BN changes
Pick any two versions below to diff them.
- Balance sheet
- Brookfield's consolidated balance sheet shows about $265 billion of debt. But most of it does not belong to Brookfield Corporation itself. At June 30, 2026, $250.3 billion was non-recourse borrowing inside the managed and controlled businesses. Examples are property loans and debt of the infrastructure and renewable power companies. Lenders to those assets cannot claim against the parent. The parent's own corporate borrowings were $14.7 billion at June 30, 2026, all at fixed rates. They have an average term of 15 years and an average rate of about 4.8%, and none mature until 2027. In September 2026, the parent added $600 million of 5.65% notes due 2031. The parent also has $4.1 billion of perpetual preferred shares. Its core liquidity was $5.6 billion at June 30, 2026: $2.4 billion of cash and financial assets and $3.2 billion of undrawn credit lines. The insurance arm, Brookfield Wealth Solutions, holds about $191 billion of assets that back policyholder obligations. That money is not free cash for shareholders. In April 2026, Brookfield said that it expected senior unsecured ratings of A- from S&P and Fitch, A3 from Moody's and A from DBRS. The parent debt is small compared with its listed holdings, so there is room to buy back shares and fund deals. But higher rates put pressure on the $64.8 billion of short-term property debt in the real estate business. As of 2026-06-30.
- Checkpoints
- Sep 17, 2026: 2026 Investor Day: plan value per share. Failed. Watch: Plan value above the path set in 2025 with the 2030 target date kept passes; a lower value or a later target date fails. Outcome: Plan value was about $67 per share, down from $68, and the $140 target date moved from 2030 to 2031. Nov 6, 2026 (estimate): BAM Q3 2026 results: fundraising and fee earnings. Pending. Watch: Strong fundraising from outside investors and fee-related earnings growth near 15% passes; weak fundraising without Brookfield's own insurer fails. Nov 13, 2026 (estimate): BN Q3 2026 results: distributable earnings and carry. Pending. Watch: Distributable earnings per share up about 12% or more with rising realized carry passes; flat earnings per share or falling carry fails. Q4 2026 (estimate): Merger with Brookfield Wealth Solutions closes. Pending. Watch: The new Bermuda parent closes the deal by December 31, 2026 passes; a regulatory delay into 2027 or a termination fails. Sep 2027 (estimate): 2027 Investor Day: plan value at June 30, 2027. Pending. Watch: Plan value grows on the new path with the 2031 target date kept passes; a value at or below $67 or another date move fails.