INVESTMENTS (Tables) |
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments | Where appropriate, the accounting for the Company’s investments incorporates the changes in fair value of those investments. a.As of March 31, 2026, common and preferred shares were $92 million (2025 – $337 million). Common shares primarily represents investments of $64 million (2025 – $64 million) in Brookfield Renewable Energy L.P. and $27 million (2025 – $27 million) in Brookfield Infrastructure Income Fund Inc. Common and preferred share investments are carried at fair value with changes in fair value recorded in other income (expenses), net in the condensed consolidated statements of operations. During the three months ended March 31, 2026, BAM sold its preferred share investments in GEMS Education (2025 – $188 million) and Cherry Parent, LLC. (2025 – $58 million) to BMEP and BPE, respectively. As a result of these transactions, BAM determined that it is the primary beneficiary of BMEP and BPE and will therefore consolidate both funds. Accordingly, the investments in GEMS Education and Cherry Parent, LLC are now included within investments in consolidated funds in the condensed consolidated balance sheets. b.As of March 31, 2026, investments in affiliates are primarily comprised of an interest in BSREP III, a fund which BAM manages, of $643 million (2025 – $700 million) which is accounted for as an equity investment measured at its NAV in accordance with ASC 321, Investments – Equity Securities. The change in fair value of the Company’s interest in BSREP III was $19 million for the three months ended March 31, 2026 (2025 – $40 million) and is recorded within other income (expenses), net in the condensed consolidated statements of operations. c.Accrued carried interest represents the disproportionate allocation of capital from our private funds to the extent that such interest is provided for in the relevant fund agreements. Accrued carried interest is accounted for using the equity method of accounting based on the Company’s entitlement to the funds’ net assets as if all investments were liquidated at fair value and all liabilities were satisfied, net of the cumulative amounts that have already been realized. As stipulated in the Relationship Agreement, accrued carried interest in mature funds, as defined therein, is all attributed to BN and accrued carried interest in new funds, including current funds and open-ended funds, as defined therein, is attributed to BN at 33.3%. Such attribution is achieved via Tracking Shares and non-controlling interests in certain subsidiaries that are entitled to such carried interest. The change in BAM’s accrued carried interest for mature funds during the three months ended March 31, 2026 and 2025 is as follows:
All mature carried interest is due to BN therefore BAM's net amount of mature carried interest retained is $nil for the three months ended March 31, 2026 and 2025. The change in BAM’s accrued carried interest for new funds during the three months ended March 31, 2026 and 2025 is as follows:
New fund carried interest is partially due to BN, who is entitled to 33.3%. After allocating this interest to BN, BAM's net interest in new fund accrued carried interest as of March 31, 2026 is $1.2 billion (December 31, 2025 – $1.1 billion). d.The Company has significant influence, but not control, over the operating and financial policies of its equity method investees by virtue of having the ability to appoint members of these investees' governing bodies. The Company recognized its share of earnings from all of its equity method investments of $70 million (2025 – $58 million) for the three months ended March 31, 2026 within the share of income from equity method investments in its condensed consolidated statements of operations. The Company’s equity method investments include our: i.approximate 74% economic interest in Oaktree of $4.7 billion (2025 – $4.7 billion); ii.economic interest in Castlelake of $732 million (2025 – $720 million); iii.49.9% economic interest in LCM of $221 million (2025 – $221 million); iv.44% economic interest in Primary Wave of $282 million (2025 – $261 million); v.51.3% economic interest in Angel Oak of $139 million (2025 – $133 million); vi.approximate 9% (2025 – 11%) economic interest in Pretium of $260 million (2025 – $330 million) for which BAM has elected the fair value option under ASC 825 Financial Instruments upon initial recognition with changes in fair value recognized in net income. During the three months ended March 31, 2026, BAM sold a partial interest in Pretium for cash consideration of $70 million, resulting in a realized gain of $4 million. In the same period, a $4 million decrease in the fair value of the remaining investment has been recognized, primarily reflecting lower market valuation multiples; vii.limited partner interests in funds of $329 million (2025 – $368 million) including Pinegrove Fund (2026 – $245 million; 2025 – $230 million), and BGTF II (2026 – $75 million; 2025 – $36 million). During the three months ended March 31, 2026, the Company determined that it is the primary beneficiary of BPE and will therefore consolidate the fund. As a result, the Company derecognized its limited partner interests in BPE of $88 million (2025 - $92 million) and; viii.general partner interests in a number of our private funds.
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| Schedule Of Accrued Carried Interest | The change in BAM’s accrued carried interest for mature funds during the three months ended March 31, 2026 and 2025 is as follows:
All mature carried interest is due to BN therefore BAM's net amount of mature carried interest retained is $nil for the three months ended March 31, 2026 and 2025. The change in BAM’s accrued carried interest for new funds during the three months ended March 31, 2026 and 2025 is as follows:
New fund carried interest is partially due to BN, who is entitled to 33.3%. After allocating this interest to BN, BAM's net interest in new fund accrued carried interest as of March 31, 2026 is $1.2 billion (December 31, 2025 – $1.1 billion).
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| Schedule of Equity Method Investments | The summarized financial information of all of the Company’s equity method investees, in aggregate, for the three months ended March 31, 2026 and 2025 is as follows:
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| Schedule Of Investments In Consolidated Funds | The summary of the Company's investments held in consolidated funds as of March 31, 2026 and December 31, 2025, is as follows:
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