Athene (NYSE: ATH) details Q4 2025 alternative investment returns

Rhea-AI Filing Summary

Athene Holding Ltd. is providing preliminary estimates for its alternative net investment income for the fourth quarter ended December 31, 2025. The company estimates alternative net investment income of approximately $325 million pre-tax, which it states equates to an estimated 10% annualized return on alternative net investments for the quarter. Within this portfolio, Athene estimates a 10% annualized return from a pooled investment vehicle holding the large majority of its alternative investments and a 7% annualized return from other alternative investments, including retirement services platforms.

The company notes that alternative net investment income is a component of its non-GAAP measure Spread Related Earnings. These figures are preliminary, prepared before completion of closing procedures and before review by its independent registered public accounting firm, and actual results for the period may differ, possibly materially. Athene and its parent Apollo Global Management, Inc. plan to release full fourth quarter results and related materials on February 9, 2026.

Insights

Insurance and investment income analyst

Athene estimates $325M Q4 alternative income at a 10% annualized return.

Athene is highlighting one component of its investment earnings: alternative net investment income for Q4 2025. Management estimates about $325 million of pre-tax income from these investments, described as a 10% annualized return on the alternative portfolio. Within this, a pooled investment vehicle that holds most alternatives is also estimated at a 10% annualized return, while other alternative positions, including retirement services platforms, are estimated at a 7% annualized return.

This metric feeds into Athene’s non-GAAP Spread Related Earnings, a key internal performance measure referenced in its prior Form 10-K and Form 10-Q. The notice emphasizes that these are preliminary figures for the quarter ended December 31, 2025, prepared before full closing procedures and without auditor review or assurance. The company cautions that actual results may differ, possibly materially, and that the figures should not be viewed as indicative of future performance or as a substitute for full U.S. GAAP financial statements.

The timing link to Apollo Global Management, Inc., Athene’s parent, is also explicit: these estimates precede Apollo’s scheduled quarterly earnings release and financial supplement on February 9, 2026. Subsequent disclosures around that date are expected to provide the complete financial picture and reconciliations of non-GAAP metrics, which will frame how this level of alternative net investment income fits into overall earnings and capital generation.

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 2, 2026

ATHENE HOLDING LTD.

(Exact name of registrant as specified in its charter)

Delaware

001-37963

98-0630022

(State or other jurisdiction of

(Commission file number)

(I.R.S. Employer

incorporation or organization)

Identification Number)

7700 Mills Civic Pkwy

West Des Moines, Iowa 50266

1 (515) 342-4678

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbols

Name of each exchange on which registered

Depositary Shares, each representing a 1/1,000th interest in a 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preferred Stock, Series A

ATHPrA

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a 5.625% Fixed Rate Perpetual Non-Cumulative Preferred Stock, Series B

ATHPrB

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a 4.875% Fixed-Rate Perpetual Non-Cumulative Preferred Stock, Series D

ATHPrD

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a 7.75% Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series E

ATHPrE

New York Stock Exchange

7.250% Fixed-Rate Reset Junior Subordinated Debentures due 2064

ATHS

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02     Results of Operations and Financial Condition.

The information contained in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02.

Item 7.01     Regulation FD Disclosure.

Apollo Global Management, Inc. (“Apollo”), the parent company of Athene Holding Ltd. (the “Company”,“Athene”, “we”, and “our”), and the Company are reporting preliminary estimates for the Company’s alternative net investment income for the fourth quarter ended December 31, 2025. This information is being reported prior to the availability of Apollo’s quarterly earnings release and quarterly financial supplement for the fourth quarter, scheduled for release on February 9, 2026.

The Company estimates that alternative net investment income will be approximately $325 million (pre-tax) for the fourth quarter ended December 31, 2025, which equates to an estimated 10% annualized return on alternative net investments. Within these alternative net investments, the Company estimates that the annualized return on its investment in a pooled investment vehicle, through which it holds the large majority of its alternative investments portfolio, equates to an estimated 10% for the fourth quarter ended December 31, 2025 and the annualized return on its investments in other alternative investments including the Company’s investments in retirement services platforms equates to an estimated 7% for the fourth quarter ended December 31, 2025. Excluded from these figures is alternative investment income attributable to non-controlling interests. Alternative net investment income is a component of Spread Related Earnings. Spread Related Earnings is a pre-tax, non-GAAP measure used to assess our financial performance. Refer to the Company’s Form 10-K for the period ended December 31, 2024, filed on February 24, 2025, and the Company’s Form 10-Q for the period ended September 30, 2025, filed on November 10, 2025, which may be accessed at ir.athene.com, for detailed definitions and reconciliations of the Company’s non-GAAP performance measures.

The preliminary financial results presented above are the responsibility of management and have been prepared in good faith on a basis consistent with prior periods. However, we have not completed our financial closing procedures for the period ended December 31, 2025, and our actual results may differ, possibly materially, from these preliminary financial results due to a variety of factors. Additionally, our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to these preliminary financial results and does not express an opinion or provide any other form of assurance with respect to these preliminary financial results or their achievability. During the course of the preparation of our consolidated financial statements and related notes as of and for the period ended December 31, 2025, we may identify items that would require us to make material adjustments to the preliminary financial results presented above. As a result, investors should exercise caution in relying on this information and should not draw any inferences from this information regarding financial or operating data not provided. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP. In addition, these preliminary financial results should not be interpreted as indicative of future performance.

The foregoing information is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing or document, except as shall be expressly set forth by specific reference in such a filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						ATHENE HOLDING LTD.
Date:			January 2, 2026			/s/ Louis-Jacques Tanguy
						Louis-Jacques Tanguy
						Executive Vice President and Chief Financial Officer

FAQ

What preliminary Q4 2025 alternative net investment income did Athene (ATH) report?

Athene estimates its alternative net investment income for the fourth quarter ended December 31, 2025 will be approximately $325 million (pre-tax), which it states equates to an estimated 10% annualized return on alternative net investments for the quarter.

How did Athene (ATH) describe returns on its alternative investment portfolio segments for Q4 2025?

For Q4 2025, Athene estimates a 10% annualized return on its investment in a pooled investment vehicle that holds the large majority of its alternative investments, and an estimated 7% annualized return on other alternative investments, including its investments in retirement services platforms.

How does Athene (ATH) use alternative net investment income in its performance metrics?

Athene states that alternative net investment income is a component of Spread Related Earnings, which is a pre-tax, non-GAAP measure it uses to assess financial performance, with definitions and reconciliations provided in its previously filed Form 10-K and Form 10-Q.

Are Athene’s (ATH) Q4 2025 alternative income figures audited or final?

No. Athene explains that these Q4 2025 figures are preliminary financial results, prepared before completion of its financial closing procedures, and its independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures on them. The company notes that actual results may differ, possibly materially.

When will Athene (ATH) and Apollo release full Q4 2025 financial information?

Athene notes that Apollo Global Management, Inc., its parent company, plans to release its quarterly earnings release and quarterly financial supplement for the fourth quarter on February 9, 2026, which will provide more complete financial information.

Does Athene (ATH) include non-controlling interests in its Q4 2025 alternative investment income estimate?

No. Athene specifies that the figures for Q4 2025 alternative net investment income exclude alternative investment income attributable to non-controlling interests.