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Investments in Unconsolidated Subsidiaries (Tables)
 9 Months Ended
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 typeSeptember 30, 2025December 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 
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(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,
2025202420252024
Revenue$876 $797 $2,360 $2,760 
Operating income366 243 902 898 
Net income (loss) (1)
184 1 492 (1,235)
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(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.