Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 175

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 175
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 repurchase agreements were $935 million and $947 million, respectively, and the fair value of the collateral, comprised primarily of asset-backed securities and commercial mortgage loans, was $2,208 million and $1,504 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 7 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)December 31, 2024December 31, 2023Commercial mortgage loans$32,544 $27,630 Commercial mortgage loans under development1,987 1,228 Total commercial mortgage loans34,531 28,858 Mark to fair value(2,099)(2,246)Commercial mortgage loans32,432 26,612 Residential mortgage loans35,223 21,894 Mark to fair value(540)(937)Residential mortgage loans34,683 20,957 Mortgage loans$67,115 $47,569 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 CONSOLIDATED FINANCIAL STATEMENTS

The distribution of commercial mortgage loans, including those under development, by property type and geographic region is as follows:December 31, 2024December 31, 2023(In millions, except percentages)Fair ValuePercentage of TotalFair ValuePercentage of TotalProperty typeApartment$11,746 36.2 %$9,591 36.0 %Industrial6,793 21.0 %4,143 15.6 %Office building4,162 12.8 %4,455 16.7 %Hotels2,786 8.6 %2,913 11.0 %Retail2,269 7.0 %2,158 8.1 %Other commercial4,676 14.4 %3,352 12.