v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
12. Debt

The Company’s debt consisted of the following:
June 30, 2026December 31, 2025
(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair Value
Asset Management
Debt – Recourse
4.40% 2026 Senior Notes1
May 27, 2026$— $— $500 $500 
2
4.87% 2029 Senior Notes1
February 15, 2029675 676 
2
675 686 
2
2.65% 2030 Senior Notes1
June 5, 2030498 461 
2
497 464 
2
4.60% 2031 Senior Notes1
January 15, 2031396 395 
2
396 402 
2
6.38% 2033 Senior Notes1
November 15, 2033494 532 
2
493 550 
2
5.15% 2035 Senior Notes1
August 12, 2035839 826 
2
839 853 
2
5.70% 2036 Senior Notes1
March 30, 2036744 753 
2
— — 
2
5.00% 2048 Senior Notes1
March 15, 2048297 261 
2
297 273 
2
5.80% 2054 Senior Notes1
May 21, 2054741 712 
2
741 738 
2
7.63% 2053 Subordinated Notes1
September 15, 2053585 612 
3
585 628 
3
6.00% 2054 Subordinated Notes1
December 15, 2054
493 485 
2
493 496 
2
5,762 5,713 5,516 5,590 
Debt – NonrecourseJanuary 21, 2027133 133 
4
— — 
4
5,895 5,846 5,516 5,590 
Retirement Services
4.13% 2028 AHL Senior Notes1
January 12, 20281,026 991 
2
1,034 999 
2
6.15% 2030 AHL Senior Notes1
April 3, 2030558 518 
2
565 531 
2
3.50% 2031 AHL Senior Notes1
January 15, 2031515 469 
2
517 473 
2
6.65% 2033 AHL Senior Notes1
February 1, 2033396 423 
2
396 434 
2
5.88% 2034 AHL Senior Notes1
January 15, 2034586 607 
2
585 623 
2
3.95% 2051 AHL Senior Notes1
May 25, 2051543 343 
2
543 351 
2
3.45% 2052 AHL Senior Notes1
May 15, 2052504 313 
2
504 317 
2
6.25% 2054 AHL Senior Notes1
April 1, 2054983 921 
2
983 975 
2
6.63% 2055 AHL Senior Notes1
May 19, 2055979 972 
2
979 1,019 
2
6.63% 2054 AHL Subordinated Notes1
October 15, 2054592 576 
2
592 600 
2
6.88% 2055 AHL Subordinated Notes1
June 28, 2055592 576 
2
592 600 
2
7.25% 2064 AHL Subordinated Notes1
March 30, 2064558 564 
3
558 576 
3
7,832 7,273 7,848 7,498 
Total Debt$13,727 $13,119 $13,364 $13,088 
1 Interest rate is calculated as weighted average annualized.
2 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
3 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
4 Represents the nonrecourse warehouse facility of a consolidated entity. The facility is secured by the assets of the entity and creditors do not have recourse to the general credit of AAM or any of its subsidiaries. The carrying amount of the facility approximates fair value due to the short-term nature and variable rate structure of the facility and is classified as a Level 3 liability within the fair value hierarchy.

Asset Management – Notes Issued and Repayments

On March 30, 2026, AGM issued $750 million aggregate principal amount of its 5.700% Senior Notes due 2036 (the “2036 Senior Notes”). The 2036 Senior Notes bear interest at a rate of 5.700% per annum and interest is payable semi-annually in arrears on March 30 and September 30 of each year, commencing on September 30, 2026. The 2036 Senior Notes will mature on March 30, 2036.

On May 27, 2026, AMH repaid in full the principal and accrued interest of the $500 million aggregate principal amount of its 4.40% 2026 Senior Notes.
The indentures governing the Asset Management notes restrict the ability of AGM, AMH and the guarantors of the notes to incur indebtedness secured by liens on voting stock or profit participating equity interests of their respective subsidiaries, or merge, consolidate or sell, transfer or lease assets. The indentures also provide for customary events of default.

Retirement Services – Notes Issued

AHL Senior Notes – AHL’s 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 AHL issued $1.0 billion of 6.150% Senior Notes due August 15, 2036 (the “2036 AHL Senior Notes”). AHL will accrue interest quarterly and pay interest on the 2036 AHL Senior Notes semi-annually, commencing on February 15, 2027.

AHL Subordinated Notes – AHL has 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 U.S. Treasury Rate plus a spread. Reset terms are as defined in the applicable prospectus supplement. AHL may defer interest payments on the subordinated notes for up to five consecutive years.

Credit and Liquidity Facilities

The following table represents the Company’s credit and liquidity facilities as of June 30, 2026:

Instrument/FacilityMaturity DateAdministrative AgentKey terms
Asset Management –
AGM credit facility
November 21, 2029Citibank
The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.
Retirement Services –
Athene credit facility
June 26, 2031Citibank
The borrowing capacity under the Athene credit facility is $1.75 billion, subject to being increased up to $2.5 billion in total.
Retirement Services –
Athene liquidity facility
June 25, 2027Wells Fargo Bank
The borrowing capacity under the Athene liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.

Asset Management – Credit Facility

On November 21, 2024, AGM and AMH, as parent borrower and subsidiary borrower, respectively, entered into a $1.25 billion revolving credit facility with Citibank, N.A., as administrative agent, which matures on November 21, 2029 (“AGM credit facility”). As of June 30, 2026, AGM and AMH, as borrowers under the facility, could incur incremental facilities in an aggregate amount not to exceed $250 million plus additional amounts so long as AGM and AMH were in compliance with a net leverage ratio not to exceed 4.00 to 1.00.

As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under the AGM credit facility and the Company was in compliance with all financial covenants under the facility.

Retirement Services – Credit and Liquidity Facilities

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

1.Consolidated debt-to-capitalization ratio not to exceed 40%;
2.Minimum consolidated net worth of no less than $22.1 billion; and
3.Restrictions on Athene’s 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 Athene credit facility. As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under the current or previous Athene credit facilities and Athene was in compliance with all financial covenants under the facilities.

Athene 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, (“Athene liquidity facility”), which replaced the previous credit agreement dated as of June 27, 2025 and the commitments under it, which expired on June 26, 2026. The Athene 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 Athene’s 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 Athene liquidity facility. In connection with the Athene liquidity facility, AARe guaranteed all of the obligations of each other borrower under the Athene liquidity facility and the related loan documents. The borrowing capacity under the Athene liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total on the terms described in the Athene liquidity facility. The Athene liquidity facility contains various standard covenants with which Athene must comply, including the following:

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

Interest accrues on outstanding borrowings at 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 Athene liquidity facility. As of June 30, 2026 and December 31, 2025, there were no amounts outstanding under the current or previous Athene liquidity facilities and Athene was in compliance with all financial covenants under the facilities.

Interest Expense

The following table presents the interest expense incurred related to the Company’s debt:

Three months ended June 30,Six months ended June 30,
(In millions)2026202520262025
Asset Management$88 $60 $165 $120 
Retirement Services1
102 83 204 158 
Total Interest Expense$190 $143 $369 $278 
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.