v3.25.4
NON-CONTROLLING INTEREST
12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
NON-CONTROLLING INTEREST
14.    NON-CONTROLLING INTEREST
Non-Controlling Interests in Consolidated Entities
Net income (loss) generated by the respective subsidiaries is allocated to non-controlling interest in consolidated entities based on the substantive contractual terms of the subsidiaries’ governing agreements that specify the allocation of income or loss. The majority of income attributable to non-controlling interest is comprised of BN's one third share of carried interest revenue generated on new funds.
The movement in the carrying value of non-controlling interest is as follows:
AS AT AND FOR THE YEARS ENDED DECEMBER 31,
(MILLIONS)
20252024
Balance, beginning$336 $173 
Net income369 151 
Contributions61 16 
2025 Arrangement31 — 
Distributions(a)
(24)(4)
Balance, ending$773 $336 
(a) Distributions include a $17 million adjustment to derecognize the remaining non-controlling interest in a consolidated entity that was acquired during the year ended December 31, 2025.
Non-Controlling Interests in Consolidated Funds
The following table sets forth a summary of changes in the non-controlling interests in consolidated funds.
AS AT AND FOR THE YEARS ENDED DECEMBER 31,
(MILLIONS)
20252024
Balance, beginning$— $— 
Net income24 — 
Contributions163 — 
Deconsolidation of consolidated funds(166)— 
Balance, ending$21 $—