Key Highlights

  • Distributable Earnings before realizations were USD 1.5 billion, or USD 0.64 per share.
  • Fee-bearing Capital increased 13% to USD 682 billion.
  • Total distributable earnings reached USD 1.7 billion, or USD 0.73 per share.
  • Share repurchases totaled almost USD 900 million year to date.

Brookfield Corporation (NYSE:BN) reported third-quarter 2026 distributable earnings before realizations of USD 1.5 billion, or USD 0.64 per share, an increase of 14% per share over the prior-year quarter. The figure compares with an estimate of USD 0.68 per share in the earnings table. Revenue was USD 1.90 billion, against an estimate of USD 1.87 billion.

Management said it realized USD 222 million of net Carried Interest into income during the quarter. That brought total distributable earnings to USD 1.7 billion, or USD 0.73 per share, an increase of 16% per share over the prior-year quarter.

Asset Management and Operating Businesses

The asset management Business generated distributable earnings of USD 755 million, or USD 0.32 per share, in the quarter, and USD 3 billion, or USD 1.28 per share, over the last 12 months. Fundraising activity in the quarter contributed to a 13% increase in fee-bearing capital to USD 682 billion. Management said this supported a 15% increase in fee-related earnings compared with the prior-year quarter.

The Wealth solutions business generated record distributable earnings of USD 511 million, or USD 0.22 per share, an increase of 22% from the prior-year quarter, and USD 1.9 billion, or USD 0.79 per share, over the last 12 months. Management said spreads were again above 200 basis points, excluding the recent Just acquisition. The business originated USD 3.8 billion of annuities in total.

The operating businesses generated distributable earnings of USD 467 million, or USD 0.20 per share, in the quarter, and USD 1.6 billion, or USD 0.70 per share, over the last 12 months. Management described their cash flows as resilient and stable.

Asset Sales, Repurchases and Distribution

During the quarter, management said it advanced USD 20 billion of asset sales across the business. That included approximately USD 5 billion in infrastructure, USD 4 billion each in real estate, energy and credit, and USD 3 billion in private equity.

The company repurchased USD 300 million of its shares since it last reported, which brought total repurchases for the year to almost USD 900 million. Management said it capitalized on market dislocation and that repurchases are at the pace of each of the past two years.

Management confirmed that shareholders of record as of the close of business on December 16, 2026, receive a cash distribution of USD 0.07 per share on December 31, 2026.

Management Commentary and Reference Points

The call featured Chief Executive Officer Bruce Flatt, President Nick Goodman and Jon Bayer, Managing Partner and Chief Operating Officer of the Wealth Solutions business. Management said each of its businesses executed on its strategic priorities. The reported items for the quarter are distributable earnings before realizations of USD 1.5 billion, total distributable earnings of USD 1.7 billion, fee-bearing capital of USD 682 billion, USD 20 billion of asset sales advanced and the repurchase of USD 300 million of shares since the last report.

The company clarified that references to Brookfield Wealth Solutions on the call refer to Brookfield's investments in that business, which supported the Acquisition of its underlying operating subsidiaries.