SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: BROOKFIELD Corp
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Quarter ended June 30, 2013
Context: This filing discloses the equity securities held by Brookfield Corp as of the end of the reporting period. It details the number of shares, value, and voting authority for each position. It does not contain operational financial statements (revenue, profit, cash flow) for Brookfield Corp itself.
Key Financial Metrics and Portfolio Composition
The filing lists specific holdings rather than aggregate financial performance metrics. Key portfolio statistics derived from the table include:
- Total Positions: The filing lists over 100 distinct equity positions.
- Top Holdings by Value:
- Brookfield Office Properties Inc: 249,362,560 shares valued at approximately $1.04 billion (sole voting authority capped at 99,999,999 shares).
- Brookfield Residential Properties: 81,493,110 shares valued at approximately $358 million.
- Brookfield Property Partners LP: 45,199,270 units valued at approximately $414 million.
- Brookfield Renewable Energy Partners: 40,026,990 units valued at approximately $367 million.
- General Growth Properties Inc: 203,717,630 shares valued at approximately $824 million.
- Significant External Holdings:
- Bank of America Corp: 5,642,680 shares valued at approximately $440 million.
- Brookdale Senior Living Inc: 3,092,400 shares valued at approximately $253 million.
- TransCanada Corp: 3,194,080 shares valued at approximately $439 million.
- Spectra Energy Corp: 3,905,490 shares valued at approximately $525 million.
Material Changes and Voting Authority
As this is a snapshot of holdings at a specific date, the filing does not explicitly state changes versus the prior period. However, the voting authority columns indicate the nature of control:
- Sole Discretion: The majority of positions (marked "DFND 1") are held with sole voting authority.
- Shared/None: Several large positions, particularly in Brookfield-affiliated entities (e.g., Brookfield Office Properties, Brookfield Property Partners), show "Shared" or "None" voting authority, suggesting complex ownership structures or fund management arrangements.
- Derivatives: The filing includes positions in warrants (e.g., Bank of America, General Motors) and preferred shares (e.g., EPR Properties).
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy. The portfolio is heavily concentrated in real estate (REITs), energy infrastructure, and financial services, exposing the holder to sector-specific risks in those industries.
Important Facts for Investor Verification
- Self-Holding Concentration: Verify the extent of Brookfield Corp's ownership in its own affiliated entities (Brookfield Office, Residential, Property Partners, Renewable Energy) to understand potential conflicts of interest or capital structure implications.
- Voting Rights Discrepancy: Note the significant difference between total shares held and shares with "Sole" voting authority in major positions like Brookfield Office Properties and General Growth Properties.
- Valuation Basis: Confirm that the "Value" column represents the fair market value as of June 30, 2013, and does not reflect current market prices.
- Derivative Exposure: Review the specific terms of the warrant positions (e.g., Bank of America, General Motors) to understand potential dilution or upside exposure.