BAM established a $750 million five-year revolving credit facility on August 29, 2024 through bilateral agreements with a group of lenders. On September 5, 2025, BAM increased its revolving credit facility by $300 million to $1.05 billion. The facility is available in U.S. and Canadian dollars, where U.S. dollar draws are subject to the U.S. Base Rate or SOFR plus a margin of 110 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 110 basis points. The margins are subject to change based on the Company's credit rating.

BAM established a commercial paper program on March 3, 2026 under which it may issue senior unsecured short-term commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The Company did not have any commercial paper borrowings during the quarter ended March 31, 2026 and there were no borrowings outstanding as of March 31, 2026.



AS OF MARCH 31, AND DECEMBER 31, (MILLIONS)	2026				2025				Remaining Maturity

	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior unsecured notes(a)
4.653%, Due 11/15/2030	$	600	$	595	$	600	$	605	55 months
5.795%, Due 4/24/2035	750		764		750		786		110 months
5.298%, Due 1/15/2036	400		391		400		400		118 months
6.077%, Due 9/15/2055	750		744		750		769		354 months
Deferred financing costs	(22)		(22)		(22)		(22)		N/A
Total corporate borrowings	$	2,478	$	2,472	$	2,478	$	2,538


(a) All or a portion of the senior unsecured notes may be redeemed at BAM's option in whole or in part, at any time and from time to time, prior to the stated maturity, at the redemption price set forth in the agreement. If a change of control triggering event occurs, subject to certain conditions, BAM will be required to make an offer to repurchase all outstanding senior unsecured notes in cash equal to 101% of the principal amount plus accrued and unpaid interest up to the date of, but not including, the date of repurchase.

Fair value is determined by broker quote and these notes would be classified as level II within the fair value hierarchy.

Certain consolidated funds also maintain revolving credit facilities that are secured by the limited partner commitments of the respective fund. The consolidated funds of BAM have the following borrowings:



AS OF MARCH 31, AND DECEMBER 31, (MILLIONS)	2026		2025		Facility Capacity		Weighted Average Interest Rate	Weighted Average Remaining Maturity	Commitment fee rate
Consolidated funds
Revolving credit facilities	$	451	$	462	$	525	5.6%	8 months	0.3% - 0.4%
Total borrowings of consolidated funds	$	451	$	462


AS OF MARCH 31, 2026 (MILLIONS)	Corporate Borrowings		Borrowings of Consolidated Funds		Total Borrowings
2026	$	—	$	451	$	451
2027	—		—		—
2028	—		—		—
2029	—		—		—
2030	600		—		600
Thereafter	1,900		—		1,900
Total	$	2,500	$	451	$	2,951

BAM's corporate borrowings include customary representations, covenants and events of default. Financial covenants consist of a ratio of consolidated obligations to distributable earnings and a requirement to keep a minimum amount of fee-bearing capital, each tested quarterly. BAM was in compliance with all financial covenants associated with its corporate borrowings as of March 31, 2026 and December 31, 2025.