- About
- Brookfield Corporation is a global investment firm based in Toronto. It grows its value through three parts. The first part owns about 74% of Brookfield Asset Management (BAM), a public asset manager, directly and through its insurance arm. BAM had $672 billion of fee-bearing capital at June 30, 2026. The second part is Wealth Solutions, an insurance business with about $191 billion of insurance assets at June 30, 2026. It invests the money customers pay for annuities and other policies. The third part is a group of operating businesses in renewable power, infrastructure, private equity, and real estate. In 2026, shareholders approved a plan to put Brookfield Corporation and Brookfield Wealth Solutions under one new parent company, based ina Bermuda company. The deal is expected to close by the end of 2026.
- Thesis
- The market prices Brookfield Corporation below its fair value, which is management's own estimate of its worth, called "plan value," for three reasons. First, the structure is hard to value from the outside. A parent company owns most of a public asset manager, an insurance arm, and a group of operating businesses, and money moves between them. In Q2 2026, $45 billion of BAM's $77 billion of new capital came from Brookfield's own insurer. Second, official IFRS profit is much lower and choppier than the distributable earnings figure that management uses. Third, interest rates went up. The Fed raised rates in September 2026, and the 10-year Treasury yield went above 5%. About 45% of plan value is listed holdings at market prices, and these prices fall when long rates rise. Higher rates also slow the asset sales that pay carried interest, and they lower real estate values. PlanIn 2026, plan value has also come inper share fell below the path of the year before for three yearsthat management set in a row2025, andafter it rose 22% the year before. The $140 target now has a date moved from 2030 toone year later, 2031. For the gap to close, the merger with Brookfield Wealth Solutions must close by the end of 2026. Distributable earnings per share must keep growing nearat 12% a year or more. Management plans 17% a year before realizations. Realized carried interest must grow from about $0.5 billion a year toward management's plan of about $15 billion a year by 2027 or 2028over the next three years. Plan value must grow each year without another move of the target date, and long rates must stop rising. The evidence comes at BAM's Q3 report in earlyon November 6, 2026, Brookfield's Q3 report in mid-on November 12, 2026, the merger close, the change to US accounting rules on January 1,from Q1 2027, and the next Investor Day, around September 2027, which shows plan value at June 30, 2027. The gap can close partly over the next four to six quarters if rates stop rising. But the multi-layer structure stays after the merger, so part of the discount may never close.
- Valuation
- The fair value on this page for Brookfield is management's plan value. Brookfield gave it at its 2026 Investor Day on September 17, 2026: US$158 billion, or US$67 per share, at June 30, 2026. Plan value is a sum of the parts. Public holdings, such as BAM, count at their market value of US$31 per share. Private holdings count for US$44 per share. These are direct investments at US$5 and real estate at US$12, both from discounted cash flows. They also include carried interest at US$14, which is 10 times the target annual carry plus the carry not yet realized, and Wealth Solutions at US$13, which is 15 times its distributable earnings. Debt and preferred capital take away US$8 per share. Plan value is management's own estimate. It is not an analyst's value. Management uses its own multiples, and the market can value the same parts lower. The moat rating on this page for Brookfield is an AI estimate from October 8, 2026. It is not a value from management or an analyst. An AI research agent set it from the Q2 2026 interim report. The rating is Narrow. The moat comes mostly from BAM, the asset manager. At June 30, 2026, BAM had US$672.2 billion of fee-bearing capital. US$297.7 billion of it was in long-term private funds and US$293.5 billion was in perpetual strategies. Thus aboutAbout 88% of the capital cannot leave quickly, and this gives switching costs. The long record and the large size of Brookfield in infrastructure, renewable power and real estate help it raise new funds. These are intangible assets. In Q2 2026, inflows to fee-bearing capital were US$68.1 billion and outflows were US$6.9 billion. Fee-related earnings rose to US$808 million from US$676 million a year earlier. But US$45 billion of the US$77 billion that BAM raised in Q2 2026 came from Brookfield's own insurer, so part of the growth is internal. Wealth Solutions sells annuities in a market with many competitors, and fixed-index annuity sales fell 35% from a year earlier in Q2 2026. Other large alternative asset managers compete for the same investors and fees. For these reasons, the estimate expects the advantage to last 10 years or more. It does not find clear evidence that the advantage lasts 20 years or more for the whole company. The plan value and the moat were checked again against the same sources on October 12, 2026, with no change.
As of 2026-10-0812.
- Risks
- Higher interest rates can lower Brookfield's value in several ways. About 45% of plan value is listed holdings, such as BAM, at market prices. BAM's share price fell about 19% from mid-August to late September 2026 as rates rose. Higher rates also lower real estate values, slow the asset sales that pay carried interest, and make new debt more expensive. Brookfield's real estate business has $64.8 billion of property debt with an average term of only 2 years. $44.2 billion of it is in real estate funds, and lenders cannot claim against the parent.
Brookfield's structure has many layers: a parent company, a majority-owned asset manager, an insurance arm, and several listed affiliates. Money moves between them. In Q2 2026, $45 billion of BAM's $77 billion of new capital came from Brookfield's own insurer, and the insurer holds $12.2 billion of investments in related Brookfield entities. This makes growth figures harder to judge from the outside.
PlanIn 2026, plan value has come inper share fell from $68 to $67, below the path of the year before for three yearsset in a row2025, and the $140 target date moved from 2030one year later, to 2031. About 40% of the planned increaseManagement assumes that the value of the BAM stake grows 18% a year. By this page's own calculation, this gives about 40% of the planned increase. A further slip would weaken the case that the company can keep compounding value at its planned pace.
Brookfield's official IFRS net income is much lower and more volatile than the distributable earnings figure that management highlights: $1.4 billion against $6.2 billion over the 12 months to June 30, 2026. Brookfield changes to US accounting rules on January 1,from Q1 2027, after the merger closes. This breaks the comparison with past years.
AI demand drives much of BAM's growth plan through data centers, power, and nuclear projects. Most of this money comes from outside investors in Brookfield funds, not from Brookfield's own balance sheet. But if AI spending slows, BAM's fees, carried interest, and share price can fall. The Kentucky AI campus still needs a state power approval, the $25 billion Bloom Energy deal is only a framework, and no named large tech customer contract has been disclosed for either.
A trust controls the Class B shares and elects half of the board, and this continues at the new Bermuda parent company. 20.65% of Class A votes were against the merger. Minority shareholders have limited influence.
Some parts depend on consumers: about $20 billion of retail real estate and annuity sales at the insurer. RetailAt June 30, 2026, the consolidated retail properties are 97were 94.0% leased, but fixedand the 18 best malls were 97.5% occupied. Fixed-index annuity sales fell 35% from a year earlier in Q2 2026. These parts are a small share of total earnings.
- Balance sheet
- Cash: $2.4B
Debt: $14.7B
Net debt: $12.3B
Undrawn credit line: $3.2B
Ratings: S&P A-, Fitch A-, Moody's A3, DBRS A
Brookfield's consolidated balance sheet shows about $265 billion of debt, but most of it does not belong to Brookfield Corporation itself. The figures here are the parent's own debt and, its cash and financial assets (net, including about $1.1 billion of its share of BAM's cash) and theits undrawn credit lines. The parent debt is small compared with its listed holdings. 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 corporate borrowings areterm debt is all at fixed rates. They haveIt has an average term of 15 years and an average rate of about 4.8%, and none mature until. The first maturity is C$500 million in March 2027. The corporate borrowings also include $459 million of commercial paper at 4.1%. 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. It redeems its Series 51 and Series 52 preferred shares, about C$97 million, on November 1, 2026. The insurance arm, Brookfield Wealth Solutions, holds about $191 billion of insurance assets that back policyholder obligations. That money is not free cash for shareholders. The ratings are senior unsecuredthe ratings that Brookfield said in, on April 16, 2026, that it expected for its new senior notes. 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, which has an average term of 2 years.
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. Fee-bearing capital is now shown gross for partner managers, so compare it with the restated figures.
Nov 12, 2026: 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.
- Recent events
- 2026-10-09: Brookfield confirmed that it will report Q3 2026 results on November 12, 2026. On the same day, Brookfield Renewable and Brookfield Infrastructure Corporation moved their votes on their own corporate simplification to October 29, 2026. More than 99.7% of the Brookfield Renewable votes cast were for it, but approval needs two thirds of all outstanding units.
2026-10-01: Oaktree closed its first asset-backed finance fund at $2 billion, its target.
2026-09-30: The US and South Korea announced a framework for up to $120 billion of Korean money to pay for eight nuclear reactors in the US, six of them Westinghouse AP1000 units. Korea can also buy 5% to 10% of Westinghouse, which Brookfield owns with Cameco. The terms are not binding.
2026-09-28: BAM said that it will report Q3 2026 results on November 6, 2026. From Q3, it shows fee revenues and fee-bearing capital of its partner managers on a gross basis. Fee-related earnings and distributable earnings do not change, but growth rates must use the new figures for past quarters.
2026-09-21: Brookfield Finance Inc. priced $600 million of senior notes due 2031, at a 5.650% annual interest rate. Brookfield Corporation guarantees them. The sale closed on September 23, 2026. The new rate is higher than the 4.8% average rate on Brookfield's existing corporate debt.
2026-09-17: At its 2026 Investor Day, Brookfield said plan value was about $67 per share at June 30, 2026, down from $68 a year earlier. ItThe total fell from $161 billion to $158 billion. Brookfield kept its target of $140 per share, but moved the target date backis now 2031, one year, from 2030 to 2031. This is the third year later than in 2025. The plan assumes growth of 16% a row thatyear. In 2025, plan value came in below thehad grown 22% and was above its path set the year before.
2026-09-16: The US Federal Reserve raised its interest rate target by 0.25 percentage points, to 3.75% to 4.00%. This was its first increase in three years. On September 28, the 10-year Treasury yield was 5.24%. In August, Brookfield's Q2 letter had said that a meaningful rate increase looked unlikely.
2026-09-15: Brookfield agreed to buy all of Reliance Worldwide, an Australian maker of plumbing products, at US$3.38 per share in cash. The enterprise value is about US$2.8 billion. The deal is expected to close in Q1 2027.
2026-09-04: Brookfield said that it will redeem all of its Series 51 and Series 52 preferred shares on November 1, 2026. This is about C$97 million at the redemption prices.
2026-08-13: Brookfield reported Q2 2026 results. Distributable earnings before realizations were $1.4 billion, or $0.61 per share, up 15% per share from a year earlier. IFRS net income for shareholders was $364 million. BAM raised a record $77 billion in the quarter, but $45 billion of it came from Brookfield Wealth Solutions, including a $40 billion mandate from Just Group.
2026-0807-0331: Brookfield completed its purchase of the rest of Oaktree, about 26%, for about $3 billion. Brookfield Corporation paid about $1.4 billion and BAM about $1.6 billion. The deal closed about two quarters later than first expected. Brookfield announced the close on August 3, 2026.
2026-07-29: The US Department of Energy selected Brookfield and NextEra to builddevelop and operate an AI campus in Paducah, Kentucky, worth more than $100 billion and paid for with private money. NextEra is to build and own the power supply. The power agreement still needs approval from the Kentucky Public Service Commission.
2026-07-16: Shareholders approved the plan to put Brookfield Corporation and Brookfield Wealth Solutions under one new parent company. 79.35% of Class A votes were for it and 20.65% were against it. The deal still needs regulatory approvals and a final court order, and is expected to close by the end of 2026.
2026-04-01: Brookfield closed its acquisition of Just Group, a UK insurer, for about $3.2 billion. This added roughly 700,000 customers and pushed Brookfield's insurance assets to about $180 billion.
2026-02-04: Brookfield named Connor Teskey, age 38, as the new CEO of Brookfield Asset Management, effective February 3, 2026. Bruce Flatt remains BAM's chairman and stays on as CEO of Brookfield Corporation.