AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 31/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Substantial perpetual capital, withdrawal limitations, multi-year fund horizons and embedded Athene investment services demonstrate persistent relationships. These contractual and operational features support a current advantage. Affiliated integration and asset scale do not independently prove lower costs or superior third-party investment outcomes.
durability · 2/4 · Several-year vehicles and restricted withdrawals support persistence beyond a single fundraising period. However, perpetual service agreements can terminate, and investment outcomes remain uneven. The evidence establishes conditional durability rather than an exceptional ability to preserve economic advantage through repeated adverse cycles.
customer dependency · 2/4 · Withdrawal restrictions create friction for investors in relevant vehicles, while Athene receives extensive investment and operational services. Dependency varies: mandates can terminate and PPVA products have no surrender charges. Replacement costs and customer-level reliance are not quantified, and affiliated relationships limit the competitive inference.
erosion resilience · 2/4 · Organic inflows, subscriptions and FRE growth demonstrate continuing demand despite competitive pressures. Reported expansion also includes substantial inorganic inflows and fee-basis adjustments. Alternative benchmark underperformance and Atlas impairment are realized weaknesses, preventing a stronger assessment of resistance to performance-driven erosion.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Higher rates on new insurance business and runoff of cheaper funding demonstrate adverse funding-price and mix effects. Cost of funds also includes amortization and other liability costs, so its 15-basis-point increase is not pure pricing. Management-fee growth reflects acquisition and fee-base expansion; comparable fee-rate increases are unproven.
retention · 3/4 · Withdrawal limitations and multi-year investment horizons demonstrate capital persistence. Disclosed subscriptions alongside redemptions and 2025 organic inflows provide indirect operating evidence of continuing demand. This is not a measured renewal rate; inorganic flows and fee-basis adjustments are excluded from the retention inference.
margin resilience · 2/4 · First-half 2026 FRE rose 27.6% while fee-related compensation and non-compensation expenses increased. However, FRE excludes equity compensation, which rose materially, and SRE declined 2%. SRE also excludes market volatility and certain expenses. Resilience is mixed and cannot be attributed solely to pricing.
contractual freedom · 2/4 · Most deferred annuities permit annual crediting-rate resets after guarantee periods, including reductions toward guaranteed minimums. Competitive pressures constrain exercise of those rights. Funding agreements offer little or no discretionary repricing, and some fund agreements require management-fee offsets. Contractual flexibility is meaningful but uneven.
Predictability37
Financial-sector stability over 4 consecutive reported annual periods (short history; lower confidence): equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 66.67
- Revenue growth volatility (pp)
- 94.15
- positiveEarningsShare
- 75.00
- netMarginStdDev
- 19.17
- observedAnnualPeriods
- 4.00
Financial strength50
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · Parent-only accounts report $23.341 billion of GAAP equity and $3.547 billion of debt at December 2025. AGS and GCS actually complied with minimum-net-capital requirements in June 2026. This bounded assessment does not equate equity with regulatory capital or establish current insurance solvency; permitted-practice reliance warrants caution.
liquidity funding · 2/4 · The parent held $1.201 billion cash against $3.547 billion debt at December 2025. Asset Management separately reported $3.415 billion cash and $5.895 billion debt in June 2026. Athene's undrawn facilities and maturities support subsidiary funding, subject to covenants and dividend restrictions; complete current parent maturity coverage is absent.
asset liability risk · 2/4 · Consolidated retirement operations contain substantial investment, related-party and reinsurance-recoverable exposures. Interest-rate swaps and forwards address duration mismatches, but do not establish comprehensive matching effectiveness. Atlas impairment is realized adverse evidence. Missing comprehensive asset-quality, recoverability and stress outcomes prevent a stronger assessment.
earnings resilience · 2/4 · 2025 FRE and SRE grew, followed by first-half 2026 FRE growth of 27.6% and a 2% SRE decline. Recurring fee economics provide support, while funding pressure and investment impairment constrain resilience. Both segment measures have material exclusions and do not establish consolidated GAAP earnings stability.
Capital allocation—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital efficiency · — · The supplied passages do not establish Apollo's return on equity or capital using matched earnings, capital and accounting scope. Segment FRE and SRE, parent equity balances and portfolio investment benchmarks cannot substitute for issuer-level capital returns. A numerical assessment would require unsupported scope assumptions.
distributions and buffers · 2/4 · Apollo reported approximately $1.4 billion of buybacks and more than $1 billion of common dividends in 2025, followed by $729 million of first-half 2026 repurchases. Earnings and cash generation provide support, but insurance dividend restrictions and incomplete current parent coverage constrain the assessment of distribution buffers.
dilution and cost · 2/4 · First-half repurchases canceled approximately 5.9 million shares, but subsequent preferred conversions issued approximately 14.6 million common shares. Equity compensation increased to $478 million from $315 million, and interest expense rose to $165 million from $120 million. Actual repurchases partly offset material issuance and cost pressures.
investment discipline · 2/4 · Investment outcomes are mixed: non-alternative performance exceeded its benchmark, alternatives materially lagged, and Atlas suffered impairment. Athene's Athora investment increased to $3.191 billion to support acquisition financing, with additional commitments outstanding. The incremental investment's returns are unproven; origination growth alone does not demonstrate disciplined deployment.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Operating cash generation and completed repurchases demonstrate actual capital-management activity. Large investing and financing flows, rising parent debt, compensation cost and conversion dilution temper the assessment. Consolidated cash flows include retirement operations and are not parent free cash flow; acquisition returns are not established.
incentive alignment · 3/4 · Existing carry vesting and clawbacks, personal fund commitments or investments, actual CEO deferral and some per-share RSU conditions support alignment. The alternative-investment objective produced no payout when performance missed its benchmark. Some awards remain service-based, and equity compensation is material; exceptional alignment is not established.
execution · 3/4 · Reported organic inflows, origination, capital-solutions fees and subsequent FRE growth demonstrate operating execution. Demand is assessed partly through indirect operating evidence. Investment execution is mixed: non-alternative results exceeded their benchmark, alternatives lagged substantially, and Atlas suffered an underlying asset impairment.
governance · 2/4 · A majority-independent board, independent committees and one-share-one-vote rights provide actual safeguards. Substantial say-on-pay opposition tempers the assessment. Shareholders preferred annual advisory votes, but subsequent adoption is unproven. Malka's independent-director appointment takes effect in January 2027 and supplies no current governance-performance evidence.
Evidence
Perpetual Capital
Included within our investing strategies above is $535.6 billion of perpetual capital, out of the $938.4 billion of AUM as of December 31, 2025.
2025 Form 10-K, filed 2026-02-25, Business—Perpetual Capital · Filed 25/02/2026
Assets under management of certain vehicles with an indefinite duration, which assets may only be withdrawn under certain conditions or subject to certain limitations, including satisfying required hold periods or percentage limits on the amounts that may be redeemed over a particular period.
June 2026 Form 10-Q, filed 2026-08-10, perpetual-capital definition—withdrawal limitations · Filed 10/08/2026
The majority of the investment funds we manage are designed to invest capital over a period of several years from inception, thereby allowing us to seek to generate attractive long-term returns throughout economic cycles.
2025 Form 10-K, filed 2026-02-25, Business—investment horizons · Filed 25/02/2026
Apollo’s asset management business, through its consolidated subsidiary, ISG, provides a full suite of services for Athene’s investment portfolio, including direct investment management, asset allocation, mergers and acquisitions asset diligence, and certain operational support services, including investment compliance, tax, legal and risk management support.
2025 Form 10-K, filed 2026-02-25, Business—ISG services for Athene · Filed 25/02/2026
As of December 31, 2025, Apollo managed or advised $392.2 billion of AUM, of which $386.5 billion was Fee-Generating AUM, in accounts owned by or related to Athene (“Athene Accounts”).
2025 Form 10-K, filed 2026-02-25, Business—Athene Accounts · Filed 25/02/2026
The investment management, advisory or other service agreements with our perpetual capital vehicles may be terminated under certain circumstances.
June 2026 Form 10-Q, filed 2026-08-10, perpetual-capital service-agreement termination · Filed 10/08/2026
•Net flows of $150.9 billion attributable to the funds we manage in our credit strategy primarily consisting of (i) $65.3 billion of inorganic inflows from Athora’s acquisition of PIC; (ii) $41.6 billion primarily due to a fee basis adjustment related to Redding Ridge; (iii) $23.5 billion of subscriptions primarily related to multi-credit and direct origination funds we manage; and (iv) $14.4 billion related to the growth of our retirement services client assets, partially offset by (i) $(12.3) billion of adjustments to inflows primarily driven by AMAPS; and (ii) $(4.2) billion of redemptions.
June 2026 Form 10-Q, filed 2026-08-10, credit AUM flows and adjustments · Filed 10/08/2026
36
Table of Contents
2025 BUSINESS HIGHLIGHTS
Meaningful Progress on Our Three Strategic Growth Pillars
Origination
➣ Origination volume totaled $309 billion in 2025 driven by significant contributions from core credit and origination platforms
Global Wealth
➣ Raised a record $18 billion of capital during 2025 driven by sustained momentum in signature semi-liquid products and growing demand towards fixed income replacement-focused products
Capital Solutions
➣ Record full-year capital solutions fees of $808 million demonstrates Apollo’s differentiated and flexible capital solutions at scale across a broad range of market conditions, geographies, and sectors
Strategically Allocated Capital to Drive Stockholder Value
Buybacks
➣ Repurchased approximately $1.4 billion of common stock in 2025, including $313 million of opportunistic share repurchases
Dividends
➣ Distributed more than $1 billion of common stock dividends in 2025
Strong Execution Across Key Performance Indicators
2025 Result
YoY Growth
Asset Management
Fee Related Earnings
$2.5B
23%
Retirement Services
Spread Related Earnings
$3.4B
4%
Principal Investing
Principal Investing Income
$0.3B
25%
Origination &
Capital Formation
Origination
$309B
39%
Total Organic Inflows
$182B
20%
Global Wealth Fundraising
$18B
50%
37
Table of Contents
Compensation Philosophy
Our Compensation Philosophy
Attract and retain outstanding
professionals in a competitive market
Align long-term interests of employees
2026 proxy, filed 2026-04-24, 2025 business highlights and capital distributions · Filed 24/04/2026
Athene’s PPVA products provide access to a suite of Apollo managed funds and other product offerings with no surrender charges and no GLWB or GMDB features.
2025 Form 10-K, filed 2026-02-25, Athene PPVA product terms · Filed 25/02/2026
We also compete with financial institutions and other market participants in connection with acquisitions, investments, financings, originations, syndications and other strategic transactions, and competitive pressures in these areas may affect pricing, transaction terms, investment returns and our ability to deploy capital efficiently.
2025 Form 10-K, filed 2026-02-25, Competition—transaction pricing and deployment · Filed 25/02/2026
For the investment portfolio total return 46 Table of Contents performance objective based on AHL’s alternative investment performance, the Compensation Committee compared AHL’s results of 7.77% for the 33-month period ending September 30, 2025, to 15.80% for the 50-50 blended index described above, which pursuant to the formula resulted in no payout for this objective.
2026 proxy, filed 2026-04-24, alternative-investment performance objective and actual payout · Filed 24/04/2026
The lower returns from origination platforms were mainly attributable to a valuation increase related to strong performance from Wheels in 2025, outsized performance from MidCap FinCo attributable to increased projections in 2025, strong performance from Redding Ridge related to greater issuance in 2025 and a valuation decrease on Atlas resulting from an underlying asset impairment in 2026, partially offset by favorable pricing that increased the valuation of an investment within Athene’s other origination platforms in 2026.
June 2026 Form 10-Q, filed 2026-08-10, origination-platform returns and Atlas impairment · Filed 10/08/2026
While Athene has the contractual ability to lower these crediting rates to the guaranteed minimum levels at renewal, its willingness to do so may be limited by competitive pressures.
June 2026 Form 10-Q, filed 2026-08-10, competitive limits on crediting-rate reductions · Filed 10/08/2026
Athene’s funding agreements and other investment-type contracts provide little to no discretionary ability to change the rates of interest that determine the amounts payable to the respective policyholder or institution.
June 2026 Form 10-Q, filed 2026-08-10, funding-agreement repricing restrictions · Filed 10/08/2026
In this section, references to 2026 refer to the six months ended June 30, 2026 and references to 2025 refer to the six months ended June 30, 2025.
June 2026 Form 10-Q, filed 2026-08-10, six-month comparison period definition · Filed 10/08/2026
Management fees increased by $354 million to $1,445 million in 2026 from $1,091 million in 2025.
June 2026 Form 10-Q, filed 2026-08-10, six-month recognized management fees · Filed 10/08/2026
The increase in management fees was primarily attributable to $269 million of aggregate management fees earned from Bridge funds, Atlas, Athora, ADS, Redding Ridge Holdings, ABF and Credit Strategies Absolute Return Fund, partially offset by a decrease in management fees earned from S3 Equity and Hybrid Solutions of $26 million.
June 2026 Form 10-Q, filed 2026-08-10, management-fee growth attribution · Filed 10/08/2026
The increase in management fees earned from Bridge funds was due to the Bridge acquisition, while the increase from Atlas was driven by higher fee-generating AUM due to an upsize in Atlas warehousing financing facilities.
June 2026 Form 10-Q, filed 2026-08-10, Bridge acquisition and Atlas fee-base expansion · Filed 10/08/2026
Cost of funds
Cost of funds includes liability costs related to cost of crediting on deferred annuities, including, with respect to Athene's indexed annuities, option costs, and institutional costs related to institutional products, as well as other liability costs, but does not include the proportionate share of the ACRA cost of funds associated with the non-controlling interests.
June 2026 Form 10-Q, filed 2026-08-10, cost-of-funds definition and ACRA exclusion · Filed 10/08/2026
Other liability costs include DAC, DSI and VOBA amortization, certain market risk benefit costs, the cost of liabilities on products other than deferred annuities and institutional products, premiums, product charges, excluding market value adjustments, and certain other revenues.
June 2026 Form 10-Q, filed 2026-08-10, other liability costs included in cost of funds · Filed 10/08/2026
Athene includes the costs related to business added through assumed reinsurance transactions but excludes the costs on business related to ceded reinsurance transactions.
June 2026 Form 10-Q, filed 2026-08-10, assumed and ceded reinsurance treatment in cost of funds · Filed 10/08/2026
Cost of funds is computed as the total liability costs divided by the average net invested assets for the relevant period, presented on an annualized basis for interim periods.
June 2026 Form 10-Q, filed 2026-08-10, cost-of-funds denominator and annualization · Filed 10/08/2026
Net Investment Spread
Three months ended June 30,
2026
2025
Change
Fixed income and other net investment earned rate
5.05
%
4.97
%
8 bps
Alternative net investment earned rate
9.04
%
9.86
%
(82) bps
Net investment earned rate
5.25
%
5.21
%
4 bps
Strategic capital management fees
0.05
%
0.05
%
0 bps
Cost of funds
(3.83)
%
(3.68)
%
15 bps
June 2026 Form 10-Q, filed 2026-08-10, second-quarter net investment spread components · Filed 10/08/2026
Cost of funds was $5.7 billion in 2026, an increase of $1.1 billion from $4.7 billion in 2025, primarily driven by significant growth in deferred annuity and funding agreement business, higher rates on new business, as well as run-off of lower rate business, compared to existing blocks, and an increase in the amortization of DAC and DSI.
June 2026 Form 10-Q, filed 2026-08-10, six-month funding-cost growth—volume, rates, runoff and amortization · Filed 10/08/2026
Three months ended June 30, Total Change Percentage Change Six months ended June 30, Total Change Percentage Change (In millions, except percentages) 2026 2025 2026 2025 Asset Management Management fees – Credit $ 722 $ 605 $ 117 19.3% $ 1,403 $ 1,174 $ 229 19.5% Management fees – Equity 279 211 68 32.2 550 412 138 33.5 Management fees 1,001 816 185 22.7 1,953 1,586 367 23.1 Capital solutions fees and other, net 277 216 61 28.2 523 370 153 41.4 Fee-related performance fees 65 63 2 3.2 129 117 12 10.3 Fee-related compensation (343) (279) 64 22.9 (676) (538) 138 25.7 Non-compensation expenses (215) (189) 26 13.8 (416) (349) 67 19.2 Fee Related Earnings $ 785 $ 627 $ 158 25.2% $ 1,513 $ 1,186 $ 327 27.6% Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025 In this section, references to 2026 refer to the three months ended June 30, 2026 and references to 2025 refer to the three months ended June 30, 2025.
June 2026 Form 10-Q, filed 2026-08-10, Asset Management FRE comparison · Filed 10/08/2026
FRE is the sum of (i) management fees, (ii) capital solutions and other related fees, (iii) fee-related performance fees from indefinite term vehicles, that are measured and received on a recurring basis and not dependent on realization events of the underlying investments, excluding performance fees from Athene and performance fees from origination platforms dependent on capital appreciation, and (iv) other income, net, less (a) fee-related compensation, excluding equity-based compensation, (b) non-compensation expenses incurred in the normal course of business, (c) placement fees and (d) non-controlling interests in the management companies of certain funds the Company manages.
June 2026 Form 10-Q, filed 2026-08-10, FRE definition and exclusions · Filed 10/08/2026
For the six months ended June 30, 2026 and 2025, the Company recorded equity-based compensation expense of $478 million and $315 million, respectively.
June 2026 Form 10-Q, filed 2026-08-10, six-month equity-based compensation expense · Filed 10/08/2026
Spread Related Earnings
SRE was $1.6 billion in 2026, a decrease of $29 million, or 2%, compared to $1.6 billion in 2025.
June 2026 Form 10-Q, filed 2026-08-10, six-month Spread Related Earnings · Filed 10/08/2026
A significant majority of Athene’s deferred annuity products have crediting rates that it may reset annually upon renewal, following the expiration of the current guaranteed period.
June 2026 Form 10-Q, filed 2026-08-10, deferred-annuity renewal crediting-rate rights · Filed 10/08/2026
Initial Public Offering
ISG
Apollo Insurance Solutions Group LP
ISGI
Refers collectively to Apollo Asset Management Europe LLP, a subsidiary of AAM (“AAME”) and Apollo Asset Management PC LLP, a wholly-owned subsidiary of AAME (“AAME PC”)
Management Fee Offset
Under the terms of the limited partnership agreements for certain funds, the management fee payable by the funds may be subject to a reduction based on a certain percentage of such advisory and transaction fees, net of applicable broken deal costs.
June 2026 Form 10-Q, filed 2026-08-10, Management Fee Offset definition · Filed 10/08/2026
Years ended December 31, (In millions) 2025 2024 2023 Net cash provided by the Company's operating activities $ 7,263 $ 3,781 $ 6,519 Net cash used in the Consolidated Funds and VIEs operating activities (17) (528) (197) Net cash provided by operating activities 7,246 3,253 6,322 Net cash used in the Company's investing activities (62,250) (60,547) (39,834) Net cash used in the Consolidated Funds and VIEs investing activities (1,722) (1,254) (2,573) Net cash used in investing activities (63,972) (61,801) (42,407) Net cash provided by the Company's financing activities 58,010 55,577 42,021 Net cash provided by the Consolidated Funds and VIEs financing activities 2,190 2,395 617 Net cash provided by financing activities $ 60,200 $ 57,972 $ 42,638 Operating Activities The Company’s operating activities support its Asset Management, Retirement Services and Principal Investing activities.
2025 Form 10-K, filed 2026-02-25, cash flows and operating-business scope · Filed 25/02/2026
(In millions, except share data)
As of
December 31, 2025
As of
December 31, 2024
Assets
Cash
$
1,201
$
657
Investments
26,858
19,124
Due from subsidiaries
29
148
Goodwill
1
1
Other assets
282
355
Total Assets
$
28,371
$
20,285
Liabilities and Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities
$
124
$
234
Due to subsidiaries
1,359
487
Debt
3,547
2,311
Total Liabilities
5,030
3,032
Equity
Mandatory Convertible Preferred Stock, 28,749,665 and 28,749,765 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
1,398
1,398
Common Stock, $0.00001 par value, 90,000,000,000 shares authorized, 578,981,398 and 565,738,933 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
—
—
Additional paid in capital
16,954
15,327
Retained earnings (accumulated deficit)
7,634
6,022
Accumulated other comprehensive income (loss)
(2,645)
(5,494)
Total Equity
23,341
17,253
Total Liabilities and Equity
$
28,371
$
20,285
See accompanying notes to condensed financial information of registrant (parent company only)
2025 Form 10-K, filed 2026-02-25, Schedule I—parent-company-only financial condition · Filed 25/02/2026
During the six months ended June 30, 2026 and 2025, 5,926,713 and 1,392,000 shares of common stock, respectively, were repurchased in open market transactions as part of the publicly announced share repurchase programs discussed above, and such shares were subsequently canceled by the Company.
June 2026 Form 10-Q, filed 2026-08-10, shares repurchased and canceled · Filed 10/08/2026
The Company paid $729 million and $193 million for these open market share repurchases during the six months ended June 30, 2026 and 2025, respectively.
June 2026 Form 10-Q, filed 2026-08-10, open-market repurchase spending · Filed 10/08/2026
An aggregate of 14,587,300 shares of common stock were issued following June 30, 2026, including early conversions and shares issued as part of the Conversion.
June 2026 Form 10-Q, filed 2026-08-10, subsequent common-share issuance on preferred conversions · Filed 10/08/2026
Interest expense was $165 million in 2026, an increase of $45 million from $120 million in 2025.
June 2026 Form 10-Q, filed 2026-08-10, six-month interest expense · Filed 10/08/2026
Performance Fee Practices
Carried interest is generally subject to multi-year vesting, paid only upon realization of profitable investments, determined by overall fund performance rather than individual transaction outcomes, and (for drawdown-style funds) subject to clawback if fund returns fall below specified levels, ensuring compensation remains at risk throughout the life of the fund and discouraging excessive risk-taking.
2026 proxy, filed 2026-04-24, carried-interest vesting, realization and clawback terms · Filed 24/04/2026
As of December 31, 2025, our professionals have committed or invested approximately $2.2 billion of their own capital to Apollo-managed funds.
2026 proxy, filed 2026-04-24, professionals' committed or invested personal fund capital · Filed 24/04/2026
Mr. Rowan deferred the 2025 amount of such performance fee income for an additional two years, enhancing alignment with Apollo.
2026 proxy, filed 2026-04-24, Rowan's actual performance-fee deferral · Filed 24/04/2026
In December 2021, the Company awarded one-time grants to the then Co-Presidents of AAM of 6.0 million RSUs which vest on a cliff basis subject to continued employment over five years, with 2.0 million of those RSUs also subject to the Company’s achievement of certain fee related earnings and spread related earnings per share metrics.
June 2026 Form 10-Q, filed 2026-08-10, existing 2021 RSU vesting and per-share performance conditions · Filed 10/08/2026
For the investment portfolio total return performance objective based on AHL’s non-alternative investment performance, the Compensation Committee compared AHL’s results of 5.84% for the 33-month period ending September 30, 2025, to 4.18% for the Barclays US Aggregate Bond Index, which pursuant to the formula resulted in a payout of 100% of the award for this objective.
2026 proxy, filed 2026-04-24, non-alternative investment performance and benchmark · Filed 24/04/2026
✓ Majority Independent Board: Nine of thirteen of our directors are independent.
2026 proxy, filed 2026-04-24, board independence · Filed 24/04/2026
✓ Independent Committees: All members of the audit committee, compensation committee, nominating and corporate governance committee and sustainability and corporate responsibility committee are independent and such committees are led by independent committee chairs.
2026 proxy, filed 2026-04-24, independent board committees · Filed 24/04/2026
✓ One Share, One Vote: We have only one class of common stock outstanding, with each share entitled to one vote.
2026 proxy, filed 2026-04-24, common-stock voting rights · Filed 24/04/2026
The results of the voting were as follows:
For
Against
Abstain
Broker Non-Votes
321,612,541
131,990,818
166,571
56,075,060
Proposal Three.
Annual-meeting Form 8-K, filed 2026-06-09, say-on-pay voting results · Filed 09/06/2026
stockholders voted, on a non-binding, advisory basis, in favor of holding a say-on-pay vote every one year.
Annual-meeting Form 8-K, filed 2026-06-09, nonbinding annual say-on-pay preference · Filed 09/06/2026
Apollo Global Securities, LLC (“AGS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC.
June 2026 Form 10-Q, filed 2026-08-10, AGS regulatory status and minimum-net-capital requirement · Filed 10/08/2026
AGS was in compliance with these requirements as of June 30, 2026.
June 2026 Form 10-Q, filed 2026-08-10, AGS actual net-capital compliance · Filed 10/08/2026
Griffin Capital Securities, LLC (“GCS”) is a registered broker-dealer with the SEC and is a member of the Financial Industry Regulatory Authority, subject to the minimum net capital requirements of the SEC.
June 2026 Form 10-Q, filed 2026-08-10, GCS regulatory status and minimum-net-capital requirement · Filed 10/08/2026
GCS was in compliance with these requirements as of June 30, 2026.
June 2026 Form 10-Q, filed 2026-08-10, GCS actual net-capital compliance · Filed 10/08/2026
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(In millions, except share data)
June 30, 2026
December 31, 2025
Assets
Asset Management
Cash and cash equivalents
$
3,415
$
3,350
Restricted cash and cash equivalents
19
19
Investments
6,325
6,226
Assets of consolidated variable interest entities
Cash and cash equivalents
1,272
327
Investments
3,713
3,509
Due from related parties
23
16
Other assets
634
230
Due from related parties
940
647
Goodwill
1,833
1,848
Other assets
3,587
3,376
21,761
19,548
Retirement Services
Cash and cash equivalents
21,957
14,994
Restricted cash and cash equivalents
1,583
1,332
Investments
333,842
321,081
Investments in related parties
43,300
34,979
Assets of consolidated variable interest entities
Cash and cash equivalents
171
569
Investments
31,884
29,992
Other assets
202
346
Reinsurance recoverable
10,929
10,282
Deferred acquisition costs, deferred sales inducements and value of business acquired
9,279
8,634
Goodwill
4,079
4,072
Other assets
15,061
15,120
472,287
441,401
Total Assets
$
494,048
$
460,949
(Continued)
See accompanying notes to the unaudited condensed consolidated financial statements.
June 2026 Form 10-Q, filed 2026-08-10, financial-condition assets by business and VIE scope · Filed 10/08/2026
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(In millions, except share data)
June 30, 2026
December 31, 2025
Liabilities, Redeemable non-controlling interests and Equity
Liabilities
Asset Management
June 2026 Form 10-Q, filed 2026-08-10, liabilities table dates, units and Asset Management heading · Filed 10/08/2026
Accounts payable, accrued expenses, and other liabilities
$
4,130
$
3,861
Due to related parties
1,173
1,062
Debt
5,895
5,516
Liabilities of consolidated variable interest entities
June 2026 Form 10-Q, filed 2026-08-10, Asset Management liabilities and debt · Filed 10/08/2026
Other Sources of Funding
Athene may seek to secure additional funding at the AHL level by means other than dividends from subsidiaries, such as by drawing on its undrawn $1.25 billion AHL credit facility, drawing on its undrawn $2.6 billion AHL liquidity facility or by pursuing future issuances of debt or preferred stock to third-party investors.
2025 Form 10-K, filed 2026-02-25, Athene-specific undrawn funding facilities · Filed 25/02/2026
The AHL credit facility contains various standard covenants with which Athene must comply, including maintaining a consolidated debt-to-capitalization ratio of not greater than 35%, maintaining a minimum consolidated net worth of no less than $14.8 billion and restrictions on the ability to incur liens, with certain exceptions.
2025 Form 10-K, filed 2026-02-25, AHL credit-facility covenants · Filed 25/02/2026
Future Debt Obligations
Athene had long-term debt of $7.8 billion as of December 31, 2025, which includes notes with various maturities from 2028 through 2064.
2025 Form 10-K, filed 2026-02-25, Athene debt and maturity range · Filed 25/02/2026
Based on these restrictions, the maximum dividend AAIA could pay to its parent absent regulatory approval was $0 million as of each of December 31, 2025 and December 31, 2024.
2025 Form 10-K, filed 2026-02-25, AAIA dividend restriction · Filed 25/02/2026
Interest rate swaps and forwards
Athene uses interest rate swaps and forwards to reduce market risks from interest rate changes and to alter interest rate exposure arising from duration mismatches between assets and liabilities.
June 2026 Form 10-Q, filed 2026-08-10, interest-rate derivatives and duration mismatches · Filed 10/08/2026
(In millions)
June 30, 2026
December 31, 2025
Investment fund
$
2,167
$
1,171
Fixed maturity securities
1,024
50
Non-redeemable preferred equity
—
266
Total investment in Athora
$
3,191
$
1,487
During the first quarter of 2026, Athene funded a series of investments to provide Athora financing for its acquisition of PIC.
June 2026 Form 10-Q, filed 2026-08-10, Athene investment in Athora and acquisition financing · Filed 10/08/2026
As of June 30, 2026, Athene had commitments to make additional investments in Athora of $134 million.
June 2026 Form 10-Q, filed 2026-08-10, additional Athora investment commitments · Filed 10/08/2026
RMBS
Residential mortgage-backed securities
RML
Residential mortgage loan
RSUs
Restricted share units
SIA
Strategic investment account
9
Table of Contents
Spread Related Earnings, or SRE
Component of Segment Income that is used to assess the performance of the Retirement Services segment, excluding certain market volatility, which consists of investment gains (losses), net of offsets, and non-operating change in insurance liabilities and related derivatives, and certain expenses related to integration, restructuring, and equity-based compensation, as well as other items.
March 2026 Form 10-Q, filed 2026-05-07, SRE definition and exclusions · Filed 07/05/2026
For the Retirement Services segment, SRE equals the sum of (i) the net investment earnings on Athene’s net invested assets and (ii) management fees received on business managed for others, less (x) cost of funds, (y) operating expenses excluding equity-based compensation and (z) financing costs, including interest expense and preferred dividends, if any, paid to Athene preferred stockholders.
March 2026 Form 10-Q, filed 2026-05-07, SRE earnings, funding-cost and financing-cost components · Filed 07/05/2026
If Athene Re USA IV had not followed this permitted practice, then it would not have exceeded authorized control level risk based capital requirements.
2025 Form 10-K, filed 2026-02-25, Athene Re USA IV reliance on permitted accounting practice · Filed 25/02/2026
and Mr. Malka’s appointment to the Board will be effective as of January 1, 2027.
Board-appointment Form 8-K, filed 2026-10-20, Malka appointment effective date · Filed 20/10/2026
The Board has determined that
Mr. Malka is an independent director as defined by the listing standards of the New York Stock Exchange.
Board-appointment Form 8-K, filed 2026-10-20, Malka independence determination · Filed 20/10/2026
