BAM established a $750 million five-year revolving credit facility on August 29, 2024 through bilateral agreements with a group of lenders. 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. During the year ended December 31, 2025, BAM increased its revolving credit facility by $300 million to $1.05 billion.

During the year ended December 31, 2025, BAM completed three debt offerings, issuing an aggregate of $2.5 billion of senior unsecured notes. On April 24, 2025, BAM issued $750 million of 10-year senior unsecured notes at a fixed interest rate of 5.795%. On September 9, 2025, BAM issued $750 million of 30-year senior unsecured notes at a fixed interest rate of 6.077%. On November 18, 2025, BAM issued $600 million of 5-year senior unsecured notes at a fixed interest rate of 4.653%, and $400 million of 10-year senior unsecured notes at a fixed interest rate of 5.298%.

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.



AS AT DECEMBER 31, (MILLIONS)	2025				2024				Remaining Maturity

	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior unsecured notes
4.653%, Due 11/15/2030	$	600	$	605	$	—	$	—	58 months
5.795%, Due 4/24/2035	750		786		—		—		113 months
5.298%, Due 1/15/2036	400		400		—		—		121 months
6.077%, Due 9/15/2055	750		769		—		—		357 months
Deferred financing costs	(22)		(22)		—		—		N/A
Total corporate borrowings	$	2,478	$	2,538	$	—	$	—

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 AT DECEMBER 31, (MILLIONS)	2025		2024		Facility Capacity		Weighted Average Interest Rate	Weighted Average Remaining Maturity	Commitment fee rate
Consolidated funds
Revolving credit facilities	$	462	$	251	$	745	6.1%	1 month	0.3	%
Total borrowings of consolidated funds	$	462	$	251

BAM was in compliance with all financial covenants associated with its corporate borrowings as of December 31, 2025 and 2024.