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    Jaeme Gloyn • National Bank Financial

    Jaeme Gloyn's questions to Brookfield Corp (BN) leadership

    Jaeme Gloyn's questions to Brookfield Corp (BN) leadership • Q2 2025

    Question

    Jaeme Gloyn of National Bank inquired about the slight decline in the Wealth Solutions investment spread and the reasons for lower cash distributions from the real estate operating business, asking when FFO might recover.

    Answer

    Nicholas Goodman, President & CFO, attributed the stable 1.8% spread to the timing of inflows versus deployment and sees no downside risk. For real estate, he explained the lower distribution was due to a slowdown in the residential land and housing business. He expressed a positive outlook for FFO growth, driven by strong leasing, deleveraging, and significant cash flow from upcoming monetizations.

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    Jaeme Gloyn's questions to Brookfield Corp (BN) leadership • Q2 2025

    Question

    Jaeme Gloyn of National Bank Financial asked for color on the Wealth Solutions business's 1.8% investment spread and the reasons for lighter cash distributions from the real estate operating business, as well as the outlook for FFO.

    Answer

    Nicholas Goodman, President & CFO, stated the 1.8% spread was consistent with the prior quarter and mainly reflected the timing of capital deployment, with a strong outlook. He attributed the lower real estate distribution to a temporary slowdown in the residential land and housing business. Goodman expressed a positive outlook for FFO growth, citing strong fundamentals, deleveraging, and record-high rents on new leases that will boost future earnings.

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    Jaeme Gloyn's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Jaeme Gloyn's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q2 2025

    Question

    Jaeme Gloyn from National Bank Financial asked about the Just Group acquisition, specifically the requirements and expected timelines for rotating Just's in-house assets into higher-yielding Brookfield private funds.

    Answer

    President Connor Teskey explained that the process requires regulatory approval, which he anticipates will occur sometime in 2026. Following approval, the actual rotation of assets into private funds is an incremental process that typically takes between two to five years for a newly acquired portfolio.

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    Jaeme Gloyn's questions to Brookfield Business Partners LP (BBU) leadership

    Jaeme Gloyn's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2025

    Question

    Jaeme Gloyn of National Bank Financial asked about the decision to place the secondary transaction with Brookfield Asset Management, the drivers of growth in the 'other business services' segment, the status of the share buyback program, and the current debt maturity profile.

    Answer

    CEO Anuj Ranjan described the secondary deal as an opportunistic transaction that offered a better value than might be found in the broader market. CFO Jaspreet Dehl attributed the business services growth to the normalization of results at its construction operations. She also reaffirmed the commitment to the $250 million buyback program and noted that the company has proactively managed its debt, with no large maturities in the next 12 months and an average maturity of nearly six years.

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    Jaeme Gloyn's questions to Brookfield Business Partners LP (BBU) leadership • Q1 2025

    Question

    Jaeme Gloyn of National Bank Financial questioned the customer churn trends at CDK, the performance and macro impacts on the Unidas business in Brazil, and which business lines are actively implementing tariff-mitigation strategies like pricing actions.

    Answer

    CFO Jaspreet Dehl and Head of Business Operations Adrian Letts clarified that lower CDK performance was due to expensed tech investments and that core DMS churn is stabilizing. Jaspreet Dehl reported that Unidas's fleet management is stable while higher interest rates in Brazil are impacting EFO. Both executives confirmed that tariff mitigation is focused on DexKo, where they are well-positioned to use commercial and pricing actions if needed.

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    Jaeme Gloyn's questions to Brookfield Business Partners LP (BBU) leadership • Q4 2024

    Question

    Jaeme Gloyn asked for more color on the challenging market for DexKo and what conditions are needed for a turnaround. He also asked about the higher costs, timeline, and customer churn at the dealer software and technology services operations (CDK).

    Answer

    An executive, Adrian Letts, explained that DexKo volumes remain challenged by market softness and inventory destocking, with weakness expected through 2025, but noted the business is well-positioned for an eventual turn. Jaspreet Dehl, CFO, stated the higher costs at CDK are due to an accelerated 18-24 month technology modernization program. She added that while churn is slightly elevated, the gross retention rate is still 90% and the business is also signing significant new customers.

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    Jaeme Gloyn's questions to Brookfield Business Partners LP (BBU) leadership • Q2 2024

    Question

    Jaeme Gloyn sought clarification on the beneficiary of recent debt refinancing savings, the company's interest rate hedging strategy, and the cumulative capital returned from the Sagen investment.

    Answer

    CFO Jaspreet Dehl clarified that BBU's proportionate share of the annual interest savings is approximately $15 million. She explained that about 70% of the company's debt is fixed or hedged, and as hedges roll off, they will decide whether to re-hedge or float the debt. Regarding Sagen, she confirmed that BBU has received back 85% of its initial $855 million investment.

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    Jaeme Gloyn's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership

    Jaeme Gloyn's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q2 2024

    Question

    Jaeme Gloyn asked for details on casualty reserving trends, the company's organic growth outlook, and the cadence of excess capital flowing from subsidiaries to the holding company via dividends.

    Answer

    President and COO Peter Clarke explained that adverse casualty development from older years was more than offset by favorable development elsewhere, resulting in a strong reserve position. He attributed slower organic growth to specific portfolio actions at Odyssey and Brit. CFO Jenn Allen confirmed subsidiary dividends were received and directed investors to the MD&A for specific figures.

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    Jaeme Gloyn's questions to Fairfax Financial Holdings Ltd (FRFHF) leadership • Q2 2024

    Question

    Jaeme Gloyn of National Bank Financial asked a series of questions covering casualty reserving trends, the outlook for organic growth, and the flow of dividends from subsidiaries to the holding company for share buybacks.

    Answer

    President and COO Peter Clarke and CFO Jennifer Allen responded. On reserving, Clarke stated that while some casualty development from 2014-2019 exists, it's more than offset by favorable development in other lines, with 80% of reserves in strong, hard-market years. On growth, Clarke attributed the modest 1% organic growth to specific pullbacks at Odyssey Group and Brit, noting other units are growing and expecting a potential pickup in H2. Regarding capital flow, Clarke confirmed dividends are taken up quarterly after subsidiaries are well-capitalized, and Allen directed to the MD&A for specific YTD dividend amounts.

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