
AS OF MARCH 31, AND DECEMBER 31, (MILLIONS)	2026		2025
Common and preferred shares (a)	$	92	$	337
Investments in affiliates (b)	731		787
Accrued carried interest - mature funds (c)	96		197
Accrued carried interest - new funds (c)	1,833		1,636
Equity method investments (d)
Equity interest in Oaktree	4,659		4,671
Equity interest in Castlelake	732		720
Equity interest in Primary Wave	282		261
Equity interest in Angel Oak	139		133
Equity interest in other affiliates	946		1,053
	$	9,510	$	9,795

a.As of March 31, 2026, common and preferred shares were $92 million (2025 – $337 million). Common shares primarily represents investments of $64 million (2025 – $64 million) in Brookfield Renewable Energy L.P. and $27 million (2025 – $27 million) in Brookfield Infrastructure Income Fund Inc. Common and preferred share investments are carried at fair value with changes in fair value recorded in other income (expenses), net in the condensed consolidated statements of operations. During the three months ended March 31, 2026, BAM sold its preferred share investments in GEMS Education (2025 – $188 million) and Cherry Parent, LLC. (2025 – $58 million) to BMEP and BPE, respectively. As a result of these transactions, BAM determined that it is the primary beneficiary of BMEP and BPE and will therefore consolidate both funds. Accordingly, the investments in GEMS Education and Cherry Parent, LLC are now included within investments in consolidated funds in the condensed consolidated balance sheets.

b.As of March 31, 2026, investments in affiliates are primarily comprised of an interest in BSREP III, a fund which BAM manages, of $643 million (2025 – $700 million) which is accounted for as an equity investment measured at its NAV in accordance with ASC 321, Investments – Equity Securities. The change in fair value of the Company’s interest in BSREP III was $19 million for the three months ended March 31, 2026 (2025 – $40 million) and is recorded within other income (expenses), net in the condensed consolidated statements of operations.

c.Accrued carried interest represents the disproportionate allocation of capital from our private funds to the extent that such interest is provided for in the relevant fund agreements. Accrued carried interest is accounted for using the equity method of accounting based on the Company’s entitlement to the funds’ net assets as if all investments were liquidated at fair value and all liabilities were satisfied, net of the cumulative amounts that have already been realized. As stipulated in the Relationship Agreement, accrued carried interest in mature funds, as defined therein, is all attributed to BN and accrued carried interest in new funds, including current funds and open-ended funds, as defined therein, is attributed to BN at 33.3%. Such attribution is achieved via Tracking Shares and non-controlling interests in certain subsidiaries that are entitled to such carried interest.

The change in BAM’s accrued carried interest for mature funds during the three months ended March 31, 2026 and 2025 is as follows:


FOR THE THREE MONTHS ENDED MARCH 31, (MILLIONS)	2026		2025
Balance, beginning	$	197	$	931
Changes in fund fair values	(99)		(127)
Realized carried interest	(2)		—
Balance, ending	$	96	$	804

The change in BAM’s accrued carried interest for new funds during the three months ended March 31, 2026 and 2025 is as follows:


FOR THE THREE MONTHS ENDED MARCH 31, (MILLIONS)	2026		2025
Balance, beginning	$	1,636	$	693
Changes in fund fair values	211		129
Realized carried interest	(14)		—
Balance, ending	$	1,833	$	822

New fund carried interest is partially due to BN, who is entitled to 33.3%. After allocating this interest to BN, BAM's net interest in new fund accrued carried interest as of March 31, 2026 is $1.2 billion (December 31, 2025 – $1.1 billion).

d.The Company has significant influence, but not control, over the operating and financial policies of its equity method investees by virtue of having the ability to appoint members of these investees' governing bodies. The Company recognized its share of earnings from all of its equity method investments of $70 million (2025 – $58 million) for the three months ended March 31, 2026 within the share of income from equity method investments in its condensed consolidated statements of operations. The Company’s equity method investments include our:

vi.approximate 9% (2025 – 11%) economic interest in Pretium of $260 million (2025 – $330 million) for which BAM has elected the fair value option under ASC 825 Financial Instruments upon initial recognition with changes in fair value recognized in net income. During the three months ended March 31, 2026, BAM sold a partial interest in Pretium for cash consideration of $70 million, resulting in a realized gain of $4 million. In the same period, a $4 million decrease in the fair value of the remaining investment has been recognized, primarily reflecting lower market valuation multiples;

vii.limited partner interests in funds of $329 million (2025 – $368 million) including Pinegrove Fund (2026 – $245 million; 2025 – $230 million), and BGTF II (2026 – $75 million; 2025 – $36 million). During the three months ended March 31, 2026, the Company determined that it is the primary beneficiary of BPE and will therefore consolidate the fund. As a result, the Company derecognized its limited partner interests in BPE of $88 million (2025 - $92 million) and;


AS OF MARCH 31, AND DECEMBER 31, (MILLIONS)	Fair value				% of total investments
	2026		2025		2026		2025

Equity securities, at fair value	$	2,212	$	253	93	%	50	%
Debt, at fair value	170		252		7	%	50	%
Freestanding derivatives	5		—		—	%	—	%
Total investments, at fair value	$	2,387	$	505	100	%	100	%

As of March 31, 2026 and December 31, 2025, no single issuer or investment, including derivative instruments and underlying portfolio investments of the consolidated funds, had a fair value that exceeded 5% of BAM’s total assets.

Other income, net of consolidated funds in the condensed consolidated statements of operations, consists primarily of realized and unrealized gains and losses on the consolidated funds’ investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. For the three months ended March 31, 2026, there were $11 million of gains recognized from investment activities within other income, net of consolidated funds on the condensed consolidated statements of operations (2025 – $14 million).

During the three months ended March 31, 2026, BSI II exchanged a portion of its debt and equity interests in Spring Education with BWS, a limited partner in the fund, in exchange for cash consideration of $129 million. BAM continues to be the primary beneficiary and consolidate BSI II.

During the three months ended March 31, 2026, BAM increased its economic interest in BPE and determined it was the primary beneficiary of the fund. As a result, BAM was required to consolidate the fund and derecognize its equity method investment in BPE of $88 million beginning on March 1, 2026. Upon consolidation, the Company recognized approximately $104 million of cash of consolidated funds, $1.7 billion of investments of consolidated funds, and $143 million of due to affiliates of consolidated funds. The interests of related party and third-party investors were recorded as redeemable non-controlling interest in consolidated funds, and management fees and other transactions with BPE were eliminated upon consolidation.

During the three months ended March 31, 2026, BAM increased its economic interest in BMEP and determined it was the primary beneficiary of the fund. As a result, BAM was required to consolidate the fund beginning on January 30, 2026. Upon consolidation, the Company recognized approximately $245 million of investments of consolidated funds and $211 million of borrowings of consolidated funds. The interests of third-party investors were recorded as non-controlling interests in consolidated funds, and management fees and other transactions with BMEP were eliminated upon consolidation.