SUMMARY
The Company
The Company 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. Our conservatively managed balance sheet, extensive operational experience, and global sourcing
networks allow us to consistently access unique opportunities. The Company’s Class A Shares are listed on each of the NYSE
and the TSX under the symbol “BN”.
BFI
BFI was incorporated on March 31,
2015 under the Business Corporations Act (Ontario) and is an indirect 100% owned subsidiary of the Company. BFI has issued or become
an obligor under approximately US$10.3 billion of unsecured senior debt securities (the “Existing BFI Senior Debt Securities”)
as of the date hereof. The Existing BFI Senior Debt Securities are fully and unconditionally guaranteed by the Company. BFI has also issued
approximately US$1.1 billion of unsecured subordinated debt securities (the “Existing BFI Subordinated Debt Securities”)
as of the date hereof. The Existing BFI Subordinated Debt Securities are fully and unconditionally guaranteed, on a subordinated basis,
by the Company.
The US LLC Issuer
The US LLC Issuer was formed
on August 12, 2022 under the Delaware Limited Liability Company Act and is an indirect 100% owned subsidiary of the Company. The
US LLC Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its own, other than the
issuance of the US LLC Debt Securities and the investments it makes with the net proceeds of such US LLC Debt Securities. The US LLC Issuer
has issued approximately US$550 million of unsecured senior debt securities (the “Existing US LLC Issuer Debt Securities”)
as of the date hereof. The Existing US LLC Issuer Debt Securities are fully and unconditionally guaranteed by the Company.
BFI II
BFI II was incorporated on
September 24, 2020 under the Business Corporations Act (Ontario) and is a direct 100% owned subsidiary of the Company. BFI
II has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its own, other than the issuance of
the BFI II Debt Securities and the investments it makes with the net proceeds of such BFI II Debt Securities. BFI II has issued approximately
C$2 billion of unsecured senior debt securities (the “Existing BFI II Debt Securities”) as of the date hereof. The
Existing BFI II Debt Securities are fully and unconditionally guaranteed by the Company.
The AUS Issuer
The AUS Issuer was incorporated
on September 24, 2020 under the Corporations Act 2001 (Commonwealth of Australia) and is an indirect 100% owned subsidiary of the
Company. The AUS Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its own.
The UK Issuer
The UK Issuer was incorporated
on September 25, 2020 under the UK Companies Act 2006 and is an indirect 100% owned subsidiary of the Company. The registered number
of the UK Issuer is 12904555. The UK Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business operations
of its own, other than the issuance of the UK Issuer Debt Securities and the investments it makes with the net proceeds of such UK Issuer
Debt Securities. The UK Issuer has issued approximately US$600 million of unsecured senior debt securities (the “Existing UK
Issuer Senior Debt Securities”) as of the date hereof. The Existing UK Issuer Senior Debt Securities are fully and unconditionally
guaranteed by the Company. Subsequent to the issuance of the Existing UK Issuer Senior Debt Securities, BFI was added as a co-obligor
of the Existing UK Issuer Senior Debt Securities. The UK Issuer has also issued approximately US$230 million of unsecured subordinated
debt securities (the “Existing UK Issuer Subordinated Debt Securities”) as of the date hereof. The Existing UK Issuer
Subordinated Debt Securities are fully and unconditionally guaranteed, on a subordinated basis, by the Company.
The US Pref Issuer
The US Pref Issuer was formed
on September 24, 2020 under the Delaware Limited Liability Company Act and is an indirect 100% owned subsidiary of the Company. The
US Pref Issuer has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its own.
BFI IV
BFI IV was incorporated on
December 11, 2025 under the Business Corporations Act (Ontario) and is a direct 100% owned subsidiary of the Company. BFI
IV has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its own.
BFI V
BFI V was incorporated on
December 11, 2025 under the Business Corporations Act (Ontario) and is a direct 100% owned subsidiary of the Company. BFI
V has no significant assets or liabilities, no subsidiaries and no ongoing business operations of its own.
