Investments in Unconsolidated Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Financial Information of Equity Method Investments

The following table represents

the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option

(dollars in millions):


Investment type	September 30, 2026	December 31, 2025
Real estate investments (in projects and funds)	$809	$772
Other	104	98
Total investment in unconsolidated subsidiaries	$913	$870

Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars

in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Combined Condensed Statements of Operations Information:
Revenue	$1,016	$876	$2,654	$2,360
Operating income	562	366	1,235	902
Net income (1)	228	184	256	492

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(1)Included in Net income are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and

losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included

in Revenue and Operating income.