SCHEDULE 13D/A: Brookfield Entities Increase Stake in Brookfield Business Corp to 66.9% Following Share Repurchases

Brookfield Corporation and its affiliates have increased their beneficial ownership in Brookfield Business Corp to 66.9% of Class A shares due to the Issuer's recent share repurchases.

Summary

• Brookfield Corporation ('BN'), BAM PARTNERS TRUST, and BPEG BN HOLDINGS LP have updated their beneficial ownership in Brookfield Business Corp (the 'Issuer').
• As of May 6, 2025, the aggregate number of Class A exchangeable subordinate voting shares ('Class A Shares') of the Issuer outstanding decreased to 70,648,925.
• This decrease of 2,305,522 Class A Shares from 72,954,447 outstanding as of June 30, 2024, is attributed to share repurchases by the Issuer through its normal course issuer bid.
• As a result of the reduced outstanding shares, Brookfield Corporation and BAM PARTNERS TRUST now beneficially own 47,244,876 Class A Shares, representing 66.9% of the class.
• BPEG BN HOLDINGS LP beneficially owns 23,535,005 Class A Shares, representing 33.3% of the class.
• Brookfield Business Partners L.P. and Brookfield Business Partners Limited do not beneficially own Class A Shares but, along with their affiliates, own all issued and outstanding Class B multiple voting shares, which represent a 75% voting interest in the Issuer.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the company's share repurchases, which typically benefit shareholders by reducing the share count and increasing per-share metrics. The increased ownership by the parent entities also signals confidence.

Positives

• The Issuer's share repurchases through a normal course issuer bid reduce the total number of outstanding shares, which can enhance shareholder value by increasing earnings per share and potentially the stock price.
• The increased percentage ownership by Brookfield Corporation and its affiliates signals continued confidence and a deeper commitment to Brookfield Business Corp.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the factual reporting of share repurchases and their impact on ownership percentages.

Industry Context

This filing primarily concerns an update to beneficial ownership percentages within a corporate group (Brookfield entities and Brookfield Business Corp) and reflects a company-specific capital allocation decision (share repurchases), rather than broader industry trends.

Stakeholder Impact

• Shareholders: The reduction in outstanding shares through repurchases can lead to an increase in the value of existing shares and improved earnings per share.

Key Dates

Recommendation

Keywords

Brookfield Business Corp, Brookfield Corporation, SEC filing, Schedule 13D, share repurchase, beneficial ownership, Class A shares, corporate governance, investment, equity