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SHARE CAPITAL | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
SHARE CAPITAL | SHARE CAPITAL As of June 30, 2025 and December 31, 2024, the share capital of the Company comprises the following:
AS OF US$ MILLIONS, EXCEPT FOR PAR VALUE AND SHARE AMOUNTS |  | June 30, 2025 |  | December 31, 2024
| Par Value |  | Authorized to Issue |  | Outstanding(1) |  | Carrying Amount |  | Par Value |  | Authorized to Issue |  | Outstanding(1) |  | Carrying Amount
Class A Senior Preferred Shares |  | $ | 25.00 |  |  | 100,000,000 |  | — |  |  | $ | — |  |  | $ | 25.00 |  |  | 100,000,000 |  | — |  |  | $ | — |
Class B Senior Preferred Shares |  | C$ | 25.00 |  |  | 100,000,000 |  | — |  |  | — |  |  | C$ | 25.00 |  |  | 100,000,000 |  | — |  |  | — |
Class A Junior Preferred Shares |  | 25.00 |  |  | 1,000,000,000 |  | — |  |  | — |  |  | 25.00 |  |  | 1,000,000,000 |  | — |  |  | — |
Class B Junior Preferred Shares |  | C$ | 25.00 |  |  | 1,000,000,000 |  | — |  |  | — |  |  | C$ | 25.00 |  |  | 1,000,000,000 |  | — |  |  | — |
Class A Exchangeable Shares |  | 32.92 |  |  | 1,000,000,000 |  | 41,413,496 |  |  | 1,434 |  |  | 33.10 |  |  | 1,000,000,000 |  | 41,436,516 |  |  | 1,441 |
Class A-1 Exchangeable Shares |  | 32.92 |  |  | 500,000,000 |  | — |  |  | — |  |  | 33.10 |  |  | 500,000,000 |  | — |  |  | — |
Class B Shares |  | 32.92 |  |  | 500,000 |  | 24,000 |  |  | 1 |  |  | 33.10 |  |  | 500,000 |  | 24,000 |  |  | 1 |
Class C Shares |  | 1.00 |  |  | 1,000,000,000 |  | 242,786,723 |  |  | 10,736 |  |  | 1.00 |  |  | 1,000,000,000 |  | 201,116,647 |  |  | 8,526 |
__________________________ (1)The number of issued shares is the same as the number of outstanding shares for all share types, except for Class A exchangeable shares. The number of issued Class A exchangeable shares was 43,491,520 as of June 30, 2025, including 2,078,024 shares held in treasury. The number of issued Class A exchangeable shares as of December 31, 2024 was 43,460,516, including 2,000,000 shares held in treasury. For the six months ended June 30, 2025, the following events impacted the Company’s share capital position: •On February 24, 2025, we repurchased 64,656 Class A exchangeable shares, which were held in treasury as of June 30, 2025. •On June 25, 2025, Brookfield contributed $3.5 billion of BAM shares, in exchange for the issuance of 41,670,076 Class C shares and a promissory note. The promissory note is reported as “Due to related parties” in the statement of financial position. For the six months ended June 30, 2024, in addition to the conversion of Class A-1 exchangeable shares by certain of its shareholders to Class A exchangeable shares, the following event impacted the Company’s share capital position: •On May 3, 2024, we issued 26,586,622 Class C shares to Brookfield in exchange for BAM shares purchased from Brookfield which were used as consideration for the acquisition of AEL. The movement of shares outstanding is as follows:
|  |  |  | 2025 |  | 2024
AS OF AND FOR THE PERIODS ENDED JUN. 30 SHARE AMOUNTS |  |  |  | Class A Exchangeable Shares |  |  |  | Class B Shares |  | Class C Shares |  | Class A Redeemable Junior Preferred Shares |  | Class A Exchangeable Shares |  | Class A-1 Exchangeable Shares |  | Class B Shares |  | Class C Shares
Outstanding as of January 1 |  |  |  | 41,436,516 |  |  |  |  | 24,000 |  |  | 201,116,647 |  |  | 100,460,280 |  |  | 15,311,749 |  |  | 28,073,777 |  |  | 24,000 |  |  | 102,056,784 |
Acquisition of treasury shares, net |  |  |  | (64,656) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Conversions |  |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 1,523,169 |  |  | (1,523,169) |  |  | — |  |  | — |
Outstanding as of March 31 |  |  |  | 41,371,860 |  |  |  |  | 24,000 |  |  | 201,116,647 |  |  | 100,460,280 |  |  | 16,834,918 |  |  | 26,550,608 |  |  | 24,000 |  |  | 102,056,784 |
Issuances |  |  |  | 41,636 |  |  |  |  | — |  |  | 41,670,076 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26,586,622 |
Conversions |  |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | 44,837 |  |  | (44,837) |  |  | — |  |  | — |
Outstanding as of June 30 |  |  |  | 41,413,496 |  |  |  |  | 24,000 |  |  | 242,786,723 |  |  | 100,460,280 |  |  | 16,879,755 |  |  | 26,505,771 |  |  | 24,000 |  |  | 128,643,406 |
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