ORGANIZATION AND CAPITAL MANAGEMENT (Tables)

As at June 30, 2026, the Corporation’s capital totaled $61.5 billion (December 31, 2025 – $62.4 billion), and is computed as follows:



AS AT JUN. 30, 2026 AND DEC. 31, 2025 (MILLIONS)	2026		2025
Cash and cash equivalents	$	760	$	461
Other financial assets	2,631		2,114
Investments1	58,522		58,951
Other assets and liabilities of the Corporation	(401)		891
Corporation’s Capital	$	61,512	$	62,417
Corporation’s Capital is comprised of the following:
Common equity	$	42,483	$	43,796
Preferred equity	4,088		4,090
Non-controlling interest	230		230
Corporate borrowings	14,711		14,301
	$	61,512	$	62,417

A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at June 30, 2026 is as follows:


AS AT JUN. 30, 2026 (MILLIONS)	The Corporation		Investments		Elimination1		Total Consolidated
Cash and cash equivalents	$	760	$	14,125	$	—	$	14,885
Other financial assets	2,631		29,888		—		32,519
Accounts receivable and other1	2,456		32,657		(1,914)		33,199
Inventory	—		9,431		—		9,431
Assets classified as held for sale	—		15,394		—		15,394
Equity accounted investments	2,031		85,651		—		87,682
Investment properties	20		84,219		—		84,239
Property, plant and equipment	195		164,728		—		164,923
Intangible assets	81		37,075		—		37,156
Goodwill	—		41,928		—		41,928
Deferred income tax assets	378		3,781		—		4,159
Accounts payable and other1	(5,342)		(51,060)		1,914		(54,488)
Liabilities associated with assets classified as held for sale	—		(9,218)		—		(9,218)
Deferred income tax liabilities	(220)		(26,040)		—		(26,260)
Subsidiary equity obligations	—		(3,931)		—		(3,931)
Total	2,990		428,628		—		431,618
Investments2	58,522		—		(58,522)		—
Corporation’s Capital	61,512		428,628		(58,522)		431,618
Less:
Corporate borrowings	14,711		—		—		14,711
Non-recourse borrowings of managed entities	—		250,271		—		250,271
Amounts attributable to preferred equity	4,088		—		—		4,088
Amounts attributable to non-controlling interests	230		119,835		—		120,065
Common equity	$	42,483	$	58,522	$	(58,522)	$	42,483

1.Includes intercompany balances, including accounts receivable and other, and accounts payable and other of $1.9 billion and $1.9 billion, respectively, between entities under common control of the Corporation.

2.Represents the carrying value of the Corporation’s investments.

A reconciliation of the Corporation’s capital to the company’s consolidated balance sheet as at December 31, 2025 is as follows:


AS AT DEC. 31, 2025 (MILLIONS)	The Corporation		Investments		Elimination1		Total Consolidated
Cash and cash equivalents	$	461	$	15,781	$	—	$	16,242
Other financial assets	2,114		27,919		—		30,033
Accounts receivable and other1	2,866		32,442		(1,799)		33,509
Inventory	—		8,849		—		8,849
Assets classified as held for sale	—		12,780		—		12,780
Equity accounted investments	2,330		77,551		—		79,881
Investment properties	18		85,595		—		85,613
Property, plant and equipment	151		165,841		—		165,992
Intangible assets	83		38,413		—		38,496
Goodwill	—		43,355		—		43,355
Deferred income tax assets	467		3,754		—		4,221
Accounts payable and other1	(4,684)		(53,572)		1,799		(56,457)
Liabilities associated with assets classified as held for sale	—		(5,891)		—		(5,891)
Deferred income tax liabilities	(340)		(26,669)		—		(27,009)
Subsidiary equity obligations	—		(3,808)		—		(3,808)
Total	3,466		422,340		—		425,806
Investments2	58,951		—		(58,951)		—
Corporation’s Capital	62,417		422,340		(58,951)		425,806
Less:
Corporate borrowings	14,301		—		—		14,301
Non-recourse borrowings of managed entities	—		245,311		—		245,311
Amounts attributable to preferred equity	4,090		—		—		4,090
Amounts attributable to non-controlling interests	230		118,078		—		118,308
Common equity	$	43,796	$	58,951	$	(58,951)	$	43,796

1.Includes intercompany balances, including accounts receivable and other, and accounts payable and other of $1.8 billion and $1.8 billion, respectively, between entities under common control of the Corporation.