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May 19 • 19 tweets • 4 min read
Athene is functionally insolvent.
$442B in assets. $3.2B "excess equity capital."
That's their own number. From athene dot com/about. As of 12/31/2025.
That's a 0.72% buffer on a portfolio half-marked by Apollo itself.
Here's the math. 🧵 $APO
Straight from (12/31/25):
• Total GAAP assets: $442.2B
• Total liabilities: $406.6B
• Net invested assets: $292.4B
• Spread-related earnings: $3.4B
• Excess equity capital: $3.2B
The "fortress balance sheet" Apollo brags about is a 72-basis-point buffer.athene.com/about
Mar 13 • 15 tweets • 3 min read
Cliffwater told us to ask questions before making statements.
I've been asking. Nobody answers. So here's a thread.
What's good with these marks? $CCLFX
$KCLF Note Issuer. Cliffwater created a structured vehicle. Placed it inside its own fund. Marked it at 100 cents on the dollar. $274 million.
