# Brookfield Moat Status: published. Policy: company-analysis-1. Brookfield has a narrow moat supported by demonstrated fundraising, long-duration fee relationships and contractual rights in selected operating businesses. Infrastructure inflation indexation has produced realized pricing protection, but negotiated fees, regulated tariffs and market-priced power limit broader pricing power. The evidence does not establish a group-wide cost advantage, network effect or exceptional durability. ## intangible_assets Brookfield's investment franchise supports repeated fundraising across fund vintages and strategies. Actual capital raised supports a current franchise advantage, although management's claims of superior operating expertise are not independently established. Durability: Fundraising achievements across multiple years support persistence, while long-term fee relationships provide time to maintain investor relationships. Future fundraising remains performance-dependent. Risks: Poor investment performance, reputational damage and unresolved conflicts could reduce new commitments and increase fee pressure. Fundraising includes affiliated wealth-solutions mandates. Invalidation: Repeated failure to raise successor funds, sustained contraction in external commitments, or material fee concessions alongside weaker fundraising would undermine the franchise assessment. Competitors: Not established ## switching_costs Capital typically committed for ten years and substantial perpetual strategies create contractual persistence in Brookfield's management relationships. This supports revenue continuity without establishing that investors must select Brookfield for their next allocation. Durability: Existing commitments typically span ten years with extension options; perpetual strategies provide additional duration. Termination rights and investor redemption provisions are not supplied. Risks: Investors can choose different managers for future commitments, seek lower fees or withdraw where permitted. Fees tied to capitalization or NAV can decline without a contractual fee-rate reduction. Invalidation: Material early terminations, widespread renegotiation of existing fees, or sustained contraction in perpetual fee-bearing capital would weaken the claimed contractual persistence. Competitors: Not established ## intangible_assets Selected operating businesses hold long-duration concessions and tariff rights that protect access to customer cash flows. Inflation-adjusted water concessions and realized infrastructure indexation support a localized advantage, rather than a moat across every portfolio business. Durability: Brazilian water and wastewater concessions had an average remaining duration of 23 years at December 31, 2025. Earlier disclosures also establish transmission tariff rights and long-term midstream contracts. Risks: Regulators can constrain allowed tariffs and returns. Financing costs, operating costs and counterparty performance can offset contractual protection; market-priced activities remain exposed. Invalidation: Concession cancellation or adverse renegotiation, regulatory decisions preventing cost recovery, or persistent failure of indexation to protect operating cash generation would undermine this advantage. Competitors: Not established - [https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231.htm) · 2026-03-18 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/a2025-40xfex991aif.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/a2025-40xfex991aif.htm) · 2026-03-18 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231_d2.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108526000006/bn-20251231_d2.htm) · 2026-03-18 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108525000007/bn-20241231.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108525000007/bn-20241231.htm) · 2025-03-24 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/bn-20231231.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/bn-20231231.htm) · 2024-03-19 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108525000007/bn-20241231_d2.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108525000007/bn-20241231_d2.htm) · 2025-03-24 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108525000007/a2024-40xfex991aif.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108525000007/a2024-40xfex991aif.htm) · 2025-03-24 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/bn-20231231_d2.htm) · 2024-03-19 - [https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/a2023-40xfex991aif.htm](https://www.sec.gov/Archives/edgar/data/1001085/000100108524000007/a2023-40xfex991aif.htm) · 2024-03-19 [JSON](https://beanvest.com/stock/bn/moat.json)