This is a routine preferred share dividend reset and conversion offer. No action required for common stock (BN) holders. Preferred shareholders should evaluate the fixed vs. floating rate options based on their interest rate outlook before the June 15, 2026 conversion deadline.
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Executive Summary
Brookfield Corporation announced the reset dividend rate on its Series 24 preferred shares (BN.PR.R) to 5.432% annually ($0.3395/quarter) for the five-year period starting July 1, 2026, and provided conversion terms into floating-rate Series 25 shares. This is a routine capital structure event with no material impact on Brookfield's common equity or overall financial performance.
Key Facts
- Series 24 preferred shares (BN.PR.R) reset dividend rate to 5.432% annually ($0.3395/quarter) for July 1, 2026 – June 30, 2031.
- Holders can convert Series 24 shares into Series 25 floating-rate shares on a one-for-one basis by June 15, 2026, effective June 30, 2026.
- Series 25 shares will pay quarterly floating dividends at 2.30% over 3-month Government of Canada T-bill yield; initial rate for Q3 2026 is 4.623% annualized ($0.2913125/share).
- Automatic conversion of Series 24 shares if fewer than 1,000,000 remain outstanding after June 30, 2026.
- Currently 10,808,027 Series 24 shares outstanding; TSX conditionally approved listing of Series 25 shares.
- No impact on Brookfield's common stock (BN) or its operating businesses.
Financial Impact
No material financial impact on Brookfield Corporation's common equity or earnings. The dividend reset affects only the Series 24 preferred shares, with a fixed annual rate of 5.432% for the next five years.
Risk Factors
- No material risks to Brookfield's common equity or financial position identified.
- Preferred shareholders face reinvestment risk if they do not convert and rates decline.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3304767 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 6-K | $37.61 $37.98 | ▲ +0.98% | ▲ +0.88% | $36.94 (−1.79%) |
Sep 4, 2026 28d ago | 6-K | $40.31 $37.61 | ▼ −6.70% | ▼ −5.49% | $36.94 (−8.37%) |
Aug 21, 2026 6w ago | Institutional Cluster | $41.69 $41.33 | ▼ −0.86% | ▼ −1.34% | $36.94 (−11.41%) |
Aug 19, 2026 6w ago | 6-K | $42.15 $41.67 | ▼ −1.14% | ▼ −0.75% | $36.94 (−12.37%) |
Aug 17, 2026 6w ago | Press Release | $42.75 $41.97 | ▲ +1.82% | ▲ +0.63% | $36.94 (+13.60%) |
Aug 14, 2026 6w ago | 13F-HR | $43.85 $41.69 | ▼ −4.93% | ▼ −3.56% | $36.94 (−15.77%) |
Aug 3, 2026 8w ago | 6-K | $43.53 $44.28 | ▲ +1.72% | ▼ −0.30% | $36.94 (−15.15%) |
Jul 17, 2026 11w ago | 6-K | $43.63 $41.21 | ▼ −5.55% | ▼ −4.86% | $36.94 (−15.34%) |
Jul 17, 2026 11w ago | Press Release | $43.63 $41.21 | ▼ −5.55% | ▼ −4.86% | $36.94 (−15.34%) |
Jul 13, 2026 11w ago | 6-K | $43.36 $43.63 | ▲ +0.62% | ▲ +1.41% | $36.94 (−14.82%) |
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