Brookfield Asset Management Ltd.

Previous wording

We provide a highly diversified suite of alternative investment strategies to our clients and are constantly seeking to innovate new strategies to meet their needs. We have 59 unique active strategies that span a wide range of risk-adjusted returns, including opportunistic, value-add, core, super-core, and credit. We evaluate the performance of these product offerings and our investment strategies using a number of non-GAAP measures, including Fee-Bearing Capital, Fee Revenues, Fee-Related Earnings and Distributable Earnings.

Current wording

We provide a highly diversified suite of alternative investment strategies to our clients and are constantly seeking to innovate new strategies to meet their needs. We have 60 unique active strategies that span a wide range of risk-adjusted returns, including opportunistic, value-add, core, super-core, and credit. We evaluate the performance of these product offerings and our investment strategies using a number of non-GAAP measures, including Fee-Bearing Capital, Fee Revenues, Fee-Related Earnings and Distributable Earnings.

Previous wording

In terms of economic conditions in the U.S., real gross domestic product (“GDP”) is estimated to have grown by 1.7% for the quarter ended June 30, 2026, compared to an increase of 2.1% for the quarter ended March 31, 2026. U.S. inflation accelerated over the second quarter of 2026 with estimates reporting that the annual U.S. inflation rate increased to 3.5% as of June 30, 2026, compared to 3.3% as of March 31, 2026. The U.S. unemployment rate saw a modest movement to 4.2% in June 2026 from 4.3% in March 2026, according to data from the U.S. Bureau of Labor Statistics. As of July 2026, the International Monetary Fund estimated that the U.S. economy will move modestly to 2.3% in 2026 and 2.2% in 2027 from 2.0% in 2025, on account of the solid consumer demand and continued AI related investments.

Current wording

In terms of economic conditions in the U.S., real GDP is estimated to have grown by 3.6% for the quarter ended September 30, 2026, compared to an increase of 2.2% for the quarter ended June 30, 2026. The U.S. inflation rate increased to 3.7% as of September 30, 2026. The U.S. unemployment rate remained unchanged at 4.2% in September 2026 compared to June 2026, according to data from the U.S. Bureau of Labor Statistics. As of October 2026, the International Monetary Fund estimated that the U.S. economy will remain flat at a growth rate of 2.3% in 2026 and 2.3% in 2027 compared to 2.3% in 2025, on account of the solid consumer demand and continued AI related investments neutralizing the impact of geopolitical tensions.

Previous wording

The U.S. Federal Reserve maintained the Federal Funds target range at 3.50%–3.75% in June 2026, extending its pause following a series of rate cuts in late 2025. While the Federal Open Market Committee acknowledged that economic activity continues to expand at a solid pace and labor market conditions remain resilient, it emphasized that inflation remains above its 2% objective, reflecting ongoing supply-side pressures, particularly from higher energy prices. The June Summary of Economic Projections revised down the median GDP growth forecast for 2026 while raising inflation projections. The U.S. Federal Reserve continues to indicate that future policy decisions will depend on incoming economic data and evolving risks to both inflation and growth. During the quarter ended June 30, 2026, the 10-year government bond yields increased 14 basis points in the United States.

Current wording

The U.S. Federal Reserve raised the Federal Funds target range to 3.75%–4.00% in September 2026, the first rate hike following a series of rate cuts in late 2025. The Federal Open Market Committee acknowledged that inflation remains above its 2% objective, and would require some further monetary tightening to bring inflation closer to target levels given ongoing supply-side pressures, particularly from higher energy prices. The September Summary of Economic Projections nudged the median 2026 GDP growth forecast back up and raised inflation projections again, while the Fed lifted rates, reinforcing its data-dependent, inflation-focused stance. The Fed continues to indicate that future policy decisions will depend on incoming economic data and evolving risks to both inflation and growth. During the quarter ended September 30, 2026, the 10-year government bond yields increased 0.82% in the United States.

Previous wording

Outside the U.S., GDP growth in the Eurozone remained subdued over the second quarter of 2026, with activity proving resilient but modest amid elevated geopolitical uncertainty and higher energy prices. At its June meeting, the European Central Bank raised its three key policy rates by 25 basis points, bringing the deposit facility rate to 2.25%, in response to increased inflationary pressures stemming primarily from the recent energy price shock. In China, real GDP slowed to 4.3% for the quarter ended June 30, 2026, down from 5.0% in the first quarter of 2026, as robust export growth was offset by weak domestic demand. The 1-year prime rate set by the People's Bank of China was 3.00% as of June 30, 2026, unchanged from March 31 2026.

Current wording

Outside the U.S., GDP growth in the Eurozone is expected to be robust over the third quarter of 2026, as uncertainty recedes, confidence improves and the energy supply shock stemming from the Middle East conflict is assumed to gradually ease. At its September meeting, the European Central Bank raised its three key policy rates by 25 basis points, bringing the deposit facility rate to 2.50%, in response to increased and persistent inflationary pressures stemming from the conflict in the Middle East. In China, real GDP increased to 4.5% for the quarter ended September 30, 2026, up from 4.3% in the second quarter of 2026, as production, supply and foreign trade momentum grew. The 1-year prime rate set by the People's Bank of China was 3.00% as of September 30, 2026, unchanged from June 30, 2026.

Previous wording

For the quarter ended June 30, 2026, the S&P 500 was up by 14.9%, the MSCI Europe Index was up by 9.2%, the MSCI Asia Index was up 21.0%, and the MSCI World Index increased by 13.3%. During the quarter ended June 30, 2026, U.S. investment grade corporate bond spreads (BofA US Corporate Bond Index) tightened by 14 basis points, and the high yield credit spreads were down by 71 basis points.

Current wording

For the quarter ended September 30, 2026, the S&P 500 was up by 2.03%, the MSCI Europe Index was down by 1.33%, the MSCI Asia Index was up 0.91%, and the MSCI World Index increased by 1.60%. During the quarter ended September 30, 2026, U.S. investment grade corporate bond spreads widened by 8 basis points, and the high yield credit spreads widened by 37 basis points.

Previous wording

•We are one of the world’s largest investment managers in infrastructure, with $262 billion of AUM and $114 billion of Fee-Bearing Capital as of June 30, 2026.

Current wording

•We are one of the world’s largest investment managers in infrastructure, with $267 billion of AUM and $113 billion of Fee-Bearing Capital as of September 30, 2026.

Previous wording

•We manage Brookfield Infrastructure Partners L.P. (“BIP”), one of the largest, pure-play, publicly traded global infrastructure platforms, which is listed on the NYSE and TSX and had a market capitalization of $29.3 billion as of June 30, 2026.

Current wording

•We manage Brookfield Infrastructure Partners L.P. (“BIP”), one of the largest, pure-play, publicly traded global infrastructure platforms, which is listed on the NYSE and TSX and had a market capitalization of $27.7 billion as of September 30, 2026.

Previous wording

•We are one of the largest investors in energy investments, with $144 billion of AUM and $74 billion of Fee-Bearing Capital as of June 30, 2026.

Current wording

•We are one of the largest investors in energy investments, with $155 billion of AUM and $71 billion of Fee-Bearing Capital as of September 30, 2026.

Previous wording

•We also manage Brookfield Renewable Partners L.P. (“BEP”), one of the world’s largest publicly traded renewable power platforms, which is listed on the NYSE and TSX and had a market capitalization of over $24.4 billion as of June 30, 2026.

Current wording

•We also manage Brookfield Renewable Partners L.P. (“BEP”), one of the world’s largest publicly traded renewable power platforms, which is listed on the NYSE and TSX and had a market capitalization of over $19.2 billion as of September 30, 2026.

Previous wording

•We have one of the best long-term track records for investing in private equity with $166 billion of AUM and $54 billion of Fee-Bearing Capital as of June 30, 2026.

Current wording

•We have one of the best long-term track records for investing in private equity with $166 billion of AUM and $53 billion of Fee-Bearing Capital as of September 30, 2026.

Previous wording

•We manage Brookfield Business Corporation (“BBUC”), which is a publicly traded global business services and industrials company focused on owning and operating high-quality providers of essential products and services. BBUC is listed on the NYSE and TSX and had a market capitalization of $6.8 billion as of June 30, 2026.

Current wording

•We manage Brookfield Business Corporation (“BBUC”), which is a publicly traded global business services and industrials company focused on owning and operating high-quality providers of essential products and services. BBUC is listed on the NYSE and TSX and had a market capitalization of $5.8 billion as of September 30, 2026.

Previous wording

•Operationally intense industrial businesses that benefit from a strong competitive position, including a leading global provider of advanced automotive battery technology, and a manufacturer of engineered components for industrial trailers and other towable equipment providers, among others; and

Current wording

•Operationally intense industrial businesses that benefit from a strong competitive position, including a leading global provider of advanced automotive battery technology, and a manufacturer of engineered components for industrial trailers and other towable equipment providers, among others;

Previous wording

•Leading service providers to large-scale infrastructure assets, including a provider of work access services, modular building leasing services, and a global provider of lottery services and technology solutions;

Current wording

•Leading service providers to large-scale infrastructure assets, including a provider of work access services, modular building leasing services, and a global provider of lottery services and technology solutions; and

Previous wording

•We manage $19 billion of Fee-Bearing Capital in Brookfield Property Group (“BPG”) as of June 30, 2026, which we invest, on behalf of BN, directly in real estate assets. BPG owns, operates, and develops iconic properties in the world’s most dynamic markets with a global portfolio of retail, multifamily, logistics, office, hospitality, land and housing, triple net lease, manufactured housing, and student housing assets on five continents.

Current wording

•We manage $20 billion of Fee-Bearing Capital in Brookfield Property Group (“BPG”) as of September 30, 2026, which we invest, on behalf of BN, directly in real estate assets. BPG owns, operates, and develops iconic properties in the world’s most dynamic markets with a global portfolio of retail, multifamily, logistics, office, hospitality, land and housing, triple net lease, manufactured housing, and student housing assets on five continents.

Previous wording

•We are one of the world’s largest and most experienced credit managers, with $416 billion of AUM and $326 billion of Fee-Bearing Capital as of June 30, 2026.

Current wording

•We are one of the world’s largest and most experienced credit managers, with $426 billion of AUM and $341 billion of Fee-Bearing Capital as of September 30, 2026.

Previous wording

•We have approximately 1,800 investment and asset management professionals globally that are focused on our credit strategies, including former Oaktree employees who joined Brookfield following completion of the Oaktree Acquisition. These professionals invest across a broad spectrum of credit strategies, combining capabilities we have built organically with those of the leading credit managers with whom we partner. Our partner managers where we have significant non-controlling ownership stakes include:

Current wording

•Following completion of the Oaktree Acquisition on July 31, 2026, our credit platform includes Oaktree, one of the world's premier credit investors. We have approximately 1,800 investment and asset management professionals globally that are focused on our credit strategies. These professionals invest across a broad spectrum of credit strategies, combining capabilities we have built organically with those of the leading credit managers with whom we partner. Our partner managers where we have significant non-controlling ownership stakes include:

Previous wording

The following table summarizes the condensed consolidated statements of operations for BAM for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table summarizes the condensed consolidated statements of operations for BAM for the three and nine months ended September 30, 2026 and 2025:

Previous wording

BAM primarily generates revenue from fees earned pursuant to contractual arrangements with funds, publicly traded vehicles, and investors, as well as transaction and advisory fees. These fees include base management fees, incentive fees, and certain advisory fees. Base management fees are long-term, recurring in nature, and correspond to fundraising activity, NAVs of certain of our funds, and market capitalizations of our publicly traded vehicles, specifically BIP, BEP and BBUC. Incentive fees are performance fees earned from BIP and BEP for exceeding predetermined distribution thresholds, are long-term, and are not subject to clawback.

Current wording

BAM primarily generates revenue from fees earned pursuant to contractual arrangements with funds, publicly traded vehicles, and investors, as well as transaction and advisory fees. These fees include base management fees, incentive fees, and certain advisory fees. Base management fees are long-term, recurring in nature, and correspond to fundraising activity, NAVs of certain of our funds, and market capitalizations of our publicly traded vehicles, specifically BIP, BEP and BBUC. Incentive fees are incentive payments to reward the Company for meeting or exceeding certain performance thresholds of managed entities, as determined by the terms of the underlying arrangements. These include BBUC performance fees earned above a high watermark, income-based incentive fees earned from certain managed funds and investment vehicles, including business development companies, and other performance-based fees that may be subject to contractual hurdles or performance thresholds and may be subject to clawback provisions. Incentive fees also include incentive distributions which are performance fees earned from BIP and BEP for exceeding predetermined distribution thresholds, are long-term, and are not subject to clawback.

Previous wording

Net income for the three months ended June 30, 2026 was $1.2 billion, of which $904 million was attributable to common stockholders. This compares to net income of $584 million for the three months ended June 30, 2025, of which $620 million was attributable to common stockholders.

Current wording

Net income for the three months ended September 30, 2026 was $3.0 billion, of which $2.6 billion was attributable to common stockholders. This compares to net income of $692 million for the three months ended September 30, 2025, of which $724 million was attributable to common stockholders.

Previous wording

Revenues for the three months ended June 30, 2026 were $1.8 billion, which represents an increase of $663 million or 61% compared to $1.1 billion of revenue for the three months ended June 30, 2025.

Current wording

Revenues for the three months ended September 30, 2026 were $2.1 billion, which represents an increase of $897 million or 72% compared to $1.3 billion of revenue for the three months ended September 30, 2025.

Previous wording

Base management and advisory fees for the three months ended June 30, 2026 were $919 million, which represents an increase of $104 million or 13% compared to the three months ended June 30, 2025. Management fee revenues increased by $34 million from higher trading prices of BIP, BEP, and BBUC. In addition, fee revenues increased by $35 million from net insurance capital inflows from BWS and $27 million attributable to inflows from our infrastructure and energy perpetual strategies. The remaining increase was attributable to fundraising and capital deployments across various long-term private funds and complementary strategies. These increases were partially offset by $19 million of lower fees as a result of realizations from earlier vintages of our flagship real estate and infrastructure funds.

Current wording

Base management and advisory fees for the three months ended September 30, 2026 were $1.1 billion, which represents an increase of $233 million or 27% compared to the three months ended September 30, 2025. Management fee revenue increased by $33 million due to net inflows from BWS, $28 million attributable to inflows and NAV increases from our infrastructure and energy perpetual strategies and $14 million from higher trading prices of BIP, BEP, and BBUC. In addition, base management and advisory fees increased due to the inclusion of Oaktree's revenues of $227 million due to the completion of the Oaktree Acquisition in the period. The remaining increase was attributable to fundraising and capital deployments across various long-term private funds and complementary strategies. These increases were partially offset by $46 million in lower catch-up fees compared to the prior period from the second vintage of our global transition flagship fund and realizations within earlier vintages of our flagship infrastructure funds, as well as the reclassification of certain performance fees to incentive fees.

Previous wording

Incentive fees for the three months ended June 30, 2026, were $128 million, an increase of $12 million or 10% from the three months ended June 30, 2025. This increase was a result of an increase in BEP and BIP's quarterly distributions over the prior period of 5% and 6% respectively.

Current wording

Incentive fees for the three months ended September 30, 2026, were $191 million, an increase of $76 million or 66% from the three months ended September 30, 2025. The increase was primarily attributable to the reclassification of certain performance fees from base management and advisory fees to incentive fees, as well as $12 million resulting from increases in BEP and BIP's quarterly distributions of 5% and 6% respectively, compared to the prior period.

Previous wording

The unrealized carried interest allocations of $553 million for the three months ended June 30, 2026 represents an increase of $616 million compared to the three months ended June 30, 2025. This increase is due to changes in fund valuations associated with the first and second vintages of our global transition flagship fund for $261 million, various private equity fund strategies for $121 million, and $21 million in the fifth vintage of our infrastructure flagship fund relative to the prior period. In addition, certain real estate other long-term funds saw increases of $39 million, and a $177 million increase related to unrealized carried interest losses recognized in the prior period on earlier vintages of our flagship real estate funds. This was partially offset by $8 million in lower unrealized carried interest generated in the sixth vintage of our private equity flagship fund.

Current wording

The unrealized carried interest allocations of $604 million for the three months ended September 30, 2026 represents an increase of $492 million compared to the three months ended September 30, 2025. This increase is due to changes in fund valuations associated with the first and second vintages of our global transition flagship fund for $386 million, $30 million of credit funds and $15 million in the sixth vintage of our private equity flagship fund relative to the prior period. In addition, certain real estate other long-term funds saw increases of $30 million, and a $237 million increase related to unrealized carried interest losses recognized in the prior period on earlier vintages of our flagship real estate funds. This was partially offset by $146 million in lower unrealized carried interest generated in various private equity fund strategies and $51 million in lower unrealized carried interest generated in the fifth vintage of our Infrastructure flagship fund relative to the prior period.

Previous wording

Carried interest allocations generated by new funds are 66.7% attributable to BAM and 33.3% to BN. Within the condensed consolidated statements of operations, carried interest allocations are presented on a 100% basis and the portion attributable to BN is presented in net (income) loss attributable to non-controlling interest in consolidated entities. Unrealized carried interest allocations attributable to BAM were $387 million for the three months ended June 30, 2026, compared to $94 million for the three months ended June 30, 2025.

Current wording

Carried interest allocations generated by new funds are 66.7% attributable to BAM and 33.3% to BN. Within the condensed consolidated statements of operations, carried interest allocations are presented on a 100% basis and the portion attributable to BN is presented in net (income) loss attributable to non-controlling interest in consolidated entities. Unrealized carried interest allocations attributable to BAM were $494 million for the three months ended September 30, 2026, compared to $241 million for the three months ended September 30, 2025.

Previous wording

Other revenues are largely comprised of recoverables from BN related to share and performance-based compensation as defined by the Services Agreement, fund expense recharges, and incentive management fees earned on certain funds. Share-based and performance-based award expenses that are recoverable from BN are recognized in other revenues with the offsetting expense recognized in compensation and benefits, and carried interest allocation compensation, respectively. Other revenues were $117 million for the three months ended June 30, 2026, a decrease of $63 million compared to the three months ended June 30, 2025. The decrease was primarily attributable to lower recoveries of $43 million related to share and performance-based compensation due to a lower trading price of BAM Class A Shares in the period.

Current wording

Other revenues are largely comprised of recoveries from BN related to share and performance-based compensation as defined by the Services Agreement and fund expense recharges. Share-based and performance-based award expenses that are recoverable from BN are recognized in other revenues with the offsetting expense recognized in compensation and benefits, and carried interest allocation compensation, respectively. Other revenues were $54 million for the three months ended September 30, 2026, a decrease of $81 million compared to the three months ended September 30, 2025. The decrease was primarily attributable to lower recoveries of $95 million related to share and performance-based compensation due to a lower trading price of BAM Class A Shares in the period and lower recoveries related to carried interest compensation.

Previous wording

Compensation and benefits for the three months ended June 30, 2026 were broadly consistent with the prior year at $405 million, which represents an increase of $1 million compared to the three months ended June 30, 2025. During the period, there were higher compensation costs of $30 million from the ongoing growth of our business, offset by a $29 million decrease in share-based compensation related to our share and performance-based awards due to a lower trading price of BAM Class A Shares during the period.

Current wording

Compensation and benefits for the three months ended September 30, 2026 was $513 million, which represents an increase of $134 million compared to the three months ended September 30, 2025. This increase was primarily attributable to the inclusion of Oaktree’s compensation expenses of $130 million following the completion of the Oaktree Acquisition, in addition to higher compensation costs of $46 million from the ongoing growth of our business. This was partially offset by a $43 million decrease in share-based compensation related to our share and performance-based awards due to a lower trading price of BAM Class A Shares during the period.

Previous wording

Other operating expenses are comprised of professional fees, facilities costs, as well as costs directly associated with our fundraising and investment functions. Other operating expenses for the three months ended June 30, 2026 were $118 million, which represents an increase of $36 million compared to the three months ended June 30, 2025. This increase was driven by higher operating costs from our growing business.

Current wording

Other operating expenses are comprised of professional fees, facilities costs, as well as costs directly associated with our fundraising and investment functions. Other operating expenses for the three months ended September 30, 2026 were $157 million, which represents an increase of $70 million compared to the three months ended September 30, 2025. This increase was driven by higher operating costs from our growing business and $43 million of additional operating expenses recognized following the completion of the Oaktree Acquisition in the period.

Previous wording

Compensation expenses related to carried interest allocation compensation was $51 million for the three months ended June 30, 2026, which represents a change of $35 million compared to the three months ended June 30, 2025. This was primarily driven by higher relative valuations across certain private equity and energy funds compared to the prior period. The carried interest compensation expense associated with mature funds is fully recoverable from BN. Carried interest compensation expense on new funds was $55 million during the three months ended June 30, 2026.

Current wording

Compensation expenses related to carried interest allocation compensation was $87 million for the three months ended September 30, 2026, which represents a change of $107 million compared to the three months ended September 30, 2025. This was primarily driven by higher relative valuations across certain Real Estate, Energy, and Credit funds compared to the prior period. The carried interest compensation expense associated with mature funds is fully recoverable from BN. Carried interest compensation expense on new funds was $108 million during the three months ended September 30, 2026.

Previous wording

Interest expense for six months ended June 30, 2026 was $90 million, which represents an increase of $56 million compared to the six months ended June 30, 2025. This was primarily driven by BAM's increased borrowings from our debt offerings relative to the prior period.

Current wording

Interest expense for three months ended September 30, 2026 was $58 million, which represents an increase of $38 million compared to the three months ended September 30, 2025. This was primarily driven by BAM's incremental debt offerings relative to the prior period and additional interest expense following the completion of the Oaktree Acquisition in the period.

Previous wording

Interest expense of consolidated funds for the six months ended June 30, 2026 was $17 million, which was primarily driven by borrowings made by BSI II and BMEP in which BAM holds a sufficient interest to require the consolidation of the funds.

Current wording

Interest expense of consolidated funds for the three months ended September 30, 2026 was $25 million, which was primarily driven by borrowings of OLAF, BSI II, BMEP and BREVA-H in which BAM holds a sufficient interest to require the consolidation of the funds.

Previous wording

Other income, net of consolidated funds for the three months ended June 30, 2026 was $70 million compared to $13 million in the prior period. BAM holds a sufficient interest to require the consolidation of BPE, BMEP, BSI II, and BREVA-H. The increase is mainly driven by the fair value changes of investments held by BPE and BMEP which were newly consolidated funds compared to the prior period.

Current wording

Other income, net of consolidated funds for the three months ended September 30, 2026 was $94 million compared to $10 million in the prior period. BAM holds a sufficient interest to require the consolidation of OLAF, BPE, BMEP, BSI II, and BREVA-H. The increase is mainly driven by the fair value changes of investments held by BPE and BMEP which were newly consolidated funds in Q1 2026 and therefore not consolidated in the comparative period.

Previous wording

Income tax expense was $162 million for the three months ended June 30, 2026, which represents an increase of $87 million compared to the three months ended June 30, 2025. The increase in income tax expense was predominantly driven by a higher taxable income compared to the prior period.

Current wording

Income tax expense was $331 million for the three months ended September 30, 2026, which represents an increase of $253 million compared to the three months ended September 30, 2025. The increase in income tax expense was predominantly driven by a higher taxable income compared to the prior period.

Previous wording

Net income attributable to preferred redeemable non-controlling interest was $16 million for the three months ended June 30, 2026 primarily due to carried interest earned in Oaktree as well as lower losses in valuations for certain mature real estate funds compared to the prior period.

Current wording

Net income attributable to preferred redeemable non-controlling interest was $33 million for the three months ended September 30, 2026 primarily due to carried interest earned on mature funds within our credit and infrastructure strategies partially offset by losses in valuations for certain mature real estate funds.

Previous wording

Net income attributable to redeemable non-controlling interest in consolidated funds reflects net income or loss generated by the respective fund that is allocated to non-controlling interest based on the substantive contractual terms of the funds governing agreements that specify the allocation of income or loss, such as fees allocable to BAM. Net income attributable to redeemable non-controlling interest in consolidated funds was $24 million for the six months ended June 30, 2026.

Current wording

Net income attributable to redeemable non-controlling interest in consolidated funds reflects net income or loss generated by the respective fund that is allocated to non-controlling interest based on the substantive contractual terms of the funds governing agreements that specify the allocation of income or loss, such as fees allocable to BAM. Net income attributable to redeemable non-controlling interest in consolidated funds of $42 million for the three months ended September 30, 2026 was driven by units held in BPE by BN, BBUC, BWS and third parties during the period.

Previous wording

Net income attributable to non-controlling interest in consolidated entities was $201 million for the three months ended June 30, 2026. BAM recognizes carried interest allocations on new funds within our condensed consolidated statements of operations on a gross basis. On new funds, 33.3% of carried interest allocations are attributable to BN. This balance is primarily the carried interest generated on new funds that is attributable to BN and fluctuates depending on the carried interest generated on new funds during the period.

Current wording

Net income attributable to non-controlling interest in consolidated entities was $256 million for the three months ended September 30, 2026. BAM recognizes carried interest allocations on new funds within our condensed consolidated statements of operations on a gross basis. On new funds, 33.3% of carried interest allocations are attributable to BN. This balance is primarily the carried interest generated on new funds that is attributable to BN and fluctuates depending on the carried interest generated on new funds during the period.

Previous wording

For income earned by certain funds in which BAM holds a sufficient interest to require the consolidation of the funds, a portion of the income or losses earned is attributable to other parties invested in the funds. Net income attributable to non-controlling interest of consolidated funds was $16 million for the six months ended June 30, 2026.

Current wording

For income earned by certain funds in which BAM holds a sufficient interest to require the consolidation of the funds, a portion of the income or losses earned is attributable to other parties invested in the funds. Net income attributable to non-controlling interest of consolidated funds of $23 million for the three months ended September 30, 2026 was driven by fair value changes on debt and equity securities held in BPE.

Previous wording

Net income for the six months ended June 30, 2026 was $1.8 billion, of which $1.5 billion was attributable to common stockholders. This compares to net income of $1.1 billion for the six months ended June 30, 2025, of which $1.2 billion was attributable to common stockholders.

Current wording

Net income for the nine months ended September 30, 2026 was $4.8 billion, of which $4.2 billion was attributable to common stockholders. This compares to net income of $1.8 billion for the nine months ended September 30, 2025, of which $1.9 billion was attributable to common stockholders.

Previous wording

Revenues for the six months ended June 30, 2026 were $3.1 billion, which represents an increase of $920 million or 42% compared to $2.2 billion of revenue for the six months ended June 30, 2025.

Current wording

Revenues for the nine months ended September 30, 2026 were $5.2 billion, which represents an increase of $1.8 billion or 53% compared to $3.4 billion of revenue for the nine months ended September 30, 2025.

Previous wording

Base management and advisory fees for the six months ended June 30, 2026 were $1.8 billion, which represents an increase of $127 million or 8% compared to the six months ended June 30, 2025. Management fee revenues increase was driven by $78 million of incremental fee revenue from our listed affiliates as a result of higher share prices of BIP, BEP, and BBUC. Additionally, fee revenues were further increased by $46 million from growth of our mandate with BWS and $43 million attributable to inflows from our infrastructure and energy perpetual strategies. The remaining increase was attributable to fundraising and capital deployments across various other long-term private funds and complementary strategies. These increases were partially offset by $81 million in lower catch-up fees from both the fifth vintage of our flagship real estate fund and the second vintage of our flagship global transition fund. Further reductions in management fees of $38 million were noted due to realizations from earlier vintages of our flagship real estate and infrastructure funds.

Current wording

Base management and advisory fees for the nine months ended September 30, 2026 were $2.9 billion, which represents an increase of $360 million or 14% compared to the nine months ended September 30, 2025. Management fee revenues increase was driven by $144 million of incremental fee revenue from our listed affiliates as a result of higher share prices of BIP, BEP, and BBUC and $227 million due to the inclusion of Oaktree's revenues due to the Oaktree Acquisition. Additionally, fee revenue increased by $85 million due to net inflows from BWS, and $85 million attributable to inflows and NAV increases from our infrastructure and energy perpetual strategies. The remaining increase was attributable to fundraising and capital deployments across various other long-term private funds and complementary strategies. These increases were partially offset by $85 million in lower catch-up fees compared to the prior period from both the fifth vintage of our flagship real estate fund and the second vintage of our flagship global transition fund. Further reductions in management fees of $71 million were due to realizations within earlier vintages of our flagship real estate and infrastructure funds, as well as the reclassification of certain performance fees to incentive fees.

Previous wording

Realized carried interest allocations were $16 million for the six months ended June 30, 2026, which were predominantly due to dispositions within certain private equity fund strategies.

Current wording

Realized carried interest allocations were $176 million for the nine months ended September 30, 2026, which were predominantly due to dispositions within the sixth vintage of our private equity flagship fund and certain complementary private equity and credit fund strategies.