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UNAUDITED INTERIM CONDENSED AND CONSOLIDATED STATEMENTS OF PARTNERSHIP CAPITAL - USD ($)
$ in Millions
Total
Limited Partners
Limited Partners
Limited Partners
Limited Partners
(Deficit)
Limited Partners
Ownership changes
Limited Partners
Accumulated other comprehensive income
General partner
General partner
Accumulated other comprehensive income
Non-controlling interest –  Redeemable Partnership Units held by Brookfield
Non-controlling interest –  Redeemable Partnership Units held by Brookfield
Accumulated other comprehensive income
Non-controlling interest – BIPC exchangeable shares and class A.2 exchangeable shares
Non-controlling interest - exchange LP units, equity
Non-controlling interest – in operating subsidiaries
Non-controlling interest – Perpetual subordinated notes
Preferred unitholders capital
Beginning balance at Dec. 31, 2023 $ 34,016 $ 5,321 $ 6,196 $ (3,246) $ 1,695 $ 676 [1] $ 28 $ 4 $ 2,190 $ 277 $ 1,533 $ 72 [2] $ 23,661   $ 918
Perpetual subordinated notes at Dec. 31, 2023                           $ 293  
Net (loss) income 998 18   18     147   7   5 1 [2] 820    
Other comprehensive income (loss) (239) (58)       (58) [1]   0 (24) (24) (17)   (140)    
Comprehensive (loss) income 759 (40)   18   (58) [1] 147   (17)   (12) 1 [2] 680    
Unit issuance [3] 6 6 6                        
Partnership distributions [4] (788) (374)   (374)     (148)   (156)   (106) (4) [2]      
Partnership preferred distributions [4] (34) (20)   (20)         (8)   (6)        
Capital provided to non-controlling interest (2,105)                       (2,105)    
Subsidiary distributions to non-controlling interest (1,139)                       (1,139)    
Other items [3],[5] (606) 5 2   3       2   2 (3) [2] (612)    
Ending balance at Jun. 30, 2024 30,109 4,898 6,204 (3,622) 1,698 618 [6] 27 4 2,011 253 1,411 66 [2] 20,485   918
Perpetual subordinated notes at Jun. 30, 2024                           293  
Beginning balance at Dec. 31, 2023 34,016 5,321 6,196 (3,246) 1,695 676 [1] 28 4 2,190 277 1,533 72 [2] 23,661   918
Perpetual subordinated notes at Dec. 31, 2023                           293  
Ending balance at Dec. 31, 2024 29,853 4,704 6,210 (3,982) 1,698 778 [7] 27 5 1,926 319 1,355 62 [8] 20,568   918
Perpetual subordinated notes at Dec. 31, 2024 293                         293  
Beginning balance at Mar. 31, 2024 32,623 5,162 6,200 (3,387) 1,697 652 [6] 28   2,122   1,488 69 [9] 22,543   918
Perpetual subordinated notes at Mar. 31, 2024                           293  
Net (loss) income 184 (38)   (38)     73   (16)   (11)   176    
Other comprehensive income (loss) (99) (34)       (34) [6]     (14)   (10)   (41)    
Comprehensive (loss) income 85 (72)   (38)   (34) [6] 73   (30)   (21)   135    
Unit issuance [10] 3 3 3                        
Partnership distributions [11] (394) (187)   (187)     (74)   (78)   (53) (2) [9]      
Partnership preferred distributions [11] (17) (10)   (10)         (4)   (3)        
Capital provided to non-controlling interest (732)                       (732)    
Subsidiary distributions to non-controlling interest (849)                       (849)    
Other items [10],[12] (610) 2 1   1       1     (1) [9] (612)    
Ending balance at Jun. 30, 2024 30,109 4,898 6,204 (3,622) 1,698 618 [6] 27 4 2,011 253 1,411 66 [2] 20,485   918
Perpetual subordinated notes at Jun. 30, 2024                           293  
Beginning balance at Dec. 31, 2024 29,853 4,704 6,210 (3,982) 1,698 778 [7] 27 5 1,926 319 1,355 62 [8] 20,568   918
Perpetual subordinated notes at Dec. 31, 2024 293                         293  
Net (loss) income 778 20   20     160   9   5   584    
Other comprehensive income (loss) 940 145       145 [7]   0 59 59 42 2 [8] 692    
Comprehensive (loss) income 1,718 165   20   145 [7] 160   68   47 2 [8] 1,276    
Unit issuance [13] 5 5 5                        
Unit repurchases [13] (29) (29) (14) (15)                      
Partnership distributions [14] (841) (397)   (397)     (162)   (164)   (114) (4) [8]      
Partnership preferred distributions [14] (32) (18)   (18)         (8)   (6)        
Acquisition of subsidiaries 492 [15]                       492    
Capital provided to non-controlling interest (672)                       (672)    
Subsidiary distributions to non-controlling interest (755)                       (755)    
Preferred units redeemed [13] (96)                           (96)
Other items 6 [13] 15 [13] 2 [13] 50 [13] 9 [7],[13] (46) [7],[13] (2) [7],[13] (1) 8 [7],[13] (18) (9) [13] (6) [8],[13]      
Ending balance at Jun. 30, 2025 29,649 4,445 6,203 (4,342) 1,707 877 [7],[16] 23 4 1,830 360 1,273 54 [8],[17] 20,909 [18]   822
Perpetual subordinated notes at Jun. 30, 2025 293                         293  
Beginning balance at Mar. 31, 2025 29,775 4,585 6,214 (4,158) 1,698 831 [16] 26   1,876   1,318 60 [17] 20,699 [18]   918
Perpetual subordinated notes at Mar. 31, 2025                           293  
Net (loss) income 252 (6)   (6)     80   (3)   (2) 0 [17] 183 [18]    
Other comprehensive income (loss) 694 86       86 [16]     35   25 1 [17] 547 [18]    
Comprehensive (loss) income 946 80   (6)   86 [16] 80   32   23 1 [17] 730 [18]    
Unit issuance [19] 3 3 3                        
Unit repurchases [19] (29) (29) (14) (15)                      
Partnership distributions [20] (420) (198)   (198)     (81)   (82)   (57) (2) [17]      
Partnership preferred distributions [20] (16) (9)   (9)         (4)   (3)        
Acquisition of subsidiaries [21] 492                       492 [18]    
Capital provided to non-controlling interest (552)                       (552) [18]    
Subsidiary distributions to non-controlling interest (460)                       (460) [18]    
Preferred units redeemed [19] (96)                           (96)
Other items [17],[19] 6 13   44 9 (40) (2)   8   (8) (5)      
Ending balance at Jun. 30, 2025 29,649 $ 4,445 $ 6,203 $ (4,342) $ 1,707 $ 877 [7],[16] $ 23 $ 4 $ 1,830 $ 360 $ 1,273 $ 54 [8],[17] $ 20,909 [18]   $ 822
Perpetual subordinated notes at Jun. 30, 2025 $ 293                         $ 293  
[1] Refer to Note 18, Accumulated Other Comprehensive Income (Loss).
[2]
5.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[3] Refer to Note 16, Partnership Capital.
[4] Refer to Note 17, Distributions.
[5] Principally comprised of the deconsolidation of our non-controlling interest in our Peruvian toll road operation. Refer to Note 19, Related Party Transactions.
[6] Refer to Note 18, Accumulated Other Comprehensive Income (Loss).
[7] Refer to Note 18, Accumulated Other Comprehensive Income (Loss).
[8]
5.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
6.$1.8 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from partnership capital, interest of others in operating subsidiaries, and classified as a liability.
[9]
5.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[10] Refer to Note 16, Partnership Capital.
[11] Refer to Note 17, Distributions.
[12] Principally comprised of the deconsolidation of our non-controlling interest in our Peruvian toll road operation. Refer to Note 19, Related Party Transactions.
[13] Refer to Note 16, Partnership Capital.
[14] Refer to Note 17, Distributions.
[15] Refer to Note 6, Acquisition of Businesses.
[16] Refer to Note 18, Accumulated Other Comprehensive Income (Loss)
[17]
5.Includes non-controlling interest attributable to Exchange LP units and BIPC exchangeable LP units.
[18]
6.$1.8 billion of capital contributed by non-controlling shareholders in our Indian telecom tower operation has been excluded from partnership capital, interest of others in operating subsidiaries, and classified as a liability.
[19] Refer to Note 16, Partnership Capital.
[20] Refer to Note 17, Distributions.
[21] Refer to Note 6, Acquisition of Businesses.