v3.26.1
PREFERRED SHARES REDEEMABLE NON-CONTROLLING INTEREST (Tables)
 6 Months Ended
Jun. 30, 2026
Temporary Equity Disclosure [Abstract]  
Redeemable Noncontrolling Interest
As of June 30, 2026, subsidiaries of the Company have issued and outstanding certain classes of preferred shares which are outlined below:
20262025
AS OF JUNE 30, AND DECEMBER 31,
(MILLIONS, EXCEPT SHARE AMOUNTS)
Number of SharesValueNumber of SharesValue
BUSHI Preferred Shares
BUSHI Tracking Shares200 $943 200 $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 43 100 31 
$1,238 $1,398 
The movement in the carrying value of the preferred shares redeemable non-controlling interest is as follows:
Three Months EndedSix Months Ended
AS OF AND FOR THE PERIODS ENDED JUNE 30,
(MILLIONS)
2026202520262025
Balance, beginning$1,265 $1,930 $1,398 $2,103 
Issuances — 28 — 29 
Distributions(48)— (76)— 
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 interest16 (99)(73)(226)
Other5 — (11)— 
Balance, ending$1,238 $1,859 $1,238 $1,859 
2026
AS OF JUNE 30,
(MILLIONS, EXCEPT SHARE AMOUNTS)		Number of SharesValue
BPE Redeemable Non-Controlling Interests
Class B-1 and E-143,488,677 $1,064 
Class B-2, Class E-2 and Investor Units13,041,071 378 
$1,442 
Three Months EndedSix Months Ended
AS OF AND FOR THE PERIODS ENDED JUNE 30,
(MILLIONS)
2026202520262025
Balance, beginning$1,384 $— $— $— 
Amount assumed on consolidation of fund— — 1,357 — 
Issuances70 — 120 — 
Redemptions(72)— (89)— 
Contributions30 — 30 — 
Changes in redemption value included in net income attributable to redeemable non-controlling interest30 — 24 — 
Balance, ending$1,442 $— $1,442 $—