Brookfield Completes C$250 Million Preferred Share Issue

Rhea-AI Summary

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.

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

Insights

Capital Markets Analyst

Brookfield raised C$250,000,000 via Series 54 preferred shares to fund a cash redemption of Series 44 on December 31, 2025.

The issuance sold 10,000,000 Class A Preference Shares, Series 54 at C$25.00 each, including a 20% overallotment exercise, generating gross proceeds of C$250,000,000. The shares carry a cumulative quarterly fixed dividend that yields 5.65% annually until December 31, 2030, then resets every five years to the greater of the 5‑year Government of Canada bond yield plus 2.80% or 5.65%. Trading will commence on the Toronto Stock Exchange under BN.PF.M.

This transaction is a straight capital markets refinancing: net proceeds will be used to redeem all outstanding Series 44 preferred shares at C$25.00 per share on December 31, 2025, with the record date for the prior dividend set at December 15, 2025. Key dependencies include the actual net proceeds after fees and successful redemption execution on the stated date. Watch the announced redemption on December 31, 2025 and any fees or changes to the intended use of proceeds within the next two weeks that could alter the intended liability profile or cash outflow.

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).

For more information, please contact:
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

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.