Brookfield Announces Results of Conversion of its Series 24 Preference Shares

Brookfield (NYSE: BN, TSX: BN) reported the results of the election to convert its Cumulative Class A Preference Shares, Series 24 (TSX: BN.PR.R) into Series 25.

Rhea-AI Summary

Brookfield (NYSE: BN, TSX: BN) reported the results of the election to convert its Cumulative Class A Preference Shares, Series 24 (TSX: BN.PR.R) into Series 25. Only 1,400 Series 24 Shares were tendered, below the required 1,000,000, so no conversion will occur and holders will retain their Series 24 Shares.

Argus Jun 23 session

-0.43% close to close Open Argus

Details

News Market Reaction – BN

On Jun 23, the first trading day after this news, BN closed 0.43% below the previous close.

Data tracked by StockTitan Argus for the Jun 23 session.

Key Figures

Series 24 shares tendered: 1,400 shares Minimum for conversion: 1,000,000 shares

Series 24 shares tendered

1,400 shares

Number of Series 24 Preference Shares submitted for conversion into Series 25

Minimum for conversion

1,000,000 shares

Threshold of Series 24 shares required to effect conversion into Series 25

Historical Context

5 past events · Latest: Jun 05

5 events

1. Jun 05

   Loan portfolio purchase

   24h Move

   -1.0%

   Acquisition of about $890M in multifamily commercial real estate loans from Sunflower.

2. Jun 01

   Preferred dividend reset

   24h Move

   +0.6%

   Reset fixed and floating dividend rates on Series 24 and potential Series 25 shares.

3. May 27

   Sustainability report

   24h Move

   +0.1%

   GrafTech released its 2025 Sustainability Report outlining ESG initiatives and decarbonization role.

4. May 26

   Corporate simplification

   24h Move

   -0.0%

   Boards approved transaction to create single listed company Brookfield Corporation Ltd. under BN ticker.

5. May 14

   Earnings results

   24h Move

   +5.4%

   Reported strong Q1 2026 distributable earnings and fee-bearing capital growth with increased insurance assets.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

cumulative class a preference shares

1 terms

cumulative class a preference shares financial

"conversion of its Cumulative Class A Preference Shares, Series 24 (the “Series 24 Shares”)"

A class A cumulative preference share is a type of preferred stock that gives its holder a higher claim on dividends and assets than common shareholders and belongs to a specific series labeled “Class A.” “Cumulative” means any dividends the company skips are recorded and must be paid later before common shareholders get paid, like a ticket that guarantees you will be served after those ahead are finished. Investors care because these shares offer more predictable income and greater protection in payouts and liquidations, though they often carry limited voting rights.

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BROOKFIELD, NEWS, June 22, 2026 (GLOBE NEWSWIRE) -- Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 24 (the “Series 24 Shares”) (TSX: BN.PR.R) into Cumulative Class A Preference Shares, Series 25 (the “Series 25 Shares”), there were 1,400 Series 24 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 25 Shares. Accordingly, there will be no conversion of Series 24 Shares into Series 25 Shares and holders of Series 24 Shares will retain their Series 24 Shares.

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Asset Management, Wealth Solutions, and our Operating Businesses which are in energy, infrastructure, private equity, and real estate.

We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

For more information, please contact:

Communications & Media: Kerrie McHugh  Tel: (212) 618-3469 Email: kerrie.mchugh@brookfield.com

Investor Relations: Katie Battaglia Tel: (416) 359-8544 Email: katie.battaglia@brookfield.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Brookfield (BN) announce about its Series 24 preference share conversion on June 22, 2026?

Brookfield announced that the proposed conversion of its Cumulative Class A Preference Shares, Series 24 into Series 25 will not proceed. According to Brookfield, only 1,400 Series 24 Shares were tendered, below the required one million shares threshold.

Why will Brookfield's Series 24 preference shares (TSX: BN.PR.R) not convert into Series 25?

The Series 24 preference shares will not convert because the minimum participation requirement was not met. According to Brookfield, just 1,400 Series 24 Shares were tendered for conversion, while at least one million shares were needed to give effect to the Series 25 conversion.

What happens to holders of Brookfield's Cumulative Class A Preference Shares, Series 24 after the failed conversion?

Holders of the Cumulative Class A Preference Shares, Series 24 will keep their existing Series 24 Shares. According to Brookfield, no conversion into Series 25 Shares will occur, so investors remain in the original Series 24 issue without change from this election.

How many Brookfield Series 24 preference shares were tendered for conversion to Series 25?

A total of 1,400 Series 24 preference shares were tendered for conversion into Series 25. According to Brookfield, this figure was significantly below the minimum requirement of one million shares, preventing the automatic creation of the Series 25 share series.

What was the minimum threshold for Brookfield (BN) to convert Series 24 shares into Series 25 shares?

The minimum threshold was one million Series 24 Shares tendered for conversion to Series 25. According to Brookfield, participation reached only 1,400 shares, so the specified requirement was not satisfied and no Series 24 to Series 25 conversion will take place.