v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The Company’s debt consisted of the following:
March 31, 2026December 31, 2025
(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair Value
Asset Management
Debt – Recourse
4.40% 2026 Senior Notes1
May 27, 2026$500 $500 
2
$500 $500 
2
4.87% 2029 Senior Notes1
February 15, 2029675 676 
2
675 686 
2
2.65% 2030 Senior Notes1
June 5, 2030497 460 
2
497 464 
2
4.60% 2031 Senior Notes1
January 15, 2031396 398 
2
396 402 
2
6.38% 2033 Senior Notes1
November 15, 2033493 530 
2
493 550 
2
5.15% 2035 Senior Notes1
August 12, 2035839 823 
2
839 853 
2
5.70% 2036 Senior Notes1
March 30, 2036744 752 
2
— — 
2
5.00% 2048 Senior Notes1
March 15, 2048297 259 
2
297 273 
2
5.80% 2054 Senior Notes1
May 21, 2054741 699 
2
741 738 
2
7.63% 2053 Subordinated Notes1
September 15, 2053585 610 
3
585 628 
3
6.00% 2054 Subordinated Notes1
December 15, 2054
493 467 
2
493 496 
2
6,260 6,174 5,516 5,590 
Debt – NonrecourseJanuary 21, 2027120 120 
4
— — 
4
6,380 6,294 5,516 5,590 
Retirement Services
4.13% 2028 AHL Senior Notes1
January 12, 20281,030 988 
2
1,034 999 
2
6.15% 2030 AHL Senior Notes1
April 3, 2030561 516 
2
565 531 
2
3.50% 2031 AHL Senior Notes1
January 15, 2031516 465 
2
517 473 
2
6.65% 2033 AHL Senior Notes1
February 1, 2033396 417 
2
396 434 
2
5.88% 2034 AHL Senior Notes1
January 15, 2034586 597 
2
585 623 
2
3.95% 2051 AHL Senior Notes1
May 25, 2051543 338 
2
543 351 
2
3.45% 2052 AHL Senior Notes1
May 15, 2052504 305 
2
504 317 
2
6.25% 2054 AHL Senior Notes1
April 1, 2054983 920 
2
983 975 
2
6.63% 2055 AHL Senior Notes1
May 19, 2055979 965 
2
979 1,019 
2
6.63% 2054 AHL Subordinated Notes1
October 15, 2054592 554 
2
592 600 
2
6.88% 2055 AHL Subordinated Notes1
June 28, 2055592 561 
2
592 600 
2
7.25% 2064 AHL Subordinated Notes1
March 30, 2064558 546 
3
558 576 
3
7,840 7,172 7,848 7,498 
Total Debt$14,220 $13,466 $13,364 $13,088 
1 Interest rate is calculated as weighted average annualized.
2 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
3 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
4 Represents the nonrecourse warehouse facility of a consolidated entity. The facility is secured by the assets of the entity and creditors do not have recourse to the general credit of AAM or any of its subsidiaries. The carrying amount of the facility approximates fair value due to the short-term nature and variable rate structure of the facility and is classified as a Level 3 liability within the fair value hierarchy.
Schedule of Credit and Liquidity Facilities
The following table represents the Company’s credit and liquidity facilities as of March 31, 2026:

Instrument/FacilityMaturity DateAdministrative AgentKey terms
Asset Management –
AGM credit facility
November 21, 2029Citibank
The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.
Retirement Services –
AHL credit facility
June 30, 2028Citibank
The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.
Retirement Services –
AHL liquidity facility
June 26, 2026Wells Fargo Bank
The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.
Schedule of Interest Expense
The following table presents the interest expense incurred related to the Company’s debt:

Three months ended March 31,
(In millions)20262025
Asset Management$77 $60 
Retirement Services1
102 75 
Total Interest Expense$179 $135 
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.