v3.25.4
REVENUE
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE .    REVENUE
The Company offers investment products on a number of strategies, specifically renewable power and transition, infrastructure, private equity, real estate and credit, operating in more than 50 countries. The majority of base management and advisory fees are earned from customers located in the U.S.
The following table sets out revenue disaggregated by investment strategy and geography.
FOR THE YEAR ENDED DECEMBER 31, 2025
(MILLIONS)
Renewable power and transitionInfrastructurePrivate equityReal estateCreditTotal
Base management and advisory fees
United States$111 $142 $90 $574 $311 $1,228 
United Kingdom229 227 88 302 16 862 
Canada203 400 73 23 80 779 
Other164 202 46 87 16 515 
Incentive fees145 320 95 — — 560 
$852 $1,291 $392 $986 $423 $3,944 
FOR THE YEAR ENDED DECEMBER 31, 2024
(MILLIONS)
Renewable power and transitionInfrastructurePrivate equityReal estateCreditTotal
Base management and advisory fees
United States$105 $204 $120 $558 $214 $1,201 
United Kingdom163 189 83 252 — 687 
Canada172 374 71 23 25 665 
Other105 171 48 80 — 404 
Incentive fees129 295 — — — 424 
$674 $1,233 $322 $913 $239 $3,381 
FOR THE YEAR ENDED DECEMBER 31, 2023
(MILLIONS)
Renewable power and transitionInfrastructurePrivate equityReal estateCreditTotal
Base management and advisory fees
United States$103 $190 $104 $556 $126 $1,079 
United Kingdom151 200 45 174 — 570 
Canada176 422 104 44 12 758 
Other71 140 70 78 — 359 
Incentive fees111 265 — — — 376 
$612 $1,217 $323 $852 $138 $3,142