Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 262

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 262
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insurance recoverable balance of $4.3 billion related to this agreement. SkylignAthene has investments in Skylign Aviation Holdings, LP (“Skylign”), a leading aviation finance group focused on aviation lending and leasing, both directly through notes issued by PK AirFinance, a subsidiary of Skylign, and indirectly through AAA, as Athene contributed certain of its investments in PK AirFinance to AAA during the second quarter of 2022. As of December 31, 2024 and 2023, Athene held $1.6 billion and $1.6 billion, respectively, of Skylign senior notes, which are included in investments in related parties on the consolidated statements of financial condition. Athene has commitments to make additional investments in Skylign of $40 million as of December 31, 2024.VenerableVA Capital Company LLC (“VA Capital”) is owned by a consortium of investors, led by affiliates of Apollo, Crestview Partners III Management, LLC and Reverence Capital Partners L.P., and is the parent of Venerable. Athene has a minority equity investment in VA Capital, which was $178 million and $181 million as of December 31, 2024 and 2023, respectively, that is included in investments in related parties on the consolidated statements of financial condition and accounted for as an equity method investment. Additionally, during the year ended December 31, 2024, Athene purchased an interest in AP Violet ATH Holdings, LP from Athora. Athene consolidated AP Violet ATH Holdings, L.P. as of December 31, 2024 and its investment of $106 million primarily represents an interest in VA Capital.Athene also has coinsurance and modco agreements with VIAC, which is a subsidiary of Venerable. VIAC is a related party due to Athene’s investment in VA Capital. Effective July 1, 2023, VIAC recaptured $2.7 billion of reserves, which represents a portion of their business that was subject to those coinsurance and modco agreements. Athene recognized a gain of $555 million, which is included in other revenues on the consolidated statements of operations, in the third quarter of 2023 as a result of the settlement of the recapture agreement. As a result of Athene’s intent to transfer the assets supporting this business to 

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

VIAC in connection with the rec