Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 63

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 63
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 fair value2,080 0.5 %2,579 0.8 %Investment funds, at fair value20,403 5.5 %17,660 5.6 %Other investments1,506 0.4 %884 0.3 %Total investments of consolidated VIEs26,886 7.2 %23,424 7.4 %Total investments, including related parties and consolidated VIEs$372,884 100.0 %$314,591 100.0 %

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The $58.3 billion increase in Athene’s total investments, including related parties and consolidated VIEs, as of September 30, 2025 compared to December 31, 2024 was primarily driven by significant growth from gross organic inflows of $69.4 billion in excess of gross liability outflows of $26.3 billion, reinvestment of earnings and unrealized gains on AFS securities during the nine months ended September 30, 2025 of $4.9 billion, as well as unrealized gains on mortgage loans and reinsurance assets, attributable to a decrease in U.S. Treasury rates in 2025. Additionally, total investments, including related parties and consolidated VIEs, increased due to unrealized foreign exchange impacts on foreign denominated assets, the issuance of debt in 2025, an increase in derivative assets primarily related to Athene’s call options, net of derivative swap and forward contract impacts, 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 in 2025.

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 and other instruments, including equity holdings. Fixed maturity securities and loans include publicly issued corporate bonds, government and other sovereign bonds, privately placed corporate bonds and loans, mortgage loans, CMBS, RMBS, CLOs and ABS. A significant majority of Athene’s AFS portfolio, 97.2% and 97.1% as of September 30, 2025 and December 31, 2024, respectively, was invested in assets considered investment grade