NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. ORGANIZATION AND CAPITAL MANAGEMENT
Brookfield Corporation (the “Corporation”) is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. References in these financial statements to “Brookfield,” “us,” “we,” “our” or “the company” refer to the Corporation and its direct and indirect subsidiaries and consolidated entities. The Corporation is listed on the New York and Toronto stock exchanges (“NYSE” and “TSX”, respectively) under the symbol BN. The Corporation was formed by articles of amalgamation under the Business Corporations Act (Ontario) and is registered in Ontario, Canada. The registered office of the Corporation is Brookfield Place, 181 Bay Street, Suite 100, Toronto, Ontario, M5J 2T3.
Capital Management
The company utilizes the Corporation’s capital to manage the business in a number of ways, including operating performance, value creation, credit metrics and capital efficiency. The performance of the Corporation’s capital is closely tracked and monitored by the company’s key management personnel and evaluated relative to management’s objectives. The primary goal of the company is to earn a 15%+ return compounded over the long term while always maintaining excess capital to support ongoing operations.
The Corporation’s capital consists of the capital invested in its Asset Management business, including investments in entities that it manages, its Wealth Solutions business, its corporate investments that are held outside of managed entities, and its net working capital. The Corporation’s capital is funded with common equity, preferred equity and corporate borrowings issued by the Corporation.
As at March 31, 2025, the Corporation’s capital totaled $60.1 billion (December 31, 2024 – $60.4 billion), and is computed as follows:
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AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | 2025 | | 2024 |
| Cash and cash equivalents | $ | 134 | | | $ | 820 | |
| Other financial assets | 1,537 | | | 1,234 | |
| Common equity in investments | 56,822 | | | 56,147 | |
| Other assets and liabilities of the Corporation | 1,607 | | | 2,238 | |
| Corporation’s Capital | $ | 60,100 | | | $ | 60,439 | |
| Corporation’s Capital is comprised of the following: | | | |
| Common equity | $ | 41,160 | | | $ | 41,874 | |
| Preferred equity | 4,103 | | | 4,103 | |
| Non-controlling interest | 230 | | | 230 | |
| Corporate borrowings | 14,607 | | | 14,232 | |
| $ | 60,100 | | | $ | 60,439 | |
The Corporation generates returns on its capital through management fees and performance revenues earned through its Asset Management business, distributable earnings from its Wealth Solutions business, distributions or dividends earned from its capital invested in managed entities, and through performance of the Corporation’s financial assets. Prudent levels of corporate borrowings and preferred equity are utilized to enhance returns to shareholders’ common equity.
70 BROOKFIELD CORPORATION
A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at March 31, 2025 is as follows:
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AS AT MAR. 31, 2025 (MILLIONS) | | | The Corporation | | Investments | | Elimination1 | | Total Consolidated | |
| Cash and cash equivalents | | | $ | 134 | | | $ | 12,303 | | | $ | — | | | $ | 12,437 | | |
| Other financial assets | | | 1,537 | | | 28,459 | | | — | | | 29,996 | | |
Accounts receivable and other1 | | | 2,966 | | | 29,163 | | | (1,626) | | | 30,503 | | |
| Inventory | | | — | | | 8,706 | | | — | | | 8,706 | | |
| Assets classified as held for sale | | | — | | | 13,567 | | | — | | | 13,567 | | |
| Equity accounted investments | | | 2,313 | | | 67,092 | | | — | | | 69,405 | | |
| Investment properties | | | 17 | | | 95,943 | | | — | | | 95,960 | | |
| Property, plant and equipment | | | 104 | | | 152,804 | | | — | | | 152,908 | | |
| Intangible assets | | | 83 | | | 37,136 | | | — | | | 37,219 | | |
| Goodwill | | | — | | | 37,024 | | | — | | | 37,024 | | |
| Deferred income tax assets | | | 389 | | | 3,463 | | | — | | | 3,852 | | |
Accounts payable and other1 | | | (3,772) | | | (50,656) | | | 1,626 | | | (52,802) | | |
| Liabilities associated with assets classified as held for sale | | | — | | | (5,993) | | | — | | | (5,993) | | |
| Deferred income tax liabilities | | | (493) | | | (24,141) | | | — | | | (24,634) | | |
| Subsidiary equity obligations | | | — | | | (3,354) | | | — | | | (3,354) | | |
| Total | | | 3,278 | | | 401,516 | | | — | | | 404,794 | | |
Common equity in investments2 | | | 56,822 | | | — | | (56,822) | | | — | | |
| Corporation’s Capital | | | 60,100 | | | 401,516 | | | (56,822) | | | 404,794 | | |
| Less: | | | | | | | | | | |
| Corporate borrowings | | | 14,607 | | | — | | | — | | | 14,607 | | |
| Non-recourse borrowings of managed entities | | | — | | | 231,257 | | | — | | | 231,257 | | |
| Amounts attributable to preferred equity | | | 4,103 | | | — | | | — | | | 4,103 | | |
| Amounts attributable to non-controlling interests | | | 230 | | | 113,437 | | | — | | | 113,667 | | |
| Common equity | | | $ | 41,160 | | | $ | 56,822 | | | $ | (56,822) | | | $ | 41,160 | | |
1.Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $1.6 billion and $1.6 billion, respectively, between entities within the Corporation and its investments.
2.Represents the carrying value of the Corporation’s investments.
Common equity in investments is a measure routinely evaluated by our company’s key management personnel and represents the net equity in our consolidated financial statements outside of our Corporate Activities. This measure is equal to the sum of the common equity in our Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity, and Real Estate operating segments.
On February 4, 2025, the Corporation exchanged its Brookfield Asset Management ULC ("BAM ULC") shares for newly-issued Brookfield Asset Management Ltd. ("BAM") Class A shares, on a one-for-one basis. Following the transaction, the Corporation owns 73% of BAM, which is presented on a consolidated basis and in turn owns 100% of BAM ULC.
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A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2024 is as follows:
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AS AT DEC. 31, 2024 (MILLIONS) | | | The Corporation | | Investments | | Elimination1 | | Total Consolidated | |
| Cash and cash equivalents | | | $ | 820 | | | $ | 14,231 | | | $ | — | | | $ | 15,051 | | |
| Other financial assets | | | 1,234 | | 24,653 | | — | | | 25,887 | | |
Accounts receivable and other1 | | | 3,092 | | 28,281 | | (1,155) | | | 30,218 | | |
| Inventory | | | — | | 8,458 | | — | | | 8,458 | | |
| Assets classified as held for sale | | | — | | 10,291 | | — | | | 10,291 | | |
| Equity accounted investments | | | 2,488 | | 65,822 | | — | | | 68,310 | | |
| Investment properties | | | 16 | | 103,649 | | — | | | 103,665 | | |
| Property, plant and equipment | | | 113 | | 152,906 | | — | | | 153,019 | | |
| Intangible assets | | | 85 | | 35,987 | | — | | | 36,072 | | |
| Goodwill | | | — | | 35,730 | | — | | | 35,730 | | |
| Deferred income tax assets | | | 342 | | 3,381 | | — | | | 3,723 | | |
Accounts payable and other1 | | | (3,368) | | | (53,289) | | | 1,155 | | | (55,502) | | |
| Liabilities associated with assets classified as held for sale | | | — | | | (4,721) | | | — | | | (4,721) | | |
| Deferred income tax liabilities | | | (530) | | | (24,737) | | | — | | | (25,267) | | |
| Subsidiary equity obligations | | | — | | | (4,759) | | | — | | | (4,759) | | |
| Total | | | 4,292 | | | 395,883 | | | — | | | 400,175 | | |
Common equity in investments2 | | | 56,147 | | — | | (56,147) | | | — | | |
| Corporation’s Capital | | | 60,439 | | | 395,883 | | | (56,147) | | | 400,175 | | |
| Less: | | | | | | | | | | |
| Corporate borrowings | | | 14,232 | | | — | | | — | | | 14,232 | | |
| Non-recourse borrowings of managed entities | | | — | | 220,560 | | — | | | 220,560 | | |
| Amounts attributable to preferred equity | | | 4,103 | | | — | | | — | | | 4,103 | | |
| Amounts attributable to non-controlling interests | | | 230 | | | 119,176 | | | — | | | 119,406 | | |
| Common equity | | | $ | 41,874 | | | $ | 56,147 | | | $ | (56,147) | | | $ | 41,874 | | |
1.Contains the gross up of intercompany balances, including accounts receivable and other, and accounts payable and other of $1.2 billion and $1.2 billion, respectively, between entities within the Corporation and its investments.
2.Represents the carrying value of the Corporation’s investments.
72 BROOKFIELD CORPORATION
2. MATERIAL ACCOUNTING POLICY INFORMATION
a)Statement of Compliance
The consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”) on a basis consistent with the accounting policies disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2024, except as disclosed below.
The consolidated financial statements should be read in conjunction with the most recently issued consolidated financial statements of the company for the year ended December 31, 2024 which includes information necessary or useful to understanding the company’s businesses and financial statement presentation. In particular, the company’s accounting policies were presented in Note 2, Material Accounting Policy Information, of the consolidated financial statements for the year ended December 31, 2024 that were included in that report.
The consolidated financial statements are unaudited and reflect any adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for fair statement of results for the interim periods in accordance with IFRS Accounting Standards as issued by the IASB.
The results reported in these consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. The consolidated financial statements were authorized for issuance by the Board of Directors of the Corporation on May 7, 2025.
b) Estimates
The preparation of the interim financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates and assumptions. It also requires management to exercise judgment in applying the company’s accounting policies. The accounting policies and critical estimates and assumptions have been set out in Note 2, Material Accounting Policy Information, of the company’s consolidated financial statements for the year ended December 31, 2024 and have been consistently applied in the preparation of the interim financial statements as at and for the three months ended March 31, 2025.
c) Future Changes in Accounting Standards
i. Amendments to IFRS 9, Financial Instruments (“IFRS 9”) and IFRS 7, Financial Instruments: Disclosures (“IFRS 7”) - Classification and Measurement of Financial Instruments
In May 2024, the IASB issued amendments which clarify the requirements for the timing of recognition and derecognition of financial liabilities settled through an electronic cash transfer system, add further guidance for assessing the contractual cash flow characteristics of financial assets with contingent features, and add new or amended disclosures relating to investments in equity instruments designated at FVOCI and financial instruments with contingent features. The amendments to IFRS 9 and IFRS 7 are effective for periods beginning on or after January 1, 2026, with early adoption permitted. The Corporation is currently assessing the impact of these amendments.
ii. IFRS 18, Presentation and Disclosure of Financial Statements (“IFRS 18”)
In April 2024, the IASB issued IFRS 18 to replace IAS 1 Presentation of Financial Statements (“IAS 1”). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 aims to improve financial reporting by requiring additional defined subtotals in the statement of profit or loss, requiring disclosures about management defined performance measures, and adding new principles for the aggregation and disaggregation of items. The Corporation is currently assessing the impact of these amendments.
There are currently no other future changes to IFRS Accounting Standards with expected material impacts on the company.
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3. SEGMENTED INFORMATION
a) Operating Segments
Our operations are organized into six business groups in addition to our corporate activities, which collectively represent seven operating segments for internal and external reporting purposes. Our operating segments are as follows:
The Corporation:
i.Corporate Activities include the investment of cash and financial assets, as well as the management of our corporate leverage, including corporate borrowings and preferred equity, which fund a portion of the capital invested in our other operations. Certain corporate costs such as technology and operations are allocated to each operating segment based on an internal pricing framework.
Asset Management:
i.The Asset Management business includes managing long-term private funds, perpetual strategies and liquid strategies on behalf of our investors and ourselves. We generate contractual base management fees for these activities as well as incentive distributions and performance income, including performance fees, transaction fees and carried interest. We also include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within the results of our Asset Management business. These investments include flagship real estate private funds that are managed by BAM with long-term track records of earning strong returns, as well as capital invested in other real estate, private equity, opportunistic and other credit funds managed by BAM, and other investments.
Wealth Solutions:
i.The Wealth Solutions business includes our equity accounted interest in Brookfield Wealth Solutions Ltd. (“BWS”), a wealth solutions provider focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions.
Operating Businesses:
i.The Renewable Power and Transition business includes the ownership, operation and development of hydroelectric, wind, utility-scale solar power generating assets, distributed energy, and sustainable solutions.
ii.The Infrastructure business includes the ownership, operation and development of utilities, transport, midstream, and data assets.
iii.The Private Equity business includes a broad range of industries, and is mostly focused on ownership and operations in the business services and industrials sectors.
iv. The Real Estate business includes the ownership, operation and development of core and transitional and development investments (including residential development properties).
b) Segment Financial Measures
For our Asset Management and Wealth Solutions segments, we primarily measure operating performance using distributable earnings (“DE”). Net operating income (“NOI”) is the key performance metric for our Real Estate segment, and Funds from Operations (“FFO”) is used for our other operating segments. We also provide the amount of capital invested by the Corporation in each segment using common equity.
These metrics are used by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis.
Our segment financial measures are defined as follows:
i. Distributable Earnings
DE from our Asset Management segment is defined as the earnings received by the Corporation that are available for distribution to common shareholders or to be reinvested in the business. It is calculated as the sum of distributable earnings from our Asset Management business and realized carried interest, net of equity-based compensation costs. DE from our Asset Management segment includes fees, net of the associated costs, that we earn from managing capital in our perpetual affiliates, private funds and liquid strategies accounts. We are also eligible to earn incentive payments in the form of incentive distributions, performance fees or carried interest. Our Asset Management segment distributes substantially all of its distributable earnings as a dividend to its shareholders; therefore, DE represents our profitability from our Asset Management segment. We do not use DE as a measure of cash generated from our operations.
Distributable earnings from our Wealth Solutions segment is equivalent to its distributable operating earnings (“DOE”), which is calculated as our share of equity accounted net income from our Wealth Solutions segment, excluding the impact of
74 BROOKFIELD CORPORATION
depreciation and amortization, deferred income taxes, net income from our equity accounted investments, mark-to-market on investments and derivatives, breakage and transaction costs, and is inclusive of our proportionate share of DOE from investments in associates.
ii. Net Operating Income
NOI from our Real Estate segment is defined as: i) property-specific revenues from our commercial properties operations less direct commercial property expenses before the impact of depreciation and amortization; and ii) revenues from our hospitality operations less direct hospitality expenses before the impact of depreciation and amortization. NOI represents an income-generating property’s profitability before adding costs from financing or taxes, and is a strong indication of our Real Estate business’ ability to impact the operating performance of its properties through proactive management and leasing. Depreciation and capital expenditures are excluded from NOI as we believe that the value of most of our properties typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. We do not use NOI as a measure of cash generated from our operations.
iii. Funds from Operations
We define FFO from our Corporate Activities segment and our Operating Businesses, excluding the Real Estate business, as net income excluding fair value changes, depreciation and amortization and deferred income taxes, net of non-controlling interests. When determining FFO, we include our proportionate share of the FFO from equity accounted investments on a fully diluted basis. FFO also includes realized disposition gains and losses, which are gains or losses arising from transactions during the reporting period, adjusted to include associated fair value changes and revaluation surplus recorded in prior periods, taxes payable or receivable in connection with those transactions and amounts that are recorded directly in equity, such as ownership changes.
FFO represents the company’s share of revenues less costs incurred within our operations, which include interest expenses and other costs. Specifically, it includes the impact of contracts that we enter into to generate revenues, including power sales agreements, contracts that our operating businesses enter into such as leases and take or pay contracts and sales of inventory. FFO includes the impact of changes in leverage or the cost of that financial leverage and other costs incurred to operate our business.
We use realized disposition gains and losses within FFO in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period FFO, and believe it is useful to investors to better understand variances between reporting periods. We exclude depreciation and amortization from FFO as we believe that the value of most of our assets typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. In addition, the depreciated cost base of our assets is reflected in the ultimate realized disposition gain or loss on disposal. As noted above, unrealized fair value changes are excluded from FFO until the period in which the asset is sold. We also exclude deferred income taxes from FFO because the vast majority of the company’s deferred income tax assets and liabilities are a result of the revaluation of our assets under IFRS Accounting Standards.
Our definition of FFO differs from the definition used by other organizations, as well as the definition of FFO used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), as opposed to IFRS Accounting Standards. The key differences between our definition of FFO and the determination of FFO by REALPAC and/or NAREIT are that we include the following: realized disposition gains or losses and cash taxes payable or receivable on those gains or losses, if any; foreign exchange gains or losses on monetary items not forming part of our net investment in foreign operations; and foreign exchange gains or losses on the sale of an investment in a foreign operation. We do not use FFO as a measure of cash generated from our operations.
We illustrate how we reconcile the financial measure for each operating segment to net income in Note 3(c)(ii) and 3(c)(iii) of the consolidated financial statements.
Segment Balance Sheet Information
We use common equity by segment as our measure of segment assets when reviewing our deconsolidated balance sheet because it is utilized by our Chief Operating Decision Maker for capital allocation decisions.
Segment Allocation and Measurement
Segment measures include amounts earned from consolidated entities that are eliminated on consolidation. The principal adjustment is to include asset management revenues charged to consolidated entities as revenues within the company’s Asset Management segment with the corresponding expenses recorded as corporate costs within the relevant segment. These amounts
Q1 2025 Interim Report 75
are based on the in-place terms of the asset management contracts between the consolidated entities. Inter-segment revenues are determined under terms that approximate market value.
The company allocates the costs of shared functions that would otherwise be included within its Corporate Activities segment, such as information technology and internal audit, pursuant to formal policies.
c) Reportable Segment Measures
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AS AT AND FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | Asset Management3 | | Wealth Solutions2 | | Renewable Power and Transition4 | | Infrastructure4 | | Private Equity4 | | Real Estate5 | | Corporate Activities4 | | Total | | Note |
| External revenues | $ | 1,984 | | | n/a | | $ | 1,846 | | | $ | 5,625 | | | $ | 6,977 | | | $ | 1,464 | | | $ | 48 | | | $ | 17,944 | | | |
Inter-segment and other revenues1 | 1,388 | | | n/a | | 3 | | | — | | | 13 | | | 18 | | | (40) | | | 1,382 | | | i |
| Segmented revenues | 3,372 | | | n/a | | 1,849 | | | 5,625 | | | 6,990 | | | 1,482 | | | 8 | | | 19,326 | | | |
DE1 | 880 | | | 430 | | | n/a | | n/a | | n/a | | n/a | | n/a | | n/a | | ii |
| FFO | n/a | | n/a | | 141 | | | 183 | | | 142 | | | n/a | | (170) | | | n/a | | ii |
| NOI | n/a | | n/a | | n/a | | n/a | | n/a | | 792 | | | n/a | | n/a | | ii |
| Common equity | 17,266 | | | 10,617 | | | 4,308 | | | 2,148 | | | 1,917 | | | 24,085 | | | (19,181) | | | 41,160 | | | |
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended March 31, 2025, $716 million of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated external or inter-segment revenues.
3.Included in the determination of DE of our Asset Management segment are direct costs of $1.9 billion, other income and gains of $nil, and interest expense of $1.1 billion, prior to the elimination of inter-segment and other amounts. For the three months ended March 31, 2025, $436 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $818 million, $3.1 billion, $4.9 billion, and $29 million, other income and gains of $5 million expense, $378 million income, $214 million income, and $nil, and interest expense of $515 million, $897 million, $828 million, and $179 million of our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, respectively, prior to the elimination of inter-segment and other amounts.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $1.1 billion, prior to the elimination of inter-segment and other amounts.
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AS AT DEC. 31, 2024 AND FOR THE THREE MONTHS ENDED MAR. 31, 2024 (MILLIONS) | Asset Management3 | | Wealth Solutions2 | | Renewable Power and Transition4 | | Infrastructure4 | | Private Equity4 | | Real Estate5 | | Corporate Activities4 | | Total | | Note |
| External revenues | $ | 2,537 | | | n/a | | $ | 1,535 | | | $ | 5,279 | | | $ | 12,167 | | | $ | 1,328 | | | $ | 61 | | | $ | 22,907 | | | |
Inter-segment and other revenues1 | 1,469 | | | n/a | | — | | | 2 | | | 14 | | | 9 | | | (43) | | | 1,451 | | | i |
| Segmented revenues | 4,006 | | | n/a | | 1,535 | | | 5,281 | | | 12,181 | | | 1,337 | | | 18 | | | 24,358 | | | |
DE1 | 838 | | | 273 | | | n/a | | n/a | | n/a | | n/a | | n/a | | n/a | | ii |
| FFO | n/a | | n/a | | 91 | | | 142 | | | 217 | | | n/a | | (213) | | | n/a | | ii |
| NOI | n/a | | n/a | | n/a | | n/a | | n/a | | 827 | | | n/a | | n/a | | ii |
| Common equity | 17,338 | | | 10,872 | | | 4,485 | | | 2,202 | | | 1,879 | | | 23,085 | | | (17,987) | | | 41,874 | | | |
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 68%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended March 31, 2024, $805 million of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated external or inter-segment revenues.
3.Included in the determination of DE of our Asset Management segment are direct costs of $2.2 billion, other income and gains of $nil, and interest expense of $1.3 billion, prior to the elimination of inter-segment and other amounts. For the three months ended March 31, 2024, $443 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.We equity account for our investment in BWS, and as such do not generate consolidated external or inter-segment revenues.
5.Included in the determination of FFO are direct costs of $707 million, $3.1 billion, $10.3 billion, and $40 million, other income and gains of $nil, $119 million, $121 million, and $nil, and interest expense of $426 million, $793 million, $846 million, and $173 million of our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, respectively, prior to the elimination of inter-segment and other amounts.
6.Included in the determination of NOI of our Real Estate segment are direct costs of $1.2 billion, prior to the elimination of inter-segment and other amounts.
i.Inter-Segment Revenues
For the three months ended March 31, 2025, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by our partner managers totaling $1.4 billion (2024 – $1.5 billion), revenues earned on construction projects between consolidated entities totaling $25 million (2024 – $17 million), and other adjustments totaling a net loss of $31 million (2024 – $35 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues.
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ii. Reconciliation of Net Income to Segment Measures of Profit or Loss
The following table reconciles net income to the total of the segments’ measures of profit or loss.
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FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS) | Note | | 2025 | | 2024 | | | | |
| Net income | | | $ | 215 | | | $ | 519 | | | | | |
| Add/(Deduct): | | | | | | | | | |
| Equity accounted fair value changes and other non-FFO items | | | 952 | | | 629 | | | | | |
| Fair value changes | | | 824 | | | (158) | | | | | |
| Depreciation and amortization | | | 2,455 | | | 2,475 | | | | | |
| Deferred income taxes | | | (159) | | | (44) | | | | | |
| Realized disposition gains in fair value changes or equity | iii | | 182 | | | 26 | | | | | |
| Non-controlling interests on above items | | | (2,999) | | | (2,485) | | | | | |
| Real Estate segment disposition gains | | | 20 | | | (21) | | | | | |
Real Estate segment adjustments and other, net1 | | | 908 | | | 1,234 | | | | | |
Total segments’ measures of profit or loss2 | | | $ | 2,398 | | | $ | 2,175 | | | | | |
1.Primarily comprised of Real Estate segment interest expense and corporate costs, net of investment income and other, net of non-controlling interests, as well as development costs on early stage projects in our Renewable Power and Transition segment.
2.Comprised of DE from our Asset Management and Wealth Solutions segments, FFO from our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment.
iii. Realized Disposition Gains
Realized disposition gains include gains and losses recorded in net income arising from transactions during the current period, adjusted to include fair value changes and revaluation surplus recorded in prior periods in connection with the assets sold. Realized disposition gains also include amounts that are recorded directly in equity as changes in ownership, as opposed to net income, because they result from a change in ownership of an entity which was consolidated before and after the respective transaction.
d) Geographic Allocation
The company’s revenues by location are as follows:
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FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS) | 2025 | | 2024 | | | | |
| U.S. | $ | 6,342 | | | $ | 6,383 | | | | | |
| U.K. | 1,700 | | | 5,518 | | | | | |
| Canada | 1,966 | | | 2,178 | | | | | |
| Australia | 1,569 | | | 1,463 | | | | | |
| Brazil | 1,177 | | | 1,351 | | | | | |
| India | 1,144 | | | 909 | | | | | |
| Colombia | 675 | | | 662 | | | | | |
| Germany | 538 | | | 588 | | | | | |
| Other Europe | 1,628 | | | 2,345 | | | | | |
| Other Asia | 654 | | | 864 | | | | | |
| Other | 551 | | | 646 | | | | | |
| $ | 17,944 | | | $ | 22,907 | | | | | |
Q1 2025 Interim Report 77
The company’s consolidated assets by location are as follows:
| | | | | | | | | | | |
AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | 2025 | | 2024 |
| U.S. | $ | 214,652 | | | $ | 210,633 | |
| Canada | 49,255 | | | 48,663 | |
| U.K. | 34,832 | | | 34,657 | |
| Australia | 29,333 | | | 29,281 | |
| India | 23,692 | | | 27,458 | |
| Brazil | 23,835 | | | 23,113 | |
| Colombia | 16,390 | | | 15,643 | |
| Germany | 11,290 | | | 10,967 | |
| Other Europe | 46,727 | | | 47,018 | |
| Other Asia | 20,644 | | | 20,339 | |
| Other | 20,927 | | | 22,652 | |
| $ | 491,577 | | | $ | 490,424 | |
78 BROOKFIELD CORPORATION
4. ACQUISITIONS OF CONSOLIDATED ENTITIES
The following table summarizes the balance sheet impact as a result of business combinations that occurred in the three months ended March 31, 2025.
| | | | | | | | | | | | | | | | | | |
AS AT MAR. 31, 2025 (MILLIONS) | | | | | | | | Private Equity and Other | | Total |
| Cash and cash equivalents | | | | | | | | $ | 42 | | | $ | 42 | |
| Accounts receivable and other | | | | | | | | 293 | | | 293 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Property, plant and equipment | | | | | | | | 120 | | | 120 | |
| Intangible assets | | | | | | | | 846 | | | 846 | |
| Goodwill | | | | | | | | 699 | | | 699 | |
| | | | | | | | | | |
| Total assets | | | | | | | | 2,000 | | | 2,000 | |
| Less: | | | | | | | | | | |
| Accounts payable and other | | | | | | | | (166) | | | (166) | |
| | | | | | | | | | |
| | | | | | | | | | |
| Deferred income tax liabilities | | | | | | | | (81) | | | (81) | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | (247) | | | (247) | |
Net assets acquired1 | | | | | | | | $ | 1,753 | | | $ | 1,753 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
1.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors.
During the three months ended March 31, 2025, Brookfield acquired $2.0 billion of total assets and assumed $247 million of total liabilities through business combinations. Total consideration transferred for the business combinations was $1.8 billion. The valuations of the assets acquired are still under evaluation and as such the business combinations have been accounted for on a provisional basis given the proximity of the acquisitions to the reporting date, pending finalization of the determination of the fair values of the acquired assets and liabilities. The Corporation is in the process of obtaining additional information primarily in order to assess the fair values of intangible assets, deferred income taxes and the resulting impact to goodwill as at the date of the acquisitions.
Private Equity
On January 30, 2025, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 100% economic interest in Chemelex, a manufacturer of electric heat tracing systems in the U.S. The Corporation has control of Chemelex through voting rights and, as such, has presented the business on a consolidated basis. Total consideration paid for the business was $1.7 billion. Goodwill of $645 million was recognized and represents the growth the company expects to experience from the operations. The goodwill recognized is not deductible for income tax purposes.
Total revenues of $149 million and net loss of $4 million attributable to shareholders would have been recorded if the transaction had occurred at the beginning of the year for the three months ended March 31, 2025.
Renewable Power and Transition
In December 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 53% economic interest in Neoen S.A. (“Neoen”), a leading global renewables developer in France. In the first quarter of 2025, the subsidiary, alongside institutional partners, closed a mandatory cash tender offer to acquire additional interests in Neoen for total consideration of $3.3 billion, and held an approximate 98% effective interest as at March 31, 2025. The acquisition of additional interests have been reflected within Investing activities in the consolidated statements of cash flows.
For additional details on the December 2024 acquisition of an interest in Neoen, refer to the discussion of business combinations that occurred in the year ended December 31, 2024 on the following page.
Q1 2025 Interim Report 79
The following table summarizes the balance sheet impact as a result of business combinations that occurred in the year ended December 31, 2024. No material changes were made to those allocations disclosed in the consolidated financial statements for the year ended December 31, 2024.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AS AT DEC. 31, 2024 (MILLIONS) | | Renewable Power and Transition | | Infrastructure | | | | Private Equity and Other | | Total |
| Cash and cash equivalents | | $ | 553 | | | $ | 393 | | | | | $ | 4 | | | $ | 950 | |
| Accounts receivable and other | | 443 | | | 283 | | | | | 50 | | | 776 | |
| Other financial assets | | 345 | | | 294 | | | | | 10 | | | 649 | |
| | | | | | | | | | |
| Assets classified as held for sale | | 861 | | | 270 | | | | | — | | | 1,131 | |
| | | | | | | | | | |
| | | | | | | | | | |
| Property, plant and equipment | | 7,439 | | | 4,141 | | | | | 77 | | | 11,657 | |
| Intangible assets | | — | | | 1,580 | | | | | 52 | | | 1,632 | |
| Goodwill | | 3,556 | | | 294 | | | | | 49 | | | 3,899 | |
| Deferred income tax assets | | 60 | | | — | | | | | — | | | 60 | |
| Total assets | | 13,257 | | | 7,255 | | | | | 242 | | | 20,754 | |
| Less: | | | | | | | | | | |
| Accounts payable and other | | (1,137) | | | (2,677) | | | | | (41) | | | (3,855) | |
| Liabilities associated with assets classified as held for sale | | (340) | | | (70) | | | | | — | | | (410) | |
| Non-recourse borrowings | | (4,736) | | | (478) | | | | | (14) | | | (5,228) | |
| Deferred income tax liabilities | | (437) | | | (454) | | | | | (10) | | | (901) | |
Non-controlling interests1 | | (3,015) | | | — | | | | | (4) | | | (3,019) | |
| | | | | | | | | | |
| | (9,665) | | | (3,679) | | | | | (69) | | | (13,413) | |
Net assets acquired2 | | $ | 3,592 | | | $ | 3,576 | | | | | $ | 173 | | | $ | 7,341 | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
1.Includes non-controlling interests recognized on business combinations measured as the proportionate share of fair value of the identifiable assets and liabilities on the date of acquisition.
2.Net assets acquired is typically equal to total consideration. Total consideration includes amounts paid by non-controlling interests that participated in the acquisition as investors in Brookfield-sponsored private funds or as co-investors.
Brookfield recorded $337 million of revenue and $22 million of net income in 2024 from the acquired operations as a result of the acquisitions made during the year. If the acquisitions had occurred at the beginning of the year, they would have contributed $1.8 billion and $130 million to total revenues and net income, respectively.
Renewable Power and Transition
In December 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 53% economic interest in Neoen, a leading global renewables developer in France. The Corporation has control of Neoen through voting rights and, as such, has presented the business on a consolidated basis. The total consideration paid for the business was $3.4 billion. Goodwill of $3.5 billion was recognized and represents the growth the company expects to experience from the operations. The goodwill recognized is not deductible for income tax purposes.
Total revenues and net income that would have been recorded if the transaction had occurred at the beginning of the year are $579 million and $15 million, respectively.
Infrastructure
On January 12, 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 29% economic interest in Cyxtera Technologies Inc. (“Cyxtera”), a data center portfolio in the U.S., through its U.S. retail colocation data center operation subsidiary. The Corporation has control of Cyxtera through voting rights and, as such, has presented the business on a consolidated basis. The total consideration paid for the business was $803 million, and a bargain purchase gain of $554 million was recorded in fair value changes. No goodwill was recognized.
On September 12, 2024, a subsidiary of the company, alongside institutional partners, completed the acquisition of a 16% economic interest in ATC Telecom Infrastructure Private Limited (“ATC India”), an Indian telecom tower operation. The Corporation has control of ATC India through voting rights and, as such, has presented the business on a consolidated basis. The total consideration paid for the business was $2.0 billion. Goodwill of $294 million was recognized and represents the growth the company expects to experience from the operations. The goodwill recognized is not deductible for income tax purposes.
Had the acquisitions of ATC India and Cyxtera been effective January 1, 2024, the Corporation’s revenue and net income would have increased by approximately $827 million and $96 million, respectively, for the year ended December 31, 2024.
80 BROOKFIELD CORPORATION
5. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
a) Risk Management
The company’s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk, interest rate risk, and foreign currency risk), credit risk and liquidity risk. We use financial instruments primarily to manage these risks.
There have been no material changes to the company’s financial risk exposure or risk management activities since December 31, 2024. Please refer to Note 26 of the December 31, 2024 audited consolidated financial statements for a detailed description of the company’s financial risk exposure and risk management activities.
b) Financial Instruments
The following table lists the company’s financial instruments by their carrying value and fair value as at March 31, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| 2025 | | 2024 |
AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | Carrying
Value | | Fair
Value | | Carrying
Value | | Fair
Value |
| Financial assets | | | | | | | |
| Cash and cash equivalents | $ | 12,437 | | | $ | 12,437 | | | $ | 15,051 | | | $ | 15,051 | |
| Other financial assets | | | | | | | |
| Government bonds | 2,315 | | | 2,315 | | | 1,383 | | | 1,383 | |
| Corporate bonds | 6,624 | | | 6,624 | | | 2,730 | | | 2,730 | |
| Fixed income securities and other | 7,688 | | | 7,688 | | | 7,888 | | | 7,888 | |
| Common shares and warrants | 5,929 | | | 5,929 | | | 5,744 | | | 5,744 | |
| Loans and notes receivable | 7,440 | | | 7,440 | | | 8,142 | | | 8,142 | |
| 29,996 | | | 29,996 | | | 25,887 | | | 25,887 | |
| Accounts receivable and other | 20,528 | | | 20,528 | | | 20,760 | | | 20,760 | |
| $ | 62,961 | | | $ | 62,961 | | | $ | 61,698 | | | $ | 61,698 | |
| Financial liabilities | | | | | | | |
| Corporate borrowings | $ | 14,607 | | | $ | 13,859 | | | $ | 14,232 | | | $ | 13,471 | |
| Non-recourse borrowings of managed entities | | | | | | | |
| Property-specific borrowings | 215,660 | | | 215,079 | | | 204,558 | | | 204,502 | |
| Subsidiary borrowings | 15,597 | | | 15,710 | | | 16,002 | | | 16,076 | |
| 231,257 | | | 230,789 | | | 220,560 | | | 220,578 | |
| Accounts payable and other | 42,936 | | | 42,936 | | | 45,700 | | | 45,700 | |
| Subsidiary equity obligations | 3,354 | | | 3,354 | | | 4,759 | | | 4,759 | |
| $ | 292,154 | | | $ | 290,938 | | | $ | 285,251 | | | $ | 284,508 | |
Q1 2025 Interim Report 81
c) Fair Value Hierarchy Levels
The following table categorizes financial assets and liabilities, which are carried at fair value, based upon the fair value hierarchy levels:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 |
AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 |
| Financial assets | | | | | | | | | | | |
| Other financial assets | | | | | | | | | | | |
| Government bonds | $ | 36 | | | $ | 1,334 | | | $ | — | | | $ | 21 | | | $ | 1,362 | | | $ | — | |
| Corporate bonds | — | | | 1,537 | | | 762 | | | — | | | 1,554 | | | 740 | |
| Fixed income securities and other | 378 | | | 923 | | | 6,012 | | | 475 | | | 878 | | | 6,026 | |
| Common shares and warrants | 339 | | | 1,397 | | | 4,193 | | | 661 | | | 1,319 | | | 3,764 | |
| Loans and notes receivables | — | | | 32 | | | 8 | | | — | | | 31 | | | 10 | |
| 753 | | | 5,223 | | | 10,975 | | | 1,157 | | | 5,144 | | | 10,540 | |
| Accounts receivable and other | — | | | 2,491 | | | 399 | | | — | | | 4,387 | | | 353 | |
| $ | 753 | | | $ | 7,714 | | | $ | 11,374 | | | $ | 1,157 | | | $ | 9,531 | | | $ | 10,893 | |
| Financial liabilities | | | | | | | | | | | |
| Accounts payable and other | $ | 67 | | | $ | 2,479 | | | $ | 3,093 | | | $ | — | | | $ | 2,037 | | | $ | 3,523 | |
| Subsidiary equity obligations | — | | | — | | | 87 | | | — | | | — | | | 129 | |
| $ | 67 | | | $ | 2,479 | | | $ | 3,180 | | | $ | — | | | $ | 2,037 | | | $ | 3,652 | |
Fair values of financial instruments are determined by reference to quoted bid or ask prices, as appropriate. If bid and ask prices are unavailable, the closing price of the most recent transaction of that instrument is used. In the absence of an active market, fair values are determined based on prevailing market rates for instruments with similar characteristics and risk profiles or internal or external valuation models, such as option pricing models and discounted cash flow analysis, using observable market inputs.
The following table summarizes the valuation techniques and key inputs used in the fair value measurement of Level 2 financial instruments:
| | | | | | | | | | | | | | |
(MILLIONS) Type of Asset/Liability | | Carrying Value Mar. 31, 2025 | | Valuation Techniques and Key Inputs |
| Other financial assets | | $ | 5,223 | | | Valuation models based on observable market data |
| Derivative assets/Derivative liabilities (accounts receivable/accounts payable) | | 2,491 / (2,479) | | Foreign currency forward contracts – discounted cash flow model – forward exchange rates (from observable forward exchange rates at the end of the reporting period) and discounted at credit adjusted rate
Interest rate contracts – discounted cash flow model – forward interest rates (from observable yield curves) and applicable credit spreads discounted at a credit adjusted rate
Energy derivatives – quoted market prices, or in their absence internal valuation models, corroborated with observable market data |
| | | | |
Fair values determined using valuation models requiring the use of unobservable inputs (Level 3 financial assets and liabilities) include assumptions concerning the amount and timing of estimated future cash flows and discount rates. In determining those unobservable inputs, the company uses observable external market inputs such as interest rate yield curves, currency rates and price and rate volatilities, as applicable, to develop assumptions regarding those unobservable inputs.
82 BROOKFIELD CORPORATION
The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement of Level 3 financial instruments:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(MILLIONS) Type of Asset/Liability | | Carrying Value Mar. 31, 2025 | | Valuation
Techniques | | Significant
Unobservable Inputs | | Relationship of Unobservable
Inputs to Fair Value |
| Corporate bonds | | $ | 762 | | | Discounted cash flows | | • Future cash flows | | • Increases (decreases) in future cash flows increase (decrease) fair value |
| | | | | | • Discount rate | | • Increases (decreases) in discount rate decrease (increase) fair value |
| Fixed income securities and other | | 6,012 | | | Discounted cash flows | | • Future cash flows
| | • Increases (decreases) in future cash flows increase (decrease) fair value |
| | | | | | • Discount rate
| | • Increases (decreases) in discount rate decrease (increase) fair value |
| Common shares and warrants | | 4,193 | | | Discounted cash flows | | • Future cash flows
| | • Increases (decreases) in future cash flows increase (decrease) fair value |
| | | | | | • Discount rate
| | • Increases (decreases) in discount rate decrease (increase) fair value |
| | | | Black-Scholes model | | • Volatility
| | • Increases (decreases) in volatility increase (decreases) fair value |
| | | | | | • Term to maturity
| | • Increases (decreases) in term to maturity increase (decrease) fair value |
| | | | | | | | |
Derivative assets/
Derivative liabilities (accounts receivable/payable) | | 399 / (3,093) | | Discounted cash flows | | • Future cash flows
| | • Increases (decreases) in future cash flows increase (decrease) fair value |
| | | | | | |
| | | | | | • Discount rate | | • Increases (decreases) in discount rate decrease (increase) fair value |
| Limited-life funds (subsidiary equity obligations) | | (87) | | | Discounted cash flows | | • Future cash flows | | • Increases (decreases) in future cash flows increase (decrease) fair value |
| | | | | | • Discount rate | | • Increases (decreases) in discount rate decrease (increase) fair value |
| | | | | | • Terminal capitalization rate | | • Increases (decreases) in terminal capitalization rate decrease (increase) fair value |
| | | | | | • Investment horizon | | • Increases (decreases) in the investment horizon decrease (increase) fair value |
The following table presents the changes in the balance of financial assets and liabilities classified as Level 3 for the periods ended March 31, 2025:
| | | | | | | | | | | | | | | | | | | |
| | | | | |
AS AT AND FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | Financial
Assets | | Financial
Liabilities | | | | | | | | |
| Balance, beginning of period | $ | 10,893 | | | $ | 3,652 | | | | | | | | | |
| Fair value changes in net income | 39 | | | (68) | | | | | | | | | |
Fair value changes in other comprehensive income1 | 41 | | | (51) | | | | | | | | | |
| | | | | | | | | | | |
| Transfers out | — | | | (38) | | | | | | | | | |
| Additions, net of disposals | 401 | | | (315) | | | | | | | | | |
| Balance, end of period | $ | 11,374 | | | $ | 3,180 | | | | | | | | | |
1.Includes foreign currency translation.
Q1 2025 Interim Report 83
6. CURRENT AND NON-CURRENT PORTION OF ACCOUNT BALANCES
a) Assets
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AS AT MAR. 31, 2025 AND DEC. 31, 2024
(MILLIONS) | Other Financial Assets | | Accounts Receivable and Other | | Inventory |
| 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 |
| Current portion | $ | 9,394 | | | $ | 5,132 | | | $ | 20,995 | | | $ | 20,283 | | | $ | 5,506 | | | $ | 5,418 | |
| Non-current portion | 20,602 | | | 20,755 | | | 9,508 | | | 9,935 | | | 3,200 | | | 3,040 | |
| $ | 29,996 | | | $ | 25,887 | | | $ | 30,503 | | | $ | 30,218 | | | $ | 8,706 | | | $ | 8,458 | |
b) Liabilities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | Accounts Payable
and Other | | Corporate Borrowings | | Non-Recourse Borrowings of Managed Entities2 | |
| 2025 | | 2024 | | 2025 | | 2024 | | 2025 | | 2024 | | | |
Current portion1 | $ | 27,904 | | | $ | 30,125 | | | $ | 1,739 | | | $ | 767 | | | $ | 36,673 | | | $ | 36,696 | | | | |
| Non-current portion | 24,898 | | | 25,377 | | | 12,868 | | | 13,465 | | | 194,584 | | | 183,864 | | | | |
| $ | 52,802 | | | $ | 55,502 | | | $ | 14,607 | | | $ | 14,232 | | | $ | 231,257 | | | $ | 220,560 | | | | |
1.Current portion of corporate borrowings includes $1.1 billion (December 31, 2024 – $767 million) of short-term commercial paper and revolving facility draws. Our commercial paper program is backed by our revolving credit facility, which matures in June 2029.
2.As at December 31, 2024, non-current non-recourse borrowings of managed entities included $13.8 billion of debt obligations with extension options that give the Corporation the substantive right to defer settlement beyond twelve months following the reporting date, but are subject to covenants that are required to be complied with during the twelve months following the reporting date.
84 BROOKFIELD CORPORATION
7. HELD FOR SALE
The following is a summary of the assets and liabilities classified as held for sale as at March 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
AS AT MAR. 31, 2025 (MILLIONS) | Renewable Power and Transition | | Infrastructure | | Private Equity | | Real Estate (Core and Transitional & Development)1 | | Real Estate (LP Investments) and Other1 | | Total | | | | |
| Assets | | | | | | | | | | | | | | | |
| Cash and cash equivalents | $ | 36 | | | $ | 39 | | | $ | 43 | | | $ | — | | | $ | 99 | | | $ | 217 | | | | | |
| Accounts receivable and other | 59 | | | 250 | | | 307 | | | 150 | | | 123 | | | 889 | | | | | |
| Equity accounted investments | — | | | 454 | | | — | | | — | | | 131 | | | 585 | | | | | |
| Investment properties | — | | | — | | | — | | | 984 | | | 7,768 | | | 8,752 | | | | | |
| Property, plant and equipment | 2,989 | | | — | | | 122 | | | — | | | 13 | | | 3,124 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Assets classified as held for sale | $ | 3,084 | | | $ | 743 | | | $ | 472 | | | $ | 1,134 | | | $ | 8,134 | | | $ | 13,567 | | | | | |
| Liabilities | | | | | | | | | | | | | | | |
| Accounts payable and other | $ | 481 | | | $ | 12 | | | $ | 15 | | | $ | 52 | | | $ | 3,040 | | | $ | 3,600 | | | | | |
| Non-recourse borrowings of managed entities | 1,038 | | | 507 | | | 264 | | | 63 | | | 230 | | | 2,102 | | | | | |
| Deferred income tax liabilities | 185 | | | — | | | 1 | | | — | | | 105 | | | 291 | | | | | |
| | | | | | | | | | | | | | | |
| Liabilities associated with assets classified as held for sale | $ | 1,704 | | | $ | 519 | | | $ | 280 | | | $ | 115 | | | $ | 3,375 | | | $ | 5,993 | | | | | |
1.Real estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
As at March 31, 2025, assets held for sale primarily relate to:
•Eight office assets and two retail assets in the U.S., two retail assets in Brazil, a logistics asset in Japan and a logistics asset in South Korea in our LP investments included within our Asset Management segment;
•Three office assets and two retail assets in the U.S. included within our Real Estate segment;
•A 845 MW portfolio of wind assets in the U.S. and a 638 MW portfolio of solar assets in India, and 650 MW of wind, solar, and battery projects in Australia within our Renewable Power and Transition segment;
•Our interest in a U.S. gas pipeline within our Infrastructure segment; and
•A non-core business in our Indian non-bank financial services operation within our Private Equity segment.
For the three month ended March 31, 2025, we disposed of $7.4 billion and $4.0 billion of assets and liabilities, respectively, primarily related to the sales of several hospitality, retail, manufactured housing, and logistics portfolios in the U.S., an office asset in Australia, six logistics assets in Europe, a 999 MW portfolio of wind and solar assets in India, as well as partial interests in a 2.2 GW pumped storage facility in Europe and in our global intermodal logistics operation, and the sale of the shuttle tanker operation at our offshore oil services business.
Q1 2025 Interim Report 85
8. EQUITY ACCOUNTED INVESTMENTS
The following table presents the change in the balance of investments in associates and joint ventures:
| | | | | | | | | | | | | | | | | |
AS AT AND FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | | | | | | | | | | | | | |
| Balance, beginning of period | | | | | | | | | | | $ | 68,310 | | | |
| | | | | | | | | | | | | |
Additions, net of disposals1 | | | | | | | | | | | 1,389 | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Share of comprehensive income | | | | | | | | | | | 255 | | | |
| Distributions received | | | | | | | | | | | (872) | | | |
| Returns of capital | | | | | | | | | | | (112) | | | |
| Foreign currency translation and other | | | | | | | | | | | 435 | | | |
| Balance, end of period | | | | | | | | | | | $ | 69,405 | | | |
| | | | | | | | | | | | | |
1.Includes assets sold and amounts reclassified to held for sale.
Additions, net of disposals of $1.4 billion during the period include the recognition of our equity accounted investment in Brookfield India Real Estate Trust (“India REIT”) within our real estate LP investments included in our Asset Management segment, following the deconsolidation of this investment upon the partial sale of our interest, as well as additions in our Infrastructure segment.
9. INVESTMENT PROPERTIES
The following table presents the change in the fair value of the company’s investment properties:
| | | | | | | |
AS AT AND FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | | | |
| Fair value, beginning of period | $ | 103,665 | | | |
| Additions | 2,595 | | | |
| | | |
| Dispositions | (192) | | | |
| Assets reclassified as held for sale | (7,304) | | | |
| India REIT deconsolidation | (3,613) | | | |
| Fair value changes | (115) | | | |
| Foreign currency translation and other | 924 | | | |
Fair value, end of period1 | $ | 95,960 | | | |
1.As at March 31, 2025, the ending balance includes $4.2 billion of right-of-use investment properties (December 31, 2024 – $4.2 billion).
Investment properties include the company’s office, retail, multifamily and other properties. Additions of $2.6 billion primarily relate to the acquisitions of a portfolio of single-family rental homes in the U.S. within our LP investments included in our Asset Management segment, and enhancement of existing assets during the period.
The following table presents our investment properties measured at fair value:
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AS AT MAR. 31, 2025 (MILLIONS) | | | |
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| Core | $ | 18,511 | | | |
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| Transitional and development | 21,230 | | | |
| LP Investments | 50,484 | | | |
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| Other investment properties | 5,735 | | | |
| $ | 95,960 | | | |
86 BROOKFIELD CORPORATION
Significant unobservable inputs (Level 3) are utilized when determining the fair value of investment properties. The significant Level 3 inputs include:
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| Valuation Technique | | Significant Unobservable Inputs | | Relationship of Unobservable Inputs to Fair Value | | Mitigating Factors |
Discounted cash flow analysis1 | | • Future cash flows – primarily driven by net operating income | | • Increases (decreases) in future cash flows increase (decrease) fair value | | •Increases (decreases) in cash flows tend to be accompanied by increases (decreases) in discount rates that may offset changes in fair value from cash flows |
| | • Discount rate | | •Increases (decreases) in discount rate decrease (increase) fair value | | •Increases (decreases) in discount rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from discount rates |
| | • Terminal capitalization rate
| | •Increases (decreases) in terminal capitalization rate decrease (increase) fair value | | •Increases (decreases) in terminal capitalization rates tend to be accompanied by increases (decreases) in cash flows that may offset changes in fair value from terminal capitalization rates |
| | • Investment horizon | | •Increases (decreases) in the investment horizon decrease (increase) fair value | | •Increases (decreases) in the investment horizon tend to be the result of changing cash flow profiles that may result in higher (lower) growth in cash flows prior to stabilizing in the terminal year |
1.Certain investment properties are valued using the direct capitalization method instead of a discounted cash flow model. Under the direct capitalization method, a capitalization rate is applied to estimated current year cash flows.
The company’s investment properties are diversified by asset type, asset class, geography and market. Therefore, there may be mitigating factors in addition to those noted above, such as changes to assumptions that vary in direction and magnitude across different geographies and markets.
The following table summarizes the key valuation metrics of the company’s investment properties:
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AS AT MAR. 31, 2025 | Discount
Rate | | Terminal
Capitalization
Rate | | Investment
Horizon
(years) | | | | | | |
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| Core | 6.3 | % | | 4.8 | % | | 11 | | | | | | |
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Transitional and development1 | 7.9 | % | | 6.3 | % | | 10 | | | | | | |
LP Investments1 | 8.4 | % | | 5.5 | % | | 9 | | | | | | |
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Other investment properties2 | 7.9 | % | | n/a | | n/a | | | | | | |
1.The rates presented are for investment properties valued using the discounted cash flow method. These rates exclude multifamily, triple net lease, student housing, manufactured housing and other investment properties valued using the direct capitalization method.
2.Other investment properties include investment properties held in our Infrastructure segment and direct investments within our Asset Management segment.
Q1 2025 Interim Report 87
10. PROPERTY, PLANT AND EQUIPMENT
The company’s property, plant and equipment relates to the operating segments as shown below:
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AS AT AND FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | Renewable Power and Transition | | Infrastructure | | Private Equity | | Real Estate (Core and Transitional & Development)2 | | Real Estate (LP Investments) and Other2 | | Total | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | $ | 76,414 | | | $ | 52,625 | | | $ | 13,387 | | | $ | 315 | | | $ | 10,278 | | | $ | 153,019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Additions | 2,004 | | | 663 | | | 673 | | | 11 | | | 74 | | | 3,425 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Acquisitions through business combinations | — | | | — | | | 120 | | | — | | | — | | | 120 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dispositions and assets reclassified as held for sale | (2,306) | | | (117) | | | (1,390) | | | (14) | | | (85) | | | (3,912) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Depreciation expense | (598) | | | (751) | | | (350) | | | (9) | | | (124) | | | (1,832) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Foreign currency translation and other | 1,356 | | | 298 | | | 291 | | | (3) | | | 146 | | | 2,088 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total change | 456 | | | 93 | | | (656) | | | (15) | | | 11 | | | (111) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, end of period1 | $ | 76,870 | | $ | 52,718 | | $ | 12,731 | | $ | 300 | | $ | 10,289 | | $ | 152,908 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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1.Our ROU PP&E assets include $1.2 billion (December 31, 2024 – $1.1 billion) in our Renewable Power and Transition segment, $5.1 billion (December 31, 2024 – $5.2 billion) in our Infrastructure segment, $984 million (December 31, 2024 – $924 million) in our Private Equity segment, $69 million (December 31, 2024 – $80 million) in our core and transitional and development investments within our Real Estate segment and $850 million (December 31, 2024 – $829 million) within our Asset Management segment totaling $8.1 billion (December 31, 2024 – $8.1 billion) of ROU assets.
2.Real Estate core and transitional and development investments are included in our Real Estate segment. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
88 BROOKFIELD CORPORATION
11. SUBSIDIARY PUBLIC ISSUERS AND FINANCE SUBSIDIARIES
Brookfield Finance Inc. (“BFI”) was incorporated on March 31, 2015 under the Business Corporations Act (Ontario) and is a subsidiary of the Corporation. Historically, we have also issued debt securities through other subsidiaries, including Brookfield Finance LLC (“BFL”) and Brookfield Finance I (UK) PLC (“BF U.K.”). As at March 31, 2025, BFI is the issuer of the following series of notes (together with BFL and BF U.K. as co-obligors, as noted below):
•$500 million of 4.25% notes due in 2026;
•$1.1 billion of 3.90% notes due in 2028;
•$1.0 billion of 4.85% notes due in 2029;
•$750 million of 4.35% notes due in 2030;
•$500 million of 2.724% notes due in 2031;
•$600 million of 2.34% notes due in 2032 (BF U.K. co-obligor).
•$700 million of 6.35% notes due in 2034;
•$450 million of 5.675% notes due in 2035;
•$900 million of 4.70% notes due in 2047;
•$600 million of 3.45% notes due in 2050 (BFL co-obligor);
•$750 million of 3.50% notes due in 2051;
•$400 million of 3.625% notes due in 2052;
•$950 million of 5.968% notes due in 2054;
•$500 million of 5.813% notes due in 2055;
•$700 million of 6.30% subordinated notes due in 2055; and
•$400 million of 4.625% subordinated notes due in 2080.
In addition, Brookfield Finance II Inc. (“BFI II”) is the issuer of C$1.0 billion of 5.431% notes due in 2032, Brookfield Capital Finance LLC (the “US LLC Issuer”) is the issuer of $550 million of 6.087% notes due in 2033, and BF U.K. is the issuer of $230 million of 4.50% perpetual subordinated notes.
BFL is a Delaware limited liability company formed on February 6, 2017 and is a subsidiary of the Corporation. The US LLC Issuer is a Delaware limited liability company formed on August 12, 2022 and a subsidiary of the Corporation. BFI II was incorporated on September 24, 2020 under the Business Corporations Act (Ontario) and is a subsidiary of the Corporation. Brookfield Finance (Australia) Pty Ltd (“BF AUS”) was incorporated on September 24, 2020 under the Corporations Act 2001 (Commonwealth of Australia) and is a subsidiary of the Corporation. BF U.K. (collectively with BFI, BFI II, BFL, BF AUS, and the US LLC Issuer, the “Debt Issuers”) was incorporated on September 25, 2020 under the U.K. Companies Act 2006 and is a subsidiary of the Corporation. Brookfield Finance II LLC (“BFL II”) was formed on September 24, 2020 under the Delaware Limited Liability Company Act and is a subsidiary of the Corporation. The Debt Issuers are consolidated subsidiaries of the Corporation that may offer and sell debt securities. BFL II is a consolidated subsidiary of the Corporation that may offer and sell preferred shares representing limited liability company interests. Any debt securities issued by the Debt Issuers are, or will be, fully and unconditionally guaranteed as to payment of principal, premium (if any), interest and certain other amounts by the Corporation. Any preferred shares representing limited liability company interests issued by BFL II will be fully and unconditionally guaranteed as to payment of distributions when due, amounts due on redemption, and amounts due on the liquidation, dissolution or winding-up of BFL II, in each case by the Corporation.
The US LLC Issuer, BFI II, BFL, BFL II, BF AUS and BF U.K. have no independent activities, assets or operations other than in connection with any securities that they may issue.
Q1 2025 Interim Report 89
Brookfield Investments Corporation (“BIC”) is an investment company that holds investments in the real estate, renewable power and infrastructure sectors, as well as a portfolio of preferred shares issued by the Corporation’s subsidiaries. The Corporation provided a full and unconditional guarantee of the Class 1 Senior Preferred Shares, Series A issued by BIC. As at March 31, 2025, C$20 million of these senior preferred shares were held by third-party shareholders and are retractable at the option of the holder.
The following tables contain summarized financial information of the Corporation, BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer, BIC and non-guarantor subsidiaries:
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AS AT AND FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | The Corporation1 | | BFI | | BFI II | | BFL | | BFL II | | BF
AUS | | BF
U.K. | | US LLC Issuer | | BIC | | Other Subsidiaries of the Corporation2 | | Consolidating Adjustments3 | | The Company
Consolidated |
| Revenues | $ | 857 | | | $ | 108 | | | $ | 10 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4 | | | $ | 11 | | | $ | 43 | | | $ | 19,587 | | | $ | (2,676) | | | $ | 17,944 | |
| Net income (loss) attributable to shareholders | 73 | | | (16) | | | — | | | — | | | — | | | — | | | 4 | | | — | | | 14 | | | 1,989 | | | (1,991) | | | 73 | |
| Total assets | 78,548 | | | 12,103 | | | 708 | | | — | | | — | | | — | | | 170 | | | 563 | | | 3,875 | | | 630,203 | | | (234,593) | | | 491,577 | |
| Total liabilities | 33,283 | | | 10,937 | | | 702 | | | 2 | | | — | | | — | | | 2 | | | 561 | | | 3,409 | | | 319,612 | | | (35,861) | | | 332,647 | |
| Non-controlling interest – preferred equity | — | | | — | | | — | | | — | | | — | | | — | | | 230 | | | — | | | — | | | — | | | — | | | 230 | |
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AS AT DEC. 31, 2024 AND FOR THE THREE MONTHS ENDED MAR. 31, 2024 (MILLIONS) | The Corporation1 | | BFI | | BFI II | | BFL | | BFL II | | BF
AUS | | BF
U.K. | | US LLC Issuer | | BIC | | Other Subsidiaries of the Corporation2 | | Consolidating Adjustments3 | | The Company
Consolidated |
| Revenues | $ | 859 | | | $ | 94 | | | $ | 26 | | | $ | — | | | $ | — | | | $ | — | | | $ | 4 | | | $ | 11 | | | $ | 49 | | | $ | 24,341 | | | $ | (2,477) | | | $ | 22,907 | |
| Net income (loss) attributable to shareholders | 102 | | | (1) | | | 16 | | | — | | | — | | | — | | | 4 | | | — | | | 33 | | | 1,592 | | | (1,644) | | | 102 | |
| Total assets | 85,449 | | | 11,640 | | | 699 | | | — | | | — | | | — | | | 169 | | | 552 | | | 3,907 | | | 557,003 | | | (168,995) | | | 490,424 | |
| Total liabilities | 39,472 | | | 10,457 | | | 693 | | | 2 | | | — | | | — | | | 1 | | | 550 | | | 3,423 | | | 312,176 | | | (41,733) | | | 325,041 | |
| Non-controlling interest – preferred equity | — | | | — | | | — | | | — | | | — | | | — | | | 230 | | | — | | | — | | | — | | | — | | | 230 | |
1.This column accounts for investments in all subsidiaries of the Corporation under the equity method.
2.This column accounts for investments in all subsidiaries of the Corporation other than BFI, BFI II, BFL, BFL II, BF AUS, BF U.K., the US LLC Issuer and BIC on a combined basis.
3.This column includes the necessary amounts to present the company on a consolidated basis.
90 BROOKFIELD CORPORATION
12. EQUITY
Common Equity
The company’s common equity is comprised of the following:
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AS AT MAR. 31, 2025 AND DEC. 31, 2024 (MILLIONS) | 2025 | | 2024 |
| Common shares | $ | 10,793 | | | $ | 10,806 | |
| Contributed surplus | 123 | | | 114 | |
| Retained earnings | 16,450 | | | 17,066 | |
| Ownership changes | 4,839 | | | 5,045 | |
| Accumulated other comprehensive income | 8,955 | | | 8,843 | |
| Common equity | $ | 41,160 | | | $ | 41,874 | |
The company is authorized to issue an unlimited number of Class A Limited Voting Shares ("Class A shares") and 85,120 Class B Limited Voting Shares ("Class B shares"). The company’s Class A shares and Class B shares have no stated par value. The holders of Class A shares and Class B shares rank on par with each other with respect to the payment of dividends and the return of capital on the liquidation, dissolution or winding up of the company or any other distribution of the assets of the company among its shareholders for the purpose of winding up its affairs. Holders of the Class A shares are entitled to elect half of the Board of Directors of the company and holders of the Class B shares are entitled to elect the other half of the Board of Directors. With respect to the Class A and Class B shares, there are no dilutive factors, material or otherwise, that would result in different diluted earnings per share between the classes. This relationship holds true irrespective of the number of dilutive instruments issued in either one of the respective classes of Class A and Class B shares, as both classes of shares participate equally, on a pro rata basis, in the dividends, earnings and net assets of the company, whether taken before or after dilutive instruments, regardless of which class of shares is diluted.
The holders of the company’s Class A shares and Class B shares received cash dividends during the first quarter of 2025 of $0.09 per share (2024 – $0.08 per share).
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
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AS AT MAR. 31, 2025 AND DEC. 31, 2024 | 2025 | | 2024 |
Class A shares1 | 1,499,974,711 | | | 1,506,464,968 | |
| Class B shares | 85,120 | | | 85,120 | |
Shares outstanding1 | 1,500,059,831 | | | 1,506,550,088 | |
Unexercised options, other share-based plans2 and exchangeable shares of affiliate | 91,271,627 | | | 95,805,397 | |
| Total diluted shares | 1,591,331,458 | | | 1,602,355,485 | |
1.Net of 114,151,664 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2025 (December 31, 2024 – 104,786,155).
2.Includes management share option plan and escrowed stock plan.
The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows:
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FOR THE THREE MONTHS ENDED MARCH 31 | 2025 | | 2024 | | | | |
Outstanding, beginning of period1 | 1,506,550,088 | | | 1,523,457,459 | | | | | |
| Issued (Repurchased) | | | | | | | |
Issuances | 998,145 | | | 936,298 | | | | | |
Repurchases2 | (8,504,410) | | | (13,214,462) | | | | | |
Long-term share ownership plans3 | 1,002,870 | | | 1,714,465 | | | | | |
| Dividend reinvestment plan and other | 13,138 | | | 12,738 | | | | | |
Outstanding, end of period4 | 1,500,059,831 | | | 1,512,906,498 | | | | | |
1.Net of 104,786,155 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2024 (December 31, 2023 – 81,849,805).
2.Includes 10.4 million shares repurchased during the three months ended March 31, 2025, net restricted share grants, and other.
3.Includes management share option plan and restricted stock plan.
4.Net of 114,151,664 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2025 (March 31, 2024 – 93,511,317).
Q1 2025 Interim Report 91
Earnings Per Share
The components of basic and diluted earnings per share are summarized in the following table:
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FOR THE THREE MONTHS ENDED MARCH 31 (MILLIONS) | 2025 | | 2024 | | | | |
| Net income attributable to shareholders | $ | 73 | | | $ | 102 | | | | | |
| Preferred share dividends | (40) | | | (42) | | | | | |
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| Net income available to shareholders | 33 | | | 60 | | | | | |
| Dilutive impact of exchangeable shares | — | | | — | | | | | |
| Net income available to shareholders including dilutive impact of exchangeable shares | $ | 33 | | | $ | 60 | | | | | |
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FOR THE THREE MONTHS ENDED MARCH 31 (MILLIONS) | 2025 | | 2024 | | | | |
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| Weighted average – Class A and Class B shares | 1,504.0 | | | 1,518.8 | | | | | |
| Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate | 39.5 | | | 24.8 | | | | | |
| Class A and Class B shares and share equivalents | 1,543.5 | | | 1,543.6 | | | | | |
Share-Based Compensation
The company and its consolidated subsidiaries account for stock options using the fair value method. Under the fair value method, compensation expense for stock options that are direct awards of stock is measured at fair value at the grant date using an option pricing model and recognized over the vesting period. Options issued under the company’s Management Share Option Plan (“MSOP”) generally vest over a period of up to five years, expire 10 years after the grant date, and are settled through issuance of Class A shares. The exercise price is equal to the market price at the grant date. During the three months ended March 31, 2025, the company granted 0.9 million stock options at a weighted average exercise price of $60.28. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average 7.5-year term, 31.3% volatility, a weighted average expected dividend yield of 0.8% annually, a risk-free rate of 4.4% and a liquidity discount of 25%.
The company previously established an Escrowed Stock Plan (“ESP”) whereby a private company is capitalized with preferred shares issued to Brookfield for cash proceeds and common shares (the “escrowed shares”) that are granted to executives. The proceeds are used to purchase Class A shares and therefore the escrowed shares represent an interest in the underlying Class A shares. The escrowed shares generally vest over five years and must be held to the fifth anniversary of the grant date. At a date no more than 10 years from the grant date, all escrowed shares held will be exchanged for a number of Class A shares issued from treasury of the company, based on the market value of Class A shares at the time of exchange. During the three months ended March 31, 2025, the company granted 1.5 million escrowed shares at a weighted average price of $60.28. The compensation expense was calculated using the Black-Scholes method of valuation, assuming an average term of 7.5-year term, 31.3% volatility, a weighted average expected dividend yield of 0.8% annually, a risk-free rate of 4.4% and a liquidity discount of 25%.
92 BROOKFIELD CORPORATION
13. REVENUES
We perform a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty of revenues. This includes disclosure of our revenues by segment and type, as well as a breakdown of whether revenues from goods or services are recognized at a point in time or delivered over a period of time.
a) Revenue by Type
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FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | Asset Management | | Corporate
Activities | | Renewable Power and Transition | | Infrastructure | | Private Equity | | Real Estate | | Total
Revenues |
| Revenue from contracts with customers | $ | 1,125 | | | $ | — | | | $ | 1,723 | | | $ | 4,860 | | | $ | 6,204 | | | $ | 631 | | | $ | 14,543 | |
| Other revenue | 859 | | | 48 | | | 123 | | | 765 | | | 773 | | | 833 | | | 3,401 | |
| $ | 1,984 | | | $ | 48 | | | $ | 1,846 | | | $ | 5,625 | | | $ | 6,977 | | | $ | 1,464 | | | $ | 17,944 | |
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FOR THE THREE MONTHS ENDED MAR. 31, 2024 (MILLIONS) | Asset Management | | Corporate
Activities | | Renewable Power and Transition | | Infrastructure | | Private Equity | | Real Estate | | Total
Revenues | |
| Revenue from contracts with customers | $ | 1,263 | | | $ | — | | | $ | 1,494 | | | $ | 4,618 | | | $ | 11,363 | | | $ | 667 | | | $ | 19,405 | | |
| Other revenue | 1,274 | | | 61 | | | 41 | | | 661 | | | 804 | | | 661 | | | 3,502 | | |
| $ | 2,537 | | | $ | 61 | | | $ | 1,535 | | | $ | 5,279 | | | $ | 12,167 | | | $ | 1,328 | | | $ | 22,907 | | |
b) Timing of Recognition of Revenue from Contracts with Customers
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FOR THE THREE MONTHS ENDED MAR. 31, 2025 (MILLIONS) | Asset Management | | Renewable Power and Transition | | Infrastructure | | Private Equity | | Real Estate | | Total
Revenues |
| Goods and services provided at a point in time | $ | 268 | | | $ | 46 | | | $ | — | | | $ | 4,315 | | | $ | 377 | | | $ | 5,006 | |
| Services transferred over a period of time | 857 | | | 1,677 | | | 4,860 | | | 1,889 | | | 254 | | | 9,537 | |
| $ | 1,125 | | | $ | 1,723 | | | $ | 4,860 | | | $ | 6,204 | | | $ | 631 | | | $ | 14,543 | |
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FOR THE THREE MONTHS ENDED MAR. 31, 2024 (MILLIONS) | Asset Management | | Renewable Power and Transition | | Infrastructure | | Private Equity | | Real Estate | | Total
Revenues |
| Goods and services provided at a point in time | $ | 395 | | | $ | 87 | | | $ | — | | | $ | 9,589 | | | $ | 418 | | | $ | 10,489 | |
| Services transferred over a period of time | 868 | | | 1,407 | | | 4,618 | | | 1,774 | | | 249 | | | 8,916 | |
| $ | 1,263 | | | $ | 1,494 | | | $ | 4,618 | | | $ | 11,363 | | | $ | 667 | | | $ | 19,405 | |
14. FAIR VALUE CHANGES
Fair value changes recorded in net income represent gains or losses arising from changes in the fair value of assets and liabilities, including derivative financial instruments, accounted for using the fair value method and are comprised of the following:
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FOR THE THREE MONTHS ENDED MAR. 31 (MILLIONS) | | | | | 2025 | | 2024 |
| Investment properties | | | | | $ | (115) | | | $ | 87 | |
| Transaction related income, net of expenses | | | | | 72 | | | 428 | |
| Financial contracts | | | | | 90 | | | 57 | |
| Impairment and provisions | | | | | (346) | | | (73) | |
| Other fair value changes | | | | | (525) | | | (341) | |
| | | | | $ | (824) | | | $ | 158 | |
Q1 2025 Interim Report 93
Shareholder Information
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Shareholder Enquiries Shareholder enquiries should be directed to our Investor Relations group at: Brookfield Corporation Brookfield Place, 181 Bay Street, Suite 100 Toronto, Ontario M5J 2T3 T: 416-363-9491 or toll free in North America: 1-866-989-0311 E: bn.enquiries@brookfield.com bn.brookfield.com Shareholder enquiries relating to dividends, address changes and share certificates should be directed to our Transfer Agent: TSX Trust Company 301 - 100 Adelaide Street West Toronto, ON M5H 4H1 T: 1-800-387-0825 (North America) 416-682-3860 (outside North America) F: 1-888-249-6189 (North America) 514-985-8843 (outside North America) E: shareholderinquiries@tmx.com www.tsxtrust.com
| | Investor Relations and Communications We are committed to informing our shareholders of our progress through our comprehensive communications program which includes publication of materials such as our annual report, quarterly interim reports and news releases. We also maintain a website that provides ready access to these materials, as well as statutory filings, stock and dividend information and other presentations.
Meeting with shareholders is an integral part of our communications program. Directors and management meet with Brookfield’s shareholders at our annual meeting and are available to respond to questions. Management is also available to investment analysts, financial advisors and media.
The text of our 2024 Annual Report is available in French on request from the company and is filed with and available through SEDAR+ at www.sedarplus.ca.
Dividends The quarterly dividend payable on Class A shares is declared in U.S. dollars. Registered shareholders who are U.S. residents receive their dividends in U.S. dollars, unless they request the Canadian dollar equivalent. Registered shareholders who are Canadian residents receive their dividends in the Canadian dollar equivalent, unless they request to receive dividends in U.S. dollars. The Canadian dollar equivalent of the quarterly dividend is based on the Bank of Canada daily average exchange rate on the record date, which is 15 days prior to the payment date for the dividend.
Dividend Reinvestment Plan The Corporation has a Dividend Reinvestment Plan which enables registered holders of Class A Shares who are resident in Canada and the U.S. to receive their dividends in the form of newly issued Class A shares.
Registered shareholders of our Class A shares who are resident in the United States may elect to receive their dividends in the form of newly issued Class A shares at a price equal to the volume-weighted average price (in U.S. dollars) at which board lots of Class A Shares have traded on the New York Stock Exchange based on the average closing price during each of the five trading days immediately preceding the relevant Investment Date1 on which at least one board lot of Class A Shares has traded, as reported by the New York Stock Exchange (the “NYSE VWAP”).
Registered shareholders of our Class A shares who are resident in Canada may also elect to receive their dividends in the form of newly issued Class A shares at a price equal to the NYSE VWAP multiplied by an exchange factor which is calculated as the average of the daily average exchange rates as reported by the Bank of Canada during each of the five trading days immediately preceding the relevant Investment Date.
Our Dividend Reinvestment Plan allows current shareholders of the Corporation who are resident in Canada and the United States to increase their investment in the Corporation free of commissions. Further details on the Dividend Reinvestment Plan and a Participation Form can be obtained from our Toronto office, our transfer agent or from our website.
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| Stock Exchange Listings | |
| | Symbol | Stock Exchange | |
| Class A Limited Voting Shares | BN | New York | |
| BN | Toronto | |
| Class A Preference Shares | | | |
| Series 2 | BN.PR.B | Toronto | |
| Series 4 | BN.PR.C | Toronto | |
| Series 13 | BN.PR.K | Toronto | |
| Series 17 | BN.PR.M | Toronto | |
| Series 18 | BN.PR.N | Toronto | |
| Series 24 | BN.PR.R | Toronto | |
| Series 26 | BN.PR.T | Toronto | |
| Series 28 | BN.PR.X | Toronto | |
| Series 30 | BN.PR.Z | Toronto | |
| Series 32 | BN.PF.A | Toronto | |
| Series 34 | BN.PF.B | Toronto | |
| Series 36 | BN.PF.C | Toronto | |
| Series 37 | BN.PF.D | Toronto | |
| Series 38 | BN.PF.E | Toronto | |
| Series 40 | BN.PF.F | Toronto | |
| Series 42 | BN.PF.G | Toronto | |
| Series 44 | BN.PF.H | Toronto | |
| Series 46 | BN.PF.I | Toronto | |
| Series 48 | BN.PF.J | Toronto | |
| Series 51 | BN.PF.K | Toronto | |
| Series 52 | BN.PF.L | Toronto | |
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1 “Investment Date” means each dividend payment date upon which cash dividends paid on all Class A Shares registered in the name of a shareholder, net of any applicable withholding taxes, are reinvested.
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| | | | | | | | | | | | | | |
| Dividend Record and Payment Dates |
Security1 | | Record Date2 | | Payment Date3 |
| Class A and Class B shares | | 15 days prior to the payment date | | Last day of March, June, September and December |
| Class A Preference shares | | | | |
| Series 2, 4, 13, 17, 18, 24, 26, 28, 30 | | | | |
32, 34, 36, 37, 38, 40, 42, 44, 46 and 48 | | 15th day of March, June, September and December | | Last day of March, June, September and December |
| Series 51 | | Last day of each month | | 12th day of following month |
| Series 52 | | 15th day of January, April, July and October | | First day of February, May, August and November |
| 1. All dividend payments are subject to declaration by the Board of Directors. 2. If the Record Date is not a business day, the Record Date will be the previous business day. 3. If the Payment Date is not a business day, the Payment Date will be the previous business day. |
94 BROOKFIELD CORPORATION
Board of Directors and Officers
BOARD OF DIRECTORS
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M. Elyse Allan, C.M. Vice-chair of Ontario Health, former President and Chief Executive Officer, General Electric Canada Company Inc., and former Vice-President, General Electric Company | Maureen Kempston Darkes, O.C., O.ONT. Former Group Vice-President and President, Latin America, Africa and Middle East, General Motors Corporation | Lord O’Donnell Ambassador, Frontier Economics Ltd. |
Jeffrey M. Blidner Vice Chair, Brookfield Corporation | Brian D. Lawson Vice Chair, Brookfield Corporation | Hutham S. Olayan Chair of the Shareholders Board of The Olayan Group, former Chair of the Corporate Board of The Olayan Group and former President and CEO of Olayan America |
Jack L. Cockwell, C.M. Chair, Brookfield Partners Foundation | Howard S. Marks Co-chair, Oaktree Capital Management L.P. | Satish Rai Chair of Richcraft Properties and Vice-Chair of Forum Asset Management, and former Senior Advisor and Chief Investment Officer of OMERS |
Bruce Flatt Chief Executive Officer, Brookfield Corporation and Brookfield Asset Management Ltd. | Hon. Frank J. McKenna, P.C., O.C., O.N.B. Chair, Brookfield Corporation and Deputy Chair, TD Bank Group | Diana L. Taylor Former Superintendent of Banks for the State of New York, Deputy Secretary to the Governor of New York and Chief Financial Officer for the Long Island Power Authority |
Janice Fukakusa, C.M., F.C.P.A., F.C.A. Former Chief Administrative Officer and Chief Financial Officer, Royal Bank of Canada | Rafael Miranda Former Chief Executive Officer, Endesa, S.A. | |
Details on Brookfield’s directors are provided in the Management Information Circular and on Brookfield’s website at www.brookfield.com.
CORPORATE OFFICERS
Bruce Flatt, Chief Executive Officer
Nicholas Goodman, President and Chief Financial Officer
Justin B. Beber, Chief Operating Officer
Brookfield incorporates sustainable development practices within our corporation.
This document was printed in Canada using vegetable-based inks on FSC® stock.
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