This is a purely cosmetic reclassification, no economic impact. Monitor the Q3-26 earnings release on November 6, 2026 for the first application of the new presentation and for any underlying business trends in credit fee-bearing capital growth.
How the stock moved after the report
NEUTRAL VIEWSTOCK ABOVE ENTRY AT T+20- T+0 · Sep 28 $44.50entry
- T+1 · 5w ago +1.06%α +1.24% · $44.97
- T+5 · 4w ago +0.52%α −0.69% · $44.73
- T+20 · 10d ago +5.71%α +5.74% · $47.04
- T+27 · todayOpen
- T+60 · in 7w Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
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.
Key Facts
- 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.
- Under the new presentation, total Fee-Bearing Capital as of Q2-26 is $695B vs $672B under the old presentation (increase of $23B due to partner manager inclusion).
- Credit Fee-Bearing Capital under new presentation is $349B vs $326B old (increase of $23B).
Financial Impact
No change to reported FRE, DE, or GAAP net income. The revision increases reported Fee Revenues and Direct Costs by equal amounts (e.g., Q2-26 Fee Revenues $1,587M new vs $1,494M old; Direct Costs $757M new vs $664M old), leaving FRE unchanged at $808M.
Risk Factors
- Investors may misinterpret the higher Fee Revenue and Fee-Bearing Capital figures as organic growth rather than a presentation change.
- The change adds complexity to historical comparisons until analysts fully adjust models.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-111209 |
| Document: tm2626124d1_8k.htm | 0001104659-26-111209 |
| Document: 0001104659-26-111209-index-headers.html | 0001104659-26-111209 |
| Document: 0001104659-26-111209-index.html | 0001104659-26-111209 |
| Document: 0001104659-26-111209.txt | 0001104659-26-111209 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 2, 2026 2d ago | Press Release | $51.47 | awaiting T+60 | awaiting T+60 | $50.95 (−1.01%) |
Oct 13, 2026 22d ago | 8-K | $45.23 | awaiting T+60 | awaiting T+60 | $50.95 (+12.65%) |
Oct 1, 2026 4w ago | 8-K | $44.56 | awaiting T+60 | awaiting T+60 | $50.95 (+14.34%) |
Oct 1, 2026 4w ago | Press Release | $44.56 | awaiting T+60 | awaiting T+60 | $50.95 (+14.34%) |
Sep 30, 2026 5w ago | Press Release | $44.56 | awaiting T+60 | awaiting T+60 | $50.95 (+14.34%) |
Sep 28, 2026 5w ago | 8-K | $44.50 | awaiting T+60 | awaiting T+60 | $50.95 (+14.49%) |
Sep 15, 2026 7w ago | Press Release | $45.18 | awaiting T+60 | awaiting T+60 | $50.95 (+12.77%) |
Sep 14, 2026 7w ago | 8-K | $46.63 | awaiting T+60 | awaiting T+60 | $50.95 (+9.26%) |
Aug 14, 2026 11w ago | 8-K | $52.57 | awaiting T+60 | awaiting T+60 | $50.95 (−3.08%) |
Aug 9, 2026 12w ago | Institutional Cluster | $52.84 $50.95 | ▼ −3.58% | ▼ −1.16% | $50.95 (−3.58%) |
US Market Status
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