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    Mario Saric • Scotiabank

    Mario Saric's questions to Brookfield Corp (BN) leadership

    Mario Saric's questions to Brookfield Corp (BN) leadership • Q2 2025

    Question

    Mario Saric of Scotiabank questioned the long-term implications for Brookfield's corporate structure and ownership of its listed vehicles, given the strategic evolution towards backing its growing insurance operations with the balance sheet.

    Answer

    Nicholas Goodman, President & CFO, responded that the insurance business is becoming more integrated and foundational to Brookfield, not just a discrete investment. He emphasized that this shift creates a more efficient capital structure to enhance returns and serves as a growth engine for the asset manager (BAM), but does not change the firm's core investing skill.

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    Mario Saric's questions to Brookfield Corp (BN) leadership • Q2 2025

    Question

    Mario Saric of Scotiabank questioned the long-term implications for Brookfield's corporate structure, given the strategic shift to focus the balance sheet on growing the insurance operations.

    Answer

    Nicholas Goodman, President & CFO, clarified that the insurance business is becoming more foundational and integrated into the overall Brookfield strategy. He highlighted that this evolution creates a more efficient capital structure, enhances returns, serves as a growth engine for the asset manager (BAM), and provides powerful access to pension markets, while the firm's core investing skill remains central.

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    Mario Saric's questions to Brookfield Corp (BN) leadership • Q4 2024

    Question

    Mario Saric inquired about the potential to exceed the 25% five-year distributable earnings CAGR target in the near term. He also asked about the 2025 share buyback outlook and which part of the business offers the most underappreciated near-term growth.

    Answer

    President Nick Goodman clarified that the 17% DE growth from the existing platform is the core target, with the 25% headline figure achievable through monetizations and reinvestment. He confirmed Brookfield will remain opportunistic with buybacks due to the persistent discount to intrinsic value. For growth, he pointed to broad-based strength, highlighting the Wealth Solutions and Asset Management businesses.

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    Mario Saric's questions to Brookfield Corp (BN) leadership • Q3 2024

    Question

    Mario Saric asked about Brookfield's capital allocation strategy, questioning if a change in supplemental disclosure from 'distributions' to 'capital return' signals that share repurchases will become a structurally larger component. He also inquired about the timeline for the Wealth Solutions business to achieve its target 200 basis point investment spread.

    Answer

    President Nick Goodman clarified that the disclosure change was merely for better illustration and not a signal of a structural shift, although buybacks will continue while a value disconnect exists. Regarding the Wealth Solutions business, he stated a conservative estimate for reaching the 200 basis point spread target is within the next 12 months as the portfolio is gradually repositioned.

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    Mario Saric's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Mario Saric's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q2 2025

    Question

    Mario Saric of Scotiabank inquired about the individual investor opportunity, asking how its demand ramp-up compares to the historical institutional trend and how much of it is already factored into the company's five-year Investor Day growth forecasts.

    Answer

    President Connor Teskey described the individual investor opportunity as "incredibly significant" but emphasized it will be an incremental ramp-up over many years, unlike the more established institutional channel, which he noted is also still growing. He framed it as a long-term growth driver that will build over time.

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    Mario Saric's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q1 2025

    Question

    Mario Saric inquired about LP sentiment toward U.S. commitments amid tariff volatility and asked for a reasonable range of annual co-investment capital required from BAM for new complementary funds over the next 3-5 years.

    Answer

    An Unknown Executive stated that tariff volatility is not expected to change their fundraising trajectory, as the environment reinforces secular trends like onshoring and energy security, creating larger opportunities. CFO Hadley Peer Marshall clarified that BAM primarily seeds equity strategies and estimated the annual co-investment need at a 'handful of $100 million,' or $500 million or less, as the number of strategies grows.

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    Mario Saric's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q4 2024

    Question

    Mario Saric of Scotiabank asked about the sustainability of the Q4 compensation and benefits expense level. He also inquired about the likely use of the balance sheet for external growth, specifically the focus between add-on GP expertise and other investments.

    Answer

    CEO James Flatt indicated that while costs will grow with the business, the growth rate of compensation expense is expected to be much lower than revenue growth, leading to continued margin improvement. President Connor Teskey clarified that the balance sheet will be used opportunistically for two main purposes: programmatic buyouts of partner managers and providing seed capital for new, scalable strategies to drive organic FRE growth.

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    Mario Saric's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q3 2024

    Question

    Mario Saric asked about the expiration risk associated with uncalled capital commitments and how the expected acceleration in monetizations in 2025 might affect net fundraising inflows.

    Answer

    President Connor Teskey stated the expiration risk on uncalled capital is 'incredibly modest,' as nearly 90% of it doesn't expire until after 2028 and is concentrated in actively deploying credit strategies. He framed the strong monetization environment as a net positive, creating a 'virtuous cycle' where returning capital at attractive multiples fuels new, larger fund commitments, leading to positive net inflows for 2025.

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