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 $1.1 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 80 basis points, while Canadian dollar draws are subject to the Canadian Prime Rate or CORRA plus a margin of 80 basis points. The margins are subject to change based on the Company's credit rating.

On April 17, 2026, BAM issued $550 million of five-year senior unsecured notes due April 15, 2031 at a fixed interest rate of 4.832%, and completed a $450 million re-opening of its existing 5.298% senior unsecured notes due January 15, 2036.

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 six months ended June 30, 2026 and there were no borrowings outstanding as of June 30, 2026.


AS OF JUNE 30, 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	$	593	$	600	$	605	52 months
4.832%, Due 4/15/2031	550		545		—		—		57 months
5.795%, Due 4/24/2035	750		765		750		786		107 months
5.298%, Due 1/15/2036	845		824		400		400		115 months
6.077%, Due 9/15/2055	750		754		750		769		351 months
Deferred financing costs	(29)		(29)		(22)		(22)		N/A
Total corporate borrowings	$	3,466	$	3,452	$	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 JUNE 30, AND DECEMBER 31, (MILLIONS)	2026		2025		Facility Capacity		Weighted Average Interest Rate	Weighted Average Remaining Maturity	Commitment fee rate
Consolidated funds
Revolving credit facilities	$	589	$	462	$	770	5.4%	12 months	0.2% - 0.4%
Total borrowings of consolidated funds	$	589	$	462


AS OF JUNE 30, 2026 (MILLIONS)	Corporate Borrowings		Borrowings of Consolidated Funds		Total Borrowings
2026	$	—	$	463	$	463
2027	—		—		—
2028	—		126		126
2029	—		—		—
2030	600		—		600
Thereafter	2,895		—		2,895
Total	$	3,495	$	589	$	4,084

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 June 30, 2026 and December 31, 2025.