Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 391

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 391
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.1 %331 0.1 %Total related party investments30,488 8.6 %28,884 9.2 %Total investments, including related parties329,599 92.7 %291,167 92.6 %Investments of consolidated VIEsTrading securities, at fair value3,265 0.9 %2,301 0.7 %Mortgage loans, at fair value2,544 0.7 %2,579 0.8 %Investment funds, at fair value19,175 5.4 %17,660 5.6 %Other investments1,204 0.3 %884 0.3 %Total investments of consolidated VIEs26,188 7.3 %23,424 7.4 %Total investments, including related parties and consolidated VIEs$355,787 100.0 %$314,591 100.0 %

The $41.2 billion increase in Athene’s total investments, including related parties and consolidated VIEs, as of June 30, 2025 compared to December 31, 2024 was primarily driven by significant growth from gross organic inflows of $46.8 billion in excess of gross liability outflows of $15.6 billion, reinvestment of earnings and unrealized gains on AFS securities during the six months ended June 30, 2025 of $2.9 billion, as well as unrealized gains on mortgage loans, reinsurance assets and trading securities attributable to a decrease in U.S. Treasury rates, partially offset by credit spread widening in 2025. Additionally, total investments, including related parties and consolidated VIEs, increased due to unrealized foreign exchange impacts on foreign 

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denominated assets, the issuance of debt in 2025 and an increase in VIE investments primarily related to an increase in investment funds attributable to favorable performance of the underlying assets within AAA and net contributions from third-party investors into AAA in 2025, partially offset by the deconsolidation of certain VIEs. These impacts were partially offset by a decrease in short term repurchase agreements outstanding and a decrease in derivative assets primarily related to the market impacts on Athene’s derivative swaps and forward contracts.

Athene’s investment portfolio consists largely of high quality fixed maturity securities, loans and short-term investments, as well as additional opportunistic holdings in investment funds