v3.26.1
PREFERRED SHARES REDEEMABLE NON-CONTROLLING INTEREST (Tables)
 3 Months Ended
Mar. 31, 2026
Temporary Equity Disclosure [Abstract]  
Redeemable Noncontrolling Interest
As of March 31, 2026, subsidiaries of the Company have issued and outstanding certain classes of preferred shares which are outlined below:
20262025
AS OF MARCH 31, AND DECEMBER 31,
(MILLIONS, EXCEPT SHARE AMOUNTS)
Number of SharesValueNumber of SharesValue
BUSHI Preferred Shares
BUSHI Tracking Shares200 $977 200 $1,115 
Class B senior preferred1,621,093 41 1,621,093 41 
Class B preferred2,520,571 63 2,520,571 63 
Class A preferred5,909,372 148 5,909,372 148 
BMHL Tracking Shares100 36 100 31 
$1,265 $1,398 
The movement in the carrying value of the preferred shares redeemable non-controlling interest is as follows:
AS OF AND FOR THE THREE MONTHS ENDED MARCH 31,
(MILLIONS)
20262025
Balance, beginning$1,398 $2,103 
Issuances — 1 
Distributions(28)— 
Deemed settlement of Class A preferred shares as a result of 2025 Arrangement— (47)
Changes in redemption value included in net income attributable to preferred shares non-controlling interest(89)(127)
Other(16)— 
Balance, ending$1,265 $1,930 
2026
AS OF MARCH 31,
(MILLIONS, EXCEPT SHARE AMOUNTS)		Number of SharesValue
BPE Redeemable Non-Controlling Interests
Class B-1 and E-146,471,759 $1,115 
Class B-2, Class E-2 and Investor Units10,453,660 269 
$1,384 
AS OF AND FOR THE THREE MONTHS ENDED MARCH 31,
(MILLIONS)
20262025
Balance, beginning$— $— 
Amount assumed on consolidation of fund1,357 — 
Issuances50 — 
Redemptions(17)— 
Changes in redemption value included in net income attributable to redeemable non-controlling interest(6)— 
Balance, ending$1,384 $—