$BN shows about $265B in consolidated debt. At first glance, that looks pretty scary. But only about 6% of Brookfield’s consolidated debt is issued by, or has recourse to, Brookfield Corporation itself. Most of the debt sits at the asset, project, subsidiary, or managed-entity level. Brookfield’s corporate borrowings excluding commercial paper were about $14.3B at Q2, with a weighted-average term of 15 years and a weighted-average interest rate of 4.8%. This is why the headline debt number alone can give you the wrong picture of $BN.
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