Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 214

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 214
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5 and December 31, 2024, Athene had $21.0 billion and $15.6 billion, respectively, of FHLB funding agreements outstanding. Athene is required to provide collateral in excess of the funding agreement amounts outstanding, considering any discounts to the securities posted and prepayment penalties.

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

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 September 30, 2025 and December 31, 2024, Athene had $34.9 billion and $24.1 billion, respectively, of FABN funding agreements outstanding. Athene had $10.1 billion of board-authorized FABN capacity remaining as of September 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 September 30, 2025 and December 31, 2024, Athene had $27.1 billion and $14.8 billion, respectively, of secured and other funding agreements outstanding, of which $21.0 billion and $12.0 billion were issued under the FABR program, respectively, and $6.1 billion and $2.8 billion were direct funding agreements, respectively.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)September 30, 2025December 31, 2024AFS securities$57,470 $46,337 Trading securities3,444 1,665 Equity securities221 286 Mortgage loans39,843 27,883 Investment funds294 777 Derivative assets174 91 Short-term investments— 2 Other investments1,779 1,507 Restricted cash and cash equivalents2,784 953 Total restricted assets$