v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 1,045 $ 1,583
Cash of consolidated funds 51 0
Accounts receivable and other, net 440 333
Financial assets 433 417
Due from affiliates 2,939 3,280
Investments 9,510 9,795
Investments of consolidated funds 2,387 505
Property, plant and equipment, net 93 92
Intangible assets, net 229 234
Goodwill 236 236
Deferred income tax assets 574 572
Total assets 17,937 17,047
Liabilities    
Accounts payable and other, net 2,103 2,459
Financial liabilities 467 449
Due to affiliates 932 720
Due to affiliates of consolidated funds 63 0
Corporate borrowings 2,478 2,478
Borrowings of consolidated funds 451 462
Deferred income tax liabilities 208 169
Total liabilities 6,702 6,737
Commitments and contingencies
Preferred shares redeemable non-controlling interest 1,265 1,398
Redeemable non-controlling interest in consolidated funds 1,384 0
Equity    
Additional paid-in capital 218 154
Retained deficit (1,047) (851)
Accumulated other comprehensive income 180 188
Non-controlling interest in consolidated entities 878 773
Non-controlling interest in consolidated funds 116 21
Total equity 8,586 8,912
Total liabilities, redeemable non-controlling interest and equity 17,937 17,047
Class A Shares    
Equity    
Common stock 9,157 9,153
Class A held in treasury, no par value, 37,158,923 (December 31, 2025 - 29,450,014) shares as of March 31, 2026 (916) (526)
Class B Shares    
Equity    
Common stock $ 0 $ 0