| Schedule of invested capital |
We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes. | | | | | | | | | | | | | As of | | US$ MILLIONS | June 30, 2026 | | December 31, 2025 | | Partnership Capital | $ | 32,523 | | | $ | 35,540 | | | Remove impact of the following items since inception: | | | | | Non-controlling interest - in operating subsidiaries | (23,862) | | | (26,086) | | | Deficit | 7,116 | | | 6,094 | | | Accumulated other comprehensive income | (2,207) | | | (2,083) | | | Ownership changes and other | (659) | | | (659) | | | Invested Capital | $ | 12,911 | | | $ | 12,806 | |
The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2026, and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three-month
period ended June 30 | | For the six-month
period ended June 30 | | | | US$ MILLIONS | 2026 | | 2025 | | 2026 | | 2025 | | | | | | Opening balance | $ | 12,908 | | | $ | 12,973 | | | $ | 12,806 | | | $ | 12,971 | | | | | | | Net redemption of preferred units | — | | | (96) | | | — | | | $ | (96) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Repurchase of limited partnership units | — | | | (14) | | | — | | | (14) | | | | | | | Issuance of exchangeable shares, net of unit repurchases | 3 | | | 3 | | | 105 | | | 5 | | | | | | | Ending balance | $ | 12,911 | | | $ | 12,866 | | | $ | 12,911 | | | $ | 12,866 | | | | | | | Weighted Average Invested Capital | $ | 12,873 | | | $ | 12,998 | | | $ | 12,873 | | | $ | 12,998 | | | | | |
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