I know that generalized binomial theorem for matrices, i.e. expansion of $$(A+B)^r\quad\quad (*)$$ when $A$ and $B$ are positive-definite matrices and $r$ is a real number, works only when $A$ and $B$ commute. For example, since the identity matrix commutes with all matrices, we have the expansion in this post: Does Newton's generalized binomial theorem work on a matrix?.
My question is that when $A$ and $B$ do not commute, is this possible to expand (*) in the special case that $r$ is very close to 1, i.e. $r=1+\delta$ and $\delta$ is a real number which is very close to zero?