INVESTMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 June 30, 2026, common and preferred shares were $171 million (2025 – $337 million). Common shares primarily represents investments of $64 million (2025 – $64 million) in Brookfield Renewable Energy L.P., $27 million (2025 – $27 million) in Brookfield Infrastructure Income Fund Inc, and a $79 million (2025 – $nil) investment in Oaktree Strategic Credit Fund (“OSCF”) made during the three months ended June 30, 2026, representing an approximate 1.7% interest. Common and preferred share investments are carried at either fair value or cost less impairment. Changes in fair value of investments are recorded in other (expenses) income, net in the condensed consolidated statements of operations, and investments measured at cost are assessed for impairment with losses recognized in other (expenses) income, net. During the six months ended June 30, 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 June 30, 2026, investments in affiliates is primarily comprised of an interest in BSREP III, a fund which BAM manages, of $600 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 $8 million (2025 – $39 million) and $27 million (2025 – $78 million) for the three and six months ended June 30, 2026, respectively and is recorded within other (expenses) income, 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 and six months ended June 30, 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 and six months ended June 30, 2026 and 2025. The change in BAM’s accrued carried interest for new funds during the three and six months ended June 30, 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 June 30, 2026 is $1.6 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 $199 million (2025 – $181 million) and $269 million (2025 – $239 million) for the three and six months ended June 30, 2026, respectively 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 $4.8 billion (2025 – $4.7 billion); ii.economic interest in Castlelake of $734 million (2025 – $720 million); iii.49.9% economic interest in LCM of $226 million (2025 – $221 million); iv.44% economic interest in Primary Wave of $290 million (2025 – $261 million); v.51.3% economic interest in Angel Oak of $139 million (2025 – $133 million); vi.approximate 8% (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 six months ended June 30, 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 $391 million (2025 – $368 million) include Pinegrove Fund (2026 – $302 million; 2025 – $230 million), and BGTF II (2026 – $74 million; 2025 – $36 million). During the six months ended June 30, 2026, the Company determined that it is the primary beneficiary of BPE and therefore consolidates 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Accrued Carried Interest | The change in BAM’s accrued carried interest for mature funds during the three and six months ended June 30, 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 and six months ended June 30, 2026 and 2025. The change in BAM’s accrued carried interest for new funds during the three and six months ended June 30, 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 June 30, 2026 is $1.6 billion (December 31, 2025 – $1.1 billion).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Investments In Consolidated Funds | The summary of the Company's investments held in consolidated funds as of June 30, 2026 and December 31, 2025, is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||