Does this change affect Brookfield Asset Management's reported earnings or per-share results?

No. BAM states the revision is a presentation change only and does not impact previously reported FRE or DE. The recast table shows identical FRE, DE, and per-share FRE and DE figures under both the old and new presentations for every quarter from Q3 2024 through Q2 2026.

Why is BAM changing how it presents partner managers?

BAM says partner managers have become a larger contributor to its credit business, and the new presentation gives analysts more transparency into the revenue and expense profile of these businesses. Instead of netting BAM's share of partner manager FRE, BAM will show its proportionate share of the related fee revenues and expenses, which should make these operations easier to model.

Why do reported fee revenues and FRE margins look different after the change?

Fee Revenues and Direct Costs both increase by the same amount because partner manager revenues and expenses are now shown gross, which lifts the revenue base. Since FRE stays the same, the FRE margin at BAM's share declines. For example, the LTM margin drops from 58% to 55%, and the Q2 2026 margin drops from 57% to 54%. Analysts should treat the lower margin as a presentation effect, not a deterioration in profitability.

How does the change affect Fee-Bearing Capital, and what should investors watch?

BAM will include FBC for assets where partner managers receive servicing fees, aligning FBC with fee revenues. Total Credit FBC is restated to $349B at Q2 2026 from $326B, and total FBC to $695B from $672B. Investors comparing FBC growth should use the recast series, since older reported figures are not comparable with the new basis. Growth rates in the recast Credit series may also differ from those previously reported.

BAM 8-K: Regulation FD — Sep 28, 2026

01—Abstract

Summary

Summary of the 8-K filed September 28, 2026. Cited figures are marked; the original filing is the authoritative source.

On September 28, 2026, Brookfield Asset Management (BAM) filed an 8-K under Regulation FD announcing a change in how it presents Fee Revenues, Fee-Related Earnings (FRE) expense detail, and Fee-Bearing Capital (FBC), effective with its Q3 2026 results expected November 6, 2026.

The change affects how BAM reports its partner managers: rather than netting its share of partner manager fee-related earnings, BAM will present its proportionate share of the partner managers' fee revenues and expenses on a gross basis. BAM will also include FBC tied to assets where partner managers earn servicing fees, so FBC better aligns with fee revenues. The company states this is a presentation change only and does not alter previously reported FRE or Distributable Earnings (DE).

Exhibit 99.1 recasts results for Q3 2024 through Q2 2026 under the new presentation for comparability. The recast shows the impact is mainly on the top line and expense lines, not on profit. For the last twelve months ended Q2 2026, Fee Revenues rise to $6,144M^a from $5,822M under the old presentation (about $322M higher), and Direct Costs rise to $2,855M from $2,533M by the same amount, leaving FRE at $3,201M and DE at $2,837M unchanged.

The reported FRE margin at BAM's share falls to 55% from 58% for the LTM period, and to 54% from 57% in Q2 2026, purely because of the larger revenue base. Credit fee-bearing capital is restated to $349B^b at Q2 2026 from $326B, with Private Credit within Long-Term Private Funds rising to $70B from $48B and Permanent Capital and Perpetual Strategies rising to $156B from $155B-equivalent level as recast.

For investors, the key takeaway is that headline growth rates for fee revenues and FBC will look larger going forward, and FRE margins will look lower, even though per-share FRE and DE are identical under both presentations. Investors modeling BAM should update revenue and margin assumptions using the recast data and the Excel supplement on BAM's website, and should compare margin trends only on a consistent basis.

02—Key points

Key Highlights

Presentation change only: BAM will present its proportionate share of partner manager fee revenues and expenses gross, instead of netting partner manager FRE, starting with Q3 2026 results (expected November 6, 2026).
No impact on earnings: FRE and DE, including per-share amounts (LTM FRE of $1.97/share and DE of $1.75/share through Q2 2026), are unchanged under the new presentation.
Higher reported revenue: LTM Q2 2026 Fee Revenues are recast to $6,144M from $5,822M (+$322M, about +5.5%), with an equal increase in Direct Costs to $2,855M.
Lower reported FRE margin: LTM FRE margin at BAM's share falls to 55% from 58% (Q2 2026: 54% vs. 57%), reflecting the larger revenue base rather than weaker profitability.
Credit fee-bearing capital is restated higher: Total Credit FBC at Q2 2026 rises to $349B from $326B, and total FBC to $695B from $672B, with Private Credit within long-term funds up to $70B from $48B.
Credit base management fees are recast upward: LTM Q2 2026 Credit base management fees are $2,131M versus $1,904M previously, with Credit fee revenue growth of 33% in the recast LTM period.
Comparability provided: Exhibit 99.1 recasts eight quarters (Q3 2024 to Q2 2026), and the data is also posted in Excel on BAM's investor website.

03—Questions

Frequently Asked Questions

Does this change affect Brookfield Asset Management's reported earnings or per-share results?
No. BAM states the revision is a presentation change only and does not impact previously reported FRE or DE. The recast table shows identical FRE, DE, and per-share FRE and DE figures under both the old and new presentations for every quarter from Q3 2024 through Q2 2026.
Why is BAM changing how it presents partner managers?
BAM says partner managers have become a larger contributor to its credit business, and the new presentation gives analysts more transparency into the revenue and expense profile of these businesses. Instead of netting BAM's share of partner manager FRE, BAM will show its proportionate share of the related fee revenues and expenses, which should make these operations easier to model.
Why do reported fee revenues and FRE margins look different after the change?
Fee Revenues and Direct Costs both increase by the same amount because partner manager revenues and expenses are now shown gross, which lifts the revenue base. Since FRE stays the same, the FRE margin at BAM's share declines. For example, the LTM margin drops from 58% to 55%, and the Q2 2026 margin drops from 57% to 54%. Analysts should treat the lower margin as a presentation effect, not a deterioration in profitability.
How does the change affect Fee-Bearing Capital, and what should investors watch?
BAM will include FBC for assets where partner managers receive servicing fees, aligning FBC with fee revenues. Total Credit FBC is restated to $349B at Q2 2026 from $326B, and total FBC to $695B from $672B. Investors comparing FBC growth should use the recast series, since older reported figures are not comparable with the new basis. Growth rates in the recast Credit series may also differ from those previously reported.

04—Continue

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