Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 126

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 126
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 and credit, and other funds. Origination platforms include investments sourced by affiliated platforms that originate loans to third parties and in which Athene gains exposure directly to the loan or indirectly through its ownership of the origination platform and/or securitizations of assets originated by the origination platform. Retirement services platforms include investments in equity of financial services companies. The credit strategy is comprised of direct origination, asset-backed, multi-credit and opportunistic credit funds focused on generating excess returns through high-quality credit underwriting and origination. The equity strategy is comprised of private equity, hybrid value, secondaries equity, real estate equity, impact investing, infrastructure and clean transition equity funds that raise capital from investors to pursue control-oriented investments across the universe of private assets. Investment funds can meet the definition of VIEs. The investment funds do not specify timing of distributions on the funds’ underlying assets. The following summarizes Athene’s investment funds, including related parties and consolidated VIEs: September 30, 2025December 31, 2024(In millions, except percentages)Carrying ValuePercentage of TotalCarrying ValuePercentage of TotalInvestment fundsEquity$111 0.5 %$107 0.6 %Investment funds – related partiesOrigination platforms33 0.2 %29 0.2 %Retirement services platforms1,526 6.7 %1,317 6.7 %Equity244 1.1 %244 1.2 %Credit327 1.4 %253 1.3 %Other5 0.0 %10 0.1 %Total investment funds – related parties2,135 9.4 %1,853 9.5 %Investment funds – consolidated VIEsOrigination platforms7,715 34.1 %6,347 32.3 %Equity7,431 32.8 %7,597 38.7 %Credit4,477 19.8 %3,062 15.6 %Other780 3.4 %654 3.3 %Total investment funds – consolidated VIEs20,403 90.1 %17,660 89.9 %Total investment funds, including related parties and consolidated VIEs$22,649 100.0 %$19,620 100.0 %Concentrations—The