COMMITMENTS AND CONTINGENCIES	3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments On January 31, 2019, a subsidiary of the Company committed $2.8 billion to BSREP III, of which $2.1 billion has been funded as of March 31, 2026 (December 31, 2025 – $2.2 billion). The remainder of the commitment will be funded by BN. In the normal course of business, the Company enters into contractual obligations which include commitments to provide bridge financing and other equity commitments. These other equity commitments primarily include signed investment commitments for bridging portfolio company acquisitions and limited partner commitments with third parties and funds and or entities managed by BAM. The Company earns fees in connection with bridge financing and bears the risk associated with syndicating the commitment. As of March 31, 2026, the Company had $6.5 billion of such commitments outstanding (December 31, 2025 – $6.6 billion). The Company 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. As of March 31, 2026, the Company has drawn $nil on the $1.05 billion facility. On November 8, 2022, a $300 million revolving credit facility was established, with BN as lender. U.S. dollar draws are subject to the U.S. Base Rate or SOFR plus a margin of 165 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 165 basis points. As of March 31, 2026, the facility is undrawn. BAM established a commercial paper program on March 3, 2026, the CP Program, 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 outstanding as of March 31, 2026. Guarantees BAM may enter into guarantees in respect of certain co-investments in which there is carried interest. The amount guaranteed is up to the carried interest amount paid to the general partners of the respective funds, net of taxes. In the event that the general partners default on their carried interest clawback obligations, BAM will make payments under the guarantees. As of March 31, 2026 and December 31, 2025, BAM has not recognized any liabilities with respect to such guarantees as no carried interest has been paid in the relevant funds. The Company may also enter into guarantees and indemnification arrangements where BAM is the general partner or to support fund structures, including to assist the general partners of specific funds in securing financing or to provide capital support or other investment-related commitments, with both related and third-party counterparties. These arrangements may include obligations to fund or acquire interests in investment vehicles or to indemnify counterparties for certain losses arising from the performance of underlying investments. In the event that the general partners or other counterparties default on their obligations, or specified conditions are met, the Company may be liable for payments under these guarantees or indemnities. As of March 31, 2026, the Company had $497 million of such guarantees outstanding (December 31, 2025 – $179 million). Contingencies Carried interest clawback Carried interest is realized when an underlying investment is profitably disposed of after the fund’s cumulative returns have met a certain threshold for return of capital. When applicable, the Company records a liability for potential clawback obligations due to changes in the unrealized value of a fund’s remaining investments and where the Company has previously received carried interest distributions. The actual clawback liability, however, generally does not become payable until the end of a fund’s life. No liability for potential clawback obligations has been recorded associated with any of our funds as of March 31, 2026 and December 31, 2025. Litigation The Company may from time to time be involved in litigation and claims incidental to the conduct of its business. The Company’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against the Company. As of March 31, 2026 and December 31, 2025 there was no material outstanding litigation. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, balance sheet or cash flows. Taxation We operate in jurisdictions with differing tax laws and tax regulations. Certain jurisdictions in which we operate have proposed draft legislation, which if not enacted in their current form, may result in a change to our effective income tax rate. These tax laws and regulations are complex and involve uncertainties in the application to our facts and circumstances that may be open to interpretation. We recognize benefits for these uncertain tax positions based upon a process that requires judgment regarding the technical application of the laws, regulations, and various related judicial opinions. If, in our judgment, it is more likely than not (defined as a likelihood of more than 50%) that the tax uncertainty will be resolved favorably for us, we estimate an amount that ultimately will be realized. This process is inherently subjective since it requires our assessment of the probability of future outcomes. We evaluate these uncertain tax positions on a quarterly basis, including consideration of changes in facts and circumstances, such as new regulations or recent judicial opinions, as well as the status of audit activities by taxing authorities. Changes to our estimate of the amount to be realized are recorded in our provision for income taxes during the year in which the change occurred.

On January 31, 2019, a subsidiary of the Company committed $2.8 billion to BSREP III, of which $2.1 billion has been funded as of March 31, 2026 (December 31, 2025 – $2.2 billion). The remainder of the commitment will be funded by BN.

In the normal course of business, the Company enters into contractual obligations which include commitments to provide bridge financing and other equity commitments. These other equity commitments primarily include signed investment commitments for bridging portfolio company acquisitions and limited partner commitments with third parties and funds and or entities managed by BAM. The Company earns fees in connection with bridge financing and bears the risk associated with syndicating the commitment. As of March 31, 2026, the Company had $6.5 billion of such commitments outstanding (December 31, 2025 – $6.6 billion).

The Company 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. As of March 31, 2026, the Company has drawn $nil on the $1.05 billion facility.

On November 8, 2022, a $300 million revolving credit facility was established, with BN as lender. U.S. dollar draws are subject to the U.S. Base Rate or SOFR plus a margin of 165 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 165 basis points. As of March 31, 2026, the facility is undrawn.

BAM established a commercial paper program on March 3, 2026, the CP Program, 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 outstanding as of March 31, 2026.

BAM may enter into guarantees in respect of certain co-investments in which there is carried interest. The amount guaranteed is up to the carried interest amount paid to the general partners of the respective funds, net of taxes. In the event that the general partners default on their carried interest clawback obligations, BAM will make payments under the guarantees. As of March 31, 2026 and December 31, 2025, BAM has not recognized any liabilities with respect to such guarantees as no carried interest has been paid in the relevant funds.

The Company may also enter into guarantees and indemnification arrangements where BAM is the general partner or to support fund structures, including to assist the general partners of specific funds in securing financing or to provide capital support or other investment-related commitments, with both related and third-party counterparties. These arrangements may include obligations to fund or acquire interests in investment vehicles or to indemnify counterparties for certain losses arising from the performance of underlying investments. In the event that the general partners or other counterparties default on their obligations, or specified conditions are met, the Company may be liable for payments under these guarantees or indemnities. As of March 31, 2026, the Company had $497 million of such guarantees outstanding (December 31, 2025 – $179 million).

Carried interest is realized when an underlying investment is profitably disposed of after the fund’s cumulative returns have met a certain threshold for return of capital. When applicable, the Company records a liability for potential clawback obligations due to changes in the unrealized value of a fund’s remaining investments and where the Company has previously received carried interest distributions.

The actual clawback liability, however, generally does not become payable until the end of a fund’s life. No liability for potential clawback obligations has been recorded associated with any of our funds as of March 31, 2026 and December 31, 2025.

The Company may from time to time be involved in litigation and claims incidental to the conduct of its business. The Company’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against the Company. As of March 31, 2026 and December 31, 2025 there was no material outstanding litigation.

The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, balance sheet or cash flows.

We operate in jurisdictions with differing tax laws and tax regulations. Certain jurisdictions in which we operate have proposed draft legislation, which if not enacted in their current form, may result in a change to our effective income tax rate.

These tax laws and regulations are complex and involve uncertainties in the application to our facts and circumstances that may be open to interpretation. We recognize benefits for these uncertain tax positions based upon a process that requires judgment regarding the technical application of the laws, regulations, and various related judicial opinions. If, in our judgment, it is more likely than not (defined as a likelihood of more than 50%) that the tax uncertainty will be resolved favorably for us, we estimate an amount that ultimately will be realized. This process is inherently subjective since it requires our assessment of the probability of future outcomes. We evaluate these uncertain tax positions on a quarterly basis, including consideration of changes in facts and circumstances, such as new regulations or recent judicial opinions, as well as the status of audit activities by taxing authorities. Changes to our estimate of the amount to be realized are recorded in our provision for income taxes during the year in which the change occurred.