<SEC-DOCUMENT>0000950123-23-005184.txt : 20230515
<SEC-HEADER>0000950123-23-005184.hdr.sgml : 20230515
<ACCEPTANCE-DATETIME>20230515150507
ACCESSION NUMBER:		0000950123-23-005184
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230515
DATE AS OF CHANGE:		20230515
EFFECTIVENESS DATE:		20230515

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROOKFIELD Corp /ON/
		CENTRAL INDEX KEY:			0001001085
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14349
		FILM NUMBER:		23921224

	BUSINESS ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY ST, STE 100
		STREET 2:		PO BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2T3
		BUSINESS PHONE:		416-363-9491

	MAIL ADDRESS:	
		STREET 1:		BROOKFIELD PLACE, 181 BAY ST, STE 100
		STREET 2:		PO BOX 762
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J2T3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROOKFIELD ASSET MANAGEMENT INC.
		DATE OF NAME CHANGE:	20051116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRASCAN CORP/
		DATE OF NAME CHANGE:	20010321

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EDPERBRASCAN CORP
		DATE OF NAME CHANGE:	19970904
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <periodOfReport>03-31-2023</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2023</reportCalendarOrQuarter>
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        <name>BROOKFIELD CORP /ON/</name>
        <address>
          <ns1:street1>BROOKFIELD PLACE, 181 BAY ST, STE 100</ns1:street1>
          <ns1:street2>PO BOX 762</ns1:street2>
          <ns1:city>TORONTO</ns1:city>
          <ns1:stateOrCountry>A6</ns1:stateOrCountry>
          <ns1:zipCode>M5J2T3</ns1:zipCode>
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        </otherManager>
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      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Ronald Fisher-Dayn</name>
      <title>Managing Partner and Chief Compliance Officer</title>
      <phone>212.978.1763</phone>
      <signature>/s/ Ronald Fisher-Dayn</signature>
      <city>New York</city>
      <stateOrCountry>NY</stateOrCountry>
      <signatureDate>05-15-2023</signatureDate>
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    <nameOfIssuer>DOUGLAS EMMETT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>25960P109</cusip>
    <value>599238</value>
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      <sshPrnamt>48600</sshPrnamt>
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      <Sole>48600</Sole>
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      <None>0</None>
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    <nameOfIssuer>DT MIDSTREAM INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>23345M107</cusip>
    <value>9167911</value>
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      <Shared>237</Shared>
      <None>66</None>
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    <nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29250N105</cusip>
    <value>70041950</value>
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      <sshPrnamt>1835962</sshPrnamt>
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      <Sole>1800781</Sole>
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      <None>326</None>
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    <nameOfIssuer>ENERGY TRANSFER L P</nameOfIssuer>
    <titleOfClass>COM UT LTD PTN</titleOfClass>
    <cusip>29273V100</cusip>
    <value>160758937</value>
    <shrsOrPrnAmt>
      <sshPrnamt>12891655</sshPrnamt>
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    <nameOfIssuer>ENLINK MIDSTREAM LLC</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>29336T100</cusip>
    <value>10557943</value>
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      <sshPrnamt>973980</sshPrnamt>
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    <nameOfIssuer>ENPHASE ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29355A107</cusip>
    <value>4375927</value>
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      <sshPrnamt>20810</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>20810</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29364G103</cusip>
    <value>81176811</value>
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      <sshPrnamt>753451</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>376579</Sole>
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      <None>376872</None>
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    <nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>293792107</cusip>
    <value>102216836</value>
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      <sshPrnamt>497726</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>605</None>
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    <nameOfIssuer>EPR PPTYS</nameOfIssuer>
    <titleOfClass>CONV PFD 9% SR E</titleOfClass>
    <cusip>26884U307</cusip>
    <value>1007745</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38100</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>30100</Sole>
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      <None>8000</None>
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    <nameOfIssuer>EPR PPTYS</nameOfIssuer>
    <titleOfClass>PFD C CV 5.75%</titleOfClass>
    <cusip>26884U208</cusip>
    <value>1884789</value>
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      <sshPrnamt>105887</sshPrnamt>
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      <None>22207</None>
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    <nameOfIssuer>EQUINIX INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29444U700</cusip>
    <value>60415221</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83789</sshPrnamt>
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    <otherManager>1</otherManager>
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      <Sole>64122</Sole>
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      <None>19667</None>
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    <nameOfIssuer>EQUITRANS MIDSTREAM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294600101</cusip>
    <value>74977460</value>
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      <sshPrnamt>12971879</sshPrnamt>
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    <nameOfIssuer>EQUITY COMWLTH</nameOfIssuer>
    <titleOfClass>6.5% CNV PFD D</titleOfClass>
    <cusip>294628201</cusip>
    <value>2374575</value>
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      <sshPrnamt>95021</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>74591</Sole>
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      <None>20430</None>
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    <nameOfIssuer>ESSENTIAL PPTYS RLTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29670E107</cusip>
    <value>32601212</value>
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      <sshPrnamt>1311920</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1001708</Sole>
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      <None>310212</None>
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    <nameOfIssuer>ESSENTIAL UTILS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>29670G102</cusip>
    <value>61416816</value>
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      <sshPrnamt>1407029</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>11900</Sole>
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      <None>1395129</None>
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    <nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30040W108</cusip>
    <value>154726829</value>
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      <sshPrnamt>1977087</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1018324</Sole>
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      <None>958763</None>
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    <nameOfIssuer>EXELON CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30161N101</cusip>
    <value>9995373</value>
    <shrsOrPrnAmt>
      <sshPrnamt>238610</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>238610</Sole>
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      <None>0</None>
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    <nameOfIssuer>FIRST INDL RLTY TR INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>32054K103</cusip>
    <value>8771616</value>
    <shrsOrPrnAmt>
      <sshPrnamt>164880</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>164880</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>337932107</cusip>
    <value>151156155</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3773244</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1595714</Sole>
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      <None>2177530</None>
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    <nameOfIssuer>HEALTHCARE RLTY TR</nameOfIssuer>
    <titleOfClass>CL A COM</titleOfClass>
    <cusip>42226K105</cusip>
    <value>46964651</value>
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      <sshPrnamt>2429625</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1801175</Sole>
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      <None>628450</None>
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    <nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>42250P103</cusip>
    <value>77758069</value>
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      <sshPrnamt>3539284</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <votingAuthority>
      <Sole>2587430</Sole>
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      <None>951854</None>
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    <nameOfIssuer>HERSHA HOSPITALITY TR</nameOfIssuer>
    <titleOfClass>PR SHS BEN INT</titleOfClass>
    <cusip>427825500</cusip>
    <value>1483037</value>
    <shrsOrPrnAmt>
      <sshPrnamt>220690</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>220690</Sole>
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      <None>0</None>
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    <nameOfIssuer>HESS MIDSTREAM LP</nameOfIssuer>
    <titleOfClass>CL A SHS </titleOfClass>
    <cusip>428103105</cusip>
    <value>12336051</value>
    <shrsOrPrnAmt>
      <sshPrnamt>426263</sshPrnamt>
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      <Sole>419431</Sole>
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      <None>63</None>
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    <nameOfIssuer>HOST HOTELS &amp; RESORTS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>44107P104</cusip>
    <value>1472557</value>
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      <sshPrnamt>89300</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>89300</Sole>
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      <None>0</None>
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    <nameOfIssuer>KILROY RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49427F108</cusip>
    <value>641520</value>
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      <sshPrnamt>19800</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>19800</Sole>
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      <None>0</None>
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    <nameOfIssuer>KIMCO RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49446R109</cusip>
    <value>71300300</value>
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      <sshPrnamt>3650809</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>2635264</Sole>
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      <None>1015545</None>
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    <nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>49456B101</cusip>
    <value>5482223</value>
    <shrsOrPrnAmt>
      <sshPrnamt>313091</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>313091</Sole>
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      <None>0</None>
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    <nameOfIssuer>KITE RLTY GROUP TR</nameOfIssuer>
    <titleOfClass>COM NEW </titleOfClass>
    <cusip>49803T300</cusip>
    <value>33150836</value>
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      <sshPrnamt>1584648</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1232200</Sole>
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      <None>352448</None>
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    <nameOfIssuer>LIFE STORAGE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>53223X107</cusip>
    <value>12654904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>96536</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>72296</Sole>
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      <None>24240</None>
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    <nameOfIssuer>MAGELLAN MIDSTREAM PRTNRS LP</nameOfIssuer>
    <titleOfClass>COM UNIT RP LP</titleOfClass>
    <cusip>559080106</cusip>
    <value>67595914</value>
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      <sshPrnamt>1245778</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1225779</Sole>
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      <None>192</None>
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    <nameOfIssuer>MARRIOTT INTL INC NEW</nameOfIssuer>
    <titleOfClass>CL A </titleOfClass>
    <cusip>571903202</cusip>
    <value>3412952</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20555</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>20555</Sole>
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      <None>0</None>
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    <nameOfIssuer>MID-AMER APT CMNTYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>59522J103</cusip>
    <value>76183670</value>
    <shrsOrPrnAmt>
      <sshPrnamt>504394</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>372809</Sole>
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      <None>131585</None>
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    <nameOfIssuer>MPLX LP</nameOfIssuer>
    <titleOfClass>COM UNIT REP LTD</titleOfClass>
    <cusip>55336V100</cusip>
    <value>128483721</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3729571</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>3653381</Sole>
      <Shared>51904</Shared>
      <None>24286</None>
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    <nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65339F101</cusip>
    <value>150131491</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1947736</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>1017886</Sole>
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      <None>929850</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NEXTERA ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>COM UNIT PART IN</titleOfClass>
    <cusip>65341B106</cusip>
    <value>5073233</value>
    <shrsOrPrnAmt>
      <sshPrnamt>83510</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>83510</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NISOURCE INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>65473P105</cusip>
    <value>166691369</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5961780</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>2502826</Sole>
      <Shared>0</Shared>
      <None>3458954</None>
    </votingAuthority>
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    <nameOfIssuer>ONEOK INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>682680103</cusip>
    <value>19115565</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300843</sshPrnamt>
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    <cusip>H01301128</cusip>
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    <nameOfIssuer>ALEXANDRIA REAL ESTATE EQ IN       </nameOfIssuer>
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    <nameOfIssuer>ALLSTATE CORP                      </nameOfIssuer>
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    <nameOfIssuer>AMERICAN EAGLE OUTFITTERS IN       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>02553E106</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>AMERISOURCEBERGEN CORP             </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
    <cusip>031100100</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>031162100</cusip>
    <value>583826</value>
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    <nameOfIssuer>AMPHENOL CORP NEW                  </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>032095101</cusip>
    <value>254721</value>
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    <nameOfIssuer>ANALOG DEVICES INC                 </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>032654105</cusip>
    <value>452225</value>
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    <nameOfIssuer>ANNALY CAPITAL MANAGEMENT IN       </nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>035710839</cusip>
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    <nameOfIssuer>APELLIS PHARMACEUTICALS INC        </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>03753U106</cusip>
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    <nameOfIssuer>APPLE INC                          </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>APPLIED MATLS INC                  </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>AUTOMATIC DATA PROCESSING IN       </nameOfIssuer>
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    <nameOfIssuer>AXIS CAP HLDGS LTD                 </nameOfIssuer>
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    <nameOfIssuer>BANK AMERICA CORP                  </nameOfIssuer>
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    <nameOfIssuer>BJS WHSL CLUB HLDGS INC            </nameOfIssuer>
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      <None>0</None>
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    <nameOfIssuer>FIVE9 INC                          </nameOfIssuer>
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    <nameOfIssuer>FLOOR &amp; DECOR HLDGS INC            </nameOfIssuer>
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    <nameOfIssuer>FOOT LOCKER INC                    </nameOfIssuer>
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    <nameOfIssuer>FORD MTR CO DEL                    </nameOfIssuer>
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    <cusip>34631B101</cusip>
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    <nameOfIssuer>FOX CORP                           </nameOfIssuer>
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    <cusip>35137L105</cusip>
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    <nameOfIssuer>FREEPORT-MCMORAN INC               </nameOfIssuer>
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    <nameOfIssuer>FRESENIUS MED CARE AG&amp;CO KGA       </nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>358029106</cusip>
    <value>259478</value>
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      <sshPrnamt>12205</sshPrnamt>
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      <Sole>12205</Sole>
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    <nameOfIssuer>FRONTIER COMMUNICATIONS PARE       </nameOfIssuer>
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    <nameOfIssuer>FRONTIER GROUP HLDGS INC           </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>35909R108</cusip>
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    <nameOfIssuer>GALLAGHER ARTHUR J &amp; CO            </nameOfIssuer>
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    <nameOfIssuer>GENERAL DYNAMICS CORP              </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GENERAL ELECTRIC CO                </nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GENERAL MTRS CO                    </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GENUINE PARTS CO                   </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GILEAD SCIENCES INC                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GLACIER BANCORP INC NEW            </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37637Q105</cusip>
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    <nameOfIssuer>GLOBAL PMTS INC                    </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>GLOBANT S A                        </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>L44385109</cusip>
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    <nameOfIssuer>MARAVAI LIFESCIENCES HLDGS I       </nameOfIssuer>
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    <nameOfIssuer>MASTERCARD INCORPORATED            </nameOfIssuer>
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    <nameOfIssuer>PUBLIC STORAGE                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74460D109</cusip>
    <value>215426</value>
    <shrsOrPrnAmt>
      <sshPrnamt>713</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>713</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PULTE GROUP INC                    </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>745867101</cusip>
    <value>6488604</value>
    <shrsOrPrnAmt>
      <sshPrnamt>111335</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>111335</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PVH CORPORATION                    </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>693656100</cusip>
    <value>1195011</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13403</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>13403</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUALCOMM INC                       </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>747525103</cusip>
    <value>906711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7107</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>7107</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>QUEST DIAGNOSTICS INC              </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74834L100</cusip>
    <value>6721573</value>
    <shrsOrPrnAmt>
      <sshPrnamt>47509</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>47509</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>R1 RCM INC                         </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>77634L105</cusip>
    <value>1802925</value>
    <shrsOrPrnAmt>
      <sshPrnamt>120195</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>120195</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIAN GROUP INC                   </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750236101</cusip>
    <value>426751</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19310</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>19310</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RALPH LAUREN CORP                  </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>751212101</cusip>
    <value>1521143</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13038</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>13038</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYMOND JAMES FINL INC             </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>754730109</cusip>
    <value>9519696</value>
    <shrsOrPrnAmt>
      <sshPrnamt>102066</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>102066</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RAYTHEON TECHNOLOGIES CORP         </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75513E101</cusip>
    <value>16741525</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170954</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>170954</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REATA PHARMACEUTICALS INC          </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>75615P103</cusip>
    <value>5018875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>55201</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>55201</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENERON PHARMACEUTICALS          </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75886F107</cusip>
    <value>22398724</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27260</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>27260</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGIONS FINANCIAL CORP NEW         </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>7591EP100</cusip>
    <value>30195468</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1626911</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1626911</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REINSURANCE GRP OF AMERICA I       </nameOfIssuer>
    <titleOfClass>COM NEW</titleOfClass>
    <cusip>759351604</cusip>
    <value>12713230</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95761</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>95761</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RENAISSANCERE HLDGS LTD            </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G7496G103</cusip>
    <value>24344115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121514</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>121514</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPLIGEN CORP                      </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>759916109</cusip>
    <value>1368430</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8128</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>8128</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REPUBLIC SVCS INC                  </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>760759100</cusip>
    <value>9818730</value>
    <shrsOrPrnAmt>
      <sshPrnamt>72613</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>72613</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RH                                 </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74967X103</cusip>
    <value>478576</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1965</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1965</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RITCHIE BROS AUCTIONEERS           </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>767744105</cusip>
    <value>1585070</value>
    <shrsOrPrnAmt>
      <sshPrnamt>28159</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>28159</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROCKWELL AUTOMATION INC            </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>773903109</cusip>
    <value>28101359</value>
    <shrsOrPrnAmt>
      <sshPrnamt>95762</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>95762</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROKU INC                           </nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>77543R102</cusip>
    <value>233200</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3543</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>3543</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ROPER TECHNOLOGIES INC             </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>776696106</cusip>
    <value>4603007</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10445</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>10445</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RYAN SPECIALTY HOLDINGS INC        </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>78351F107</cusip>
    <value>6062116</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150649</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>150649</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>S&amp;P GLOBAL INC                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78409V104</cusip>
    <value>1329778</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3857</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>3857</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SALESFORCE INC                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>79466L302</cusip>
    <value>10649872</value>
    <shrsOrPrnAmt>
      <sshPrnamt>53308</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>53308</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANOFI                             </nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>80105N105</cusip>
    <value>28837757</value>
    <shrsOrPrnAmt>
      <sshPrnamt>529911</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>529911</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHLUMBERGER LTD                   </nameOfIssuer>
    <titleOfClass>COM STK</titleOfClass>
    <cusip>806857108</cusip>
    <value>354207</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7214</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>7214</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>1251044</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23884</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>23884</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SCHWAB CHARLES CORP                </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>808513105</cusip>
    <value>2357100</value>
    <shrsOrPrnAmt>
      <sshPrnamt>45000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>45000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGEN INC                         </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81181C104</cusip>
    <value>1012350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>5000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEAGEN INC                         </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81181C104</cusip>
    <value>11054862</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Call</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>54600</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>FINANCIAL</titleOfClass>
    <cusip>81369Y605</cusip>
    <value>10923863</value>
    <shrsOrPrnAmt>
      <sshPrnamt>339778</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>339778</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>2018670</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15593</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>15593</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR              </nameOfIssuer>
    <titleOfClass>SBI INT-INDS</titleOfClass>
    <cusip>81369Y704</cusip>
    <value>141652000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1400000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1400000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEMPRA                             </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816851109</cusip>
    <value>214950</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1422</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>1422</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SENTINELONE INC                    </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>81730H109</cusip>
    <value>541680</value>
    <shrsOrPrnAmt>
      <sshPrnamt>33110</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>33110</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SERVICENOW INC                     </nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81762P102</cusip>
    <value>16531485</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35573</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>35573</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SHAKE SHACK INC                    </nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>819047101</cusip>
    <value>472886</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8522</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>BROOKFIELD REINSURANCE LTD</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G16250105</cusip>
    <value>99</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>CIVITAS RESOURCES INC</nameOfIssuer>
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    <value>1508947</value>
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      <sshPrnamt>22080</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>PARAMOUNT GROUP INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>69924R108</cusip>
    <value>20964372</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4597450</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>PROCORE TECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>74275K108</cusip>
    <value>13271735</value>
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      <sshPrnamt>211907</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BROOKFIELD CORP</nameOfIssuer>
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    <cusip>11271J107</cusip>
    <value>20010</value>
    <shrsOrPrnAmt>
      <sshPrnamt>614</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>929042109</cusip>
    <value>143823791</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9357436</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>XENIA HOTELS &amp; RESORTS INC</nameOfIssuer>
    <titleOfClass>REIT</titleOfClass>
    <cusip>984017103</cusip>
    <value>8609895</value>
    <shrsOrPrnAmt>
      <sshPrnamt>657746</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>3</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CHENIERE ENERGY PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership Shares</titleOfClass>
    <cusip>16411Q101</cusip>
    <value>4808676192</value>
    <shrsOrPrnAmt>
      <sshPrnamt>101620376</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>5</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>GRAFTECH INTERNATIONAL LTD</nameOfIssuer>
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    <cusip>384313508</cusip>
    <value>310205310</value>
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      <sshPrnamt>63828253</sshPrnamt>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>TRITON INTERNATIONAL LTD</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G9078F107</cusip>
    <value>167533000</value>
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      <sshPrnamt>2650000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>6</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>VISTRA CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>92840M102</cusip>
    <value>272772864</value>
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      <sshPrnamt>11365536</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>6</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ALIBABA GROUP HOLDING LTD</nameOfIssuer>
    <titleOfClass>EQTY</titleOfClass>
    <cusip>01609W102</cusip>
    <value>279371871</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2734115</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>7</otherManager>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>AMERICAN EQUITY INVESTMENT LIFE</nameOfIssuer>
    <titleOfClass>EQTY</titleOfClass>
    <cusip>025676206</cusip>
    <value>579686088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15886163</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>7</otherManager>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>TRANSALTA CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>89346D107</cusip>
    <value>310041648</value>
    <shrsOrPrnAmt>
      <sshPrnamt>35456023</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>8</otherManager>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ALIBABA GROUP HOLDING LTD</nameOfIssuer>
    <titleOfClass>EQTY</titleOfClass>
    <cusip>01609W102</cusip>
    <value>19861238</value>
    <shrsOrPrnAmt>
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      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>AT&amp;T INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>00206R102</cusip>
    <value>4215750</value>
    <shrsOrPrnAmt>
      <sshPrnamt>219000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BROOKFIELD CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>11271J107</cusip>
    <value>4358029637</value>
    <shrsOrPrnAmt>
      <sshPrnamt>133722910</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BROOKFIELD ASSET MANAGEMENT LTD</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>113004105</cusip>
    <value>998871645</value>
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      <sshPrnamt>30527862</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BROOKFIELD BUSINESS CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>11259V106</cusip>
    <value>17214998</value>
    <shrsOrPrnAmt>
      <sshPrnamt>868567</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>BROOKFIELD BUSINESS PARTNERS LP</nameOfIssuer>
    <titleOfClass>Partnership Shares</titleOfClass>
    <cusip>G16234109</cusip>
    <value>508073122</value>
    <shrsOrPrnAmt>
      <sshPrnamt>27286419</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
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    <nameOfIssuer>BROOKFIELD INFRASTRUCTURE CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>11275Q107</cusip>
    <value>599369061</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13012789</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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    <titleOfClass>Partnership Shares</titleOfClass>
    <cusip>G16252101</cusip>
    <value>12645751</value>
    <shrsOrPrnAmt>
      <sshPrnamt>374467</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>BROOKFIELD REINSURANCE LTD</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>G16250105</cusip>
    <value>45555966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1381324</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>BROOKFIELD RENEWABLE CORP</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>11284V105</cusip>
    <value>1566243533</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44813835</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>BROOKFIELD RENEWABLE PARTNERS</nameOfIssuer>
    <titleOfClass>Partnership Shares</titleOfClass>
    <cusip>G16258108</cusip>
    <value>2166294098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>68749416</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ISHARES 0-5 YEAR HIGH YIELD CO</nameOfIssuer>
    <titleOfClass>Mutual Fund</titleOfClass>
    <cusip>46434V407</cusip>
    <value>10057467</value>
    <shrsOrPrnAmt>
      <sshPrnamt>241302</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
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    <nameOfIssuer>ISHARES IBOXX $ INVESTMENT GRA</nameOfIssuer>
    <titleOfClass>Mutual Fund</titleOfClass>
    <cusip>464287242</cusip>
    <value>4002409</value>
    <shrsOrPrnAmt>
      <sshPrnamt>36515</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>LATCH INC</nameOfIssuer>
    <titleOfClass>COMMON STOCK</titleOfClass>
    <cusip>51818V106</cusip>
    <value>3607564</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4733715</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>MPLX LP</nameOfIssuer>
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    <cusip>55336V100</cusip>
    <value>5529225</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
