Brookfield Corporation represents one of the most compelling platform stories in global alternative asset management, but the consolidated financial complexity and near-term dilution from corporate restructuring demand a disciplined entry point. The company manages approximately $1 trillion in assets under management across infrastructure, renewable power, real estate, private equity, and insurance — a diversified platform that generates durable fee streams through its 75% ownership stake in Brookfield Asset Management. However, GAAP financials are deeply misleading for this type of holding company: consolidated net income of $1.3B in 2025 includes massive non-cash items, project-level depreciation, and insurance reserve movements, while management's Distributable Earnings framework — though directionally more useful — requires independent verification that is difficult given the opacity of the structure. The balance sheet shows $501.6B in consolidated debt, but the vast majority is non-recourse project-level and insurance-related obligations; still, this leverage concentration creates real tail risk in a sustained rate shock scenario. The majority of the council sees fair value in the $46–50 per share range using a blend of sum-of-parts analysis and a skeptically adjusted Distributable Earnings multiple. Our sum-of-parts anchors on the 75% BAM stake (~$26/share at market), operating businesses valued conservatively at $14–16/share, insurance float value at $4–5/share, and carried interest of $11.6B haircut by 60–65% for timing, taxes, and realization uncertainty (~$1.80–2.00/share). Cross-checking against adjusted DE of approximately $3.00–3.20 per share at a 14–16x multiple (a meaningful discount to Blackstone's 25–30x, reflecting BN's capital-intensive operations, lower ROE, and corporate complexity), we arrive at $42–51 per share. The 48.6% jump in weighted average shares from 1.512B to 2.247B is a significant concern that must be decomposed — it appears driven primarily by the BNT unit exchange and corporate simplification rather than dilutive equity issuance, but it mechanically reduces per-share metrics and makes historical comparisons unreliable until the new share base stabilizes. We recommend accumulating shares below $37, which represents a 20–23% margin of safety to our blended $47–48 mid-point fair value. The negative free cash flow profile (FCF has been deeply negative from 2021 through 2025, with TTM at -$2.8B) is structurally expected for a business that deploys capital into long-lived infrastructure and real estate assets — this is not a cash-burning startup but a capital recycler — yet it does mean traditional FCF-based valuation frameworks break down here, requiring investors to trust the DE bridge or rely on asset-level NAV. Given this inherent opacity, we insist on a wider margin of safety than we would for a pure fee-light manager. The carried interest balance of $11.6B ($5.16/share pre-haircut) represents genuine deferred value, but it is unrealized, timing-uncertain, subject to potential clawbacks, and tax-inefficient — we assign it only 35–40 cents on the dollar in our valuation rather than treating it as cash-equivalent.