Covered nearly four times over, with a merger reset on the record. Apollo's adjusted net income was $4.05 a share in the first half of 2026 against $1.07 of dividends, and the dividend has risen every year since it was reset to $0.40 at the January 2022 Athene merger. The reset is disclosed on the card. Coverage passes on the correct base, the yield clears the 1% line, and the history flag is the caution, so the card is graded warn.
Key risk: Spread earnings depend on Athene's book and credit markets: a credit shock cuts the earnings stream that covers the dividend nearly four times over.
Changes if: Adjusted net income per share falls under $1.00 in a quarter, or the $0.5625 rate is cut.
- ✓ANI coverage (correct base) Adjusted net income $4.05 per share in the first half of 2026 vs $1.07 of dividends (378%); Q2 alone $2.11 vs $0.5625. Graded on adjusted net income, not free cash flow.
- !Dividend history Dividend reset to $0.40 at the January 2022 Athene merger, from $0.50; raised every year since to $0.5625. No cut in the post-merger series; the reset is disclosed, not hidden.
- ✓Leverage basis Asset manager and insurer, not graded on net debt/EBITDA; $1.05 trillion AUM at June 30, 2026.
- ✓Yield / trap review Yield 1.98%, clears the 1% line; no trap pattern at this yield with 3.8 times coverage.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.