Company: APO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001858681-25-000139
Chunk: 418

Company: Apollo Global Management, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 418
---
 1.2 %5,050 1.6 %Short-term investments18 — %743 0.2 %Other investments, at fair value345 0.1 %331 0.1 %Total related party investments33,640 9.1 %28,884 9.2 %Total investments, including related parties345,998 92.8 %291,167 92.6 %Investments of consolidated VIEsTrading securities, at fair value2,897 0.8 %2,301 0.7 %Mortgage loans, at 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 %

143

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