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SEGMENTED INFORMATION
6 Months Ended
Jun. 30, 2025
Disclosure of operating segments [abstract]  
SEGMENTED INFORMATION SEGMENTED INFORMATION
a)    Operating Segments 
Our operations are organized into six business groups in addition to our corporate activities, which collectively represent seven operating segments for internal and external reporting purposes. Our operating segments are as follows:
The Corporation:
i.Corporate Activities include the investment of cash and financial assets, as well as the management of our corporate leverage, including corporate borrowings and preferred equity, which fund a portion of the capital invested in our other operations. Certain corporate costs such as technology and operations are allocated to each operating segment based on an internal pricing framework.
Asset Management:
i.The Asset Management business includes managing long-term private funds, perpetual strategies and liquid strategies on behalf of our investors and ourselves. We generate contractual base management fees for these activities as well as incentive distributions and performance income, including performance fees, transaction fees and carried interest. We also include the discretionary capital that we invest directly into and alongside private funds managed by BAM and other investments within the results of our Asset Management business. These investments include flagship real estate private funds that are managed by BAM with long-term track records of earning strong returns, as well as capital invested in other real estate, private equity, opportunistic and other credit funds managed by BAM, and other investments.
Wealth Solutions:
i.The Wealth Solutions business includes our equity accounted interest in Brookfield Wealth Solutions Ltd. (“BWS”), a wealth solutions provider focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions.
Operating Businesses:
i.The Renewable Power and Transition business includes the ownership, operation and development of hydroelectric, wind, utility-scale solar power generating assets, distributed energy, and sustainable solutions.
ii.The Infrastructure business includes the ownership, operation and development of utilities, transport, midstream, and data assets.
iii.The Private Equity business includes a broad range of industries, and is mostly focused on ownership and operations in the business services and industrials sectors.
iv.    The Real Estate business includes the ownership, operation and development of core and transitional and development investments (including residential development properties).
b)    Segment Financial Measures
For our Asset Management and Wealth Solutions segments, we primarily measure operating performance using distributable earnings (“DE”). Net operating income (“NOI”) is the key performance metric for our Real Estate segment, and Funds from Operations (“FFO”) is used for our other operating segments. We also provide the amount of capital invested by the Corporation in each segment using common equity.
These metrics are used by our Chief Operating Decision Maker in assessing operating results and the performance of our businesses on a segmented basis.
Our segment financial measures are defined as follows:
i.    Distributable Earnings
DE from our Asset Management segment is defined as the earnings received by the Corporation that are available for distribution to common shareholders or to be reinvested in the business. It is calculated as the sum of distributable earnings from our Asset Management business and realized carried interest, net of equity-based compensation costs. DE from our Asset Management segment includes fees, net of the associated costs, that we earn from managing capital in our perpetual affiliates, private funds and liquid strategies accounts. We are also eligible to earn incentive payments in the form of incentive distributions, performance fees or carried interest. Our Asset Management segment distributes substantially all of its distributable earnings as a dividend to its shareholders; therefore, DE represents our profitability from our Asset Management segment. We do not use DE as a measure of cash generated from our operations.
Distributable earnings from our Wealth Solutions segment is equivalent to its distributable operating earnings (“DOE”), which is calculated as our share of equity accounted net income from our Wealth Solutions segment, excluding the impact of
depreciation and amortization, deferred income taxes, net income from our equity accounted investments, mark-to-market on investments and derivatives, breakage and transaction costs, and is inclusive of our proportionate share of DOE from investments in associates.
ii.    Net Operating Income
NOI from our Real Estate segment is defined as: i) property-specific revenues from our commercial properties operations less direct commercial property expenses before the impact of depreciation and amortization; and ii) revenues from our hospitality operations less direct hospitality expenses before the impact of depreciation and amortization. NOI represents an income-generating property’s profitability before adding costs from financing or taxes, and is a strong indication of our Real Estate business’ ability to impact the operating performance of its properties through proactive management and leasing. Depreciation and capital expenditures are excluded from NOI as we believe that the value of most of our properties typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. We do not use NOI as a measure of cash generated from our operations.
iii.    Funds from Operations
We define FFO from our Corporate Activities segment and our Operating Businesses, excluding the Real Estate business, as net income excluding fair value changes, depreciation and amortization and deferred income taxes, net of non-controlling interests. When determining FFO, we include our proportionate share of the FFO from equity accounted investments on a fully diluted basis. FFO also includes realized disposition gains and losses, which are gains or losses arising from transactions during the reporting period, adjusted to include associated fair value changes and revaluation surplus recorded in prior periods, taxes payable or receivable in connection with those transactions and amounts that are recorded directly in equity, such as ownership changes.
FFO represents the company’s share of revenues less costs incurred within our operations, which include interest expenses and other costs. Specifically, it includes the impact of contracts that we enter into to generate revenues, including power sales agreements, contracts that our operating businesses enter into such as leases and take or pay contracts and sales of inventory. FFO includes the impact of changes in leverage or the cost of that financial leverage and other costs incurred to operate our business.
We use realized disposition gains and losses within FFO in order to provide additional insight regarding the performance of investments on a cumulative realized basis, including any unrealized fair value adjustments that were recorded in equity and not otherwise reflected in current period FFO, and believe it is useful to investors to better understand variances between reporting periods. We exclude depreciation and amortization from FFO as we believe that the value of most of our assets typically increases over time, provided we make the necessary maintenance expenditures, the timing and magnitude of which may differ from the amount of depreciation recorded in any given period. In addition, the depreciated cost base of our assets is reflected in the ultimate realized disposition gain or loss on disposal. As noted above, unrealized fair value changes are excluded from FFO until the period in which the asset is sold. We also exclude deferred income taxes from FFO because the vast majority of the company’s deferred income tax assets and liabilities are a result of the revaluation of our assets under IFRS Accounting Standards.
Our definition of FFO differs from the definition used by other organizations, as well as the definition of FFO used by the Real Property Association of Canada (“REALPAC”) and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREIT definition is based on U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), as opposed to IFRS Accounting Standards. The key differences between our definition of FFO and the determination of FFO by REALPAC and/or NAREIT are that we include the following: realized disposition gains or losses and cash taxes payable or receivable on those gains or losses, if any; foreign exchange gains or losses on monetary items not forming part of our net investment in foreign operations; and foreign exchange gains or losses on the sale of an investment in a foreign operation. We do not use FFO as a measure of cash generated from our operations.
We illustrate how we reconcile the financial measure for each operating segment to net income in Note 3(c)(ii) and 3(c)(iii) of the consolidated financial statements.
Segment Balance Sheet Information
We use common equity by segment as our measure of segment assets when reviewing our deconsolidated balance sheet because it is utilized by our Chief Operating Decision Maker for capital allocation decisions.
Segment Allocation and Measurement
Segment measures include amounts earned from consolidated entities that are eliminated on consolidation. The principal adjustment is to include asset management revenues charged to consolidated entities as revenues within the company’s Asset Management segment with the corresponding expenses recorded as corporate costs within the relevant segment. These amounts
are based on the in-place terms of the asset management contracts between the consolidated entities. Revenues paid for management of affiliated assets are determined under terms that approximate market value.
The company allocates the costs of shared functions that would otherwise be included within its Corporate Activities segment, such as information technology and internal audit, pursuant to formal policies.
c)    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— 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/a23 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— 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.

i.Revenues paid for Management of Affiliated Assets
For the three months ended June 30, 2025, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by our partner managers totaling $1.3 billion (2024 – $1.0 billion), revenues earned on construction projects between consolidated entities totaling $10 million (2024 – $26 million), and other adjustments totaling a net loss of $63 million (2024 – $33 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues.
For the six months ended June 30, 2025, the adjustment to external revenues when determining segmented revenues consists of asset management revenues earned from consolidated entities and asset management revenues earned by our partner managers totaling $2.7 billion (2024 – $2.5 billion), revenues earned on construction projects between consolidated entities totaling $23 million (2024 – $43 million), and other adjustments totaling a net loss of $44 million (2024 – $68 million), which were eliminated on consolidation to arrive at the company’s consolidated revenues.
ii.    Reconciliation of Net Income to Segment Measures of Profit or Loss
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.
iii.     Realized Disposition Gains and Losses
Realized disposition gains include gains and losses recorded in net income arising from transactions during the current period, adjusted to include fair value changes and revaluation surplus recorded in prior periods in connection with the assets sold. Realized disposition gains also include amounts that are recorded directly in equity as changes in ownership, as opposed to net income, because they result from a change in ownership of an entity which was consolidated before and after the respective transaction.
d)    Geographic Allocation
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