Subject: YTD Performance
BN +12.46%

APOLLO -23.96%
ARES -18.09%
BAM -6.70%
BLACKSTONE -17.23%
CARLYLE +4.47%
KKR -22.59%
BLUE OWL -38.08%

Above are the YTD total return performances of the various Alternative Asset managers as of 11/17/25. It's not a pretty picture. Only BN and Carlyle are positive. Everyone else, including our own BAM is negative, varying from slightly negative to carnage territory for Blue Owl.

Does anyone have insight into the reasons for this divergence? While it's great the BN is doing well, I think it's important to understand why. BN is a asset heavy manager, whereas others are asset light, is one difference I can think of.

More than half of BN's value comes from BAM. Yet BN is up 12.46 compared to BAM down 6.7. This means the market now values BN's non-BAM assets significantly higher than it previously used to. Specifically the extremely rapidly growing Wealth Solutions (Insurance) business must be being valued much higher. Possibly Carried Interest is also being valued higher. I don't think much has changed in terms of how the market views BPG, BEP, BIP and BBU.

Congratulations to those who converted their BAM to BN soon after the spin off. That was the right move!