SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2025

See below for our reconciliation of total revenues as presented on the consolidated statements of operations to Segment Revenues.


FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025		2024		2023
Revenues
Total Revenues	$	4,817	$	3,980	$	4,062
Add: Fee revenues of equity method investments	1,458		1,313		1,214
Less: Incentive distributions	(560)		(424)		(378)
Less: Carried interest allocations(a)	(209)		(16)		(399)
Less: Interest and dividend revenue	(98)		(143)		(172)
Less: Interest and dividend revenue of consolidated funds	(31)		—		—
Less: Other revenues(b)	(264)		(232)		(194)
Less: Costs recovered from affiliates(c)	(298)		(218)		(156)
Total Segment Revenues	$	4,815	$	4,260	$	3,977




(a) This adjustment removes the impact of both unrealized and realized carried interest allocations.

(b) This adjustment removes other revenues earned that are non-cash in nature, which include certain cost recoveries and reimbursements from affiliates.
(c) This adjustment removes the impact of compensation costs that will be borne by affiliates.

See below for our reconciliation of total expenses as presented on the consolidated statements of operations to Segment Expenses.


FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025		2024		2023
Expenses
Total Expenses	$	2,044	$	1,680	$	1,546
Add: Expenses of equity method investments(a)	906		880		815
Less: Costs recovered from affiliates(b)	(298)		(218)		(156)
Less: Total carried interest allocation compensation(c)	(146)		(93)		(86)
Less: Interest expense	(87)		(22)		(14)
Less: Other costs(d)	(72)		(103)		(105)
Less: Interest expense of consolidated funds	(28)		—		—
Total Segment Expenses	$	2,319	$	2,124	$	2,000


(a) This adjustment adds expenses associated with Segment Revenues of equity method investments.
(b) This adjustment removes the impact of compensation costs that will be borne by affiliates.
(c) These adjustments remove the impact of both unrealized and realized carried interest compensation expense.
(d) This adjustment removes the impact of depreciation and amortization and certain capital depreciation costs recharged from BAM's affiliates as well as the impact of non-asset management costs related to non-recurring costs not core to the asset management business.

Total Segment Expenses is comprised of the following major categories:


FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025		2024		2023
Total segment compensation and benefits	$	1,674	$	1,570	$	1,491
Total segment facilities, technology and professional fees	335		370		357
Total segment travel and other operating expenses	310		184		152
Total Segment Expenses	$	2,319	$	2,124	$	2,000

The following tables present the financial data for the Company’s five segments for the years ended December 31, 2025, 2024 and 2023:



FOR THE YEAR ENDED DECEMBER 31, 2025 (MILLIONS)	Infrastructure		Renewable power and transition		Private equity		Real estate		Credit		Total Segments
Segment Revenues	$	967	$	682	$	450	$	1,083	$	1,633	$	4,815
Segment Expenses
Compensation and benefits	(255)		(168)		(244)		(364)		(643)		(1,674)
Facilities, technology and professional fees	(51)		(28)		(57)		(75)		(124)		(335)
Travel and other operating expenses(a)	(41)		(35)		(28)		(41)		(165)		(310)
Segment Earnings	$	620	$	451	$	121	$	603	$	701	$	2,496



FOR THE YEAR ENDED DECEMBER 31, 2024 (MILLIONS)	Infrastructure		Renewable power and transition		Private equity		Real estate		Credit		Total Segments
Segment Revenues	$	907	$	513	$	470	$	968	$	1,402	$	4,260
Segment Expenses
Compensation and benefits	(235)		(132)		(235)		(340)		(628)		(1,570)
Facilities, technology and professional fees	(64)		(26)		(51)		(93)		(136)		(370)
Travel and other operating expenses(a)	(7)		(9)		(23)		(28)		(117)		(184)
Segment Earnings	$	601	$	346	$	161	$	507	$	521	$	2,136


FOR THE YEAR ENDED DECEMBER 31, 2023 (MILLIONS)	Infrastructure		Renewable power and transition		Private equity		Real estate		Credit		Total Segments
Segment Revenues	$	950	$	483	$	475	$	920	$	1,149	$	3,977
Segment Expenses
Compensation and benefits	(223)		(116)		(229)		(360)		(563)		(1,491)
Facilities, technology and professional fees	(69)		(23)		(49)		(98)		(118)		(357)
Travel and other operating expenses(a)	(4)		(8)		(20)		(34)		(86)		(152)
Segment Earnings	$	654	$	336	$	177	$	428	$	382	$	1,977


(a) Travel and other operating expenses include travel, sales commissions, insurance, marketing and conferences, and general and administrative costs; none of which individually are 10% or more of total Segment Expenses.

See below for our reconciliation of income before taxes as presented on the consolidated statements of operations to Segment Earnings.


FOR THE YEARS ENDED DECEMBER 31, (MILLIONS)	2025		2024		2023
Income before taxes	$	2,925	$	2,546	$	2,554
Depreciation and amortization(a)	68		14		14
Carried interest allocations, net of carried interest allocation compensation(b)	(63)		77		(313)
Other income and expenses, net of other costs and non-asset management related items(c)	274		182		220
Other income, net of consolidated funds	(47)		—		—
Interest expense	87		22		14
Interest expense of consolidated funds	28		—		—
Interest and dividend revenue	(98)		(143)		(172)
Interest and dividend revenue of consolidated funds	(31)		—		—
Other revenues(d)	(237)		(232)		(194)
Share of income from equity method investments(e)	(402)		(339)		(167)
Segment Earnings from equity method investments(e)	552		433		399
Incentive distributions	(560)		(424)		(378)
Total Segment Earnings	$	2,496	$	2,136	$	1,977


(a) This adjustment removes the depreciation and amortization on property, plant and equipment and intangible assets as well as certain capital depreciation costs recharged from BAM's affiliates.
(b) This adjustment removes the impact of both unrealized and realized carried interest allocations and the associated compensation expense.
(c) This adjustment removes other expenses associated with fair value changes as well as the impact of other costs and non-asset management related items such as non-recurring costs that are not considered part of the ongoing asset management business.
(d) This adjustment adds back other revenues related to the recovery of compensation costs.
(e) These adjustments remove our share of income from equity method investments, included in items (a) to (d) above and includes our share of Segment Earnings from equity method investments.