Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 210

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 210
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 structured products. In addition to its fixed income portfolio, Athene opportunistically allocates approximately 5% of its portfolio to alternative investments where it primarily focuses on fixed income-like, cash flow-based investments.

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The following table presents the carrying values of Athene’s total investments, including related parties and consolidated VIEs:

March 31, 2025December 31, 2024(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of TotalAvailable-for-sale securities, at fair valueU.S. government and agencies$9,475 2.8 %$7,151 2.3 %U.S. state, municipal and political subdivisions874 0.3 %921 0.3 %Foreign governments1,610 0.5 %1,568 0.5 %Corporate88,204 26.5 %83,585 26.6 %CLO30,066 9.0 %29,182 9.3 %ABS25,457 7.7 %24,201 7.7 %CMBS12,108 3.6 %10,741 3.4 %RMBS8,759 2.6 %8,015 2.5 %Total AFS securities, at fair value176,553 53.0 %165,364 52.6 %Trading securities, at fair value2,106 0.6 %1,583 0.5 %Equity securities, at fair value1,055 0.3 %1,290 0.4 %Mortgage loans, at fair value70,916 21.3 %63,239 20.1 %Investment funds104 — %107 — %Policy loans313 0.1 %318 0.1 %Funds withheld at interest17,860 5.4 %18,866 6.0 %Derivative assets6,153 1.9 %8,154 2.6 %Short-term investments252 0.1 %447 0.2 %Other investments3,011 0.9 %2,915 0.9 %Total investments278,323 83.6 %262,283 83.4 %Investments in related partiesAvailable-for-sale securities