Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 202

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 202
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.2 billion and $2.8 billion were direct funding agreements, respectively.

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

Pledged Assets and Funds in Trust (Restricted Assets)Athene’s restricted investments and cash balances included on the condensed consolidated statements of financial condition are as follows:(In millions)June 30, 2025December 31, 2024AFS securities$57,451 $46,337 Trading securities3,045 1,665 Equity securities246 286 Mortgage loans36,249 27,883 Investment funds288 777 Derivative assets158 91 Short-term investments— 2 Other investments1,733 1,507 Restricted cash and cash equivalents1,737 953 Total restricted assets$100,907 $79,501 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 $1.1 billion as of June 30, 2025. These letters of credit were issued for Athene’s reinsurance program and have expirations through June 19, 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 condensed consolidated financial statements.Litigation and Regulatory MattersThe Company is party to various legal actions arising from time to time in the ordinary course of business, including claims and lawsuits, arbitrations, reviews, investigations or proceedings by governmental and self-regulatory agencies regarding the Company’s business. On December 21, 2017, several entities referred to collectively as “Harbinger” commenced an action in New York Supreme Court captioned Harbinger Capital