BN Stock: Earnings by Segment, Dividend and Insurance Leverage, Q2 2026

Which forms Brookfield Corporation files, and what that means for this page

Brookfield Corporation is incorporated in Ontario. Its Q2 report says it qualifies as a “foreign private issuer” and that “our annual report is filed under Form 40-F and we furnish our quarterly interim reports under Form 6-K.” So there is no 10-K and no 10-Q. The 2025 annual report is a Form 40-F (accession 0001001085-26-000006, filed March 18, 2026) with the management discussion and financial statements in Exhibit 99.2; the quarterly interim report for Q2 2026 is a Form 6-K filed August 17, 2026, four days after the earnings release, which is a separate Form 6-K (accession 0001171843-26-005474, filed August 13). It reports under IFRS, not U.S. GAAP. Brookfield Asset Management (BAM), by contrast, files Form 10-K (accession 0001628280-26-013098, filed March 2, 2026), as our BAM page explains.

BN does have a CIK that files every quarter, so a filing alert is honest here. The Q3 2026 report is not filed as of October 16, 2026. Brookfield announced on October 9, 2026 that results come on Thursday, November 12, 2026, at about 7:00 a.m. ET.

What BN is: three businesses and one large stake in BAM

BN is a holding company with three businesses. Asset management is its stake in BAM plus money it invests alongside BAM's funds. Wealth solutions is insurance, held through Brookfield Wealth Solutions Ltd. Operating businesses are its holdings in Brookfield Infrastructure Partners (BIP), Brookfield Renewable Partners (BEP), Brookfield Business Corporation (BBUC) and Brookfield Property Group (BPG).

The BWS structure is unusual and matters for the simplification. BN calls BWS a “paired entity”: each BWS Class A exchangeable share is meant to give the return of one BN Class A share and receives distributions in the same amounts as BN's dividends, while BN owns all the Class C shares, which carry the residual economic interest. In Q2 BN also moved a 16% direct interest in BBUC to BWS in exchange for new BWS Class C shares, which is why BN's private equity segment equity fell from $1.9 billion to $1.0 billion.

Distributable earnings by segment: where the $2.39 comes from

Brookfield's own measure is distributable earnings (DE). It is non-IFRS and, for the operating businesses, counts the cash distributions BN receives, not their profits. The table uses the second-quarter earnings release.

Per-share amounts are adjusted for the three-for-two stock split completed on October 9, 2025. The operating-business line breaks down as follows, and it shows where the weakness is:

For the full year the same table, from the February 2026 release, reads: asset management $2,767 million (2024: $2,645 million), wealth solutions $1,671 million ($1,350 million), operating businesses $1,602 million ($1,626 million), corporate costs and other $(654) million ($(750) million), DE before realizations $5,386 million ($4,871 million), or $2.27 a share against $2.05 (Form 6-K, accession 0001171843-26-000765). Wealth solutions grew 23.8% in 2025 (our arithmetic) and asset management 4.6%.

Within asset management, the second quarter was BAM at BN's share of $492 million, after $31 million of non-recourse borrowing expense, plus $248 million of distributions from BN's direct investments in BAM-managed funds (our arithmetic: $740 million). BAM's fee-related earnings were $808 million, and the release says fee-related earnings grew 20% on a 19% rise in fee-bearing capital to $672 billion. Realized carried interest, which is not in DE before realizations, was $121 million in the quarter. Accumulated unrealized carried interest was $12.5 billion in total and $9.6 billion at BN's share, with about $2.9 billion of related costs expected.

One mismatch for the reader to see: BN's real estate segment holds $26,706 million of common equity, 62.9% of the $42,483 million total (our arithmetic), yet BPG's distributions were 11.3% of twelve-month DE before realizations. The table below puts the earnings on the equity behind each business. The bases differ (distributions for the listed affiliates, DE for the other two, and book equity that is mostly depreciated cost), so read it as a map, not a return.

The dividend: how much of it each source funds

BN declared $0.07 a share on August 13, 2026, payable September 29 to holders of record September 14. It paid $0.14 in the first half of 2026 against $0.12 a year earlier, and $0.24 for 2025 (split-adjusted). Against the DE before realizations per share of $1.20 for the first half ($0.59 in Q1 and $0.61 in Q2, our arithmetic), the first-half dividend is 11.7%; against 2025's $2.27 it was 10.6% (our arithmetic). The company's own stated priority, in the Q2 report, is to put its free cash flow into its three businesses, new opportunities and share buybacks.

The table that tells you what actually pays the dividend is in the liquidity section of the Q2 report. It lists the cash BN received from each group in the first half of 2026 and in 2025:

Now the uses. These are the items in BN's statements that sit against that cash; it is not a cash-flow statement, because cash taxes and other items are not separated in what we read.

What each source covers on its own, against the $406 million of common and preferred dividends: BAM 2.6 times, BPG 1.6 times, BEP, BIP and BBUC together $442 million, 1.1 times (our arithmetic). Against the $320 million of common dividends alone: BAM 3.3 times, BPG 2.1 times, the three listed operating affiliates 1.4 times. Wealth Solutions does not appear in the table at all: its $1,760 million of twelve-month DE is mostly retained in the insurer, and BN's wealth solutions equity includes $5.1 billion of retained distributable earnings.

Buybacks: BN says it repurchased about $580 million of its Class A shares in the open market year to date at an average of $42 a share. The $0.28 annual dividend is 0.67% of that $42 (our arithmetic). That is a comparison with BN's own buyback price, not a dividend yield on today's price, which these filings do not give. Shares outstanding were 2,233.0 million at June 30, 2026; the common dividend for one quarter at $0.07 is about $156 million (our arithmetic), against $361 million of operating-business distributions in Q2 alone.

BN or BAM: what you own and what you do not

BAM is a stock in its own right, and most of what a search for “brookfield asset management stock” needs is on our BAM page. The difference in one table:

A BN holder owns a share of BAM's earnings and of everything that is not BAM. The table's last line is the practical one: the two companies report on different bases, so their figures cannot be added or compared without care. BAM's fee-related earnings of $808 million appear in both reports, but BN reports them as part of one line of its asset management segment, net of non-recourse borrowing expense.

Wealth Solutions: the insurance leverage

Brookfield Wealth Solutions Ltd. (NYSE and TSX: BNT, SEC CIK 1837429) files a Form 20-F annually and Form 6-K for its quarterly report, with U.S. GAAP statements. BN does not consolidate it: BN's balance sheet shows an equity-accounted investment, and BN's 21% corporate debt-to-capitalization ratio and its 50% consolidated ratio say nothing about the insurer's liabilities. BN's own wealth solutions segment reports in a different format, in the Q2 report:

Cost of funds took 74.7% of net investment income in Q2 (our arithmetic), and interest expense took 19.2% of net investment earnings. Earnings grew 22.8% on a 51.9% larger asset base, helped by the first full quarter of Just Group, which added $45 billion of insurance assets; insurance assets reached $191 billion, with $5 billion of annuity sales in the quarter. Brookfield reports a 5.7% average net investment income yield and a 2.2% gross spread in its North American business.

The insurer's own balance sheet, from its Q2 report, shows the other side:

Most of the jump is the Just Group purchase: future policy benefits went from $16,249 million to $53,020 million, and the $4,386 million of repurchase payables was assumed from Just. Total equity was $66 million lower over the six months, because the period brought a $1.5 billion comprehensive loss, which the filing attributes mainly to unfavorable unrealized fair-value movements on the investment portfolio and the future policy benefits liability, and a net loss of $453 million in the first half under U.S. GAAP against $926 million of distributable operating earnings. That gap between accounting profit and distributable earnings is the thing to track; BN's own twelve-month IFRS EPS of $0.54 against $2.39 of DE is the same gap at group level.

The borrowings that fall due soon are in the schedule: $2,224 million of non-recourse borrowings due within a year (31.9% of them, our arithmetic), including a $617 million 364-day facility due October 2026 and a $1,000 million secured loan due April 2027; the corporate side includes a $1,989 million term loan due April 2031. The BWS filing says it was in compliance with its financial covenants at June 30, 2026.

The investment book is mostly investment grade but not entirely:

Brookfield's own view of credit risk is in the shareholder letter. It says that “redemption requests at Oaktree Strategic Credit Fund, our business development company, dropped below 5%” this quarter, and that its credit franchise is concentrated in real asset finance, asset-backed lending and opportunistic credit. That is the company's statement about its own funds and we have not checked it against the fund's tender filings; our page on Oaktree Strategic Credit Fund tenders has those. For how the largest listed alternative managers with insurance arms compare, see our pages on Apollo and Athene, Blackstone and KKR.

BN's own debt, liquidity and the September notes

After the quarter, Brookfield Finance Inc. priced US$600 million of 5.650% senior unsecured notes due September 23, 2031, guaranteed by BN, at 99.966% of par; the term sheet says the proceeds go to general corporate purposes (Form 6-K, accession 0001104659-26-109654, September 22, 2026). The preliminary term sheet noted that underwriters might sell some of the notes to affiliates of Brookfield Wealth Solutions. On September 4, 2026 BN said it would redeem its Series 51 and Series 52 preferred shares on November 1, 2026.

Brookfield's debt tables explain why the group can carry $250 billion of non-recourse borrowings while BN's own debt-to-capitalization is 21%: the debt sits in the managed entities, not in BN. The reader's question is the reverse: how much of what sits in managed entities and in the insurer would BN have to support in a bad quarter. The filings do not give an answer, only the 6% recourse figure and the statement that BN endeavors to structure its perpetual affiliates to be self-funding.

The simplification: what changes for a BN holder

Under the plan approved by BN's board on May 26, 2026 and its shareholders on July 16, 2026, all BN Class A shares and BWS Class A exchangeable shares are exchanged one-for-one into shares of a new parent, Brookfield Corporation Ltd., which will trade as BN on the NYSE and TSX. The company says it is expected to complete on a tax-deferred basis for U.S. and Canadian shareholders, and that the new company “is expected to pay a quarterly distribution of an amount equal to distributions currently paid by BN and BWS.” Closing is expected by year-end 2026 subject to regulatory approvals. The Q2 release says U.S. shareholders need take no action and will receive “New BN” shares.

For a BN holder the most important open question is presentation. Today BN reports wealth solutions as an equity-accounted investment with $13.1 billion of equity, and the insurer's $205.7 billion balance sheet is in a separate issuer's filings. The documents we read do not say how the combined company will report after closing, so we do not guess.

The other event in the quarter was the completion of the Oaktree purchase, announced as completed on August 3, 2026; the Q2 report says the deal closed in July. BN's report calls it the acquisition of the remaining interest in Oaktree; our BAM page covers what it means for BAM's earnings.

If you hold a Brookfield non-traded vehicle: what BN means for you

Brookfield REIT, Brookfield Infrastructure Income Fund (BII) and Brookfield Private Equity Fund (BPE, launched October 22, 2025) are separate vehicles with their own net asset value, fees and repurchase rules. They are not BN and BN stock is not a way to hold them. The links are these:

• Ownership of the adviser. Their advisers are BAM affiliates, and BN owns about three quarters of BAM. BII's June 30, 2026 report says BN “holds a 73% interest in BAM”; BN's own Q2 report says 74% combined (70% direct) at June 30 and 73% at the end of 2025. A fee a vehicle pays reaches BN only as part of BAM's earnings and BN's share of its distributions.
• Size. BN says Q2 fundraising was a record $77 billion, including $5 billion from retail and wealth clients; for 2025 it was $112 billion, of which $24 billion came from retail and wealth. The retail channel is part of the growth story, not the reason BN reports what it reports.
• Insurance links. Brookfield REIT's June 30, 2026 10-Q lists Brookfield-affiliated insurers that cover its properties, with premiums of $0.2 million each for six months to Obsidian Mutual and Onyx Mutual and an insignificant amount to Argo Re Ltd. Argo Re, which the REIT lists as providing excess property insurance, is also among the Bermuda reinsurers named in the BWS filing. These amounts are tiny, but they show the REIT, the manager and the insurer touching.
• What does not carry over. A distribution cut or a tender cap at a vehicle is not in BN's dividend; BN's dividend was $0.07 in Q1 2026 against $0.06 a year earlier, while the vehicles' terms are set in their own filings.

For the vehicles themselves, see our Brookfield REIT review, the distribution and share-class fee analysis and the Brookfield Infrastructure Income Fund tender offers. For other listed names a holder of non-traded REITs may also own, see our office REIT dividends and debt page.

What a holder or interested reader can do with this

This page is analysis of public documents, not investment, legal or tax advice. These are checks the filings let you make yourself.

• Be clear which Brookfield you own. BN is the group, BAM the manager, BWS (BNT) the insurer, and Brookfield REIT, BII and BPE are separate funds with their own prices and rules.
• Read the dividend against the right number. $0.28 a year against $2.39 of DE before realizations is 11.7%, but IFRS EPS was $0.54 over twelve months. The first measure is non-IFRS and counts cash received; the second counts accounting profit.
• Look at who pays. BAM paid 48.6% of the first-half cash and BPG 30.7%. BPG's distributions fell 26.8% over twelve months, so the cash depends more on BAM each quarter.
• Track the insurer separately. BWS equity was $17.9 billion against $187.9 billion of liabilities. Watch the next report for equity, the $2,224 million due within a year and the share of private loans that is BB or unrated.
• Watch November 12, 2026. The Q3 report is the first look at a full quarter with Oaktree, and the first update on whether the simplification has closed.
• If the position is large, size it. A single Brookfield position, whether BN stock or a Brookfield vehicle, concentrates exposure to one manager and one insurer.

If you hold BN stock or a Brookfield vehicle and are asking how it sits against the rest of your money, a conversation with a licensed adviser is the logical next step; filings cannot answer that for you.

FAQ

All figures are from filings by Brookfield Corporation (CIK 1001085) read on EDGAR on October 16, 2026: Form 40-F for 2025 (accession 0001001085-26-000006, filed March 18, 2026); Q1 2026 interim report on Form 6-K (0001001085-26-000015, May 15, 2026); Q2 2026 interim report on Form 6-K (0001001085-26-000021, August 17, 2026); earnings releases on Form 6-K of February 12 and August 13, 2026 (0001171843-26-000765, 0001171843-26-005474); simplification, annual-meeting, Oaktree, preferred-share and Q3-call announcements (0001104659-26-066346, 0001104659-26-084374, 0001171843-26-005138, 0001171843-26-005886, 0001171843-26-006563); the notes term sheet of September 22, 2026 (0001104659-26-109654); Brookfield Wealth Solutions Ltd. (CIK 1837429) Form 6-K for June 30, 2026 (0001837429-26-000018); Brookfield Real Estate Income Trust Inc. (CIK 1713407) Form 10-Q for June 30, 2026 (0001713407-26-000079); and Brookfield Infrastructure Income Fund Inc. (CIK 1955857) Form N-CSRS (0001398344-26-016527). Percentages and sums marked "our arithmetic" are ours. This is analysis of public documents, not investment, legal or tax advice.