Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 65

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 65
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 Asset Value1Percentage of TotalCorporate$89,884 31.4 %$86,051 34.6 %CLO28,235 9.9 %27,698 11.2 %Credit118,119 41.3 %113,749 45.8 %CML31,026 10.8 %28,055 11.3 %RML37,279 13.0 %27,848 11.2 %RMBS9,058 3.2 %7,635 3.1 %CMBS9,933 3.5 %8,243 3.3 %Real estate87,296 30.5 %71,781 28.9 %ABS34,496 12.1 %28,670 11.5 %Alternative investments13,183 4.6 %12,000 4.8 %State, municipal, political subdivisions and foreign government3,177 1.1 %3,237 1.3 %Equity securities2,145 0.7 %2,201 0.9 %Short-term investments232 0.1 %1,015 0.4 %U.S. government and agencies10,827 3.8 %5,531 2.2 %Other investments64,060 22.4 %52,654 21.1 %Cash and cash equivalents10,954 3.8 %6,794 2.7 %Other5,745 2.0 %3,665 1.5 %Net invested assets$286,174 100.0 %$248,643 100.0 %1 See “Managing Business Performance - Key Segment and Non-U.S. GAAP Performance Measures” for the definition of net invested assets.

Athene’s net invested assets were $286.2 billion and $248.6 billion as of September 30, 2025 and December 31, 2024, respectively. The increase in net invested assets was primarily driven by growth from net organic inflows of $53.1 billion in excess of net liability outflows of $22.0 billion, the reinvestment of earnings, the issuance of $1.6 billion of long-term debt in 2025 and favorable alternative investment performance. These impacts were partially offset