Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 420

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 420
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 on its FIA products. Athene primarily uses fixed indexed options to economically hedge indexed annuity products that guarantee the return of principal to the policyholder and credit interest based on a percentage of the gain in a specific market index. Athene also uses derivative instruments, such as forward contracts and swaps, to hedge foreign currency exposure resulting from foreign denominated assets and liabilities and to help manage its net floating rate position.

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Net Invested Assets

The following summarizes Athene’s net invested assets:

September 30, 2025December 31, 2024(In millions, except percentages)Net Invested Asset Value1Percentage of TotalNet Invested 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