v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Common Stock
8. Debt

Credit Facility—On June 26, 2026, AHL, AARe, ALRe and Athene USA Corporation (AUSA) entered into a five-year revolving credit agreement with a syndicate of banks and Citibank, N.A. as administrative agent (Credit Facility), which replaced our previous credit agreement dated June 30, 2023. The Credit Facility is unsecured and has a commitment termination date of June 26, 2031, subject to up to two one-year extensions, in accordance with the terms of the Credit Facility. In connection with the Credit Facility, AHL and AUSA guaranteed all of the obligations of the other borrowers under the Credit Facility and the related loan documents, and ALRe and AARe guaranteed certain of the obligations of the other borrowers under the Credit Facility and the related loan documents. The borrowing capacity under the Credit Facility is $1.75 billion, subject to being increased up to $2.5 billion in total on the terms described in the Credit Facility. The Credit Facility contains various standard covenants with which we must comply, including the following:

1.Consolidated debt-to-capitalization ratio of not greater than 40%;
2.Minimum consolidated net worth of no less than $22.1 billion; and
3.Restrictions on our ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the term secured overnight financing rate plus a margin or the base rate plus a margin, with the applicable margin varying based on AHL’s debt rating. Rates and terms are as defined in the Credit Facility. As of June 30, 2026 and December 31, 2025, we had no amounts outstanding under the current or previous credit facilities and were in compliance with all financial covenants under the facilities.

Liquidity Facility—On June 26, 2026, AARe, ALRe and AAIA entered into a revolving credit agreement with a syndicate of banks and Wells Fargo Bank, National Association, as administrative agent (Liquidity Facility), which replaced our previous revolving credit agreement dated as of June 27, 2025. The previous credit agreement, and the commitments under it, expired on June 26, 2026. The Liquidity Facility is unsecured and has a commitment termination date of June 25, 2027, subject to any extensions of additional 364-day periods with consent of extending lenders and/or “term-out” of outstanding loans (by which, at our election, the outstanding loans may be converted to term loans which shall have a maturity of up to one year after the original maturity date), in each case in accordance with the terms of the Liquidity Facility. In connection with the Liquidity Facility, AARe guaranteed all of the obligations of each other borrower under the Liquidity Facility and the related loan documents. The borrowing capacity under the Liquidity Facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Liquidity Facility. The Liquidity Facility contains various standard covenants with which we must comply, including the following:

1.AARe minimum consolidated net worth of no less than $26.2 billion; and
2.Restrictions on our ability to incur liens, with certain exceptions.

Interest accrues on outstanding borrowings at either the term secured overnight financing rate plus a margin or the base rate plus a margin, with applicable margin varying based on AARe’s financial strength rating. Rates and terms are as defined in the Liquidity Facility.

As of June 30, 2026 and December 31, 2025, we had no amounts outstanding under the current or previous liquidity facilities and were in compliance with all financial covenants under the facilities.

Senior Notes—Our senior unsecured notes are callable by AHL at any time. If called prior to a defined period before the scheduled maturity date, typically three or six months, the price is equal to the greater of (1) 100% of the principal and any accrued and unpaid interest and (2) an amount equal to the sum of the present values of remaining scheduled payments, discounted from the scheduled payment date to the redemption date at the treasury rate plus a spread as defined in the applicable prospectus supplement and any accrued and unpaid interest.

On August 7, 2026, we issued $1,000 million of 6.150% Senior Notes due August 15, 2036 (2036 Senior Notes). We will accrue interest quarterly and pay interest on the 2036 Senior Notes semi-annually, commencing on February 15, 2027.

Subordinated Notes—We have fixed-rate reset subordinated notes outstanding, which pay interest at the initially stated fixed rate until the interest rate reset dates, at which point the interest rate resets to the Five-Year US Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. We may defer interest payments on the subordinated notes for up to five consecutive years.
The following is a summary of our debt:
Outstanding Balance
(In millions, except percentages)Issue DateMaturity Date
Principal Balance
June 30, 2026December 31, 2025
4.125% 2028 Senior Notes
January 12, 2018January 12, 2028$1,000 $1,026 $1,034 
6.150% 2030 Senior Notes
April 3, 2020April 3, 2030500 558 565 
3.500% 2031 Senior Notes
October 8, 2020January 15, 2031500 515 517 
6.650% 2033 Senior Notes
November 21, 2022February 1, 2033400 396 396 
5.875% 2034 Senior Notes
December 12, 2023January 15, 2034600 586 585 
3.950% 2051 Senior Notes
May 25, 2021May 25, 2051500 543 543 
3.450% 2052 Senior Notes
December 13, 2021May 15, 2052500 504 504 
6.250% 2054 Senior Notes
March 22, 2024April 1, 20541,000 983 983 
6.625% 2055 Senior Notes
May 19, 2025May 19, 20551,000 979 979 
6.625% 2054 Subordinated Notes
October 10, 2024October 15, 2054600 592 592 
6.875% 2055 Subordinated Notes
June 27, 2025June 28, 2055600 592 592 
7.250% 2064 Subordinated Notes
March 7, 2024March 30, 2064575 558 558 
Total debt$7,775 $7,832 $7,848