| Investments |
4. Investments
The following table outlines the Company’s investments:
| | | | | | | | | | | | | | | (In millions) | December 31, 2025 | | December 31, 2024 | | | | Asset Management | | | | | | | Investments, at fair value | $ | 1,696 | | | $ | 1,384 | | | | | Equity method investments | 1,278 | | | 1,082 | | | | | Performance allocations | 3,240 | | | 3,262 | | | | | | | | | | | Other investments | 12 | | | 358 | | | | Total Investments – Asset Management | 6,226 | | | 6,086 | | | | Retirement Services | | | | | | | AFS securities, at fair value | 218,644 | | | 184,167 | | | | | Trading securities, at fair value | 6,863 | | | 2,156 | | | | | Equity securities, at fair value | 1,088 | | | 1,524 | | | | | Mortgage loans, at fair value | 93,404 | | | 64,536 | | | | | Investment funds | 2,257 | | | 1,960 | | | | | Policy loans | 301 | | | 318 | | | | | Funds withheld at interest | 19,628 | | | 23,916 | | | | | Derivative assets | 9,190 | | | 8,154 | | | | | Short-term investments | 193 | | | 1,190 | | | | | Other investments | 4,492 | | | 3,246 | | | | Total Investments, including related parties – Retirement Services | 356,060 | | | 291,167 | | | | | Total Investments | $ | 362,286 | | | $ | 297,253 | | | |
Asset Management
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:
| | | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2025 | | 2024 | | 2023 | | Realized gains (losses) on sales of investments, net | | | | | $ | 15 | | | $ | (1) | | | $ | (9) | | | Net change in unrealized gains (losses) due to changes in fair value | | | | | (266) | | | 59 | | | 16 | | | Net gains (losses) from investment activities | | | | | $ | (251) | | | $ | 58 | | | $ | 7 | |
Performance Allocations
Performance allocations receivable and those of consolidated VIEs are recorded within investments and investments of consolidated VIEs, respectively, in the consolidated statements of financial condition. The following table presents the performance allocations:
| | | | | | | | | | | | | (In millions) | December 31, 2025 | | December 31, 2024 | | Performance allocations | $ | 3,240 | | | $ | 3,262 | | | Performance allocations – consolidated VIEs | 314 | | | 12 | | | Total performance allocations | $ | 3,554 | | | $ | 3,274 | |
The table below provides a roll forward of the performance allocations balance:
| | | | | | | (In millions) | Total | Performance allocations, January 1, 2024 | $ | 2,941 | | | Change in fair value of funds | 1,261 | | | Fund distributions to the Company | (928) | | Total performance allocations, December 31, 2024 | $ | 3,274 | | Change in fair value of funds and other1 | 1,350 | | | Fund distributions to the Company | (1,070) | | Total performance allocations, December 31, 2025 | $ | 3,554 | | 1 Other includes $320 million of performance allocations related to the Bridge acquisition during the third quarter of 2025. |
The change in fair value of funds excludes the general partner obligation to return previously distributed performance allocations, which is recorded in due to related parties in the consolidated statements of financial condition.
The timing of the payment of performance allocations due to the general partner or investment manager varies depending on the terms of the applicable fund agreements. Generally, performance allocations with respect to the equity funds and certain credit funds we manage are payable and are distributed to the fund’s general partner upon realization of an investment if the fund’s cumulative returns are in excess of the preferred return.
Retirement Services
AFS Securities
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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In millions) | Amortized Cost | | Allowance for Credit Losses | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | AFS securities | | | | | | | | | | | U.S. government and agencies | $ | 18,008 | | | $ | — | | | $ | 116 | | | $ | (1,226) | | | $ | 16,898 | | | U.S. state, municipal and political subdivisions | 954 | | | — | | | — | | | (195) | | | 759 | | | Foreign governments | 2,225 | | | — | | | 32 | | | (598) | | | 1,659 | | | Corporate | 97,166 | | | (105) | | | 1,291 | | | (8,921) | | | 89,431 | | | CLO | 25,730 | | | — | | | 648 | | | (106) | | | 26,272 | | | ABS | 35,275 | | | (171) | | | 823 | | | (465) | | | 35,462 | | | CMBS | 13,351 | | | (70) | | | 120 | | | (317) | | | 13,084 | | | RMBS | 9,407 | | | (411) | | | 300 | | | (264) | | | 9,032 | | | Total AFS securities | 202,116 | | | (757) | | | 3,330 | | | (12,092) | | | 192,597 | | | AFS securities – related parties | | | | | | | | | | | Corporate | 2,287 | | | — | | | 43 | | | (13) | | | 2,317 | | | CLO | 7,103 | | | — | | | 121 | | | (21) | | | 7,203 | | | ABS | 16,500 | | | (1) | | | 45 | | | (178) | | | 16,366 | | | CMBS | 162 | | | — | | | — | | | (1) | | | 161 | | | Total AFS securities – related parties | 26,052 | | | (1) | | | 209 | | | (213) | | | 26,047 | | | Total AFS securities, including related parties | $ | 228,168 | | | $ | (758) | | | $ | 3,539 | | | $ | (12,305) | | | $ | 218,644 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:
| | | | | | | | | | | | | December 31, 2025 | | (In millions) | Amortized Cost | | Fair Value | | AFS securities | | | | | Due in one year or less | $ | 2,002 | | | $ | 1,982 | | | Due after one year through five years | 22,061 | | | 22,146 | | | Due after five years through ten years | 24,623 | | | 23,959 | | | Due after ten years | 69,667 | | | 60,660 | | | CLO, ABS, CMBS and RMBS | 83,763 | | | 83,850 | | | Total AFS securities | 202,116 | | | 192,597 | | | AFS securities – related parties | | | | | Due in one year or less | 7 | | | 7 | | | Due after one year through five years | 1,133 | | | 1,167 | | | Due after five years through ten years | 819 | | | 826 | | | Due after ten years | 328 | | | 317 | | | CLO, ABS and CMBS | 23,765 | | | 23,730 | | | Total AFS securities – related parties | 26,052 | | | 26,047 | | | Total AFS securities, including related parties | $ | 228,168 | | | $ | 218,644 | |
Actual maturities can differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Unrealized Losses on AFS Securities
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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 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 | $ | 5,987 | | | $ | (96) | | | $ | 4,068 | | | $ | (1,130) | | | $ | 10,055 | | | $ | (1,226) | | | U.S. state, municipal and political subdivisions | 37 | | | (1) | | | 707 | | | (194) | | | 744 | | | (195) | | | Foreign governments | 84 | | | (11) | | | 1,326 | | | (587) | | | 1,410 | | | (598) | | | Corporate | 13,107 | | | (284) | | | 38,209 | | | (8,602) | | | 51,316 | | | (8,886) | | | CLO | 11,891 | | | (59) | | | 1,017 | | | (45) | | | 12,908 | | | (104) | | | ABS | 6,355 | | | (165) | | | 4,873 | | | (263) | | | 11,228 | | | (428) | | | CMBS | 1,663 | | | (20) | | | 1,446 | | | (190) | | | 3,109 | | | (210) | | | RMBS | 217 | | | (2) | | | 839 | | | (90) | | | 1,056 | | | (92) | | | Total AFS securities | 39,341 | | | (638) | | | 52,485 | | | (11,101) | | | 91,826 | | | (11,739) | | | AFS securities – related parties | | | | | | | | | | | | | Corporate | 170 | | | (1) | | | 377 | | | (12) | | | 547 | | | (13) | | | CLO | 4,215 | | | (19) | | | 95 | | | (2) | | | 4,310 | | | (21) | | | ABS | 2,069 | | | (6) | | | 3,076 | | | (162) | | | 5,145 | | | (168) | | | CMBS | 70 | | | (1) | | | 5 | | | — | | | 75 | | | (1) | | | Total AFS securities – related parties | 6,524 | | | (27) | | | 3,553 | | | (176) | | | 10,077 | | | (203) | | | Total AFS securities, including related parties | $ | 45,865 | | | $ | (665) | | | $ | 56,038 | | | $ | (11,277) | | | $ | 101,903 | | | $ | (11,942) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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:
| | | | | | | | | | | | | December 31, 2025 | | Unrealized Loss Position | | Unrealized Loss Position 12 Months or More | | AFS securities | 6,492 | | | 5,112 | | | AFS securities – related parties | 240 | | | 67 | |
The unrealized losses on AFS securities can primarily be attributed to changes in market interest rates since acquisition of the securities. Athene did not recognize the unrealized losses in income, unless as required for hedge accounting, as it intends to hold these securities and it is not more likely than not it will be required to sell a security before the recovery of its amortized cost.
Allowance for Credit Losses
The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 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 | | | $ | — | | | | | $ | (29) | | | | | $ | (41) | | | $ | 105 | | | | | | | | | | | | | | | | | | | ABS | 76 | | | 40 | | | | | (15) | | | | | 70 | | | 171 | | | | CMBS | 60 | | | 3 | | | | | — | | | | | 7 | | | 70 | | | | RMBS | 397 | | | 12 | | | | | (27) | | | | | 29 | | | 411 | | | | Total AFS securities | 708 | | | 55 | | | | | (71) | | | | | 65 | | | 757 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFS securities – related parties, ABS | 1 | | | — | | | | | — | | | | | — | | | 1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total AFS securities, including related parties | $ | 709 | | | $ | 55 | | | | | $ | (71) | | | | | $ | 65 | | | $ | 758 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 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) | | | | | $ | 6 | | | $ | 175 | | | CLO | 2 | | | 1 | | | | | — | | | | | (3) | | | — | | | ABS | 49 | | | 25 | | | | | (16) | | | | | 18 | | | 76 | | | CMBS | 29 | | | 27 | | | | | — | | | | | 4 | | | 60 | | | RMBS | 381 | | | 17 | | | | | (17) | | | | | 16 | | | 397 | | | Total AFS securities | 590 | | | 118 | | | | | (41) | | | | | 41 | | | 708 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AFS securities – related parties, ABS | 1 | | | — | | | | | — | | | | | — | | | 1 | | | | | | | | | | | | | | | | | Total AFS securities, including related parties | $ | 591 | | | $ | 118 | | | | | $ | (41) | | | | | $ | 41 | | | $ | 709 | | | | | | | | | | | | | | | |
Net Investment Income
Net investment income by asset class consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2025 | | 2024 | | 2023 | | AFS securities | | | | | $ | 11,626 | | | $ | 9,691 | | | $ | 6,901 | | | Trading securities | | | | | 324 | | | 161 | | | 177 | | | Equity securities | | | | | 78 | | | 90 | | | 76 | | | Mortgage loans | | | | | 5,218 | | | 3,767 | | | 2,360 | | | Investment funds | | | | | 234 | | | (38) | | | 90 | | | Funds withheld at interest | | | | | 964 | | | 1,318 | | | 1,752 | | | Other | | | | | 998 | | | 828 | | | 815 | | | Investment revenue | | | | | 19,442 | | | 15,817 | | | 12,171 | | | Investment expenses | | | | | (197) | | | (99) | | | (91) | | | Net investment income | | | | | $ | 19,245 | | | $ | 15,718 | | | $ | 12,080 | |
Investment Related Gains (Losses)
Investment related gains (losses) by asset class consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2025 | | 2024 | | 2023 | AFS securities1 | | | | | | | | | | | Gross realized gains on investment activity | | | | | $ | 2,742 | | | $ | 977 | | | $ | 926 | | | Gross realized losses on investment activity | | | | | (1,236) | | | (1,979) | | | (779) | | | Net realized investment gains (losses) on AFS securities | | | | | 1,506 | | | (1,002) | | | 147 | | | Net recognized investment gains (losses) on trading securities | | | | | 380 | | | (170) | | | 66 | | | Net recognized investment gains on equity securities | | | | | 55 | | | 22 | | | 13 | | | Net recognized investment gains (losses) on mortgage loans | | | | | 2,320 | | | (132) | | | 207 | | | Derivative gains (losses) | | | | | (1,569) | | | 2,205 | | | 2,135 | | | Provision for credit losses | | | | | (111) | | | (181) | | | (335) | | | Other gains (losses) | | | | | (1,037) | | | 1,303 | | | (805) | | | Investment related gains (losses) | | | | | $ | 1,544 | | | $ | 2,045 | | | $ | 1,428 | | | | | | | | | | | | 1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges. | | |
Proceeds from sales of AFS securities were $36,337 million, $21,623 million and $6,464 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The following table summarizes the change in unrealized gains (losses) on trading and equity securities held as of the respective period end:
| | | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | (In millions) | | | | | 2025 | | 2024 | | 2023 | | Trading securities | | | | | $ | 222 | | | $ | (42) | | | $ | 93 | | | Equity securities | | | | | 36 | | | 12 | | | 49 | |
Repurchase Agreements
The following table summarizes the remaining contractual maturities of repurchase agreements:
| | | | | | | | | | | | | | | | | | | | | (In millions) | December 31, 2025 | | December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | Less than 30 days | $ | 2,796 | | | $ | 2,752 | | | | | | | | | | | 30 – 90 days | — | | | 300 | | | | | | | | | | | 91 days to 1 year | — | | | 1,095 | | | | | | | | | | | Greater than 1 year | 3,247 | | | 1,569 | | | | | | | | | | Payables for repurchase agreements | $ | 6,043 | | | $ | 5,716 | | | | | | | | | |
The following table summarizes the securities pledged as collateral for repurchase agreements:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | (In millions) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | | AFS securities | | | | | | | | | U.S. government and agencies | $ | 2,780 | | | $ | 2,787 | | | $ | 3,253 | | | $ | 2,693 | | | | | | | | | | | Foreign governments | 241 | | | 185 | | | 159 | | | 107 | | | Corporate | 2,022 | | | 1,785 | | | 1,877 | | | 1,573 | | | CLO | 611 | | | 608 | | | 587 | | | 588 | | | ABS | 584 | | | 568 | | | 596 | | | 552 | | | CMBS | 197 | | | 198 | | | — | | | — | | | RMBS | 93 | | | 94 | | | 369 | | | 365 | | | | | | | | | | | Total securities pledged under repurchase agreements | $ | 6,528 | | | $ | 6,225 | | | $ | 6,841 | | | $ | 5,878 | |
As of December 31, 2025, $907 million of repurchase agreements were presented net of reverse repurchase agreements on the consolidated statements of financial condition.
Reverse Repurchase Agreements
As of December 31, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $1,067 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and short-term investments, was $1,822 million and $2,208 million, respectively.
Mortgage Loans, including related parties and consolidated VIEs
Mortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 7 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:
| | | | | | | | | | | | | (In millions) | December 31, 2025 | | December 31, 2024 | | Commercial mortgage loans | $ | 38,869 | | | $ | 32,544 | | | Commercial mortgage loans under development | 1,787 | | | 1,987 | | | Total commercial mortgage loans | 40,656 | | | 34,531 | | | Mark to fair value | (1,585) | | | (2,099) | | | Commercial mortgage loans | 39,071 | | | 32,432 | | | Residential mortgage loans | 55,613 | | | 35,223 | | | Mark to fair value | 860 | | | (540) | | | Residential mortgage loans | 56,473 | | | 34,683 | | | Mortgage loans | $ | 95,544 | | | $ | 67,115 | |
Athene invests in commercial mortgage loans, primarily on income-producing properties including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm whether properties are performing at a consistent and acceptable level to secure the related debt.
The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | (In millions, except percentages) | Fair Value | | Percentage of Total | | Fair Value | | Percentage of Total | | Property type | | | | | | | | | Apartment | $ | 15,458 | | | 39.5 | % | | $ | 11,746 | | | 36.2 | % | | Industrial | 8,778 | | | 22.5 | % | | 6,793 | | | 21.0 | % | | Office building | 4,530 | | | 11.6 | % | | 4,162 | | | 12.8 | % | | Hotels | 2,773 | | | 7.1 | % | | 2,786 | | | 8.6 | % | | Retail | 2,061 | | | 5.3 | % | | 2,269 | | | 7.0 | % | | Other commercial | 5,471 | | | 14.0 | % | | 4,676 | | | 14.4 | % | | Total commercial mortgage loans | $ | 39,071 | | | 100.0 | % | | $ | 32,432 | | | 100.0 | % | | | | | | | | | | U.S. region | | | | | | | | | East North Central | $ | 1,883 | | | 4.8 | % | | $ | 1,546 | | | 4.8 | % | | East South Central | 447 | | | 1.1 | % | | 438 | | | 1.3 | % | | Middle Atlantic | 9,323 | | | 23.9 | % | | 8,386 | | | 25.9 | % | | Mountain | 1,605 | | | 4.1 | % | | 1,322 | | | 4.1 | % | | New England | 1,088 | | | 2.8 | % | | 1,118 | | | 3.4 | % | | Pacific | 6,021 | | | 15.4 | % | | 5,768 | | | 17.8 | % | | South Atlantic | 6,919 | | | 17.7 | % | | 6,198 | | | 19.1 | % | | West North Central | 842 | | | 2.2 | % | | 221 | | | 0.7 | % | | West South Central | 3,175 | | | 8.1 | % | | 1,971 | | | 6.1 | % | | Total U.S. region | 31,303 | | | 80.1 | % | | 26,968 | | | 83.2 | % | | International region | | | | | | | | | U.K. | 3,085 | | | 7.9 | % | | 2,281 | | | 7.0 | % | Other international1 | 4,683 | | | 12.0 | % | | 3,183 | | | 9.8 | % | | Total international region | 7,768 | | | 19.9 | % | | 5,464 | | | 16.8 | % | | Total commercial mortgage loans | $ | 39,071 | | | 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:
| | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | U.S. States | | | | | California | 23.0 | % | | 25.6 | % | | Texas | 15.2 | % | | 7.4 | % | | Florida | 10.6 | % | | 12.4 | % | | | | | Other1 | 42.5 | % | | 45.5 | % | | Total U.S. residential mortgage loan percentage | 91.3 | % | | 90.9 | % | | | | | | | | | International1 | 8.7 | % | | 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. |
Investment Funds
Athene’s investment fund portfolio strategy primarily focuses on core holdings of origination and retirement services platforms, equity and credit, and other funds. Origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi-credit and opportunistic credit funds focused on generating excess returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid value, secondaries equity, real estate equity, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets.
The following summarizes Athene’s investment funds, including related parties and consolidated VIEs:
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | (In millions, except percentages) | Carrying Value | | Percentage of Total | | Carrying Value | | Percentage of Total | | Investment funds | | | | | | | | | Equity | $ | 108 | | | 0.4 | % | | $ | 107 | | | 0.6 | % | | | | | | | | | | | | | | | | | | | | | | | | | | Investment funds – related parties | | | | | | | | | Origination platforms | 33 | | | 0.1 | % | | 29 | | | 0.2 | % | | Retirement services platforms | 1,538 | | | 5.9 | % | | 1,317 | | | 6.7 | % | | Equity | 260 | | | 1.0 | % | | 244 | | | 1.2 | % | | Credit | 313 | | | 1.2 | % | | 253 | | | 1.3 | % | | Other | 5 | | | — | % | | 10 | | | 0.1 | % | | Total investment funds – related parties | 2,149 | | | 8.2 | % | | 1,853 | | | 9.5 | % | | Investment funds – consolidated VIEs | | | | | | | | | Origination platforms | 9,067 | | | 34.7 | % | | 6,347 | | | 32.3 | % | | | | | | | | | | Equity | 9,553 | | | 36.5 | % | | 7,597 | | | 38.7 | % | | Credit | 3,682 | | | 14.1 | % | | 3,062 | | | 15.6 | % | | Other | 1,586 | | | 6.1 | % | | 654 | | | 3.3 | % | | Total investment funds – consolidated VIEs | 23,888 | | | 91.4 | % | | 17,660 | | | 89.9 | % | | Total investment funds, including related parties and consolidated VIEs | $ | 26,145 | | | 100.0 | % | | $ | 19,620 | | | 100.0 | % | | | | | | | | |
Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:
| | | | | | | (In millions) | December 31, 2025 | | Investment-grade ABS debt issued by AP Grange Holdings, LLC | $ | 5,080 | | Investments in Atlas Securitized Products Holdings LP (Atlas)1 | 3,304 | | | Investment-grade ABS debt issued by Fox Hedge L.P. | 3,171 | | Investment-grade ABS debt issued by Apollo Multi-Asset Prime Securities (AMAPS) 2, LLC1 | 3,000 | | | Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l. | 2,791 | | Investment-grade ABS debt issued by AMAPS 1, LLC1 | 2,550 | | | | | | | | | | | 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. For Atlas, see note 18 for additional information. | | |
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