Brookfield Sets 5.432% Dividend on Series 24 Shares, 4.623% Series 25 Option
BN•Brookfield reset the Series 24 preference share dividend to 5.432% annually (C$0.3395 per quarter) for July 1, 2026–June 30, 2031. Holders may convert Series 24 shares one-for-one into floating Series 25 shares yielding 2.30% above three-month Canada T-bills (4.623% annualized), with 10.8 million shares outstanding.
1. Reset Dividend Rate
Brookfield announced a fixed quarterly dividend on its Cumulative Class A Preference Shares, Series 24, of C$0.3395 per share per quarter, representing a 5.432% annual rate for the five-year period commencing July 1, 2026 and ending June 30, 2031.
2. Conversion Option
Holders may elect by 5:00 p.m. (Toronto time) on June 15, 2026 to convert Series 24 shares one-for-one into Cumulative Class A Preference Shares, Series 25. Series 25 dividends will be paid at 2.30% over three-month Government of Canada treasury bills; the initial rate for July 1–September 30, 2026 is 1.16525% (4.623% annualized), or C$0.2913125 per share.
3. Automatic Conversion Rules
If Brookfield determines fewer than 1,000,000 Series 24 shares remain outstanding after June 30, 2026, all Series 24 shares will automatically convert into Series 25 shares. Conversely, if fewer than 1,000,000 Series 25 shares would be outstanding, no conversions will be permitted. There are currently 10,808,027 Series 24 shares outstanding.
4. Listing Approval
The Toronto Stock Exchange has conditionally approved the listing of the Series 25 shares, effective upon conversion, subject to Brookfield fulfilling all TSX listing requirements.
