Investments (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Investments, All Other Investments [Abstract] |
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| Schedule of Investments |
The following table outlines the Company’s investments:
| | | | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | | | Asset Management | | | | | | | Investments, at fair value | $ | 1,752 | | | $ | 1,384 | | | | | Equity method investments | 1,275 | | | 1,082 | | | | | Performance allocations | 3,249 | | | 3,262 | | | | | | | | | | | Other investments | 12 | | | 358 | | | | Total Investments – Asset Management | 6,288 | | | 6,086 | | | | Retirement Services | | | | | | | AFS securities, at fair value | 218,684 | | | 184,167 | | | | | Trading securities, at fair value | 5,763 | | | 2,156 | | | | | Equity securities, at fair value | 1,307 | | | 1,524 | | | | | Mortgage loans, at fair value | 83,266 | | | 64,536 | | | | | Investment funds | 2,246 | | | 1,960 | | | | | Policy loans | 304 | | | 318 | | | | | Funds withheld at interest | 20,816 | | | 23,916 | | | | | Derivative assets | 8,884 | | | 8,154 | | | | | Short-term investments | 205 | | | 1,190 | | | | | Other investments | 4,523 | | | 3,246 | | | | Total Investments, including related parties – Retirement Services | 345,998 | | | 291,167 | | | | | Total Investments | $ | 352,286 | | | $ | 297,253 | | | |
The following table presents the investments of the consolidated VIEs:
| | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | Asset Management | | | | | Investments, at fair value | $ | 4,182 | | | $ | 2,794 | | | Equity method investments | 112 | | | — | | | Performance allocations | 346 | | | 12 | | | Other investments | 6 | | | — | | | Total Investments – Asset Management | $ | 4,646 | | | $ | 2,806 | |
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| Schedule of Realized and Net Change in Unrealized Gains (Losses) Reported in Net Gains (Losses) From Investment Activities |
The following outlines realized and net change in unrealized gains (losses) reported in net gains (losses) from investment activities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | Realized gains (losses) on sales of investments, net | $ | (4) | | | $ | 1 | | | $ | (10) | | | $ | 1 | | | | | Net change in unrealized gains (losses) due to changes in fair value | 82 | | | 14 | | | (198) | | | 32 | | | | | Net gains (losses) from investment activities | $ | 78 | | | $ | 15 | | | $ | (208) | | | $ | 33 | | | |
Investment related gains (losses) by asset class consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | AFS securities1 | | | | | | | | | | | Gross realized gains on investment activity | $ | 199 | | | $ | 744 | | | $ | 2,431 | | | $ | 936 | | | | | Gross realized losses on investment activity | (339) | | | (237) | | | (716) | | | (802) | | | | | Net realized investment gains (losses) on AFS securities | (140) | | | 507 | | | 1,715 | | | 134 | | | | | Net recognized investment gains on trading securities | 44 | | | 119 | | | 385 | | | 21 | | | | | Net recognized investment gains on equity securities | 11 | | | 38 | | | 62 | | | 65 | | | | | Net recognized investment gains on mortgage loans | 204 | | | 1,139 | | | 2,003 | | | 874 | | | | | Derivative gains (losses) | 1,633 | | | 1,608 | | | (954) | | | 2,486 | | | | | Provision for credit losses | (19) | | | (14) | | | (83) | | | (114) | | | | | Other gains (losses) | 521 | | | (1,858) | | | (1,707) | | | (384) | | | | | Investment related gains (losses) | $ | 2,254 | | | $ | 1,539 | | | $ | 1,421 | | | $ | 3,082 | | | | | | | | | | | | | | 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. | | |
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| Schedule of Performance Allocations Balance |
The following table presents the performance allocations and performance allocations of consolidated VIEs: | | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | Performance allocations | $ | 3,249 | | | $ | 3,262 | | Performance allocations – investments of consolidated VIEs | 346 | | | 12 | | | Total performance allocations | $ | 3,595 | | | $ | 3,274 | |
The table below provides a roll forward of the performance allocations balance:
| | | | | | | (In millions) | Total | | | | | | | Total performance allocations, January 1, 2025 | $ | 3,274 | | Change in fair value of funds and other1 | 1,166 | | | Fund distributions to the Company | (845) | | Total performance allocations, September 30, 2025 | $ | 3,595 | | 1 Other includes $320 million of performance allocations related to the Bridge acquisition during the third quarter of 2025. |
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| Schedule of Amortized Cost, Allowance for Credit Losses, Gross Unrealized Gains and Losses and Fair Value of AFS Investments by Asset Type |
The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of Athene’s AFS investments by asset type:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | (In millions) | Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | AFS securities | | | | | | | | | | | U.S. government and agencies | $ | 14,459 | | | $ | — | | | $ | 141 | | | $ | (1,100) | | | $ | 13,500 | | | U.S. state, municipal and political subdivisions | 1,043 | | | — | | | — | | | (211) | | | 832 | | | Foreign governments | 2,244 | | | — | | | 40 | | | (544) | | | 1,740 | | | Corporate | 101,132 | | | (151) | | | 1,530 | | | (9,001) | | | 93,510 | | | CLO | 29,252 | | | — | | | 781 | | | (81) | | | 29,952 | | | ABS | 30,437 | | | (160) | | | 745 | | | (422) | | | 30,600 | | | CMBS | 13,607 | | | (67) | | | 126 | | | (347) | | | 13,319 | | | RMBS | 10,913 | | | (404) | | | 351 | | | (292) | | | 10,568 | | | Total AFS securities | 203,087 | | | (782) | | | 3,714 | | | (11,998) | | | 194,021 | | | AFS securities – related parties | | | | | | | | | | | Corporate | 2,291 | | | — | | | 27 | | | (18) | | | 2,300 | | | CLO | 7,227 | | | — | | | 147 | | | (8) | | | 7,366 | | | ABS | 14,973 | | | (1) | | | 48 | | | (184) | | | 14,836 | | | CMBS | 162 | | | — | | | — | | | (1) | | | 161 | | | Total AFS securities – related parties | 24,653 | | | (1) | | | 222 | | | (211) | | | 24,663 | | | Total AFS securities, including related parties | $ | 227,740 | | | $ | (783) | | | $ | 3,936 | | | $ | (12,209) | | | $ | 218,684 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | (In millions) | Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | AFS securities | | | | | | | | | | | U.S. government and agencies | $ | 8,413 | | | $ | — | | | $ | 8 | | | $ | (1,270) | | | $ | 7,151 | | | U.S. state, municipal and political subdivisions | 1,167 | | | — | | | — | | | (246) | | | 921 | | | Foreign governments | 2,082 | | | — | | | — | | | (514) | | | 1,568 | | | Corporate | 95,006 | | | (175) | | | 485 | | | (11,731) | | | 83,585 | | | CLO | 29,524 | | | — | | | 266 | | | (608) | | | 29,182 | | | ABS | 24,779 | | | (76) | | | 138 | | | (640) | | | 24,201 | | | CMBS | 11,158 | | | (60) | | | 75 | | | (432) | | | 10,741 | | | RMBS | 8,587 | | | (397) | | | 228 | | | (403) | | | 8,015 | | | Total AFS securities | 180,716 | | | (708) | | | 1,200 | | | (15,844) | | | 165,364 | | | AFS securities – related parties | | | | | | | | | | | Corporate | 2,150 | | | — | | | 18 | | | (31) | | | 2,137 | | | CLO | 6,130 | | | — | | | 18 | | | (113) | | | 6,035 | | | ABS | 10,899 | | | (1) | | | 21 | | | (288) | | | 10,631 | | | Total AFS securities – related parties | 19,179 | | | (1) | | | 57 | | | (432) | | | 18,803 | | | Total AFS securities, including related parties | $ | 199,895 | | | $ | (709) | | | $ | 1,257 | | | $ | (16,276) | | | $ | 184,167 | |
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| Schedule of Amortized Cost and Fair Value of AFS Securities, Including Related Parties |
The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:
| | | | | | | | | | | | | September 30, 2025 | | (In millions) | Amortized Cost | | Fair Value | | AFS securities | | | | | Due in one year or less | $ | 2,262 | | | $ | 2,241 | | | Due after one year through five years | 23,049 | | | 23,141 | | | Due after five years through ten years | 27,734 | | | 26,909 | | | Due after ten years | 65,833 | | | 57,291 | | | CLO, ABS, CMBS and RMBS | 84,209 | | | 84,439 | | | Total AFS securities | 203,087 | | | 194,021 | | | AFS securities – related parties | | | | | | | | | Due after one year through five years | 1,141 | | | 1,155 | | | Due after five years through ten years | 821 | | | 830 | | | Due after ten years | 329 | | | 315 | | | CLO, ABS and CMBS | 22,362 | | | 22,363 | | | Total AFS securities – related parties | 24,653 | | | 24,663 | | | Total AFS securities, including related parties | $ | 227,740 | | | $ | 218,684 | |
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| Schedule of Unrealized Losses on AFS Securities and Number of AFS Securities in Unrealized Loss Position |
The following summarizes the fair value and gross unrealized losses for AFS securities, including related parties, for which an allowance for credit losses has not been recorded, aggregated by asset type and length of time the fair value has remained below amortized cost:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | Less than 12 months | | 12 months or more | | Total | | (In millions) | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | AFS securities | | | | | | | | | | | | | U.S. government and agencies | $ | 2,624 | | | $ | (35) | | | $ | 3,796 | | | $ | (1,065) | | | $ | 6,420 | | | $ | (1,100) | | | U.S. state, municipal and political subdivisions | 41 | | | (2) | | | 766 | | | (209) | | | 807 | | | (211) | | | Foreign governments | 100 | | | (7) | | | 1,404 | | | (537) | | | 1,504 | | | (544) | | | Corporate | 9,873 | | | (276) | | | 39,948 | | | (8,685) | | | 49,821 | | | (8,961) | | | CLO | 4,859 | | | (14) | | | 1,545 | | | (64) | | | 6,404 | | | (78) | | | ABS | 5,847 | | | (152) | | | 2,624 | | | (210) | | | 8,471 | | | (362) | | | CMBS | 2,100 | | | (42) | | | 1,523 | | | (221) | | | 3,623 | | | (263) | | | RMBS | 340 | | | (5) | | | 1,065 | | | (110) | | | 1,405 | | | (115) | | | Total AFS securities | 25,784 | | | (533) | | | 52,671 | | | (11,101) | | | 78,455 | | | (11,634) | | | AFS securities – related parties | | | | | | | | | | | | | Corporate | 171 | | | (2) | | | 373 | | | (16) | | | 544 | | | (18) | | | CLO | 1,987 | | | (6) | | | 158 | | | (2) | | | 2,145 | | | (8) | | | ABS | 2,306 | | | (7) | | | 2,669 | | | (160) | | | 4,975 | | | (167) | | | CMBS | 59 | | | (1) | | | 8 | | | — | | | 67 | | | (1) | | | Total AFS securities – related parties | 4,523 | | | (16) | | | 3,208 | | | (178) | | | 7,731 | | | (194) | | | Total AFS securities, including related parties | $ | 30,307 | | | $ | (549) | | | $ | 55,879 | | | $ | (11,279) | | | $ | 86,186 | | | $ | (11,828) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Less than 12 months | | 12 months or more | | Total | | (In millions) | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | Fair Value | | Gross Unrealized Losses | | AFS securities | | | | | | | | | | | | | U.S. government and agencies | $ | 3,010 | | | $ | (114) | | | $ | 3,462 | | | $ | (1,156) | | | $ | 6,472 | | | $ | (1,270) | | | U.S. state, municipal and political subdivisions | 67 | | | (3) | | | 842 | | | (243) | | | 909 | | | (246) | | | Foreign governments | 830 | | | (205) | | | 738 | | | (309) | | | 1,568 | | | (514) | | | Corporate | 19,530 | | | (673) | | | 44,051 | | | (10,997) | | | 63,581 | | | (11,670) | | | CLO | 2,675 | | | (48) | | | 2,325 | | | (215) | | | 5,000 | | | (263) | | | ABS | 9,361 | | | (155) | | | 4,070 | | | (309) | | | 13,431 | | | (464) | | | CMBS | 1,868 | | | (56) | | | 1,773 | | | (315) | | | 3,641 | | | (371) | | | RMBS | 825 | | | (13) | | | 1,261 | | | (157) | | | 2,086 | | | (170) | | | Total AFS securities | 38,166 | | | (1,267) | | | 58,522 | | | (13,701) | | | 96,688 | | | (14,968) | | | AFS securities – related parties | | | | | | | | | | | | | Corporate | 471 | | | (4) | | | 365 | | | (26) | | | 836 | | | (30) | | | CLO | 586 | | | (10) | | | 544 | | | (56) | | | 1,130 | | | (66) | | | ABS | 2,533 | | | (43) | | | 3,355 | | | (235) | | | 5,888 | | | (278) | | | Total AFS securities – related parties | 3,590 | | | (57) | | | 4,264 | | | (317) | | | 7,854 | | | (374) | | | Total AFS securities, including related parties | $ | 41,756 | | | $ | (1,324) | | | $ | 62,786 | | | $ | (14,018) | | | $ | 104,542 | | | $ | (15,342) | |
The following summarizes the number of AFS securities that were in an unrealized loss position, including related parties, for which an allowance for credit losses has not been recorded:
| | | | | | | | | | | | | September 30, 2025 | | Unrealized Loss Position | | Unrealized Loss Position 12 Months or More | | AFS securities | 6,278 | | | 5,383 | | | AFS securities – related parties | 150 | | | 72 | |
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| Schedule of Activity in Allowance for Credit Losses |
The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2025 | | | | | Additions | | Reductions | | | | | | (In millions) | Beginning balance | | Initial credit losses | | | | Securities sold during the period | | | Additions (reductions) to previously impaired securities | | Ending balance | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate | $ | 174 | | | $ | — | | | | | $ | (22) | | | | $ | (1) | | | $ | 151 | | | | | | | | | | | | | | | | | | ABS | 130 | | | — | | | | | — | | | | 30 | | | 160 | | | | CMBS | 62 | | | 2 | | | | | — | | | | 3 | | | 67 | | | | RMBS | 394 | | | 2 | | | | | (3) | | | | 11 | | | 404 | | | | Total AFS securities | 760 | | | 4 | | | | | (25) | | | | 43 | | | 782 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFS securities – related parties, ABS | 1 | | | — | | | | | — | | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities, including related parties | $ | 761 | | | $ | 4 | | | | | $ | (25) | | | | $ | 43 | | | $ | 783 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, 2024 | | | | | Additions | | Reductions | | | | | | (In millions) | Beginning balance | | Initial credit losses | | | | Securities sold during the period | | | Additions (reductions) to previously impaired securities | | Ending balance | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate | $ | 168 | | | $ | — | | | | | $ | — | | | | $ | — | | | $ | 168 | | | | CLO | — | | | 1 | | | | | — | | | | — | | | 1 | | | | ABS | 67 | | | 13 | | | | | (14) | | | | 8 | | | 74 | | | | CMBS | 57 | | | 1 | | | | | — | | | | (1) | | | 57 | | | | RMBS | 378 | | | 5 | | | | | (4) | | | | (2) | | | 377 | | | | Total AFS securities | 670 | | | 20 | | | | | (18) | | | | 5 | | | 677 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFS securities – related parties, ABS | 1 | | | — | | | | | — | | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities, including related parties | $ | 671 | | | $ | 20 | | | | | $ | (18) | | | | $ | 5 | | | $ | 678 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2025 | | | | | Additions | | | | Reductions | | | | | | | (In millions) | Beginning balance | | Initial credit losses | | | | Securities sold during the period | | | | Additions (reductions) to previously impaired securities | | Ending balance | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate | $ | 175 | | | $ | — | | | | | $ | (22) | | | | | $ | (2) | | | $ | 151 | | | | | | | | | | | | | | | | | | | ABS | 76 | | | 40 | | | | | (3) | | | | | 47 | | | 160 | | | | CMBS | 60 | | | 2 | | | | | — | | | | | 5 | | | 67 | | | | RMBS | 397 | | | 7 | | | | | (13) | | | | | 13 | | | 404 | | | | Total AFS securities | 708 | | | 49 | | | | | (38) | | | | | 63 | | | 782 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFS securities – related parties, ABS | 1 | | | — | | | | | — | | | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities, including related parties | $ | 709 | | | $ | 49 | | | | | $ | (38) | | | | | $ | 63 | | | $ | 783 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, 2024 | | | | Additions | | | | Reductions | | | | | | (In millions) | Beginning balance | | Initial credit losses | | | | Securities sold during the period | | | | Additions (reductions) to previously impaired securities | | Ending balance | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate | $ | 129 | | | $ | 48 | | | | | $ | (8) | | | | | $ | (1) | | | $ | 168 | | | CLO | 2 | | | 1 | | | | | — | | | | | (2) | | | 1 | | | ABS | 49 | | | 25 | | | | | (15) | | | | | 15 | | | 74 | | | CMBS | 29 | | | 27 | | | | | — | | | | | 1 | | | 57 | | | RMBS | 381 | | | 10 | | | | | (14) | | | | | — | | | 377 | | | Total AFS securities | 590 | | | 111 | | | | | (37) | | | | | 13 | | | 677 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFS securities – related parties, ABS | 1 | | | — | | | | | — | | | | | — | | | 1 | | | | | | | | | | | | | | | | | Total AFS securities, including related parties | $ | 591 | | | $ | 111 | | | | | $ | (37) | | | | | $ | 13 | | | $ | 678 | | | | | | | | | | | | | | | |
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| Schedule of Net Investment Income by Asset Class |
Net investment income by asset class consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | AFS securities | $ | 3,022 | | | $ | 2,519 | | | $ | 8,563 | | | $ | 6,996 | | | | | Trading securities | 90 | | | 40 | | | 198 | | | 125 | | | | | Equity securities | 18 | | | 19 | | | 62 | | | 65 | | | | | Mortgage loans | 1,397 | | | 1,007 | | | 3,782 | | | 2,711 | | | | | Investment funds | 35 | | | 45 | | | 200 | | | 35 | | | | | Funds withheld at interest | 232 | | | 279 | | | 741 | | | 1,001 | | | | | Other | 267 | | | 217 | | | 724 | | | 617 | | | | | Investment revenue | 5,061 | | | 4,126 | | | 14,270 | | | 11,550 | | | | | Investment expenses | (48) | | | (25) | | | (140) | | | (69) | | | | | Net investment income | $ | 5,013 | | | $ | 4,101 | | | $ | 14,130 | | | $ | 11,481 | | | |
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| Schedule of Change in Unrealized Gain (Loss) on Trading and Equity Securities |
The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | Trading securities | $ | 73 | | | $ | 82 | | | $ | 209 | | | $ | 40 | | | | | Equity securities | 11 | | | 38 | | | 46 | | | 58 | | | |
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| Schedule of Remaining Contractual Maturities of Repurchase Agreements |
The following table summarizes the remaining contractual maturities of repurchase agreements, which are included in payables for collateral on derivatives and securities to repurchase on the condensed consolidated statements of financial condition:
| | | | | | | | | | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | Less than 30 days | $ | 75 | | | $ | 2,752 | | | | | | | | | | | 30 – 90 days | — | | | 300 | | | | | | | | | | | 91 days to 1 year | — | | | 1,095 | | | | | | | | | | | Greater than 1 year | 2,747 | | | 1,569 | | | | | | | | | | Payables for repurchase agreements | $ | 2,822 | | | $ | 5,716 | | | | | | | | | |
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| Schedule of Securities Pledged as Collateral for Repurchase Agreements |
The following table summarizes the securities pledged as collateral for repurchase agreements:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | December 31, 2024 | | (In millions) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | AFS securities | | | | | | | | | U.S. government and agencies | $ | — | | | $ | — | | | $ | 3,253 | | | $ | 2,693 | | | | | | | | | | | Foreign governments | 241 | | | 185 | | | 159 | | | 107 | | | Corporate | 1,876 | | | 1,690 | | | 1,877 | | | 1,573 | | | CLO | 587 | | | 587 | | | 587 | | | 588 | | | ABS | 601 | | | 569 | | | 596 | | | 552 | | | | | | | | | | | RMBS | — | | | — | | | 369 | | | 365 | | | | | | | | | | | Total securities pledged under repurchase agreements | $ | 3,305 | | | $ | 3,031 | | | $ | 6,841 | | | $ | 5,878 | |
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| Schedule of Mortgage Loan Portfolio, with Fair Value Option Loans |
The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance: | | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | Commercial mortgage loans | $ | 37,138 | | | $ | 32,544 | | | Commercial mortgage loans under development | 2,031 | | | 1,987 | | | Total commercial mortgage loans | 39,169 | | | 34,531 | | | Mark to fair value | (1,730) | | | (2,099) | | | Commercial mortgage loans | 37,439 | | | 32,432 | | | Residential mortgage loans | 47,318 | | | 35,223 | | | Mark to fair value | 589 | | | (540) | | | Residential mortgage loans | 47,907 | | | 34,683 | | | Mortgage loans | $ | 85,346 | | | $ | 67,115 | |
The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | Trading securities | $ | 43 | | | $ | 131 | | | $ | 379 | | | $ | 31 | | | | | Mortgage loans | 197 | | | 1,186 | | | 2,130 | | | 868 | | | | | Investment funds | 9 | | | 38 | | | 164 | | | 13 | | | | | Future policy benefits | (5) | | | (46) | | | — | | | 12 | | | | | Other | 14 | | | 5 | | | (3) | | | 9 | | | | | Total gains (losses) | $ | 258 | | | $ | 1,314 | | | $ | 2,670 | | | $ | 933 | | | |
The following summarizes information for fair value option mortgage loans, including related parties and VIEs:
| | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | Unpaid principal balance | $ | 86,487 | | | $ | 69,754 | | | Mark to fair value | (1,141) | | | (2,639) | | | Fair value | $ | 85,346 | | | $ | 67,115 | |
The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
| | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status | $ | 642 | | | $ | 195 | | | Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (276) | | | (102) | | | Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | $ | 366 | | | $ | 93 | | | | | | | Fair value of commercial mortgage loans 90 days or more past due | $ | 282 | | | $ | 31 | | | Fair value of commercial mortgage loans in non-accrual status | 366 | | | 93 | |
The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:
| | | | | | | | | | | | | (In millions) | September 30, 2025 | | December 31, 2024 | | Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status | $ | 887 | | | $ | 898 | | | Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status | (87) | | | (51) | | | Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status | $ | 800 | | | $ | 847 | | | | | | Fair value of residential mortgage loans 90 days or more past due1 | $ | 800 | | | $ | 847 | | | Fair value of residential mortgage loans in non-accrual status | 753 | | | 765 | | | | | | 1 As of September 30, 2025 and December 31, 2024, includes $47 million and $82 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies. |
The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | Mortgage loans | $ | (21) | | | $ | (19) | | | $ | (44) | | | $ | (49) | | | |
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| Schedule of Distribution of Commercial and Residential Mortgage Loans, Percentage by Geographical Location |
The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | December 31, 2024 | | (In millions, except percentages) | Fair Value | | Percentage of Total | | Fair Value | | Percentage of Total | | Property type | | | | | | | | | Apartment | $ | 14,906 | | | 39.8 | % | | $ | 11,746 | | | 36.2 | % | | Industrial | 8,244 | | | 22.0 | % | | 6,793 | | | 21.0 | % | | Office building | 4,529 | | | 12.1 | % | | 4,162 | | | 12.8 | % | | Hotels | 2,865 | | | 7.7 | % | | 2,786 | | | 8.6 | % | | Retail | 1,998 | | | 5.3 | % | | 2,269 | | | 7.0 | % | | Other commercial | 4,897 | | | 13.1 | % | | 4,676 | | | 14.4 | % | | Total commercial mortgage loans | $ | 37,439 | | | 100.0 | % | | $ | 32,432 | | | 100.0 | % | | | | | | | | | | U.S. region | | | | | | | | | East North Central | $ | 1,810 | | | 4.8 | % | | $ | 1,546 | | | 4.8 | % | | East South Central | 426 | | | 1.1 | % | | 438 | | | 1.3 | % | | Middle Atlantic | 10,074 | | | 26.9 | % | | 8,386 | | | 25.9 | % | | Mountain | 1,572 | | | 4.2 | % | | 1,322 | | | 4.1 | % | | New England | 1,086 | | | 2.9 | % | | 1,118 | | | 3.4 | % | | Pacific | 6,106 | | | 16.3 | % | | 5,768 | | | 17.8 | % | | South Atlantic | 6,465 | | | 17.3 | % | | 6,198 | | | 19.1 | % | | West North Central | 523 | | | 1.4 | % | | 221 | | | 0.7 | % | | West South Central | 2,769 | | | 7.4 | % | | 1,971 | | | 6.1 | % | | Total U.S. region | 30,831 | | | 82.3 | % | | 26,968 | | | 83.2 | % | | International region | | | | | | | | | United Kingdom | 2,874 | | | 7.7 | % | | 2,281 | | | 7.0 | % | Other international1 | 3,734 | | | 10.0 | % | | 3,183 | | | 9.8 | % | | Total international region | 6,608 | | | 17.7 | % | | 5,464 | | | 16.8 | % | | Total commercial mortgage loans | $ | 37,439 | | | 100.0 | % | | $ | 32,432 | | | 100.0 | % | | | | | | | | | 1 Represents all other countries, with each individual country comprising less than 5% of the portfolio. |
Athene’s residential mortgage loan portfolio primarily consists of first lien residential mortgage loans collateralized by properties in various geographic locations and is summarized by proportion of the portfolio in the following table:
| | | | | | | | | | | | | September 30, 2025 | | December 31, 2024 | | U.S. States | | | | | California | 25.9 | % | | 25.6 | % | | Florida | 11.8 | % | | 12.4 | % | | Texas | 7.4 | % | | 7.4 | % | | | | | Other1 | 46.8 | % | | 45.5 | % | | Total U.S. residential mortgage loan percentage | 91.9 | % | | 90.9 | % | | | | | | | | | International1 | 8.1 | % | | 9.1 | % | | | | | | Total residential mortgage loan percentage | 100.0 | % | | 100.0 | % | | | | | 1 Represents all other states or countries, with each individual state or country comprising less than 5% of the portfolio. |
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| Schedule of Investment Funds, Including Related Parties and Consolidated VIEs |
The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2025 | | December 31, 2024 | | (In millions, except percentages) | Carrying Value | | Percentage of Total | | Carrying Value | | Percentage of Total | | Investment funds | | | | | | | | | Equity | $ | 111 | | | 0.5 | % | | $ | 107 | | | 0.6 | % | | | | | | | | | | | | | | | | | | | | | | | | | | Investment funds – related parties | | | | | | | | | Origination platforms | 33 | | | 0.2 | % | | 29 | | | 0.2 | % | | Retirement services platforms | 1,526 | | | 6.7 | % | | 1,317 | | | 6.7 | % | | Equity | 244 | | | 1.1 | % | | 244 | | | 1.2 | % | | Credit | 327 | | | 1.4 | % | | 253 | | | 1.3 | % | | Other | 5 | | | 0.0 | % | | 10 | | | 0.1 | % | | Total investment funds – related parties | 2,135 | | | 9.4 | % | | 1,853 | | | 9.5 | % | | Investment funds – consolidated VIEs | | | | | | | | | Origination platforms | 7,715 | | | 34.1 | % | | 6,347 | | | 32.3 | % | | | | | | | | | | Equity | 7,431 | | | 32.8 | % | | 7,597 | | | 38.7 | % | | Credit | 4,477 | | | 19.8 | % | | 3,062 | | | 15.6 | % | | Other | 780 | | | 3.4 | % | | 654 | | | 3.3 | % | | Total investment funds – consolidated VIEs | 20,403 | | | 90.1 | % | | 17,660 | | | 89.9 | % | | Total investment funds, including related parties and consolidated VIEs | $ | 22,649 | | | 100.0 | % | | $ | 19,620 | | | 100.0 | % | | | | | | | | |
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| Schedule of Concentration of Risk, by Risk Factor |
The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity: | | | | | | | (In millions) | September 30, 2025 | | Investment-grade ABS debt issued by AP Grange Holdings, LLC | $ | 4,975 | | Investments in Atlas Securitized Products Holdings LP (Atlas)1 | 3,759 | | Investment-grade ABS debt issued by Apollo Multi-Asset Prime Securities (AMAPS) 1, LLC1 | 3,250 | | | Investment-grade ABS debt issued by Fox Hedge L.P. | 3,187 | | | | | | | | | December 31, 2024 | | Investment-grade ABS debt issued by AP Grange Holdings, LLC | $ | 4,661 | | Investments in Atlas1 | 3,172 | | | Investment-grade ABS debt issued by Fox Hedge L.P. | 2,924 | | | | | 1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party. See note 16 for additional details on Atlas. | | |
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