Brookfield (NYSE: BN) completed a C$250,000,000 offering of Class A Preference Shares, Series 54 on Nov 26, 2025, issuing 10,000,000 shares at C$25.00 each (including 2,000,000 shares from the underwriters' option).
Series 54 pays a cumulative quarterly fixed dividend with an annual yield of 5.65% through Dec 31, 2030; thereafter the rate resets every five years to the greater of the 5-year Canada bond yield +2.80% or 5.65%. Series 54 began trading on the TSX under BN.PF.M. Brookfield intends to use net proceeds to redeem all outstanding Series 44 on Dec 31, 2025 at C$25.00 per share; holders of record on Dec 15, 2025 will receive the declared quarterly dividend of C$0.3125 payable Dec 31, 2025.
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Positive
Raised C$250,000,000 from Series 54 offering
Issued 10,000,000 Series 54 shares at C$25.00
Fixed yield 5.65% annually through Dec 31, 2030
Negative
Plan to redeem all Series 44 for cash on Dec 31, 2025 at C$25.00
Series 54 not available to U.S. persons, limiting U.S. investor access
News Market Reaction
+1.19%
1 alert
+1.19%News Effect
On the day this news was published, BN gained 1.19%, reflecting a mild positive market reaction.
Peers showed mixed moves: BAM -1.82%, APO +0.84%, KKR +0.87%, ARES -0.63%, BLK +1.57%, suggesting this financing news was stock-specific rather than a broad sector driver.
Scheduling of Q3 2025 results release and investor conference call.
Pattern Detected
Recent BN news has mostly seen price moves align with the tone of announcements, except for a notably negative reaction to strong Q3 results.
Recent Company History
This announcement continues a recent pattern of balance-sheet and capital-structure activity. On Nov 13, 2025, Brookfield reported strong Q3 results, with LTM distributable earnings of $5.4 billion and deployable capital of $178 billion, yet shares fell 6.63%. Subsequent debt redemption and this preferred share issuance support ongoing liability management. Earlier community-focused and conference-call news had modest, generally aligned reactions, suggesting operational and financial updates have driven most of the recent narrative.
Market Pulse Summary
This announcement outlines a C$250,000,000 preferred share financing and concurrent capital-structur...
Analysis
This announcement outlines a C$250,000,000 preferred share financing and concurrent capital-structure adjustment. Brookfield issued 10,000,000 Series 54 shares at C$25.00 with an initial 5.65% dividend, and plans to redeem Series 44 at C$25.00 per share while paying the declared C$0.3125 dividend. In context of recent debt redemptions and strong Q3 results, investors may track future funding actions, dividend commitments, and liability maturities.
Key Terms
bought deal, underwriters’ option, cumulative quarterly fixed dividend, 5-year Government of Canada bond yield, +1 more
5 terms
bought dealfinancial
"The Offering was underwritten on a bought deal basis by a syndicate..."
A bought deal is a type of securities offering where an investment bank agrees to purchase the entire share or bond issue from a company up front and then resells it to investors, acting like a wholesaler who guarantees the sale. For investors, it matters because it gives the company fast, certain access to cash while potentially signaling pricing pressure or dilution—meaning the shares may be sold at a discount and existing holders could see their ownership reduced.
underwriters’ optionfinancial
"issued pursuant to the exercise, in full, of the Underwriters’ option..."
An underwriters’ option is a provision in a securities offering that lets the group selling the new shares buy a fixed extra amount (often up to 15%) from the issuer after the sale. It acts like a short-term safety valve: if demand is strong, underwriters exercise the option and supply extra shares; if the price falls, they can use the option to stabilize the market. For investors this matters because it affects how many shares come to market, potential short-term dilution, and post-offering price stability—similar to having a reserve supply to smooth out sudden swings.
cumulative quarterly fixed dividendfinancial
"entitled to receive a cumulative quarterly fixed dividend yielding 5.65%..."
A cumulative quarterly fixed dividend is a set payment that a company promises to pay holders of certain shares every three months at a fixed amount or rate; if the company skips a payment, the missed amounts stack up and must be paid later before common shareholders receive dividends. Think of it like a standing monthly bill the company owes investors — it provides predictable income and extra protection for investors because unpaid amounts accumulate and take payment priority, which can affect a company’s cash flow and the market value of those shares.
5-year Government of Canada bond yieldfinancial
"rate equal to the greater of: (i) the 5-year Government of Canada bond yield..."
The 5-year Government of Canada bond yield is the annual interest rate investors receive for lending money to the Canadian government for five years, expressed as a percentage. It acts like a benchmark price for shorter-term borrowing: when this yield moves, it changes borrowing costs across the economy, influences mortgage and corporate loan rates, and alters how investors value stocks and other bonds by shifting expected returns and perceived risk.
U.S. Securities Actregulatory
"exemption from the registration requirements under the U.S. Securities Act."
A U.S. securities act is a federal law that requires companies to disclose clear, detailed information before offering stocks or bonds to the public and prohibits false or misleading statements. Think of it as a product label and consumer-protection rule for investments: it helps investors know what they’re buying and provides legal remedies if information is withheld or deceptive, which can affect confidence, pricing and the ability of companies to raise money.
AI-generated analysis. Not financial advice.
Not for distribution to U.S. news wire services or dissemination in the United States.
BROOKFIELD, NEWS, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced the completion of its previously announced Class A Preference Shares, Series 54 (“Preferred Shares, Series 54”) issue in the amount of C$250,000,000 (the “Offering”). The Offering was underwritten on a bought deal basis by a syndicate of underwriters (the “Underwriters”) led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc., RBC Capital Markets and TD Securities Inc.
A total of 10,000,000 Preferred Shares, Series 54 were issued at a price of C$25.00 per share, for gross proceeds of C$250,000,000. The issuance included 2,000,000 Preferred Shares, Series 54 issued pursuant to the exercise, in full, of the Underwriters’ option granted by Brookfield to the Underwriters in the Offering. Holders of the Preferred Shares, Series 54 will be entitled to receive a cumulative quarterly fixed dividend yielding 5.65% annually for the initial period ending December 31, 2030. Thereafter, the dividend rate will be reset every five years at a rate equal to the greater of: (i) the 5-year Government of Canada bond yield plus 2.80%, and (ii) 5.65%. The Preferred Shares, Series 54 will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BN.PF.M. The Preferred Shares, Series 54 may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.
Brookfield intends to use the net proceeds from the Offering to redeem all of its outstanding Cumulative Class A Preference Shares, Series 44 ("Preferred Shares, Series 44") (TSX: BN.PF.H) for cash on December 31, 2025. The redemption price for each share will be C$25.00. Holders of Preferred Shares, Series 44 of record as of December 15, 2025 will receive the previously declared quarterly dividend of C$0.3125 per share, payable on December 31, 2025.
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: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, 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).
Investor Relations: Katie Battaglia Tel: (416) 359-8544 Email: katie.battaglia@brookfield.com
FAQ
What did Brookfield announce on Nov 26, 2025 about Series 54 (BN)?
Brookfield completed a C$250,000,000 offering of Series 54, issuing 10,000,000 shares at C$25.00 each.
What dividend does Brookfield Series 54 (BN.PF.M) pay and when does it reset?
Series 54 pays a cumulative quarterly dividend yielding 5.65% annually through Dec 31, 2030; thereafter it resets every five years to the greater of the 5-year Canada bond yield plus 2.80% or 5.65%.
When will Brookfield redeem Series 44 and at what price (BN.PF.H)?
Brookfield intends to redeem all outstanding Series 44 for cash on Dec 31, 2025 at a redemption price of C$25.00 per share.
Who is eligible to buy Brookfield Series 54 (BN.PF.M) in this offering?
Series 54 may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption.
What will holders of Series 44 receive before the Dec 31, 2025 redemption?
Holders of record as of Dec 15, 2025 will receive the previously declared quarterly dividend of C$0.3125 payable on Dec 31, 2025.
What TSX ticker does Brookfield Series 54 trade under and when did it start?
Series 54 commenced trading on the Toronto Stock Exchange under the ticker BN.PF.M on the morning of Nov 26, 2025.
