Above is incorrect.

Thank you for the correction. One of the complaints of former Brookfield shareholders on the old TMF board was that the company regularly changes the components of metrics such that they cannot be compared over time. Alexander Steinberg, a capable Brookfield analyst on Seeking Alpha with a sharper eye for accounting changes than I, reports they added Brookfield Residential to BPG and subtracted LP Investments this quarter, which makes comparisons with previous BPG line items like mine invalid.

What it means is Brookfield continues to stand by a reported book value for its real estate portfolio that the market does not believe. Steinberg's new piece is titled "Brookfield Corporation Is Undervalued And So What". He notes that BPY preferred issues sell for substantially below par, reflecting the market's view of the underlying holdings.

seekingalpha.com - Brookfield corporation is undervalued and so what

Apropos of another thread where the question was whether retail investors should clone Bruce Flatt sales of BAM to buy more BN, Steinberg advocates holding BAM over BN. It's simpler, growth of the fee business is more predictable, and you don't have to wait around for the commercial real estate sector to recover.