v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting, Reconciliation of Revenue by Segment to Consolidated See below for our reconciliation of total revenues as presented on the condensed consolidated statements of operations to Segment Revenues.
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS)
2026202520262025
Revenues
Total Revenues$1,753 $1,090 $3,091 $2,171 
Add: Fee revenues of equity method investments398 331 797 661 
Less: Incentive distributions(128)(116)(258)(233)
Less: Carried interest allocations(a)
(553)63 (665)61 
Less: Interest and dividend revenue(27)(34)(48)(47)
Less: Interest and dividend revenue of consolidated funds(9)(8)(17)(15)
Less: Other revenues(b)
(16)(47)(156)(173)
Less: Costs recovered from affiliates(c)
(101)(137)(168)(129)
Total Segment Revenues$1,317 $1,142 $2,576 $2,296 
(a) This adjustment removes the impact of both unrealized and realized carried interest allocations.
(b) This adjustment removes other revenues earned that are non-cash in nature, which include certain cost recoveries and reimbursements from affiliates.
(c) This adjustment removes the impact of compensation costs that will be borne by affiliates.
Segment Reporting See below for our reconciliation of total expenses as presented on the condensed consolidated statements of operations to Segment Expenses.
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS)		2026202520262025
Expenses
Total Expenses$659 $557 $1,392 $1,059 
Add: Expenses of equity method investments(a)
250 219 506 450 
Less: Costs recovered from affiliates(b)
(101)(137)(168)(129)
Less: Total carried interest allocation compensation(c)
(51)(16)(262)(162)
Less: Interest expense(53)(31)(90)(34)
Less: Other costs(d)
(20)(11)(42)(15)
Less: Interest expense of consolidated funds(7)(6)(17)(16)
Total Segment Expenses$677 $575 $1,319 $1,153 
(a) This adjustment adds expenses associated with Segment Revenues of equity method investments.
(b) This adjustment removes the impact of compensation costs that will be borne by affiliates.
(c) These adjustments remove the impact of both unrealized and realized carried interest compensation expense.
(d) This adjustment removes the impact of depreciation and amortization and certain capital depreciation costs recharged from BAM's affiliates as well as the impact of non-asset management costs related to non-recurring costs not core to the asset management business.
Total Segment Expenses is comprised of the following major categories:
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS)		2026202520262025
Total segment compensation and benefits$478 $421 $934 $845 
Total segment facilities, technology and professional fees100 86 198 175 
Total segment travel and other operating expenses99 68 187 133 
Total Segment Expenses$677 $575 $1,319 $1,153 
The following tables present the financial data for the Company’s five segments for the three and six months ended June 30, 2026 and 2025:
FOR THE THREE MONTHS ENDED JUNE 30, 2026
(MILLIONS)
InfrastructureEnergyPrivate equityReal estateCreditTotal Segments
Segment Revenues$270 $186 $129 $258 $474 $1,317 
Segment Expenses
Compensation and benefits(79)(55)(66)(99)(179)(478)
Facilities, technology and professional fees(20)(10)(14)(23)(33)(100)
Travel and other operating expenses(a)
(14)(12)(8)(11)(54)(99)
Segment Earnings$157 $109 $41 $125 $208 $640 
FOR THE THREE MONTHS ENDED JUNE 30, 2025
(MILLIONS)
InfrastructureEnergyPrivate equityReal estateCreditTotal Segments
Segment Revenues$235 $161 $110 $259 $377 $1,142 
Segment Expenses
Compensation and benefits(64)(38)(58)(91)(170)(421)
Facilities, technology and professional fees(14)(7)(16)(19)(30)(86)
Travel and other operating expenses(a)
(9)(9)(8)(10)(32)(68)
Segment Earnings$148 $107 $28 $139 $145 $567 
FOR THE SIX MONTHS ENDED JUNE 30, 2026
(MILLIONS)
InfrastructureEnergyPrivate equityReal estateCreditTotal Segments
Segment Revenues$540 $360 $249 $509 $918 $2,576 
Segment Expenses
Compensation and benefits(147)(104)(132)(197)(354)(934)
Facilities, technology and professional fees(37)(19)(28)(45)(69)(198)
Travel and other operating expenses(a)
(25)(21)(16)(21)(104)(187)
Segment Earnings$331 $216 $73 $246 $391 $1,257 
FOR THE SIX MONTHS ENDED JUNE 30, 2025
(MILLIONS)
InfrastructureEnergyPrivate equityReal estateCreditTotal Segments
Segment Revenues$462 $296 $213 $575 $750 $2,296 
Segment Expenses
Compensation and benefits(124)(79)(114)(189)(339)(845)
Facilities, technology and professional fees(28)(12)(30)(41)(64)(175)
Travel and other operating expenses(a)
(17)(15)(13)(20)(68)(133)
Segment Earnings$293 $190 $56 $325 $279 $1,143 
(a) Travel and other operating expenses include travel, sales commissions, insurance, marketing and conferences, and general and administrative costs; none of which individually are 10% or more of total Segment Expenses.
See below for our reconciliation of income before taxes as presented on the condensed consolidated statements of operations to Segment Earnings:
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUNE 30,
(MILLIONS)
2026202520262025
Income before taxes$1,334 $659 $2,030 $1,241 
Depreciation and amortization(a)
20 11 40 14 
Carried interest allocations, net of carried interest allocation compensation(b)
(502)79 (403)223 
Other income and expenses, net of other costs and non-asset management related items(c)
29 64 21 121 
Other income, net of consolidated funds(70)(13)(81)(27)
Interest expense53 31 90 34 
Interest expense of consolidated funds7 6 17 16 
Interest and dividend revenue(27)(34)(48)(47)
Interest and dividend revenue of consolidated funds(9)(8)(17)(15)
Other revenues(d)
(16)(43)(156)(156)
Share of income from equity method investments(e)
(199)(181)(269)(239)
Segment Earnings from equity method investments(e)
148 112 291 211 
Incentive distributions(128)(116)(258)(233)
Total Segment Earnings$640 $567 $1,257 $1,143 
(a) This adjustment removes the depreciation and amortization on property, plant and equipment and intangible assets as well as certain capital depreciation costs recharged from BAM's affiliates.
(b) This adjustment removes the impact of both unrealized and realized carried interest allocations and the associated compensation expense.
(c) This adjustment removes other expenses associated with fair value changes as well as the impact of other costs and non-asset management related items such as non-recurring costs that are not considered part of the ongoing asset management business.
(d) This adjustment removes other revenues earned that are non-cash in nature, excluding certain cost recoveries and reimbursements from affiliates.
(e) These adjustments remove our share of income from equity method investments, included in items (a) to (d) above and includes our share of Segment Earnings from equity method investments.