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

Strong core earnings + momentum (growth, capital deployment, fundraising) - Distributable earnings (DE) before realizations: $1.4B in the quarter (+15% YoY per share); $5.7B over the last 12 months. - Fee-related earnings up: +20% YoY driven by fee-bearing capital up 19% to $672B at quarter-end. - Fundraising record: $77B in the quarter (management says they’re on track for another record year), including $17B into flagship strategies (notably $7B PE “7th vintage” and $9B infra “6th vintage,” on track to be largest in their series).

Wealth Solutions / Just Group integration: solid start, focused strategy - Wealth Solutions DE: $480M in the quarter (+23% YoY); $1.8B over last 12 months. - Just Group contribution: first full quarter contribution; Just generated ~$29M earnings in the first quarter of ownership, guided as ~12% going-in ROE. - Strategy levers (near-term): simplify Just, exit early-stage/DSA initiatives, and reduce cost base (management says Just’s cost structure is 2x–3x some competitors, so cost discipline is key). - Medium-term expansion expectations: use Brookfield origination/investment capabilities to improve investment yields/spreads and grow; also expand retail annuity distribution via bank/broker channels (new bank channels contributed ~$200M sales in the quarter; expected to become meaningful as they scale).

Real assets performing well; monetization building - Operating businesses DE: $361M in the quarter; $1.5B over last 12 months—described as resilient/stable cash flows. - Real estate strength: occupancy >95% for supercore/core-plus; strong leasing with net rents ~12% higher for commenced leases and office signed leases averaging ~19% higher net rents vs expiring. - Monetizations year-to-date: ~$40B asset sales; examples include: - AI/data center infrastructure: IPO of Evoque; ~$1.2B proceeds, Brookfield retains 64%. - Real estate: sale of 1 Churchill Place (£750M). - Private equity: sale of Multiplex ($650M). - Carried interest: realized $121M net carried interest this quarter; accumulated unrealized $12.5B.