u/Murky_Breadfruit587

Insider ownership at 11.2% (CEO owns 3.84%), $1B buybacks at ~$36/share when intrinsic value ~$68; $188B deployable capital; 15%+ historical returns. Massive AI infrastructure buildout ($7T opportunity) via NVIDIA partnership ($100B fund) and Google hydropower deal create a multi-year catalyst for asset deployment and fee income. BN offers a rare combination of aligned management, recurring carried interest ($11.8B), insurance float growth ($20B annuities in 2025), and exposure to secular AI/Infra trends – a long-term compounder at a potential discount. Commercial real estate exposure ($85.6B portfolio, leveraged with negative book value); unproven new CEO Connor Tesky; persistent inflation and high rates pressuring CRE valuations.