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

Strong reported earnings momentum across the platform (recurring earnings growth) - Distributable earnings (DE) before realizations: $1.4B in Q2 (+15% YoY), and $5.7B over the last 12 months. - Per-share: $0.61 (Q2, +15% YoY vs prior-year quarter); last 12 months $2.39 per share. - Total DE including realizations: $1.5B in Q2 ($0.66/share), $6.2B over last 12 months ($2.61/share).

Fundraising + deployment + monetization remain active (supports compounding) - Capital raised: $98B in the first half; $77B raised in Q2 alone (record fundraising). - Deployment: $100B deployed in first half. - Monetizations / asset sales: $40B monetized year-to-date; $130B additional assets financed. - Fee-bearing capital: $672B at quarter-end (+19% QoQ/YoY referenced as +19%, driving +20% fee-related earnings growth). - Quarter real highlights: Infrastructure and real estate monetizations (e.g., Evoque IPO generating ~$1.2B proceeds; Churchill Place sale £750M; Multiplex sale $650M).

Wealth Solutions (Just Group + organic growth) is a key driver; near-term focus is execution + cost discipline - Wealth Solutions DE: $480M in Q2 (+23% YoY), $1.8B over last 12 months ($0.75/share). - Just Group integration: Just contributed ~$29M earnings in the first quarter since closing (April), implying ~12% going-in ROE. - Platform growth: $5B annuity sales in the quarter; insurance assets >$190B (including $45B from Just). - Key profitability drivers: underwriting discipline in P&C (99% combined ratio), and investment yields (noted ~5.7% average net investment income yield; gross spread ~2.2%). - What they plan to do to ramp returns: simplify Just (exit/stop early-stage initiatives), reduce cost base (competitors cited as 2–3x lower cost), and scale origination via Brookfield investment capabilities into pension risk transfer / annuity markets.