Independent financial research
Selected research and practical financial models, with the assumptions and sources kept visible.
Independent research by Vinay Choudhry
Featured research · Published
Brookfield Corporation (NYSE/TSX: BN)
Distributable earnings (DE) before realizations rose 13.9%, while DE per share rose 15.1%, as asset management and Wealth Solutions expanded; consolidated net income declined after a large fair-value swing.
Reported distributable earnings increased on both the recurring basis before realizations and the basis including realizations. Values reflect Brookfield’s share.
Source: Brookfield Q2 2026 press release.
Selected
Project Cedar: illustrative alternative asset manager
A worked example of valuing an alternative asset manager by separating recurring management economics from episodic carried interest and invested capital.
Project Northstar: illustrative consumer platform
A driver-led operating framework for understanding growth quality and the cash required to support it.
Private credit underwriting framework
A practical structure for evaluating debt service, liquidity, documentation and recovery under stress.
Earnings review framework
A repeatable approach to normalising earnings, identifying temporary factors and updating a forward view.
Model logic
| Company or case | Model type | Forecast scope | Status |
|---|---|---|---|
| Project Cedar | Sum-of-the-parts and DCF model | 2024A–2029E | Illustrative; no workbook available |
| Project Northstar | Operating and valuation model | 2024A–2029E | Illustrative; no workbook available |
| Project Granite | Private credit downside and recovery model | Bear, base and bull scenarios | Illustrative; no workbook available |
Method
The model should follow the business, not the other way around.
About
I work across private equity, risk and reporting, with earlier experience at JPMorgan Chase and in market data consulting. Here I publish selected work, including the assumptions, sources and trade-offs behind it.
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