Supplemental Information (2026 q3 supplemental bam)

2026

BrOokfleld

Asset Management

Q3 SUPP LEMEN TAL IN FO RM AT ION

Brookfield THR EE MO NT HS ENDED SE PT EMBE R 30, 2 02 6

Brookfield Asset Management Overview

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

Fee-Bearing Capital $682B

Our Businesses by Fee-Bearing Capital

Assets Under Management

Operating Employees

Countries

Investment Professionals

50+

1,400+

Infrastructure

Energy

Private Equity

Real Estate Credit

$113B

$71B

$53B

$104B

$341B

The financial information contained in this supplement is presented in U.S. dollars and, unless otherwise indicated, all references to "$" are to U.S. dollars.

Third Quarter 2026 Highlights

Robust & Resilient Earnings

$864M

Q3-26

Fee-Related Earnings (FRE)

$763M

Q3-26

Distributable Earnings (DE)

15% / 15%

Q3-26

FRE / DE YoY Growth

Strong Capital Activity

$25B

Q3-26

Capital Raised

$123B

Year-to-Date Fundraising

$18B

Q3-26

Capital Deployed

Well Positioned

$48M

Q3-26

Carry Realization, Net

Full Cycle

Real assets benefit from inflation-linked revenues

Leadership

Poised to capitalize on secular growth in AI, energy, and opportunistic credit

Financial Performance Over the Quarter and Last Twelve Months

Q3 FRE of $864 million ($0.54 / share), up 15% from the prior year quarter

• FRE of $3.3 billion ($2.05 / share) over the last twelve months, up 18% from the prior year period

• Growth driven by higher fee revenues, IDRs, and contributions from partner managers and Oaktree

  Q3 DE of $763 million ($0.47 / share), up 15% from the prior year quarter

• DE of $2.9 billion ($1.82 / share) over the last twelve months, up 14% from the prior year period

• Growth driven by higher FRE and $48 million of net carried interest realization

  FRE margin at our share of 54% in the quarter and 55% over the last twelve months

  FOR THE PERIODS ENDED SEP. 30 (MILLIONS, EXCEPT PER SHARE AMOUNTS)

  Fee Revenues Direct Costs

  Total Fee-Related Earnings

  Amounts not attributable to BAM1.

  Fee-Related Earnings (FRE)

  FRE Margin at Our Share2

  Q3-26

  $ 1,624

  (748)

  876

  (12)

  $ 864

  54%

  Last Three Months

  Q3-25 Variance

  $ 1,459 11%

  (685) 9%

  774 13%

  (20) (40)%

  $ 754 15%

  55% (1)%

  Q3-26

  $ 6,309

  (2,918)

  3,391

  (80)

  $ 3,311

  55%

  Last Twelve Months

  Q3-25 Variance

  $ 5,424 16%

  (2,533) 15%

  2,891 17%

  (86) (7)%

  $ 2,805 18%

  55% -%

  Distributable Earnings (DE)

  FRE as % of Pre-tax DE

  $ 763

  100%

  $ 661 15%

  99%

  $ 2,939

  99%

  $ 2,577 14%

  95%

  Per share

  Fee-Related Earnings Distributable Earnings

  $ 0.54

  0.47

  $ 0.46 $ 0.08

  0.41 0.06

  $ 2.05

  1.82

  $ 1.72 $ 0.33

  1.58 0.24

  Total diluted weighted average shares during the period

  1,612.7

  1,630.9 (18.2)

  1,617.8

  1,629.9 (12.1)

  Note: Fee revenues and direct costs for all periods presented reflect the previously announced new presentation of our partner managers, which include our proportionate share of their fee revenues and fee-related expenses. The change had no impact on FRE or DE.

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

  FRE Growth from Our Stable Revenue Base

  $1.6B

  Q3 Fee Revenues

  increased 11% compared to the prior year quarter

  $864M

  Q3 Fee-Related Earnings increased 15% compared to the prior year quarter

  $763M

  Q3 Distributable Earnings increased 15% compared to the prior year quarter

  Fee Revenues

  (MILLIONS)

  55% 58% 54% 54% 54%

  FRE Margin

  554

  602

  647

  $1,459 $1,591 $1,507 $1,587 $1,624

  524

  546

  256		255		262		259		265
  110		227		125		145		143
  234		225		217		224		213
  335		330		357		357		356
  Q3-25		Q4-25		Q1-26		Q2-26		Q3-26

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

  $763

(MILLIONS)

• Credit

• Real Estate

• Private Equity

• Energy

• Infrastructure

• FRE

• DE

  $661

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

Our Fee-Bearing Capital Continues to Scale

Fee-Bearing Capital

Fee-Bearing Capital has grown 13% over the last twelve months, driven by:

• Inflows: $98 billion of fundraising during the period that became fee-bearing capital, as well as

  $29 billion associated with deployment of prior uncalled commitments not previously included

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

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

• Market Valuation: Primarily due to changes in the market capitalizations of our permanent capital vehicles and market value of perpetual strategies and liquid credit products3

• Other: Represents changes in debt at affiliates, rolling off of investment and commitment periods for funds, and foreign exchange impacts4

  Fee-Bearing Capital Composition

  88%

  12%

  $682B 46%

  29% FBC

  13%

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

  Q3-25 Inflows Outflows Distributions Market Other Q3-26

  Valuation

  $127

  $(26)

  $(29)

  $11

  $(5)

  $682B

  $604B

  13%

  Growth

  113

  101

  71

  69

  53

  46

  102

Q3-25 Inflows Outflows Distributions Market Valuation Other Q3-26

• • Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

  • Long-Term Private Funds

  • Permanent Capital Vehicles5

  • Perpetual Strategies

  • Liquid Strategies

    Note: Fee-bearing capital for all periods presented reflects the new presentation of our partner managers, including certain capital not previously classified as fee-bearing capital, in order to better align reported fee-bearing capital with our fee revenue profile.

    See glossary and endnotes

    Strong Fundraising Fuels Growth

    Raised $25 billion in the third quarter, primarily driven by flagship funds and perpetual fundraising

• $9.3 billion across our infrastructure and energy businesses, including $4.0 billion raised for our infrastructure flagship strategy, $1.5 billion for our supercore infrastructure strategy, and $1.2 billion for our infrastructure private wealth strategy. Subsequent to quarter end, we received $13 billion of additional commitments for our infrastructure flagship strategy, representing cumulative capital of $26 billion, ahead of a first close in the coming weeks

• $2.1 billion in our private equity business, primarily comprised of $1.2 billion for our private equity flagship strategy

• $12.2 billion in our credit group, including $2.4 billion raised for long-term private credit funds, $3.8 billion from Brookfield Wealth Solutions, and

  $2.0 billion from partner managers

  Q3-26		LTM
  Infrastructure6	$ 7.0	$ 27.6
  Flagship Funds	3.4	11.3
  Other Long-Term Private Funds	-	5.0
  Permanent Capital and Perpetual Funds	2.9	7.3
  Co-investments	0.7	4.1
  Energy6	$ 2.3	$ 7.6
  Flagship Funds	0.6	2.0
  Other Long-Term Private Funds	0.2	1.3
  Permanent Capital and Perpetual Funds	0.9	3.3
  Co-investments / Co-underwrites	0.6	1.0
  Private Equity	$ 2.1	$ 13.6
  Flagship Funds	1.2	7.9
  Other Long-Term Private Funds	0.6	4.0
  Permanent Capital and Perpetual Funds	0.1	0.4
  Co-investments	0.2	1.4
  Real Estate	$ 0.9	$ 8.8
  Flagship Funds	0.5	1.4
  Other Long-Term Private Funds	-	0.6
  Permanent Capital and Perpetual Funds	0.3	3.7
  Co-investments	0.1	3.1
  Credit	$ 12.2	$ 99.7
  Long-Term Private Funds and Co-investments7	2.4	13.3
  Insurance & SMAs	3.8	61.4
  Partner Managers	2.0	6.0
  Liquid & Perpetual Strategies	4.0	19.0
  Total Fundraising	$ 24.5	$ 157.3

  Total Capital Raised

  (BILLIONS)

  $77

  $35

  $30

  $21

  $25

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

  • Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

    Robust Quarter of Capital Deployment

    Deployed $18 billion in the third quarter, including:

    • $1.2 billion across our infrastructure business, including $500 million of incremental funding on construction of a U.S. semiconductor fabrication facility and $300 million for a New Zealand energy infrastructure program

    • $2.0 billion across our energy business, including $1.6 billion for the acquisition of a global renewable power platform

    • $2.2 billion across our private equity business, including the acquisition of a music publishing and technology platform and the acquisition of the world's largest air freight services provider

    • $2.9 billion across our real estate business, including the acquisition of a portfolio of multifamily housing units in Japan

    • $10.1 billion across our credit platform, including $2.4 billion for opportunistic credit strategies and $1.3 billion across partner managers

      Q3-26			LTM
      Infrastructure6	$	1.2	$	9.3
      Long-Term Private Funds		0.7		3.0
      Permanent Capital and Perpetual Funds		0.5		4.5
      Co-investments		-		1.8
      Energy6	$	2.0	$	4.6

      Total Capital Deployed

      (BILLIONS)

      Long-Term Private Funds 1.5 2.3

      Permanent Capital and Perpetual Funds 0.5 2.3

      Co-investments - -

      Private Equity	$	2.2	$	4.5
      Long-Term Private Funds		1.3		3.0
      Permanent Capital and Perpetual Funds		0.2		0.8
      Co-investments		0.7		0.7
      Real Estate	$	2.9	$	13.0
      Long-Term Private Funds		1.9		9.4
      Permanent Capital and Perpetual Funds		1.0		3.6
      Credit	$	10.1	$	40.8
      Long-Term Private Funds7 Permanent Capital and Perpetual Funds Co-investments		5.8 4.3 -		20.4 20.0 0.4
      Total Capital Deployed	$	18.4	$	72.2

      $23

      $20

      $21

      $18

      $13

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

      • Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

      Monetizations Across the Business

      Monetized $12 billion in the third quarter, including:

• $2.5 billion within our infrastructure business, including proceeds from the partial sale of a Canadian home services provider, proceeds from the sale of an Indian telecom tower platform, and proceeds from the IPO of a leading North American digital infrastructure platform

• $1.9 billion across our energy business, including proceeds from the sale of a portfolio of hydroelectric assets, an operating portfolio of utility scale solar assets in Europe, and the partial sale of an Indian clean energy platform

• $1.8 billion within our private equity business, including proceeds from a partial sale of an Australian financial services company

• $4.2 billion across our credit platform, including $3.5 billion across our opportunistic credit strategies

  Infrastructure6	$	2.5	$	6.8
  Long-Term Private Funds		2.4		6.4
  Permanent Capital and Perpetual Funds		-		0.1
  Co-investments		0.1		0.3
  Energy6	$	1.9	$	6.3
  Long-Term Private Funds Permanent Capital and Perpetual Funds		1.5 -		5.7 -
  Co-investments		0.4		0.6
  Private Equity	$	1.8	$	4.9
  Long-Term Private Funds		1.3		4.3
  Permanent Capital and Perpetual Funds		-		-
  Co-investments		0.5		0.6
  Real Estate	$	2.0	$	7.3
  Long-Term Private Funds		1.9		6.6
  Permanent Capital and Perpetual Funds		0.1		0.5
  Co-investments		-		0.2
  Credit	$	4.2	$	18.5
  Long-Term Private Funds7		4.2		17.8
  Permanent Capital and Perpetual Funds		-		0.7
  Co-investments		-		-
  Total Equity Monetizations	$	12.4	$	43.8
  See glossary and endnotes

  Q3-26 LTM

  Total Equity Monetizations

  (BILLIONS)

  $15

  $13

  $12

  $11

  $8

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

  • Infrastructure ■ Energy ■ Private Equity ■ Real Estate ■ Credit

Uncalled Fund Commitments

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

$30B

$38B

$148B

Uncalled Commitments

$27B

$26B

$27B

Uncalled fund commitments not currently earning fees

Approximate additional revenue generated once the $68 billion of uncalled fund commitments is deployed

Strong Liquidity & Asset Light Balance Sheet

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

Corporate Liquidity

As of September 30, 2026

Investment Assets

Corporate Credit Profile8

Corporate Ratings from Fitch / S&P

Total Corporate Debt Outstanding

Weighted Average Tenor

5.388%

Weighted Average Coupon

Debt Maturity Profile9

(MILLIONS)

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

See glossary and endnotes

Infrastructure - Overview

Brookfield is one of the world's largest infrastructure investors, owners and operators, with a leading position in the increasingly sought after asset class

Assets Under Management

Fee-Bearing Capital

Investment Professionals

Overview

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

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

  Asset Types

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

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

  Transport

  Midstream

  Utilities

  Artificial Intelligence

  Data Centers

  Products

  Long-Term Private Funds Permanent Capital Vehicles

  Infrastructure Core Plus ("BIF")

  Infrastructure Structured Solutions

  Closed-end flagship funds series focused on global infrastructure opportunities

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

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

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

  form of both structured and common minority equity investments

  Private Perpetual Strategies

  Artificial Intelligence Infrastructure

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

  Perpetual Supercore

  Infrastructure

  Infrastructure Income Fund

  Private fund investing in core infrastructure in developed

  markets

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

  Infrastructure - Q3 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED SEP. 30 (BILLIONS) BIF Series (Flagship Fund)
  	Q3-26	Q3-25	Variance
  	$ 34	$ 34	$ -
  Other Long-Term Funds and Co-investments	16	12	4
  Long-Term Private Funds	50	46	4
  BIP	34	33	1
  Other Perpetual Funds and Co-investments	29	22	7
  Permanent Capital and Perpetual Strategies	63	55	8
  Total Infrastructure	$ 113	$ 101	$ 12

  Fee Revenues

  FOR THE PERIODS ENDED SEP. 30 (MILLIONS) Base management fees Flagship Funds	Q3-26 $ 93	Last Three Months Q3-25 $ 92	Variance $ 1	Last Twelve Months
  				Q3-26 $ 367	Q3-25 $ 366	Variance $ 1
  Other Long-Term Funds and Co-investments	6	-	6	11	-	11
  Long-Term Private Funds	99	92	7	378	366	12
  BIP	108	104	4	436	403	33
  Other Perpetual Funds and Co-investments	62	44	18	224	163	61
  Permanent Capital and Perpetual Strategies	170	148	22	660	566	94
  Total Base Management Fees	$ 269	$ 240	$ 29	$ 1,038	$ 932	$ 106
  Catch-up Fees and Other Items	-	-	-	-	-	-
  Incentive Distributions	87	80	7	341	314	27
  Transaction and Advisory Fees	-	15	(15)	21	15	6
  Total Fee Revenues	$ 356	$ 335	$ 21	$ 1,400	$ 1,261	$ 139

  See glossary and endnotes

  Totals and subtotals may not tie due to rounding

  Energy - Overview

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

  $155B

  Assets Under Management

  $71B

  Fee-Bearing Capital

  101

  Investment Professionals

  Overview Asset Types

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

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

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

  Hydro Solar

  Wind

  energy transition with attractive risk-adjusted returns

  Distributed

  Generation

  Batteries Sustainable

  Solutions

  Products

  Long-Term Private Funds Permanent Capital Vehicles

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

  renewable energy and transition

  Catalytic Transition Fund Brookfield's primary vehicle for accelerating

  investment into decarbonization solutions in chronically underinvested emerging markets

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

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

  Energy - Q3 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED SEP. 30
  	Q3-26	Q3-25	Variance
  (BILLIONS)
  BGTF Series (Flagship Fund)	$ 25	$ 25	$ -
  BIF Series Energy Allocation (Flagship Fund)	6	10	(4)
  Other Long-Term Funds and Co-investments	9	7	2
  Long-Term Private Funds	40	42	(2)
  BEP	26	24	2
  Other Perpetual Funds and Co-investments	5	2	3
  Permanent Capital and Perpetual Strategies	31	27	4
  Total Energy	$ 71	$ 69	$ 2

  Fee Revenues

  FOR THE PERIODS ENDED SEP. 30 (MILLIONS)

  Base Management Fees

  Last Three Months Last Twelve Months

  Q3-26 Q3-25 Variance Q3-26 Q3-25 Variance

  Flagship Funds	$ 76	$ 88	$ (12)	$ 314	$ 321	$ (7)
  Other Long-Term Funds and Co-investments	10	5	5	61	11	50
  Long-Term Private Funds	86	93	(7)	375	332	43
  BEP	63	57	6	274	208	66
  Other Perpetual Funds and Co-investments	18	10	8	56	35	21
  Permanent Capital and Perpetual Strategies	81	67	14	330	243	87
  Total Base Management Fees	$ 167	$ 160	$ 7	$ 705	$ 575	$ 130
  Catch-up Fees and Other Items	5	37	(32)	8	53	(45)
  Incentive Distributions	41	36	5	162	141	21
  Transaction and Advisory Fees	-	1	(1)	4	15	(11)
  Total Fee Revenues	$ 213	$ 234	$ (21)	$ 879	$ 784	$ 95

  Private Equity - Overview

  Brookfield is one of the most experienced private equity investors globally

  $166B

  Assets Under Management

  $53B

  Fee-Bearing Capital

  148

  Investment Professionals

  Overview

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

  Asset Types

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

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

  Industrials

  Business Services

  Financial Infrastructure

  Technology Services

  Infrastructure Services

  Products

  Long-Term Private Funds Permanent Capital Strategies

  Opportunistic Private Equity ("BCP")

  Closed-end flagship fund series focused on opportunistic private equity

  Brookfield Business Corporation ("BBUC")

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

  Special Investments Focused on providing flexible capital to businesses

  through highly structured capital solutions

  Venture Secondaries Invests in portfolios of high-conviction private technology

  companies through customized secondary solutions

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

  within the Gulf Cooperation Council

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

  companies that underpin the global financial system

  operating high-quality providers of essential products and services

  Private Perpetual Strategies

  Brookfield Private Equity Evergreen semi-liquid fund offering individual

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

  Private Equity - Q3 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED SEP. 30
  	Q3-26	Q3-25	Variance
  (BILLIONS)
  BCP Series (Flagship Fund)	$ 16	$ 12	$ 4
  Other Long-Term Funds10	21	19	2
  Co-investments	7	7	-
  Long-Term Private Funds	44	38	6
  BBUC	8	8	-
  Co-investments and other perpetual funds	1	-	1
  Permanent Capital and Perpetual Strategies	9	8	1
  Total Private Equity	$ 53	$ 46	$ 7

  Fee Revenues

  FOR THE PERIODS ENDED SEP. 30 (MILLIONS)	Q3-26 $ 52	Last Three Months	Variance	Last Twelve Months
  		Q3-25		Q3-26	Q3-25	Variance
  Base management fees
  Flagship Funds		$ 39	$ 13	$ 175	$ 157	$ 18
  Other Long-Term Funds10	57	44	13	229	169	60
  Co-investments	2	2	-	10	8	2
  Long-Term Private Funds	111	85	26	414	334	80
  BBUC	25	25	-	109	93	16
  Permanent Capital and Perpetual Strategies	25	25	-	109	93	16
  Total Base Management Fees	$ 136	$ 110	$ 26	$ 523	$ 427	$ 96
  Catch-up Fees and Other Items	4	-	4	13	1	12
  Performance Fees11	2	-	2	100	-	100
  Transaction and Advisory Fees	1	-	1	4	14	(10)
  Total Fee Revenues	$ 143	$ 110	$ 33	$ 640	$ 442	$ 198

  See glossary and endnotes

  Real Estate - Overview

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

  $280B

  Assets Under Management

  $104B

  Fee-Bearing Capital

  278

  Investment Professionals

  Overview

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

  Asset Types

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

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

  Housing

  Office

  Logistics, Storage & NNN

  Retail

  Hospitality

  Science & Innovation

  Products

  Long-Term Private Funds Permanent Capital Vehicles

  Real Estate Opportunistic ("BSREP")

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

  Brookfield Property Group ("BPG")

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

  Real Estate Secondaries Focused on providing liquidity solutions for real estate

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

  behalf of Brookfield Corporation

  Private Perpetual Strategies

  Sector Specific Value-Add ("BREVA")

  Value add strategies focused on real estate sectors, such as housing and logistics

  Perpetual Core Plus Real Estate

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

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

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

  Real Estate - Q3 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED SEP. 30 (BILLIONS)

  Q3-26

  Q3-25

  Variance

  BSREP Series (Flagship Fund)

  Other Long-Term Funds12 Co-investments

  Long-Term Private Funds

  BPG

  Other Perpetual Funds and Co-investments13

  Permanent Capital and Perpetual Strategies Total Real Estate

  $

  $

  44

  14

  16

  74

  20

  10

  30

  104

  $

  $

  43

  15

  15

  73

  18

  11

  29

  102

  $

  $

  1

  (1)

  1

  1

  2

  (1)

  1

  2

  Fee Revenues

  FOR THE PERIODS ENDED SEP. 30 (MILLIONS) Base Management Fees Flagship Funds	Q3-26 $ 124	Last Three Months Q3-25 $ 127	Variance $ (3)	Last Twelve Months
  				Q3-26 $ 491	Q3-25 $ 497	Variance $ (6)
  Co-investments and Other Long-term Funds12	55	54	1	217	220	(3)
  Long-Term Private Funds	179	181	(2)	708	717	(9)
  BPG	52	49	3	205	203	2
  Other Perpetual Funds and Co-investments13	26	25	1	101	83	18
  Permanent Capital and Perpetual Strategies	78	74	4	306	286	20
  Total Base Management Fees	$ 257	$ 255	$ 2	$ 1,014	$ 1,003	$ 11
  Catch-up Fees and Other Items	8	1	7	18	81	(63)
  Transaction and Advisory Fees	-	-	-	9	-	9
  Total Fee Revenues	$ 265	$ 256	$ 9	$ 1,041	$ 1,084	$ (43)

  Credit - Overview

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

  $426B

  Overview

Assets Under Management

Fee-Bearing Capital

726

Investment Professionals14

Credit Portfolio

5%

47% Fee-Bearing 48%

Capital

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

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

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

Angel Oak

Long-Term Private Funds

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

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

variety of independent or private equity owned companies

Infrastructure Debt Debt fund series focused on mezzanine debt investments

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

Permanent Capital Vehicles and Private Perpetual Strategies

• Private and

  Opportunistic Credit

• Liquid Credit

  5%

  17%

  LTM Fee

  Revenues

  78%

• Other Credit

Oaktree Specialty Lending Corporation

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

Insurance Capital Manages insurance capital for policyholders through reinsurance agreements

and directly through policies

Credit - Q3 2026 Results

Fee-Bearing Capital

See glossary and endnotes

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

Brookfield Wealth Solutions

We manage capital on behalf of our strategic partner, Brookfield Wealth Solutions (BWS). BWS offers a range of retirement services, wealth protection products and tailored capital solutions. BAM manages $150 billion of BWS capital and invests it in (i) liquid credit, (ii) non-fund private investment, and (iii) private funds across our five business groups

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

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

BWS Fee-Bearing Capital Composition

(Billions)

Fee Revenues

(Millions)

FOR THE PERIODS ENDED SEP. 30 (MILLIONS)

Last Three Months

Q3-26 Q3-25 Variance

Private Funds*

9%

Private Funds

Equities

d

t

$150B

Public

Credit

Private

Credit

Non-Fun Private

Investmen

38%

*In addition to the 9% of BWS capital that is invested in private funds, there is $11.2 billion currently invested in liquid credit that has been committed to private funds, but not yet deployed. When deployed, $6.4 billion of this capital will begin generating incremental management fees

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

Fee-Related Earnings and Distributable Earnings Detail

Capital Metrics Additional Detail

Fee-Bearing Capital increased by $78 billion over the last twelve months

Fee-Bearing Capital Rollforward

Of our total Fee-Bearing Capital, $602 billion or 88% is long-term, permanent or perpetual in nature

Fee-Bearing Capital Breakout

FOR THE PERIODS ENDED SEP. 30

Capital Deployed or Committed

We deployed or committed $96 billion of capital over the last twelve months

Capital Deployed or Committed (Funding Source)

Capital Deployed (Geography)

See glossary and endnotes

Totals and subtotals may not tie due to rounding

Carry Eligible Capital Provides for Future Earnings Upside

BAM earns two-thirds of carried interest on certain existing funds and all future vintages of our long-term funds, with BN retaining the remaining one-third

• BAM has accrued $2.5 billion of unrealized carried interest on these funds, which is net of BN's portion

• BAM realized $48 million of carried interest, net of royalties paid to BN and compensation costs in the third quarter

  BAM Carry Eligible Capital

  As of September 30, 2026 (BILLIONS)

  +3x

  17

$56

$190

74

Select BAM Carry Eligible Funds

Opportunistic

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

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

Value Add, Core Plus and Other

Brookfield Infrastructure Fund V Brookfield Global Transition Fund I, II

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

Credit29

Opportunities Fund XII

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

Day One at Spin-Off Q3-26

Future Funds

All perpetual funds

All vintages of long-term private funds

Target Carried Interest

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

AS OF SEPTEMBER 30, 2026 (MILLIONS)

Carry Eligible

Capital25

Gross Target Return26, 27

Average Carried

Interest

Annualized Target Carried Interest28

See glossary and endnotes

Brookfield Private Funds Investment Records

AS OF SEPTEMBER 30, 2026

(MILLIONS, EXCEPT AS NOTED)

Investment Value Performance

Vintage Year Fund Capital Realized35 Unrealized36 Total37

Gross IRR38 / Gross TWR38

Unlevered Net IRR39 / Net TWR40

Net IRR39 / Net TWR40

Brookfield Private Funds Investment Records cont'd

AS OF SEPTEMBER 30, 2026

(MILLIONS, EXCEPT AS NOTED)

Investment Value Performance

Real Estate

Vintage Year Fund Capital Realized35 Unrealized36 Total37

Gross IRR38 / Gross TWR38

Unlevered Net IRR39 / Net TWR40

Net IRR39 / Net TWR40

Listed Affiliate Fee Revenue Structure and Incentive Distributions

Listed Affiliate Fee Revenue Structure

AS OF SEPTEMBER 30, 2026 (MILLIONS, EXCEPT PER UNIT)

BIP / BIPC43 BEP / BEPC43 BBUC43, 44

See glossary and endnotes.

Reconciliation of Net Income to Fee-Related Earnings and Distributable Earnings

Add or subtract the following:

Provision for taxes53

Depreciation and amortization54 Carried interest allocations55

Carried interest allocation compensation55 Other income and expenses56

Interest expense57

Interest and dividend revenue57 Other revenues58

Share of income from equity method investments59

Fee-related earnings of equity method investments at our share59 Compensation costs recovered from affiliates60

Other adjustments61

Fee-related earnings

Add: Realized carried interest, net

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

$

331

66

(764)

87

(1,835)

83

(48)

(54)

(261)

172

71

17

864 $

48

(66)

14

78

30

(112)

(20)

97

26

(31)

(143)

(110)

132

121

(6)

754

- (6)

11

Reconciliation of Revenues to Fee Revenues

Overview

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

Reconciliation of Carried Interest Allocations - Realized to Realized Carried Interest, Net

Glossary of Terms

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

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

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

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

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

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

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

Glossary of Termscont'd

Carried Interest Represents a contractual arrangement whereby we receive a fixed percentage of profits generated within a private fund provided that the investors receive a predetermined minimum return. Carried interest is typically paid towards the end of the life of a fund after the capital has been returned to investors and may be subject to "clawback" until all investments have been monetized and minimum investment returns are sufficiently assured. This is referred to as realized carried interest. Unlike fees and incentive distributions, we only include carried interest earned in respect of third party capital when determining our segment results.

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

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

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

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

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

Perpetual Affiliate Base Fees Perpetual affiliate base fees are earned on the total capitalization or net asset value of our perpetual affiliates, which includes our investment. Base fees for BEP include a quarterly fixed fee amount of $5 million, with additional fees of 1.25% on the increase in capitalization above their initial capitalization of $8 billion. Base fees for BIP and BBUC are 1.25% of total capitalization. Base fees for BPG are 1.05% of net asset value, excluding its interests in private funds and investments which were held directly by BAM prior to the BPY privatization. Perpetual affiliate adjusted market values as of September 30, 2026, was as follows: BEP/BEPC - $26 billion; BIP/BIPC - $34 billion; BBUC - $8 billion; and BPG - $20 billion.

Endnotes

Page 4

1. Non-controlling interest represents the approximately 26% of Oaktree not held by Brookfield for the period beginning on July 1, 2026 and ended July 31, 2026, upon closing of the acquisition of Oaktree.

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

   Page 6

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

4. Other primarily reflects changes in net non-recourse leverage included in the determination of the permanent capital vehicle capitalizations as well as reclassifications, strategic activity, foreign exchange translation, and changes in fee bearing status.

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

   Pages 7, 8 and 9

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

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

   Page 11

8. The Corporate Credit Profile metrics and statistics include only Brookfield's corporate level debt and exclude Oaktree's $900 million of debt principal outstanding, with a carrying value of $846 million as disclosed in the financial statements

9. Corporate debt numbers exclude Oaktree's six senior private placement note tranches assumed on close of the Oaktree acquisition, maturing 2029 through 2037 ($100M,

   $200M, $100M, $250M, $50M, $200M at 4.21%, 3.64%, 3.69%, 3.78%, 3.84%, and 3.06%, respectively). Following quarter-end, Oaktree repaid $321.5M of senior unsecured notes in connection with the change of control. The remaining $128.5 million of the December 2032 notes were refinanced at 6.230%, with no change in contractual maturity

   Page 18

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

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

    Page 20

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

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

    Page 21

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

    Page 22

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

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

17. Perpetual Opportunistic Credit includes our value opportunistic fund series.

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

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