- Company name
- Brookfield Corporation
- Sector
- Diversified holding company (asset management & insurance)
- 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 $682 billion of fee-bearing capital at September 30, 2026. The second part is Wealth Solutions, an insurance business with about $189 billion of insurance assets at September 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, a Bermuda company. Brookfield expects to complete the deal on December 1, 2026, if all closing conditions are met.
- Thesis
- The market prices Brookfield Corporation below its intrinsic 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. In 2026, plan value per share fell below the path that management set in 2025, after it rose 22% the year before. The $140 target now has a date one year later, 2031. For the gap to close, the merger with Brookfield Wealth Solutions must close on December 1, 2026, as Brookfield expects. Distributable earnings per share must keep growing at 12% a year or more. Management plans 17% a year before realizations. Realized carried interest must grow from about $0.6 billion a year toward management's plan of about $5 billion over the next three years. Plan value must grow each year without another move of the target date, and long rates must stop rising. The Q3 2026 reports passed the next checks. BAM had strong outside fundraising and 15% growth in fee-related earnings. Brookfield's distributable earnings before realizations rose 14% per share, and realized carried interest rose to $222 million in the quarter. The next evidence comes at the merger close, the Q4 2026 report in about February 2027, the change to US accounting rules 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 intrinsic 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. Most of Brookfield's competitive strength comes 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. About 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. The plan value was checked again against the same sources on October 12, 2026, with no change.
As of Oct 12, 2026.
- 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.
In 2026, plan value per share fell from $68 to $67, below the path set in 2025, and the $140 target date moved one year later, to 2031. Management 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: $2.5 billion against $6.4 billion over the 12 months to September 30, 2026. Brookfield changes to US accounting rules 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: retail real estate and annuity sales at the insurer. At June 30, 2026, the consolidated retail properties were 94.0% leased, and 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: $2.1B
Debt: $14.8B
Net debt: $12.7B
Undrawn credit line: $3.3B
Ratings: S&P A-, Fitch A-, Moody's A3
Brookfield's consolidated balance sheet shows about $282 billion of debt at September 30, 2026, but only 6% of it is issued by, or has recourse to, Brookfield Corporation itself. The figures here are the parent's own term debt, its cash and financial assets (net) and its undrawn credit lines. Total corporate borrowings were $16,056 million, which includes commercial paper. The other $266.0 billion is non-recourse borrowing inside the managed and controlled businesses, such as property loans and debt of the infrastructure and renewable power companies. Lenders to those assets cannot claim against the parent. The parent's term debt of $14,845 million has an average term of 14 years and an average rate of 4.8%. Nothing is due in the rest of 2026, $351 million is due in 2027 and $1,050 million in 2028. In September 2026, the parent added $600 million of 5.65% notes due 2031. The parent also has $3.5 billion of perpetual preferred shares at an average cost of 5.1%, and in October 2026 it agreed to issue C$150 million of new 5.65% preferred shares. Corporate liquidity was $5.4 billion. The insurance arm, Brookfield Wealth Solutions, holds about $189 billion of insurance assets that back policyholder obligations. That money is not free cash for shareholders. The ratings are the ratings that Brookfield said, on April 16, 2026, that it expected for its new senior notes. There is room to buy back shares and fund deals: Brookfield bought back $889 million of shares in 2026 to the Q3 report. But higher rates put pressure on property debt in the real estate business, which was $64.8 billion with an average term of 2 years at June 30, 2026.
As of Sep 30, 2026.
- 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: BAM Q3 2026 results: fundraising and fee earnings. Passed. 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. Outcome: BAM raised $25 billion in Q3 2026, of which only $3.8 billion came from Brookfield Wealth Solutions, and fee-related earnings rose 15%.
Nov 12, 2026: BN Q3 2026 results: distributable earnings and carry. Passed. Watch: Distributable earnings per share up about 12% or more with rising realized carry passes; flat earnings per share or falling carry fails. Outcome: Distributable earnings before realizations rose 14% per share to $0.64, and realized carried interest rose to $222 million from $154 million a year earlier.
Dec 1, 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.
Feb 12, 2027 (estimate): Q4 2026 results: distributable earnings and carry. Pending. Watch: Distributable earnings before realizations up about 12% or more per share and 12-month realized carry above the $588 million of September 2026 passes; slower growth or lower carry 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
- Nov 12, 2026: Brookfield reported Q3 2026 results. Distributable earnings before realizations were $1,496 million, or $0.64 per share, up 14% per share from $0.56. Total distributable earnings were $1,718 million, or $0.73 per share, with $222 million of realized carried interest, net. Net income attributable to Brookfield shareholders was $1,305 million, against $219 million a year earlier. Brookfield bought back more than $300 million of shares since its last report, $889 million so far in 2026. It expects to complete the merger with Brookfield Wealth Solutions on December 1, 2026, and the shares of the new parent are expected to start to trade on December 3, 2026. It declared a dividend of $0.07 per share, payable on December 31, 2026.
Nov 6, 2026: Brookfield Infrastructure reported Q3 2026 funds from operations of $0.91 per unit, its third quarter in a row at its 10% growth target. On November 5, it said that it had all approvals for the simplification that combines Brookfield Infrastructure Partners and Brookfield Infrastructure Corporation. The closing is expected on November 19, 2026, and each holder gets one class A share of the new company for each unit or share.
Nov 6, 2026: Brookfield Asset Management (BAM) reported Q3 2026 results. It raised $25 billion in the quarter, of which $3.8 billion came from Brookfield Wealth Solutions, and $123 billion so far in 2026. Fee-related earnings rose 15% to $864 million, and distributable earnings rose 15% to $763 million. Fee-bearing capital grew 13% to $682 billion. BAM realized $48 million of carried interest, its first meaningful carry since its spinout.
Nov 4, 2026: Brookfield Renewable reported its Q3 2026 results and said that it closed its acquisitions of Boralex and Aypa. It also said that signed or closed sales since the end of Q2 give about $2.8 billion of proceeds, or $850 million net to Brookfield Renewable.
Oct 28, 2026: Brookfield Renewable Partners moved its unitholder vote on the simplification to November 30, 2026, because the votes cast, almost all in favor, were still short of the two thirds of all outstanding units that approval needs.
Oct 15, 2026: Brookfield agreed to issue C$150 million of Class A Preference Shares, Series 56, at a fixed annual dividend of 5.65% until December 31, 2031. The underwriters had an option to buy up to C$50 million more. The sale was expected to close on or about October 22, 2026.
Oct 14, 2026: Brookfield Infrastructure Partners unitholders and Brookfield Renewable Corporation shareholders approved their own corporate simplifications. The votes of Brookfield Infrastructure Corporation shareholders and Brookfield Renewable Partners unitholders are still set for October 29, 2026.
Oct 9, 2026: 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.
Oct 1, 2026: Oaktree closed its first asset-backed finance fund at $2 billion, its target.
Sep 30, 2026: 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.
Sep 28, 2026: 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.
Sep 21, 2026: 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.
Sep 17, 2026: At its 2026 Investor Day, Brookfield said plan value was about $67 per share at June 30, 2026, down from $68 a year earlier. The total fell from $161 billion to $158 billion. Brookfield kept its target of $140 per share, but the target date is now 2031, one year later than in 2025. The plan assumes growth of 16% a year. In 2025, plan value had grown 22% and was above its path.
Sep 16, 2026: 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.
Sep 15, 2026: 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.
Sep 4, 2026: 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.
Aug 13, 2026: 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.
Jul 31, 2026: 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.
Jul 29, 2026: The US Department of Energy selected Brookfield to develop 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.
Jul 16, 2026: 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.
Apr 1, 2026: 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.
Feb 4, 2026: 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.