v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments
AS AT DECEMBER 31,
(MILLIONS)
20252024
  Common and preferred shares (a)$337 $400 
  Investments in affiliates (b)787 1,116 
  Accrued carried interest - mature funds (c) 197 931 
Accrued carried interest - new funds (c)1,636 693 
Equity method investments (d)
Equity interest in Oaktree4,671 4,612 
Equity interest in Castlelake720 538 
Equity interest in Primary Wave261 147 
Equity interest in Angel Oak133 — 
Equity interest in other affiliates1,053 676 
$9,795 $9,113 
Schedule Of Accrued Carried Interest
The change in BAM’s accrued carried interest for mature funds during the years ended December 31, 2025, 2024 and 2023 is as follows:
FOR THE YEARS ENDED DECEMBER 31,
(MILLIONS)
202520242023
Balance, beginning$931 $1,394 $1,147 
Changes in fund fair values(734)(438)298 
Realized carried interest— (25)(51)
Balance, ending$197 $931 $1,394 
All mature carried interest is due to BN therefore BAM's net amount of mature carried interest retained is $nil.
The change in BAM’s accrued carried interest for new funds during the years ended December 31, 2025, 2024 and 2023 is as follows:
FOR THE YEARS ENDED DECEMBER 31,
(MILLIONS)
202520242023
Balance, beginning$693 $305 $124 
Changes in fund fair values943 388 181 
Balance, ending$1,636 $693 $305 
New fund carried interest is partially due to BN, who is entitled to 33.3%. After allocating this interest to BN, BAM's net interest in new fund unrealized carried interest is $1.1 billion.
Schedule of Equity Method Investments
The summarized financial information of all of the Company’s equity method investees, in aggregate, as at December 31, 2025 and 2024, and for the years ended December 31, 2025, 2024 and 2023, is as follows:
AS AT DECEMBER 31,
(MILLIONS)
20252024
Investments$99,522 $79,740 
Assets111,310 86,488 
Liabilities27,202 19,318 
Capital81,798 67,020 
Non-controlling interest2,310 196 
FOR THE YEARS ENDED DECEMBER 31,
(MILLIONS)
202520242023
Revenues$8,469 $5,156 $2,426 
Expenses(5,861)(3,997)(2,806)
Net income (loss)2,608 1,160 (380)
Net income attributable to non-controlling interest69 20 12 
Schedule Of Investments In Consolidated Funds
The summary of the Company's investments held in consolidated funds as at December 31, 2025 and 2024, is as follows:
AS AT DECEMBER 31,
(MILLIONS)
Fair value% of total investments
2025202420252024
Equity securities, at fair value$253 $251 50 %100 %
Debt, at fair value252 — 50 %— %
Total investments, at fair value$505 $251 100 %100 %