Investments (Tables)

9 Months Ended

Sep. 30, 2026

The following table represents the amortized cost, allowance for credit losses, gross unrealized gains and losses and fair value of our AFS investments by asset type:


	September 30, 2026
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	27,625	$	—	$	—	$	(3,049)	$	24,576
US state, municipal and political subdivisions	657		—		—		(195)		462
Foreign governments	2,381		—		27		(764)		1,644
Corporate	107,557		(51)		265		(13,671)		94,100
CLO	17,062		—		236		(99)		17,199
ABS	45,884		(185)		328		(1,597)		44,430
CMBS	11,773		(103)		23		(406)		11,287
RMBS	8,126		(423)		162		(390)		7,475
Total AFS securities	221,065		(762)		1,041		(20,171)		201,173
AFS securities – related parties
Corporate	3,490		—		7		(55)		3,442
CLO	6,431		—		53		(29)		6,455
ABS	29,059		(1)		16		(343)		28,731
CMBS	111		—		—		—		111
Total AFS securities – related parties	39,091		(1)		76		(427)		38,739
Total AFS securities, including related parties	$	260,156	$	(763)	$	1,117	$	(20,598)	$	239,912


	December 31, 2025
(In millions)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS securities
US government and agencies	$	18,008	$	—	$	116	$	(1,226)	$	16,898
US 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	2,663		—		76		(25)		2,714
CLO	7,103		—		121		(21)		7,203
ABS	16,500		(1)		45		(178)		16,366
CMBS	162		—		—		(1)		161
Total AFS securities – related parties	26,428		(1)		242		(225)		26,444
Total AFS securities, including related parties	$	228,544	$	(758)	$	3,572	$	(12,317)	$	219,041

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, 2026
	Unrealized loss position	Unrealized loss position 12 months or more
AFS securities	7,606	4,749
AFS securities – related parties	193	61

Available-for-sale Securities by Contractual Maturity

The amortized cost and fair value of AFS securities, including related parties, are shown by contractual maturity below:


	September 30, 2026
(In millions)	Amortized Cost		Fair Value
AFS securities
Due in one year or less	$	2,402	$	2,392
Due after one year through five years	33,084		32,142
Due after five years through ten years	28,790		26,576
Due after ten years	73,944		59,672
CLO, ABS, CMBS and RMBS	82,845		80,391
Total AFS securities	221,065		201,173
AFS securities – related parties
Due in one year or less	31		30
Due after one year through five years	1,117		1,118
Due after five years through ten years	842		845
Due after ten years	1,500		1,449
CLO, ABS and CMBS	35,601		35,297
Total AFS securities – related parties	39,091		38,739
Total AFS securities, including related parties	$	260,156	$	239,912

Fair Values and Unrealized Losses on Available-for-sale 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:


	September 30, 2026
	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
US government and agencies	$	21,229	$	(1,795)	$	3,152	$	(1,254)	$	24,381	$	(3,049)
US state, municipal and political subdivisions	22		(3)		436		(192)		458		(195)
Foreign governments	279		(8)		1,186		(756)		1,465		(764)
Corporate	47,792		(2,861)		32,205		(10,773)		79,997		(13,634)
CLO	4,027		(29)		2,041		(50)		6,068		(79)
ABS	29,355		(1,135)		4,123		(425)		33,478		(1,560)
CMBS	3,751		(69)		1,629		(274)		5,380		(343)
RMBS	2,360		(42)		935		(150)		3,295		(192)
Total AFS securities	108,815		(5,942)		45,707		(13,874)		154,522		(19,816)
AFS securities – related parties
Corporate	1,845		(41)		131		(14)		1,976		(55)
CLO	1,552		(16)		48		(3)		1,600		(19)
ABS	5,117		(87)		1,389		(216)		6,506		(303)
CMBS	15		—		3		—		18		—
Total AFS securities – related parties	8,529		(144)		1,571		(233)		10,100		(377)
Total AFS securities, including related parties	$	117,344	$	(6,086)	$	47,278	$	(14,107)	$	164,622	$	(20,193)


	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
US government and agencies	$	5,987	$	(96)	$	4,068	$	(1,130)	$	10,055	$	(1,226)
US 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	390		(2)		377		(12)		767		(14)
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	6,744		(28)		3,553		(176)		10,297		(204)
Total AFS securities, including related parties	$	46,085	$	(666)	$	56,038	$	(11,277)	$	102,123	$	(11,943)

Debt Securities, Available-for-sale, Allowance for Credit Loss

The following table summarizes the activity in the allowance for credit losses for AFS securities by asset type:


	Three months ended September 30, 2026
			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	$	23	$	—		$	—	$	28	$	51

ABS	185		2			(12)		10		185
CMBS	78		15			—		10		103
RMBS	417		3			(10)		13		423
Total AFS securities	703		20			(22)		61		762



AFS securities – related parties, ABS	1		—			—		—		1


Total AFS securities, including related parties	$	704	$	20		$	(22)	$	61	$	763


	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


	Nine months ended September 30, 2026
			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	$	105	$	—		$	(49)	$	(5)	$	51

ABS	171		2			(12)		24		185
CMBS	70		15			(24)		42		103
RMBS	411		5			(28)		35		423
Total AFS securities	757		22			(113)		96		762



AFS securities – related parties, ABS	1		—			—		—		1

Total AFS securities, including related parties	$	758	$	22		$	(113)	$	96	$	763


	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

Net Investment Income

Net investment income by asset class consists of the following:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2026		2025		2026		2025
AFS securities	$	3,309	$	3,029	$	9,509	$	8,584
Trading securities	150		90		414		198
Equity securities	9		18		37		62
Mortgage loans	1,615		1,397		4,747		3,782
Investment funds	122		37		134		206
Funds withheld at interest	255		232		692		741
Other	294		268		858		729
Investment revenue	5,754		5,071		16,391		14,302
Investment expenses	(431)		(399)		(1,311)		(1,210)
Net investment income	$	5,323	$	4,672	$	15,080	$	13,092

Investment Related Gains (Losses)

Investment related gains (losses) by asset class consists of the following:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2026		2025		2026		2025
AFS securities1
Gross realized gains on investment activity	$	74	$	199	$	941	$	2,432
Gross realized losses on investment activity	(262)		(339)		(1,322)		(717)
Net realized investment gains (losses) on AFS securities	(188)		(140)		(381)		1,715
Net recognized investment gains (losses) on trading securities	(372)		44		(553)		385
Net recognized investment gains (losses) on equity securities	(23)		11		(53)		62
Net recognized investment gains (losses) on mortgage loans	(1,875)		204		(3,219)		2,003
Net derivative gains (losses)	(1,399)		1,633		293		(954)
Provision for credit losses	(82)		(19)		(95)		(83)
Other gains (losses), net	521		521		1,501		(1,707)
Investment related gains (losses)	$	(3,418)	$	2,254	$	(2,507)	$	1,421

1 Includes the effects of recognized gains or losses on AFS securities associated with designated hedges.

The following table summarizes the change in unrealized gains (losses) on trading and equity securities we held as of the respective period end:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2026		2025		2026		2025
Trading securities	$	(342)	$	73	$	(468)	$	209
Equity securities	(22)		11		(30)		46

Schedule of Repurchase Agreements

The following table summarizes the remaining contractual maturities of our repurchase agreements:


(In millions)	September 30, 2026		December 31, 2025
Overnight and continuous	$	329	$	—
Less than 30 days	—		2,796

91 days to 1 year	1,269		—
Greater than 1 year	1,975		3,247
Payables for repurchase agreements	$	3,573	$	6,043

The following table summarizes the securities pledged as collateral for repurchase agreements:


	September 30, 2026				December 31, 2025
(In millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
AFS securities
US government and agencies	$	—	$	—	$	2,780	$	2,787

Foreign governments	259		171		241		185
Corporate	2,630		2,180		2,022		1,785
CLO	578		572		611		608
ABS	516		492		584		568
CMBS	219		220		197		198
RMBS	88		87		93		94

Total securities pledged under repurchase agreements	$	4,290	$	3,722	$	6,528	$	6,225

Mortgage Loans, Net

Mortgage loans include both commercial and residential loans. We have elected the fair value option on our mortgage loan portfolio. See Note 5 – Fair Value 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)	September 30, 2026		December 31, 2025
Commercial mortgage loans	$	47,464	$	38,869
Commercial mortgage loans under development	2,524		1,787
Total commercial mortgage loans	49,988		40,656
Mark to fair value	(2,251)		(1,585)
Commercial mortgage loans	47,737		39,071
Residential mortgage loans	56,450		55,613
Mark to fair value	(1,151)		860
Residential mortgage loans	55,299		56,473
Mortgage loans	$	103,036	$	95,544

The distribution of commercial mortgage loans, including those under development, by property type and geographic region, is as follows:


	September 30, 2026				December 31, 2025
(In millions, except percentages)	Fair Value		Percentage of Total		Fair Value		Percentage of Total
Property type
Apartment	$	15,567	32.6	%	$	15,458	39.5	%
Industrial	9,744		20.4	%	8,778		22.5	%
Office building	6,327		13.3	%	4,530		11.6	%
Hotels	4,842		10.1	%	2,773		7.1	%
Retail	2,655		5.6	%	2,061		5.3	%
Other commercial	8,602		18.0	%	5,471		14.0	%
Total commercial mortgage loans	$	47,737	100.0	%	$	39,071	100.0	%

US region
East North Central	$	2,476	5.2	%	$	1,883	4.8	%
East South Central	380		0.8	%	447		1.1	%
Middle Atlantic	10,504		22.0	%	9,323		23.9	%
Mountain	1,860		3.9	%	1,605		4.1	%
New England	1,220		2.6	%	1,088		2.8	%
Pacific	5,881		12.3	%	6,021		15.4	%
South Atlantic	8,655		18.1	%	6,919		17.7	%
West North Central	729		1.5	%	842		2.2	%
West South Central	4,184		8.8	%	3,175		8.1	%
Total US region	35,889		75.2	%	31,303		80.1	%
International region
United Kingdom	5,675		11.9	%	3,085		7.9	%
Other international1	6,173		12.9	%	4,683		12.0	%
Total international region	11,848		24.8	%	7,768		19.9	%
Total commercial mortgage loans	$	47,737	100.0	%	$	39,071	100.0	%

1 Represents all other countries, with each individual country comprising less than 5% of the portfolio.

Our 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, 2026		December 31, 2025
US States
California	22.8	%	23.0	%
Texas	15.0	%	15.2	%
Florida	10.6	%	10.6	%

Other1	43.1	%	42.5	%
Total US residential mortgage loan percentage	91.5	%	91.3	%



International1	8.5	%	8.7	%

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

The following summarizes our investment funds, including related parties and consolidated VIEs:


	September 30, 2026				December 31, 2025
(In millions, except percentages)	Carrying value		Percentage of total		Carrying value		Percentage of total
Investment funds
Equity	$	350	1.1	%	$	108	0.4	%



Investment funds – related parties
Origination platforms	38		0.1	%	33		0.1	%
Retirement services platforms	2,534		7.8	%	1,538		5.9	%
Equity	276		0.8	%	260		1.0	%
Credit	344		1.1	%	313		1.2	%
Other	99		0.3	%	5		—	%
Total investment funds – related parties	3,291		10.1	%	2,149		8.2	%
Investment funds – consolidated VIEs
Origination platforms	10,563		32.3	%	9,067		34.4	%

Equity	12,835		39.3	%	9,735		37.0	%
Credit	2,729		8.3	%	3,682		14.0	%
Other	2,907		8.9	%	1,586		6.0	%
Total investment funds – consolidated VIEs	29,034		88.8	%	24,070		91.4	%
Total investment funds, including related parties and consolidated VIEs	$	32,675	100.0	%	$	26,327	100.0	%

Schedule of Variable Interest Entities

The following summarizes the carrying value and maximum loss exposure of these non-consolidated investments:


	September 30, 2026				December 31, 2025
(In millions)	Carrying Value		Maximum Loss Exposure		Carrying Value		Maximum Loss Exposure
Investment funds	$	350	$	653	$	108	$	458
Investment in related parties – investment funds	3,291		4,484		2,149		5,859
Assets of consolidated VIEs – investment funds	29,034		34,702		24,070		29,991
Investment in fixed maturity securities	81,144		86,600		84,397		87,995
Investment in related parties – fixed maturity securities	35,632		42,781		24,184		26,717
Investment in related parties – equity securities	—		—		266		266
Total non-consolidated investments	$	149,451	$	169,220	$	135,174	$	151,286

The following summarizes the income statement activity of the consolidated VIEs:


	Three months ended September 30,				Nine months ended September 30,
(In millions)	2026		2025		2026		2025
Trading securities	$	16	$	54	$	96	$	155

Mortgage loans	22		41		79		122
Investment funds	—		7		6		28
Investment expenses and other	(15)		(10)		(47)		(56)
Net investment income	$	23	$	92	$	134	$	249

Net recognized investment gains (losses) on trading securities	$	(12)	$	6	$	(53)	$	12
Net recognized investment gains on mortgage loans	2		8		8		15
Net recognized investment gains on investment funds	615		521		1,714		1,509
Net other gains	40		30		42		47
Investment related gains (losses)	$	645	$	565	$	1,711	$	1,583

Schedules of Concentration of Risk, by Risk Factor

The following table presents our investment concentrations in excess of 10% of AHL stockholders’ equity:


(In millions)	September 30, 2026
Investment-grade ABS debt issued by AP Falcon Holdings, LLC	$	3,763
Investment-grade corporate debt issued by Paramount Skydance Corporation	3,579
Investments in Athora Holding Ltd.1	3,178
Investment-grade ABS debt issued by SVF II Finco Cayman L.P.	3,097
Investment-grade ABS debt issued by Fox Hedge L.P.	3,029
Investment-grade ABS debt issued by Apollo Multi-Asset Prime Securities (AMAPS) 2, LLC1	3,000
Investment-grade ABS debt issued by AMAPS 3, LLC1	2,995
Investment-grade ABS debt issued by AMAPS 5, LLC1	2,953
Investment-grade ABS debt issued by AMAPS 4, LLC1	2,837
Investments in Valor Compute Infrastructure L.P.	2,779
Investment-grade ABS debt issued by AMAPS 6, LLC1	2,684
Investment-grade ABS debt issued by AP Alkaios (Luxembourg) S.à.r.l.	2,612
Investment-grade ABS debt issued by AMAPS 1, LLC1	2,544
Investment-grade ABS debt issued by Atlas Secured Advance Funding L.P.1	1,975
Investments in ABS debt issued by Warehouse Halifax Funding, L.P.1	1,913
Investment-grade corporate debt issued by Électricité de France SA	1,836
Investment-grade corporate debt issued by AT&T	1,786
Investment-grade ABS debt issued by Atlas Securitized Products Funding 1, L.P.1	1,778
Investments in corporate debt issued by SoftBank Group Corp.	1,749
Investment-grade ABS debt issued by Stonepeak Wallaby I Holdings LP	1,627
Investments in ABS debt issued by AP Kona Holdings LP	1,577
Investment-grade ABS debt issued by Chestnut Ridge LP	1,442
Investments in Federal Home Loan Bank of Des Moines (FHLB)	1,355

	December 31, 2025
Investment-grade ABS debt issued by AP Grange Holdings, LLC (AP Grange)2	$	5,080
Investment-grade ABS debt issued by Atlas Securitized Products Funding 1, L.P.1	3,304
Investment-grade ABS debt issued by Fox Hedge L.P.	3,171
Investment-grade ABS debt issued by 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
Investment-grade ABS debt issued by SVF II Finco Cayman L.P.	2,186
Investment-grade corporate debt issued by Électricité de France SA	2,068

Note: Investments included in the table above are determined based on total Athene Holding Ltd. stockholders’ equity as of the respective period end date. Total Athene Holding Ltd. stockholders’ equity was $13.4 billion, $18.6 billion, $17.8 billion, and $20.5 billion, as of September 30, 2026, June 30, 2026, March 31, 2026 and December 31, 2025, respectively.
1 Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party.
2 During the second quarter of 2026, AP Grange called the ABS debt outstanding and, as a result, we recognized a gain of $673 million.