Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 267

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 267
---
ene had $24.1 billion and $19.9 billion, respectively, of FABN funding agreements outstanding. Athene had $10.2 billion of board-authorized FABN capacity remaining as of December 31, 2024.Athene also issues secured and other funding agreements. Secured funding agreements 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 December 31, 2024 and 2023, Athene had $14.8 billion and $6.0 billion, respectively, of secured and other funding agreements outstanding.Pledged Assets and Funds in Trust (Restricted Assets)Athene’s total restricted assets included on the consolidated statements of financial condition are as follows:(In millions)December 31, 2024December 31, 2023AFS securities$46,337 $32,458 Trading securities1,665 139 Equity securities286 80 Mortgage loans27,883 14,257 Investment funds777 409 Derivative assets91 73 Short-term investments2 153 Other investments1,507 313 Restricted cash and cash equivalents953 1,761 Total restricted assets$79,501 $49,643 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 undrawn letters of credit totaling $1.3 billion as of December 31, 2024. These letters of credit were issued for Athene’s reinsurance program and have expirations through May 22, 2028. AtlasIn connection with the Company and CS’s previously announced transaction, whereby Atlas acquired certain assets of the CS Securitized Products Group, two subsidiaries of the Company have each issued an assurance letter to CS to guarantee the full five year deferred purchase obligation of Atlas in the amount of $3.3 billion. In March 2024, in connection with Atlas concluding its investment management agreement with CS, the deferred purchase obligation amount was reduced to $2.5 billion. In addition, certain strategic investors have made equity commitments to Atlas which therefore obligates these investors for a portion of the deferred purchase obligation. The Company’s guarantee is not probable of payment, therefore, there is no liability on the Company’s consolidated financial statements.

242