
	2026			2025
AS OF MARCH 31, AND DECEMBER 31, (MILLIONS, EXCEPT SHARE AMOUNTS)	Number of Shares	Value		Number of Shares	Value
BUSHI Preferred Shares
BUSHI Tracking Shares	200	$	977	200	$	1,115
Class B senior preferred	1,621,093	41		1,621,093	41
Class B preferred	2,520,571	63		2,520,571	63
Class A preferred	5,909,372	148		5,909,372	148
BMHL Tracking Shares	100	36		100	31
		$	1,265		$	1,398


AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, (MILLIONS)	2026		2025
Balance, beginning	$	1,398	$	2,103
Issuances	—		1
Distributions	(28)		—
Deemed settlement of Class A preferred shares as a result of 2025 Arrangement	—		(47)
Changes in redemption value included in net income attributable to preferred shares non-controlling interest	(89)		(127)

Other	(16)		—
Balance, ending	$	1,265	$	1,930

During the three months ended March 31, 2026, BUSHI paid BN a $19 million cash dividend on the BUSHI Tracking Shares, BMHL paid BN a $7 million cash dividend on the BMHL tracking shares, and $2 million on the Class A Preferred Shares.

In addition to the Tracking Shares, BUSHI has also issued class B senior preferred shares and class B preferred shares. The class B senior preferred shares entitle the holder to cumulative preferential cash dividends at $1.36375 per share per annum and are ranked senior to the Tracking Shares, class B preferred shares and common shares. The class B senior preferred shares are redeemable by the issuer, whose board is controlled by BN, upon the tenth anniversary of issuance at a redemption amount of $25 per share plus accrued and unpaid dividend. The class B preferred shares are redeemable at the option of both the holder and the issuer at $25 per share (the redemption amount) plus unpaid dividends. These preferred shares are non-voting and rank junior to the BUSHI tracking shares and senior to common shares of the entity, and are entitled to non-cumulative cash dividends at 6.7% per annum on their redemption amount.

The class A preferred shares were issued by a subsidiary of BAM to BN, redeemable at the option of the holder and the issuer at a redemption amount of $25 per share plus accrued and unpaid dividends and these preferred shares are non-voting.

The Company accounts for the changes in the value of the redeemable non-controlling interest in accordance with ASC 480, Distinguishing Liabilities from Equity. The Company elects for the BUSHI tracking shares and class B senior preferred shares to recognize changes in the redemption value immediately as they occur and adjust the carrying amount to equal the redemption value at the end of each reporting period. As a result, BAM recognizes changes in the redemption value of the BMHL tracking shares by adjusting the carrying amount to equal the redemption value at the end of each reporting period. The BUSHI class B preferred shares are currently redeemable and are therefore measured at their redemption amount at each reporting date.

The redeemable non-controlling interest in consolidated funds amount of $1.4 billion is made up of Class D units, Class I units, Class S units, Class CA-1, Class CA-2 and Class CA-3 (“Investor Units”), Class B-1 and Class E-1, Class B-2 and Class E-2 units in BPE, a fund consolidated by BAM. These units are held by either related parties or third parties and due to the nature and terms of the units are classified and presented as redeemable non-controlling interest in consolidated funds within the condensed consolidated balance sheets, outside of permanent equity.


	2026
AS OF MARCH 31, (MILLIONS, EXCEPT SHARE AMOUNTS)	Number of Shares	Value
BPE Redeemable Non-Controlling Interests
Class B-1 and E-1	46,471,759	$	1,115
Class B-2, Class E-2 and Investor Units	10,453,660	269
		$	1,384


AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, (MILLIONS)	2026		2025
Balance, beginning	$	—	$	—
Amount assumed on consolidation of fund	1,357		—
Issuances	50		—
Redemptions	(17)		—
Changes in redemption value included in net income attributable to redeemable non-controlling interest	(6)		—
Balance, ending	$	1,384	$	—

Class B-1 and Class E-1 units of BPE were issued to related parties in connection with seed investments and are subject to a monthly redemption arrangement at the discretion of the general partner of BPE. Redemptions, if any, are determined as of the last calendar day of each month. During an initial period, the redemption price is based on the lesser of net asset value and a discounted value of the underlying seed investments, with any excess retained by the fund.

Class B-1 and Class E-1 units that have been redeemed but not yet settled are reflected as due to affiliates of consolidated funds on the condensed consolidated balance sheets. From the date of consolidation March 1, 2026 to March 31, 2026, 716,533 Class B-1 and Class E-1 units were redeemed for an aggregate of $17 million. This redemption amount and unpaid February redemptions of $46 million are recorded as due to affiliates of consolidated funds.

BPE has established a redemption program (the “Redemption Program”), pursuant to which holders of Investor Units and Class B-2 Units may request redemptions on a quarterly basis. The general partner of BPE retains sole discretion to accept or reject redemption requests, in whole or in part, and may impose limitations on the amount of units redeemed in any given period, including the deferral of redemptions in excess of such limitations.