| REVENUE The Company offers investment products on a number of strategies, specifically energy, infrastructure, private equity, real estate and credit, operating in more than 50 countries. The majority of base management and advisory fees are earned from customers located in the U.S. The following table sets out revenue disaggregated by investment strategy and geography. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FOR THE THREE MONTHS ENDED MARCH 31, 2026 (MILLIONS) | | Energy | | Infrastructure | | Private equity | | Real estate | | Credit | | Total | | Base management and advisory fees | | | | | | | | | | | | | | United States | | $ | 28 | | | $ | 42 | | | $ | 23 | | | $ | 134 | | | $ | 77 | | | $ | 304 | | | United Kingdom | | 60 | | | 58 | | | 26 | | | 62 | | | 3 | | | 209 | | | Canada | | 50 | | | 113 | | | 19 | | | 6 | | | 20 | | | 208 | | | Other | | 37 | | | 55 | | | 12 | | | 27 | | | 8 | | | 139 | | | Incentive fees | | 43 | | | 87 | | | — | | | — | | | — | | | 130 | | | | $ | 218 | | | $ | 355 | | | $ | 80 | | | $ | 229 | | | $ | 108 | | | $ | 990 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FOR THE THREE MONTHS ENDED MARCH 31, 2025 (MILLIONS) | | Energy | | Infrastructure | | Private equity | | Real estate | | Credit | | Total | | Base management and advisory fees | | | | | | | | | | | | | | United States | | $ | 28 | | | $ | 44 | | | $ | 24 | | | $ | 178 | | | $ | 77 | | | $ | 351 | | | United Kingdom | | 43 | | | 46 | | | 21 | | | 89 | | | 4 | | | 203 | | | Canada | | 47 | | | 97 | | | 15 | | | 6 | | | 19 | | | 184 | | | Other | | 25 | | | 43 | | | 11 | | | 19 | | | 1 | | | 99 | | | Incentive fees | | 37 | | | 80 | | | — | | | — | | | — | | | 117 | | | | $ | 180 | | | $ | 310 | | | $ | 71 | | | $ | 292 | | | $ | 101 | | | $ | 954 | |
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