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CAPITAL MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2026

Disclosure of Capital Management [Abstract]

We define Invested Capital as partnership capital removing the impact of the following items: non-controlling interest in operating subsidiaries, retained earnings or deficit, accumulated other comprehensive income and ownership changes.


	As of
US$ MILLIONS	June 30, 2026		December 31, 2025
Partnership Capital	$	32,523	$	35,540
Remove impact of the following items since inception:
Non-controlling interest - in operating subsidiaries	(23,862)		(26,086)
Deficit	7,116		6,094
Accumulated other comprehensive income	(2,207)		(2,083)
Ownership changes and other	(659)		(659)
Invested Capital	$	12,911	$	12,806

The following table presents the change in Invested Capital during the three and six-month periods ended June 30, 2026, and 2025:


	For the three-month period ended June 30				For the six-month period ended June 30
US$ MILLIONS	2026		2025		2026		2025
Opening balance	$	12,908	$	12,973	$	12,806	$	12,971
Net redemption of preferred units	—		(96)		—		$	(96)



Repurchase of limited partnership units	—		(14)		—		(14)
Issuance of exchangeable shares, net of unit repurchases	3		3		105		5
Ending balance	$	12,911	$	12,866	$	12,911	$	12,866
Weighted Average Invested Capital	$	12,873	$	12,998	$	12,873	$	12,998