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EQUITY ACCOUNTED INVESTMENTS
12 Months Ended
Dec. 31, 2024
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
EQUITY ACCOUNTED INVESTMENTS EQUITY ACCOUNTED INVESTMENTS
The following table presents the ownership interests and carrying values of the company’s investments in associates and joint ventures, all of which are accounted for using the equity method:
Ownership Interest1
Carrying Value
AS AT DEC. 31
(MILLIONS)
2024202320242023
Renewable Power and Transition
Associates
Wind
13 – 50%
32 – 50%
$2,763 $577 
Sustainable solutions
4 – 67%
4 – 51%
2,529 2,586 
Other
12 – 67%
8 – 65%
1,696 1,748 
6,988 4,911 
Infrastructure
Associates
Utilities50%
50%
658 783 
Transport
26 – 58%
26 – 58%
1,907 1,799 
Data
26 – 49%
26 – 49%
6,232 6,023 
Other
11 – 65%
11 – 65%
166 179 
Joint ventures
Utilities50%
50%
235 1,200 
Transport
21 – 50%
21 – 50%
2,700 2,599 
Midstream25%
25%
457 461 
Data
49 – 50%
49 – 50%
5,378 4,042 
17,733 17,086 
Private Equity
Associates
Industrial operations
13 – 54%
13 – 54%
1,032 553 
Other
11 – 50%
14 – 50%
3,174 2,950 
4,206 3,503 
Real Estate
Associates
Transitional and development
25 – 27%
25 – 27%
111 96 
Joint ventures
Core
17 – 56%
22 – 56%
10,603 10,702 
Transitional and development
5 – 60%
5 – 60%
7,539 7,394 
18,253 18,192 
Wealth Solutions2
83 %71 %8,699 4,411 
Asset Management and Other
Associates
Oaktree72 %68 %7,457 6,974 
Real estate LP investments3
27 – 50%
16 – 50%
222 258 
Joint ventures
Real estate LP investments3
18 – 93%
18 – 93%
3,715 3,387 
Other equity accounted investments
25 – 85%
25 – 85%
1,037 402 
12,431 11,021 
Total$68,310 $59,124 
1.Joint ventures or associates in which the ownership interest is greater than 50% represent investments for which control is either shared or does not exist resulting in the investment being equity accounted.
2.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions Ltd.
3.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
The following table presents the change in the balance of investments in associates and joint ventures:
AS AT AND FOR THE YEARS ENDED DEC. 31
(MILLIONS)
Renewable Power and Transition
Infrastructure
Private Equity
Real Estate
Wealth Solutions2
Asset Management and Other3
2024
Total
2023 Total
Balance, beginning of year$4,911 $17,086 $3,503 $18,192 $4,411 $11,021 $59,124 $47,094 
Additions, net of disposals1
1,880 1,528 1,004 474 2,732 1,544 9,162 10,798 
Acquisitions through business combinations— — — — — 8 44 
Share of comprehensive income424 1,143 10 375 1,556 619 4,127 2,755 
Distributions received(86)(743)(274)(365)— (620)(2,088)(1,628)
Return of capital— — — (308)— (27)(335)(480)
Foreign currency translation(149)(1,281)(37)(115)— (106)(1,688)541 
Balance, end of year$6,988 $17,733 $4,206 $18,253 $8,699 $12,431 $68,310 $59,124 
1.Includes assets sold and amounts reclassified to held for sale.
2.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions Ltd.
3.Asset Management equity accounted investments primarily relate to Oaktree and real estate LP investments. Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Additions, net of disposals, of $9.2 billion during the year included the incremental capital invested in BWS via the conversion of preferred shares, contribution of BBU units, and contribution of BAM shares to support the acquisition of AEL, all in exchange for additional Class C shares of BWS. Additions, net of disposals, also included the acquisition of an offshore wind portfolio in the U.K. in our Renewable Power and Transition segment, our payment processing services operation in our Private Equity segment and additions within our Infrastructure segment. Our equity accounted investments balance also increased due to our proportionate share of comprehensive income earned by our equity accounted investments.
In the prior year, additions, net of disposals, of $10.8 billion included the acquisition of our equity accounted investment in our nuclear technology services operation in our Renewable Power and Transition segment from Brookfield Business Partners L.P., a subsidiary of the Corporation. In connection with this transaction, the Corporation recognized gains of $3.9 billion in other income and gains within net income upon loss of control due to the disposition of our nuclear technology services operation.
The following table presents current and non-current assets, as well as current and non-current liabilities of the company’s investments in associates and joint ventures:
20242023
AS AT DEC. 31
(MILLIONS)
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-Current LiabilitiesCurrent AssetsNon-Current AssetsCurrent LiabilitiesNon-Current Liabilities
Renewable Power and Transition
Associates
Wind$890 $19,395 $677 $1,420 $695 $2,132 $452 $733 
Sustainable solutions2,978 13,930 2,515 6,128 2,862 13,952 2,623 6,055 
Other1,987 9,638 2,908 4,882 1,641 10,560 1,578 5,835 
Infrastructure
Associates
Utilities160 1,882 67 1,228 208 2,563 74 1,132 
Transport1,293 10,782 1,208 6,072 1,641 12,862 2,065 6,994 
Data1,927 42,012 2,142 22,600 1,061 42,547 2,725 21,996 
Other112 532 83 237 134 1,032 94 321 
Joint ventures
Utilities94 1,358 58 914 437 6,025 337 4,177 
Transport230 11,051 72 6,147 239 10,563 148 6,131 
Midstream195 6,257 259 4,080 226 6,143 190 4,058 
Data382 15,453 2,544 2,351 355 8,272 188 3,883 
Private Equity
Associates
Industrial operations1,257 1,649 564 1,041 908 650 367 334 
Other3,787 13,618 3,114 8,406 3,306 10,917 2,020 6,992 
Real Estate
Associates
Transitional and development53 448 26 108 170 329 11 118 
Joint ventures
Core1,458 41,236 4,244 15,482 2,315 39,945 3,942 16,150 
Transitional and development1,774 29,903 4,835 9,940 1,265 29,675 7,044 7,096 
Wealth Solutions1
32,524 107,936 1,005 126,379 11,930 49,494 1,654 53,646 
Asset Management and Other
Associates
Oaktree2,261 19,142 1,775 10,372 2,493 19,733 2,277 10,730 
Real estate LP Investments2
 354   20 473 11 80 
Joint ventures
Real estate LP Investments2
1,544 21,399 3,110 3,526 2,491 9,670 1,575 4,705 
Other equity accounted investments366 586 240 414 189 220 126 52 
$55,272 $368,561 $31,446 $231,727 $34,586 $277,757 $29,501 $161,218 
1.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions Ltd.
2.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Certain of the company’s investments in associates are subject to restrictions on the extent to which they can remit funds to the company in the form of cash dividends or repay loans and advances as a result of borrowing arrangements, regulatory restrictions and other contractual requirements.
The following table presents total revenues, net income and other comprehensive income (“OCI”) of the company’s investments in associates and joint ventures:
20242023
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
RevenueNet IncomeOCIRevenueNet IncomeOCI
Renewable Power and Transition
Associates
Wind$353 $16 $(128)$185 $11 $— 
Sustainable solutions5,350 (365)124 394 (15)(67)
Other2,465 198 880 2,893 662 (355)
Infrastructure
Associates
Utilities193 (91)(114)1,136 39 (376)
Transport3,119 342 (820)3,044 27 330 
Data2,732 964 (764)2,272 (45)685 
Other228 (11)(123)206 (180)(283)
Joint ventures
Utilities272 87 (179)724 286 183 
Transport9,353 2,481 (59)12,102 4,114 36 
Midstream902 198 66 924 315 188 
Data475 (127)(658)1,047 511 (53)
Private Equity
Associates
Industrial operations2,388 130 1 2,216 80 (5)
Other6,888 (15)(80)6,951 208 
Real Estate
Associates
Transitional and development355 51  26 22 — 
Joint ventures
Core2,227 1,173 (38)2,328 (66)(60)
Transitional and development3,045 469 (25)2,956 76 (30)
Wealth Solutions1
14,366 898 750 6,785 452 484 
Asset Management and Other
Associates
Oaktree1,781 651 (1)1,503 475 16 
Real estate LP Investments2
17 (15)(78)40 (55)(56)
Joint ventures
Real estate LP Investments2
1,503 724 82 1,878 336 34 
Other equity accounted investments496 77 (2)285 50 18 
$58,508 $7,835 $(1,166)$49,895 $7,303 $695 
1.Wealth Solutions relates to our capital in our equity accounted investment in Brookfield Wealth Solutions Ltd.
2.Real estate LP investments are included within our Asset Management segment as we include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within this segment.
Certain of the company’s investments are publicly listed entities with active pricing in a liquid market.