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

Strong Q1 earnings + “business gets stronger” outlook - Distributable earnings (DE) $1.6B for the quarter ($6.0B over last 12 months); DE per share $0.66 (incl. realizations). - Asset Management: DE before realizations $765M for the quarter ($2.8B over last 12 months); fee-related earnings $772M and fee-bearing capital $614B (+12% YoY) → DE before realizations +7% YoY. - Management messaging: expects momentum to continue through 2026, with an emphasis that fundamentals are resilient vs. macro headlines.

Fundraising momentum + record-year expectation - Raised $67B YTD (including $21B in Q1). - Just Group investment mandate $40B and $6B for 7th vintage flagship private equity. - Fee-related earnings supported by strong momentum; management states they are well positioned to deliver a “record year” of fundraising in 2026. - Surprise/positive: Q1 benefited from a ~$120M gain from partial monetization of a tech investment (SpaceX referenced as part of a broader tech portfolio).

Real assets/operating platforms: leasing strength + cash-flow resilience - Real estate fundamentals “very strong”; Super Core + Core Plus >95% occupied and signing leases at materially above expiring rents. - Leasing detail (quarter): 1.6M sq ft commenced in retail at +11% vs prior levels; 2.6M sq ft globally in office at +15% net rents vs expiring; notable examples include U.S. lease at >2x expiring and Canada lease at +30%, plus embedded upside expected as leases commence. - Super Core same-store NOI growth: +2% in the quarter. - Operating businesses cash flows: $360M DE for quarter and $1.5B over last 12 months; infrastructure/private equity/energy +19% YoY in operating funds from operations.