Brookfield Finance I (UK) plc - 4.50% NT PERPETUAL USD 25

Strong Q1 2026 earnings + “getting stronger through the year” tone - Total DE (including realizations): $1.6B in the quarter ($0.66/share), ~$6B over last 12 months ($2.54/share). - DE before realizations: $1.4B ($0.59/share), +7% YoY. - Management emphasized that fundamentals are intact and expect momentum to continue through 2026, including a potential realizations inflection in 2H26.

Asset Management: fundraising momentum + fee growth driving earnings - Asset Management DE: $765M in Q1 ($0.32/share); $2.8B over 12 months. - Raised capital: $67B YTD including $21B in the quarter (notably $40B investment mandate from Just Group + $6B for a 7th-vintage flagship private equity strategy). - Fee-bearing capital: $614B (+12% YoY); fee-related earnings: $772M (+11% YoY). - Mentioned a ~$120M gain from partial monetization of a technology investment. - Opportunity: continued fundraising strength positions them for a record fundraising year in 2026.

Operating businesses: resilient cash flows; real estate recovery “quality-led” - Operating businesses DE: $360M in Q1 ($0.15/share); $1.5B over 12 months; operating funds from operations (+19% YoY) for infrastructure/private equity/energy. - Real estate: Super Core + Core Plus occupancy >95%, with leasing at rents materially above expiring levels; management highlighted embedded upside from leasing velocity and take-up. - Leasing examples (illustrative): - Retail: 1.6M sq ft commenced, rents +11% vs prior. - Office: 2.6M sq ft signed, avg net rents +15% vs expiring (including U.S. +2x and Canada +30%; Exchange Tower lease in Toronto ~203k sq ft). - Surprising/constructive macro stance: CEO argued market narratives (e.g., rates/geopolitics/software/private credit headlines) are often over-weighted vs real cash-flow fundamentals.