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SEGMENTED INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure of operating segments [abstract]  
Disclosure of entity's operating segments Reportable Segment Measures
AS AT AND FOR THE THREE MONTHS ENDED JUN. 30, 2025
(MILLIONS)
Asset Management3
Wealth Solutions2,6
Renewable Power and Transition4
Infrastructure4
Private Equity4
Real Estate5
Corporate
Activities4
Total
Segments		Note
External revenues$2,429 n/a$1,853 $5,737 $6,964 $1,007 $93 $18,083 
Revenues paid for management of affiliated assets and other1
1,305 n/a— 1 10 22 40 1,378 i
Segmented revenues3,734 n/a1,853 5,738 6,974 1,029 133 19,461 
DE782 391 n/an/an/an/an/an/aii
FFO1
n/an/a155 188 99 n/a(121)n/aii
NOIn/an/an/an/an/a716 n/an/aii
Common Equity17,085 11,635 4,204 2,093 2,023 24,501 (19,048)42,493 
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 74%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2025, $383 million of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated external revenues or revenues paid for management of affiliated assets.
3.Included in the determination of DE for our Asset Management segment are direct costs of $2.0 billion, other income and gains of $nil, and interest expense of $1.1 billion. For the three months ended June 30, 2025, $309 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $580 million, $2.6 billion, $5.0 billion, and $39 million, other income and gains of $nil, $38 million income, $8 million expense, and $nil, and interest expense of $531 million, $865 million, $861 million, and $188 million of our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $759 million.
6.In the second quarter of 2025, we transferred a 4% direct interest in BAM, with a fair value of $3.5 billion, to our wealth solutions business in exchange for non-cash consideration, including additional BWS Class C shares of $2.2 billion and a note. On a combined basis with BWS, we hold a 73% ownership interest in BAM.
AS AT DEC. 31, 2024
AND FOR THE THREE MONTHS ENDED JUN. 30, 2024
(MILLIONS)
Asset Management3
Wealth Solutions2
Renewable Power and Transition4
Infrastructure4
Private Equity4
Real Estate5
Corporate
Activities4
Total
Segments		Note
External revenues$2,633 n/a$1,549 $5,246 $12,128 $1,393 $101 $23,050 
Revenues paid for management of affiliated assets and other1
1,003 n/a— (1)24 10 (40)996 i
Segmented revenues3,636 n/a1,549 5,245 12,152 1,403 61 24,046 
DE696 292 n/an/an/an/an/an/aii
FFO1
n/an/a139 140 189 n/a785 n/aii
NOI
n/an/an/an/an/a803 n/an/aii
Common Equity17,338 10,872 4,485 2,202 1,879 23,085 (17,987)41,874 
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2024, $346 million of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated external revenues or revenues paid for management of affiliated assets.
3.Included in the determination of DE for our Asset Management segment are direct costs of $2.0 billion, other income and gains of $nil, and interest expense of $1.3 billion. For the three months ended June 30, 2024, $222 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $493 million, $2.9 billion, $10.4 billion, and $30 million, other income and gains of $29 million, $111 million, $104 million, and $nil, and interest expense of $404 million, $825 million, $818 million, and $181 million of our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $908 million.
FOR THE SIX MONTHS ENDED JUN. 30, 2025
(MILLIONS)
Asset Management3
Wealth Solutions2,6
Renewable Power and Transition4
Infrastructure4
Private Equity4
Real Estate5
Corporate
Activities4
TotalNote
External revenues$4,413 n/a$3,699 $11,362 $13,941 $2,471 $141 $36,027 
Revenues paid for management of affiliated assets and other1
2,693 n/a3 1 23 40 — 2,760 i
Segmented revenues7,106 n/a3,702 11,363 13,964 2,511 141 38,787 
DE1
1,662 821 n/an/an/an/an/an/aii
FFOn/an/a296 371 241 n/a(291)n/aii
NOIn/an/an/an/an/a1,508 n/an/aii
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 74%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the six months ended June 30, 2025, $1.1 billion of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated external revenues or revenues paid for management of affiliated assets.
3.Included in the determination of DE for our Asset Management segment are direct costs of $3.9 billion, other income and gains of $nil, and interest expense of $2.2 billion. For the three months ended June 30, 2025, $745 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $1.4 billion, $5.7 billion, $9.9 billion, and $68 million, other income and gains of $5 million expense, $416 million income, $206 million income, and $nil, and interest expense of $1.0 billion, $1.8 billion, $1.7 billion, and $367 million of our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $1.9 billion.
6.In the second quarter of 2025, we transferred a 4% direct interest in BAM, with a fair value of $3.5 billion, to our wealth solutions business in exchange for non-cash consideration, including additional BWS Class C shares of $2.2 billion and a note. On a combined basis with BWS, we hold a 73% ownership interest in BAM.
FOR THE SIX MONTHS ENDED JUN. 30, 2024
(MILLIONS)
Asset Management3
Wealth Solutions2
Renewable Power and Transition4
Infrastructure4
Private Equity4
Real Estate5
Corporate
Activities4
TotalNote
External revenues$5,170 n/a$3,084 $10,525 $24,295 $2,721 $162 $45,957 
Revenues paid for management of affiliated assets and other1
2,472 n/a— 1 38 19 (83)2,447 i
Segmented revenues7,642 n/a3,084 10,526 24,333 2,740 79 48,404 
DE1,534 565 n/an/an/an/an/an/aii
FFO1
n/an/a230 282 406 n/a572 n/aii
NOIn/an/an/an/an/a1,630 n/an/aii
1.We equity account for our investment in Oaktree and include our share of the DE at our ownership of 73%. For segment reporting, Oaktree’s revenue is shown on a 100% basis. For the three months ended June 30, 2024, $1.2 billion of revenue from our partner managers was included in our Asset Management segment revenue.
2.We equity account for our investment in BWS, and as such do not generate consolidated external revenues or revenues paid for management of affiliated assets.
3.Included in the determination of DE for our Asset Management segment are direct costs of $4.2 billion, other income and gains of $nil, and interest expense of $2.5 billion. For the six months ended June 30, 2024, $665 million of direct costs from our partner managers was included in our Asset Management segment direct costs.
4.Included in the determination of FFO are direct costs of $1.2 billion, $6.0 billion, $20.7 billion, and $71 million, other income and gains of $29 million expense, $231 million income, $225 million income, and $nil, and interest expense of $831 million, $1.6 billion, $1.7 billion, and $354 million of our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, respectively.
5.Included in the determination of NOI of our Real Estate segment are direct costs of $2.1 billion.
Summary of reconciliation of FFO to net income
The following table reconciles net income to the total of the segments’ measures of profit or loss.
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
Three Months EndedSix Months Ended
Note2025202420252024
Net income/(loss)$1,055 $(285)$1,270 $234 
Add/(Deduct):
Equity accounted fair value changes and other non-FFO items1,321 444 2,273 1,073 
Fair value changes(797)753 27 595 
Depreciation and amortization2,534 2,435 4,989 4,910 
Deferred income taxes(262)(55)(421)(99)
Realized disposition (losses) gains in fair value changes or equityiii(177)1,153 5 1,179 
Non-controlling interests on above items(2,746)(2,275)(5,745)(4,760)
Real Estate segment disposition gains253 (173)273 (194)
Real Estate segment adjustments and other, net1
1,029 1,047 1,937 2,281 
Total segments’ measures of profit or loss2
$2,210 $3,044 $4,608 $5,219 
1.Primarily comprised of Real Estate segment interest expense and corporate costs, net of investment income and other, net of non-controlling interests, as well as development costs on early stage projects in our Renewable Power and Transition segment.
2.Comprised of DE from our Asset Management and Wealth Solutions segments, FFO from our Renewable Power and Transition, Infrastructure, Private Equity, and Corporate Activities segments, and NOI from our Real Estate segment.
Summary of financial information by geographic regions
The company’s revenues by location are as follows:
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
Three Months EndedSix Months Ended
2025202420252024
U.S.$6,532 $6,337 $12,874 $12,720 
Canada2,007 2,475 3,973 4,653 
U.K.1,614 5,558 3,314 11,076 
Australia1,458 1,646 3,027 3,109 
Brazil1,315 1,325 2,492 2,676 
India1,084 860 2,228 1,769 
Colombia602 633 1,277 1,295 
Germany538 543 1,076 1,131 
Other Europe1,678 2,268 3,306 4,613 
Other Asia636 800 1,290 1,664 
Other619 605 1,170 1,251 
$18,083 $23,050 $36,027 $45,957 
The company’s consolidated assets by location are as follows:
AS AT JUN. 30, 2025 AND DEC. 31, 2024
(MILLIONS)
20252024
U.S.$215,805 $210,633 
Canada52,057 48,663 
U.K.37,463 34,657 
Australia28,510 29,281 
Brazil26,203 23,113 
India23,603 27,458 
Colombia16,472 15,643 
Germany12,294 10,967 
Other Europe48,249 47,018 
Other Asia21,444 20,339 
Other23,968 22,652 
$506,068 $490,424