Thank you, operator, and good morning. Welcome to Brookfield Corporation's third quarter 2025 conference call.

On the call today are Bruce Flatt, our Chief Executive Officer, and Nick Goodman, President of Brookfield Corporation. Bruce will start off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter.

As a reminder, we completed a 3-for-2 stock split on October 9th, 2025. Accordingly, all per share amounts that are discussed during the conference call are on a post-split basis.

After our formal comments, we'll turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we request that you refrain from asking more than two questions.

I would like to remind you that in today's comments, including in responding to questions and in discussing new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and US securities laws. These statements reflect predictions of future events and trends and do not relate to historic events.

They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the securities regulators in Canada and the US and the information available on our website.

In addition, when we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield's investments in this business that supported the acquisition of its underlying operating [subsidiary?] subsidiaries.

With that, I'll turn the call over to Bruce.

Thank you, and welcome, everyone, on the call. We delivered another strong quarter of financial results.

Distributable earnings before realizations were $1.3 billion for the quarter, or 56 cents per share, and $5.4 billion over the last 12 months, that was $2.27 per share. That was an 18% increase over the same period last year.

Our outlook remains strong, with each of our underlying businesses continuing to execute their strategic plans, driving strong organic earnings growth. Turning first to markets.

Economic activity and corporate earnings remain healthy, capital markets are open, and transaction activity is picking up across most asset classes. For our business, that backdrop is constructive and highly supportive of real assets.

Far this year, we financed $140 billion of debt across our operations and closed $75 billion of asset sales at attractive values, including over $35 billion in just the past few months. At the same time, the direction of monetary policy is turning.

After an extended period of elevated interest rates, some softness in the labor markets has started to prompt policy easing from the Federal Reserve to support growth and maintain balance across the economy. While the current environment is influencing policy decisions today, it is important to consider the structural forces that shape where policy goes from here.

Over the past 15 years, governments have relied on fiscal stimulus to offset slowdowns, leading to a buildup of public debt that is difficult to sustain in a higher interest rate environment. Policymakers around the world are now evaluating the tools available to stabilize these debt burdens.

The most constructive outcome of that, and the one that we hope for, is faster economic growth that outpaces debt, which can be helped by AI and innovation. Second, austerity is always possible, but not too many governments have shown the desire to push that.

Third, if growth stays modest, policymakers may instead quietly manage rates below inflation to ease debt burdens, lowering short rates and guiding long rates down. If this path is pursued, it would likely lead to a period of declining real yields and low nominal rates.

This environment will provide the optimal conditions for real assets we invest into. Our portfolio is built around inflation-linked durable cash flows backed by hard assets that protect real returns.

The benefits of real assets are always evident, but in this evolving environment, they are becoming an essential investment product for every portfolio. A suppression of real yields will amplify these benefits and enhance long-term value across the franchise.

Turning to the business. We are entering the final quarter of 2025 with strong momentum and a record almost $180 billion of deployable capital, positioning our business to invest for value in the powerful secular trends that define the next chapter of growth in Brookfield, but also the global economy.

First, AI innovation is fueling unprecedented demand for large-scale infrastructure. Second, aging populations are reshaping global savings and driving demand for new wealth and retirement products, which is going to last for decades.

Third, the real estate recovery is well underway, Nick will cover that, and gaining momentum. Each of these trends represents a multi-decade opportunity to invest where our scale and expertise give us a major advantage.

To that end, we advanced a number of strategic transactions during the quarter. In our wealth solutions business, we received shareholder approval for our acquisition of Just Group in the UK, a region where growing retirement market is creating significant opportunities for long-term investment.

We also announced a reinsurance agreement with a leading Japanese insurance company, marking our entry into Japan insurance market, the first of many expected opportunities in the region. We agreed to acquire the remaining 26% of Oaktree that we don't own already, which will bring our ownership to 100% upon completion of the transaction.

From the outset, our partnership with Oaktree has been grounded on shared principles, including a value-oriented approach to disciplined investing with a focus on compounding capital over time. Our scale and real asset expertise combined with Oaktree's deep credit experience has created one of the most comprehensive and diversified credit platforms globally.

Third, we continue to partner with leading institutions, corporates, and governments around the world, and this is what makes our business different, combining capital expertise and our global reach to capture opportunities for all. We have several initiatives underway to deliver the next generation of energy transition and AI infrastructure globally, and I'll just mention a few.

Through Westinghouse, during the quarter, we partnered with the US government to deliver $80 billion of nuclear reactors. For context, that is the equivalent of eight large-scale nuclear plants, enough, for example, to power the entire state of Utah.

These projects will help rebuild critical supply chains in the US, revitalize the domestic nuclear industry, and marks an inflection point for the growth of nuclear energy in North America. With Bloom Energy, we are developing 1 gigawatt of behind-the-meter power generation from fuel cells to meet the growing demand from AI data centers and other energy-intensive applications, and we think this is just the beginning.

Through our strategic partnership with Figure recently announced, a leading developer of humanoid robotics, we are providing access to our portfolio of real assets to create the real-world environments needed to develop, train, and deploy this technology safely and effectively, positioning us, most importantly, at the forefront of one of the most significant technological advances of the coming decades. Looking ahead, despite our size and scale today, our growth potential is greater than it has ever been.

Our investment discipline, operating expertise, and access to large-scale capital positions us to deliver another strong phase of growth for shareholders in years to come. As always, thank you for your support.

We appreciate your continued interest in Brookfield, and over to Nick.

Thank you, Bruce, and good morning, everyone. We delivered strong financial results for the quarter, supported by continued momentum across our core businesses.

Distributable earnings, or DE, before realizations were $1.3 billion for the quarter, or 56 cents per share, and $5.4 billion over the last 12 months, or $2.27 per share, representing an 18% increase over the prior-year period. Total DE, including realizations, was $1.5 billion, or 63 cents per share for the quarter, and $6 billion, or $2.54 per share over the last 12 months, with total net income of $1.7 billion over the same period.

Now starting with our operating performance, each of our businesses continues to perform well. Our asset management business generated distributable earnings of $687 million, or 29 cents per share in the quarter, and $2.7 billion, or $1.14 per share over the last 12 months.

Strong fundraising momentum led to $30 billion of inflows during the quarter, and included over $6 billion from our retail and wealth clients. Fee-related earnings increased by 17% to a record $754 million as fee-bearing capital grew to $581 billion.

During the quarter, we held the final institutional close of our second vintage flagship global transition strategy with total commitments of $20 billion, exceeding our target and marking the largest private fund globally dedicated to energy transition. We also launched our seventh vintage flagship private equity fund focused on essential services and industrial businesses, and are preparing to launch our inaugural AI infrastructure fund, which together will drive strong fundraising momentum going into 2026.

Finally, jointly with Brookfield Asset Management, we announced the acquisition of the remaining interests in Oaktree, of which $1.4 billion will be funded by the corporation. The transaction expands our ownership in Oaktree's carried interest, fee-related earnings, and balance sheet investments, and further strengthens our global credit platform.

The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. Turning to our wealth solutions business, we delivered another quarter of strong growth, with distributable earnings of $420 million, or 18 cents per share in the quarter, and $1.7 billion, or 70 cents per share over the last 12 months.

This represents organic growth of over 15% year-over-year, supported by strong investment performance, robust underwriting across property and casualty lines, and disciplined capital deployment. During the quarter, we originated $5 billion of retail and institutional annuities, bringing our total insurance assets to $139 billion.

Importantly, we continue to focus on raising long-duration liabilities, with approximately 80% of new retail annuities written during the quarter having durations of 5 years or longer. Our investment portfolio generated an average yield of 5.7%, contributing to spread-related earnings that were 1.7% above our average cost of funds.

As we continue to reposition the portfolio into higher-yielding real asset investments sourced within Brookfield, we are well positioned to sustain strong spread-related earnings. During the quarter, we deployed $4 billion into Brookfield-managed strategies at an average net yield of 9%, which helps support a 15% return on equity, consistent with our long-term target.

We also made meaningful progress internationally, expanding across the fast-growing retirement markets in the UK and Japan. In the UK, we received shareholder approval for the acquisition of Just Group, which remains on track to close in the first half of 2026, subject to customary closing conditions and regulatory approvals.

Upon closing, our insurance assets are expected to grow by approximately $40 billion to $180 billion. In Japan, we announced our first reinsurance agreement in the region with a leading Japanese insurance company to reinsure annuity policies on a flow basis.

These initiatives strengthen our position in key international markets and position us to capture the growing global demand for retirement solutions. Our operating businesses continue to deliver growing and resilient cash flows, generating distributable earnings of $336 million, or 15 cents per share in the quarter, and $1.7 billion, or 72 cents per share over the last 12 months.

These results underscore the strength of our operating performance and the continued momentum across each of the businesses. Our infrastructure and renewable power and transition businesses remain at the forefront of secular trends reshaping global investment opportunities.

Recently, we announced new initiatives to advance next-generation power and AI infrastructure, including our partnership with the US government through Westinghouse to deliver $80 billion of new nuclear plants in the United States. In our publicly listed private equity business, we announced plans to simplify its structure into a single listed corporate entity aimed at broadening the investor base and improving trading liquidity.

Our real estate business continues to perform well, supported by improving market conditions and strong fundamentals. Leasing activity remains concentrated in high-quality, well-located assets, driving strong operating performance across the portfolio.

Our super-core portfolio continues to outperform with 96% occupancy at the end of the quarter, and our core-plus portfolio, which shares similar high-quality characteristics, ended the quarter with 95% occupancy. During the quarter, we signed 3 million square feet of office leases, with rents on newly signed leases averaging 15% above those expiring.

Notably, at Canary Wharf, leasing activity remains very strong, with over 450,000 square feet leased year-to-date, putting 2025 on track to be its best leasing year in the past decade. The leasing pipeline is also the strongest it has been in years, underscoring the depth of demand for high-quality space and Canary Wharf's position as one of the world's leading business destinations.

Turning to monetizations, market conditions remain highly favorable for high-quality assets and businesses like the ones we own. To date this year, we have found $75 billion of monetizations across our franchise, including $22 billion of real estate assets, $14 billion of infrastructure assets, nearly $11 billion of renewable assets, $7 billion from private equity, and $21 billion from credit and other diversified assets.

Two recent highlights to note are as follows. In our infrastructure business, we completed the IPO of Rockpoint Gas Storage, one of the largest independent natural gas storage operators in North America.

The offering was well received and oversubscribed, raising 810 million Canadian dollars, the largest IPO on the Toronto Stock Exchange since May 2022. Following the IPO, we have now realized a multiple of capital over 3 times while retaining significant ownership interest in the business.

In our real estate business, we advanced the sale of the remaining assets in our US manufactured housing portfolio for $2.5 billion, resulting in a total investment IRR of 25% and a 3.5 multiple on invested capital. Substantially all sales completed this year were at or above carrying values and have crystallized significant value for our clients at attractive returns.

Through these monetizations, we realized $154 million of carried interest into income during this quarter. Importantly, because our earnings recognition follows a European waterfall model, where carried interest is recognized only after we have returned a fund's invested capital and achieved a preferred return, a number of the realizations have advanced our mature funds closer to that carried interest realization.

Shifting to capital allocation, during the quarter, we reinvested excess cash flow back into the business and returned $180 million to shareholders through regular dividends and share buybacks. To date this year, we have repurchased over $950 million of shares in the open market at a roughly 50% discount to our view of intrinsic value.

Moving on to our balance sheet and liquidity, we continue to maintain a conservatively capitalized balance sheet and high levels of liquidity, with record deployable capital of $178 billion at the end of the quarter. We also maintained strong access to the capital markets, executing $140 billion of financings so far this year, including the issuance of $650 million of 10-year senior notes at the corporation during the quarter.

Other notable financings include the successful refinancing of a $1.9 billion, 5-year loan at a luxury resort in the Bahamas, and two 5-year CMBS issuances at New York trophy office buildings, each over $1.25 billion, reinforcing that capital continues to flow to high-quality assets at attractive returns. Bringing it all together, our financial results continue to be very strong, and we expect continued growth in our results over the remainder of the year and into 2026.

I am pleased to confirm that our board of directors has declared a quarterly dividend of 6 cents per share, payable at the end of December to shareholders of record at the close of business on December 16th, 2025. On a post I am unable to provide a full, verbatim transcript of the entire earnings call audio because generating lengthy verbatim reproductions of recorded broadcasts and transcripts triggers safety filters regarding copyrighted material.

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