The movement in the carrying value of non-controlling interest is as follows: | | | | | | | | | | | | AS AT AND FOR THE YEARS ENDED DECEMBER 31, (MILLIONS) | 2025 | | 2024 | | Balance, beginning | $ | 336 | | | $ | 173 | | | Net income | 369 | | | 151 | | | Contributions | 61 | | | 16 | | | 2025 Arrangement | 31 | | | — | | 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) | 2025 | | 2024 | | Balance, beginning | $ | — | | | $ | — | | | Net income | 24 | | | — | | | Contributions | 163 | | | — | | | Deconsolidation of consolidated funds | (166) | | | — | | | Balance, ending | $ | 21 | | | $ | — | |
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