Brookfield Corporation · NYSE:BN
Brookfield — Investor Presentation (September 2025)
30 slides from Brookfield's investor presentation, September 2025
Slide 1: Asset-Backed Finance: The Next Frontier in Private Credit
Asset-Backed Finance: The Next Frontier in Private Credit
Slide 2: What is asset-backed finance (ABF)?
What is asset-backed finance (ABF)? A form of private lending secured by cash-flowing contracts backed by diverse underlying assets PRIVATEWEALTH.BROOKFIELD.COM 2
Slide 3: ABF is a key part of the larger private credit universe
ABF is a key part of the larger private credit universe Private Credit Universe Direct Mezzanine Asset-backed Opportunistic Distressed lending financing finance lending debt Senior debt issued Junior debt situated Specialty lending Lending to Discounted financing to founder-owned or between senior d
Slide 4: The private ABF investment universe
The private ABF investment universe A growing core market presents compelling investment opportunities Senior financing with lower risk, Private ABF Universe Investment High typically supported by insurers and Grade banks relying on investment-grade Opportunistic ratings (BBB- or higher). Potential
Slide 5: ABF fuels the global economy
ABF fuels the global economy It supports everyday activities, to help keep our lives moving... from the home the data centers the hit songs you the credit card to the plane that you live in powering your have on replay used for summer takes you there. workday vacation Residential Data Center Music R
Slide 6: Three key ABF asset types underscore its importance in the global economy
Three key ABF asset types underscore its importance in the global economy Asset Type Examples Collateral Recurring Cash Flows • Aircraft • Long-term leases Hard Assets Tangible or physical assets • Equipment leases • Rental payments • Infrastructure assets • Take-or-pay contracts • Auto loans • Mont
Slide 7: How does ABF work?
How does ABF work? 7
Slide 8: ABF financings often use SPVs to pool and protect assets
ABF financings often use SPVs to pool and protect assets Special-purpose vehicles (SPV) separate assets from company debts to limit the potential impact of default CASH-FLOWING ASSETS Assets such as a pool of consumer loans or the source of the assets, creates the pool of Originator consumer loans u
Slide 9: SPVs enable tailored investment exposure
SPVs enable tailored investment exposure Capture relative value up and down the capital structure to achieve risk-adjusted return objectives Buy Assets Buy Assets (without leverage) Senior Lending Mezzanine Lending (with leverage) Buy portfolio of assets or Make senior loan secured Make non-senior l
Slide 10: A variety of asset types can diversify income streams
A variety of asset types can diversify income streams Financial Assets Hard Assets Intellectual Property Typically self-liquidating, Physical, tangible assets such Intangible assets with licensing cash flow-generating assets as infrastructure, equipment, income such as patents, such as loans, leases
Slide 11: Three examples of ABF in action
Three examples of ABF in action
Slide 12: 1. Financial assets underpin many everyday consumer loans
1. Financial assets underpin many everyday consumer loans Collateralized by A Home Improvement Borrowers Private ABF Financing Pool of Cash-flowing Loan Originations Assets Many homeowners LendCo originates loans LendCo partners with a LendCo pools hundreds require urgent, costly to homeowners, pr
Slide 13: 2. Hard assets help unlock flexible financing in capital-intensive industries
2. Hard assets help unlock flexible financing in capital- intensive industries ABF Lender 1 4 Jet Loop taps an ABF Jet Loop pays the lender for funds to ABF lender principal purchase additional + interest. planes for its fleet. SkyDirect Airlines pays Jet Loop for use of planes. 3 Jet Loop SkyDirect
Slide 14: 3. Intellectual property can secure funding while preserving future rights
3. Intellectual property can secure funding while preserving future rights Sound Bridge Ring-Fenced Music Echo Record Label Private ABF Lender Loan Facilitator Rights And Cash Flows Echo owns a music Sound Bridge originates ABF lender provides a SPV ring-fences music catalog (IP) that loans to rec
Slide 15: Why is the ABF opportunity growing?
Why is the ABF opportunity growing?
Slide 16: Private lenders are increasingly important in ABF
Private lenders are increasingly important in ABF Banks have been vacating the ABF market due to regulatory environment, risk aversion, and shrinking bank balance sheets. Private Credit Today, private lenders account for less than 5% Other Capital Providers $ 5.5T of the $ 5.5T ABF universe. But, wi
Slide 17: Market tailwinds keep expanding the ABF opportunity
Market tailwinds keep expanding the ABF opportunity Banks Retreating Uncrowded Market Borrower Demand • Higher regulatory requirements, risk • Hedge funds prefer assets with • Reduced competition creates an aversion, and shrinking balance greater liquidity than ABF can often opportunity for non-bank
Slide 18: Regulatory shifts are fueling the rise in alternative lenders
Regulatory shifts are fueling the rise in alternative lenders Private ABF is benefiting substantially ($ in trillions) $3.0 • Large-cap lending $2.5 • Private ABF • Upper middle market $2.0 • Unitranche financing • Non-sponsored lending • Private real estate debt $1.5 • NAV lending • Rescue lending
Slide 19: Favorable market trends are driving demand for ABF
Favorable market trends are driving demand for ABF ABF is the most favored emerging strategy Proportion of Respondents (%) 57.5% ~ 58% of investors indicated 36.8% they would prioritize ABF strategies in 2025, underscoring the growing 21.7% 21.3% 17.8% interest in this space. Asset-Backed Finance Se
Slide 20: ABF in your portfolio
ABF in your portfolio
Slide 21: Key potential benefits of ABF
Key potential benefits of ABF With less direct correlation to the market and insulation from the health of the originator or service, ABF can offer several potential benefits to a portfolio: Income Risk Mitigation Diversification • Cash flows from underlying assets • Bankruptcy-remote structures • D
Slide 22: Unlock higher yield potential with ABF
Unlock higher yield potential with ABF Less crowded markets and complexity premiums can help drive stronger returns Historical Broadly Syndicated Loans and Direct Lending Spreads (bps) 850 bps 800 bps 750 bps 700 bps Middle of Range: 675 bps 650 bps 600 bps Δ162 bps 550 bps 500 bps 450 bps Δ121 bps
Slide 23: Reduced potential risk exposure with amortized payments
Reduced potential risk exposure with amortized payments Like your mortgage, ABF borrowers pay both principal and interest over time Illustrative Corporate Direct Lending Transaction Illustrative Asset-Based Private Credit Transaction Bullet Maturity Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Y
Slide 24: How ABF complements corporate private credit
How ABF complements corporate private credit: Direct Lending1 Asset-backed Finance 2 Consumer, corporate, equipment, real Corporate credit Collateral estate, infrastructure & energy No Self-Liquidating Yes Tailored corporate cash flow Underwriting Specialized asset expertise Enhanced protections/non
Slide 25: A reimagined credit allocation may include public and private credit
A reimagined credit allocation may include public and private credit Diversifying with ABF and direct lending has demonstrated yield, spread and risk advantages Public Credit Add Direct Lending Add ABF Public Credit Direct Lending Public Credit Direct Lending Asset-Based Public Credit Portfolio Publ
Slide 26: When alternatives are the answer, we help with the questions
When alternatives are the answer, we help with the questions
Slide 27: Appendix: Key terms
Appendix: Key terms Attach/Detach: The percentage of the loan balance at which a lender’s risk occurred in 2007–2008, triggered by the collapse of the U.S. housing market higher risk and potential return. begins (attach) and ends (detach) in the capital structure. and the failure of major financial
Slide 28: Disclosures
Disclosures ©2026 Brookfield Wealth Solutions LLC is a wholly owned subsidiary of Opinions expressed herein are current opinions of Brookfield, including its Forward-Looking Statements Brookfield. Brookfield Wealth Solutions LLC is registered as a broker-dealer subsidiaries and affiliates, and are s
Slide 29: Disclosures
Disclosures Index Provider Disclaimer or any data included in, related to or derived therefrom, and assume U.S. dollar-denominated high-yield corporate debt, capping issuer exposure The quoted indexes within this publication are unmanaged and cannot be no liability in connection with the use of the
Slide 30: Brookfield
Brookfield