Brian Hurley

About Brian Hurley

Brian F. Hurley (born 1977) is President of Brookfield Real Assets Income Fund Inc. (“the Fund”) since inception (Fund established May 12, 2016; operations commenced December 5, 2016) and has served as a Class I Interested Director since March 29, 2024 . He is Managing Partner at Brookfield Asset Management, General Counsel of Brookfield Public Securities Group LLC (PSG), and previously an attorney at Paul Hastings LLP; he holds a JD from Columbia University and a BA from College of the Holy Cross . As an interested director, he is affiliated with the Adviser; day-to-day Fund operations are executed by service providers with Board oversight, and six of seven directors are independent including the Chair, which mitigates independence concerns stemming from his dual role (executive officer + director) . Fund-level TSR, revenue, and EBITDA metrics are not disclosed in proxies; Board meeting attendance in FY2024 met at least 75% for all directors .

Past Roles

External Roles

Fixed Compensation

• The Fund does not pay remuneration to persons who are directors, officers or employees of the Adviser or its affiliates for services as Directors or officers; Brian Hurley’s compensation is paid by the Adviser .
• Mr. Hurley may be entitled to receive a salary and a bonus based upon a portion of the Adviser’s profits (paid by PSG/Brookfield), not by the Fund .

Performance Compensation

• Fund proxies do not disclose revenue/EBITDA/TSR-based metrics, PSU/RSU targets, or vesting schedules for Mr. Hurley; compensation details reside at the Adviser and are not included in Fund-level disclosure .

Equity Ownership & Alignment

• As of December 31, 2024, Mr. Hurley’s dollar range of equity securities owned in the Fund is “C” ($10,001–$50,000); aggregate dollar range across the Fund Complex also “C” .
• Directors and officers as a group owned less than 1% of outstanding shares; Fund had 55,254,696 shares as of the April 4, 2025 record date .
• Pledging/hedging, stock ownership guidelines, and compliance status are not disclosed in the proxy .

Employment Terms

• Officers are elected by the Board and serve at its discretion until a successor is elected or resignation/removal; the Fund does not have a pension or retirement plan for directors .
• Employment contracts, non-competes, severance, change-of-control provisions, clawbacks, tax gross-ups, deferred compensation/SERP, and perquisites for Mr. Hurley are not disclosed at the Fund level (compensation paid by Adviser) .

Board Governance

• Board composition: 6 of 7 Independent Directors; Interested Director: Brian F. Hurley; Independent Chair (Edward A. Kuczmarski). Committees (Audit, Governance, QLCC) are composed entirely of Independent Directors .
• Committee roles: Mr. Hurley serves as an Interested Director and is not listed on Audit, Governance, or QLCC committees .
• Board meeting attendance in FY2024: each Director attended at least 75% of Board/Committee meetings; four regular Board meetings; Audit Committee met four times; Governance Committee met three times; QLCC did not meet .
• Executive sessions: chaired by Independent Chair or Governance Chair per policy .

Director Compensation (structure for Board; Mr. Hurley N/A)

• Independent Directors receive Fund Complex annual retainers; amounts increased in 2025 .

Sample FY2024 director compensation (Fund + Fund Complex totals):

Compensation Structure Analysis

• Externalized pay: Mr. Hurley’s compensation is paid by the Adviser, not the Fund—there is no Fund-linked pay-for-performance transparency on base/bonus/vesting at the Fund level, and no Fund payments to interested directors/officers .
• Committee independence: Compensation determinations for Independent Directors made by the Governance Committee (2025; previously Nominating & Compensation Committee in 2024), comprised entirely of Independent Directors, reducing consultant-conflict risk; however, no disclosure of external compensation consultants .
• Cash vs. equity mix: Fund does not disclose equity grants, options, RSUs/PSUs for directors/executives; interested directors receive no Fund compensation; retainer increases from $250k to $260k in 2025 indicate modest inflation of cash fees for Independent Directors .

Performance & Track Record

• Role efficacy: Mr. Hurley leads legal/compliance and supports product/business development across PSG; prior law firm experience in investment management provides strong regulatory/governance credentials .
• Board oversight: Risk management reports from Adviser/Administrator; compliance overseen by CCO with Audit Committee support; independence-heavy Board structure .
• Fund returns/TSR: Not disclosed in proxies; Audit Committee recommended inclusion of FY2024 audited financials in annual report .

Related Party Transactions and Conflicts

• Interested Director due to Adviser affiliation; officers (including Mr. Hurley) are employees of the Adviser; no Fund remuneration paid to Adviser employees; this creates structural alignment with Adviser economics rather than Fund-specific pay metrics .
• No disclosures of loans, related-party transactions with Mr. Hurley, or pledging/hedging in proxy .

Risk Indicators & Red Flags

• Legal/regulatory: No orders, judgments, or convictions involving officers/directors; Section 16(a) filings complied during FY2024 .
• Governance: Dual role (President + Director) with adviser affiliation makes him non-independent; independent majority and committee-only governance mitigate oversight concentration .
• Compensation transparency: Lack of detailed disclosure on adviser-paid compensation metrics, equity vesting, severance/CoC terms limits investor visibility on pay-for-performance alignment .

Compensation Peer Group and Say-on-Pay

• Peer group and target percentiles for executive compensation: Not disclosed at Fund level (externalized compensation) .
• Say-on-pay votes: Not disclosed; not typical for externally managed closed-end funds .

Expertise & Qualifications

• JD (Columbia University), BA (College of the Holy Cross); 22+ years industry experience; legal, compliance, fund governance and product/business development expertise across public securities .

Equity Ownership & Alignment (Detail Table)

Employment Terms (Officer mechanics)

Board Service History and Committee Roles

• Director since March 29, 2024; Class I Interested Director with initial two-year term (to 2026 Annual Meeting) .
• Committees: None (Independent-only committees); Audit chaired by William H. Wright; Governance chaired by Heather S. Goldman; QLCC comprised of Independent Directors .
• Independence: Not independent due to affiliation with Adviser; Board maintains majority independence and independent chair .

Investment Implications

• Alignment: Mr. Hurley’s compensation is tied to Adviser outcomes, not Fund-specific pay metrics; limited disclosure on targets, vesting, and severance reduces clarity on pay-for-performance alignment at the Fund level—monitor Adviser-level incentives to infer risk appetite and potential conflicts .
• Retention/pressure: No Fund-level vesting schedules or retention bonuses disclosed; beneficial ownership in the Fund is modest; monitor Section 16 filings for any insider selling/ownership changes and watch for policy shifts in governance committees that could affect director retainers or oversight intensity .
• Governance quality: Majority-independent Board, independent committees, and structured risk oversight mitigate dual-role independence concerns; however, oversight depends on independent directors’ effectiveness and continued independence; attendance and committee activity appear robust .
• Trading signals: With no disclosed Fund-linked incentive metrics, insider trades and changes in dollar-range ownership become higher-signal for alignment/pressure; consider monitoring Form 3/4 filings and any 8-K Item 5.02 or governance changes for timing around earnings/portfolio updates .