Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 117

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 117
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33.8 %7,597 38.7 %Credit3,735 17.5 %3,062 15.6 %Other694 3.3 %654 3.3 %Total investment funds – consolidated VIEs19,175 89.9 %17,660 89.9 %Total investment funds, including related parties and consolidated VIEs$21,339 100.0 %$19,620 100.0 %Concentrations—The following table represents Athene’s investment concentrations in excess of 10% of stockholders’ equity:(In millions)June 30, 2025AP Grange Holdings, LLC1$4,773 Atlas Securitized Products Holdings LP23,732 Fox Hedge L.P.13,175 Investment-grade debt issued by Blackstone Private Credit Fund32,021 December 31, 2024AP Grange Holdings, LLC1$4,661 Atlas Securitized Products Holdings LP23,172 Fox Hedge L.P.12,924 1 Investment-grade ABS.2 See note 15 for additional details on Atlas. Amounts are representative of single issuer risk and may only include a portion of the total investments associated with a related party.3 Senior unsecured investment-grade debt issued by a non-exchange traded business development company. 

31

Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. DerivativesAthene uses a variety of derivative instruments to manage risks, primarily equity, interest rate, foreign currency and market volatility. See note 6 for information about the fair value hierarchy for derivatives.The following table presents the notional amount and fair value of derivative instruments:June 30, 2025December 31, 2024Notional AmountFair ValueNotional AmountFair Value(In millions)AssetsLiabilitiesAssetsLiabilitiesDerivatives designated as hedgesForeign currency hedgesSwaps20,404 $623 $964 15,669 $938 $211 Forwards2,721 60 49 3,139 331 5 Interest rate swaps4,382 102 247 4,506 — 654 Forwards on net investments224 — 15 218 11 — Interest rate swaps29,423 142 41 24,885 55