Brookfield Asset Management Revises Fee Revenue Presentation for Q3 2026

What Happened

• On Sept. 28, 2026, Brookfield Asset Management Ltd. (BAM) filed an 8‑K announcing that, beginning with its third‑quarter results for the period ending Sept. 30, 2026 (expected Nov. 6, 2026), it will revise the presentation of certain non‑GAAP and supplemental measures. The changes affect Fee Revenues, expense presentation within Fee‑Related Earnings, and Fee‑Bearing Capital.
• Instead of showing BAM’s net share of fee‑related earnings from partner managers, BAM will present its proportionate share of fee revenues and the related expenses attributable to those partner managers. BAM will also include Fee‑Bearing Capital tied to assets for which partner managers receive servicing fees. BAM provided a recast (Exhibit 99.1) of Fee Revenues and Fee‑Bearing Capital for the quarter ended June 30, 2026 and the prior seven quarters and posted the data in Excel on its investor website.

Key Details

• Filing date: Sept. 28, 2026; change effective with Q3 results for period ending Sept. 30, 2026 (results expected Nov. 6, 2026).
• Recast provided for 8 quarters: quarter ended June 30, 2026 and the prior seven quarters (Exhibit 99.1 and Excel on BAM’s investor site).
• Presentation change: move from net presentation of partner‑manager fee‑related earnings to proportionate presentation of fee revenues and related expenses; Fee‑Bearing Capital now includes assets with partner manager servicing fees.
• The revision is a presentation change only and does not change previously reported Fee‑Related Earnings or Distributable Earnings.

Why It Matters

• For investors, the revised presentation gives more transparency into the revenue and expense mix of BAM’s partner‑manager businesses—areas that have grown within its credit business—making it easier to model fee revenue and associated capital. Because this is a presentation change (not a change to reported earnings), it does not alter Fee‑Related Earnings or Distributable Earnings figures already reported, but it may change how fee revenues and fee‑bearing capital are displayed and analyzed going forward.