Brookfield Asset Management : Supplemental Information (2026 Q2 Supplemental BAM)

About this update from Brookfield Asset Management Inc

2026 Brookfield Asset Management Q 2 SU PP L E M E NTA L I N FO R MAT I O N Brookfield TH RE E MONTHS E N D ED J U N E 3 0, 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 Energy Private Equity Real Estate Credit $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 $808M $3.2B 20% / 19% Q2-26 Q2-26 LTM Q2-26 / LTM Fee-Related Earnings (FRE) FRE FRE YoY Growth $77B $98B $163B Q2-26 Capital Raised Year-to-Date Fundraising LTM Fundraising 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 BAM 1 (22) (19) 16% (88) (94) (6)% Fee-Related Earnings (FRE) $ 808 $ 676 20% $ 3,201 $ 2,695 19% FRE Margin at Our Share 2 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 $1,512 357 315 357 330 335 197 224 217 225 234 113 145 125 110 227 261 259 262 256 255 399 455 465 509 475 $1,390 $1,426 $1,285 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Fee-Related Earnings (FRE) and Distributable Earnings (DE) $767 $867 (MILLIONS) Credit Real Estate Private Equity Energy Infrastructure FRE DE $613 $676 $661 $754 $707 $808 $702 $772 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 74 43 54 102 104 254 326 $136 $(25) $(27) $25 - $672B 12% $672B FBC 44% 30% 14% Long-Term Private Funds Permanent Capital Vehicles 5 Q2-25 Inflows Outflows Distributions Market Valuation 3 Other 4 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 Infrastructure 6 $ 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 Energy 6 $ 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-investments 7 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 Infrastructure 6 $ 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 Energy 6 $ 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 Funds 7 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 Infrastructure 6 $ 0.4 $ 8.5 Long-Term Private Funds 0.4 6.8 Permanent Capital and Perpetual Funds - 0.3 Co-investments - 1.4 Energy 6 $ 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 Funds 7 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 $68B Uncalled fund commitments not currently earning fees $680M 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 $750 $450 $400 (MILLIONS) $600 $550 $750 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+ Q2-2026 Financing Activity 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 Joint Venture Combining OpenAI's technology with our operating expertise to accelerate AI adoption in essential industrial and services businesses worldwide $25B Commitment A 5x increase in the nine months since our partnership began - financing on-site fuel-cell power deployment for AI data centers Strategic Capital Investment Invited to participate in Anthropic's latest fundraising round, reflecting the strategic value of our AI infrastructure platform $17.5B in Loans Department of Energy financing for up to 10 new Westinghouse AP1000 reactors - accelerating deployment of our nuclear platform €20B €30B Expanded our AI infrastructure framework agreement in France by €10B to €30B The 401(k) Opportunity Providing access to alternative real asset investments within Alliance-Bernstein's target-date funds, a transformative market opportunity over the next decade Business Lines Infrastructure - Overview Brookfield is one of the world's largest infrastructure investors, owners and operators $262B Assets Under Management $114B Fee-Bearing Capital 129 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-investments 9 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-investments 9 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 Funds 10 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 Funds 10 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 Fees 11 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 Funds 12 Co-investments Long-Term Private Funds BPG Other Perpetual Funds and Co-investments 13 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 Funds 12 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-investments 13 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 $326B Fee-Bearing Capital 726 Investment Professionals 14 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 Products Long-Term Private Funds Opportunistic Credit ("Opps") Closed-end flagship fund series focused on opportunistic credit Global Private Debt Spans the private credit universe, lending on a senior or junior basis to a wide variety of independent or private equity owned companies Infrastructure Debt Debt fund series focused on mezzanine debt investments Real Estate Debt Focused on originating, investing in and actively managing a portfolio of mezzanine loans and junior participations in first mortgage loans Permanent Capital Vehicles and Private Perpetual Strategies Private and Opportunistic Credit Liquid Credit 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 AS OF THE PERIODS ENDED JUN. 30 (BILLIONS) Q2-26 Q2-25 Variance Opps Series (Flagship Fund) 15 $ 24 $ 23 $ 1 Private Credit 16 48 39 9 Structured Credit and Other 17 14 3 Long-Term Private Funds 89 76 13 Opportunistic Credit 17 3 2 1 Private Credit 18 68 47 21 Perpetual Liquid Credit 19 84 57 27 Permanent Capital and Perpetual Strategies 155 106 49 Liquid Credit 81 71 10 Liquid Strategies 81 71 10 Total Credit $ 326 $ 253 $ 73 Fee Revenues FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Base Management Fees Long-Term Private Funds Q2-26 $ 288 Last Three Months Q2-25 $ 226 Variance $ 62 Last Twelve Months Q2-26 $ 1,113 Q2-25 $ 859 Variance $ 254 Permanent Capital and Perpetual Strategies 150 111 39 519 444 75 Liquid Strategies 71 62 9 272 252 20 Total Base Management Fees 509 399 110 1,904 1,555 349 Transaction and Advisory Fees - - - - 1 (1) Total Fee Revenues $ 509 $ 399 $ 110 $ 1,904 $ 1,556 $ 348 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 Base Management Fees Fees from IMAs $ 92 $ 57 61 % Fees from Investments 23 14 64 % Total Fee Revenues $ 114 $ 71 61 % Liquid Credit 56% FOR THE PERIODS ENDED JUN. 30 Last Twelve Months (MILLIONS) Q2-26 Q2-25 Variance Base Management Fees Fees from IMAs $ 280 $ 217 29 % Fees from Investments 80 54 48 % Total Fee Revenues $ 360 $ 271 33 % 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 FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Last Three Months Last Twelve Months Q2-26 Q2-25 Variance Q2-26 Q2-25 Variance Base Management Fees Infrastructure $ 266 $ 235 $ 31 $ 1,009 $ 928 $ 81 Energy 182 158 24 738 558 180 Private Equity 141 106 35 506 430 76 Real Estate 259 261 (2) 1,023 1,076 (53) Credit 509 399 110 1,904 1,555 349 Incentive Distributions and Performance Fees 129 116 13 589 445 144 Transaction and Advisory Fees 8 10 (2) 53 38 15 Total Fee Revenues 1,494 1,285 209 5,822 5,030 792 Direct Costs Compensation and Benefits (463) (431) (32) (1,797) (1,643) (154) Other Expenses (201) (159) (42) (736) (598) (138) Total Direct Costs (664) (590) (74) (2,533) (2,241) (292) Total Fee-Related Earnings 830 695 135 3,289 2,789 500 Amounts not attributable to BAM 1 22 19 3 88 94 (6) Fee-Related Earnings (FRE) $ 808 $ 676 $ 132 $ 3,201 $ 2,695 $ 506 Add: Investment & Other Income (Net of Interest Expense) 20 (27) 14 (41) (30) 150 (180) Add: Equity-Based Compensation Costs 23 11 12 56 41 15 Less: Cash Taxes (97) (88) (9) (390) (351) (39) Distributable Earnings (DE) $ 707 $ 613 $ 94 $ 2,837 $ 2,535 $ 302 FRE as % of Pre-tax DE 100% 96% 99% 93% Fee-Related Earnings Margin Detail FOR THE PERIODS ENDED JUN. 30 Last Three Months Last Twelve Months Notes (MILLIONS) Q2-26 Q2-25 Variance Q2-26 Q2-25 Variance Consolidated Margin Total Fee Revenues $ 1,494 $ 1,285 $ 209 $ 5,822 $ 5,030 $ 792 A Total Direct Costs (664) (590) (74) (2,533) (2,241) (292) B Total Fee-Related Earnings 830 695 135 3,289 2,789 500 C = A - B Consolidated Margin 56% 54% 2% 56% 55% 1% = C / A Margins at Our Share Total Fee Revenues 1,494 1,285 209 5,822 5,030 792 A Less: Fee Revenues Not Attributable to BAM 1 85 80 5 337 334 3 D Total Fee Revenues at Our Share 1,409 1,205 204 5,485 4,696 789 E = A - D Total Direct Costs (664) (590) (74) (2,533) (2,241) (292) B Less: Direct Costs Not Attributable to BAM 1 (63) (61) (2) (249) (240) (9) F Total Direct Costs at Our Share (601) (529) (72) (2,284) (2,001) (283) G = B - F Total Fee-Related Earnings at Our Share $ 808 $ 676 $ 132 $ 3,201 $ 2,695 $ 506 H = E + G Margin at Our Share 57% 56% 1% 58% 57% 1% = H / E Capital Metrics Additional Detail Fee-Bearing Capital increased by $109 billion over the last twelve months Fee-Bearing Capital Rollforward FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Last Three Months Last Twelve Months Infrastructure Energy Private Equity Real Estate Credit Total Infrastructure Energy Private Equity Real Estate Credit Total Opening $ 109,187 $ 72,160 $ 48,029 $ 102,846 $ 281,565 $ 613,787 $ 99,637 $ 64,385 $ 43,153 $ 101,775 $ 253,785 $ 562,735 Inflows 4,506 888 5,374 4,632 52,715 68,115 12,820 8,910 10,141 10,018 93,627 135,516 Outflows - - - - (6,867) (6,867) - - - (10) (24,670) (24,680) Distributions (968) (661) (499) (1,375) (2,845) (6,348) (4,707) (3,407) (1,395) (6,156) (10,865) (26,530) Market Valuation 1,688 1,685 8 18 1,801 5,200 4,973 7,275 1,735 (173) 10,868 24,678 Other (172) 237 630 (1,931) (492) (1,728) 1,518 (2,854) (92) (1,264) 3,132 440 Change 5,054 2,149 5,513 1,344 44,312 58,372 14,604 9,924 10,389 2,415 72,092 109,424 End of period $ 114,241 $ 74,309 $ 53,542 $ 104,190 $ 325,877 $ 672,159 $ 114,241 $ 74,309 $ 53,542 $ 104,190 $ 325,877 $ 672,159 Of our total Fee-Bearing Capital, $591 billion or 88% is long-term, permanent or perpetual in nature Fee-Bearing Capital Breakout (MILLIONS) Infrastructure Energy Private Equity Real Estate Credit Total Fee-Bearing Capital Long-Term Private Funds $ 51,158 $ 39,531 $ 44,153 $ 73,945 $ 88,896 $ 297,683 Permanent Capital Vehicles 5 35,670 30,921 9,117 19,466 - 95,174 Perpetual Strategies 27,413 3,857 272 10,779 155,989 198,310 Long-Term or Permanent Capital 114,241 74,309 53,542 104,190 244,885 591,167 Liquid Strategies - - - - 80,992 80,992 Total $ 114,241 $ 74,309 $ 53,542 $ 104,190 $ 325,877 $ 672,159 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) FOR THE LTM ENDED JUNE 30, 2026 (MILLIONS) Infrastructure Energy Private Equity Real Estate Credit Total Capital Deployed Permanent capital and perpetual strategies 21 $ 7,582 $ 2,121 $ 674 $ 3,412 $ 20,366 $ 34,155 Long-term private funds 22 6,180 1,290 2,034 8,573 19,608 37,685 Co-investments 22 3,585 157 143 4 454 4,343 Direct 23 - - - - 48 48 Total deployed 17,347 3,568 2,851 11,989 40,476 76,231 Capital Committed 24 New commitments entered 6,773 6,448 1,373 7,073 21,215 42,882 Commitments that were invested in the current period (9,756) (671) (76) (3,914) (10,071) (24,488) Total committed (2,983) 5,777 1,297 3,159 11,144 18,394 Total deployed or committed $ 14,364 $ 9,345 $ 4,148 $ 15,148 $ 51,620 $ 94,625 Capital Deployed (Geography) FOR THE LTM ENDED JUNE 30, 2026 (MILLIONS) Infrastructure Energy Private Equity Real Estate Credit Total North America $ 15,085 $ 2,317 $ 1,788 $ 7,700 $ 32,856 $ 59,746 South America 35 141 292 179 54 701 Europe 1,120 479 657 1,337 6,859 10,452 Asia, Middle East and other 1,107 631 114 2,772 708 5,332 Total deployed $ 17,347 $ 3,568 2,851 $ 11,989 40,476 76,231 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 50 86 51 +3x As of June 30, 2026 (BILLIONS) $56 17 31 8 $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 Capital 25 Gross Target Return 26, 27 Average Carried Interest Annualized Target Carried Interest 28 Opportunistic $ 29,875 50,413 27,227 107,515 55,943 23,336 $ 186,794 20% - 25% 10% - 20% 10% - 20% ~20% ~15% ~15% $ 1,103 Value add, Credit, Core plus and other Oaktree Uncalled fund commitments 29, 30 Brookfield managed funds Oaktree Total carry eligible capital/target carried interest 31 Target carried interest not attributable to BAM 32 Total target carried interest, net to BAM Direct costs 33 Total target carried interest, net to BAM shareholders 912 581 2,596 1,324 425 $ 4,345 (1,491) $ 2,854 (1,516) $ 1,338 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 Realized 34 Unrealized 35 Total 36 Gross IRR 37 / Gross TWR 37 Unlevered Net IRR 38 / Net TWR 39 Net IRR 38 / Net TWR 39 Infrastructure Core Plus Brookfield Infrastructure Fund I 2009 $ 2,655 $ 6,711 $ 93 $ 6,804 14 % 12 % 12 % Brookfield Infrastructure Fund II 2013 7,000 13,572 4,009 17,581 14 % 11 % 11 % Brookfield Infrastructure Fund III 2016 14,000 15,440 14,826 30,266 15 % 12 % 12 % Brookfield Infrastructure Fund IV 2019 20,000 11,131 25,214 36,345 16 % 12 % 12 % Brookfield Infrastructure Fund V 2022 27,520 4,223 18,842 23,065 19 % 12 % 12 % Total Brookfield Infrastructure Fund 71,175 51,077 62,984 114,061 15 % 12 % 12 % Brookfield Super-Core Infrastructure Partners 2018 15,916 2,492 14,912 17,404 10 % 9 % 8 % Brookfield Infrastructure Structured Solutions 2024 1,041 13 479 492 16 % 10 % 13 % Brookfield Artificial Intelligence Infrastructure Fund 2025 3,750 - 491 491 nm 40 nm 40 nm 40 Fully realized infrastructure funds & other 41 2005-2021 3,238 10,308 - 10,308 Total Infrastructure 41 95,120 63,890 78,866 142,756 Energy Core Plus Brookfield Global Transition Fund I 2021 12,964 1,153 14,353 15,506 24 % 17 % 18 % Brookfield Global Transition Fund II 2023 17,937 318 4,729 5,047 nm 40 nm 40 nm 40 Catalytic Transition Fund 2025 2,811 - 169 169 nm 40 nm 40 nm 40 Brookfield Infrastructure Fund IV Energy Sidecar 2019 748 358 639 997 14 % 9 % 9 % Total Energy 34,460 1,829 19,890 21,719 Private Equity Opportunistic Brookfield Capital Partners Fund I 41 2001 C$ 416 C$ 1,011 C$ - C$ 1,011 31 % 25 % 25 % Brookfield Capital Partners Fund II 41 2006 C$ 1,000 C$ 2,878 C$ - C$ 2,878 21 % 15 % 15 % Brookfield Capital Partners Fund III 2011 1,000 1,644 75 1,719 10 % 7 % 7 % Brookfield Capital Partners Fund IV 2015 4,000 11,224 1,511 12,735 45 % 35 % 42 % Brookfield Capital Partners Fund V 2018 8,500 4,076 13,723 17,799 18 % 13 % 14 % Brookfield Capital Partners Fund VI 2022 9,892 721 9,104 9,825 18 % 12 % 13 % Brookfield Capital Partners Fund VII 2026 6,653 - - - nm 40 nm 40 nm 40 Total Brookfield Capital Partners Fund 41 31,066 20,468 24,413 44,881 25 % 18 % 19 % Fully realized private equity funds & Other 41 2009-2025 15,190 15,455 12,821 28,276 Total Private Equity 41 46,256 35,923 37,234 73,157 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 Realized 34 Unrealized 35 Total 36 Gross IRR 37 / Gross TWR 37 Unlevered Net IRR 38 / Net TWR 39 Net IRR 38 / Net TWR 39 Opportunistic Brookfield Real Estate Opportunity Fund I 2006 $ 242 $ 571 $ - $ 571 11 % 9 % 9 % Brookfield Real Estate Opportunity Fund II 2007 262 607 - 607 20 % 16 % 16 % Brookfield Real Estate Turnaround Fund 2009 5,565 8,575 - 8,575 39 % 35 % 35 % Brookfield Strategic Real Estate Partners I 2012 4,350 11,323 0 11,323 21 % 17 % 17 % Brookfield Strategic Real Estate Partners II 2015 9,000 13,597 3,025 16,622 12 % 9 % 10 % Brookfield Strategic Real Estate Partners III 2018 15,000 9,353 13,620 22,973 10 % 8 % 8 % Brookfield Strategic Real Estate Partners IV 2021 15,328 1,752 13,207 14,959 7 % 4 % 4 % Brookfield Strategic Real Estate Partners V 2023 13,030 642 4,989 5,632 nm 40 nm 40 nm 40 Brookfield Strategic Real Estate Partners Europe 41 2024 € 675 € 24 € 270 € 294 nm 40 nm 40 nm 40 Brookfield Strategic Real Estate Partners Asia Pacific 2025 1,300 5 405 410 nm 40 nm 40 nm 40 Total Brookfield Strategic Real Estate Partners 41 64,846 46,453 35,554 82,007 18 % 13 % 14 % Core Plus Brookfield Premier Real Estate Partners - US / Australia 41 2016-2018 4,970 3,571 4,736 8,307 7 % 5 % 5 % Fully realized real estate funds & Other 41 2006-2026 11,579 8,314 4,444 12,758 Total Real Estate 41 81,395 58,338 44,734 103,072 Core Credit Debt Brookfield Infrastructure Debt Fund I 2016 884 1,067 226 1,292 10 % 8 % 8 % Brookfield Infrastructure Debt Fund II 2020 2,701 2,008 1,710 3,717 9 % 7 % 7 % Brookfield Infrastructure Debt Fund III 2022 5,618 1,585 4,744 6,330 10 % 8 % 8 % Brookfield Infrastructure Debt Fund IV 2024 4,611 94 808 902 nm 40 nm 40 nm 40 Brookfield Real Estate Finance Fund IV 2014 1,375 1,443 25 1,468 10 % 7 % 8 % Brookfield Real Estate Finance Fund V 2016 2,949 2,675 281 2,956 6 % 3 % 4 % Brookfield Real Estate Finance Fund VI 2021 4,017 2,610 974 3,584 10 % 7 % 7 % Brookfield Real Estate Finance Fund VII 2025 900 7 80 87 nm 40 nm 40 nm 40 Fully realized core credit funds & Other 41 2004-2021 3,418 4,846 441 5,287 Total Core Credit 41 26,473 16,335 9,289 25,623 Oaktree Credit Oaktree Opportunities Fund IX 2014 5,066 7,585 2,065 9,650 10 % 8 % 8 % Oaktree Opportunities Fund X 2016 3,603 4,125 1,714 5,839 13 % 7 % 8 % Oaktree Opportunities Fund Xb 2020 8,872 5,735 9,108 14,843 17 % 10 % 12 % Oaktree Opportunities Fund XI 2021 15,876 9,536 10,747 20,283 14 % 9 % 9 % Oaktree Opportunities Fund XII 2023 12,918 52 9,124 9,176 27 % 11 % 16 % Fully realized (or legacy) opportunistic credit funds & other 1988-2011 35,517 55,690 - 55,690 Total Credit 81,852 82,723 32,758 115,481 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 / BIPC 42 BEP / BEPC 42 BBUC 42, 43 Units Outstanding - Publicly Traded Partnerships 651 495 Volume Weighted Average Price 44 $ 36.58 $ 35.16 Market Capitalization for Publicly Traded Partnerships 23,821 17,389 Units Outstanding - Canadian Corporations 141 186 205 Volume Weighted Average Price 44 $ 38.92 $ 37.51 $ 33.06 Market Capitalization for Canadian Corporations 5,469 6,963 6,792 Combined Market Capitalization $ 29,290 $ 24,351 $ 6,792 Add: Net Debt 45 5,788 4,975 1,600 Add: Preferred Shares 593 1,594 725 Adjusted Market Value 35,671 30,920 9,117 Less: Initial Reference Value 46 - 8,093 - Adjusted Market Value Base for Management Fee 35,671 22,827 9,117 Quarterly Base Management Fee Rate 47 0.31 % 0.31 % 0.31 % Gross Base Management Fee 48 111 71 28 Add: Fixed Management Fee 48 - 6 - Total Base Management Fee $ 111 $ 77 $ 28 Incentive Distributions and Performance Fees AS OF JUNE 30, 2026 (MILLIONS, EXCEPT PER UNIT) Annualized Distributions Distribution Hurdles Incentive Distributions Units Outstanding Annualized Incentive Distributions Brookfield Infrastructure (BIP) 49 $ 1.82 $ 0.49 / $ 0.53 15% / 25% 792 $ 348 Brookfield Renewable (BEP) 50 1.57 0.80 / 0.90 15% / 25% 680 164 Total Incentive Distributions $ 512 Three Month VWAP (USD) Incentive Dividend Threshold Excess over Threshold / 20% of Excess over Threshold Shares Outstanding Quarterly Incentive Dividend Brookfield Private Equity (BBUC) 51 $ 33.06 33.81 $ - $ - 205 $ - Total Performance Fees $ - See glossary and endnotes. Totals and sub-totals may not tie due to rounding. Reconciliation of U.S. GAAP to Non-GAAP Measures Overview We disclose certain non-GAAP financial measures in these supplemental schedules. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are presented below. Management assesses the performance of its business based on these non-GAAP financial measures. These non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, net income or other financial measures presented in accordance with U.S. GAAP UNAUDITED FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended 2026 2025 Net income $ 1,172 $ 584 Add or subtract the following: Less: Cash taxes 62 (97) (88) Distributable earnings $ 707 $ 613 Provision for taxes 52 Depreciation and amortization 53 Carried interest allocations 54 Carried interest allocation compensation 54 Other income and expenses 55 Interest expense 56 Interest and dividend revenue 56 Other revenues 57 Share of income from equity method investments 58 Fee-related earnings of equity investment methods at our share 58 Compensation costs recovered from affiliates 59 Other adjustments 60 Fee-related earnings Add: Investment & Other Income (Net of Interest Expense) 61 Add: Equity-Based Compensation Costs 61 162 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 UNAUDITED FOR THE PERIODS ENDED JUN. 30 (MILLIONS) Three Months Ended 2026 2025 Base management and advisory fees $ 919 $ 815 Incentive Fees 63 128 116 Fee Revenues from equity method investments 64 439 358 Other adjustments 65 8 (4) Fee Revenues $ 1,494 $ 1,285 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 Terms cont'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.

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