangeable shares of affiliate

119.4

118.8

61.7

59.3

Shares and share equivalents

2,360.9

2,374.8

2,303.2

2,315.3

Per share

$ 0.66

$ 0.65

$ 0.03

$ 0.01

‌Reconciliation of IFRS to Non-IFRS Measures

We disclose certain non-IFRS financial measures in these supplemental schedules. Reconciliations of these non-IFRS financial measures to the most directly comparable financial measures calculated and presented in accordance with IFRS are presented below. Management assesses the performance of its business based on these non-IFRS financial measures. These non-IFRS 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 IFRS.

FOR THE THREE MONTHS ENDED MAR. 31

(MILLIONS)

2026

20252

Net income

$ 1,042

$ 215

Financial statement components not included in FFO

Equity accounted fair value changes and other non-FFO items1

958

952

Fair value changes and other

273

869

Depreciation and amortization

2,631

2,455

Deferred income taxes

(159)

Realized disposition gains in fair value changes or prior periods

(27)

Non-controlling interests in FFO3

(3,333)

(2,881)

Funds from operations

1,547

1,541

Less: disposition gains in FFO

(125)

Less: realized carried interest, net

(157)

(189)

Operating funds from operations

1,417

1,227

Less: Operating FFO from BAM

(489)

(449)

Less: Operating FFO from Asset Management direct investments

(243)

(130)

Less: Operating FFO from Operating Businesses

(401)

(440)

Distributions from BAM

499

460

Distributions from Asset Management direct investments

266

224

Distributions from Operating Businesses

360

426

Add back: equity-based compensation costs

Preferred share dividends

(47)

(43)

Distributable earnings before realizations

1,393

1,301

Realized carried interest, net

157

189

Disposition gains from principal investments

Distributable earnings

$ 1,550

$ 1,549

‌Entity Basis - Reconciliation to Reportable Segments - Capital

Reportable Segments

Asset

Management

Wealth

Solutions

Infrastructure

Energy

Private

Equity

Real Estate

Corporate

Activities

Total

$ 4,517 $ - $ - $ -

$ -

$ 4,517

10,816 - - -

10,816

15,333

12,315

2,215

3,750

1,912

25,542

901

2,215

4,651

1,912

25,542

34,320

(680)

AS AT MAR. 31, 2026 (MILLIONS)

Brookfield Asset Management1 Direct investments

Brookfield Infrastructure Partners Brookfield Renewable Partners Brookfield Business Corporation Brookfield Property Group2

Other

Corporate borrowings

(14,271)

Perpetual preferred shares

(4,320)

(18,591)

$ 15,333

$ 12,315

$ 2,215

$ 4,651

$ 1,912

$ 25,542

$ (19,271)

$ 42,697

Entity Basis - Reconciliation to Reportable Segments - Three Months DE

Reportable Segments

Asset

Management

Wealth

Solutions

Infrastructure

Energy

Private

Equity

Real Estate

Corporate

Activities

Total

$ 499 $ - $ - $ -

$ -

$ 499

157 - - -

157

266 - - -

266

922

430

121

120

140

120

360

FOR THE THREE MONTHS ENDED MAR. 31, 2026 (MILLIONS)

Brookfield Asset Management1 Realized carried interest, net Direct investments

Brookfield Infrastructure Partners Brookfield Renewable Partners Brookfield Business Corporation Brookfield Property Group

Other

Corporate borrowings -

(183)

Perpetual preferred shares -

(47)

(230)

Disposition gains

$ 922

$ 430

$ 94

$ 140

$ 6

$ 120

$ (162)

$ 1,550

Entity Basis - Reconciliation to Reportable Segments - LTM DE

Reportable Segments

Asset

Management

Wealth

Solutions

Infrastructure

Energy

Private

Equity

Real Estate

Corporate

Activities

Total

$ 1,930 $ - $ - $ -

$ -

$ 1,930

528 - - -

528

918 - - -

918

3,376

1,671

361

462

642

361

509

642

1,536

350

FOR THE LTM ENDED MAR. 31, 2026 (MILLIONS)

Brookfield Asset Management1 Realized carried interest, net Direct investments

Brookfield Infrastructure Partners Brookfield Renewable Partners Brookfield Business Corporation Brookfield Property Group

Other

Corporate borrowings -

(746)

Perpetual preferred shares -

(181)

(927)

Disposition gains

$ 3,379

$ 1,671

$ 361

$ 509

$ 24

$ 642

$ (577)

$ 6,009

Entity Basis - Reconciliation to Reportable Segments - Three Months FFO

Reportable Segments

Asset

Management

Wealth

Solutions

Infrastructure

Energy

Private

Equity

Real Estate

Corporate

Activities

Total

$ 489 $ - $ - $ -

$ -

$ 489

157 - - -

157

243 - - -

243

889

430

163

151

112

(44)

163

170

112

(44)

401

FOR THE THREE MONTHS ENDED MAR. 31, 2026 (MILLIONS)

Brookfield Asset Management1 Realized carried interest, net Direct investments

Brookfield Infrastructure Partners Brookfield Renewable Partners Brookfield Business Corporation Brookfield Property Group

Other

Debt and preferred capital

Corporate borrowings

(183)

Disposition gains

(34)

(27)

$ 889

$ 430

$ 163

$ 170

$ 119

$ (78)

$ (146)

$ 1,547

Entity Basis - Reconciliation to Reportable Segments - LTM FFO

Reportable Segments

Asset

Management

Wealth

Solutions

Infrastructure

Energy

Private

Equity

Real Estate

Corporate

Activities

Total

$ 1,926 $ - $ - $ -

$ -

$ 1,926

528 - - -

528

1,029 - - -

1,029

3,483

1,671

618

566

403

618

613

403

1,694

235

FOR THE LTM ENDED MAR. 31, 2026 (MILLIONS)

Brookfield Asset Management1 Realized carried interest, net Direct investments

Brookfield Infrastructure Partners Brookfield Renewable Partners Brookfield Business Corporation Brookfield Property Group

Other

Debt and preferred capital

Corporate borrowings

(746)

Disposition gains

119

(690)

(542)

$ 3,483

$ 1,671

$ 737

$ 613

$ 432

$ (630)

$ (511)

$ 5,795

‌Endnotes

Adjusted to reflect the three-for-two stock split completed on October 9, 2025.

2025 LTM DE includes disposition gains of $954 million related to the sale of a portion of our interest in BAM, which was used to support the acquisition of AEL in our wealth solutions business.

Adjusted for the special distribution of a 25% interest in BAM in December 2022.

Represents the special distribution of a 25% interest in BAM in December 2022, and our wealth solutions business in June 2021.

BAM DE excludes $14 million (2025 - $14 million) and $44 million (2025 - $42 million) of equity-based compensation costs for the three months and LTM ended March 31, 2026, respectively.

Annualized cash flow from our listed investments is calculated by multiplying shares or units held as at March 31, 2026 by the current distribution rates per share or unit, as applicable. Distributions on our unlisted investments is generally equal to the total distributions received over the LTM or forecasted earnings over the next twelve months. Corporate and other primarily includes interest expense on our corporate borrowings, corporate costs, and cash taxes.

Includes $3 million (2025 - $3 million) and $10 million (2025 - $10 million) of dividends paid on perpetual subordinated notes for the three months and LTM ended March 31, 2026, respectively.

Corporate and other DE excludes $31 million (2025 - $26 million) and $115 million (2025 - $107 million) of equity-based compensation costs for the three months and LTM ended March 31, 2026, respectively.

Refer to page 30 for a reconciliation of IFRS to non-IFRS measures.

Average number of shares outstanding on a fully diluted, time-weighted average basis for the three months and LTM ended March 31, 2026 were 2,360.9 million and 2,364.2 million, respectively (March 31, 2025 - 2,374.8 million and 2,376.1 million, respectively). All share amounts reflect the three-for-two stock split completed on October 9, 2025.

Quoted based on March 31, 2026 and December 31, 2025 public pricing, respectively.

We determine the blended value of our capital using the quoted value of listed investments, combination of IFRS value and comparable market data for BPG, IFRS values for direct investments, and a multiple (10x) for target carried interest of our asset management business.

Annualized cash flow from our listed investments is calculated by multiplying shares or units held as at March 31, 2026 by the current distribution rates per share or unit, as applicable. Distributions on our unlisted investments are generally equal to the total distributions received over the LTM or forecasted earnings over the next twelve months. Corporate and other primarily includes interest expense on our corporate borrowings, corporate costs, and cash taxes.

BAM quoted, IFRS, and blended values are presented net of a $1 billion non-recourse loan issued to a large institutional partner in December 2024.

BAM units, quoted and blended values represent our combined 74% ownership of BAM, which is held 70% directly and 4% through BWS as the BAM shares are held within corporate accounts and are not invested assets in BWS' insurance portfolio.

Carried interest, net includes target carried interest and accumulated unrealized carried interest, which is presented net of direct costs and amounts not attributable to the Corporation. Refer to page 13 for details on carried interest.

Our IFRS capital in our wealth solutions business includes distributable earnings retained in this business, mark-to-market movements on our investment portfolio and reserves and other adjustments required under IFRS.

We determine the blended value of our wealth solutions business based on a 15x multiple of annualized distributable earnings, which represents management's view of the fair value of the business.

On a combined basis, we hold a 69% ownership interest in BBUC, which is held 43% directly in BBUC and 26% through BWS.

Corporate and other blended values includes $250 million of financial assets contributed to our wealth solutions business in the third quarter of 2025 as these investments are held within corporate accounts and are not invested assets in BWS' insurance portfolio.

Includes $230 million of perpetual subordinated notes issued in November 2020 by a wholly owned subsidiary of Brookfield, included within non-controlling interest.

Blended value reflects the impact of foreign exchange on Canadian dollar denominated preferred shares.

The number of shares outstanding on a fully diluted basis as at March 31, 2026 and December 31, 2025 were 2,366.8 million and 2,383.2 million, respectively.

Refer to page 30 for a reconciliation of IFRS to non-IFRS measures.

Subject to timing differences between period when earned and period when cash is received.

Represents repurchases of Corporation common shares.

Includes cash used to fund capital calls and seed investments, net of returns of capital and other items.

$54 million and $1.7 billion of changes in our share of BAM's cash over the three months and LTM ended March 31, 2025 were reclassified from capital allocated to Asset Management to Other.

Includes adjustments for accrued items, impact of financial asset mark-to-market changes, working capital, changes in our share of BAM's cash, and timing differences.

Per share amount is adjusted to reflect the three-for-two stock split completed on October 9, 2025.

Refer to Glossary of Terms starting on page 41.

Corporate cash and financial assets includes approximately $769 million of our proportionate share of BAM's cash (December 31, 2025 - $1.2 billion). This ownership percentage is inclusive of our stake held through our wealth solutions business. Also included is $250 million of financial assets contributed to our wealth solutions business in the third quarter of 2025 as these investments are held within corporate accounts and are not invested assets in BWS' insurance portfolio.

Includes $230 million of perpetual subordinated notes issued in November 2020 by a wholly owned subsidiary of Brookfield, included within non-controlling interest.

Includes disposition gains (net of losses) recorded in net income and the realization of valuation gains and losses recorded in prior periods.

Includes amounts attributable to consolidated entities and equity accounted investments.

Certain prior period amounts have been revised to reflect an update to FFO for direct investments. Prior to Q1 2026, FFO was calculated as net income attributable to shareholders excluding the effect of fair value changes, depreciation and amortization, deferred income taxes, and included disposition gains that were not recorded in net income as required under IFRS. Beginning Q1 2026, FFO for direct investments in private funds is calculated as return on capital from cash distributions received as this better reflects the economic return the Corporation receives as a limited partner in these funds.

All amounts in the distributable earnings and net income reconciliation exclude amounts attributable to non-controlling interests. Refer to page 30 for a reconciliation of IFRS to non-IFRS measures.

For distributable earnings per share purposes, average number of shares outstanding on a fully diluted, time-weighted average basis for the three months and LTM ended March 31, 2026 were 2,360.9 million and 2,364.2 million, respectively (March 31, 2025 - 2,374.8 million and 2,376.1 million, respectively). All share amounts reflect the three-for-two stock split effective October 9, 2025.

For net income per share purposes, average number of shares outstanding on a fully diluted, time-weighted average basis for the three months and LTM ended March 31, 2026 were 2,303.2 million and 2,364.2 million, respectively (March 31, 2025 -2,315.3 million and 2,375.7 million, respectively). All share amounts reflect the three-for-two stock split effective October 9, 2025.

Net income per share includes the effects of preferred share dividends, which for the three months and LTM ended March 31, 2026 were $44 million and $171 million, respectively (March 31, 2025 - $40 million and $166 million, respectively).

Fee-bearing capital from Oaktree is shown on a 100% basis.

For planning purposes, we have assumed a consolidated margin of 56% in determining annualized fee-related earnings, in line with existing margins.

Annualized direct costs include $952 million related to Oaktree (2025 - $934 million).

5. Fee-related earnings margin, including our 74% share of Oaktree's fee-related earnings, was 57% for the current period. Our fee-related earnings margin, including 100% of Oaktree's fee-related earnings, was 56% for the current period. Refer to page 26 of Brookfield Asset Management Ltd.'s Q1 2026 Supplemental Information for further details on fee-related earnings margins.

Represents management estimate of carried interest based on investment performance to date measured at the funds' liquidation values.

Carried interest in respect of third-party capital.

Includes carried interest not attributable to our combined 74% ownership of BAM, which is held 70% directly and 4% through BWS. Our share of BAM's carry is reflected in BAM's blended value on page 7.

Carried interest is generated once a private fund exceeds its preferred return typically ranging from 5% - 9%. It will typically go through a catch-up period until the fund manager and limited partners are earning carry at their respective allocation.

Gross target return is before annual fund management fees ranging from 90 bps for core plus funds to 200 bps for certain opportunistic funds.

Based on carry eligible capital.

Uncalled fund commitments from carry eligible funds.

Target carry on uncalled fund commitments is discounted for two years at 10%, reflecting gross target return and average carried interest rate for uncalled fund commitments.

Includes uncalled fund commitments and target carry on uncalled fund commitments from Brookfield and Oaktree.

Includes target carried interest attributable to the 26% of Oaktree that we do not own as at March 31, 2026. The Corporation retains 100% of the net carried interest earned on mature funds and is entitled to receive 33.3% of the gross carried interest earned on new funds of our asset management business.

Includes target carried interest not attributable to our combined 74% ownership of BAM, which is held 70% directly and 4% through BWS. Our share of BAM's carry is reflected in BAM's blended value on page 7.

Prior period amounts have been revised to reflect an update to FFO for direct investments. Prior to Q1 2026, FFO was calculated as net income attributable to shareholders prior to fair value changes, depreciation and amortization, deferred income taxes, and includes disposition gains that were not recorded in net income as determined under IFRS. Beginning Q1 2026, FFO for direct investments in private funds is calculated as return on capital from cash distributions received as this better reflects the economic return as a limited partner in these funds.

Amounts invested in flagship real estate private funds represents the Corporation's investments in the funds.

Brookfield Strategic Real Estate Partners ("BSREP").

Hark Labs is an investment that was funded in the second quarter of 2026.

In the second quarter of 2026, Brookfield agreed to invest $500 million in The OpenAI Deployment Company, a newly formed AI deployment platform established in partnership with OpenAI and a group of leading global investors. Brookfield Business Corporation will lead Brookfield's investment in the partnership.

2. Total group capital of approximately $19.8 billion includes capital within insurance subsidiaries of $14.5 billion calculated on an aggregate basis, one quarter in arrears, and in accordance with applicable insurance regulations. It also includes

$1.7 billion of capital in group holding companies. There are also approximately $3.6 billion BAM shares held in corporate holding companies available to support the future growth of BWS' insurance subsidiaries.

Included in LTM results are net investment income and realized and unrealized gains on real asset strategies of

$5,812 million and $442 million, as well as cost of funds of $3,975 million and $38 million, within life & annuities and P&C segments, respectively. Life & annuities and P&C average invested assets for the LTM were $102,086 million and

$7,963 million, respectively.

Corporate & Other invested assets exclude certain Brookfield equity securities, including 65 million BAM shares transferred to BWS in the second quarter of 2025 and financial assets in the third quarter of 2025.

Deferred policy acquisition costs are capitalized expenses incurred to issue new insurance policies, such as commissions, marketing, and underwriting, amortized over the life of the related policies.

Reinsurance recoverables and deposit assets are balances due from reinsurers for their portion of policy liabilities, including deposits and collateral securing those obligations.

Based upon net insurance reserves, including policyholders' account balances, future policy benefits, policy and contract claims, market risk benefits and deposit liabilities, net of amounts ceded to third-party reinsurers.

Includes cash and liquid investments of maturities of 90 days or less.

Over 95% of our public credit and approximately 65% of our private credit are investment-grade assets.

Blended value represents the quoted value of our publicly listed investments as at March 31, 2026 and December 31, 2025. Our energy business also includes the IFRS value of the energy contracts, which we revalue on an annual basis.

Operating FFO excludes disposition gains, which are gains (net of losses) recorded in net income, directly in equity, as well as the realization of valuation gains recorded in prior years.

In the fourth quarter of 2024, BWS acquired a $1 billion economic interest in BBUC from the Corporation. On a combined basis, we hold a 69% ownership interest in BBUC, which is held 43% directly in BBUC and 26% through BWS.

Includes development projects.

In the prior year, value add included $14 million of investments that are now presented in Corporate and Other alongside similar investments with limited capital at risk that we expect to be discontinued. These investments contributed NOI of $nil and a deficit of $2 million for the three and twelve months ended March 31, 2026, respectively (2025 - NOI of $29 million and $29 million, respectively) and FFO of $nil and deficit of $1 million for the three and twelve months ended March 31, 2026, respectively (2025 - $18 million and $19 million, respectively).

Capital represents IFRS values with the exception of our North American Residential business, whose capital of

$2.6 billion (December 31, 2025 - $2.6 billion) represents a combination of its $1.3 billion IFRS value (December 31, 2025 - $1.3 billion) and comparable market data for our land and housing operations.

Corporate and other NOI relates to investments with limited capital at risk that are expected to be discontinued. Corporate and other operating FFO is primarily comprised of interest expense on corporate debt, general and administrative expenses, dividends paid on perpetual preferred shares, and contributions from investments with limited capital at risk. These investments contributed a deficit of $3 million and earnings of $7 million for the three and twelve months ended March 31, 2026 (2025 - $28 million and $58 million).

Operating FFO excludes disposition gains, which are gains (net of losses) recorded in net income, directly in equity, as well as the realization of valuation gains recorded in prior years.

Invested capital includes a net deferred income tax asset of $175 million (December 31, 2025 - asset of $127 million). FFO includes normal course current tax expense of $1 million and $7 million for the three months and LTM ended March 31, 2026 (2025 - tax recovery of $2 million and $2 million).

Corporate and other blended values include $250 million of financial assets contributed to our wealth solutions business in the third quarter of 2025 as these investments are held within corporate accounts and are not invested assets in BWS' insurance portfolio.

Includes $230 million of perpetual subordinated notes issued in November 2020 by a wholly owned subsidiary of Brookfield, included within non-controlling interest.

Perpetual preferred shares blended values reflect the impact of foreign exchange on Canadian dollar denominated preferred shares.

Operating FFO excludes disposition gains, which are gains (net of losses) recorded in net income, directly in equity, as well as the realization of valuation gains recorded in prior years.

Disposition gains on principal investments are included in DE.

Determined as the aggregate of corporate borrowings and non-recourse borrowings divided by total capitalization. Draws on revolving facilities and commercial paper issuances are excluded from the debt to capitalization ratios as they are not permanent sources of capital.

Includes shares repurchased net of restricted share grants and other.

The Corporation holds 167 million common shares from share repurchases that have not been cancelled, which have been deducted from the total number of shares outstanding.

Preferred share dividends are included in DE.

Other non-FFO items correspond to amounts that are not directly related to revenue earning activities and are not normal or recurring items necessary for business operations. In addition, this adjustment is to back out non-FFO expenses (income) that are included in consolidated equity accounted income including depreciation and amortization, deferred taxes and fair value changes from equity accounted investments.

Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by non-controlling interests in consolidated subsidiaries. By adjusting FFO attributable to non-controlling interests, we are able to remove the portion of FFO earned at non-wholly owned subsidiaries that is not attributable to Brookfield.

BAM quoted, IFRS, and blended values are presented net of a $1 billion non-recourse loan issued to a large institutional partner in December 2024.

Includes $16 million of BPY preferred shares.

Disclaimer

Brookfield Corporation published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 10:53 UTC.