As at December 31, 2025, subsidiaries of the Company have issued and outstanding certain classes of preferred shares which are outlined below:


	2025			2024
AS AT DECEMBER 31, (MILLIONS, EXCEPT SHARE AMOUNTS)	Number of Shares	Value		Number of Shares	Value
BUSHI Preferred Shares
BUSHI Tracking Shares	200	$	1,115	100	$	1,804
Class B senior preferred	1,621,093	41		1,621,093	41
Class B preferred	2,520,571	63		2,520,571	63
Class A preferred	5,909,372	148		7,797,431	195
BMHL Tracking Shares	100	31		100	—
		$	1,398		$	2,103

The movement in the carrying value of the preferred shares redeemable non-controlling interest is as follows:


AS AT AND FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025		2024
Balance, beginning	$	2,103	$	2,166
Issuances	124		158
Distributions	(199)		—
Deemed settlement of Class A preferred shares as a result of 2025 Arrangement	(47)		—
Changes in redemption value included in net income attributable to preferred shares non-controlling interest	(480)		(211)
Settlements	(94)		—
Other	(9)		(10)
Balance, ending	$	1,398	$	2,103