HELD FOR SALE

6 Months Ended

Jun. 30, 2025

Non-current assets or disposal groups classified as held for sale or as held for distribution to owners [abstract]

The following is a summary of the assets and liabilities classified as held for sale as at June 30, 2025:


AS AT JUN. 30, 2025 (MILLIONS)	Renewable Power and Transition		Infrastructure		Private Equity		Real Estate (Core and Transitional & Development)1		Real Estate (LP Investments) and Other1		Total
Assets
Cash and cash equivalents	$	24	$	28	$	49	$	1	$	124	$	226
Accounts receivable and other	38		231		449		69		93		880
Equity accounted investments	67		522		1		(1)		—		589
Investment properties	—		3,591		—		1,115		10,454		15,160
Property, plant and equipment	1,706		3		330		—		96		2,135
Intangible assets	—		2		153		—		1		156
Goodwill	—		348		163		—		—		511
Other long-term assets	33		—		—		—		17		50
Deferred income tax assets	2		—		3		—		4		9
Assets classified as held for sale	$	1,870	$	4,725	$	1,148	$	1,184	$	10,789	$	19,716
Liabilities
Accounts payable and other	$	169	$	204	$	240	$	47	$	3,319	$	3,979
Non-recourse borrowings of managed entities	574		2,192		479		—		1,218		4,463
Deferred income tax liabilities	195		395		44		—		347		981

Liabilities associated with assets classified as held for sale	$	938	$	2,791	$	763	$	47	$	4,884	$	9,423

1.Real estate core and transitional and development investments are included in our Real Estate segment. 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.

As at June 30, 2025, assets held for sale primarily relate to:

•Eight office assets, three retail assets, ten hotels, and one multifamily asset in the U.S., a logistics asset in Spain, our Australia senior living portfolio, our student housing portfolio in Europe, and our net lease real estate operating platform, all in our LP investments included within our Asset Management segment;

•Six office assets and one retail asset in the U.S. included within our Real Estate segment;

•A 633 MW under construction solar asset in India, our partial interest in a multi-national distributed generation development business, a 315 MW portfolio of operating wind assets in Australia, as well as 650 MW of wind, solar, and battery projects in Australia within our Renewable Power and Transition segment;

•Our partial interest in a European hyperscale data center platform within our Infrastructure segment; and

•Our returnable plastic packaging operation and a non-core business in our Indian non-bank financial services operation within our Private Equity segment.

For the six months ended June 30, 2025, we disposed of $11.0 billion and $6.1 billion of assets and liabilities, respectively, primarily related to the sales of several hospitality, retail, manufactured housing, and logistics portfolios in the U.S., an office asset in Australia, logistics assets in Europe, Japan, and South Korea, a 1,004 MW portfolio of wind and solar assets in India, a 845 MW portfolio of wind assets in the U.S., as well as partial interests in our global intermodal logistics operation and the sale of the shuttle tanker operation at our offshore oil services business.