v3.26.1
FAIR VALUE GAINS (LOSSES), NET
 6 Months Ended
Jun. 30, 2026
Disclosure of fair value measurement of assets [abstract]  
FAIR VALUE GAINS (LOSSES), NET FAIR VALUE GAINS (LOSSES), NET
The components of fair value gains (losses), net, are as follows:
Three months ended Jun. 30,Six months ended Jun. 30,
(US$ Millions)2026202520262025
Commercial properties$120 $4 $145 $(276)
Commercial developments24 (9)78 42 
Incentive fees(1)
— (19)2 (19)
Financial instruments and other(88)71 (102)190 
Total fair value gains (losses), net
$56 $47 $123 $(63)
(1) Represents incentive fees the partnership is obligated to pay to the general partner of the partnership’s various fund investments.