Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 114

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 114
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— — 369 365 Total securities pledged under repurchase agreements$4,250 $3,736 $6,841 $5,878 Reverse Repurchase Agreements As of June 30, 2025 and December 31, 2024, amounts loaned under reverse repurchase agreements were $189 million and $935 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities, was $1,034 million and $2,208 million, respectively.Mortgage Loans, including related parties and consolidated VIEsMortgage loans include both commercial and residential loans. Athene has elected the fair value option on its mortgage loan portfolio. See note 6 for further fair value option information. The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:(In millions)June 30, 2025December 31, 2024Commercial mortgage loans$37,482 $32,544 Commercial mortgage loans under development1,782 1,987 Total commercial mortgage loans39,264 34,531 Mark to fair value(1,997)(2,099)Commercial mortgage loans37,267 32,432 Residential mortgage loans43,445 35,223 Mark to fair value396 (540)Residential mortgage loans43,841 34,683 Mortgage loans$81,108 $67,115 Athene invests in commercial mortgage loans, primarily on income-producing properties including office and retail buildings, apartments, hotels, and industrial properties. Athene diversifies the commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. Athene evaluates mortgage loans based on relevant current information to confirm whether properties are performing at a consistent and acceptable level to secure the related debt.

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

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:June 30, 2025December 31, 2024(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of TotalProperty typeApartment$14,559 39.1 %$11,746 36.2 %Industrial7,849 21.0 %6,793 21.0 %Office building4,217 11.3