“The increase in interest expense was primarily due to an increase in host accretion on business ceded to Catalina, as well as interest related to additional issuances of long-term debt in the second quarter of 2025 and a full year of interest on long-term debt issued in the fourth quarter of 2024.”
“Interest and other financing costs were $560 million in 2025, an increase of $95 million from $465 million in 2024, primarily driven by higher interest expense related to additional issuances of long-term debt in the second quarter of 2025 and a full year of interest on long-term debt issued in the fourth quarter of 2024, partially offset by a decrease in preferred stock dividends due to the redemption of Athene’s Fixed-Rate Reset Perpetual Non-Cumulative Preferred Stock, Series C (“Series C”) in the second quarter of 2025.”
“This increase was primarily driven by approximately $658,000 related to increased headcount to support the needs of the business partially offset by a reduction of $130,000 based on company performance related to expense accruals associated with equity-based compensation and bonus plans implemented in Q1 2025 and $23,000 lower employee severance costs. ● An increase of approximately $293,000 fundraising related expenses versus none in 2024 due to timing of capital raises each year. ● An increase of approximately $80,000 rebooking expense related to timing of satellite launches to approximately $89,000 compared to approximately $9,000 in 2024.”