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Investments in Unconsolidated Subsidiaries | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Unconsolidated Subsidiaries | Investments in Unconsolidated Subsidiaries Investments in unconsolidated subsidiaries are accounted for under the equity method of accounting. Our investment ownership percentages in equity method investments vary, generally ranging from 1% to 50%. The following table represents the composition of investments in unconsolidated subsidiaries under the equity method of accounting and fair value option (dollars in millions):
Investment type |  |  | September 30, 2025 |  | December 31, 2024
Real Estate Investments (in projects and funds) |  |  | $ | 770 |  |  | $ | 702 |
Investment in Altus: (1) |  |  |  |  |
Class A common stock |  |  | — |  |  | 100 |
Alignment shares |  |  | — |  |  | 15 |
Subtotal |  |  | — |  |  | 115
Other (2) (3) |  |  | 100 |  |  | 478
Total investment in unconsolidated subsidiaries |  |  | $ | 870 |  |  | $ | 1,295 |
________________________________________________________________________________________________________________________________________ (1)On April 16, 2025, Altus was acquired by a third-party. (2)Consists of our investments in Industrious and other non-public entities. As disclosed in Note 3 – Acquisitions, on January 16, 2025, we acquired the remaining 60% ownership interest in Industrious. (3)During the nine months ended September 30, 2025 and 2024, we recorded non-cash asset impairment charges of $20 million and $9 million related to equity method investments. There were no significant impairment charges in the third quarter of 2025. Combined condensed financial information for the entities accounted for using the equity method is as follows (dollars in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 876 |  |  | $ | 797 |  |  | $ | 2,360 |  |  | $ | 2,760 |
Operating income | 366 |  |  | 243 |  |  | 902 |  |  | 898 |
Net income (loss) (1) | 184 |  |  | 1 |  |  | 492 |  |  | (1,235) |
________________________________________________________________________________________________________________________________________ (1)Included in Net income (loss) are realized and unrealized earnings and losses in investments in unconsolidated investment funds and realized earnings and losses from sales of real estate projects in investments in unconsolidated subsidiaries. These realized and unrealized earnings and losses are not included in Revenue and Operating income.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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