v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities        
Net income $ 1,172 $ 584 $ 1,758 $ 1,091
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Noncash Item [Abstract]        
Other (income) expenses, net (2) 26 (41) 111
Other income, net of consolidated funds (70) (13) (81) (27)
Share of income from equity method investments, net of cash distributions (158) (65) (200) (36)
Depreciation and amortization 13 11 26 14
Deferred income taxes 82 0 109 (4)
Stock-based equity awards 42 27 79 62
Unrealized carried interest allocation, net (498) 17 (520) 88
Investments of consolidated funds (10) (314) (85) (465)
Disposition of investments of consolidated funds 0 0 136 0
Changes in other working capital and non-cash operating items (26) 256 (298) (191)
Cash provided by (used in) operating activities 545 529 883 643
Investing activities        
Investments (441) (522) (496) (533)
Acquisition of subsidiaries, net of cash acquired 0 0 0 6
Other assets (10) (1) (16) (3)
Cash assumed on consolidation of funds 0 0 104 0
Investments 143 3 260 38
Investments held for sale 0 30 0 237
Cash provided by (used in) investing activities (308) (490) (148) (255)
Financing activities        
Distributions to common stockholders (802) (702) (1,611) (1,409)
Purchase of treasury shares (200) 0 (576) (116)
Deposits and loans from related parties 255 0 655 0
Issuance of related party loans, net (103) 0 (103) 0
Repayment of related party loans 0 0 (206) 0
Corporate borrowings issuance, net 995 515 995 750
Deferred financing costs and contributions from parent   12   12
Deferred financing costs and contributions from parent (10)   (10)  
Distributions to non-controlling and redeemable non-controlling interests (48) (8) (76) (11)
Capital raised from non-controlling interests 0 164 102 179
Issuances of borrowings by consolidated funds 127 102 338 256
Repayment of borrowings by consolidated funds 0 0 (231) 0
Capital raised from redeemable non-controlling interest in consolidated funds 70 0 120 0
Redemption of preferred shares redeemable non-controlling interest (111) 0 (207) 0
Preferred equity issuances 0 25 0 25
Cash provided by (used in) financing activities 173 108 (810) (314)
Cash and cash equivalents        
Net increase (decrease) 410 147 (75) 74
Effect of exchange rate changes on cash and cash equivalents (3) 1 (5) 2
Balance, beginning of period 1,096 332 1,583 404
Balance, end of period 1,503 480 1,503 480
Accounts receivable and other, net 22 4 (33) 2
Accounts payable and other, net 88 (127) (59) (383)
Due from affiliates (166) 293 (186) 176
Due to affiliates 142 73 58 10
Other non-cash operating items (112) 13 (78) 4
Total Supplemental Cash Flow Disclosures (26) 256 (298) (191)
Supplemental disclosure of cash flow information        
Total income taxes paid 96 32 135 128
Interest paid 43 38 77 50
Supplemental disclosure of non-cash investing and financing activities        
Non-cash investing and financing activities related to 2025 Arrangement 0 0 0 27
Non-cash exchange of DSUs $ 0 $ 0 $ 458 $ 0