Athene Holding Ltd. 8-K

What Happened

• Athene Holding Ltd. (parented by Apollo Global Management) filed an 8-K on Jan 2, 2026 (Items 2.02 and 7.01) reporting preliminary estimates of alternative net investment income for the quarter ended Dec 31, 2025.
• Management estimates alternative net investment income was approximately $325 million pre-tax for Q4 2025, which the company says equates to an estimated 10% annualized return on its alternative net investments. Apollo’s full quarterly earnings release and financial supplement are scheduled for February 9, 2026.

Key Details

• $325 million (pre-tax) estimated alternative net investment income for Q4 2025.
• Estimated 10% annualized return on the pooled investment vehicle that holds the majority of Athene’s alternative investments for Q4 2025.
• Estimated 7% annualized return on other alternative investments, including retirement services platform investments, for Q4 2025.
• Figures exclude alternative investment income attributable to non-controlling interests; results are preliminary, unaudited, and may change after closing procedures and audit review. Alternative net investment income is a component of the company’s non‑GAAP Spread Related Earnings.

Why It Matters

• Alternative net investment income affects Athene’s investment yield and is a key driver of Spread Related Earnings, a measure investors watch to assess profitability and core investment performance.
• These are preliminary, management-prepared estimates (unaudited) and may be materially adjusted when full GAAP financials and audited results are released; investors should treat this as an interim indicator, not a substitute for complete financial statements.
• The full context and definitions (including reconciliations of non‑GAAP measures) are available in Athene’s Form 10-K (Dec 31, 2024) and Form 10-Q (Sept 30, 2025), and in Apollo’s Feb 9, 2026 earnings materials when published.