The Institutional Risk Analyst

As of December 31, 2025, Athene had the ability to draw up to an estimated $30.7 billion via advances, inclusive of borrowings then outstanding. But when the funding agreements are added, the total exposure to the FHLBs from APO is over $50 billion vs $74 billion in total capital and retained earnings for the FHLB system.

Is the flow of toxic waste pouring from busted private equity portfolios into credit trades a threat to insurance companies? Yup.

Sad to say, the business at NYCB is doing better than you'd think reading the bank's absurd disclosure.