BAM · BAM filed an 8-K announcing a revision to its presentation of non-GAAP…

BAM filed an 8-K announcing a revision to its presentation of non-GAAP metrics (Fee Revenues, Fee-Related Earnings, Fee-Bearing Capital) starting Q3 2026, effective with the November 6, 2026 earnings release. The change provides gross-up detail on partner manager fee revenues and expenses instead of net presentation, and aligns Fee-Bearing Capital with servicing fees. The filing includes recast historical data for eight quarters but does not change previously reported FRE, DE, or any GAAP results.

• Presentation change only, no impact on previously reported Fee-Related Earnings ($3,201M LTM Q2-26) or Distributable Earnings ($2,837M LTM Q2-26).
• New presentation shows BAM's proportionate share of partner manager fee revenues and expenses gross, rather than net.
• Fee-Bearing Capital presentation revised to include assets where partner managers receive servicing fees, better aligning with fee revenue profile.
• Recast data provided for Q3-24 through Q2-26; new presentation will be reflected in future segment U.S. GAAP results.