Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 321

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 321
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 funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.Athene has a FABN program, which allows Athene Global Funding, a special purpose, unaffiliated statutory trust, to offer its senior secured medium-term notes. Athene Global Funding uses the net proceeds from each sale to purchase one or more funding agreements from Athene. As of June 30, 2025 and December 31, 2024, Athene had $30.4 billion and $24.1 billion, respectively, of FABN funding agreements outstanding. Athene had $5.0 billion of board-authorized FABN capacity remaining as of June 30, 2025.Athene also issues secured and other funding agreements. Secured funding agreements issued under Athene’s funding agreement backed repurchase agreement (“FABR”) programs involve special-purpose, unaffiliated entities entering into repurchase agreements with a third party, the proceeds of which are used by the special-purpose entities to purchase funding agreements from Athene. As of June 30, 2025 and December 31, 2024, Athene had $23.2 billion and $14.8 billion, respectively, of secured and other funding agreements outstanding, of which $18.0 billion and $12.0 billion were issued under the FABR program, respectively, and $5.2 billion and $2.8 billion were direct funding agreements, respectively.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Pledged Assets and Funds in Trust (Restricted Assets)Athene’s restricted investments and cash balances included on the condensed consolidated statements of financial condition are as follows:(In millions)June 30, 2025December 31, 2024AFS securities$57,451 $46,337 Trading securities3,045 1,665 Equity securities246 286 Mortgage loans36,249 27,883 Investment funds288 777 Derivative assets158 91 Short-term investments— 2 Other investments1,733 1,507 Restricted cash and cash equivalents1,737 953 Total restricted assets$100,907 $79,501 The restricted assets are primarily related to reinsurance trusts established in accordance with coinsurance agreements and the FHLB and secured funding agreements described above.Letters of CreditAthene has