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

Strong Q3 results + growing carried interest (financial outlook: continued momentum) - Distributable earnings (DE): $1.7B (+16% YoY, $0.73/share). - DE before realizations: $1.5B (+14% YoY, $0.64/share). - Realized net carried interest: $222M (into income); management expects carried-interest realizations to accelerate, with a meaningful step-up in 2027 driven by a large monetization pipeline ($13B of gross accumulated unrealized carried interest). - Forecast/expectations: Q4 expected to remain strong; step-up is most material in 2027.

Fundraising and fee growth: “record year” trajectory - Capital raised: $25B in Q3 → $123B YTD, on track for a record fundraising year. - Fee-bearing capital: $682B (+13% YoY) → fee-related earnings +15% YoY. - Infrastructure fundraising highlights: $1.2B (private wealth strategy) and $1.5B (super-core infra strategy) in the quarter; post-quarter +$13B commitments for the next flagship infrastructure fund → $26B committed; first close expected in coming weeks.

Wealth Solutions (BWS) outperformance + deployment yield uplift - BWS DE: $511M (+22% YoY, $0.22/share); $1.9B over last 12 months ($0.79/share). - Deployment: $13B capital deployed in Q3, including $8B into Brookfield strategies (real asset allocation emphasized). - Net investment yield: up due to redeploying cash/short-duration holdings into higher-yield U.S. Treasuries late Q3/Q4; net investment yield increased 16 bps to 5.7%. - Origination: $4B annuity sales (supported by expanding U.S. broker-dealer channels).