Brookfield Finance Inc - 4.625% NT REDEEM 16/10/2080 USD 25

Strong Q3 operating + earnings momentum (with realized carry accelerating): Distributable earnings (DE) were $1.7B (+16% YoY) or $0.73/share. DE before realizations was $1.5B (+14% YoY), and the quarter included $222M of net carried interest (realizations) into income. Company deployed $54B across the platform and monetized $20B of assets in the quarter; management expects carried-interest realizations to accelerate in 2027 given a strong monetization pipeline.

Asset management fundraising remains very strong (supports fee growth): Raised $25B in Q3 (YTD $123B)—on track for a record fundraising year. Fee-bearing capital grew +13% to $682B, driving +15% fee-related earnings YoY. Notable infrastructure fundraising: $1.2B (private wealth strategy) and $1.5B (super-core infrastructure) in the quarter; $13B of additional commitments post-quarter-end for the sixth infrastructure flagship, bringing total committed to $26B with first close expected in coming weeks.

Wealth Solutions delivered record earnings; higher-rate tailwind + redeployment: Wealth Solutions (BWS) DE was $511M (+22% YoY) or $0.22/share; $1.9B over last 12 months. Management originated $4B of annuity sales in the quarter (supported by U.S. broker-dealer channel expansion) and deployed $13B capital (including $8B into Brookfield real asset strategies). Net investment yield rose to 5.7% (+16 bps), aided by redeploying cash/short-duration investments into higher-yielding U.S. Treasuries. Key outlook: continue disciplined growth targeting 15%+ equity returns; expand retirement distribution relationships and derisk/strengthen protection underwriting.