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Investments in Unconsolidated Subsidiaries (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Condensed Financial Information of Equity Method Investments | 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 Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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