In the quarter ended June 30, 2026, Brookfield Asset Management Ltd. expanded its fee-bearing capital base by $69.4 billion year-to-date to $672 billion, driven by strong inflows across infrastructure, energy, private equity, real estate, and credit strategies. This growth supports a 14% sequential rise in management and advisory fees, reflecting the firm’s ability to generate stable recurring revenues from a diversified capital base. Fair value accounting continues to introduce earnings volatility tied to market valuation changes but remains essential for capturing investment performance. BAM maintains a solid liquidity position with $1.5 billion in cash and access to revolving credit facilities, ensuring flexibility for opportunistic investments. The company’s multi-asset diversification and scale underpin its competitive position among global alternative asset managers. Key risks include valuation uncertainties, regulatory developments, and market volatility affecting fee revenues and distributable earnings.