CORPORATE BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2025

BAM has the following debt obligations outstanding:



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.

Borrowings of Consolidated Funds

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

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details