Supplemental Information (2026 Q2 Supplemental BAM)

2026

Brookfield

Asset Management

Q 2 SU PP L EMENTA L I N FO R MAT ION

Brookfield THRE E MONTHS EN D ED J UN E 30, 202 6

Brookfield Asset Management Overview

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

Fee-Bearing Capital $672B

Our Businesses by Fee-Bearing Capital

Assets Under Management

Operating Employees

Countries

Investment Professionals

$1.3T

~250K

50+

1,400+

Infrastructure

$114B

$74B

$54B

$104B

$326B

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

Second Quarter 2026 Highlights

Robust Earnings and Record Capital Activity

Well Positioned in the Current Market

Resilient Portfolio Growth Tailwinds Strategic Partnerships

Real assets outperform in uncertainty

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

Strengthening partnerships with companies defining the next decade

Financial Performance Over the Quarter and Last Twelve Months

Q2 FRE of $808 million ($0.50 / share), up 20% from the prior year quarter

• FRE of $3.2 billion ($1.97 / share) over the last twelve months, up 19% from the prior year period

• Growth driven by record fundraising, including inflows into flagship strategies and the Just Group investment mandate, continued capital deployment across our complementary strategies, and higher capitalization of our affiliates

  Q2 DE of $707 million ($0.44 / share), up 15% from the prior year quarter

• DE of $2.8 billion ($1.75 / share) over the last twelve months, up 12% from the prior year period

• Growth driven by higher FRE, partially offset by higher interest expense compared to the prior year

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

  FOR THE PERIODS ENDED JUN. 30 (MILLIONS, EXCEPT PER SHARE AMOUNTS)		Last Three Months			Last Twelve Months
  	Q2-26	Q2-25	Variance	Q2-26	Q2-25	Variance
  Fee Revenues	$ 1,494	$ 1,285	16%	$ 5,822	$ 5,030	16%
  Direct Costs	(664)	(590)	13%	(2,533)	(2,241)	13%
  Total Fee-Related Earnings	830	695	19%	3,289	2,789	18%
  Amounts not attributable to BAM1	(22)	(19)	16%	(88)	(94)	(6)%
  Fee-Related Earnings (FRE)	$ 808	$ 676	20%	$ 3,201	$ 2,695	19%
  FRE Margin at Our Share2	57%	56%	1%	58%	57%	1%
  Distributable Earnings (DE)	$ 707	$ 613	15%	$ 2,837	$ 2,535	12%
  Per share
  Fee-Related Earnings	$ 0.50	$ 0.42	$ 0.08	$ 1.97	$ 1.65	$ 0.32
  Distributable Earnings	0.44	0.38	0.06	1.75	1.56	0.19
  Total diluted weighted average shares during the period	1,612.5	1,628.2	(15.7)	1,622.3	1,629.8	(7.5)

  See glossary and endnotes. For a full calculation of FRE, DE, and Margin, see pages 26 and 27

  FRE Growth from Our Stable Revenue Base

  $1.5B

  Q2 Fee Revenues

  increased 16% compared to the prior year quarter

  $808M

  Q2 Fee-Related Earnings increased 20% compared to the prior year quarter

  $707M

  Q2 Distributable Earnings increased 15% compared to the prior year quarter

  Fee Revenues

  (MILLIONS)

  56% 58% 61% 57% 57%

  $1,494

  FRE Margin $1,512

  357

  315

  357

  330

  335

  197

224

145

125

259

262

$1,390 $1,426

$1,285

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

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

(MILLIONS)

• Credit

• Real Estate

• Private Equity

• Energy

• Infrastructure

• FRE

• DE

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

Our Fee-Bearing Capital Continues to Scale

Fee-Bearing Capital

Fee-Bearing Capital has grown 19% over the last twelve months, driven by:

• Inflows: $105 billion of fundraising during the period that became fee-bearing capital, as well as

  $31 billion associated with deployment of prior uncalled commitments not previously included

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

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

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

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

  Fee-Bearing Capital Composition

  88%

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

  $563B

  19%

  Growth

  114

  100

  64

$136

$(25) $(27) $25

- $672B

12%

$672B

FBC

44%

30%

14%

• • Long-Term Private Funds

  • Permanent Capital Vehicles5

    Q2-25 Inflows Outflows Distributions Market

    Valuation3

    Other4

    Q2-26

  • Perpetual Strategies

  • Liquid Strategies

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

      See glossary and endnotes

      Totals and sub-totals may not tie due to rounding

      Our Strongest Fundraising Quarter Fuels Growth

      Raised a record $77 billion in the second quarter, primarily driven by the Just Group mandate ($40 billion) and strong Private Equity and Infrastructure flagship momentum ($16 billion)

• $12.7 billion across our infrastructure and energy businesses, including $9.3 billion raised for our infrastructure flagship strategy, $900 million for our supercore infrastructure strategy, and $900 million for our infrastructure private wealth strategy. In addition, we held a a first close for our AI infrastructure strategy, bringing total commitments to date to $5 billion

• $8.6 billion in our private equity business, primarily comprised of $6.7 billion for our private equity flagship strategy and capital raised for the Middle East private equity and financial infrastructure strategies

• $51.4 billion in our credit group, including $44.8 billion from Brookfield Wealth Solutions, inclusive of the $40 billion Just Group mandate and continued insurance inflows. We also raised $6 billion across Oaktree and other partner managers and $600 million for our infrastructure debt strategy

  Q2-26		LTM
  Infrastructure6	$ 10.2	$ 24.1
  Flagship Funds	7.9	7.9
  Other Long-Term Private Funds	-	5.0
  Permanent Capital and Perpetual Funds	1.5	6.1
  Co-investments	0.8	5.2
  Energy6	$ 2.5	$ 11.6
  Flagship Funds	1.4	5.6
  Other Long-Term Private Funds	0.1	1.3
  Permanent Capital and Perpetual Funds	0.7	2.5
  Co-investments / Co-underwrites	0.3	2.2
  Private Equity	$ 8.6	$ 13.7
  Flagship Funds	6.7	6.7
  Other Long-Term Private Funds	0.8	5.4
  Permanent Capital and Perpetual Funds	0.1	0.3
  Co-investments	1.1	1.2
  Real Estate	$ 4.3	$ 9.9
  Flagship Funds	0.7	1.0
  Other Long-Term Private Funds	0.1	0.6
  Permanent Capital and Perpetual Funds	0.5	4.1
  Co-investments	3.0	4.2
  Credit	$ 51.4	$ 103.5
  Partner Managers	6.0	36.1
  Insurance & SMAs	44.8	62.7
  Long-Term Private Funds and Co-investments7	0.6	4.7
  Total Fundraising	$ 77.0	$ 162.8

  Total Capital Raised

  (BILLIONS)

  $77

  $35

  $30

  $22

  $21

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

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

    Robust Quarter of Capital Deployment

    Deployed $21 billion in the second quarter, including:

• $3.3 billion across our infrastructure business, including $1.7 billion for the acquisition of a leading U.S. fiber to the home business and a $1.0 billion investment for incremental funding on construction of a U.S. semiconductor fabrication facility

• $5.2 billion across our real estate business, including the acquisition of the largest privately held U.S. manufactured home portfolio and the take-private of a publicly-traded outdoor industrial storage portfolio

• $10.0 billion across our credit platform, including $1.9 billion for opportunistic credit strategies and $2.3 billion across partner managers

  Q2-26			LTM
  Infrastructure6	$	3.3	$	17.4
  Long-Term Private Funds		1.1		6.2
  Permanent Capital and Perpetual Funds		1.4		7.6
  Co-investments		0.8		3.6
  Energy6	$	1.0	$	3.6
  Long-Term Private Funds		0.3		1.3
  Permanent Capital and Perpetual Funds		0.7		2.1
  Co-investments		-		0.2
  Private Equity	$	1.4	$	2.9

  Long-Term Private Funds 1.0 2.0

  Permanent Capital and Perpetual Funds 0.4 0.8

  Real Estate	$	5.2	$	12.0
  Long-Term Private Funds		4.5		8.6
  Permanent Capital and Perpetual Funds		0.7		3.4
  Credit	$	10.0	$	40.5
  Long-Term Private Funds7		5.1		19.6
  Permanent Capital and Perpetual Funds Other Co-investments		4.8 - 0.1		20.4 - 0.5
  Total Capital Deployed	$	20.9	$	76.4

  Co-investments - 0.1

  Total Capital Deployed

  (BILLIONS)

  $23

  $20

  $21

  $14

  $13

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

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

    Monetizations Across the Business in the Second Quarter

    Monetized $11 billion in the second quarter, including:

• $1.2 billion across our energy business, including proceeds from the the sale of a portfolio of stabilized renewable power assets

• $1.5 billion within our real estate business, including proceeds from the sale of a Korean office complex

• $1.5 billion within our private equity business, including proceeds from the sale of a specialized engineering firm

• $6.2 billion across our credit platform, including $1.6 billion across our opportunistic credit strategies

  Infrastructure6	$	0.4	$	8.5
  Long-Term Private Funds		0.4		6.8
  Permanent Capital and Perpetual Funds		-		0.3
  Co-investments		-		1.4
  Energy6	$	1.2	$	6.5
  Long-Term Private Funds Permanent Capital and Perpetual Funds Co-investments		1.2 - -		5.8 - 0.7
  Private Equity	$	1.5	$	3.4
  Long-Term Private Funds Permanent Capital and Perpetual Funds Co-investments		1.4 - 0.1		3.3 - 0.1
  Real Estate	$	1.5	$	8.9
  Long-Term Private Funds		1.2		8.3
  Permanent Capital and Perpetual Funds		0.2		0.4
  Co-investments		0.1		0.2
  Credit	$	6.2	$	19.3
  Long-Term Private Funds7		6.2		18.6
  Permanent Capital and Perpetual Funds Co-investments		- -		0.7 -
  Total Equity Monetizations	$	10.8	$	46.5

  Q2-26 LTM

  Total Equity Monetizations

  (BILLIONS)

  $15

  $12

  $13

  $11

  $8

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

  • 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

$24B

$42B

$149B

Uncalled Commitments

$29B

$27B

$27B

Uncalled fund commitments not currently earning fees

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

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

Strong Liquidity & Asset Light Balance Sheet

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

Corporate Liquidity

As of June 30, 2026

Corporate Credit Profile

Q2 Activity

Cash & Cash

Equivalents

$3.1B

Financial

Assets

Undrawn Revolving

Credit Facility

A / A-

Corporate Ratings from Fitch / S&P

$3.5B

Total Corporate Debt Outstanding

12.1 Years

Weighted Average Tenor

5.388%

Weighted Average Coupon

$550M

New 4.832% Senior Notes Due 2031

$450M

Re-Opened 5.298% Senior Notes Due 2036

Investment Assets

Corporate Debt Maturity Profile

(MILLIONS)

GP / Fund

Investments

$2.1B

Net Accrued

Carried Interest

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

See glossary and endnotes

Expanding Leadership Through Strategic Partnerships

We advanced a number of additional strategic initiatives that strengthen our competitive position, expand our distribution capabilities and reinforce our leadership across AI infrastructure, power, and private markets

Strategic Capital Investment

Invited to participate in Anthropic's latest fundraising round, reflecting the strategic value of our AI infrastructure platform

Business Lines

Infrastructure - Overview

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

Assets Under Management

Fee-Bearing Capital

Investment Professionals

Overview

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

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

  Asset Types

  
  
  

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

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

  Transport

  
  
  

  Midstream

  Utilities

  
  
  

  Artificial Intelligence

  Data Centers

  Products

  Long-Term Private Funds Permanent Capital Vehicles

  Infrastructure Core Plus ("BIF")

  Infrastructure Structured Solutions

  Closed-end flagship funds series focused on global infrastructure opportunities

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

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

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

  form of both structured and common minority equity investments

  Private Perpetual Strategies

  Artificial Intelligence Infrastructure

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

  Perpetual Supercore

  Infrastructure

  Infrastructure Income Fund

  Private fund investing in core infrastructure in developed

  markets

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

  Infrastructure - Q2 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED JUN. 30 (BILLIONS) BIF Series (Flagship Fund)
  	Q2-26	Q2-25	Variance
  	$ 35	$ 34	$ 1
  Other Long-Term Funds and Co-investments9	16	11	5
  Long-Term Private Funds	51	45	6
  BIP	36	34	2
  Other Perpetual Funds and Co-investments	27	21	6
  Permanent Capital and Perpetual Strategies	63	55	8
  Total Infrastructure	$ 114	$ 100	$ 14

  Fee Revenues

  FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Base management fees Flagship Funds	Q2-26 $ 92	Last Three Months Q2-25 $ 91	Variance $ 1	Last Twelve Months
  				Q2-26 $ 366	Q2-25 $ 367	Variance $ (1)
  Other Long-Term Funds and Co-investments9	2	-	2	5	-	5
  Long-Term Private Funds	94	91	3	371	367	4
  BIP	111	105	6	432	409	23
  Other Perpetual Funds and Co-investments	61	39	22	206	151	55
  Permanent Capital and Perpetual Strategies	172	144	28	638	560	78
  Total Base Management Fees	266	235	31	1,009	927	82
  Catch-up Fees and Other Items	-	-	-	-	1	(1)
  Incentive Distributions	87	80	7	334	308	26
  Transaction and Advisory Fees	4	-	4	36	1	35
  Total Fee Revenues	$ 357	$ 315	$ 42	$ 1,379	$ 1,237	$ 142

  See glossary and endnotes

  Energy - Overview

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

  $144B

  Assets Under Management

  $74B

  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

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

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

  
  
  

  Hydro Solar

  
  
  
  
  

  Wind

  
  
  

  energy transition with attractive risk-adjusted returns

  Distributed

  Generation

  Batteries Sustainable

  
  
  

  Solutions

  Products

  Long-Term Private Funds Permanent Capital Vehicles

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

  renewable energy and transition

  Catalytic Transition Fund Brookfield's primary vehicle for accelerating

  investment into decarbonization solutions in chronically underinvested emerging markets

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

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

  Energy - Q2 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED JUN. 30
  	Q2-26	Q2-25	Variance
  (BILLIONS)
  BGTF Series (Flagship Fund)	$ 25	$ 21	$ 4
  BIF Series Energy Allocation (Flagship Fund)	6	10	(4)
  Other Long-Term Funds and Co-investments	8	7	1
  Long-Term Private Funds	40	38	1
  BEP	31	24	7
  Other Perpetual Funds and Co-investments	4	2	2
  Permanent Capital and Perpetual Strategies	35	27	8
  Total Energy	$ 74	$ 65	$ 9

  Fee Revenues

  FOR THE PERIODS ENDED JUN. 30 (MILLIONS)

  Base Management Fees

  Last Three Months Last Twelve Months

  Q2-26 Q2-25 Variance Q2-26 Q2-25 Variance

  Flagship Funds	$ 76	$ 81	$ (5)	$ 326	$ 294	$ 32
  Other Long-Term Funds and Co-investments	12	5	7	56	7	49
  Long-Term Private Funds	88	86	2	382	301	81
  BEP	77	56	21	268	210	58
  Other Perpetual Funds and Co-investments	15	10	5	48	31	17
  Permanent Capital and Perpetual Strategies	92	66	26	316	241	75
  Total Base Management Fees	180	152	28	698	542	156
  Catch-up Fees and Other Items	2	6	(4)	40	16	24
  Incentive Distributions	41	36	5	157	137	20
  Transaction and Advisory Fees	1	3	(2)	5	14	(9)
  Total Fee Revenues	$ 224	$ 197	$ 27	$ 900	$ 709	$ 191

  Private Equity - Overview

  Brookfield is one of the most experienced private equity investors globally

  $166B

  Assets Under Management

  $54B

  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 - Q2 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED JUN. 30
  	Q2-26	Q2-25	Variance
  (BILLIONS)
  BCP Series (Flagship Fund)	$ 15	$ 12	$ 3
  Other Long-Term Funds10	21	16	5
  Co-investments	8	8	-
  Long-Term Private Funds	44	36	8
  BBUC	9	7	2
  Permanent Capital and Perpetual Strategies	9	7	2
  Total Private Equity	$ 54	$ 43	$ 11

  Fee Revenues

  FOR THE PERIODS ENDED JUN. 30 (MILLIONS)	Q2-26 $ 46	Last Three Months	Variance	Last Twelve Months
  		Q2-25		Q2-26	Q2-25	Variance
  Base management fees
  Flagship Funds		$ 39	$ 7	$ 162	$ 159	$ 3
  Other Long-Term Funds10	56	43	13	216	170	46
  Co-investments	2	2	-	10	9	1
  Long-Term Private Funds	104	84	20	388	338	50
  BBUC	28	22	6	110	91	19
  Permanent Capital and Perpetual Strategies	28	22	6	110	91	19
  Total Base Management Fees	132	106	26	498	429	69
  Catch-up Fees and Other Items	9	-	9	9	1	8
  Performance Fees11	1	-	1	98	-	98
  Transaction and Advisory Fees	3	7	(4)	3	22	(19)
  Total Fee Revenues	$ 145	$ 113	$ 32	$ 608	$ 452	$ 156

  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

  Real Estate Value-Add ("BREVA-H")

  Value add strategy focused on the housing sector

  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 - Q2 2026 Results

  Fee-Bearing Capital

  AS OF THE PERIODS ENDED JUN. 30 (BILLIONS)

  Q2-26

  Q2-25

  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

  $

  $

  43

  15

  16

  74

  19

  11

  30

  104

  $

  $

  44

  15

  14

  74

  18

  10

  28

  102

  $

  $

  (1)

  - 2

  1

  1

  1

  2

  2

  Fee Revenues

  FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Base Management Fees Flagship Funds	Q2-26 $ 123	Last Three Months Q2-25 $ 130	Variance $ (7)	Last Twelve Months
  				Q2-26 $ 494	Q2-25 $ 484	Variance $ 10
  Co-investments and Other Long-term Funds12	52	56	(4)	216	220	(4)
  Long-Term Private Funds	175	186	(11)	710	704	6
  BPG	51	48	3	202	208	(6)
  Other Perpetual Funds and Co-investments13	26	23	3	100	76	24
  Permanent Capital and Perpetual Strategies	77	71	6	302	284	18
  Total Base Management Fees	252	257	(5)	1,012	988	24
  Catch-up Fees and Other Items	7	4	3	11	88	(77)
  Transaction and Advisory Fees	-	-	-	9	-	9
  Total Fee Revenues	$ 259	$ 261	$ (2)	$ 1,032	$ 1,076	$ (44)

  Credit - Overview

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

  $416B

  Overview

Assets Under Management

Fee-Bearing Capital

Investment Professionals14

Credit Portfolio

5%

Fee-Bearing 44%

51% Capital

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

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

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

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 - Q2 2026 Results

Fee-Bearing Capital

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 JUN. 30 (MILLIONS)

Last Three Months

Q2-26 Q2-25 Variance

Private Funds*

6%

Private Funds

Equities

d

t

$150B

Public

Credit

Private

Credit

Cash & Cash

Equivalents

Non-Fun Private

Investmen 38%

*In addition to the 6% of BWS capital that is invested in private funds, there is $8.6 billion currently invested in liquid credit that has been committed to private funds, but not yet deployed. When deployed, 78% of this capital will begin generating incremental management fees

Supplemental Financial Information

Fee-Related Earnings and Distributable Earnings Detail

Fee-Related Earnings Margin Detail

Capital Metrics Additional Detail

Fee-Bearing Capital increased by $109 billion over the last twelve months

Fee-Bearing Capital Rollforward

Of our total Fee-Bearing Capital, $591 billion or 88% is long-term, permanent or perpetual in nature

Fee-Bearing Capital Breakout

FOR THE PERIODS ENDED JUN. 30

Capital Deployed or Committed

We deployed or committed $95 billion of capital over the last twelve months

Capital Deployed or Committed (Funding Source)

Capital Deployed (Geography)

Carry Eligible Capital Provides for Future Earnings Upside

BAM earns two-thirds of carried interest on certain existing funds and all future vintages of our long-term funds, with BN retaining the remaining one-third. BAM has accrued $1.9 billion of unrealized carried interest on these funds, which is net of BN's portion

BAM Carry Eligible Capital

86

+3x

As of June 30, 2026 (BILLIONS)

$56

$187

Select BAM Carry Eligible Funds

Opportunistic

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

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

Value Add, Credit, Core Plus and Other

Brookfield Infrastructure Fund V Brookfield Global Transition Fund I, II

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

Non-Traded REIT

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

Oaktree

Opportunities Fund XII

Oaktree Power Opportunities Fund VII

Day One at Spin-Off Q2-26

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

Future Funds

All perpetual funds

All vintages of long-term private funds

Target Carried Interest

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

AS OF JUNE 30, 2026 (MILLIONS)

Carry Eligible

Capital25

Gross Target Return26, 27

Average Carried

Interest

Annualized Target Carried Interest28

See glossary and endnotes

Fund Information

Brookfield Private Funds Investment Records

AS OF JUNE 30, 2026

(MILLIONS, EXCEPT AS NOTED)

Investment Value Performance

Vintage Year Fund Capital Realized34 Unrealized35 Total36

Gross IRR37 / Gross TWR37

Unlevered Net IRR38 / Net TWR39

Net IRR38 / Net TWR39

Brookfield Private Funds Investment Records cont'd

AS OF JUNE 30, 2026

(MILLIONS, EXCEPT AS NOTED)

Investment Value Performance

Real Estate

Vintage Year Fund Capital Realized34 Unrealized35 Total36

Gross IRR37 / Gross TWR37

Unlevered Net IRR38 / Net TWR39

Net IRR38 / Net TWR39

Reconciliations and Disclosures

Listed Affiliate Fee Revenue Structure and Incentive Distributions

Listed Affiliate Fee Revenue Structure

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

BIP / BIPC42 BEP / BEPC42 BBUC42, 43

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

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

Overview

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

Add or subtract the following:

Provision for taxes52

Depreciation and amortization53 Carried interest allocations54

Carried interest allocation compensation54 Other income and expenses55

Interest expense56

Interest and dividend revenue56 Other revenues57

Share of income from equity method investments58

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

Other adjustments60

Fee-related earnings

Add: Investment & Other Income (Net of Interest Expense)61 Add: Equity-Based Compensation Costs61

162

20

(553)

51

(41)

60

(36)

(117)

(199)

170

101

18

808

(27)

23

75

11

63

16

55

37

(42)

(197)

(181)

103

137

15

676

14

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

Glossary of Terms

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

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

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

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

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

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

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

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

Glossary of Termscont'd

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

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

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

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

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

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

Perpetual Affiliate Base Fees Perpetual affiliate base fees are earned on the total capitalization or net asset value of our perpetual affiliates, which includes our investment. Base fees for BEP include a quarterly fixed fee amount of $5 million, with additional fees of 1.25% on the increase in capitalization above their initial capitalization of $8 billion. Base fees for BIP and BBUC are 1.25% of total capitalization. Base fees for BPG are 1.05% of net asset value, excluding its interests in private funds and investments which were held directly by BAM prior to the BPY privatization. Perpetual affiliate adjusted market values as of June 30, 2026, was as follows: BEP/BEPC - $31 billion; BIP/BIPC - $36 billion; BBUC - $9 billion; and BPG - $19 billion.